SL Green Realty Corp. (NYSE:SLG) Q2 2020 Earnings Conference Call - Final Transcript

Jul 23, 2020 • 02:00 pm ET


SL Green Realty Corp. (NYSE:SLG) Q2 2020 Earnings Conference Call - Final Transcript


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Thank you, everybody, for joining us and welcome to the SL Green Realty Corp's Second Quarter 2020 Earnings Results Conference Call. [Operator Instructions]

At this time, the Company would like to remind listeners that during the call, management may make forward-looking statements. Actual results may differ from any forward-looking statements that management may make today. Additional information regarding the risk, uncertainty and other factors that could cause such differences appear in the MD&A section of the Company's latest Form 10-K and other subsequent reports filed by the Company with the Securities and Exchange Commission.

Also, during today's conference call, the Company may discuss non-GAAP financial measures as defined by the Regulation G under the Securities Act. The GAAP financial measure most directly comparable to each non-GAAP financial measures discussed and the reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure can be found on both the Company's website at by selecting the press release regarding the Company's second quarter 2020 earnings and in our supplemental information filed with our current report on Form 8-K relating to our second quarter 2020 earnings.

Before turning the call over to Marc Holliday, Chairman and Chief Executive Officer of SL Green Realty Corp, I ask that those of you participating in the Q&A portion of the call to please limit your questions to two per person. Thank you.

I will now turn the call over to Marc Holliday. Please go ahead, Marc.

Marc Holliday

Thank you, and thank you to everyone for joining us today. I hope you are all healthy and safe in these unprecedented times.

Here in New York City, I'm pleased to report that we have come a long way since the start of Pause New York and are now leading the nation in terms of getting COVID-19 under control from a health perspective. New York City has started to wake up, residents are engaging in outdoor dining, New Yorkers have begun going back to places of work, construction has resumed and retail stores have reopened. There are a number of positive developments happening citywide right now, including the open restaurants initiative, outdoor dining and the planned reopening of public schools come this fall.

With that said, office space utilization is still quite low during these summer months, and most of our tenants are telling us that they are planning for a 50% plus or minus return to the office after Labor Day. While we still have a long way to go with this pandemic, the trend here is very positive and has been that way for weeks now with various parts of life starting to return to normal.

That said, we now know that the economic impacts of COVID will not disappear overnight or as quickly as initially hoped. Very few industries have been able to avoid the impact of this pandemic, not just in New York, but nationally. It has affected all of us from a personal, health and family perspective and certainly from an