Month: November 2024

In its latest quarterly earnings report, Jushi Holdings Inc. JUSH JUSHF revealed a mixed financial picture for Q3 2024, showcasing operational resilience despite mounting challenges in competitive markets. The cannabis multi-state operator saw some revenue decline but managed to maintain solid gross margins and an uptick in adjusted EBITDA, signaling a disciplined approach to cost management and operational efficiencies across its cannabis operations.

Revenue And Gross Profit Margins: Resilience In Competitive Markets

For Q3 2024, Jushi recorded revenue of $61.6 million, a 5.8% year-over-year decrease from $65.4 million in Q3 2023 and a slight drop from $64.6 million in Q2 2024. This revenue decline was mainly attributed to intense competition and price compression in Illinois, Pennsylvania and Nevada. Despite these headwinds, Jushi’s gross profit for Q3 2024 remained strong at $28.0 million, with a gross margin of 45.4%—up from 43.6% in Q3 2023, though down from the 50.4% margin achieved in Q2 2024.

“Our organization-wide operational improvement plan is yielding promising results,” said CEO Jim Cacioppo. “We have focused on enhancing efficiencies at our cultivation and processing facilities, allowing us to maintain a competitive gross margin.”

Profitability And Net Loss Trends

One standout figure in Jushi’s report is the year-over-year improvement in net loss. For Q3 2024, the company reported a net loss of $16.0 million, a notable reduction from the $20.6 million loss recorded in Q3 2023, though a significant increase from the Q2 2024 net loss of just $1.9 million. The quarter-over-quarter fluctuation reflects Jushi’s higher operating expenses, partially driven by market competition and expansion efforts in new markets such as Ohio.

Adjusted EBITDA, a key indicator of operational profitability, reached $10.3 million in Q3 2024, up 6.5% from $9.7 million in Q3 2023. However, this figure was down from Q2 2024’s adjusted EBITDA of $14.5 million, as Jushi faced competitive pressures that led to increased promotions and pricing adjustments. The adjusted EBITDA margin for Q3 2024 was 16.8%, an improvement from Q3 2023’s 14.9% margin, but down from Q2 2024’s 22.4%.

Strategic Expansion And Product Innovation

Jushi’s growth strategy in Q3 2024 centered on expanding its footprint and enhancing product offerings. The company increased Jushi-branded product sales, which now account for 55% of total retail revenue, up from 52% in Q3 2023. This boost demonstrates Jushi’s commitment to building brand loyalty and maximizing profitability through higher-margin products.

In addition to brand-driven growth, Jushi launched 278 new SKUs in Q3 2024 across multiple categories, including flower, pre-rolls, edibles and concentrates. This product diversification aims to attract a broader customer base and cater to varying market preferences.

Jushi also focused on expansion in Ohio, where it launched adult-use sales and received a provisional license for a new Beyond Hello dispensary in Springdale, expected to open in early 2025. These moves align with Jushi’s objective of scaling its presence in Ohio, a high-potential market that could counterbalance competitive pressures in other states.

Improved Capital Structure And Debt Reduction

Throughout Q3 2024, Jushi made considerable strides in reducing its debt burden. During the first nine months of the year, the company managed to cut debt by approximately $19.7 million, including refinancing its first lien debt through SunStream Bancorp Inc. with new secured term loans amounting to $48.5 million. As of September 30, 2024, Jushi reported $22.9 million in cash and cash equivalents, indicating strong liquidity amid industry challenges.

“Our focus remains on strengthening our capital structure,” Cacioppo added. “By reducing our debt, we are better positioned to navigate economic fluctuations and pursue strategic growth opportunities in key markets like Ohio, Pennsylvania, and Virginia.”

Forward-Looking Strategies

Looking ahead, Jushi plans to continue leveraging its brand portfolio and expand into high-growth markets. As its cultivation facilities mature, the company expects to enhance product quality and yield, allowing it to remain competitive despite industry headwinds. Additionally, Jushi’s expansion efforts in Ohio and the debut of new product lines such as the Uncommon Kind edibles brand reflect a strategic approach to diversifying revenue streams.

In a rapidly evolving cannabis industry, Jushi’s focus on operational efficiency, brand growth and prudent financial management could position the company to achieve sustained profitability in the long term.

Cover image made with AI

(All figures are presented in U.S. Dollars)

• Successfully closed the acquisition of the U.S. based Natroba™ business on July 26, 2024
• Epuris sales volumes grew 29% compared to Q3 2023, continuing growth trajectory for the fifth consecutive quarter
• Strong product gross margin from the acquired Natroba products of 85%
• Added management depth with appointment of Dr. Hamed Ghanei, Chief Business Officer

MISSISSAUGA, ON, Nov. 7, 2024 /CNW/ – Cipher Pharmaceuticals Inc. CPH CPHRF (“Cipher” or the “Company“) today announced its financial and operating results for the three and nine months ended September 30, 2024.

Third Quarter 2024 Financial Highlights
(All figures in U.S. dollars, compared to Q3 2023, unless otherwise noted)

• Total revenue was $10.4 million in Q3 2024, an increase of 71%
• Total product revenue increased by 213% to $9.3 million in Q3 2024 compared to $3.0 million in Q3 2023
• Epuris product revenue increased by 32% to $3.4 million in Q3 2024 compared to $2.5 million in Q3 2023
• Natroba™ and its authorized generic contributed $5.4 million in product revenue in Q3 2024
• Licensing revenue decreased by 66% to $1.1 million in Q3 2024, compared to $3.1 million in an unusually strong Q3 2023, due to lower product shipments and royalties from the Absorica portfolio
• Gross margin on product revenue increased by 15% to 79% in Q3 2024, compared to 64% in Q3 2023, due to higher gross margin from the acquired Natroba business
• Adjusted EBITDA¹ was $4.1 million in Q3 2024, an increase of 13%

Acquisition of Natroba

• On July 29, 2024, Cipher announced the signing of a definitive asset purchase agreement with ParaPRO LLC (“ParaPRO”) and the closing of the acquisition of the global rights of Natroba™ (Spinosad), as well as the commercial sales team in the U.S. for total consideration of $89.5 million (the “Natroba Acquisition”).
• Cipher plans to use the commercial footprint acquired from ParaPRO north of Indianapolis in Carmel, Indiana as its U.S. headquarters and a platform to launch unique dermatology and infectious disease products complementary to Natroba™ across the U.S.
• Cipher paid $80 million in cash (satisfied from $40 million from cash on hand and $40 million from a new credit facility) and issued $9.5 million in common shares of Cipher to ParaPRO (1,474,097 shares at a deemed issue price of CDN$8.91).
• Cipher entered into a new credit agreement and partnership with the National Bank of Canada, with a $65 million revolving credit facility which was partially drawn to fund the Natroba™ transaction and will be available to provide financing to fuel Cipher’s continued future growth plans. Under the terms of the credit agreement, Cipher also has access to an optional $25 million accordion feature. The credit facility matures three years after July 26, 2024 and has an optional annual extension clause. As a result of entering into the new credit facility, Cipher terminated its previous undrawn credit facility with the Royal Bank of Canada.

Management Commentary

Craig Mull, Interim CEO, commented: “During the third quarter, we took great steps forward to close the acquisition of the Natroba business from ParaPRO LLC. We have been diligently integrating the business into the existing Cipher infrastructure, and have established our U.S. based headquarters in Carmel, Indiana. We believe this integration will be complete by the end of the year.

Having now spent in depth time with our U.S. sales team, we are highly impressed with the talent and motivation of our new Cipher employees and are highly confident in our ability to both grow the Natroba business and scale the business in the future with additional complementary products.”

Bryan Jacobs, President, U.S. Operations, commented: “Head lice and scabies greatly impacts families and ensuring parents and physicians have access to the FDA designated complete cure that Natroba offers is our focus. Our main market competitor permethrin is no longer effective due to evolving resistance over time, so we are confident in our ability to grow the Natroba business and market share.

We have recently added new territory managers and sale team members as part of a strategy to insource sales in certain states away from a prior co-promotion partner of ParaPRO LLC. While this transition will take a few months, we believe this strategy will result in a highly trained sales footprint and grow sales while achieving an overall reduction in costs in future periods.”

Ryan Mailling, CFO, commented: “Since my transition to Chief Financial Officer during the third quarter, I have dedicated a large portion of my time executing an efficient financial structuring of our Natroba Acquisition, managing our new bank financing relationship, and supporting the financial and administrative integration of the Natroba business into the existing Cipher infrastructure. I look forward to continuing to progress these activities, while also driving other efficiencies in the business.”

Q3 2024 Corporate Highlights

• Effective August 10, 2024, and as a result of the Natroba Acquisition, the Company’s Chief Financial Officer, Bryan Jacobs, assumed the title of President of the Company. His mandate will be to manage the transition and integration of the U.S. operations and commercial sales team. The Company’s Vice President, Finance, Ryan Mailling, was in turn been appointed as the Chief Financial Officer of the Company, taking over from Mr. Jacobs.
• On September 26, 2024, Cipher presented at the Planet MicroCap Showcase: Vancouver 2024 conference and participated in one-on-one meetings with stakeholders.
• On October 8, 2024, the Company announced the appointment of Dr. Hamed Ghanei as Chief Business Officer. Dr. Ghanei has expertise in business development, including extensive experience with licensing deals and other M&A opportunities in the specialty pharmaceuticals and healthcare industries, which is expected to provide Cipher with further capabilities for its next phase of substantial growth.

Q3 2024 Year-to-Date Financial Review
(All figures in U.S. dollars, compared to the year-to-date Q3 2023, unless otherwise noted)

• Total revenue was $21.5 million in Q3 2024, an increase of 33%
• Product revenue increased by 75% to $16.3 million year-to-date Q3 2024 compared to $9.3 million for the same period in the previous year
• Licensing revenue decreased by 24% to $5.3 million year-to-date Q3 2024 compared to $6.9 million for the same period in the previous year, largely resulting from a decline in revenue from product shipments to Cipher’s commercial partners
• Total gross profit was $17.4 million year-to-date Q3 2024, compared to $13.1 million for the same period in the previous year, due to higher total gross profit from the acquired Natroba business
• Net income and earnings per common share were $8.2 million and $0.34, respectively, year-to-date Q3 2024, compared to net income of $12.7 million and earnings per common share of $0.50 for the same period in the previous year, impacted primarily by transaction costs associated with the acquisition of the Natroba business, increased amortization associated with acquired intangible assets, and a year-over-year reduction in licensing revenue
• EBITDA¹ decreased by 14% to $7.4 million year-to-date Q3 2024, compared to $8.6 million for the same period in the previous year
• Adjusted EBITDA¹ for the year-to-date Q3 2024 was $10.7 million, an increase of 9% compared $9.9 million for the same period in the previous year

Business Strategy & Outlook

Cipher’s near term business strategy includes the following key focuses:

• Integrating the acquired Natroba business with the existing Cipher business.
• Driving growth of Natroba in the anti-parasitic market in the U.S. where its current market share is approximately 23%², in a market where market leader “Permethrin” is no longer an effective treatment but still holds 75%² market share.
• Out-licensing Natroba globally where there is high unmet need, such as warm climate regions.
• Acquiring complementary dermatology products to add to our North American platform to enhance the profitability, size and scale of the business.
• Continue to collaborate with our partner Moberg Pharma on its MOB-015 Phase III clinical trial in the U.S., where results are expected by January 2025.
• Assessing the Canadian market potential for MOB-015 with both the new U.S. Phase III clinical trial data and the existing EU approved MOB-015 product.

Financial Statements and MD&A

Cipher’s Financial Statements for the three and nine months ended September 30, 2024, and Management’s Discussion and Analysis (the “MD&A”) for the three and nine months ended September 30, 2024, are available on the Company’s website at www.cipherpharma.com in the “Investors” section under “Financial Reports” and on SEDAR+ at www.sedarplus.ca.

Notice of Conference Call

Cipher will hold a conference call on November 8, 2024 at 8:30 a.m. (ET) to discuss its financial results and other corporate developments.

• To access the conference call by telephone, dial (416) 945-7677 or (888) 699-1199
• A live audio webcast will be available at https://app.webinar.net/BxoA3Pp3dnP
• An archived replay of the webcast will be available until November 15, 2024 and can be accessed by dialing (289) 819-1450 or (888) 660-6345 and entering conference replay code 02131#

About Cipher Pharmaceuticals Inc.

Cipher Pharmaceuticals CPH CPHRF is a specialty pharmaceutical company with a robust and diversified portfolio of commercial and early to late-stage products, mainly in dermatology. Cipher acquires products that fulfill unmet medical needs, manages the required clinical development and regulatory approval process, and currently markets those products in Canada, the U.S., and South America. For more information, visit www.cipherpharma.com.

Forward-Looking Statements and Non-IFRS Measures

This document includes forward-looking statements within the meaning of applicable securities laws. These forward-looking statements include, among others, statements with respect to the integration of the Natroba business into the Cipher infrastructure, the impact of insourcing sales in certain states, the timing of the receipt of the topline results from MOB-015 Phase III North American study, our plans and intentions with respect to commercializing, out-licensing and marketing Natroba™ in Canada and elsewhere, our plans and intentions with respect to the introduction of additional dermatological and infectious disease products in Canada, the U.S. and elsewhere, the potential for future acquisitions, our objectives and goals and strategies to achieve those objectives and goals, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates and intentions.  The words “may”, “will”, “could”, “should”, “would”, “suspect”, “outlook”, “believe”, “plan”, “anticipate”, “estimate”, “expect”, “intend”, “forecast”, “objective”, “hope” and “continue” (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements.

By their nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, which give rise to the possibility that predictions, forecasts, projections and other forward-looking statements will not be achieved. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. We caution readers not to place undue reliance on these statements as a number of important factors, many of which are beyond our control, could cause our actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, the publication of negative results of clinical trials; our ability to enter into development, manufacturing and marketing and distribution agreements with other pharmaceutical companies and keep such agreements in effect; our dependency on a limited number of products; our dependency on protection from patents that will expire; integration difficulties and other risks if we acquire or in-license technologies or product candidates; reliance on third parties for the marketing of certain products; the product approval process by regulators which can be highly unpredictable; the timing of completion of clinical trials, regulatory submissions and regulatory approvals; reliance on third parties to manufacture our products and events outside of our control that could adversely impact the ability of our manufacturing partners to supply products to meet our demands; we may be subject to future product liability claims; unexpected product safety or efficacy concerns may arise; we generate license revenue from a limited number of distribution and supply agreements; the Company’s performance depends, in part, on the performance of its distributors and suppliers; the pharmaceutical industry is highly competitive with new competing product entrants; requirements for additional capital to fund future operations; products may be subject to pricing regulation; dependence on key managerial personnel and external collaborators; certain of our products are subject to regulation as controlled substances; limitations on reimbursement in the healthcare industry; the extent and impact of health pandemic outbreaks on our business; unpredictable development goals and projected time frames; rising insurance costs; ability to enforce covenants not to compete; we may be unsuccessful in evaluating material risks involved in completed and future acquisitions; we may be unable to identify, acquire or integrate acquisition targets successfully; inability to meet covenants under our long-term debt arrangement; compliance with privacy and security regulation; our policies regarding product returns, allowances and chargebacks may reduce revenues; additional regulatory burden and controls over financial reporting; general commercial litigation, class actions, other litigation claims and regulatory actions; the difficulty for shareholders to realize in the United States upon judgments of U.S. courts predicated upon civil liability of the Company and its directors and officers who are not residents of the United States; the potential violation of intellectual property rights of third parties; our efforts to obtain, protect or enforce our patents and other intellectual property rights related to our products; changes in U.S., Canadian or foreign patent laws; inability to protect our trademarks from infringement; shareholders may be further diluted if we issue securities to raise capital; volatility of our share price; the fact that we have a significant shareholder; our operating results may fluctuate significantly; and our debt obligations will have priority over the common shares of the Company in the event of a liquidation, dissolution or winding up. 

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When reviewing our forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Additional information about factors that may cause actual results to differ materially from expectations, and about material factors or assumptions applied in making forward-looking statements, may be found in the “Risk Factors” section of our MD&A for the year ended December 31, 2023 and the Company’s Annual Information Form, and elsewhere in our filings with Canadian securities regulators. Except as required by Canadian securities law, we do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf; such statements speak only as of the date made. The forward-looking statements included herein are expressly qualified in their entirety by this cautionary language.

1)     EBITDA and adjusted EBITDA are non-IFRS financial measures.  These non-IFRS measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are unlikely to be comparable to similar measures presented by other companies. Management uses non-IFRS measures such as Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA to provide investors with supplemental measures of the Company’s operating performance and thus highlight trends in the Company’s core business that may not otherwise be apparent when relying solely on IFRS financial measures.  The Company defines Adjusted EBITDA as earnings before interest expense, income taxes, depreciation of property and equipment, amortization of intangible assets, non-cash share-based compensation, changes in fair value of derivative financial instruments, provision for legal settlement, loss on disposal of assets and loss on extinguishment of lease, impairment of intangible assets, acquisition costs, restructuring costs and unrealized foreign exchange gains and losses.

2)     IQVIA market data as at September 30, 2024.

The following is a summary of how EBITDA and Adjusted EBITDA are calculated:

Consolidated statements of income and comprehensive income

Consolidated statements of financial position

SOURCE Cipher Pharmaceuticals Inc.

View original content: http://www.newswire.ca/en/releases/archive/November2024/07/c7956.html

FREDERICTON, NB, Nov. 7, 2024 /CNW/ – Plaza Retail REIT PLZ (“Plaza” or the “REIT”) today announced its financial results for the three and nine months ended September 30, 2024.

“We are pleased with our Q3 results as we continue to achieve strong lease renewal spreads and same-asset NOI growth”  said Michael Zakuta, President and CEO. “Our portfolio, dominated by open-air essential needs and value retail properties, continues to perform, and demand for our retail space remains strong.  As interest rates decline, we also benefit from lower borrowing costs, which we anticipate will positively contribute to our results through the remainder of the year and into 2025.”

Quarterly Highlights

• NOI was $19.7 million, up $1.2 million or 6.5% from the same period in 2023. The increase in NOI is from rent escalations and lease-up in same-asset properties, developments and properties transferred to income-producing in 2023 and 2024, partially offset by a decrease in NOI from properties sold.
• Profit and total comprehensive income for the current quarter was $5.1 million compared to $3.4 million in the same period in the prior year. The increase was mainly due to the change in fair value of investment properties, with a $3.6 million decrease in the current quarter compared to a $10.9 million decrease recorded in the same quarter in the prior year. Profit and total comprehensive income was also impacted by an increase in finance costs and administrative expenses, offset by the NOI increase noted above. Profit was also impacted by changes in non-cash fair value adjustments relating to share of profit from associates, interest rate swaps, the Class B exchangeable LP units, and convertible debentures.

Year-To-Date Highlights

• NOI was $56.1 million, up $3.2 million or 6.0% from the same period in 2023. NOI was impacted by rent escalations and lease-up in same-asset properties, an increase in NOI from developments and properties transferred to income producing in 2023 and 2024, offset by a decrease in NOI from properties sold.
• Profit and total comprehensive income for the current year to date was $17.0 million compared to $24.1 million in the same period in the prior year. The decrease was mainly due to the change in fair value of investment properties, with a $12.2 million decrease recorded in the current year compared to a $10.5 million decrease recorded in the same period in the prior year. Profit and total comprehensive income was also impacted by an increase in finance costs and administrative expenses, offset by the NOI increase noted above Profit was also impacted by an increase in the share of profit of associates relating to the non-cash fair value adjustment of the underlying properties in the current year, a decrease in investment and other income, along with changes in non-cash fair value adjustments relating to interest rate swaps, the Class B exchangeable LP units, and convertible debentures.

Quarterly Highlights

• FFO & AFFO: For the three months ended September 30, 2024, FFO on a dollar basis increased $13 thousand or 0.1%. FFO per unit was consistent with the same period in the prior year. FFO was impacted by higher NOI from same-asset, developments, and properties transferred to income producing, offset by a decrease in NOI from property dispositions and higher administrative and finance costs. AFFO on a dollar basis increased $216 thousand or 2.3%, and AFFO per unit increased by $0.001 or 1.2% compared to the same period in the prior year. AFFO was impacted mainly due to the changes in FFO noted above, as well as increased maintenance capital expenditures and lower leasing costs.
• Same-asset NOI increased by $352 thousand or 1.9% due to lease-up and rent escalations, along with the completion of the repositioning of certain properties, offset by higher operating expenses.

Year-To-Date Highlights

• FFO & AFFO: For the nine months ended September 30, 2024, FFO on a dollar basis increased $490 thousand or 1.6%. FFO per unit decreased by $0.003 or (1.0%) compared to the same period in the prior year. FFO was impacted by higher NOI from same-asset, developments, and properties transferred to income producing, offset by a decrease in NOI from property dispositions and higher administrative and finance costs. AFFO on a dollar basis increased $513 thousand or 2.0%. AFFO per unit decreased by $0.001 or (0.4%) compared to the same period in the prior year mainly due to the changes in FFO noted above, as well as increased maintenance capital expenditures from extraordinary expenditures, and lower leasing costs. FFO and AFFO per unit were also impacted by the issue of 8.5 million trust units in March 2023.
• Same-asset NOI increased by $1.5 million or 2.8% due to lease-up and rent escalations, along with the completion of the repositioning of certain properties, and lower operating expenses.

Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures including FFO, AFFO and same-asset NOI. These measures are commonly used by entities in the real estate industry as useful metrics for measuring performance. However, they do not have a standardized meaning prescribed by IFRS Accounting Standards and are not necessarily comparable to similar measures presented by other publicly traded entities. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS Accounting Standards. For further explanation of non-GAAP measures and their usefulness in assessing Plaza’s performance, please refer to the section “Basis of Presentation” in Part I and the section “Explanation of Non-GAAP Measures” in Part VII of the REIT’s Management’s Discussion and Analysis as at September 30, 2024, which can be found on Plaza’s website at www.plaza.ca and on SEDAR at www.sedar.com.

The following tables reconcile the non-GAAP measures FFO, AFFO, and NOI to the most comparable IFRS measures.

Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO)

Plaza’s summary of FFO and AFFO for the three and nine months ended September 30, 2024, compared to the three and nine months ended September 30, 2023, is presented below:

Net Property Operating Income (NOI) and Same-Asset Net Property Operating Income (Same-Asset NOI)

Cautionary Statements Regarding Forward-looking Information

This press release contains forward-looking statements relating to Plaza’s operations, prospects, outlook, condition and the environment in which it operates, including with respect to Plaza’s outlook or expectations regarding the future of its business, continuation of strong retailer demand and the impact of lower interest rates on Plaza’s overall success through the remainder of the year and into 2025.  Forward-looking statements are not future guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Plaza to be materially different from any future results, performance or achievements expressed, implied or projected by forward-looking statements contained in this press release, including but not limited to changes in economic, retail, capital market, or debt market conditions, including recessions and changes in, or the extent of changes in, interest rates and the rate of inflation; supply chain constraints; competitive real estate conditions; and others described in Plaza’s Annual Information Form for the year ended December 31, 2023 and Management’s Discussion and Analysis for the three and nine months ended September 30, 2024 which can be obtained on the REIT’s website at www.plaza.ca or on SEDAR+ at www.sedarplus.ca. Forward-looking statements are based on a number of expectations and assumptions made in light of management’s experience and perceptions of historical trends and current conditions, including that progress continues on Plaza’s development and redevelopment program, the strength of Plaza’s tenant base, that tenant demand for space continues, that Plaza is able to lease or re-lease space at anticipated rents and that interest rates continue to decline.  Although based upon information currently available to management and what management believes are reasonable expectations and assumptions, there can be no assurances that forward-looking statements will prove to be accurate. Readers, therefore, should not place undue reliance on any forward-looking statements. Plaza undertakes no obligation to publicly update any such statements, except as required by law. These cautionary statements qualify all forward-looking statements contained in this press release.

Further Information
Information appearing in this press release is a select summary of results. A more detailed analysis of the REIT’s financial and operating results is included in the REIT’s Management’s Discussion and Analysis and Consolidated Financial Statements, which can be found on the REIT’s website at www.plaza.ca or on SEDAR at www.sedar.com. 

Conference Call
Michael Zakuta, President and CEO, Jim Drake, CFO, and Jason Parravano, COO, will host a conference call for the investment community on Friday, November 8, 2024 at 10:00 a.m. EST. The call-in numbers for participants are 1-437-900-0527 (local Toronto) or 1-888-510-2154 (toll free, within North America).

A replay of the call will be available until November 15, 2024. To access the replay, dial 1-289-819-1450 (local Toronto) or 1-888-660-6345 (Passcode: 52498#). The audio replay will also be available for download on the REIT’s website for 90 days following the conference call.

About Plaza
Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada. Plaza’s portfolio at September 30, 2024 includes interests in 218 properties totaling approximately 8.8 million square feet across Canada and additional lands held for development. Plaza’s portfolio largely consists of open-air centres and stand-alone small box retail outlets and is predominantly occupied by national tenants with a focus on the essential needs, value and convenience market segments. For more information, please visit www.plaza.ca.  

SOURCE Plaza Retail REIT

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