Alexander's Inc. (NYSE:ALX) Q2 2020 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 10:00 am ET


Alexander's Inc. (NYSE:ALX) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning and welcome to the Vornado Realty Trust Second Quarter, 2020 Earnings Call. My name is. Richard and I'll be your operator for today's call. [Operator Instructions]

I will now turn the call over to Ms. Cathy Creswell, Director of Investor Relations. Please go ahead.

Cathy Creswell

Thank you. Welcome to Vornado Realty Trust second quarter earnings call. Yesterday afternoon we issued our second quarter earnings release and filed our quarterly report on Form 10-Q with the Securities and Exchange Commission. These documents, as well as our supplemental financial information package are available on our website under the Investor Relations section. In these documents and during today's call we will discuss certain non-GAAP financial measures, reconciliations of these measures to the most directly comparable GAAP measures are included in our earnings release, Form 10-Q and financial supplement. Please be aware that statements made during this call may be deemed forward-looking statements and actual results may differ materially from these statements due to a variety of risks, uncertainties and other factors. Please refer to our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended, December 31, 2019 and our quarterly report on Form 10-Q for the quarter ended June 30, 2020 for more information regarding these risks and uncertainties. The call may include time-sensitive information that may be accurate only as of today's date. The company does not undertake a duty to update any forward-looking statements.

On the call today from management for our opening comments are Steven Roth, Chairman and Chief Executive Officer and Michael Franco, President, and our senior team is present and available for questions.

I will now turn the call over to Steven Roth.

Steven Roth

Thanks Cathy and good morning everyone. I hope all of you a continuing to stay safe and healthy. Yesterday after the close, we announced a very important 730,000 square foot lease with Facebook at our Farley Building. We normally don't go for the drama[Phonetics] of timing deals with earnings call but this one just worked out that way. This deal has been in the works for a while, and it's not been a secret in the marketplace. People have been speculating. Will even a great companies such as Facebook committed in the middle of the pandemic prices? Will they commit to physical assets in light of all the work-from-home stuff? Will they continue to expand in New York in effect of doubling down? We now know the answer to these questions is, yes.

This commitment is a dramatic statement from one of the most important global tech companies, that even in the midst of a pandemic, commerce must continue. This deal reinforces New York City is a great and unique place to do business with an unlimited highly educated workforce. New York continues to be the place to be. Farley is a unique property like none other in New York. It occupies a double wide block, it is actually part of the Penn Station complex,