Sturm, Ruger & Company, Inc.

Good morning. My name is Rob and I will be your conference operator today. At this time, I would like to welcome everyone to the Choice Properties Real Estate Investment Trust third quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press star one. Thank you. I'd now like to hand the call over to Simone Cole, General Counsel and Secretary. Please go ahead. Thank you.

Good morning, and welcome to Choice Properties Q3 2025 conference call. I am joined this morning by Rail Diamond, President and Chief Executive Officer, Niall Collins, Chief Operating Officer, and Erin Johnston, Chief Financial Officer. Rail will start the call today by providing a brief recap on our third quarter performance, and provide an update on our transaction activity. Niall will discuss our operational results and our development pipeline, and Erin will conclude the call with a review of our financial results before we open the line for Q&A. Before we begin today's call, I would like to remind you that by discussing our financial and operating performance and then responding to your questions, we may make forward-looking statements, including statements regarding choice properties, objectives, strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, intentions, outlook, and similar statements concerning anticipated future events, results, circumstances, performance, and exceptions that are not historical facts. These statements are based on current estimates and assumptions and are subject to the risks and uncertainties that could cause actual results to differ materially from the conclusions in these forward-looking statements. Additional information on the material risks that can impact our financial results and estimates and assumptions that were made in applying and making these statements can be found in the recently filed Q3 2025 financial statements and management discussion analysis, which are available on our website and on CDER+. Finally, new to this quarter, our call will feature presentation slides. If you've joined by webcast, you will see these slides presented on screen. If you have dialed into the call by phone, These slides will be available on our website following the call. And with that, I turn the call over to Rael.

Thank you, Simone, and good morning, everyone. Welcome to our Q3 conference call. We delivered another strong quarter driven by strong tenant demand in our national grocery anchored retail portfolio and new leasing activity across our well-located industrial assets. We maintained near full occupancy of 98% of 20 basis points from last quarter. We achieved Healthy overall rent spreads of 10.8% during the quarter, which included a significant amount of Loblaw renewals that we'll speak more about shortly. Our Loblaw leases continue to be a stable source of cashflow growth and were equally encouraged with a robust leasing activity from our third party tenants in the quarter. Excluding the Loblaw renewals, our average rent spread was approximately 23%. This leasing activity underscores the strength of our overall portfolio, and our team's ability to manage through uncertainty. We delivered FFO per unit growth of 7.8% this quarter, supported in part by lease surrender revenue from our ongoing Love Law right-sizing initiative. These initiatives remain a part of our active asset management strategy as we support Love Law in evaluating space requirements nationwide while creating opportunities to introduce other high-quality, strong covenant tenants that enhance the overall quality of our sites. Excluding lease surrender revenues and other non-recurring items in both comparative periods, FFO per unit growth was a very strong 3.5%. Erin will provide more detail on our financial results and an update on our 2025 outlook later in the call. Our strong performance this quarter comes amidst a backdrop of ongoing macroeconomic uncertainty, driven by trade-related risks in Canada and abroad. Despite this, our portfolio continues to demonstrate its resilience, and our commitment to prudent financial management has enabled our teams to execute on our growth initiatives. Turning to our portfolio, we continue to see a tight retail market nationwide, fueling strong demand for our grocery-anchored neighborhood centers. We also see particular strength among necessity-based and discount retail tenants. Our national portfolio is well positioned to continue capturing this momentum and benefit from these favorable market dynamics. Our team remains active in new leasing initiatives at our existing assets, while our industry-leading balance sheet and strategic partnership with Love Law enables us to continue delivering new retail space through intensifications and greenfield development. With a strategic focus on expanding our high-quality retail portfolio and a proven track record of execution, we're well equipped to deliver sustained growth and maximize value. In the quarter, we delivered seven new retail intensification projects at attractive yields, further intensifying our neighborhood centers, something now we'll expand on shortly. In addition to intensifying our existing sites, We also continue to leverage our balance sheet and relationship with Love Law to pursue new greenfield opportunities. During the quarter, we completed a $9 million acquisition of a 50% interest in a greenfield site in Ottawa. This 13-acre site will feature a new shopping center totaling approximately 120,000 square feet, anchored by no frills and a shopper's drug mart, which we will develop and manage on behalf of our partner. Our industrial portfolio remains in excellent shape, and our team delivered another strong quarter of leasing activity as occupants increased 30 basis points to 98.3%. Leasing spreads were robust at nearly 38%, driven by third-party tenant renewals. While the overall industrial market continues to normalize, our portfolio remains well-positioned to drive further growth given the meaningful gap between in-place and market rent. We also maintain a significant industrial development pipeline, including approximately 220 acres of developable land remaining at Choice Caledon Business Park. In the quarter, we announced our intention to begin the next phase of our Caledon project on a speculative basis. This decision was supported by our conviction in the GTA industrial market, the location of our site, the competitive advantage provided by a low land cost basis, and the increased RFP activity we're experiencing on the site. Lastly, in our mixed use and residential portfolio, we saw a quarter of solid momentum. Our office portfolio is primarily leased to affiliate entities and occupancy in the quarter was largely stable. On the residential side, we continue to experience some pressure from new supply at certain assets. However, looking ahead, we continue to have a strong conviction in the quality of our residential product and optimistic about the long-term residential fundamentals in major urban markets in Canada. Turning to our transaction activity in the quarter, we remain focused on maintaining our portfolio quality through capital recycling, completing approximately 118 million in total real estate transactions during and subsequent to the quarter, This included the $9 million retail land acquisition in Ottawa that I mentioned previously and $109 million of non-core asset dispositions. On the disposition front, we sold our 50% interest in a non-grocery anchored shopping center in Edmonton for approximately $9 million. In subsequent to quarter end, we completed three additional dispositions, including a retail portfolio of four assets in Ontario for $67 million, a 50% interest in a retail asset in Camrose, Alberta for $23 million, and a Canadian Thai land lease and COU at a retail site in Port Saskatchewan, Alberta for approximately $10 million. All transactions were completed at or above our IFRS values. We expect to remain roughly balanced for the rest of the year, positioning us as net acquirers this year in line with our transaction activity today. Our industry-leading balance sheet supports, continues to support us being net acquirers in the future, complementing our existing cash flow growth and development growth pillars. And we will continue to maximize value for unit holders. With that, I'll turn the call over to Niall to discuss our operational results in more detail.