Choice Properties Real Estate Investment Trust

After the speaker's remarks, there will be a question and answer session. I would now like to hand the conference over to your first speaker today, Erin Johnston, Vice President of Finance. Please go ahead. Thank you. Good morning and welcome to Choice Properties Q3 2023 conference call. I'm joined here this morning by Rail Diamond President and Chief Executive Officer, Mario Barifato, Chief Financial Officer, and Anna Radek, Chief Operating Officer. Grail will start the call today by providing a brief recap of our third quarter performance and provide an update on our transaction and development activity in the quarter. Anna will discuss our operational results, followed by Mario, who will conclude the call with a review of our financial results before we open the lines for Q&A. Before we begin today's call, I would like to remind you that by discussing our financial and operating performance and in responding to your questions, We may make forward-looking statements, including statements regarding choice properties' objectives, strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, intentions, outlook, and similar statements concerning anticipated future events, results, circumstances, performance, or exceptions that are not historical facts. These statements are based on our current estimates and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from the conclusions in these four looking statements. Additional information on the material risks that can impact our financial results and estimates and the assumptions that were made in applying and making these statements can be found in the recently filed Q3 2023 financial statements and MD&A, which are available on our website and on CDAR. And with that, I'll turn the call over to Raoul.

Thank you, Erin. Hello, everyone. Thank you for being here today. We are happy to report that performance in the third quarter was strong. Our ability to deliver stable and consistent cash flow was reflected in our results. As we remain near full occupancy, we delivered strong same-asset cash NOI growth and year-over-year FFO growth. Our core business, backed by a strong balance sheet, is generating stable cash flows. This stability is a testament to the quality of our retail properties, which are anchored by grocery stores and cater to essential needs, as well as strong demand for our well-located generic industrial assets. Despite the economic uncertainty and ongoing market volatility, business fundamentals across our three strategic asset classes remains exceptionally strong. Our necessity-based retail tenants remain resilient with robust leasing demand, Many retailers are actively seeking to expand their presence, especially in non-urban markets. In industrial, we're experiencing robust tenant demand and significant increases in rents upon lease renewals. This will drive future cash flow growth as these leases roll over. And in our mixed-use and residential portfolio, the lack of supply continues to support rental rate growth in our residential