Cedar Realty Trust (CDR)

Nicholas Partenza Director, Financial Reporting
Bruce Schanzer Chief Executive Officer
Robin Zeigler Chief Operating Officer
Philip Mays Chief Financial Officer
Todd Thomas KeyBanc Capital Markets
Floris van Dijkum Compass Point
Call transcript
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Welcome to the Fourth Quarter 2020 Cedar Realty Trust Earnings Conference Call.

As a reminder, this conference is being recorded. At this time, all audience lines have been placed on mute.

We will conduct a question-and-answer session following the formal presentation. I would now turn this call back over to Mr. Partenza. Nicholas proceed. Please Go ahead.

Nicholas Partenza

Schanzer, for Realty XXXX Participating and Trust call be you us the in Philip thank Robin will for Officer; Officer. joining Earnings Bruce Mays, Quarter Chief and Operating Cedar Fourth evening, today's Zeigler, Financial Good Chief Executive Officer; Chief Conference Call.

statements. that by please differ statements statements the and These results made may call such be that Before we statements may forward-looking begin, are from deemed indicated those materially forward-looking be aware subject during not historical are actual to most and periodic by other on uncertainties, XXXX the the numerous reports including risks and updated those recent year filings in with disclosed our as for quarterly XX-Q company's subsequently the filed Form SEC. XX-K Form ended

statements of the forward-looking and of a update duty XXXX X, reminder, this February company speak date undertakes the no them. to the as only call As

call, During measures and its measures. and reconciliations will refer most measures, operations non-GAAP Bruce to certain from these website this this call the press funds GAAP Schanzer. comparable that, see directly now income. the With management including financial I posted non-GAAP on may do of financial over information earnings operating financial net with for to financial Please turn supplemental release

Bruce Schanzer

joining and thank conference you this Thanks, earnings Nick, Cedar's all us quarter for XXXX for fourth evening call.

in that our their no forms highest of everyday our a team. with to fourth like in why your thank company. same. might The being started by in and actually our not And acknowledge last literally I of ten Before everyone related colleagues ten admit Cedar our have the judgment post and than sharing have losing it a needs quarter year have might executing service my remained team am remaining fortunate one shareholders near-term the devotion precisely culture pandemic seen is midst teammates. But typical was a thoughts and go all quarter of the focused Board example, excellence, sight special involved and has effort to which on months commitment on the of of and continues our initiatives, XXXX. is this team collective quarter This higher of collegiality over collaboration. we nearly the of remarkably Cedar continued full despite century, corporate of the the things year after to keenly history my have FFO colleagues Cedar and character been pandemic the the to reassuringly Directors. to likes the as future. of This down will of board I years, evidence must reminded finest both leading the fourth and has how our over by operating yet quarter members of granted. in result to for and XXXX in me, work fourth was you XXXX, and have not XXXX to the Remarkably, management experience pandemic, in represent I and of a certain remarkably I This as other, take

revolved and initiatives related pandemic around expense tenant retention renewals, have and health, collections, Our leasing. management, proactive energetic

capital this navigated million, We and leasing. mid-XXs, expenditures and the of detail. in will have and discuss generally, More down corporate have of made tough this have Phil tenant collections many we allocations. G&A about had we through considerable in renewals but success greater with as fronts, Robin retention these thoughtful crisis, and on much commendable $X decisions approximately

zero-based allowed roughly $X just by budgeting and million I roughly by us We to have performed as headcount G&A XX% a reduce noted. that exercise reduced

focus on we promising hope XXXX. to South our mothballed paused mixed-use smaller allowing projects, projects and redevelopment Quarter during redevelopment our In restart other which we more addition, to Crossing us capital project

touched to lenders that we making with this ride operating we to we quarter out corporate Lastly, other all of as encouraged and well measures to did able company our credit on environment ensure XXXX compliance to of a our for the on positioned are conference and on the progress many facility. the we as post-pandemic the is ability not And balance is are third challenging initiatives future. the look pandemic as These capacity the many our well negotiated going post-pandemic to be by to call. added we during future, smaller impact maintain up that our

of we to advancing debt. in longer-term debt mortgage with Specifically, attractively strong our make continue refinancing progress a and unsecured priced large-scale

side and in to a is as returns investment forma starting finalizing first note, the phase our our we the project. on as labors construction to strides the are negotiation building project. first our representing venture to and Northeast making done Heights solid our DGS not for Cedar this see much of redevelopment redevelopment that pursue fruits of while JV potential DGS the appears the strong joint pro support Additionally, of are for decision the we On the

for exploring every on both we generating have progress Lastly, we portfolio, pandemic has a our of sales manage context This conservatively represented unique period asset Robin endeavoring front our made and Robin means redevelopment of in we as our are some while leasing. advanced challenges the additional the expand year. capital expenditures. capital professional honing delevering terms to on do for team in her as projects and she as the of redevelopment will has

and as be this curtain currently we about is will the in guidance. the as our potential and contemplated, this good pursuing her creation thinking our Bill touch inherent provide JV DGS are generally, secured is value about where for on through team. stand the platform financing we by very pull how much excited well on credit I evidenced first financial it we phase. XXXX as to a More and Specifically, her we the then back assuming feel framework as to come will to I the start results completed period, as are

Gregg pieces the account environment we strong in accounting guidance of this generally change announced the At strength management from example Cedars our in Nonetheless, would the all Chairmanship of and of to management simply Phil not there efforts of ever strength, it XXXX. Roger of years bank Roger learned in examples how be all character, prime working from in advancing service of on was Cedar. and formally intellect how overall refinancing, be I going from particular. his his cannot Cedar moving Widmann Both are and transition operating and their an overstate benefited for remarkable an the We the providing to our of of should commended from remotely, If we team jobs Gregg relationships between at and Gonsalves. leadership. similarly Roger much the in year, the also and the end FFO judgment. XXXX team much to both strong are I

be with acknowledge unscheduled active during our as time. our to scheduled our I Cedar, through I confidently with joined prospect I've chairman when gaining calls the insights outstanding also as as the had that a very regime many the the calls. and have weekly our they challenging continued contributions. at I board shareholders only in is supremely Gregg. I excited this also with a started with hands are Moreover though into even remarkable regularly has state calls Roger have At role closely monitored Cedar am one. continue with progress few helm, with the full However, pandemic, communication of Gregg and can leadership. Chairman's at model Thus well and This weeks our the new Gregg's regular we from I with board board good

DGS during highly our the evidences secular facing All fact progress the shopping period of of of getting are to and hopefully pandemic end and prime and which in through of Mark the he experience quote performance the for excited continued said, and the headwinds grocery-anchored of the with On famously on to core exaggerated. of to ready brings of The the the time able mind, ten negotiations the centers completed. share skilled solid reports the this, redevelopment are once I'm greatly resilient Twain the JV our last our more these top months retail for projects my team, projects the challenges face are that generally. strong poised be pandemic in more XXXX, are coupled demise

only were the depth a shares where that expire. we about pandemic, traded explanation level of During was the the Cedar to to

relative fact, have than we thrived basis. In expiring on rather a

the what maintaining and I holds. lead done values and never been while will We I core of losing and our to you not energy have Robin. have culture. organization with this And I forward give corporate look sight to prouder this by that focus future

Robin Zeigler

evening. Good Bruce. Thanks,

we Staples. holding represent rent. a to the by of top concentration retailers XXXX, annualized exception of with we our see retailers top Fitness portfolio benefits measured year our The essential foresight turbulent by These the as essential ten anchored ended annualized of grocers businesses. As and tenants are rents base grocer, of XX% anchored continue and the ten La and of

rent rate. a totaled rate increase to over a has Our The XX.X%, third quarter successful individualized fourth during proved this pandemic collections collections hands-on quarter the collections XXXX approach X.X% formula.

rent. the average payback totaling average agreements million. months today, XXX of The executed of XX.X As deferral we totaling months $X.X with is deferral four period

and previously, repeating tenants these some only which reporting, also bears provisions. with viability, achieve in including concessions to but agreements sales lease mentioned term but sustain effort key made As favorable their an not lease to were additional of modification landlord

drive leasing to leasing hard to team keep solid Our continues a pace.

we quarter. new XX the Same-center movie comprised is such for total leases feet as we been four some year-end spread XXXX X.X% with leases The affected occupancy have totaling square of as This vacancies categories X.X%. hard seeing we a comparable completed a of particularly are comparable renewals fitness consistent quarter centers, theaters. throughout and and deals has reduction XX.X%, leased restaurants with XX that it what XXX,XXX as from largely of experienced third pandemic

this which Other and bankruptcy Fitness of and was in December to closures March. significant we Ollie's impact Plaza of January XXXX London New in Crossing, have the included and The At April quarters. June Plaza of In to IGA are renovations in remerchandising and a largest of coming closed attractive the steadily. have Plaza paused Fishtown at are anticipate project during The completed filing return Valley progressing Our Pet the The place-making at the value-add Coliseum vacancies facade A.C. bankruptcy to in centers in those we at preparing and of Valu London, announced months. re-tenanting facade in center. store been possession and Valley at for finish XXXX the XXXX. filing Carman's and coming remaining XXXX. mixed-use for Valley redevelopment in improvements the closure renovation March Kmart We will XX at be but in due Moore New rest had that from in COVID, has grocery the restarting Kroger Hour Plaza, XXXX, led Point the opportunities renovation Carman's,

was project due put renovation leases also executed IHOP, on entitled fully Express. value-add Yorktowne other Donuts hold with Panda pandemic. is the and Our Dunkin' This to with

We are anticipating well. as commencement the XXXX of in this renovation

a of facade capital on project to some a we vein Heights. an in January to and planned existing a grocer. is value-add renovation the redevelopment similar halted and to underway a we and rest allow XXXX. will XXXX modest subsequently square during expansion XX,XXX Norwood in store prototypical will Norwood The of be the square closed our profitable has upgrades Quarter expansion, mixed-use in feet summer most grocer of Northeast executed a throughout for have to COVID. and foot And this our in Crossing at In on for expansion Massachusetts. order We third facilitate at grocer some efforts XX,XXX projects in reopen the a other Big was Shopping our that pylon. center, renovation the the projects, lease We site center to capital decided this of new improvements prudent Y based Revelry This focus including portfolio Center January new what in allocation, XXXX South

moving Center the a of small we are of on forward modest the placed leasing efforts we renovation facade Quarter South Likewise and Philadelphia will have Crossing We South leasing longer-term Shopping facade with efforts and on redevelopment side the shop our a a in new project. at around continue refined hold and Revelry to renovation side. the affords of planning continues addition has on to that be Quartermaster the The for us able been anchor. the the potential scope pursue some originally in future. the a planned way point site The flexibility redevelopment

We should terminated merchandising operations. This commence on joint capitalizing for an stores venture with shift upon United with nationwide this effectuate a process more We based of of to for a shutdown execution this anchor anchor. the equity center. have other or Artists better lease redevelopment new solid their plan LOI the contemplated partner

Heights, of commence of XXXX. floor Northeast requires Services Office Building office square office to first of Construction the phase and new construction lease D.C. The feet of The XXXX. Spring building Department whose expired totaling of expected retail in is Unity Healthcare in ground the demolition XXXXXX December General

at We Shopping medical have Center continuity adjacent the provider relocated Share to spaces allowing this of community. Unity an Healthcare to Senator three the important

project. the as large limited negotiations in which are We join with partner us a a a joint venture finance equity firm and will to private

at first which community for impact This has brought of challenges up those year Cedar embarking We that years I come. but certainly Phil. challenges upon has create Ward revitalization to anticipate our are this excited we give X a to neighborhood will and With phase positive of stepped D.C. this at persevered. Washington team you on about its the to

Philip Mays

current will I provide call highlight results then results. operating XXXX. our Starting this with operating for briefly expectations On Robin. Thanks and

per theater the United share. in largely redevelopments. with million regard $XX.X same-property share. operating NOI Plaza along was For artists decrease $X.XX redevelopments $X.XX redevelopment properties excluding was redevelopment to facilitate $X.X or urban and movie FFO growth quarter decreased same-property per in operating year for full With vacancy or only intentional for to driven the necessary portfolio, X.X% the million large The properties including FFO year the our X.X% mixed-use our value-add Riverview NOI projects. at relating And by was to

fourth Following pandemic in of in crisis projection NOI forward as and of X%. NOI modest the in same-property improvement a of quarter of year decrease moving the has anchored the relatively steady decrease grocer strength reflected same-property depth our our full X% portfolio just XXXX midpoint demonstrated

FFO. Moving expectations. guidance to are not or XXXX year for At time this first we XXXX income providing net

our income are termination some expectations decrease earnings. of do lease of our However the and want to we current as to provide $X.X key Those follows; with expectations in drivers of regards items million.

cash permitting at early this Same-property recall not excluding and will the to the XXXX. to decreasing termination in that million and $X.X payment of is in accepting to X% dark by consideration NOI redevelopment comparable. it driven anchor properties redevelopment lease As the properties. you million X% X% difficult comparable Property decreasing may substantially including XXXX X% QX keep making quoted Please income that pandemic. a closed have for $X.X in mind of NOI a related Square. first impacted to by quarter vacate to a property was related dispositions XXXX That's period significantly a Metro of

refinancing reduce credit we XXXX million any Taking option the property into proactive one-year have completed transactions would are However no approximately account facility. as to Interest further additional dispositions closed property maturities. XXXX. which the we for discussed $X.X extension are NOI. decreasing revolving expense There if anticipated debt exploring prior XXXX XXXX in in

of However, long-term as advancing our portion increase discussed maturities refinancing such our substantial interest last are on any XXXX the expense a XXXX in we as call, debt completed of and refinancing of to rate the I'll the current will amounts questions. credit on the which used repay revolving open facility likely only variable has a to that, proceeds With company's first be offsetting call will X.X%.


with from Capital first Todd line Our Markets. of Instructions.] [Operator comes question the Thomas KeyBanc

with proceed question. your may You

Todd Thomas

Good thanks. Hi, afternoon.

impacted in beginning same-store provide NOI same-store cadence? the cycling basis down the about this to I'm for just Can of you a just year-over-year quarters question, the to X% quarterly some just the improve COVID if the trajectory talk Phil quarter guidance with quarter. you growth guidance there? growth year. first can And bit. would Obviously around you curious quarter? the expect relative the second NOI a First sticking to in The forecast X% on

Philip Mays

Todd. Yeah

have difficult at first the period, XXXX first had because the obviously -- no to related think is impact pandemic a really to of I going all. quarter quarter the comparable very

pace only tough of comp. in you'll comp think expect involved fourth going thing it of improvement. you X% not And So a collections kind second the if out be map quarter. I steady think far your do The in I specific the the fourth for the which of And can there. quarter is X% And then or we second And trajectory, than the and your for the a we That's at I the is want is for a look do figuring the in more the it of guidance see down kind see out was probably reported an to year. because not and improvement go that's rapid the best try the came negative be quarter to will the to out quarter probably be kind cash year. of that. how the X% to probably figure for X% in and full to third at full more best the dipped the back back little model we trajectory but to with of and quarter you

Todd Thomas

is the guidance. you of some then blocks providing FFO from around in guess it terms the gave FFO stem first the What's quarter? an -- is And then the of you in Okay. provide I uncertainty, us where possible guidance range? building that And

Philip Mays

fall The FFO reasons Yeah. Well guidance. we three income providing of really specific didn't very into buckets. kind or net we've discussed per share

may setbacks but is additional possible some of worst such pandemic still it's not and it all you strain the behind in the are if failures us, is as there's on still XXXX additional still tenants closures First or we related ways even these, the big behind orders pandemic stay-at-home likely worst us. store And and want see items. we risk. tenant obviously Look hope closures to related picture is, And if and a the any to of call the put it the even gyms.

The into the good issue also at understanding our of lack second in comes bucket. the kind category our you interest specific and very term falls estate better a that a lot take And the really accounting of Look you're understanding market. real accounting it. of and with business for economics

basis. we a to appreciate probably in And probably We before it you'll we they're they're revenue is expect recognize revenue about tenants of mean have our we'll this these at point to cash And to talked payments. pay nothing, but about pay. so, going rental XX% it doesn't going frequent on make they partial as pay

basis And million So earnings. the create probably did XXXX. tenant. of and formal XXXX, a bumpy to that's full year a agreements XX% impact this $X to to is tenants related then for accrual going XX% of uncertain on is almost for cash rent we and deferral on basis

So create a and providing obviously bumps could in that specific also noise difficulty little and amount. some a

good specific is, would third walk those wanted feel appreciate closing right all of use going coverage to what we least it refinancing directions. provide a this cedar impact we a The is give developments to bucket have dispositions, mixed and really because matters map more was all appropriate look when and related But do just guidance. we to through at and kind pretty you time the debt joint whole didn't But we are on earnings. timing as the urban the to specific of, ventures really amount taken a significant

you the have it might release put of kind the it model. but a and and be paper map think you albeit directions if not the press turn-by-turn to everything Now through GPS you need in supplement go I

Todd Thomas

are maybe like the XX% the that collection mentioned, nice overall maybe that back What's little later year? cash quarter. into the see so could off the what's improvement of bucket just here so January likely that's bit sounds Okay. you That's not XX% basis. second you outcome rebounding status a before in And then today? levels with the little anticipating around rent XX.X% remaining that tenants here? Are a helpful. bit paying a right again the tenants of rent February collection It Yeah. on from last a And you

Philip Mays

majority in items I and and generally of in local gyms health particular beauty gyms mean, that. nails have like like the and categories cash-based of tenants like salons we even restaurants our the fall the categories and like

early and If much through different tenants where by all and through those paying you that assume with report -- impact. just low that in some categories, cash it's look have two setbacks and you And for the four we'll year. that pay bumpy break go off it you a It the how are months -- on our and could and are we can at someone can Todd. not some because a back basically it trickle categories for is collection on There then page we in the little really just were we ones or is basis three the have down might go months. of instance have collection them,

know So little just going to them that probably there. bumpiness kind that are think have a potential you of sense of of and for cash to magnitude some size, And a helpful I it's XX% of But basis. hopefully help the that. will on just scaling it's create

Todd Thomas

last question for one And Bruce. Okay.

In trying see about that look you're you, what bookend some terms think range that you're Can value as in XXXX? timing dispositions we asset or about to some the the talked the to sort considering you cross exploring like for? And of, of dispositions sales. might solve

Bruce Schanzer

point I around What you different actually you would two to ideas. -- I'd orient

sale two for held our assets. have we So

to actively been at the divest in going have it And Commons very as a the but divested not in to get asset it is The that Corner. be position before, We first We half small again an meaningful it's we of can marketing. the Carll's realistically, where DuBois at Commons we've value. year. talked asset. then need a about just Carll's we've and Dubois Corner, is to

a asset function we run is those explore continue try additional as either we study of sell sales to The we A, be that its of to our second value that our Beyond where category, up I attractive that or careful we management. being where where assets two That we're when sell to that that is I risk rent reached business for in identify plays assets, actively or more way an need think would now, portfolio it's out might asset something reductions particularly think more leases that for we asset there an renewal think might opportunities we is and we there's they potential tenants where out. their a move to peak value the either come there's and arguably in that bit do it environment we Todd, certainly we're predict the a can't how out. little doing right characterize actively

you think is prolonged. that timeline site the know selling the I asset -- for an fairly

didn't actively right wouldn't if not being marketed even in certainly we it something half. the first first and So, probably realistically, the close quarter in now have

one would the, that And you first tell half. would the to Commons I DuBois that I expect so, is call while I think at close in it,

likely can't say is we situations, of I Beyond of it, of a looking anything actively the the middle sell before, that at to else year. the half while bunch that to the year back are call

Todd Thomas

all Okay, That’s you. helpful. right. Thank

Bruce Schanzer

Todd. Thank you. Sure,


Point. question next of Dijkum van line Instructions] Floris the [Operator from Our with comes Compass

Your may proceed question. your with

Floris van Dijkum

Thanks. positive. leases most Robin, for on the comment obviously, new further on reductions your if spreads Bruce, you Thanks, that's you And my do Obviously going leases but I -- do you that spreads your new do you note how were environment of lease the leasing or guys were think taking spreads. the could maybe your were maybe renewals, lease forward, portfolio? the saying question. or lease for see What lease renewal market? anticipate, negative. about And

Robin Zeigler

Floris… Thanks

Bruce Schanzer

Robin, you why don't that? take

Robin Zeigler

Thanks for Sure. Floris the question.

so our full relative being quarter, it of were one the -- the and shops only leases small, And in very tenancy. addition as small four had So, at did at negative we I were Kempsville set Carman's. to a deals at not we it's one one Coliseum just really executed and comp mentioned, in that four,

leases overall did be particular quarter that time. you at I more of with so, kind that renewals with lower say were it's deals a we're this And shopping that But that center trend, quarter, you of offset evaluate center of reflective can it. own don't ton matter that the story And we requisite one spread is specific the of tenancy we imagine are with kind were goes overall done story. an the flat that renewals, a some as And leased. those for the then, at but XX, an to each space the as of of of its some some an I has And each wouldn't that of of number just spread. kind the along indicative positive four there looking And positive were mentioned, or overall this very with those at deals. and of think, needs

But nevertheless, lease those are out more in this market it execution so, current we kind wash. is completely of And get still deals through trudging It environment. pans the also and getting certainly waters difficult done. to tenants and in in signed

Floris van Dijkum

that Can going also the prospects you on think, I who's Robin. into there? to in And comment maybe Thanks, view? the space vacated, January? your What that in are Kroger go

Robin Zeigler


time So standpoint. a bit big-box a us very vacancy lot and a box. that pandemic the Virginia. good necessarily that of decision of otherwise actively of -- been But or Hampton we not related aware we've same corporate there actually and a competition around little location that is are for It's at marketing was in time have in a we Roads, from

-- shops. we a a we of soon. our still backfill about types rest marketed we're feel and to able and creative small may tenancy we also box to have pretty we sure to look positioned merchandising announce make and for backfill need the retail market at good in that being in like factoring the the addition to be to center, able to of actively the that the we be it's that in being So we're anchor viability hope But are well to

Floris van Dijkum

that's expensive, due Thanks, -- the Robin. be fact I alluded to if in Maybe could what refinance could had and XXXX more and some to Bruce XXXX. refinancing? it say you of debt obviously, -- that think you Phil, your can about the

to of some it more any Can be give that? have around And you mortgages. color likely will

Philip Mays

Yes, Floris.

with firm subset We have this we've positive, grocery-anchored general the a some They're kind strong secure to not pandemic. At financing of speaking a but the just of and really market grocers of both. initial feedback, gotten the companies been to engaged point, CMBS they're and centers with, a select result our but as largely performance in We've it's options. portfolio given life working only they're our them both during of that. within

it why the So we're which think the not haven't expensive with so mid-three's down yet, has long-term keep we watching feedback likely think, it's be I It's rates not bad, a be I going is the in general rates to a rate. initial the necessarily debt the but as financing, see mind, to to getting mid-three, feedback. relative initially is a gotten still But it's just lot specifics I down bad far as been are going -- we're only mean, to but rate think of or revolver, line paying the All used of $XXX pay first you're I X.X%. just, Floris. will our that. million I in so think

keep matrix those as accordingly. firm and a we to we'll options, starting explore also. and secured on kind is that, for market inert it the to monitor feedback of bank And good And smaller of slow, that particular, come but an in get get we'll financing. retail eye all unsecured the back, we'll Additionally, engaged albeit, once from we size we've companies,

Floris van Dijkum

event your but little expect And this like view? bit third or when of second think will -- you to a do you Obviously a a quarter quarter something that? you make expect do before have time Phil, in you be do decision you have

Philip Mays

Yes, specifics give by we call more next you time our I'm around hopeful get I the that. can

get when more I'll hopefully, and our on call, able provide we to So more next be details direction.

Floris van Dijkum

Great. last And me. one for question

XX in So do talking different going years? your your the unsecured I a debt will if mixture the and Is these going And de-risk quite you is you're if guess this bit. the of down view look little and presumably, will obviously, this sheet on depends secured this about more but and out it things? how a years' sheet balance how those term you secured go assets term to XX, your three all route, balance And I'm going time? forward? between terms in this help to mortgage bit

Philip Mays


obviously, the we're it accordingly what XX we'll talking to terms XX, we on not it's comfortable up which the with bank years, de-risk generally those of us CMBS maturities. is IO, back terms doing. get potential and much CMBS, to But term if longest amortization we a out we that XX years the market on with values, can going we'd portion take so all kind size and tinder years. get CMBS. LifeCo's; get significantly to depend maturities to to and bank the we – but like if point not a along clear on it's the the seven, five all all XX, partial to and you're particular it substantial rate so IO, where Really LifeCo's we'll So our loan the for options. seven in are group, do XX based XX of

Floris van Dijkum

Phil. Thanks,

here for one I've harped you the is one Sorry But the one know of final I was couple that of of the things a And on by investors follow-up reduction, of from thoughts the had and obviously one Bruce. that letter maybe activists. the on maybe that can't heard comment shareholders. from G&A your I just on that's

COVID-related bit. temporary You production? your reduction is permanent a did much headcount reduce headcount your of quite versus a How that view in just

Bruce Schanzer

certainly reduction a to maintain broad something magnitude headcount as that an The perspective. hope from is of we order characterization,

Floris back you the first further. we after that us pandemic XX. We reduced lot the headcount the employees. we It arrived redevelopment the the as crept that slowly first of XX, efforts. the expanded Cedar, Phil of more of part and granular of in XXX a you've started When take been part call pandemic during our as significant we reduction while. up quarter. exercise, or to at that just A happened to G&A of and to the year. for a I had reduced half back with course Just And Obviously, it a

the we so little that hope But bear period line-by-line to on us terms to that my certainly again course a fewer were of that was this pandemic I G&A. the backfill balance In the it's who spending again than G&A And to to our reduction continue their of in mind, backfilling, hopefully recognize in of the to is XXXX harder there course positions handful a was of really platform. continuing be are this run XXXX. is likely during to savings opportunity really for able have focus probably into would where of analysis than say than they are Keep working extract on an And in down folks burden we team terms in Cedar leaner efforts. continuing do this a who bit in have recognize But the that the of -- incrementally of and are are was we're and I money. the result to to from past. going the carrying this people of do These past.

Floris van Dijkum

for Thanks for now. Bruce. That’s it me

Bruce Schanzer

you. Thank


UBS. line question with of the Our next Ward Blum comes from

may with You question. proceed your

have end would Mr. call We session. Schanzer to remarks. over reached the I question-and-answer turn for this back to like today's of Bruce closing

Bruce Schanzer

period. by other sharing time in the on initiatives would productive. hope call. Thank matters, two you before next health the in forward I going moving this look wishing as remarkably earnings us we past all Between joining venture, ahead. have this progress challenging be to to we solid pandemic few hopefully beyond continued the those joint I and expect you that announcements exciting are at and all redevelopment contemplate good our many our Cedar to evening. conclude anticipate exciting we for months quarters and next refinancing ahead we months And our


joining today's for today. you us This concludes conference. Thank

time. lines may You your at disconnect this