Choice Properties Real Estate Investment Trust

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 1. thank you i will now hand the call over to simone cole general counsel and secretary please go ahead thank you good morning and welcome to the choice properties q2 2025 conference call i am joined this morning by rail diamond

President and Chief Executive Officer, Niall Collins, Chief Operating Officer, and Aaron Johnston, Chief Financial Officer. Ray will start the call today by providing a brief recap of our second quarter performance and provide an update on our transaction activity. Niall will discuss our operating results and our development pipeline, and Aaron 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 in 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, or expectations that are not historical facts. These statements are based on our current estimates and assumptions and are subject to 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 could impact our financial results and estimates and the assumptions that were made in applying and making these statements can be found in the recently filed Q2 2025 Financial Statements and Management Discussion and Analysis. which are available on our website and on CEDAR+. And with that, I turn the call over to Rail.

Thank you, Simone, and good morning, everyone. Welcome to our Q2 conference call. We are pleased to report another solid quarter, underpinned by robust demand for our grocery-ranked retail and well-located industrial assets. We maintain near-full occupancy of 97.8%, driven by the resilience of our necessity-based portfolio that continues to produce steady cash flow growth. This quarter, we delivered 3.9% growth in FFO per unit and achieved exceptional leasing spreads of 24%, underscoring the quality of our assets and our team's ability to drive growth. While the macroeconomic environment has somewhat stabilized since our last update, uncertainty continues to persist. Nonetheless, our ability to deliver steady, earnings growth is a testament to the resilience of both our portfolio and our team. Operationally, our portfolio remains sound, evidenced by the strong leasing spreads and healthy same asset NOI growth. In our retail portfolio, demand remains strong for our well-located necessity-based properties. This quarter, we achieved strong renewal spreads and completed strategic asset management initiatives, which resulted in securing higher paying and stronger covenant tenants at certain assets. The portfolio continues to deliver stable, predictable growth, and this quarter was no exception. Industrial portfolio is performing well with occupancy increasing 30 basis points to 98%, and we delivered strong leasing spreads. While new supply has recently come to market, development activity is now slowing across major markets. With successful recent leasing at our properties and expectations of lower supply, both our existing income-producing portfolio and development pipeline remain well positioned for continued growth. From a development perspective, we remain in a strong position. We have 360 acres of land at a low cost base at Choice Caledon Business Park, a strong balance sheet and a proven team ready to execute. We are well positioned to move forward when others simply cannot. In our mixed use and residential portfolio, we've observed some softening in residential markets as new supply comes online. Despite this, our assets have maintained solid occupancy and stable rental rates, consistently outperforming their respective submarkets. We continue to be confident in the quality of our residential products and remain bullish on the long-term fundamentals of residential real estate across major urban markets in Canada. With that, our development team continues to make progress on zoning for our rental residential projects. We're exceptionally pleased to receive city approval this quarter for the next phase of our forest pathway project in North York. Turning to our transaction activity in the quarter. In Q2, we continue to advance our capital recycling program, completing approximately $427 million in total real estate transactions. This includes $351 million of industrial and mixed-use acquisitions and $76 million of non-core asset dispositions. further enhancing the quality of our portfolio. As we discussed on our last conference call, we completed the acquisition of approximately 345 million of industrial assets. This included a 1.1 million square foot industrial distribution asset that we acquired from Loblaw for approximately 183 million, which was concurrently leased back to them for 10 years with 2% annual rent increases. This transaction highlights the benefit of our strategic relationship with Love Law. We also purchased a portfolio of eight industrial outdoor storage sites for approximately $162 million, totaling approximately 140 acres of land across core Canadian industrial markets, which we believe is a perfect complement to our existing industrial portfolio strategy. Finally in the quarter, we also acquired a 50% interest In 555 Yonge Street in downtown Toronto for $6 million, this 3,400-square-foot retail property is adjacent to our JV at 543 Yonge Street and positions us to unlock future density potential in a stronger market environment. On the disposition fund, we capitalize on strong market conditions to achieve attractive pricing on a disposition of a small bay industrial portfolio in Calgary for $73 million, which was well above our IFRS value. The portfolio totaling approximately 497,000 square feet across nine sites in the foothill sub-market of Calgary was management intensive and not aligned with our broad industrial strategy. With the strength of our portfolio and fortress downsheet, were well positioned in any economic environment and continue to take advantage of opportunities as they arise. Looking ahead to the second half of the year, we remain firmly on track to achieve our outlook, which Aaron will speak to later. With that, I'll pass the call over to Niall to discuss our operational results in more detail. Niall.