Canadian Apartment Properties Real Estate Investment Trust

Hello everyone and thank you for joining the Canadian Apartments Property REIT first quarter 2026 results conference call. My name is Claire 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 on your telephone keypad. I will now hand over to Nicole Dolan, Investor Relations at Canadian Apartments 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 CABRY, 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. Before we begin, I'd like to take a moment to personally announce my retirement as President and CEO of CAPRI. And I'm pleased to announce Brad Cutse is my successor, effective July 2nd. I have greatly enjoyed the nearly 30 years I've spent with CAPRI and would like to express my sincere gratitude to everyone, past and present, for their collaboration and partnership. Brad brings substantial leadership capability and public company expertise. With 30 years of experience in real estate and capital markets, I am confident that under his leadership, Capri is in good hands and well positioned for the future. And with that, it is my pleasure to be here with you today on my final conference call to present one last update on Capri's performance. Let's begin on slide four and walk through some highlights from the year so far. In 2026, we've completed $45 million worth of asset repositioning in Canada. We've also sold 143 million of properties in the Netherlands through April 2026. Following that, on May 1st, CAPRI closed on the privatization of European residential REIT, acquiring all publicly held units not already held by CAPRI for $99 million. On our NCIB, we've repurchased and canceled $42 million of our trust units at a weighted average price of $37 per unit, which represents a substantial discount to our NAV of approximately $55 per unit as of March 31st, 2026. Operationally, despite current pressures impacting the broader multi-residential sector, Capri continues to perform well. On our same property residential portfolio in Canada, occupancy was 97.1%, while occupied AMR grew by 2.9%. Combined with the ongoing improvements to cost control and procurement efficiency, our same property NOA margin in Canada expanded to 62.2% for Q1 2026. With a decrease in the fair value of our investment properties this quarter to reflect softer market conditions, our total debt to gross book value ratio increased to 40.3%, a level we still consider conservative and on target. Turning to slide six, you can see how our portfolio composition has evolved. Today, the majority of our portfolio is concentrated in core assets complemented by a meaningful allocation to recently constructed properties, which help capital requirements and improve operating efficiency. In addition, Given the high quality and exceptional locations of these buildings, they offer strong upside potential once supply-demand dynamics normalize. We also maintain flexibility through a smaller allocation of non-core assets, which supports ongoing capital recycling. This balanced mix enhances the resilience of our platform and drives more stable performance through varying market conditions. With that, I'll turn it over to Stephen to walk through our operational and financial results for the court.