Cedar Realty Trust, Inc. (NYSE:CDR) Q2 2019 Earnings Conference Call - Final Transcript
Aug 01, 2019 • 05:00 pm ET
Welcome to the Second Quarter 2019 Cedar Realty Trust Earnings Conference Call. [Operator Instructions]
I will now turn the call over to Nicholas Partenza. Please proceed.
Good evening, and thank you for joining us for the second quarter 2019 Cedar Realty 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 2018, 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, August 1, 2019, 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.
Thanks, Nick, and thank you all for joining Cedar's second quarter 2019 earnings call. I'm going to jump right in and acknowledge that today, Cedar is experiencing two opposing dynamics. On the one hand, our share price has fallen to a level that is impossible to reconcile with either the underlying value of our assets or with the prospects for our company. On the other hand, our team continues to work with everyday excellence, advancing our redevelopment projects and growing our leasing pipeline. We have never been closer to kicking off our large-scale urban mixed-use redevelopments. With our first project, South Quarter Crossing, poised to commence as soon as the fourth quarter of this year. We have finalized two of our critical anchor leases at South Quarter and are in late-stage negotiations on the last few anchor deals. We plan to more publicly elaborate on our anchor line-up at South Quarter once all of the anchor leases are fully executed. We have finalized our apartment development agreement with Alterra Property Group, who notably were the development partner for Kimco's recent Philadelphia project and have received critical zoning entitlements and other significant approvals. Much of this has been picked up by the press and is most definitely in the public domain.
More generally, the team continues to advance our corporate objectives. Our leasing activity has been remarkably strong over the last 12 months with a very solid leasing pipeline. Although we did not execute a number of them before the end of the second quarter, the prospect of occupancy growth is visible and at hand. This is