CA - Allied Properties Real Estate Investment Trust (APYRF) Q1 2024 Earnings Call Transcript

2024-05-01 13:23:07 ET

Allied Properties Real Estate Investment Trust (APYRF)

Q1 2024 Earnings Conference Call

May 01, 2024 10:00 AM ET

Company Participants

Cecilia Williams - President & Chief Executive Officer

Nan Mahalingam - Senior Vice President & Chief Financial Officer

J.P. Mackay - Senior Vice President, National Operations

Conference Call Participants

Jonathan Kelcher - TD Cowen

Mario Saric - Scotiabank

Lorne Kalmar - Desjardins

Matt Kornack - National Bank Financial

Brad Sturges - Raymond James

Pammi Bir - RBC Capital Markets

Mark Rothschild - Canaccord Genuity

Sumayya Syed - CIBC

Presentation

Operator

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time I would like to welcome everyone to the Allied Properties First Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session [Operator Instructions] I'd now like to turn the conference over to Cecilia Williams, President and CEO. Please go ahead.

Cecilia Williams

Thanks, Regina, and good morning, everyone. Welcome to our Q1 conference call. I'll discuss highlights briefly, Nan, will highlight our strong financial position and J.P. will outline our high leasing tour activity and provide a summary by urban market. Then we're pleased to answer questions.

We may in the course of this conference call make forward-looking statements about future events or future performance. These statements by their nature are subject to risks and uncertainties that may cause actual events or results to differ materially including those risks described under the heading Risks and Uncertainties in our 2023 annual report and our most recent quarterly report. Material assumptions underpinning any forward-looking statements we make include those described under forward-looking statements in our most recent quarterly report.

I'll put our Q1 highlights in the context of leasing and portfolio optimization. First, leasing. Strong demand continues. I'm encouraged by the high level of tour activity across our portfolio. I'm also encouraged by the ongoing productivity of our portfolio and that renewals were at healthy spreads to in-place rents. It's worth noting that most of these spreads are on rates established at the height of the market in 2018 and 2019.

I believe we're at an inflection point and leasing momentum will continue through 2024. Our high user engagement which manifests through the critical Net Promoter Score supports our leasing efforts....

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