InterRent Real Estate Investment Trust

Good morning, ladies and gentlemen, and welcome to the Intervent Read Q4 Earnings Conference Call and Webcast. At this time, all lines are in 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 zero for the operator. This call is being recorded on Tuesday, February 25, 2025. I would now like to turn the conference over to Ms. Renee Wei. Please go ahead.

Good morning, everyone. Thank you for joining Interim Reads Q4 and full year 2024 earnings call. My name is Renee Wei, Director of Investor Relations and Sustainability. You can find a presentation to accompany today's call on the investor section of our website under investor presentations. We're pleased to have Brad Cutsey, President and CEO, Kurt Miller, CFO, and Dave Nevins, CEO on the line today. As usual, the team will present some prepared remarks and then we'll open it up to questions. Before we begin, we want to remind listeners that certain statements about future events made on this conference call are forward-looking in nature. Any such information is subject to risk, uncertainties, and assumptions that could cause actual results to differ materially. For more information, please refer to the Cautionary Statements on Forward-Looking Information in the Reads News release on MD&A dated February 24, 2025. During the call, management will also refer to certain non-IFRS measures. Although the REIT believes these measures provide useful supplemental information about its financial performance, they are not recognized measures and do not have standardized meanings under IFRS. Please see the REIT STEM DNA for additional information regarding non-IFRS financial measures, including reconciliations to the nearest IFRS measures. Brad, over to you.

Thanks, Renee, and thank you, everyone, for joining us today. 2024 was a year of solid progress for the event on many fronts, despite a backdrop of many new and evolving challenges and opportunities. The quality of our portfolio and our operating platform and its stability and resilience were clearly demonstrated once again throughout the year. We witnessed steady operating rates and consistent rent growth collectively driving strong year-over-year same-property revenue growth of 5.1% for the quarter and 7.2% for the year. Overall, total portfolio revenue grew by 1.2% to the quarter and 4% for the full year. as it was partially offset by lower revenues due to the impact of dispositions created in the first half of the year. Averaging a strong operating platform and with a high-quality portfolio, we effectively translated top-line growth into a solid 7.6% increase in same-property NY for the quarter and 9.4% for the year. Annual NY margins for the same property and total portfolio reached 67.1% to 67% respectively, marking the highest levels in the REIT's history. Throughout the year, we continued to deliver strong operational performance supported by a more favorable financing environment, achieving a meaningful reduction in financing costs, delivering a strong 11.2% increase in FFO in Q4, despite the impact of dispositions earlier in the year and the resulting lower speed count. On a per unit basis, FFO for the quarter was 15.6 cents, an increase of 9.9% in the same period last year, and 61.2 cents for the full year, up 11.1% from 2023. In Q4, we achieved a 13.9% increase in the FFO, reaching 20.6 million, and a 12.1% increase in the FFO per unit to reach 13.9 cents. For the full year, we delivered $80.5 million in AFFO for 54.3 cents per unit, an increase of 14.3% and 12.7% respectively. Rental market conditions remained robust during the fourth quarter and throughout 2024, as shown by our opposite rate holding steady year-over-year at 97% for the total portfolio, and rising by 10 basis points to 97.1% for the same property portfolio. Quarter over quarter total portfolio occupancy improved by 60 basis points, with the same property occupancy improving by 70 basis points over the same period. The increase in the occupancy rates is accompanied by consistent growth in the AMR. Average monthly rent from the total portfolio reached $1,702 in December, showing a year-over-year growth of 6.6%. Dave will share more operational details shortly. But first, a quick note on our strong balance sheet. Slide 7 illustrates total debt-to-growth book values stood at a healthy 40.3% at year-end, with a weighted average interest rate of 3.4%, with 91% of our mortgages under CMHC insurance. We maintain the actual flexibility and resources to execute our strategy. Upholding the strength and integrity of the balance sheet will continue to be a key priority for us. Now, I'll let Dave take it from here. We'll look at some operating highlights.