Boardwalk Real Estate Investment Trust

Good afternoon, ladies and gentlemen, and welcome to the Boardwalk Real Estate Investment Trust 4th Quarter 2024 Earnings Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call, you require immediate assistance, please press star 0 for the operator. This call is being recorded on Friday, February 21, 2025. I would now like to turn the conference over to Eric Bowers. VP Finance and Investor Relations, please go ahead.

Thank you, John, and welcome to the BoardWalk REIT 2024 Fourth Quarter Results Conference Call. With me here today are Sam Collius, Chief Executive Officer, James Ha, President, Greg Tinling, our Chief Financial Officer, Samantha Collius-Gunn, Senior VP of Corporate Development and Governance, and Samantha Adams, our Senior VP of Investments. We would like to acknowledge on behalf of Boardwalk the treaties and traditional territories across our operations and express gratitude and respect for the land we are gathered on today and we now know as Canada. We respect Indigenous peoples and communities as the original stewards of this land. We come with respect for this land that we are on today for all the people who have and continue to reside here. and the rich diversity of First Nation, Inuit, and Metis peoples. Before we get to our results, please note that this call is being broadly distributed by way of webcast. If you have not already done so, please visit bwalk.com slash investors, where you will find a link to today's presentation, as well as PDF files of the trust's financial statements, MD&A, and annual report. Starting on slide two, we would like to remind our listeners that certain statements in this call and presentation may be considered forward-looking statements. Although the expectations set forth in such statements are based on reasonable assumptions, BoardWalk's future operation and its actual performance may differ materially from those in any forward-looking statements. Additional information that could cause actual results to differ materially from these statements are detailed in Boardwalk's publicly filed documents. I would like to now turn the call over to Sam Collius. Thank you, Eric.

Starting on slide four, affordable multifamily communities are an essential product and service. A key word in community is unity, as reflected in our new diagram. The most important word in multifamily communities is family. The most important part of our home is our family. Our family is where our heart is. Our heart is where Love always lives, our true north. At the center of our being is redefining BFF, our BoardWalk family forever. Welcome, everyone, to our BoardWalk family forever and to our Q4 2024 results. Next slide. Our culture, from our humble beginnings over 40 years ago, our resident members remain at the top of our organization. Our leaders put our team first, and our team puts our resident members first. Guided by the golden rule, we have a peak-performing customer service culture that creates exceptional results, as we can see on our next slide 6. Our continued impressive performance with gap and non-gap measures increasing from the same quarter last year, same property rental revenue increased 8.2%, and same property net operating income increased 11%. Our operating margin increased by 160 basis points, as well as our same property funds from operations per unit by 12.5%. James will share how our FFO per unit over the last eight years is on course to double, showing how our maximum free cash flow retention strategy that allows us to reinvest in new and existing communities has resulted in outsized performance and growth. I would like to now pass it over to Samantha Coley-Gunn.