Cedar Realty Trust, Inc. (NYSE:CDR) Q3 2016 Earnings Conference Call - Final Transcript
Nov 03, 2016 • 05:00 pm ET
Welcome to the Third Quarter 2016 Cedar Realty Trust Earnings Conference Call. As a reminder, this conference is being recorded. At this time all lines have been placed on a muted line. We will conduct a question-and-answer session following the formal presentation.
I will now turn the call over to Nicholas Partenza. Please proceed, sir.
Good evening, and thank you for joining us for the third quarter 2016 Cedar Realty Trust earnings conference call. Participating in today's call will be Bruce Schanzer, Chief Executive Officer, Robin Ziegler, 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, November 3, 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'll now turn the call over to Bruce Schanzer.
Thanks, Nick. Good evening, and welcome to the third quarter 2016 earnings call of Cedar Realty Trust. This call marks the fifth anniversary of the new Cedar, which was rolled out on our third quarter 2011 earnings call. Since that call, we are one of the best performing shopping center REITs, as measured by total shareholder return. Credit for this remarkable five year track record goes to my Senior Executive colleagues, collectively referred to as the kitchen cabinet, our dedicated and supportive directors, as well as the balance of team Cedar, all of whom tirelessly do their work with collegiality, collaboration and everyday excellence. I sincerely thank you all.
Before I hand the call over to Robin, who will dig further into our leasing and operations and then to Phil who will discuss our financials, I want to spend a moment touching on each area and integrating this discussing this discussion into a little more detail on our strategy going forward. However, before doing so, let's look back for a second. The essential change we brought to Cedar in 2011 was to focus exclusively on grocery anchored shopping centers straddling the DC to Boston corridor. This focus led to a dramatically improved portfolio and balance sheet through the divestiture of nearly 80 assets, the acquisition of a handful of centers and a reduction in leverage from the low nine times on a debt to EBITDA basis to where it stand today in the