Good morning, ladies and gentlemen. Welcome to the Automotive Properties REIT 2025 first quarter results conference call and Webcast. At this time, all lines are in a 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. Lily, are you there? We seem to be—I'll read it out. I'll read out this instead. 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 risk, uncertainties, assumptions that could cause actual results to differ materially from those projected in the forward-looking information. For more information on the risk, uncertainties, and assumptions related 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 information, 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 information. Please note questions will be limited to one with one follow-up as well once the operator opens up the line for questions. The call is being recorded on May 5th, 2025. I'd like to turn the conference over to Milton. Please go ahead, Milton. Good day. Good morning, everyone. Thank you for joining us today. With me on the call is Andrew Kalra, our Chief Financial Officer. Our results for the quarter reflect the positive impact of our property acquisitions in the fourth quarter last year and the fixed and CPI-linked contractual rent increases embedded within our leases, partially offset by reduced rental revenue from the sale of our Kennedy Lands project. Compared to Q1 a year ago, our property rental revenue has increased by 2.1%. Cash NOI was up 2.6%. Same property cash NOI increased by 2.2%, and AFFO per unit diluted increased by CAD 0.247, up from CAD 0.234. We expanded our property portfolio into the United States in the quarter with acquisitions of a Tesla Collision Center property located in Dublin, Ohio, a suburb of Columbus. Subsequent to year to quarter end, we added a second U.S. property with the acquisition of a Rivian Automotive property located in Tampa, Florida. Tampa and Columbus are both fast-growing metros that will support long-term property value appreciation. These acquisitions essentially completed the capital recycling of our Kennedy Land sale and are consistent with our strategy of acquiring attractive commercial properties in growing metropolitan markets, enhancing our tenant and geographic diversification, and increasing our exposure to the electric vehicle and service market within North America. 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. Good morning, everyone. Our property rental revenue for the quarter increased 2.1% to CAD 23.9 million, from CAD 23.4 million in Q1 a year ago, reflecting growth from the properties acquired in Q4 last year and contractual annual rent increases, partially offset by a decrease in the rent due to the sale of the Kennedy Lands in Q4 last year. Total cash NOI, same-property cash NOI for the quarter totaled CAD 20 million and CAD 19.5 million, respectively, representing increases of 2.6% and 2.4% compared to Q1 a year ago. Interest expense and other financing charges for the quarter were CAD 6 million, a decrease of approximately CAD 0.4 million from Q1 a year ago, reflecting the paydown of debt together with a decrease in floating interest rates. Our G&A was CAD 1.9 million for the quarter, a slight increase from Q1 last year and in line with management's expectations. Net income was CAD 7.6 million compared to CAD 20.9 million in Q1 a year ago. The variance is primarily due to changes in non-cash fair value adjustments for interest rate swaps and foreign exchange for contracts, investment properties, and unit-based compensation, as well as a fair value adjustment to Class B LP units in Q1 last year. FFO increased by 4.6% compared to Q1 last year, reflecting higher rental revenue and lower interest expense. AFFO increased by 6% compared to Q1 a year ago, reflecting the impact of the properties acquired subsequent to Q1 last year, contractual rent increases, and lower interest costs, partially offset by the reduction of rent from the sale of the Kennedy Lands. Excluding the cash component of the special distribution we paid on January 6, 2025, we paid unitholders CAD 9.87 million or CAD 0.201 per unit in the quarter, representing an AFFO payout ratio of 81.4%, down from 85.9% in Q1 last year. The cap rate applicable to our overall portfolio remained consistent at 6.7%, up slightly from 6.69% compared to 2024 year-end. During the quarter, we entered into floating-to-fixed rate swaps totaling CAD 25 million in Facility 1, ranging from 6 years-9 years at an average rate of approximately 4.5%. Over the next 12 months, we will be looking to roll over approximately 16% of our swaps coming due. We expect that our contractual same-property NOI growth, combined with our swap laddering strategy, will more than offset any potential swap rollover impacts. We have a well-balanced level of annual maturities with a weighted average swap rate, a swap term and mortgage remaining of 4.2 years. We continue to have minimal exposure to floating or short-term interest rates, with 93.1% of our debt fixed through interest rate swaps and mortgages. At quarter end, the maturity date of Facility 3 was extended from June 2026 to March 2028 at the same credit spread at 150 basis points over CORRA. At quarter end, we had CAD 529 million of outstanding debt with an effective weighted average interest rate of 4.35%. Our debt to GVV as of March 31, 2025, was 43.8%. We currently have CAD 39.4 million of undrawn capacity under our revolving credit facilities, five unencumbered properties with an aggregate value of approximately CAD 87.9 million, providing us with flexibility to pursue further growth. I'd like to turn the call back to Milton for closing remarks. Thank you very much. Thanks, Andrew. Looking ahead, we're well-positioned to continue generating ongoing growth with a property portfolio featuring essential retail and service properties located in prime urban markets, high-quality tenants, attractive single-tenant net lease structure, and embedded fixed or CPI-adjusted rental growth. Our recent property acquisitions in the U.S., combined with our acquisition of the two heavy construction equipment dealership properties in the greater Montreal in December, will contribute to our AFFO per unit growth throughout 2025. We will continue to pursue property acquisitions in strategic markets as we currently have acquisition capacity of more than CAD 100 million. Before opening the line to questions, I'd like to comment on the evolving trade situation between Canada and the U.S. related to the auto sector tariffs. During the pandemic, when supply chain interruptions restricted new car inventories and economic contraction impacted consumer spending behavior, automotive retail proved to be highly resilient and essential retail. During the pandemic, dealers responded to limited inventory and demonstrated their ability to work with consumers with both additional repair and service income and used car demand. This allowed the dealer community to remain profitable and allowed us to continue to enjoy 100% occupancy and 100% rent payment for almost 10 years since our IPO. Our tenants provide essential retail and services, and we are confident that they will effectively adapt and continue to succeed. That concludes our remarks. I'd now like to open it up for questions. Operator, do we have you? Yes, thank you. Ladies and gentlemen, we will now begin the question-and-answer session. To ask a question, you may press star followed by the number one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star followed by the number two. As a reminder, please limit yourself to one question and one follow-up. One moment, please, for your first question. Your first question comes from the line of Jonathan Kelcher with TD Cowen. Please go ahead. Thanks. Good morning. Just to sort of, I guess, keep going on the thread you ended your prepared remarks with, how do you think there is uncertainty out there? What do you think that does to dealer M&A activity over in the near term and, I guess, over the balance of this year? Yeah. I mean, uncertainty would be a fair comment. We tend to be back-end loaded on acquisitions anyway. Interestingly, we've seen the auto dealer community being pretty buoyant throughout March and April. The question is, is that some of that pull forward on consumer demand? What do we see for the rest of the year? If you look at the results out of the public companies that do auto retail in the U.S., it still seems to be pretty confident. The question is, what's your denominator for a multiple? We do expect that to kind of have to settle out a bit. We do certainly see the demand for future acquisitions. It's just getting the buyer and seller on the same page. Okay. Do you think that's close? Do you think there's more activity this year versus the last couple of years? That's a good question, Mark. I mean, certainly, when we were talking the end of 2024, I would have said yes. There is still that demand. It's just how long has it held back before it releases? I still expect to see M&A that does occur, but some of these clouds do have to dissipate a bit. I would anticipate that goes into mid to late in the year. Okay. Thanks. I'll turn it back. Thank you. If you would like to ask a question, simply press star one on your telephone keypad. We have no further questions at this time. I would like to turn it back to Milton Lamb. One moment. We do have a question in the queue. Your next question comes from the line of Giuliano Thornhill with National Bank Financial. Please go ahead. Hey, good morning, guys. I was just wondering, with your AFFO declining to 80s or so, when does the distribution increase start to enter into discussion? Yeah. Sorry. Exactly. AFFO is up. That would be bad. Okay. Every year, we do a June strategy session and a follow-up check in December, and that's always one of the questions. We've always been forthright in the fact that once we start, we'd like to do that on a fairly regular basis. We find a one-time increase doesn't really help anyone. If you can do it on a kind of a regular cadence, that's always positive. The structure of leases that we have in place, with many of them having annual rent increases, should allow us to do that. Certainly, when we're looking at our unit price right now, that is a very healthy yield that's attached to it at the moment. It's a balancing act of when we're comfortable paying it on a go-forward basis and at the same time when we think it'll be well received by the market. I just had another one on the credit facility swaps for Andrew. What's kind of the risk associated to the swaps expiring over the upcoming year? Is it low threes that's expiring? Is it going to be in multiple tranches in the back end? I was just trying to get more color on that portion there. Timing-wise, it's over the 16% over a year, and I would say it's in the back half and going into 2026 of the rollovers. Okay. Thank you. We are finding right now, as you've seen by the last quarter, that there's a lot of, I'll call it, 4.5% money out there, maybe a bit more for the swaps, depending on what term we look at. That certainly does not leave us in a place that we're nervous. Great. Thanks, Milton. All right. Thank you. We have no further questions at this time. I would like to turn it back to Mr. Milton Lamb for closing remarks. That's great. This concludes our remarks. Thank you very much for joining us today, and we look forward to speaking with you soon. Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.