Plaza Retail REIT

Good morning. I would like to welcome everyone to the Plaza Retail REIT fourth quarter 2023 earnings conference call. At this time, all participants are in listen-only mode. Following the presentation, we'll conduct a question and answer session. Instructions will be provided at that time for you to queue up for questions. If anyone has any difficulties hearing the conference, Please press star zero for operator assistance at any time. I would like to advise everyone that this conference is being recorded. I will now turn the conference over to Kim Strange, Plaza's General Counsel and Secretary. Please go ahead, Ms. Strange.

Thank you. Good morning, everyone, and thank you for joining us on our Q4 2023 results conference call. Before we begin today, we are obliged to advise you that in talking about our financial and operating performance, and in responding to questions today, we may make forward-looking statements, including statements concerning Plaza's objectives and strategies to achieve them, as well as statements with respect to our plans, estimates, and intentions, or concerning anticipated future events, results, circumstances, or performance which are not historical facts. These statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause our actual results to differ materially from the conclusions in these forward-looking statements. Additional information on the risks that could impact our actual results and the expectations and assumptions we applied in making these forward-looking statements can be found in PLASA's most recent Annual Information Form for the year ended December 31, 2022 and management's discussion and analysis for the fourth quarter and year-ended December 31, 2023, which are available on our website at www.plaza.ca and on CDAR Plus at www.cdarplus.ca. We will also refer to non-GAAP financial measures this morning, widely used in the Canadian real estate industry, including FFO, AFFO, NOI, and Same Asset NOI. Plaza believes these financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the trust. These financial measures do not have any standardized definitions prescribed by IFRS and may not be comparable to similar titled measures reported by other real estate investment trusts or entities. They should be considered as supplemental in nature and and not as a substitute for related financial information prepared in accordance with IFRS. For definitions of these financial measures and where to find reconciliations thereof, please refer to Part 7 of our MD&A for the fourth quarter and year ended December 31st, 2023 under the heading Explanation of Non-GAAP Measures. I will now turn the call over to Michael Zucuda, Plaza's President and CEO. Michael.

Thank you, Kim. Good morning. In 2023, retail property developers and owners faced strong headwinds as we dealt with the impact of geopolitical crises, inflationary pressures, and rapid interest rate expansion. Despite all of this, Plaza experienced many achievements, and we have once again showcased our resilience by developing and maintaining a high-quality portfolio of essential needs retailers who target non-discretionary spending. During the year, we completed 626,000 square feet of development projects and significantly advanced a number of other developments through pre-leasing and pre-construction phases. We raised $40 million of equity at the end of March, our first equity issue since 2016, which allowed us to delever and strengthen our balance sheet. We successfully completed a $47 million disposition program at prices in excess of our IFRS values. The net effect of our capital recycling program was that we have increased the average size of our properties, reduced the average age of our assets, and improved the overall quality of the portfolio. We renewed 871,000 square feet at record high leasing spreads. We were very active repositioning existing space and creating new space in our existing properties. Repositioning tenants typically comes with some short-term pain due to the fact that we sometimes must move tenants out and temporarily lose revenues. Additionally, leasing costs are incurred. We only begin to benefit from enhanced overall property NOI upon the reopening of the space. At the beginning of the year, we added depth to our management team with the addition of Jason Paravano as COO. With the addition of Jason, We have the strongest management team in Plaza's history with all of the key players in the age bracket that will ensure long-term success for our business. With market sentiment starting to favor retail, with our development pipeline and the strength of our management, we are very optimistic about our future. I will now turn the call over to Jason, who will talk about our future prospects.