Allied Properties Real Estate Investment Trust (AP.UN) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

ahead. Thanks, John. Good morning and welcome to our Q3 conference call. I'll highlight our progress towards 2025 goals and what we're focusing on going forward. Nan will do the same from a financial perspective. JP will outline the positive leasing momentum by urban market. We're then pleased to answer any questions. We may, in the course of this conference call, make forward-looking statements about future events or future performance. By their nature, these statements are subject to risks and uncertainties that may cause actual events or results to differ materially, including those described under the heading risks and uncertainties in our 2024 annual report. Material assumptions underpinning any forward-looking statements we make include those described under forward-looking statements in our most recent quarterly report. We're focused on delivering long-term value through leasing, development completion, and strengthening our balance sheet. Market fundamentals continue to improve, as evidenced by the higher level of leasing activity, including the highest number of square feet of expansions in our portfolio in the last five years, increasing large format space mandates, and improving conversion rates. Our capital structure, specifically the temporarily higher level of debt we took on to complete development projects, put downward pressure on results in the quarter. While our portfolio remains resilient and strategically positioned to benefit from improving market dynamics, it will take us beyond year end to achieve 90% occupied and leased area in our targeted 10 times debt to EBITDA. We remain focused on those as milestones toward continued improvement in our metrics. First, leasing and operational results. Our leased area held in the quarter. We leased 882,000...