Morguard Real Estate Investment Trust (MRT.DB.A) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen, and welcome to the Moorgard Real Estate Investment Trust Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you need assistance, please press star zero for the operator. This call is being recorded on Thursday, October 30th, 2025. I would now like to turn the conference over to Andrew Tamlin. Please go ahead. Thank you, and good afternoon, everyone. My name is Andrew Tamlin, Chief Financial Officer at Moorgard REIT. Welcome to the Moorgard REIT's Third Quarter 2025 Earnings Conference Call. I am joined this afternoon by John Guinness, Vice President of Retail Asset Management, Tom Johnson, Senior VP of Western Office Asset Management, and Todd Fabo, Vice President of Office Asset Management in Eastern Canada. 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 third quarter 2025 MD&A and financial statements, which have been posted to our website. I refer you specifically to the cautionary language at the front of the MD&A, which would also apply to any comments that we would make on this call. With one exception, our third quarter results were very consistent with the same trends that we saw in the first half of the year and were also very consistent with expectations for the quarter. The one exception to this was a large one-time net property tax refund received for one of the trust's enclosed shopping malls in the amount of $3.2 million, which I will touch on in a minute. We have known for some time that 2025 was going to be a tough year due to the market rent resets at Penn Must Plaza in Calgary, the impact...