Dream Residential Real Estate Investment Trust

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Good morning, ladies and gentlemen. Welcome to the DREAM Residential REIT first quarter conference call for Thursday, May 9, 2024. During this call, management of DREAM Residential REIT may make statements containing forward-looking information within the meaning of applicable securities 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 DREAM residential REITs control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Additional information about this assumption and risk and uncertainties is contained in DREAM residential REITs fillings with securities regulators, including its latest annual information from an MD&A. These fillings are also available on Dream Residential REIT's website at www.dreamresidentialreit.ca. Later in the presentation, we will have a question and answer session. To queue up for a question, press star 1 on your telephone keypad. Your host for today will be Mr. Brian Pauls, CEO of Dream Residential REIT. Mr. Pauls, please go ahead.

Good morning, everyone, and thank you for joining us today for Dream Residential REIT's first quarter 2024 conference call. Speaking with me today are Scott Schumann, our Chief Operating Officer, and Derek Lau, our Chief Financial Officer. Financial and operational performance were consistent with management's expectations. For the fourth quarter, comparative properties NOI growth was 3.3% year-over-year, primarily driven by higher rents and our value-add renovations. Comparative properties NOI margin declined to 50.6% due to higher property insurance expenses, which took effect in 2023. Year over year, FFO per unit was 17.4 cents compared to 17.8 cents in the prior year period, largely due to higher G&A expenses offset by NOI growth, having one less property. The first quarter is traditionally a slower leasing season. where we prioritize occupancy over pushing rent growth. This was reflected in our operational metrics this quarter, with occupancy increasing 10 basis points quarter over quarter and average in-place rent essentially unchanged from Q4 2023. We achieved blended lease tradeouts of 2% during the quarter, driven by 4.4% spreads on renewals. We are continuing to experience elevated levels of supply in certain markets, However, we are optimistic that we will see improvements through the latter half of the year as market supply is absorbed and new construction begins to taper. We commenced our value-add program in Cincinnati in Q1 2024 and completed 34 renovations across the portfolio with another 27 currently under renovation. We expect renovation activity will be higher in the second and third quarter of the year. Renovation premiums moderated during Q1 2024 but on a relatively small sample size. We continue to be prudent with our capital allocation decisions and will balance liquidity needs in a strong balance sheet with investment decisions. We renewed our NCIB during the quarter and continue to have it available as a tool if we determine it to be the appropriate use of capital. We have met with several investors and analysts this year and recognize the importance of enhancing our trading liquidity. We are constantly evaluating ways to increase investor awareness as well as our public float. which would drive greater trading interest. Increasing liquidity for our investors is one of our priorities for 2024. Overall, Q1 2024 was a steady quarter. While elevated supply and interest rates continue to challenge the sector, our portfolio remains defensive and is performing both operationally and financially. Our assets, capital structure, and platform continue to be well positioned to outperform in uncertain conditions. I will now turn it over to Scott to provide an operations update for the quarter. Scott?