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Many other factors and risks that could cause actual results to differ materially from expectations are detailed in the company’s press releases, which was put out this afternoon and from time-to-time in the company’s filings with the Securities and Exchange Commission.In the end, the company undertakes no obligations to revise or update any forward-looking statements reflected in any circumstances after the date of the company’s release. It is now my pleasure to turn the call over to Mr. Bruce Schanzer, Chief Executive Officer and President. Bruce? Bruce Schanzer Thanks Brad. And welcome to the fourth quarter 2011 earnings call of Cedar Realty Trust. On this call, in addition to reviewing our fourth quarter 2011 and full year 2011 results, we will provide an update on the strategic plan we first described last November, we will describe some of the important steps we have taken in renewing our focus on leasing, as well as measures we have taken to start creating value through intensive asset management. Lastly, we will provide guidance for 2012. On this call I’m joined by the senior management team of Cedar, specifically, Philip Mays, our CFO; Brenda Walker, our COO; Nancy Mozzachio, our Head of Leasing; Mike Winters, our Head of Acquisitions; Tom Richey, our Head of Development; and Stuart Widowski, our General Counsel. Just about all team Cedar is dialed into this call as well. I would like to take a moment to acknowledge their many contributions. Although you will hear three people doing most of the talking on this call, there are over a 100 members of team Cedar and each of them is critical to us achieving our objectives. Since beginning at Cedar in June of 2011 with Phil, the reconstituted management team had endeavored to bring strategic and financial rigor to Cedar’s decision making and business planning. As we enter 2012, we are starting to see our efforts begin to produce results, though there was much work ahead of us and it will take time before we can say that Cedar has become what we intend for it, a strong performing shopping center REIT that delivers compelling results on a consistent basis.
Over the past eight months there has been one major focus at Cedar in furtherance of this objective, namely, developing and then executing our near-term strategic plan, which includes three primary elements, divesting non-core assets, using the proceeds to reduce leverage and focusing our energies on our core portfolio of 92 primarily grocery-anchored shopping centers straddling the Washington, DC to Boston corridor.In the course of developing and implementing this plan, we have transformed Cedar into a more analytical and disciplined organization that is keenly focused on growing net asset value through intensive asset management and thoughtful capital allocation. In terms of our near-term strategic plan we have made solid progress on our disposition program. Of the approximately 50 assets we are divesting, we have already closed on 15 sales generating roughly $40 million for debt reduction. In addition, we have 24 assets either under contract or teed-up to be return to a lender that should generate an additional $65 million for debt reduction. Thus, at this juncture, we are roughly 70% completed with our near-term strategic plan since we have approximately $105 million of the $150 million either closed under contract or to be return to a lender. The 15 sales closed to date include 11 of our Ohio assets, our two net leased CVS assets at Kinderhook and Kingston, as well as our two unanchored strip centers in Virginia, Virginia Center Commons and Salem Run. I will not get into extensive detail on each asset under contract. In summary, eight net leased assets, the seven Homburg joint venture assets, our one Michigan Center Stadium Plaza and four land parcels are all under contract. Four assets, most notably our Roosevelt II asset are being return to the lender. Remaining to be divested are our three in close mall assets, two unanchored centers in Pennsylvania and a number of land parcels. Although, some of these divestitures will take time, we’ll remain committed to this process and we’ll continue to drive hard to effect these dispositions while maintaining some pricing discipline when appropriate. Read the rest of this transcript for free on seekingalpha.com