Primaris Real Estate Investment Trust

Good morning and welcome to Primaries for its third quarter 2026 result. 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 follow up, at which point you may return to the queue. If you would like to ask a question, please press start 1 to raise your hand. To withdraw your question, press start 1 again. I will now turn the call over to Claire Mahaney, Vice President, 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 Good morning.

Thanks for joining Primaris REIT's third quarter 2026 conference call. Joining me today are Pat Sullivan, Julian Schonfeldt, Raghunath Davloor, Leslie Buist, Mordecai Bobrowsky, Graham Procter, and Claire Mahaney. Q3 2026 was an exceptionally busy and productive quarter for Primaris. Our team remained focused on executing our strategic priorities, delivering strong leasing momentum, acquisitions, and dispositions. There's more of all of those things ahead, and we are all working hard to deliver on the opportunities in front of us. We are also having a lot of fun in the process. In September, we hosted a Halifax Shopping Center property tour showcasing a great example of the kind of properties Primaris owns. Investors saw firsthand the dominance of the shopping center within the region, the strength of the Halifax market, and the effectiveness of Primaris' operating platform. In September, we also successfully raised $230 million through a bought deal equity offering, demonstrating strong investor confidence in Primaris' strategy, portfolio quality, and growth outlook. The offering provided the funding to complete the acquisition of Upper Canada Mall, which we closed on October 15th, while also strengthening our balance sheet. We are thrilled to welcome the Upper Canada Mall team to Primaris. Earlier this month at our Investor Day at Promenade St. Bruno in Montreal, we introduced new three-year targets and outlined a clear roadmap for delivering sustainable growth across our business. We highlighted three phases of value creation over the next few years, including lease-up opportunities across the portfolio, tenancy optimization to improve merchandising mix and drive rental rate growth, and operational efficiencies that support continued margin expansion and cash flow growth. Our intent was to demonstrate how our operating platform and focused strategy execution position us to deliver on our targets and to continue to create meaningful value. We hope attendees left the event with a clear understanding of the significant embedded growth opportunities within our portfolio and confidence in our ability to realize that potential. With our financial and operating results released last night, we announced a 5.7% distribution increase. This increase reflects the strong growth in our cash flows and our confidence in the long-term earnings growth embedded within the business. This is part of our goal of providing annual distribution increases supported by our differentiated financial model that supports sustained growth in earnings and cash flow. Notably, at the midpoint of our 2027 FFO guidance range, the new and higher distribution level equates to a 47.5% FFO payout ratio, being the midpoint of our 45 to 50% FFO payout ratio target. As our fifth consecutive year of distribution increases, we aspire to be included in the Canadian Dividend Aristocrats Index, adding another pool of capital and investors to the audience for our equity. With substantial NOI growth potential, a strong and high quality portfolio, and multiple sources of internally generated capital, we believe Primaris is well positioned to deliver significant and sustainable growth in FFO per unit, NAV per unit, and distributions per unit, while further strengthening our position as Canada's leading owner of dominant enclosed shopping centres. With that, I'll turn the call over to Pat to walk you through our operational results for the quarter.