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Text: Participating in today's call will be Bruce Schanzer, Chief Executive Officer; Robin Zeigler, Chief Operating Officer; and Philip Mays, Chief Financial Officer.
These statements are subject to numerous risks and uncertainties, including those disclosed in the company's most recent Form 10-K to the year ended 2019, as updated by our subsequently filed quarterly reports on Form 10-Q and other periodic filings with the SEC.
As you all realize, this has been and continues to be a time of incredible stress, with many folks worrying about contracting a frightening virus, and managing all of the personal challenges this pandemic has engendered.
Although, we usually describe our grocery anchored shopping center assets as being resilient, I can proudly say that the members of team Cedar are most valuable assets, have proven themselves to be even more resilient than our shopping centers, as they have performed their jobs with a characteristic focus on everyday excellence, collegiality, and collaboration.
Since the outset of the pandemic, we have focused on a number of pressing matters in order for us to emerge from this period on a strong footing as possible.
First and foremost, we have endeavored to help our tenants survive the economic shutdown, and ideally pay their rents or at a minimum agree to a forbearance arrangement, whereby we have the right to collect the rent in the future.
Second, we have awaited the reopening of the real estate debt capital markets in order to arrange the refinancing of our $75 million term loan maturing in February 2021, as well as addressing our other upcoming debt maturities.
Third, we have advanced our redevelopment projects, while exploring joint venture arrangements for the initial phases, especially the recently announced DGS building.
Fourth, we have used this period to take a rigorous zero based approach to many G&A categories, and have identified substantial savings that we anticipate benefiting from not only in 2020, but more generally in 2021 and beyond when we see the full-year impact of some of these measures.
Before walking through each of these areas of focus during the pandemic, it is worth reflecting on a remarkable revelation afforded by this period.
At Cedar, we have consistently articulated a two pronged long-term business strategy that we have steadfastly pursued for many years through the ups and downs of the market and our stock price performance.
First, we have focused on a core portfolio of grocery anchored shopping centers in the D.C. to Boston corridor, and have therefore systematically divested non-core assets.
Second, we have pursued mixed use urban redevelopment projects in high population density submarkets within our D.C. to Boston footprint, with a particular focus on building affordable and market rate workforce housing at these projects.
Remarkably, the pandemic has highlighted the very trends we have anticipated and been building toward with our two pronged strategic plan.
Specifically, the accelerated secular demise in many bricks and mortar retail categories has led to grocery anchored shopping centers being the strongest performing category within retail real estate.
Notably, our grocer anchors have experienced a growth in sales during this period, and the inline tenants and junior anchors in our centers have benefited from the strong traffic and overall center vitality resulting from the strong grocer performance.
Additionally, the pandemic triggered a wave of de-urbanization from center cities and significant pressure on higher end multifamily, while highlighting the inequality of housing opportunities within our cities, and the growing need for attractive and reasonably priced workforce housing.
Thus, the particular multifamily market opportunity which we are targeting with our mixed use projects has grown deeper during this period.
Now some comments on our four primary focus areas over the last few months.
This appears to be among the better collection rates for all retail REITs in the third quarter.
Cedar's relatively high degree of success is a direct result of the tirelessness with which the team approach the challenges presented by the pandemic, as well as the aforementioned decision made when we arrived at Cedar back in 2011 to hone our portfolio to focus on a core portfolio of grocery anchored shopping centers in the D.C. to Boston corridor.
At the outset of the pandemic, we formed a cross functional committee within Cedar that engaged with all of our tenants in an effort to make sure that they endure and come out of this crisis as favorably positioned as possible.
In addition, this cross functional committee laid the groundwork for a highly detailed and analytical approach that included using legal tools, center and tenant monitoring, as well as repeated tenant outreach.
As they say, the proof is in the pudding.
And apparently our approach has proven effective as measured by our rent collections over the past two quarters.
We felt this was a prudent move since while we are comfortable that the mortgage debt markets are open and attractive, we didn't want to have to worry about the closing dragging a bit nor do we want to have to deal with the possibility of further dislocation in the capital markets, owing to a second wave in the coming winter months.
As Phil will describe, there appear to be interesting and attractive refinancing options for both the term loan, as well as our other near-term financing needs.
Third, as was announced in July, and discussed at our second quarter earnings call, we have finalized a 20-year built-to-suite office deal with DGS at our Northeast Heights project in Washington D.C.
This building will serve as an anchor for the project and also represents the first phase of the project.
We have been actively engaged with various debt and equity financing sources and are optimistic that we will be able to finalize an arrangement later this year or early next that will allow us to break ground and get started with this exciting project.
More generally, much as our strategic decision early on to focus on grocery anchored to the exclusion of other retail asset types has proven to be a good decision.
Our particular redevelopments have proven to be well positioned as we begin to hope we come out of this pandemic period.
Fourth, we have taken a zero based approach to our G&A in evaluating many corporate expenses.
A great example of how this approach has borne fruit is our decision to relocate our headquarters office from a building in Port Washington Long Island, where we rent space on a lease expiring in February of 2021 to the back of a Carman's Plaza Shopping Center in Massapequa Long Island, where we are converting a space that has been essentially unrentable during my tenure into office space, which we will occupy rent free.
Considering that our full-year rent expense is approximately $500,000, this is a terrific G&A savings opportunity.
More generally, we anticipate reducing year-over-year G&A by an excess of $2 million through the zero based cost savings approach.
In sum, we have navigated through this period of unprecedented personal and professional stress remarkably well thus far.
First, we have managed to bounce back from the initial shocks to our business with a collections level this past quarter of 91%, representing among the better performances through the third quarter among retail REITs.
Second, we've addressed our near-term debt maturities and are optimistic about closing on a permanent refinancing later this year or in early 2021.
Third, we are similarly focused on finalizing both the debt and equity financing needs of our redevelopment projects, especially the DGS building, which will position us to commence the project in early 2021.
Last, we have tightened up our overhead in the face of all distress with full-year G&A savings anticipated to be in excess of $2 million in 2021.
Our progress to this point is not an accident.
It begins with my colleagues on team Cedar, who have conducted themselves with exceptional resilience and professionalism during this time of great stress.
They are supported by decisions we have made many years ago to focus strategically on grocery anchored shopping centers in the D.C. to Boston corridor, and on urban mixed use projects with an affordable or market rate workforce housing component.
In the coming months and quarters, we look forward to announcing continued progress on all these endeavors, while we hope that there is no second wave, and that this terrible pandemic recedes into the rearview mirror.
With that, I give you Robin to provide greater detail on many of these topics.
Not only are we living in unprecedented times, but we are operating shopping centers in unprecedented times as well.
While our team has been focused on working with tenants through deferral negotiations and the collections process, we are also laser focused on what happens on the other side of this pandemic.
What do our tenants need from their landlord to maximize their ability to survive this pandemic?
How can we help our tenants pursue omnichannel operating measures to hedge their risk and pivot into a new operating environment?
What cost savings measures can we put into place that help both the tenants and the landlord from a CAM and capital expenditures standpoint.
These are among the topics we are addressing as we deliberately, thoughtfully and strategically advance our operations.
The professionalism of our team has been exemplary as they deal with not only ordinary course business challenges of daily operations, but astutely balancing those with the video conferences, field visits, and the ongoing impact from social unrest in some of our urban markets.
Our centers remained open during the third quarter with 96% of our tenants opened for business.
The users that have not reopened are mainly movie theatres, fitness and buffet style restaurants.
We have had another successful quarter of rent collections reaching our highest yet collection rates since the inception of COVID of 91%.
Moreover, October collections are currently at 91%, which does not reflect one high credit anchor that pays at the end of the month, which will take us to approximately 92.5% for October.
In order to ensure tenant health and occupancy, we have actively engaged with almost all of our over 800 tenants during the pandemic.
We completed 105 deferral and waiver agreements through September 30, 2020, totaling $3 million of deferred rent with a required payback beginning over a period ranging between July 2020 and March 2021.
The number of months differed averages four months for an average payback period of 10 months.
$900,000 of rent was waived as of September 30, 2020, for an average of four months.
These agreements were made with tenants in an effort to not only sustain their viability, but also to achieve some landlord favorable concessions including sales reporting, additional lease term and modification of key lease provisions.
Despite the pandemic our leasing momentum remained strong.
32 leases were signed this quarter, eight new deals totaling 72,800 square feet, and 24 renewals totaling 167,300 square feet.
The new deals executed were at a positive spread of 21.5% and include two anchor deal Shoppers Road at Jordan Lane [Phonetic] at a spread of 44% and America Sprayed at Golden Triangle [Phonetic] at a spread of 23%.
The renewals were done at a negative spread of 3.1% when analyzed in total.
The negative spread is a result of anchor and junior anchor renewals with home goods at New London mall, Goodwill at Groton and Yes!
Organic at Shoppes at Arts District, which were done with the objective of retaining these important anchor and junior anchor occupancies and missed the pandemic.
The spread increases to positive 2.8% excluding these three tenants.
As of September 30, 2020 our current lease same center occupancy is 91.7%, a 0.2% increase from prior quarter.
We continue to have momentum on our redevelopments and value add renovations.
At Fishtown crossing Starbucks had their grand opening in September, GameStop and T-Mobile have relocated, Nifty Fifty was delivered in August, and the original Hot Dog Factory was delivered in September.
We expect the IGA grocery store facade renovation to be completed by the end of the year and the remaining facade renovation for the rest of the center to be completed in 2021.
Also in Philadelphia, we are making progress on site plan amendments to our Revelry project.
Our original site plan was based on a movie theatre anchor.
Since the pandemic shutdowns, United Artists Cinema at Revelry has not yet reopened.
We are in discussions with the potential replacement anchor tenant for this project, and we expect to regain possession of the theatre space effective in November 2020 incident to the termination of their tenancy.
We think that the potential alternate anchor will be a great catalyst for the Revelry redevelopment.
Northeast Heights continues to progress at a steady pace as well.
We contunue last -- I'm sorry, we announced last quarter that our lease was executed with the District of Columbia for a 260,000 square foot office building, including ground floor retail for the Department of General Services.
This government agency comprises more than 700 skilled professional employees with expertise in the areas of construction, building management and maintenance, portfolio management, sustainability and security at district owned properties.
This office building is slated to be built as part of the first phase of Northeast Heights.
The DGS lease structure includes a 20-year 10-month term based on a net rent of $22.52 per square foot and a gross rent of $56.43 per square foot, which includes a TI amortization of $14.09 per square foot.
Plans are under way to commence construction in early 2021.
The DGS building is a central element of Cedar's vision to realize a true metamorphosis for Ward 7 and is emblematic of the type of neighborhood we are endeavoring to create with Northeast Heights.
As always, our team remains focused and motivated to continue to create value even during these unprecedented time.
With that, I will give you Phil.
Today we announced sequential quarterly improvements in both FFO and same property NOI.
FFO increased to $8 million or $0.09 per share, compared to $5.7 million or $0.06 per share reported for the previous quarter.
Same property NOI decreased 9.1% over the comparable period in 2019, and marked improvement from the 14.6% decrease we reported in the previous quarter.
Both of these improvements were driven by our strong cash collections that Bruce and Robin discussed.
Last quarter, I walked through our cash collections and revenue recognition in a fair amount of detail and received comments that was very helpful in understanding our results.
Accordingly, I want to take a minute to once again walk through our revenue recognition in detail.
Our total tenant billings for base rent and recoveries combined for this quarter were $31.6 million.
During the quarter, we collected and recognized as revenue $30.1 million or 91% of these billings.
Additionally, we recognized another $1.1 million or 3% as revenue that we determined to be collectible, the majority of which is covered by signed deferral agreements.
Accordingly for this quarter, we recognize as revenue 94% of our build rent and recoveries for the quarter.
The $1.9 million or 6%, that we did not recognize consists of $1.8 million that was not paid by tenants, and which we have determined at this time should be accounted for on a cash basis, and $100,000 that we agreed to waive.
As reminder, just because we have placed certain tenants on the cash basis it does not mean we will not collect anything from them.
While some cash basis tenants may fail, we expect some will simply make inconsistent payments or partial payments, which we will recognize as revenue if and when received.
Moving to the balance sheet.
On our prior quarter call, we discussed that we were exploring secured debt to refinance our $75 million term loan that was scheduled to mature in February of 2021.
As the secured financing market has opened for pressured anchored shopping centers with high cash collection rates, we have engaged with two financial institutions to assist with placing secured debt.
We are working diligently toward closing secured loans in amount equal to or greater than $75 million in early 2021.
To that end, earlier this week, we utilized our revolving credit facility and retired the $75 million term loan scheduled to mature in February of 2021.
Our revolving credit facility matures in September of 2021 and has a one year extension option.
Accordingly, as Bruce noted, this provides us with flexibility concerning the timing of closing these secured loans.
And they've been a second wave of COVID should again temporarily dislocate the capital markets.
Another note worth the balance sheet matters, receivable we now have for deferral agreements.
As Robin noted, we have signed deferral agreements for $3 million, of which approximately $250,000 was repaid this quarter, and $250,000 relates to the remainder of the year, resulting in us carrying a $2.5 million receivable for deferral agreements at the end of this quarter.
The vast majority of this receivable is scheduled to be repaid in 2021, with approximately $700,000 in each Q1 and Q2 of 2021, and approximately $500,000 in each Q3 and Q4 of 2021.
The collection of these amounts will increase our cash flows from operations in 2021, but will not impact earnings as they've already been recognized.
This reverse split will not only assist with maintaining compliance with the New York Stock Exchange listing requirements, but will also reset our share price above the $5 minimum requirement of some investment funds and do so while keeping more than 10 million shares outstanding to assist with trading liquidity.
With that, I'll open the call to questions.

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q3 operating ffo per share $0.09.
qtrly same-property noi decreased 9.1% compared to a 14.6% decrease in prior quarter.

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