Dream Residential Real Estate Investment Trust

This conference is being recorded. This conference is recorded.

All participants, please stand by. Your conference is now ready to begin. Welcome to the DREAM Residential REIT Third Quarter 2023 Results Conference Call for Thursday, November 9, 2023. During this call, management may make statements containing forward-looking information within the meaning of applicable security legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond its control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Additional information is contained in DREAM residential REITs filings with security regulators. These filings are also available on its website at www.dreamresidentialREIT.ca. Your host for today will be Mr. Brian Pauls, Chief Executive Officer of Dream Residential REIT. Please go ahead, Mr. Pauls.

Good morning, everyone, and thank you for joining us today for Dream Residential REIT Third Quarter 2023 Conference Call. Speaking with me today are Scott Schumann, our Chief Operating Officer, and Derek Lau, our Chief Financial Officer. We are pleased with the operational and financial results for the third quarter of 2023. Net operating income was $6.1 million, increasing 11.4% year-over-year. This was a significant driver to our FFO per unit of 18 cents, which represents an 18.8% increase year-over-year. We remain on track to achieve our communicated NOI and FFO per unit guidance for the year. On the value-add program, we completed renovation work on 122 suites and we remain on track to renovate 400 suites in 2023. The returns continue to be attractive with a 23.5% renovation premium on these units in Q3. While we are seeing broader macro challenges, we remain optimistic on the long-term fundamentals in our markets. Our portfolio is defensive and geographically diverse. Our value-add renovations continue to be a differentiator, and we are well-positioned for the current market volatility. In terms of capital allocation, we were limited on NCIB activity with a goal to preserve capital. We will continue to monitor overall market conditions And while we view the NCIB as a valuable tool, we continue to prioritize maintaining a safe and flexible balance sheet. This, in conjunction with a strong liquidity position, will prove very valuable in this environment. We continue to assess asset recycling opportunities as well as private capital structures to further strengthen our ability to pursue compelling future opportunities. Looking ahead, we will remain prudent with our capital allocation as we continue to navigate the current conditions. I will now turn it over to Scott to provide an operations update for the quarter. Scott?