Plaza Retail REIT

Good morning. I would like to welcome everyone to the Plaza Retail Deep first quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. Following the presentation, we will 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 the 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 Q1 2024 results conference call. Before we begin, 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 that 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 Plaza's most recent annual information form for the year ended December 31st, 2023 and management's discussion and analysis for the first quarter ended March 31st, 2024 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 widely used in the Canadian real estate industry, including FFO, ASFO, 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 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 first quarter ended March 31, 2024, under the heading Explanation of Non-GAAP Measures. I will now turn the call over to Michael Zacuta, Plaza's President and CEO. Michael?

Thank you, Kim. Good morning. We appreciate you joining today as we review our financial performance some other key metrics and achievements for the first quarter of 2024. As a development-focused REIT, we strive to create value through new retail ground-up developments, redevelopments, repositioning of assets through effective management and leasing initiatives. The first quarter of 2024 was a showcase of all of the above. In addition, we successfully began our 2024 capital recycling program. We are very pleased with the demand for the properties we are looking to sell. We continue to achieve record leasing spreads, and our portfolio of roughly 9 million square feet has very little vacancy. We continue to respond to needs of customers, which include expanding, rightsizing, and relocating tenants in order to maximize the value of our properties. The flexibility and attention to detail we provide has and will always be a vital part of our success. The real estate landscape is still affected by certain geopolitical crises, inflationary pressures, and rapid interest rate expansion. We have not yet seen the compression in interest rates that will eventually make REITs a more attractive investment. Fundamentals remain strong in the space in which we operate. Our portfolio is resilient and and comprised of high-quality essential needs retailers who target non-discretionary spending. I will now turn the call over to Jason, who will talk about our future prospects.