Primaris Real Estate Investment Trust

At this time, all lines have been placed on mute. After the prepared remarks, there'll be a question and answer session. You may ask one question and one follow-up, at which point you may return to the queue. I will now turn the call over to Claire Mahaney, Vice President, Investor Relations and ESG. Please go ahead.

Thank you, Nadia. During this call, management of Primera 3 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 Primaris 3's 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 these assumptions, risks, and uncertainties are contained in Primaris 3's filings with securities regulators. These filings are also available on Primaris REIT's website at www.primarisreit.com. I'll now turn the call over to Alex Avery, Primaris REIT's Chief Executive Officer.

Good morning. Thanks, Claire. And thanks for joining the Primaris REIT Fourth Quarter 2023 Conference Call. Here with me today are Patrick Sullivan, President and Chief Operating Officer, Rags DeVleur, Chief Financial Officer, Leslie Bust, Senior Vice President, Finance, Morty Bobrowski, Senior Vice President Legal, Graham Proctor, Senior Vice President Asset Management, and Claire Mahaney, VP Investor Relations and ESG. As is evident in our results, our business continues to deliver very attractive growth. We've been driving strong same property NOI growth across our portfolio through raising occupancy to stabilized levels and converting leases back to standard terms. The scale of this opportunity continues to be very large and we expect it to drive above average same property and why growth over the next few years and potentially longer as we find further opportunities in the portfolio and acquire new properties, where we believe we can surface growth. Turning to capital investment capital allocation and capital recycling we continue to be highly active pursuing acquisitions and dispositions. Following our $400 million unsecured bond offering in November and the upsizing of our undrawn $600 million unsecured credit facility, we have robust liquidity and are finding lots of attractive opportunities. We have capacity for more than $1.5 billion of acquisitions and require no financing conditions in our deals. The direct property market transaction activity has picked up in our property type as confidence in enclosed shopping centers continues to build. Recently, we've begun to see the bid-ask spread on enclosed malls narrow as more transactions have begun to take place. In fact, we saw 11 Canadian enclosed shopping center transactions in 2023, totaling $2 billion of volume, of which only two involved Primaris REIT. Piers are both institutional and private investors with asset transactions occurring in both major and mid-size markets. These transactions give us further confidence in our IFRS cap rates and the valuations at which we are transacting on acquisitions and dispositions. I'll now turn the call over to Pat to discuss operating and leasing results, followed by Rags, who will discuss our financial results.