Canadian Apartment Properties Real Estate Investment Trust

Hello everyone and thank you for joining the Canadian Apartment Properties second quarter 2025 results conference call. My name is Lucy and I'll be coordinating your call today. During the presentation you can register a question by pressing star followed by one on your telephone keypad. If you change your mind please press star followed by two. It is now my pleasure to hand over to your host Nicole Dolan Investor Relations to begin. Please go ahead.

Thank you operator and good morning everyone. Before we begin let me remind everyone that during our conference call this morning we may include forward-looking statements about expected future events and the financial and operating results of CAPRE which are subject to certain risks and uncertainties. We direct your attention to slide two and our other regulatory filings for important information about these statements. I will now turn the call over to Mark Kenny, President and CEO.

Thanks Nicole and good morning everyone. Joining me this morning is Stephen Coe our Chief Financial Officer and Julian Schonsfeld our Chief Investment Officer. Let's get started with an update on our achievements so far in 2025 as highlighted on slide four. To date we've sold 274 million of non-core underperforming assets in Canada with the lowest cash returns and we've completed or committed to approximately 743 million dollars of dispositions in Europe. We've reinvested 165 million of the net proceeds into the acquisition of well-located high-performing low capex Canadian properties and we've reinvested 187 million into our value enhancing NCIB program. We've also been extremely focused internally on improving our operational performance. On our Canadian same property residential portfolio we've increased occupancies to 98.3 percent as the period end across which our average monthly rent grew by 5.2 percent since June 30th 2024. We've made meaningful strides on the expense side as well and we've been working hard to contain and reduce controllable expenditures in all areas of the business. These improvements together drove the 40 basis points expansion in our same property NOI margin to 66.3 percent for the second quarter of 2025. Additionally our balance sheet fundamentals remain best in class with low total debt to gross book value ratio of 38.5 percent as of the current period end. With that initial overview I will now turn the call over to Julian to expand further on our capital allocation progress.