Primaris Real Estate Investment Trust

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, Investor Relations and ESG. Please go ahead.

Thank you, Operator. During this call, management of Primaris REIT 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 REITs 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.

Thank you, Claire. Good morning. Thanks for joining Primaris REIT's second quarter 2025 conference call. Joining me today are Pat Sullivan, President and Chief Operating Officer, Rags DeVleur, Chief Financial Officer, Leslie Bust, SVP Finance, Morty Bobrowski, SVP General Counsel, Graham Proctor, SVP Asset Management, and Claire Mahaney, VP IR and ESG. We're very pleased to deliver another excellent quarter of results. including strong same property NOI growth and substantial FFO and AFFO per unit growth, driven by the secular recovery in the Canadian mall sector that we seem to be in the early to middle innings of this recovery. We continue to exercise disciplined capital allocation, recycling capital from strategic dispositions and retained free cash flow into both strategic acquisitions and unit repurchases. Since the pandemic faded, Canadian malls have seen a very strong recovery in tenant sales, retailer leasing demand, recoveries, and NOI. Primarily, the same property tenant sales per square foot are at all-time highs and are 33% higher at $723 per square foot than comparable 2019 levels. NOI has grown sharply, but still lags sales performance. To quantify this, our occupancy cost ratio remains depressed compared to historical levels, currently approximately 12% compared to the historical 14 to 15% range. This suggests Primaris' mark-to-market on in-place rents can drive 15 to 25% NOI growth over the next few years, even if tenant sales were to remain flat at current levels. This tailwind has been key to Primaris' strong operating and financial results. We expect to capture this mark to market over the next two years, supporting strong NOI growth. To be clear, we haven't been sitting back, relaxing and enjoying this strong performance. We have been incredibly active using this time to reposition the business so that Primaris is well situated to continue to drive above average growth out of its portfolio of exceptional properties over the long term once the current tailwind subsides. With the acquisition of Lime Ridge Mall in June, Primaris has acquired $2 billion of Canada's top tier malls since the spinoff, in addition to the $800 million we acquired concurrent with the spin. Those acquisitions now represent approximately 60% of the portfolio by value. To say these acquisitions have been transformational would be an understatement. These acquisitions are designed to increase portfolio quality and to structurally increase base level of internal growth in our portfolio to an above sector average three to four percent same property noi growth rate on a durable and recurring basis the basis for that above average growth in tenant sales rents and noi can be framed as the moats we have around our business that form our competitive advantage i'll describe five of them We showcased our first moat last September at our Halifax Investor Day, being our management platform, which is specialized for enclosed malls. This platform provides us with better relationships with retailers because they have confidence in our platform, and as a result, have more conviction when they commit to our malls. The strength of our platform acts as a barrier to entry for investors looking to enter the mall market who lack an enclosed shopping center management platform. There are only a few specialized mall platforms in Canada, and this platform allows us to drive better performance and growth out of the malls that we own as compared to what another owner could produce without a similar platform. We talk a lot about the second vote, our differentiated financial model. We are highly committed to maintaining very low leverage of below six times debt to EBITDA and maintaining an FFO payout ratio of approximately 50%. We think of this as a moat that gives us structurally higher AFFO and FFO per unit growth as we retain and compound capital faster than if we had higher leverage and a higher payout ratio. As our public company track record continues to grow, we expect this to result in a cost of capital advantage relative to our peers with higher FFO and AFFO multiples. Our third moat is our financing strategy. Our investment grade credit rating made possible by our sector low financial leverage and low payout ratio allows us to access the unsecured debenture market. This greatly simplifies our ability to arrange debt financing for our acquisitions as the mortgage financing alternative for these large value properties can stretch the limits of the secured mortgage market in Canada. The unsecured structure also allows us to buy and sell properties as well as renovate and redevelop properties without the constraints that come with secured mortgages. This gives us a significant advantage over potential new entrants to the mall market and over smaller private groups. Our fourth vote is the barriers to new supply. The hurdles discouraging new mall development are substantial. At IFRS fair value, our properties are valued at roughly $330 per square foot. And at our current stock price, our enterprise value reflects about $270 per square foot. This compares to a replacement cost of approximately $1,000 per square foot in most of our markets and considerably more in markets where land values are higher. The weighted average net rent in our portfolio is about $29 per square foot. To justify new construction, rents need to rise to between $80 and $100 per square foot, or roughly three times our current rents. That's before you contemplate trying to assemble 50, 60, or 70 acres of land in the center of a large population center, something that can only be reasonably achieved well outside of the city limits, which is by definition an inferior location to all of our malls. That is a serious moat. Four serious moats. But as I mentioned earlier, we have not been resting on our laurels, enjoying the ride. We've been working hard reshaping the portfolio to achieve structurally higher internal growth. How are we doing that? By acquiring some of the best malls in the country and recycling capital from our non-core property portfolio. In 2025, we have acquired Southgate Center, Oshawa Center, and Lime Ridge Mall. three market-leading malls with sales per square foot in the $800 to $1,400 per square foot range, and aggregate CRU sales of $250 million to over $300 million per mall. To put this into context, at the end of 2022, Primaris' largest mall by CRU sales volume was just under $200 million, and today we have six malls at $200 million or higher. Even better, all of these acquisitions were completed with modest FFO accretion on an NAD neutral basis and while keeping leverage below six times that EBITDA. These malls are important centers for retailers in Canada, dominate their markets and elevate Primera Saskatchewan in the mall industry. The resulting scale and quality of our mall portfolio makes us a strategically important landlord to retailers across Canada forming a fifth moat around our business. Moving on from moats and equally important as our recent acquisition activity is our capital recycling. In the past 13 months, we have executed the sale of over 300 million of non-core properties, including St. Albert Center, Sherwood Park Mall, Edinburgh Marketplace, and North Point Town Center, among others. Notably, we are preparing for the sale of Northland Village, a recently completed redevelopment of Northland Mall into one of Canada's best power centers. The center is anchored by Walmart, Winners, Best Buy, Good Life, Dollarama, and Spinelli Italian Center Shop, a specialty grocery store and restaurant similar to Eataly. All in an affluent trade area in Northwest Calgary with an average household income of $155,000. Northland Village represents almost 40% of the $400 million in our assets sold for sale at June 30th by dollar value. We expect to find a broad pool of interested buyers for this property. With all of the transactions we have completed over the past few years, we have substantially repositioned Primaris' portfolio to deliver the outcome our investors want the most, high quality and durable NOI with sustainable same property NOI growth in 3% to 4% range, translating to above average FFO and AFFO growth per unit. We're taking advantage of the current tailwinds we are enjoying to invest in the quality of our business enabling us to achieve sustainable above-average long-term NOI growth. I'll now turn the call over to Pat to discuss operating and leasing results, followed by Rags, who will discuss our financial results. Pat?