RPT Realty (NYSE:RPT) Q2 2020 Earnings Conference Call - Final Transcript
Aug 05, 2020 • 09:00 am ET
Greetings, and welcome to the RPT Realty Second Quarter 2020 Earnings Conference Call. [Operator Instructions] [Operator Instructions]
It is now my pleasure to introduce your host, Mr. Vincent Chao. Thank you. Mr. Chao, you may begin.
Good morning, and thank you for joining us for RPT's Second Quarter 2020 Earnings Conference Call. At this time, management would like me to inform you that certain statements made during this conference call, which are not historical, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Additionally, statements made during the call are made as of the date of this call. Listeners to any replay should understand that the passage of time by itself will diminish the quality of the statements made.
Although we believe that the expectations reflected in any forward-looking statements are based on reasonable assumptions, factors and risks could cause actual results to differ from expectations. Certain of these factors are described as risk factors in our annual report on Form 10-K and quarterly report on Form 10-Q for the first quarter of 2020 and on our earnings release for the second quarter of 2020.
Certain of these statements made on today's call also involve non-GAAP financial measures. Listeners are directed to our second quarter press release, which includes definitions of those non-GAAP measures and reconciliations to the nearest GAAP measures and which is available on our website in the Investors section.
I would now like to turn the call over to President and CEO, Brian Harper; and CFO, Mike Fitzmaurice, for their opening remarks, after which, we will open the call for questions.
Brian L. Harper
Good morning, and thank you for joining our second quarter 2020 conference call. I hope you are all well and staying safe. I'd also like to thank everyone on the frontline of the pandemic for all of your extraordinary efforts to get us through this difficult time. The past quarter has been a challenging one. But as they say, challenging times don't build character, they reveal it. And I'm very proud of the character that RPT has demonstrated since the outbreak: integrity, toughness, flexibility and ownership. I'm also thankful to our Board of Trustees, who have been a rock of support. Their collective expertise that spans multiple business cycles in multiple industries and includes former executives at retailers and restaurants has helped immensely during this time.
Our people are our greatest asset. And it is our people that will get us through this situation and position us for success thereafter. Last quarter, I laid out four principles that will drive our performance during and after the pandemic: ample liquidity, excellence in operations, business continuity and maintaining a strategic outlook for the future. These principles continue to guide our decision-making process. First, on liquidity. Today, we sit in a comfortable position with almost $250 million of cash on the balance sheet, no debt maturing this year, only $37 million maturing next year and our July collections are already at a