Primaris Real Estate Investment Trust

Good morning and welcome to Primaris REIT's fourth 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 question, at which point you may return to the queue. I'd now like to turn the call over to Claire Mahaney, VP, Investor Relations and Sustainability, to begin. Please go ahead, Claire.

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 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 primarisreit.com. I'll now turn the call over to Alex Avery, Primaris' Chief Executive Officer.

Thank you, Claire, and good morning. Thanks for joining Primaris REIT's fourth quarter 2025 conference call. Joining me today are Patrick Sullivan, President and Chief Operating Officer, Rags DeBloer, CFO Leslie Bust, svp finance morty bobrowski svp general counsel graham proctor svp asset management and claire mahaney vp ir and sustainability as we look back on 2025 and our first four years as a standalone public read it is clear that this has been a period of exceptional growth and transformation for primaris when we launched primaris in early 2022 we laid out an ambitious plan to grow our best-in-class enclosed shopping center platform to be the first call for retailers in Canada. I am pleased to say that over the past four years, and in 2025 in particular, we have truly transformed our business. In 2025 alone, we completed 1.6 billion of acquisitions, bringing our total since the spin-out to 3.3 billion, and executed on 400 million of non-core dispositions and nearly 500 million since 2021. That means almost 65% of our portfolio is new since 2021, a level of growth that is remarkable for a REIT of our scale. These transactions have significantly elevated the quality and performance of our portfolio. The seven malls we have acquired since 2023 have average aggregate CRU sales exceeding $250 million, well above our portfolio $80 million per mall in 2021, and our portfolio average of $140 million per mall today. Tenant productivity has also grown meaningfully. Sales in our portfolio has increased from $523 per square foot in 2021 to $800 per square foot today, while the centers acquired since 2023 averaged more than $1,000 per square foot. These results underscore the strength of consumer demand and the quality of tenants operating within our centers. All of this advances our strategic ambition of becoming the first call. Critical to this growth has been our differentiated financial model of low leverage and a low payout ratio. Despite tremendous growth, we have maintained strict capital discipline, keeping our debt to EBITDA below six times. While it may seem counterintuitive at first, our very low leverage and low payout ratio are critical to our ability to access growth capital. Our discipline around capital allocation can be seen in our use of our normal course issuer bid. Since early 2022, we have consistently used our excess retained free cash flow to repurchase units. In 2025 alone, we bought back 5.2 million units and an average price of $15.13, a roughly 29% discount to IFRS NAV, which delivered an immediate 43% return on the $79 million invested. Since we launched our NCIB in 2022, we have repurchased a total of 15.1 million units for $216 million at an average price of $14.31, a roughly 33% discount to NAV, which delivered an almost 50% immediate return. Looking ahead, the environment remains highly favorable for Primaris. As mall space per capita continues to shrink and demand from market-leading retailers strengthens, we expect market rents and NOI to continue rising. We also expect mall valuations to recover from the deep cyclical lows earlier this decade. Together with our disciplined capital allocation strategy, these trends position us for significant growth in FFO per unit, distributions per unit, and NAV per unit. With that, I will now turn the call over to Patrick to take you through our operational results for the quarter.