Highwoods Properties Inc (NYSE:HIW) Q2 2020 Earnings Conference Call - Final Transcript

Jul 29, 2020 • 11:00 am ET


Highwoods Properties Inc (NYSE:HIW) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning and welcome to the Highwoods Properties Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded Wednesday, July 29, 2020.

I would now like to turn the conference over to Brendan Maiorana. Please go ahead.

Brendan Maiorana

Thank you, operator, and good morning. Joining me on the call this morning are Ted Klinck, our Chief Executive Officer; Brian Leary, our Chief Operating Officer; and Mark Mulhern, our Chief Financial Officer. As is our custom, today's prepared remarks have been posted on the web. If any of you have not received yesterday's earnings release or supplemental, they're both available on the Investors section of our website at highwoods.com.

On today's call, our review will include non-GAAP measures such as FFO, NOI and EBITDAre. Also, the release and supplemental include a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures.

Forward-looking statements made during today's call are subject to risks and uncertainties, which are discussed at length in our press releases, as well as our SEC filings. As you know, actual events and results can differ materially from these forward-looking statements, and the Company does not undertake a duty to update any forward-looking statements. Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the potential adverse effect of the COVID-19 pandemic. And federal, state and local regulatory guidelines and private business actions to control it, on our financial condition, operating results and cash flows, our customers, the real estate market in which we operate, the global economy and the financial markets. The extent to which the COVID-19 pandemic impacts us and our customers will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, and the resulting economic recession and potential changes in customer behavior, among others.

With that, I'll now turn the call over to Ted.

Ted Klinck

Thanks, Brendan, and good morning, everyone. Let me start by saying I hope you are all well and your families are safe and healthy. We are pleased to report that our employees are healthy and that we have safely returned to all of our offices. To ensure our coworkers feel safe and productive while in the office, we have implemented a rotation schedule, giving everyone ample opportunity to comfortably practice social distancing. This helps us achieve our twin objectives, which are to prioritize the health and safety of our employees and realize the benefits of sharing our Company's unique culture together in the workplace.

Obviously, this has been an incredibly challenging time for our country and our economy. It remains difficult to predict the duration and severity of the COVID-19 pandemic and its overall impact on economic activity. We believe we are well-positioned operationally to handle the near-term effects of this downturn, given our lack of large customer expirations over the next few years and our substantially pre-leased development pipeline. Plus, we continue to maintain a