Canadian Apartment Properties Real Estate Investment Trust

Hello everyone and thank you for joining the Canadian Apartment Properties REIT third quarter 2025 results conference call. My name is Claire and I will 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 on your telephone keypad. I will now hand over to Nicole Dolan, Investor Relations at Canadian Apartment Property REIT 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 Kenney, President and CEO.

Thanks, Nicole, and good morning, everyone. Joining me this morning is Stephen Coe, our Chief Financial Officer, and Julian Schoenfeldt, our Chief Investment Officer. I'll start with a high-level update on our progress in 2025, as summarized on slide 4. So far this year, we've sold $411 million in non-core, underperforming Canadian properties, and on a consolidated basis, we've disposed of $783 million in European assets. With the sale proceeds, we've invested $366 million into the purchase of nine high-quality, low-CAPEX properties located in some of Canada's most highly sought-after neighbourhoods. We've also allocated $200 million to our NCIB program, repurchasing CAPREIT's trust units at a weighted average price of $43. With this being well below our diluted NAV per unit of $56 as of September 30th. it continues to represent a highly accretive use of capital. Operationally, our same property Canadian portfolio was 97.8% occupied at period end, across which we achieved 4.4% growth in average monthly rent. Combined with disciplined cost management, we are pleased to report our same property NOI margin expanded to 66.4% in Q3. We've also strengthened CAPREIT's balance sheet with leverage decreasing to 37.7% as of September 30th, 2025. With that overview, I will now turn the call over to Julian to provide an update on our capital allocation progress.