Cedar Realty Trust, Inc. (NYSE:CDR) Q2 2020 Earnings Conference Call - Final Transcript

Aug 13, 2020 • 05:00 pm ET


Cedar Realty Trust, Inc. (NYSE:CDR) Q2 2020 Earnings Conference Call - Final Transcript


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Welcome to the Second Quarter 2020 Cedar Realty Trust Earnings Conference Call. [Operator Instructions] I would now turn the call over to Nicholas Partenza. Please proceed.

Nicholas Partenza

Good evening, and thank you for joining us for the second quarter 2020 Cedar Realty Trust earnings conference call. Participating in today's call will be Bruce Schanzer, Chief Executive Officer; Robin Zeigler, Chief Operating Officer; and Philip Mays, Chief Financial Officer.

Before we begin, please 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 most recent Form 10-K for the year ended 2019 as updated by our subsequently filed quarterly reports on Form 10-Q and other periodic filings with the SEC.

As a reminder, the forward-looking statements speak only of 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 funds from operations and net operating income. Please see Cedar's earnings press release and supplemental financial information posted on its website for reconciliations of these non-GAAP financial measures with the most directly comparable GAAP financial measures.

With that, I will now turn the call over to Bruce Schanzer.

Bruce J. Schanzer

Good evening and thank you for joining us for Cedar Realty Trust Q2 2020 earnings conference call. Before moving to my prepared remarks, I would like to take a moment to sincerely thank my colleagues both on team Cedar and on our Board of Directors. This period has been one that we, as a nation, will all remember for a long time to come. It is truly generation defining. For our Company, in particular, it has been a defining experience as well. I've seen the best in my teammates during this period from my kitchen cabinet colleagues to our most junior people. And I couldn't be prouder and we're excited about their efforts and accomplishments during this trying time.

Remarkably, in what can only be characterized as truly setting the tone from the very top, Cedar's independent directors at the outset of the pandemic waived their Board fees for the second quarter and decided last week to similarly waive their fees for the third quarter. I know I speak for all of my colleagues and thanking them for their guidance, support and leadership through both word and deed during this challenging time.

Charles Dickens famously begins A Tale of Two Cities, it was the best of times, it was the worst of times. It was the season of light and it was the season of darkness. I thought of this line often over the last four months as we've seen the best in our people and observed the defensiveness of our portfolio while experiencing the unpredictability of the capital markets and witnessing the utter dislocation of our common stock price from