Allied Properties Real Estate Investment Trust

Good day, and welcome to the Allied Properties REIT second 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, Jennifer. Good morning, everyone, and welcome to our conference call. Tom, Cecilia, and Hugh are here with me to discuss Allied's results for the second quarter ended June 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 may include those assumptions described under forward-looking disclaimer in our most recent quarterly report. Allied second quarter operations were strong. and our financial results were in line with our internal forecast. 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 current thinking on capital allocation. So now over to Cecilia.

Good morning. I'll summarize the quarter, our financial position, and next steps on ESG. Operationally, we continue to progress with both leased and occupied area of 160 and 120 base points on the sequential quarter. We also had another quarter of increasing productivity from our occupied space, reaching $25.29 average net rent per occupied square foot. continuing the trend we've been experiencing for the last 12 quarters. We're pleased with our financial position as well. We fixed the rate on the $400 million term loan, resulting in 93% of our debt now being on a fixed rate basis. Our liquidity position is strong, allowing us to meet our commitments well into 2023 without the need to access either of the capital markets. We've also made progress on ESG. Having published our third annual ESG report a few weeks ago with a significant increase in our 2021 graduate score to 80, we've now turned our attention to what we want to achieve in the next year. That includes identifying a path to reach net zero in alignment with the science-based target initiative's corporate net zero standard in the next 12 to 18 months. It also includes piloting physical climate risk assessments at our buildings to help us develop the climate risk rating for all properties and the continued implementation of our equity, diversity, and inclusion roadmaps. Our team and our properties continue to perform well during this extended time of uncertainty. It's all about operations, and we've never been stronger. On that note, I'll pass the call to Tom.