Primaris Real Estate Investment Trust

Good morning, and welcome to Primaris REIT's second 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. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. 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 REITs filings with securities regulators. These filings are also available on Primaris REITs 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 second quarter 2026 conference call. Joining me today are Pat Sullivan, Raghunath Davloor, Julian Schonfeldt, Leslie Buist, Mordecai Bobrowsky, Graham Procter, and Claire Mahaney. Halfway through our fifth year post spinout, we are having a lot of fun at Primaris. All of the hard work over the past five years is manifesting in our financial and operating results. It has been a remarkable five years of change. with 70% of the portfolio new since 2021. We have moved from the 19th largest capped REIT index member to the ninth, driven by sector leading FFO per unit growth, significant portfolio growth through net acquisition activity, and as our FFO and AFFO multiples have expanded to the low end of our peer group. We are still in the early innings of the mall recovery story. In June, we announced visibility to approximately $52 million of incremental annual cash NOI from leasing activity expected to commence over the next three years, underscoring what we believe is one of the strongest embedded growth profiles in the Canadian REIT sector. With in-place occupancy currently sitting at 86.6%, we have approximately 1,000 basis points of occupancy gains ahead of us to get us to stabilized occupancy of 96%. The $52 million we have identified comes from three sources. First, signed and committed deals. Second, future lease up at our 10 most productive centers. And third, lease up of the 10 former HPC spaces that are now 84% leased or in advanced negotiations that rents four times higher than previous. Compared to the midpoint of our 2026 guidance range, this represents more than 13% Thank you for joining us today. and further strengthen its position as Canada's leading owner of dominant enclosed shopping centres. With that, I'll now turn the call over to Pat, who will walk you through our operational results for the quarter.