Boardwalk Real Estate Investment Trust

Good afternoon, ladies and gentlemen, and welcome to the Boardwalk Real Estate Investment Trust 4th Quarter 2025 Earnings 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 0 for the operator. This call is being recorded today, Friday, February 20, 2026. I would now like to turn the conference over to our first speaker today, Eric Bowers, Vice President of Finance and Investor Relations. Please go ahead.

Thank you, John, and welcome to the BoardWalk REIT 2025 Fourth Quarter Results Conference Call. With me here today are Sam Collius, Chief Executive Officer, James Ha, President, Greg Tinling, our Chief Financial Officer, Samantha Collius-Gunn, Senior VP of Corporate Development and Governance, and Samantha Adams, our senior VP of investments. We would like to acknowledge on behalf of Boardwalk, the treaties and traditional territories across our operations and express gratitude and respect for the land we are gathered on today and we now know as Canada. We respect indigenous peoples and communities as the original stewards of this land. We come with respect for this land that we are on today for all the people who have and continue to reside here and the rich diversity of First Nation, Inuit, and Métis peoples. Before we get to our results, please note that this call is being broadly distributed by way of webcast. If you have not already done so, please visit us at bwalk.com slash investors, where you will find a link to today's presentation, as well as PDF files of the Trust Financial Statements, MD&A, and Annual Report. Starting on slide two, we would like to remind our listeners that certain statements in this call and presentation may be considered forward-looking statements. Although the expectations set forth in such statements are based on reasonable assumptions, BoardWalk's future operation and its actual performance may differ materially from those in any forward-looking statements. Additional information that could cause actual results to differ materially from these statements are detailed in BoardWalk's publicly filed documents. I would like to now turn the call over to Sam Collius.

Thank you, Eric. Starting on slide four, welcome everyone to our BoardWalk Family Forever and to our year-end 2025 results. Redefining BFF BoardWalk Family Forever is at the top of our organizational chart. Family is everything. affordable multifamily communities have always been an essential product and service. Together, with our residents, our associates, investors, partners, capital environment, community, we are all essential and interconnected family members with our true north where love always lives. Together, we go far. Our leaders put our team first and our team puts our resident members first. Guided by the golden rule, We have a peak performing customer service culture that creates exceptional results as we continue to see on our next slide five. Our continued impressive performance with gap and non-gap measures increasing from the same quarter last year, same property rental revenue increased 5.8% and same property net operating income increased 9%. Our operating margin increased by 190 basis points to 66.4%, as well as our funds from operation per unit increasing by 11.2%. I would like to now pass it over to Samantha Collius-Gunn.