Primaris Real Estate Investment Trust

Good morning and welcome to Primaris REIT's first quarter 2025 results conference call. At this time, all lines have been placed on mute. After the prepared remarks, there will be a question and answer session. You may ask one question and a follow-up, at which point you may return to the queue. I will now turn the call over to Claire Mahaney, Vice President in VISTA Relations and ESG. Please go ahead.

Thank you, Operator. During this call, management of Primaris REITs may make statements containing forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Primaris REITs control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Additional information about these assumptions, risks, and uncertainties are contained in Primaris REIT's filings with securities regulators. These filings are also available on our website at www.primarisreit.com. I'll now turn the call over to Alex Avery, Primaris' Chief Executive Officer. Good morning.

Thanks for joining Primaris REIT's first quarter 2025 conference call. Joining me today are Pat Sullivan, President and Chief Operating Officer, Greg DeVleur, CFO, Leslie Bust, SVP Finance, Morty Bobrowski, SVP General Counsel, Graham Proctor, SVP Asset Management, and Claire Mahaney, VP IR and ESG. It is very satisfying to deliver continued strong results in the face of a lot of uncertainty, including strong same property NOI growth and substantial FFO per unit growth. We continue to exercise disciplined capital allocation recycling capital from strategic dispositions and retained free cash flow into both strategic acquisitions and unit repurchases. The benefits to unit holders of this capital discipline, combined with the portfolio impacts of strategic capital recycling, can be most easily observed through a few key metrics. First, tenant sales per square foot in our portfolio has increased nearly 60% from $482 per square foot at the time of our spin-out to an all-time high of $768 per square foot today. Secondly, aggregate CRU sales across our portfolio over the same timeframe has grown from $800 million to $3 billion. Thirdly, our average aggregate CRU sales per mall has more than doubled from $58 million per mall to $124 million per mall since December 31st, 2021 through today. And fourth, Our 90-day average daily trading volume in dollar terms has increased 100% from a year ago, from $3 million to $6 million per day. These four metrics speak directly to our strategic objective of becoming the first call for retailers in Canada and delivering tangible progress on our strategy for Unicomers. We expect to continue to be able to make this kind of strategic progress, taking all of these metrics significantly higher over the next few years through continued additions to our portfolio and deployment of Primaris' strong management platform capabilities. We are now strategically important landlords to all of the most important retailers in Canada and materially more important to each of these retailers than we were three years ago. The fact that Primaris has been able to deliver these remarkable strategic portfolio transformation improvements while simultaneously delivering sector leading growth in per unit FFO Maintaining the lowest debt EBITDA and FFO payout ratio amongst our peers is only possible because of the deep cyclical downturn for enclosed malls that began a decade ago and culminated in the dramatic bottoming during the pandemic of 2020 and 2021. The strong recovery of Canadian mall fundamentals witnessed since 2021 is still in its early stages with very attractive supply and demand fundamentals and malls continuing to trade at very deep discounts to replacement costs. With limited investment capital competition for the ownership of large enclosed malls in Canada continuing today, we believe we may be able to continue to acquire market-leading Canadian malls and deliver significant further improvement in the quality of our business over the next few years. The changes we have already achieved in our portfolio composition are designed to deliver higher SANE property NOI growth driving NAV per unit growth and FFO per unit growth and ultimately delivering consistent annual distribution per unit growth. On January 31st, we completed the $585 million acquisition of Oshawa Centre in Oshawa, Ontario and a 50% interest in Southgate Centre in Edmonton, Alberta. Southgate is a top 10 Canadian mall in sales per square foot and Oshawa Centre offers remarkable opportunity for growth in operating income and value surfacing. We also sold $170 million of non-core shopping centers that did not meet our target mall criteria. A portion of the disposition proceeds were allocated to our NCIB program, where we purchased more stock in the first quarter of 2025 than we did in all of 2024. Discussions are ongoing on several additional acquisitions and dispositions. We have capacity for significantly more than $2 billion of acquisitions and require no financing conditions on our deals. Primaris' profile as a well-capitalized and credible counterparty is a real differentiator in what is currently a challenging transaction market for large assets. I'll now turn the call over to Pat to discuss operating and leasing results, followed by Rags, who will discuss our financial results.