Nexus Industrial REIT

Thank you for standing by. This is the conference operator. Welcome to the Nexus Industrial REIT first quarter 2026 results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there'll be an opportunity for analysts to ask questions. To join the question queue, you may press star then one on your telephone keypad. You'll hear a tone acknowledging your request. Should you need assistance during the conference call, you may reach an operator by pressing star then zero. I would now like to turn the conference over to Kelly Hunsick, Chief Executive Officer. Please go ahead.

Thank you, everyone, to the 2026 First Quarter Results Conference Call for Nexus Industrial REIT. Joining me today is Mike Rall, Chief Financial Officer of the REIT. Before we begin, I'd like to caution with regard to forward-looking statements and non-GAAP measures. Certain statements made during this conference call may constitute forward-looking statements, which reflect the REIT's current expectations and projections about future results. Also during this call, we'll be discussing non-GAAP measures. Please refer to our MD&A and the REIT's other securities filings, which can be found on our website for cautions for going forward and for information about GAAP measures. In the first quarter, income of $33.8 million. an increase of 5.4% compared to last year, and normalized FFO increased to 17.7 million. On the last 12 months basis, adjusted EBITDA grew to 121.3 million, and it marked the first quarter in 10 quarters of a sub-100% payout ratio, as we posted a normalized ASFO payout ratio of 96.6%, resulting from a strong normalized ASFO per unit of 0.162, 16.2.

I'm sorry to interrupt, but I'm so sorry to interrupt, but your line is dropping out quite consistently, and I think we should probably just try to reconnect. Okay, I'm just going to disconnect your line and then reconnect it quickly. Just one moment.