Cedar Realty Trust, Inc. (NYSE:CDR.PRB) Q4 2016 Earnings Conference Call - Final Transcript

Feb 23, 2017 • 05:00 pm ET


Cedar Realty Trust, Inc. (NYSE:CDR.PRB) Q4 2016 Earnings Conference Call - Final Transcript


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Welcome to the Fourth Quarter 2016 Cedar Realty Trust Earnings Conference Call. As a reminder, this 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 fourth 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 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 2016, as it may be updated or supplemented 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, February 23, 2017, and the Company undertakes no duty to update that. 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 Web site 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.

Bruce Schanzer

Thanks Nick. Good evening and welcome to the fourth quarter 2016 earnings call for Cedar Realty Trust. As I will discuss in a moment, it has been a very busy few months at Cedar with dramatic advances on the leasing, redevelopment and capital migration fronts. Before reviewing our results, I want to take a moment and acknowledge my colleagues who are with me on this call, Phil Mays our CFO, Robin Ziegler our COO, Mike Winters our CIO, Adina Storch our General Counsel, and Charles Burkert our Senior Vice President of Construction and Development.

I would also like to take a moment and thank all of the team Cedar for their continuing and tireless efforts to advance the causes of this Company through their commitments to everyday excellence. Before moving from the topic of team Cedar, I also want to take a moment to acknowledge Jim Burns, our longest serving Board member, who let us know that he will not be standing to re-election of the Board. Jim has been an invaluable advisor to management and has set an example of professionalism and probity from which we have all learned a great deal.

I am pleased to report that Gregg Gonsalves, a retired Goldman Sachs partner in their real-estate investment banking group will be nominated to fill soon to be vacated spot on the Board. Moving to our results, we are pleased that our 2016 full year operating FFO of