Primaris Real Estate Investment Trust

Good morning and welcome to the Premieres REIT third 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 one follow-up question, at which point you may return to the question queue. I'd now like to hand over to your host, Lesley Buist, SVP of Finance to begin. Please go ahead, Lesley.

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 REIT's control, and 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 is contained in Primaris REIT's filings with the securities regulators. These filings are also available on Primaris REIT's website at www.primarisreit.com. I'll now turn the call over to Alex Avery, Primaris' Chief Executive Officer.

Thank you, Leslie. Good morning. Thank you for joining Primaris REIT's third quarter 2025 conference call. Joining me today are Pat Sullivan, President and Chief Operating Officer, Rags DeBloer, CFO, Leslie Bust, SVP Finance, Morty Bobrowski, SVP General Counsel, and Graham Proctor, SVP Asset Management. Claire Mahaney, our VP of Investor Relations and Sustainability, is out with some of our board members doing board engagement with investors today. Q3 2025 delivered another excellent quarter of results, including same property NOI growth and almost 6% FFO per unit growth, driven by the continued secular recovery in the Canadian mall sector. Once again, this quarter, we demonstrated disciplined capital allocation, recycling capital from strategic dispositions, and retained free cash flow into both strategic acquisitions and unit repurchases. 2025 has been an incredibly active year. With the business delivering strong operating and financial results, we have been using this time to recycle capital with the objective of structurally raising Primaris' long-term internal growth rate from its portfolio of exceptional properties on a sustained and durable basis. While five disclaimed HVC leases were an occupancy in NOI headwind in the quarter, We are very excited to announce substantial leasing progress made on five of the six disclaimed HPC boxes and the leasing of the vacant Sears box at Limeridge. This includes the HPC at our Promenade St. Bruno property in Montreal acquired in early October. That will provide more details shortly, but we have leased almost a half a million square feet of space to single-tenant occupiers and anticipate tenants to take possession as soon as November, as in next month, and in Q1 of next year. Late Tuesday, we learned the remaining five leases were disclaimed, allowing Primaris unfettered access and control of these spaces as of November 27, 2025. In 2025, we have acquired four top-tier malls, including Oshawa Center, a 50% interest in Southgate Center in Edmonton, Line Ridge Mall in Hamilton, and Promenade St. Bruno in Montreal, bringing total acquisitions for the year to $1.6 billion. Consistent with our strategic ambition of becoming the first call, all of these acquisitions are consistent with our target mall criteria, and we're chosen to increase portfolio quality and to structurally increase the base level of internal growth in our portfolio to an above sector average 3% to 4% same property NOI growth rate on a durable and recurring basis. These malls, in addition to our other acquisitions to date, are important centers for retailers in Canada, are the leading shopping centers in their markets, and elevate Primaris' stature in the mall industry. The resulting scale and quality of our mall portfolio makes us a strategically important landlord to retailers across Canada. Even better, all of these acquisitions were completed with FFO accretion on an NAV neutral basis while keeping leverage within our target range. In September, we held a very well-attended property tour at Le Galerie de la Capitale in Quebec City, where we hosted analysts and investors. Capital was acquired in 2024 and is the leading shopping center in Quebec City. We showcased Primaris' execution of its acquisition strategy, as well as our mall management team, the quality of the asset, the scale of the recent renovations prior to our purchase, and spent some time on the value creation opportunities we are exploring with the excess land at this site. We also invited local industry experts to participate, providing the full picture of the opportunity we see ahead for this asset. Some of us even rode the electro roller coaster, which left my knees weak and my stomach queasy. Mission accomplished. Throughout the tour, we emphasized the connection between these acquisitions and our ambition to be the first call for retailers seeking space in Canada's top malls. We hope attendees found it valuable and a great use of time. Along with our quarterly results, we are also announcing a 2.3% distribution increase, our fifth annual increase. Effective with this increase, we anticipate Primaris will be added to the dividend aristocrats index at the next appropriate rebalancing. With all of the transactions we have completed over the past few years, we have substantially repositioned Primaris' portfolio to deliver and exceed the outcome our investors want most, high quality and durable NOI with sustainable same property NOI growth in the 3% to 4% range, translating to above average FFO and AFFO growth per unit. 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?