Empire State Realty Trust, Inc. (NYSE:ESRT) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 01:00 pm ET


Empire State Realty Trust, Inc. (NYSE:ESRT) Q2 2020 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the Empire State Realty Trust Second Quarter 2020 Earnings Call. [Operator Instructions] A brief question-and-answer session will follow the formal presentation. [Operator Instructions]

It is now my pleasure to introduce your host, Mr. Thomas Keltner, Executive Vice President and General Counsel at Empire State Realty Trust. Thank you. You may begin.

Thomas N. Keltner

Good afternoon. Thank you for joining us today for Empire State Realty Trust's second quarter 2020 earnings conference call. In addition to the press release distributed yesterday, a quarterly supplemental package with further detail on our results and our latest investor presentation were posted in the Investors section of the company's website at empirestaterealtytrust.com.

On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements as defined in applicable securities laws, including those related to market conditions, property operations, capital expenditures, income and expense. As a reminder, forward-looking statements represent management's current estimates. They are subject to risks and uncertainties including ongoing developments regarding the COVID-19 pandemic, which may cause actual results to differ from those discussed today.

Empire State Realty Trust assumes no obligation to update any forward-looking statement in the future. We encourage listeners to review the more detailed discussions related to these forward-looking statements in the company's filings with the SEC. Certain of our disclosures today are added specifically in response to the SEC's direction on special additional disclosure due to the changes in our business, prompted by the COVID-19 pandemic and are unique to this instruction. We do not expect to maintain the same level of disclosure when we resume normal business operations.

Finally, during today's call, we will discuss certain non-GAAP financial measures, such as FFO, modified and core FFO, NOI, cash NOI and EBITDA, which we believe are meaningful in evaluating the company's performance. Definitions and reconciliations of these measures to the most directly comparable GAAP measures are included in the earnings release and supplemental package, each available on the company's website.

Now I will turn the call over to Tony Malkin, Chairman, President and Chief Executive Officer.

Anthony E. Malkin

Thanks, Tom and good afternoon to everyone. It takes a moment to grasp the magnitude of the dynamic situation we all have confronted and continue to confront since we last reported results. And we have adapted to the constant change, flexes, pivots and challenges as a new normal, that our efforts to respond have been effective and that we are prepared to continue this way for an indeterminate period of time through the end of the pandemic, are all testament to the team that is ESRT. We have made hard choices that have resulted in a great deal of change in our organization, reduction in force and cost have positioned us on our front feet to preserve and create value for our shareholders.

I'd like to take a moment to say thank you to my colleague, John Kessler and to extend to him, once again, my best wishes and those of our Board in his next endeavors. At