Cedar Realty Trust, Inc. (NYSE:CDR.PRB) Q1 2016 Earnings Conference Call - Preliminary Transcript

May 05, 2016 • 05:00 pm ET


Cedar Realty Trust, Inc. (NYSE:CDR.PRB) Q1 2016 Earnings Conference Call - Preliminary Transcript


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Thank you for standing by. This is the conference operator. Welcome to the First Quarter 2016 Cedar Reality Trust Earnings Conference Call. As a reminder, the conference is being recorded. At this time, all audience lines have been placed on mute. We will conduct a question-and-answer session following the formal presentation.

I will now turn the call over to Nicholas Partenza. Please proceed.

Nicholas Partenza

Good evening. And thank you for joining us for the first quarter 2016 Cedar Reality Trust earnings conference call. Participating in today's call will be Bruce Schanzer, Chief Executive Officer; Robin Zeigler, Chief Operating Officer; and Philip Mays, Chief Financial Officer.

Before we begin, please be aware that statements made during the call that are not historical may be deemed forward-looking statements and actual results may differ materially from those indicated by such forward-looking statements. These statements are subject to numerous risks and uncertainties, including those disclosed in the Company's most recent Form 10-K for the year ended 2015, as updated by our subsequently filed quarterly reports on Form 10-Q and other periodic filings with the SEC.

As a reminder, the forward-looking statements speak only as of the date of this call, May 5, 2016, and the Company undertakes no duty to update them. During this call, management may refer to certain non-GAAP financial measures including funds from operations and net operating income. Please see Cedar's earnings press release and supplemental financial information posted on its website for reconciliations of these non-GAAP financial measures with the most directly comparable GAAP financial measures.

With that, I will now turn the call over to Bruce Schanzer.

Bruce Schanzer

Thanks Nick. Good evening, and welcome to the first quarter 2016 earnings call for Cedar Realty Trust. Our results for the quarter slightly exceeded our expectation, as I'll discuss in a moment. More generally, since our last call, we announced the hiring Robin Zeigler as our Chief Operating Officer, we acquired two high quality grocery-anchored centers and we closed on two important financings.

As with our fourth quarter 2015 call, I'll ask Phil Mays, our CFO to do a little bit more of the talking as he will review our results for the quarter, discuss some of the financings in a little more detail and provide an update on our 2016 guidance. In his last role as Interim COO, he will also review operations in leasing as we let Robin get adjusted. That said, Robin will spend a few minutes tonight introducing herself and providing an overview of where she will be focusing as she transitions into her new role.

Before jumping into the substance of my comments, in addition to Phil and Robin, I would like to acknowledge my other senior executive colleagues, Michael Winters, Chief Investment Officer; Lori Manzo, Head of Leasing; Charles Burkert, Head of Construction and Development; and Adina Storch, General Counsel. Beyond these executives, whom I refer to as my kitchen cabinet, I would like to recognize the balance of team Cedar for all they do for this Company