CLIPPER Rlty (NYSE:CLPR) Q2 2020 Earnings Conference Call - Final Transcript
Aug 10, 2020 • 05:00 pm ET
Good afternoon, ladies and gentlemen, and welcome to Clipper Realty 2Q 2020 Earnings Call.
It is now my pleasure to turn the floor over to your host Michael Frenz, Chief Financial Officer. Sir, the floor is yours.
Good afternoon and thank you for joining us for the Second Quarter 2020 Clipper Realty Inc. Earnings Conference Call. Participating with me on today's call are David Bistricer, Co-Chairman of the Board and Chief Executive Officer, and JJ Bistricer, Chief Operating Officer. Please be aware that statements made during the call that are not historical may be deemed forward-looking statements, and actual results may differ materially from those indicated by such forward-looking statements.
These statements are subject to numerous risks and uncertainties, including those disclosed in the company's quarterly report on Form 10-Q posted today, the company's quarterly report on Form 10-Q for the first quarter of 2020 and the company's 2019 annual report on Form 10-K, which are both accessible at www.sec.gov and our website. As a reminder, the forward-looking statements speak only as of the date of this call, August 10, 2020 and the company undertakes no duty to update them.
During this call, management may refer to certain non-GAAP financial measures, including adjusted funds from operations, or AFFO, adjusted earnings before interest, taxes, depreciation and amortization, or adjusted EBITDA, and net operating income, or NOI. Please see our press release, supplemental financial information and Form 10-Q posted today for a reconciliation of these non-GAAP financial measures with the most directly comparable GAAP financial measures.
With that, I will now turn the call over to our Co-Chairman and CEO, David Bistricer.
Thank you, Michael. Good afternoon and welcome to the second quarter 2020 earnings call for Clipper Realty. I will provide an update on our business including recent highlights and milestones, as well as how our company is responding to COVID-19 pandemic. I will then turn the call over to JJ, who will discuss property level activity, including leasing performance, capital projects and measures taken in light of the pandemic.
Finally, Michael will speak about our quarterly financial performance. We will then take your questions. Let me begin by saying how grateful we are to the entire Clipper team for the continued hard work and perseverance during these challenging times. The dedication to our residents, our communities and our business have been inspiring during this time of unprecedented upheaval and we thank them for the ongoing efforts. JJ will address the initiatives we are taking to help our colleagues work through the crisis.
Our properties have remained open and operational throughout the pandemic. We continue to take the necessary steps to keep our tenants safe in compliance with state and local orders and are providing typical services to our residents. We saw a slight downtick in occupancy during the second quarter driven by COVID-19. But at quarter end, our residential properties were still over 96% leased and has stabilized at that level through July.
Under difficult circumstances, our business has