SmartCentres Real Estate Investment Trust

Good day, ladies and gentlemen. Welcome to the SmartPedras Meet Q2 2025 conference call. I would like to introduce the computer class. Please go ahead.

Good morning, everyone. Apologies for a slightly delayed start. We had a couple technical difficulties on our end. Welcome to our second quarter 2025 results call. I'm Peter Slam, Chief Financial Officer, and I'm joined on today's call by Mitch Goldhar, SmartCenter's Executive Chair and CEO, and by Rudy Gobin, our Executive Vice President of Portfolio Management and Investment. We will begin today's call with comments from Mitch. Rudy will then provide some operational highlights, and I will review financial results. We will then be pleased to take your questions. Just before I turn the call over to Mitch, I would like to refer you specifically to the cautionary language of our forward-looking information, which can be found at the front of our MD&A. This also applies to comments that any of the speakers make this morning. Mitch, over to you.

Thank you, Peter. Good morning, and welcome, everyone, and so sorry for the delay. As we have seen from our disclosures, Q2 continues the trend started last year. That is a quarter of solid performance across all sectors of the business. That is retail, industrial, residential, storage, and office. Translating into higher occupancies, healthy, sane property NLR increase, respectable and sustainable lease extension rates, and reduction in payout ratios. all with a focus on high-quality covenants from national retailers in our preferred categories of general merchandise, grocery, pharma, home improvement, apparel, financial services, and quick service restaurants. Extending our lead in the area of value and convenient retail. As I said before, the seeds of this positioning and weatherproofing of the business were planted years ago, guided by our belief and first principle that providing value and convenience to all Canadians is good business. The second quarter performance reflects this in many different metrics, such as same property NOI growth of 4.8% all in, or 7.7% excluding acres. Positive leasing spreads of 6.1% all in, or 8.5 excluding acres. 82% of 2025 lease maturities have already been expended. 98.6% occupancy for in-place and executed deals. A reduced payout ratio of 89.4%. Rent collections of over 99%. And during the quarter, Costco took possession of the premises at our 80-acre Winston Churchill and 401 Center, formerly occupied by Rona, and have commenced fixturing with a planned opening later this year. This center is now anchored by Lobos, Walmart, Winners, and Costco. Also worth noting, Walmart's fixturing is well underway on schedule at our South Oakville Center, located at Third Line and Rebecca. With a scheduled grand opening this fall in the old Zellers Target space, this is the first Walmart opening in quite a few years. Value-oriented retail, while not always in vogue, is always in demand. In addition to the metrics mentioned, this is further evidenced by our very active New Build program, where negotiations for new space and existing smart centers develop to expand our 37 million square foot portfolio with the latest in general merchandise, pharma, apparel, and other offerings. Further on the development spectrum are projects now under construction, which I will describe in a moment. And also contributing to future value is our ongoing land use permissions program across the platform with the 59 million square feet at the REACH share already zoned We believe smart centers could possibly possess the largest pipeline of zoned real estate in the country. When the time comes, the ability to quickly execute on this valuable inventory will prove a competitive advantage. Active developments include the 340-unit Artwalk condo project. It's well underway and at grade. As previously reported, 93% of the units are pre-sold with substantial deposits. Our recently completed 458-unit Millway apartment is now 97.8% leased and performing ahead of budget. Construction of our Bond Northwest townhomes with our partner is progressing well, with nine more closings taking place in the quarter. bringing the total to 98 units now closed. Construction continues in a 224,000 square foot Canadian Tire flagship store in Leaside, which will be completed and fixed for opening in Q2 2026. And three SmartSoft self-storage facilities opened in the quarter, two in Toronto, Edmonton West, and Gilbert, and on Jane Street, and also one in Doral in Montreal, bringing the total open facilities to 14, with three remaining under construction. Altogether, this brings the gross square footage of the 17 projects to 2.3 million square feet at 100%. This portfolio continues to perform well, and we intend to continue its expansion. On the capital recycling side, we have made deals on one-third of the planned $100 million of dispositions under negotiations. Closings for this particular part is scheduled for September. While the business continues to grow organically and through new income producing developments, we carefully manage our debt and debt-related metrics. In this regard, we have improved our financial flexibility with approximately $1.2 billion in liquidity, 89% of debt being fixed rate, and an uncovered asset pool of $9.6 billion, which Peter will speak to in a moment. But before that, let me turn it over to Rudy for some more operational highlights. Rudy?