SmartCentres Real Estate Investment Trust

Good day, ladies and gentlemen. Welcome to the Smart Center's REACH Q1 2026 conference call. I would like to introduce Mr. Peter Slant. Please go ahead.

Thank you. Good afternoon and welcome to Smart Center's first quarter 2026 results call. I'm Peter Slant, Chief Financial Officer, and I'm joined on today's call by Mitch Goldhar, Executive Chair and CEO, and by Rudy Govan, our Chief Portfolio and Asset Management Officer. We will begin today's call with some comments from Mitch. Rudy will then provide some operational highlights, and I will review our 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 about 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 on today's call. Mitch, over to you.

Thank you, Peter. Good afternoon and welcome, everyone. As in prior quarters, we will keep our comments brief to allow more time for your questions. Strong retail fundamentals highlighted in 2025 have continued into early 2026, with 80% of our 2026 week maturities extending by the quarter end at retail lists of 11.5% ex-anchors. This strong retention rate and rental lift is further supported by a 3.4% same property NOI increase . Demand for space, including new built space, remains strong as we continue to improve our tenant mix and covenants. As we mentioned in February, We terminated six Toys R Us locations in early July before their CCAA filing. This gave us the flexibility and control we needed to manage the releasing of these locations. Shortly after the quarter end, we reached commitments with various grocers for three of the ex-Toys locations for which we are currently finalizing the documentations. We have also reached a firm commitment with TJX for winners in a fourth location. With these deals, if measured today, our occupancy would be 98%. Further, these deals offer higher quality, stronger covenant, and new 15-year terms and 10-year term, respectively, replacing the three-year term we had. And all that with higher traffic all year long and not just in the fourth quarter. Most importantly, the new net rents are 20% to 25% higher than the previous toys rents, adding NOI, stability, and valuation to our portfolio. As I have said previously, we will stay on strategy, taking the appropriate time in building a strong, stable portfolio for the long term. As we noted in our Q1 press release, we are embarking on a retail expansion program. The three projects announced are board approved, and just the beginning, two of which will start construction later this year. We expect these new build developments to deliver accretive FSO growth. With the program, which has been going on for a while now, will continue for many years. Stay tuned for further announcements in the coming months. At the corporate level, which Peter will speak to in a few minutes, You will see that we have continued to carefully manage our balance sheet debt and related metrics. Our financial flexibility remains strong with over $1 billion of liquidity and an unencumbered asset pool of $10.2 billion. We have also taken steps to insulate ourselves from potential interest rate shocks with 88% of our debt being at fixed rates. With that, let me turn it over to Rudy for some more operational highlights.