Kimco Realty Corporation (NYSE:KIM) Q2 2020 Earnings Conference Call - Final Transcript

Aug 07, 2020 • 08:30 am ET


Kimco Realty Corporation (NYSE:KIM) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the Kimco's Second Quarter 2020 Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference over to David Bujnicki. Please go ahead.

David F. Bujnicki

Good morning, and thank you for joining Kimco's Second Quarter 2020 Earnings Call. We'll jump right into it, while most of us in the Northeast still have power and Wi-Fi service. The Kimco management team participating on the call today includes Conor Flynn, Kimco's CEO; Ross Cooper, President and Chief Investment Officer; Glenn Cohen, our CFO; Dave Jamieson, Kimco's Chief Operating Officer; as well as other members of our executive team that are also available to answer questions during the call.

As a reminder, statements made during the course of this call may be deemed forward looking, and it's important to note that the company's actual results could differ materially from those projected in such forward-looking statements due to a variety of risks, uncertainties and other factors. Please refer to the company's SEC filings that address such factors. During this presentation, management may make reference to certain non-GAAP financial measures that we believe help investors better understand Kimco's operating results. Reconciliations of these non-GAAP financial measures can also be found on the Investor Relations area of our website.

And with that, I'm going to turn the call over to Conor.

Conor C. Flynn

Good morning, and thanks for joining us today. Today, I'll give you an update on how we are confronting the challenges posed by COVID-19 and how we plan to move forward as parts of the country continue to struggle with the virus, while other parts really come back. We'll also give an update on the transaction market, and Glenn will follow with a recap of the numbers for Q2 and our enhanced liquidity position. The COVID virus is a challenge to our entire industry and one that we're addressing head on.

At Kimco, our great team, high-quality assets and strong balance sheet are helping us weather the pandemic and prepare for the future. We have an effective strategy for dealing with COVID-19 and have made significant progress since our last call. First, I would like to applaud the entire Kimco team for their tireless efforts in ensuring that our centers remain open and operating. Our people are smart, passionate, dedicated and determined. Simply put, they are the best at what they do. And together, we continue to provide our shoppers, our tenants, our employees, our extended Kimco family and our local communities with a safe experience.

It is also worth noting that as a result of our national footprint, our best practices and lessons learned from the challenges faced early on in the Northeast are now being employed to help those areas in the Southeast and West in their time of need. Our portfolio continues to withstand the pandemic's impact. We have reached deferral modification agreements with the vast majority of our top 100 retailers who we deem nonessential and are forced to close in some capacity. We believe our retailer