CT Real Estate Investment Trust

Thank you for standing by. My name is Shannon, and I'll be your conference operator today. At this time, I would like to welcome everyone to CT REIT's Q1 2026 Earnings Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer period. If you would like to ask a question during that time, simply press star 1 1 on your telephone keypad. To withdraw your question, please press star 1 1. The speakers on the call today are Kevin Salzberg, President and Chief Executive Officer of CTREIT, Jody Spiegel, Senior Vice President, Real Estate, and Leslie Gibson, Chief Financial Officer. Today's discussion contains information that may constitute forward-looking information within the meaning of applicable securities laws. Although CT REIT believes that the forward-looking information in today's discussion is based on information, estimates, and assumptions that are reasonable, such information is necessarily subject to a number of risks, uncertainties, and other factors that could cause actual results that differ materially from those expressed or implied in such forward-looking information. For information on these material risks, uncertainties, factors and assumptions, please see the REITs Q1, 2026 and full year 2025 MD&A, as well as the 2025 AIF, which are available on the website and filed on CDAR+. The REIT does not undertake to update any forward-looking information, whether written or oral, except as required by applicable laws. I will now turn the call over to Kevin Salzberg, President and Chief Executive Officer of CT REIT. Kevin.

Thank you, Shannon, and good morning, everyone. Thank you for joining us today on our Q1 2026 earnings call. We are pleased with our start to the year, and our first quarter results once again demonstrate the strength and stability of our portfolio, the benefits of our disciplined operating approach, and the resilience of our business model. CTREIT's objective has always been straightforward, to deliver dependable and growing results, supported by a high quality portfolio and a conservatively managed balance sheet. Our Q1 results reflect our continued execution against this objective. From an operating perspective, our portfolio continued to perform very well. Occupancy remained high at 99.4%, consistent with prior periods, and we continued to benefit from the contractual rent escalations embedded in our long-term leases. Same property NOI grew by 2.3%, and net operating income increased by 4.7% year-over-year, respectively. This steady growth at the property level translated into continued improvement in our earnings metrics. AFFO per unit increased by 2.8% compared to the first quarter of last year, and FFO per unit increased by 3.5%. It is important to note that this growth was achieved while maintaining a disciplined approach to costs and capital allocation, and while keeping our payout ratio stable in the low to mid 70% range. Against this backdrop, we were pleased to announce that our Board of Trustees has approved a further increase in our monthly distributions. Effective with the July 2026 payment, distributions will increase by 3.5%, which marks our 13th increase since our IPO and brings our cumulative distribution growth to more than 50% over that period. Turning to capital deployments, we were pleased to announce three new third-party investment opportunities with a total expected capital commitment of approximately $43 million. These investments include the acquisition of a Canadian Tire anchored retail property in Edmonton, as well as the acquisition of two separate properties that are located adjacent to existing CT REIT-owned assets. One, a land parcel in Oliver, British Columbia, and the other, an existing retail property in the Greater Montreal area. Collectively, these transactions are expected to deliver an attractive going-in yield and will add nearly 130,000 square feet of incremental GLA to the portfolio. While individually modest in size, these investments are good examples of how we continue to source capital-efficient growth opportunities that align with our strategy. In each case, we are leveraging our portfolio, existing relationships, and market knowledge to deploy capital in a prudent manner. This approach has been a consistent hallmark of CT REIT's growth over time and works particularly well in a transaction environment where discipline and selectivity remain critical. At the same time, our development pipeline remains well positioned. We continue to advance a number of projects, with four expected to be completed through the course of this year and others extending into 2027 and beyond, including our Canada Square retrofit project. These developments are all substantially pre-leased, and as Jody will outline in more detail, they are designed to deliver incremental growth while maintaining the overall quality and balance of our portfolio. From a balance sheet perspective, it remains in a very strong position. We ended the quarter with our indebtedness ratio sitting at 39% and our interest coverage ratio at 3.52 times. The potential liquidity that this provides, coupled with our conservative approach, differentiates us from our peers and will position us well to continue to execute on our strategy going forward. Looking ahead, we remain confident in CTREIT's ability to deliver reliable performance and long-term value creation. With a stable, predominantly net lease portfolio, visible organic growth, a well-positioned development pipeline, and a strong balance sheet, CTREIT will continue to navigate the current environment and capitalize on opportunities as they arise. With that, I'll now turn the call over to Jody to discuss our investment, development, and leasing activities in more detail. Jody?

Thanks, Kevin, and good morning, everyone. As Kevin noted and as highlighted in our press release yesterday, we were pleased to announce three new investments this quarter. The first acquisition relates to a property in the eastern part of Edmonton. The roughly 76,000 square foot property is anchored by a Canadian tire store and has two additional freestanding pads, one leased to the Bank of Montreal and one leased to McDonald's. The second acquisition is a 54,000 square foot CRU building anchored by Value Village that is directly adjacent to the CT-owned Canadian Tire store in Rosemere, Quebec, which is a suburb located just north of Montreal. Lastly, we will be acquiring roughly 3.4 acres of land adjacent to a CT REIT-owned Canadian Tire and grocery store anchored open-air shopping center in Oliver, BC. These new investments are subject to closing conditions, are expected to close in Q2, and will require a total of $43 million to complete and are projected to earn a going-in yield of 6.28%. Combined, they will add approximately 130,000 square feet of high-quality GLA to our portfolio. Looking ahead, our development pipeline remains healthy. We currently have 11 projects at various stages of progress. These developments, including the Canada Square office retrofit project in Toronto, represent a committed investment of approximately $380 million, of which $177 million has been spent to date. We expect to invest roughly $78 million over the next 12 months to advance these projects. Once completed, they will add 629,000 square feet of new GLA to the portfolio, approximately 95% of which has already been pre-leased. Turning to leasing, During the first quarter, CTREIT completed two Canadian Tire Store lease extensions. In the quarter, we also renewed nearly 200,000 square feet of third-party tenancies. On a blended basis, total renewal spreads came in at 5.9% on approximately 340,000 square feet of GLA. It should be noted that approximately 226,000 square feet of this GLA related to extensions that were exercised with fixed options to renew at flat rents. Excluding this GLA, blended renewal spreads came in at 11%. As of quarter end, we maintained a long-waited average lease term for the portfolio at 7.0 years, and our occupancy rate remained robust at 99.4%. I will now turn the call over to Leslie to discuss our financial results.