CA - First Capital Real Estate Investment Trust (FCXXF) Q4 2023 Earnings Call Transcript

2024-02-07 17:32:02 ET

First Capital Real Estate Investment Trust (FCXXF)

Q4 2023 Earnings Call Transcript

February 07, 2024 02:00 PM ET

Company Participants

Alison Harnick - Investor Relations

Adam Paul - President and Chief Executive Officer

Neil Downey - Chief Financial Officer

Jordan Robins - Chief Operating Officer

Conference Call Participants

Mario Saric - Scotiabank

Dean Wilkinson - CIBC

Sam Damiani - TD Cowen

Matt Kornack - National Bank Financial

Pammi Bir - RBC Capital Markets

Presentation

Operator

Good afternoon. Thank you for standing by. Welcome to the First Capital REIT Q4 Conference Call. During the presentation, all participants will be in a listen-only mode. [Operator Instructions].

I would now like to turn the meeting over to Alison. Please proceed with your presentation.

Alison Harnick

Thank you, and good afternoon, everyone. In discussing our financial and operating performance and in responding to your questions during today's call, we may make forward-looking statements. These statements are based on our current estimates and assumptions, many of which are beyond our control and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements.

A summary of these underlying assumptions, risks, and uncertainties is contained in our securities filings, including our MD&A for the year ended December 31, 2023, and our current AIF, which are available on SEDAR and our website. These forward-looking statements are made as of today's date, and except as required by securities law, we undertake no obligation to publicly update or revise any such statements.

During today's call, we will also be referencing certain financial measures that are non-IFRS measures. These do not have standardized meanings prescribed by IFRS and should not be construed as alternatives to net income or cash flow from operating activities, determined in accordance with IFRS. Management provides these measures as a complement to IFRS measures to aid in assessing the REIT's performance. These non-IFRS measures are further defined as discussed in our MD&A, which should be read in conjunction with this call.

I will now turn the call over to Adam.

Adam Paul

Thank you very much, Alison. Good afternoon, everyone, and thank you for joining us today for year-end conference call. 2023 was a busy and successful year. But before we get into our results, I want to start with some perspective on the strong fundamentals supporting our business. One of the main drivers of these underlying fundamentals has been the significant increase in the customer base of our tenants. Over the last two years alone, Canada's population has grown by 2.1 million people. That's a staggering number for a country of our size, representing a 5.4% increase....

For further details see: