CA - Dream Office Real Estate Investment Trust (DRETF) Q4 2023 Earnings Call Transcript

2024-02-15 21:28:05 ET

Dream Office Real Estate Investment Trust (DRETF)

Q4 2023 Earnings Conference Call

February 15, 2024 05:00 p.m. ET

Company Participants

Michael Cooper - Chair, Chief Executive Officer

Gordon Wadley - Chief Operating Officer

Jay Jiang - Chief Financial Officer

Conference Call Participants

Lorne Kalmar - Desjardins

Mario Saric - Scotiabank

Pammi Bir - RBC Capital Markets

Sam Damiani - TD Cowen

Matt Kornack - National Bank Financial

Presentation

Operator

Good afternoon, ladies and gentlemen. Welcome to the Dream Office REIT Q4 2023 Conference Call for Thursday, February 15, 2024. During this call, management of Dream Office REIT 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 range of risks and uncertainties, many of which are beyond Dream Office REIT'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 and risks and uncertainties is contained in Dream Office REIT's filings and securities regulators, including its latest annual information form and MD&A. These filings are also available on Dream Office REIT's website at www.dreamofficereit.ca.

Later in the presentation, we will have a question-and-answer session. [Operator Instructions].

Your host for today will be Mr. Michael Cooper, Chair and CEO of Dream Office REIT. Mr. Cooper, please go ahead.

Michael Cooper

Thank you, operator, and good evening everybody. Today I'm here with Gordon Wadley, our Chief Operating Officer, and Jay Jiang, our CFO. I'm going to say a couple of words about our update tonight. I'm going to turn it over to Gordon and then Jay, and then we'd be happy to answer your questions.

I want to start by saying that business continues to go as we've expected for the business plan for 2023. There's been a slight increase in occupancy pretty much every quarter, but barely, like a slight increase. We've been achieving our internal budgets and our cash flows, and we've achieved our debt refinancing as planned, so that's all good. ...

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