Q3 2024 Choice Properties Real Estate Investment Trust Earnings Call Transcript
Key Points
- Choice Properties Real Estate Investment Trust (PPRQF) reported a high occupancy rate of 97.7% for the third quarter.
- The company achieved strong leasing spreads of 15.3% and delivered same asset cash NOI growth of 3%.
- The acquisition of a 3-building portfolio from Loblaw, valued at approximately $129 million, adds high-quality assets to the portfolio.
- Choice Properties Real Estate Investment Trust (PPRQF) completed $172 million in total real estate transactions, including acquisitions and dispositions.
- The company maintains a strong balance sheet with a fully undrawn $1.5 billion corporate facility and approximately $12.9 billion of unencumbered properties.
- FFO growth of 3.2% was impacted by the timing of lease termination income and certain onetime costs related to operational efficiency.
- The industrial portfolio experienced a slight decline in occupancy, down 70 basis points to 98.1%.
- The company anticipates a marginal decline in industrial occupancy in Q4 due to expected vacancies.
- Higher interest costs partially offset the increase in FFO from higher same-asset NOI and net FFO contributions from completed developments.
- The company faces ongoing market volatility, highlighted by the recent rise in long-term rates.
Thank you for standing by. My name is Briana, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Choice Properties Real Estate Investment Trust third quarter 2024 earnings call. Please note that this call is being recorded. (Operator Instructions)
I will now turn the conference over to Erin Johnston, Senior VP of Finance. Please go ahead.
Thank you. Good morning, and welcome to Choice Properties Q3 2024 conference call. I'm joined here this morning by Rael Diamond, President and Chief Executive Officer; Mario Barrafato, Chief Financial Officer; and Niall Collins, Chief Operating Officer.
Rael will start the call today by providing a brief recap of our third quarter performance as well as our transaction and development activity in the quarter. Niall will discuss our operational results, followed by Mario, who will conclude the call with a review of our financial results before we open the lines for Q
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