Federal Realty Investment Trust (NYSE:FRT) Q2 2017 Earnings Conference Call - Final Transcript

Aug 03, 2017 • 11:00 am ET


Federal Realty Investment Trust (NYSE:FRT) Q2 2017 Earnings Conference Call - Final Transcript


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Good day ladies and gentlemen, and thank you for your patience. You've joined the Second Quarter 2017 Federal Realty Investment Trust's Earnings Conference Call. [Operator Instructions] Later, we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions]

I would now like to turn the call over to your host Ms. Leah Andress. Ma'am, you may begin.

Leah Andress

Thank you. Good morning. I'd like to thank everyone for joining us today for Federal Realty's second quarter 2017 earnings conference call. Joining me on the call are Don Wood, Dan G., Dawn Becker, Jeff Berkes, Chris Weilminster and Melissa Solis. They'll be available to take your questions at the conclusion of our prepared remarks.

Certain matters discussed on this call may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any annualized or projected information as well as statements referring to expected earnings or stated events or results. Although Federal Realty believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Federal Realty's future operations and its actual performance may differ materially from the information in our forward-looking statements, and we can give no assurance that these expectations can be attained.

The earnings release and the supplemental reporting package that we issued yesterday, our annual report filed on Form 10-K and our other financial disclosure documents provide a more in-depth discussion of risk factors that may affect our financial condition and results of operations. These documents are available on our website. Given the number of participants on the call, we kindly ask that you limit your questions to one or two per person during the Q&A portion of the call and if you have additional questions, please feel free to rejoin the queue.

And now, I'd like to turn the call over to Don Wood to begin our discussion of our second quarter results. Don?

Donald C. Wood

Thanks, Leah. Good morning, everyone. Hope you are all enjoying the summer and hopefully have taken a little bit easy this time of year. I assure you we're not. In an industry that's been under siege at least from an equity valuation standpoint for the last six months in particular, we're performing particularly well and not just measured by plugging holes for today, but most importantly, measured by positioning and investing in tomorrow.

So here's a list of seven initiatives that we've been up to that will surely position us well. First, our recently announced, and in our view forward looking, $345 million investment in the partnership of Primestor, Los Angeles-based operator and developer of resale centers serving the underserved and densely populated Latino communities out west. I'll talk more about that in a bit.

Second, the decade long creation, expansion and improvement of live, work, shop, play communities at Pike & Rose, Assembly Row and Santana Row. Third, the most active core repositioning program in our 55-year history with planning our construction underway in every state that