Good morning, ladies and gentlemen, and welcome to the Automotive Properties REIT 2024 First Quarter Results Conference Call and webcast. At this time, all lines are in listen-only mode. Following management's remarks, we will conduct a question-and-answer session. Please be aware that certain information discussed today may be forward-looking in nature. Such forward-looking information reflects the REIT's current views with respect to future events. Any such information is subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from those projected in the forward-looking information. For more information on the risks, uncertainties, and assumptions relating to forward-looking information, please refer to the REIT's latest MD&A and annual information form, which are available on SEDAR+. Management may also refer to certain non-IFRS financial measures. Although the REIT believes these measures provide useful supplemental information about financial performance, they are not recognized measures and do not have standardized meanings under IFRS. Please refer to the REIT's latest MD&A for additional information regarding non-IFRS financial measures. This call is being recorded on May 15, 2024. I would now like to turn the conference over to Milton Lamb. Please go ahead, Mr. Lamb. Thank you, Joanna. Good morning, everyone, and thank you for joining us today. On the call with me is Andrew Kalra, our Chief Financial Officer. We generated continued solid financial performance in the quarter, reflecting growth from contractual rent increases and acquisitions we completed last year. Compared to Q1 a year ago, property rental revenue has increased 2.3%. Cash NOI was up 3.5%. Same property cash NOI increased by 2.5%. And AFFO per unit, on a diluted basis, increased to CAD 0.234 from CAD 0.229. Our portfolio continues to perform well in the current environment of elevated interest rates. Due to our triple net lease structure, where property-level operating and energy costs are the responsibility of our tenants, and our leases include either fixed or CPI-linked and annual rent escalators, leases with CPI-related adjustments now represent 36% of base rent, an increase due to 10% of our existing leases moving from fixed to cap CPI-related adjustments. We continue to carefully manage our debt and liquidity position, with 95% of our debt fixed through interest rate swaps and mortgages, and a debt-to-GBV ratio of 44.6% at quarter-end. We currently have approximately CAD 60.4 million of undrawn capacity under our revolving credit facilities and four unencumbered properties with an aggregate value of approximately CAD 62.8 million. I'd now like to turn it over to Andrew Kalra to review our first quarter results and financial position in more detail. Andrew? Thanks, Milton, and good morning, everyone. Our property rental revenue for the quarter totaled CAD 23.4 million, a 2.3% increase from Q1 a year ago, reflecting growth from properties acquired during and subsequent to Q1 last year and contractual annual rent increases. Total cash NOI and same property cash NOI for the quarter totaled CAD 19.5 million and CAD 17.4 million, respectively, representing increases of 3.5% and 2.5% compared to Q1 a year ago. Growth in cash NOI was primarily attributable to acquisitions and contractual rent increases. Growth in same property cash NOI primarily reflects contractual rent increases across our portfolio. Interest expense and other financing charges for the quarter were CAD 6.3 million, an increase of approximately CAD 0.4 million from Q1 last year, reflecting additional debt incurred to acquire properties during and subsequent to Q1 last year and an increased interest rate. Our G&A expenses of CAD 1.4 million were similar to Q1 a year ago. Net income was CAD 20.9 million compared to CAD 17 million in Q1 a year ago. The increase was primarily due to higher NOI, favorable changes in non-cash fair value adjustments for interest rate swaps and investment properties, partially offset by lower increase in fair value adjustments for Class B LP units and unit-based compensation. The impact of the movement in the traded value of REIT units resulted in a decrease in fair value adjustments for Class B LP units and unit-based compensation of CAD 5 million in the quarter compared to an increase of CAD 14.5 million in Q1 a year ago. FFO and AFFO for the quarter increased by 0.3% and 2.7%, respectively, compared to Q1 last year, reflecting property acquisitions and rent increases as discussed previously. The REIT paid total distributions of CAD 9.86 million or CAD 0.201 per unit in the quarter, representing an AFFO payout ratio of 85.9%, down from 87.8% in Q1 last year. The cap rate applicable to our portfolio was 6.63% at quarter-end, up slightly from 6.59% at 2023 year-end. The weighted average term capitalization rate at quarter was 7.28%, up from 7.1% at 2023 year-end. We had a nominal fair value increase in investment properties in the quarter. We had CAD 531 million of outstanding debt at quarter-end with an effective weighted average interest rate of 4.27%. We continue to have minimal exposure to floating or short-term interest rates, with 95% of our debt fixed through interest rate swaps and mortgages. We have a well-balanced level of annual maturities, with a weighted average interest rate swap term and mortgages remaining of 4.6 years and a weighted average term maturity of debt of 2.6 years. I'd like to turn the call back to Milton for closing remarks. Thank you very much. Great. Thanks, Andrew. The Canadian automotive sector continues to be supported by strong fundamentals. According to Statistics Canada, total automotive industry sales were a record CAD 211 billion in 2023, an increase of 12.3% from the prior year. That amounts to approximately 27% of Canada's overall retail sales of products and merchandise. According to DesRosiers Automotive Consultants, new light vehicle unit sales in Canada increased by approximately 15.3% for Q1 this year compared to Q1 a year ago, reflecting continued strong demand and inventory for new vehicles. Looking ahead, given our strong portfolio of essential retail properties located in prime urban markets, high-quality tenants, triple net lease structure, and embedded fixed or CPI-adjusted rental growth, we are well-positioned to generate ongoing steady organic growth in support of distribution to our unitholders while continuing to pursue strategic opportunities to further drive AFFO growth per unit. That concludes our remarks today. I'd now like to turn it over for questions. Joanna, please go ahead. Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press the star followed by the 1 on your touch-tone phone. You will hear a three-tone prompt acknowledging your request. If you are using a speakerphone, please lift the handset before pressing any keys. Your first question comes from Frank Liu at BMO Capital Markets. Please go ahead. Good morning, Milton and Andrew. Good morning, Frank. Good morning. Your portfolio continues to remain very stable and 100% leased as of today, no lease maturing 2026. My first question is I know it's too very early to ask, but could you give some color on what leases are maturing 2026 and who's kind of the major tenant? We don't normally go specifics on, but we've talked about this property before. It was renewal in Vaughan for five years. They have one further option, which we do not know at this point whether they will exercise or not exercise. It is one of our favorite properties. We'll be happy either way. Got it. Is there an escalator when they execute their options? Is there a 2% or 3% bump on rent? No, there's not a set renewal rate or escalator attached to that. When we renewed them, I guess in 2021, we received a market rental increase. We'd expect to do the same if they renew this time. Okay. Got it. So just wanted to switch gears to the balance sheet side. If I recall, property, you have CAD 40 million and CAD 80 million of swaps maturing towards the end of 2024 and 2025. And just curious, what's the spread between the expiry rate and the swap rate you're seeing in the market today? I mean, I'm just guessing. Is it fair to say it's 150-200 basis points spread? Yeah. Current five-year swaps, about 5.4%-5.6%. That's as of today. That's not from 6 months to 1 year from now. The expectation is that we'll see a drop, and that's where the market's placing it as well. But yeah, overall, from our existing effective weighted average of 4.27%, the five-year is higher. Got it. Thanks, Andrew. Sorry about that. The swaps for this year tend to be very back-end of the year. So hopefully, we'll see some movement in the Bank of Canada. Got it. Yeah. And then next year, I guess it's also back-end loaded, right, towards the end of 2025. Correct. Correct. Right. Minimal amount. Yes. Minimal amount. Okay. Yeah. Got it. All right. Thanks for that. Lastly, I just want to touch on the CAD 80 million new mortgages. I know it's small on the Brossard asset. Is this a decision you made with your JV partner together? And I mean, we don't normally see a lot of mortgage replacing on your end. The very nature of a JV is you're going to do it with your partner. So it was certainly discussed on acquisition, and we put it in place, we believe, at the right time. It's 50%. It's not a huge amount. We certainly do have a lease in place. It allows us some flexibility. Yeah, it was just a decision we made with SVI. Sounds good. All right. Thanks for the caller. All my questions. I'll turn you back. Have a great day, guys. Thank you. Thank you. Thank you. Next question comes from Jonathan Kelcher at TD Cowen. Please go ahead. Thanks. Good morning. Good. Yeah. First, I guess just sticking with the Brossard property there, I see that Volvo is no longer there. Maybe give a little bit of color on that. Is that Jaguar Land Rover just taking over more space, or is there a redevelopment opportunity there? It'll be interesting on the second part. We certainly love that corner for potentially that opportunity. But we knew in advance that they were going to relocate. It was actually under renovation at this point. Sorry, at the point we were in due diligence on another location for them to move into. Since then, the tenant has moved another brand into that space as opposed to expand. But we could easily see that continue to rotate a bit. And we like that opportunity, whether it's a renewal with the existing tenancy with different brands, whether it's bringing another automotive use in, or whether it's to work with StorageVault and do some self-storage. So it's one of the reasons why we kept optionality and brought in a very strong partner with a different use like StorageVault. Okay. How much time is remaining on the Jaguar lease? We didn't get specific on the acquisition except to say that it was a midterm as opposed to a long-term lease. But depending when and where, there may be some flexibility there as well to work with the tenant. Okay. Thanks. I'll turn it back. Thank you. Thank you. Next question comes from Lorne Kalmar at Desjardins. Please go ahead. Thanks. Good morning. Maybe just going back to Frank's question on the 2026 lease rules, would you guys have to give any TIs on the renewals? It has been requested before, but certainly, that would flow through. In this case and in many other cases, the answer would be no. Are we obligated to? No, absolutely not. If we have the request, then we would look at doing it as long as we got an appropriate return. Fair enough. And then on the Vaughan asset, if they weren't to renew, would the idea be to put in another dealer, or would you look at some other options there? On the Vaughan, if they were not to renew? Yeah. Is that the question? Yeah. Yes. If they were not to renew, I would be surprised if it stayed automotive. That corner and that area has a lot of activity in the high-density world. I guess, would the idea be to maybe rezone and sell? Sorry, maybe is it rezoned already? It is not rezoned. Okay. So then, yeah, would the idea be to kind of rezone and sell or bring in a partner? How do you guys think about kind of moving forward on redevelopments? Well, certainly, whether it's this site or just overall some of the sites that I would say are highlighted as high-density residential, we do work with planners to understand what can be done there and potentially take some preliminary steps with some of the regions or cities associated with that. I've said before, and we continue to say, we do not believe we should be a development company. We've got very strong assets in multiple markets. Creating a development team is very expensive, and I believe local developers have an advantage for good reason. So we would either do a JV, or we would potentially do partial entitlement and sell. Perfect. Thank you so much for the color. I will turn it back. Thank you. Thank you. Next question comes from Brad Sturges at Raymond James. Please go ahead. Hey, guys. Good morning. Just maybe switching gears to the acquisition market and the M&A market on the operating dealership side. Just curious if you could characterize where the bid-ask spread might be for operating dealership M&A today? I would say over the last three months, it's actually widened a bit. The good news is dealers are getting more inventory. The concern about logistics and deliveries has dissipated. The flip side of that is they now have some inventory, which has financing costs associated with it at elevated interest rates compared to a year, two, three years ago. So as dealers have gotten into due diligence or looking at acquisitions, often that means the denominator, what's the EBITDA going forward as opposed to in the past, is a bit more of a head-scratcher. So they're looking for a bit more clarity on that, both as a vendor and a purchaser before striking deals. I expect that to continue to tighten over this year and certainly into 2025. So again, I would see more M&A activity end of year and going into 2025. And so I guess from the REIT's perspective in terms of the real estate acquisition funnel, that timeline that you gave last quarter, I think it was like 6-24 months of seeing more activity. That's probably a pretty consistent timeline today. I would say so. Yes. With the capital gains inclusion rate change, does that accelerate any deals at all or not really at this point? I don't know if the word is accelerate. It certainly, I think, prompts more conversations. In today's environment, we certainly want to be strategic and do the right deals as opposed to all deals. We've never been a group that just buys for the sake of buying. I think it will and does provide us more opportunities. Okay. Sounds good. I'll turn it back. Thanks. Thank you, ladies and gentlemen. As a reminder, should you have any questions, please press star 1 now.