Brookfield Property Partners LP (NASDAQ:BPY) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 11:00 am ET


Brookfield Property Partners LP (NASDAQ:BPY) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Brookfield Property Partners Second Quarter 2020 Financial Results Conference Call. [Operator Instructions]

I would now like to hand the conference over to your speaker today Mr. Matt Cherry, Senior Vice President, Investor Relations. Thank you. Please, go ahead, sir.

Matt Cherry

Thank you, Daniel.

Before we begin our presentation, let me caution you that our discussion will include forward-looking statements. These statements that relate to future results and events are based on our current expectations. Our actual results in future periods may differ materially from those currently expected, because of a number of risks, uncertainties and assumptions. The risks uncertainties and assumptions that we believe are material are outlined in our press release issued this morning.

With that, I'll turn the call over to Chief Executive Officer, Brian Kingston.

Brian Kingston

Thank you, Matt, and good morning, everyone.

With me on the call this morning are Bryan Davis, our CFO, and Jared Chupaila, the CEO of our retail real estate business.

As the global economic shutdown continued into the second quarter of 2020, it brought with it many challenges. And although we could not have envisioned the force or the speed that led to this global recession, we have been preparing and positioning ourselves for an economic downturn for some time. And so, we're cautiously optimistic the worst is now behind us.

While we're not completely out of the woods, we expect the severity of the impact of the shutdowns to be largely isolated within the second quarter. We're extremely proud of our dedicated employees around the world, who prepared our properties for a safe reopening so that our tenants can return to their offices, storefronts and other premises to resume their operations confidently, knowing that we're taking the necessary measures to protect them.

As we've reopened, our properties themselves look quite different. Health and safety signage is abundant, as are hand sanitizing stations, directional indicators and reminders to maintain appropriate social distancing. We've installed infrared temperature scanners at many of our office buildings, updated the air filtration systems and increased the frequency and intensity of our cleaning procedures. And with these changes in place, our properties are leading the way to reopening cities around the world.

With regard to Brookfield's own corporate offices, most of our employees returned to the office in June and we're already seeing the benefits of rekindling those important connections that have been lost through remote communication. While there's been some discussion over the last several months as it relates to the future of office, it's our belief that a corporate office represents much more than a place for employees to sit every day. Companies utilize their offices as incubators of culture and an important tool to recruit and train younger talent. Collaboration and innovation cannot take place remotely or over conference calls. And some companies are already observing a decline in these areas amongst their employees. As time goes on, we think the loss of innovation and