Morguard Real Estate Investment Trust (MRT.DB.A) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen, and welcome to the Moorgard Real Estate Investment Trust 2025 First Quarter Results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, May 1, 2025. I would now like to turn the conference over to Andrew Tamlin. Sir, please go ahead. Thank you. And good afternoon, everyone. My name is Andrew Tamlin, Chief Financial Officer of Morgard REIT. Welcome to Morgard REIT's first quarter 2025 earnings conference call. I am joined this afternoon by John Guinness, Vice President of Retail Asset Management, Tom Johnson, Senior Vice President of Western Asset Management, along with Todd Febo, Vice President of Eastern Office Management. Thank you all for taking the time to join the call. Before we jump into the call, I would like to point out that our comments will mostly refer to the first quarter 2025 MD&A and financial statements which have been posted to our website. We refer you specifically to the cautionary language at the front of the MD&A, which would also apply to any comments that we make on this call. To start with, we knew that 2025 was going to be a challenging year with the market rent resets on the Penn West Plaza space. This was part of the previous head lease expiration on February 1, 2025. However, our Q1 results have also been impacted by some retail failures, which I will provide some comments on later on in the call. Our total net operating income for the quarter declined from $30.9 million last year to $25.7 million in 2025. Approximately $3 million of this $5 million difference is due t...