Allied Properties Real Estate Investment Trust

Hi there and welcome to the Conference Allied Properties third quarter 22 earning conference calls. Please go ahead.

So my apologies to you, A, for the delay, and B, for the fact that we're actually conducting this on a cell phone from our office. Anyway, good morning. Welcome to the conference call. Tom, Cecilia, and Hugh are here with me to discuss allied results for the third quarter ended September 30, 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 AIF 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 third quarter operations were encouraging, especially in the context of growing macroeconomic uncertainty. 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 highlight some operating metrics, our financial position, and progress on ESG. Our operating metrics remain healthy. We had our 12th consecutive quarter of increasing productivity from our space, reaching $25.56 average in-place net rent per occupied square foot. We also continue to see strong rent growth on renewing space, which was 7.3% in the period. We are, however, starting to see the potential impact of recessionary fear in the form of extended time to get to an executed lease deal, despite tour activity remaining strong. We are keeping a close eye on this seemingly contradicting data to better understand changing market dynamics. We're pleased with our financial position. We allocated $108 million of capital in the quarter to revenue enhancing and development activities. which is what we'll continue focusing on for the foreseeable future. With over 91% of our debt now on a fixed rate basis, our exposure to rising interest rates is mitigated. Also, our liquidity position is strong, allowing us to meet our commitment into 2024 without having to access either of the public capital markets. We're pleased with our progress on ESG, Our score rose to 86 in the 2022 Gresby assessment, up from 80 last year. This improvement is the result of huge effort across the Ally team, and we're already working on what we want to achieve in time to report in next year's ESG report. Across the country, we're focused on serving our users and completing upgrade and development work to propel operating capabilities. Our operating platform has never been stronger. With that, I'll pass the call to Tom.