Allied Properties Real Estate Investment Trust

Good day and welcome to the Allied Properties REIT first quarter 2022 earnings conference call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Michael Emery, President and Chief Executive Officer. Please go ahead, Mr. Emery.

Thank you, Justin, and good morning, everyone. Welcome to our conference call. Tom, Cecilia, and Hugh are here with me to discuss Allied's results for the first quarter ended March 31, 2022. We may in the course of this conference call make forward looking statements about future events or future performance. These statements by their nature are subject to risks and uncertainties that may cause actual events or results to differ materially, including those risks described under the heading risks and uncertainties in our most recently filed annual information form and in our most recent quarterly report. Material assumptions that underpin any forward-looking statements we make include those assumptions described under forward-looking disclaimer in our most recent quarterly report. Allied's first quarter results met or exceeded expectations with AFFO per unit and average in place net rent per occupied square foot rising to record levels. Cecilia will summarize our financial results. Tom will follow with an overview of leasing and operations. Hugh will provide a development update and I'll finish with our thinking on capital allocation. So now over to Cecilia.

Good morning. I'll summarize our Q1 results, disclosure enhancements, the balance sheet, and our ESG program. First, our Q1 results. FFO per unit of 61 cents and SAMASA NOI of 2% came in as expected for the quarter. AFFO per unit came above expectations at a record high of 56 cents. Our forecast for 2022 of low to mid percent growth in each of these three metrics remains intact. Our occupied space continues to be increasingly productive. Average in place net rent per occupied square foot is up 4% from a year ago to $25.13. We expect this trend to continue as our occupied space increases over the course of the year. We enhanced our disclosure this quarter. With our most recent acquisition, we reached one million square feet in our Vancouver portfolio, representing early stage critical mass. Accordingly, we are reporting on Vancouver independently of Calgary and Edmonton. We also added disclosure around the timing of NOI contribution from our development completions before the impact of decapitalization, which is included on page 66 of the MD&A. On to our balance sheet. The acquisition from Choice Properties will improve our debt to EBITDA ratio going forward. In terms of liquidity, we currently have access to $475 million on our operating line before exercising the $100 million accordion. We're in a position to meet our commitments well into 2023 with our line. On to ESG. We're currently developing our plan to a net zero carbon pathway. It will be outlined in our third annual ESG report, which will be released in July. To summarize, commitment to our strategy and our balance sheet is unwavering. Execution by our team through our operating framework has been unwavering. In fact, the business has not only exhibited resilience through this time of uncertainty, but it's grown and continued to evolve as we pursue our strategy in ever-expanding ways. I'll now pass it to Tom for a discussion of our operating and leasing results.