Primaris Real Estate Investment Trust

Good morning and welcome to Primaris REIT's first quarter 2026 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, VP, Investor Relations and Sustainability. 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 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 Primaris REIT's website at www.primarisreit.com. I'll now turn the call over to Alex Avery, Primaris' Chief Executive Officer.

Good morning. Thank you for joining Primaris REIT's first quarter 2026 conference call. Joining me today are Pat Sullivan, President and Chief Operating Officer, Julian Schoenfeld, Chief Investment Officer, Rags DeVleur, CFO, Leslie Bust, SVP Finance, Morty Bobrowski, SVP General Counsel, Graham Proctor, SVP Asset Management, and Claire Mahaney, VP IR and Sustainability. As we begin 2026, we're encouraged by the strong leasing momentum across the business. Activity throughout the portfolio remains robust, tenant demand is healthy, and both the quality and volume of deals being executed continue to strengthen. While some of this progress will take time to fully translate into reported financial results, the leasing fundamentals we're seeing today give us a high degree of confidence in the direction of the business. While near-term financial results reflect some expected headwinds, including the impacts from HPC and Toys R Us, equity compensation program settlements, and 2025 dispositions, the underlying trajectory of the business remains very strong. CRU leasing was a standout this quarter. The best descriptor of recent leasing activity is breathtaking leasing. with strong renewal spreads, record high leasing volume, and very strong tenant demand across the portfolio. The deals executed by the team during the quarter will drive robust NOI growth over the next several quarters. With the significant growth of our portfolio over the past few years and an expanding set of investment and capital recycling opportunities, we've strengthened our leadership team. Julian Schoenfeld has joined Primaris as our Chief Investment Officer and will oversee our investment activities and capital allocation initiatives, including acquisitions, dispositions, portfolio optimization, and underwriting. A key area of focus will be unlocking value from our substantial excess lands, many of which have only recently become actionable following the departure of Hudson's Bay. Julian, welcome to the team. Can't see this, but he's got a big goofy grin on his face, and so do I. In 2025, Primaris regained control of the 7% of our portfolio that had been occupied by Canada's last department store, half in June and half at the end of November. With average net rents of just over $4 per square foot, the space was the least productive, but often the best located space in our portfolio. Nevertheless, the full financial impact of this departure is notable in our Q1 2026 results as the peak quarter of occupancy and revenue drag. Now, for the first time in Canadian mall history, we are no longer constrained by legacy access controls imposed by large anchor tenants. Controls that have been monetized for decades without regard to the broader site optimization. This shift gives us meaningful flexibility across our portfolio, enabling more integrated decision-making around leasing, redevelopment, and excess lands, all informed by a disciplined assessment of highest and best use. By removing these longstanding barriers, we can begin to unlock value that has remained dormant for decades. We are now executing on this opportunity to deliver a higher quality, structurally higher growth and more durable cashflow. This opportunity could not have come at a better time in terms of robust retailer demand and leasing environment. We are also active on master planning and are approaching this massive opportunity with a disciplined and thoughtful approach. All of this work directly advances our strategic ambition of becoming the first call and we are very excited about what lies ahead. With that, I'll now turn the call over to Patrick to walk you through our operational results for the quarter.