Good morning. My name is Valerie, and I will be your conference operator today. At this time, I would like to welcome everyone to CT REIT's Q1 2021 earnings results conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star then the number one on your telephone keypad. To withdraw your question, press star then the number two. The speakers on the call today are Ken Silver, Chief Executive Officer of CT REIT, Lesley Gibson, Chief Financial Officer at CT REIT, and Kevin Salsberg, President and Chief Operating Officer of CT REIT. Today's discussion may include forward-looking statements, such statements are based on management's assumptions and beliefs. These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from such statements. Please see CT REIT's public filings for a discussion of these risk factors, which are included in their 2020 MD&A and AIF, which can be found on CT REIT's website and on SEDAR. I will now turn the call over to Ken Silver, Chief Executive Officer of CT REIT. Ken? Thank you, operator, and good morning, everyone. We're very pleased to welcome you to CT REIT's first quarter 2021 investor conference call and to share with you the results of another strong quarter. Notwithstanding the disruption, heartache, and angst the pandemic has created for now over a year, CT REIT has continued to produce the same kind of solid results it delivered prior to the pandemic and since our IPO. We designed and have consistently managed the REIT to produce consistent, growing value reflected in growth in AFFO and NAV per unit, not to mention distributions. We continue to leverage the relationship with our majority unit holder and most significant tenant, Canadian Tire, which provides a solid foundation anchored in high-quality, well-located real estate and long-term triple net leases. While we complement that foundation of freestanding retail and distribution facilities with value-add acquisition and development opportunities, at its core, our focused net lease strategy predictably delivers resilience and growth. Those core attributes, resilience and growth, were never more clearly on display than in the most recent quarter and over the past year. I'm going to turn the call over to Kevin Salsberg, our President and Chief Operating Officer, to provide an update on our investing activities and operations. Lesley Gibson, our Chief Financial Officer, will then review the financial aspects of the quarter before turning the call over for questions. Kevin? Thanks, Ken, good morning, everyone. I hope you're all keeping well. As outlined in yesterday's press release, we are pleased to announce six new investments this quarter that will require an estimated CAD 40.2 million to complete. These new projects include the expansion of six Canadian Tire stores in Cochrane, Casselman, and Milton, Ontario, Charlottetown and Summerside, PEI, and Lethbridge, Alberta. When completed, these investments are expected to earn a weighted average cap rate of 6.4% and will add approximately 162,000 sq ft of incremental GLA to the portfolio. It is one of our core competitive advantages that we support Canadian Tire in its ongoing real estate requirements. Since IPO, CT REIT has funded the expansion of over 40 Canadian Tire stores within its portfolio, adding approximately 400,000 sq ft of GLA through these investments. With the addition of these six newly announced store expansions, we currently have 15 store intensifications and one expansion of a Canadian Tire distribution center planned for completion over the next two to three years, which will add an incremental 446,000 sq ft and 322,000 sq ft to the portfolio, respectively. With respect to previously announced investments, in the first quarter, we completed the vend-in of an existing Canadian Tire store in Lower Sackville, Nova Scotia, which added approximately 53,000 sq ft of incremental GLA. The REIT also sold its Arnprior Mall property in Arnprior, Ontario, during the quarter. At the end of the first quarter, CT REIT had 26 properties that were at various stages of development. These projects represent a total committed investment of approximately CAD 240 million upon completion, CAD 59 million of which has already been spent and CAD 34 million of which we anticipate will be spent in the next 12 months. Excluding the Canada Square redevelopment and the development lands that we own in Calgary, Alberta, these projects will add a total incremental gross leasable area of approximately 860,000 sq ft to the portfolio upon completion, 95% of which has been pre-leased. As at March 31st, 2021, CT REIT's occupancy rate was 99.3%, in line with both Q1 2020 as well as year-end. With respect to the impact of COVID-19 on our property operations, rental collections remain strong and generally in line with the REIT's pre-pandemic historical average. With the recent lockdowns and stay-at-home measures put in place by various government agencies throughout the country in response to the third wave of the pandemic, we continue to monitor and manage to the extent possible the impact of such measures on our portfolio, reinstate required operating policies and procedures at our properties, and continue to work with those tenants whose businesses have been negatively affected. With that, I will turn it over to Lesley for a review of our financial results. Thanks, Kevin, and good morning, everyone. Despite the continuing challenges from the pandemic, we are again very pleased with the strong Q1 results that CT REIT has delivered. In the quarter, we've reported a diluted AFFO per unit of CAD 0.273. An increase of 7.5% compared to the CAD 0.254 per unit in Q1 of 2020, reflecting the positive impact of the NOI variances and lower interest expense. Diluted FFO per unit increased 5.1% to CAD 0.308 versus CAD 0.293 in Q1 of 2020, due to the same factors affecting AFFO per unit growth. Reported net income increased CAD 3.7 million or 3.9% in the quarter compared to the prior year. The main contributors to the growth are the rent escalations and the CTC banner leases, which contributed CAD 1.6 million, and the net addition of income-producing properties and completed developments and intensifications in 2021 and 2020, which contributed a further CAD 1.4 million to NOI growth. Same store NOI increased CAD 1.6 million or 1.7% compared to the prior year, primarily a result of contractual rent escalations contributing nearly CAD 1.9 million, which includes the 1.5% annual rent escalations on average contained within the Canadian Tire store leases, partially offset by the expected credit losses for tenants who were significantly impacted by the pandemic, which decreased NOI by CAD 0.4 million. Same-property NOI increased by CAD 2.3 million or 2.5% compared to Q1 2020, primarily due to the increase in same store NOI by CAD 1.6 million and intensifications completed in 2021 and 2020, which contributed CAD 0.7 million to NOI growth. Our rental collections remained strong through the first quarter at 99.4%. This has continued through both April and May with collections at 99.6%. General administrative expenses as a percent of property revenue were 3.1%, which is higher than the 2.4% in Q1 2020, driven by the fair value adjustments on unit-based compensation and the lower income tax expense in the current quarter. Excluding these non-cash items, we anticipate our annual G&A run rate to be in line with prior years. The REIT recorded a fair value increase of CAD 4.3 million on our investment properties for the first quarter of 2021. The valuation metrics used were virtually unchanged from those used in our December 2020 reporting. Our AFFO payout ratio for the three months ended March 31st, 2021 was 73.6%. This was a decrease of 5.2% from the same period in the prior year due to the increase in the AFFO per unit exceeding the rate of the distribution rate. The interest coverage ratio increased to 3.68 times in Q1 compared to 3.43 for the first quarter of 2020. The increase in the interest coverage ratio is primarily due to the growth of EBITFV combined with a decrease in interest and financing charges. The QoQ interest expense and financing charges decreased primarily due to decrease in the Class C LP Units from resetting the interest rates as of June 1, 2020 on the Series 3, 16, 17, 18, and 19 Class C LP Units with CTC, and decreased mortgage interest expense, partially offset by an increased utilization of the credit facilities. Moving to the balance sheet, we continue to be in a strong financial position. CT REIT's indebtedness ratio was 42.5% as of March 31, 2021, compared to 42.9% a quarter ago. The decrease was primarily due to the reduction of total indebtedness along with the growth of the REIT's investment property portfolio. Early in the first quarter, we successfully completed the issuance of CAD 150 million of unsecured debentures with a 10-year term and a coupon of 2.371%. The proceeds were used to complete the early redemption of the CAD 150 million unsecured debentures originally set to mature on June 1st, 2021. With this early refinancing completed, we have no further debt maturities to refinance until the second quarter of 2022. This recent issuance illustrates a couple of points about our continued debt strategy. A chosen term of 10 years is consistent with our sector leading weighted average term to maturity of just under eight years. The coupon chosen was, as typical, slightly more expensive than the shorter term debenture would have been, but much less so than on some other occasions in the market. Additionally, the longer term chosen provides flexibility for the REIT with respect to future borrowings and allows us to consider a broad range of potential terms in response to market conditions in the future. In addition, with CAD 294 million available through our committed credit facilities and CAD 7 million cash on hand, coupled with no debt maturities for the next 12 months, we continue to maintain a liquid position. I would also like to speak to the trend in our book value per unit. As of March 31st, 2021, the book value per unit was CAD 14.74, up from CAD 14.62 per unit price as of December 31st, 2020, primarily due to net income exceeding distributions. With that, I will turn it back to the operator for any questions. Thank you. At this time, I would like to remind everyone in order to ask a question, please press star then the number one on your telephone keypad. We'll pause for a moment to compile the Q&A roster. Our first question is from Himanshu Gupta with Scotiabank. Please go ahead. Thank you, and good morning. Good morning. Just looking at the new investments, you have 43,000 sq ft of expansion in Milton, Ontario. Just wondering, what is the cap rate on this intensification? I know overall you mentioned 6.4% for the total investments. Himanshu, it's Kevin. We don't typically break out cap rates per investment. We typically report them on a combined basis. I don't think we'd be prepared to disclose that at this point. Sure. Maybe my question was more around the difference between the GTA versus the secondary tertiary market. I can clearly see Milton is a standout there. Just wondering, is there any spread or any big difference between GTA versus a tertiary market? Yes, there would be. We typically price the cap rate or the return on the respective investment based on the market characteristics, and it would approximate a market cap rate. I think it's fair to say there would be a spread between the urban intensification and the secondary market ones. Got it. Okay. Just sticking to Milton, the completion looks like it is still two years out. Is there anything which is taking a bit longer there, or it is typical what you are seeing in the market right now? Similar to what we would see with most developments, anything in a more urban setting generally takes longer. From both an approvals, entitlements perspective, and then obviously it's a slightly larger expansion, a little bit longer to construct as well. Got it. In general, the expansion of Canadian Tire stores, six announced with the release this time. The expansion, is that in response to the pandemic? I mean, that is Canadian Tire looking for larger stores, or they were always in the pipeline with or without COVID? Well, I'll let Canadian Tire comment on their plans for the store network more broadly. We had described previously how the trend has been and what we've seen is the requirement for more square footage, not less as time goes on. I think the pandemic has only served to reinforce that with the store performance and Canadian Tire's sales more generally. We're very happy obviously with the growing pipeline. We like the development program as it stands, and with completions slated to start mostly at the beginning of next year. We're sort of ramping up from some of the deferred and delayed projects that were put on hold at the outset of the pandemic. Got it. Maybe just final question from me. How is the pipeline looking for third-party acquisitions? I mean, are you seeing any improvement in deal flow there on that front? There's a little bit more deal flow that I've seen in the market more broadly. There's a couple interesting transactions out there that I'm aware of that I think will be benchmarking or help with benchmarking for net lease assets as we go forward coming out of the pandemic. A couple of things that we're looking at, but nothing to report at this point. Yeah. In terms of pricing, is there any difference there? You mentioned a couple of interesting things going out there. Anything like pre-pandemic versus what is being treated right now? I think my comments from previous quarters would still hold. I think quality net lease assets with covenant tenants long-term are commanding a lot of attention and premium valuations. I think cap rates on those assets will be lower than they were heading into the pandemic. What's been interesting is we've seen some other retail, non-grocery anchored trade in the quarter. I think there's less interest in that, but at least the trades are picking up again. I think the pricing on that is higher than pre-pandemic. Obviously the depth of buyers for those assets has been significantly reduced over the last 12+ months. Awesome. Thank you for the color. I'll turn it back. Thank you. Thank you. Once again, please press star one at this time if you have a question. Our next question is from Sam Damiani with TD Securities. Please go ahead. Thanks. Good morning, everyone. I guess I'd like to just get into the expansions that were announced last night with the math pointing to an average price per square, or cost per square foot of CAD 250 and an average rent in and around the CAD 16 mark. Both of these metrics would be at sort of ±10%-15% premiums to the current portfolio. The location mix doesn't seem to be materially off base with respect to the overall portfolio. I'm just wondering, are these rents on these expansions the same as the respective existing stores, or are they set at current market rents and so different than the existing store rents? Just some color there would be of interest. Thank you. Sure. To answer your second question first, comment about increasing construction costs is really the reason why that is. Escalations coming in as they have, that's leading to slightly higher rents. I think the trend on market rents as it relates to increasing construction costs will be interesting to watch over the next couple quarters. We feel comfortable, obviously, with the slightly higher rent because we're blending it with the existing in-place rent. The expansions are smaller than the typical store size, so it blends not too far away from the current average. Yeah, it's a concern. Construction cost is something we're watching closely, and obviously it's going to have an impact on rental figures. The CAD 250 a foot obviously doesn't include land. Correct me if I'm wrong, because the REIT already owned the land on these respective sites. What would be the all-in replacement cost, if you will, if the land is excluded at CAD 250? Would it be another CAD 50 a foot for the land? It really depends where you're buying land, Sam. On average, could that be approximately correct? It sounds in the ballpark. Yeah. Thanks. Just over to, I guess, Canada Square, any update on the process there? I guess there was a design review panel recently, and just what we can expect for next steps as well? Hi, Sam, it's Ken. Our development manager and co-owner, Oxford Properties, submitted a development application back in December 2020, so the municipal process is underway. That's moving forward. Really nothing changes in terms of our timing. We're still waiting for Metrolinx to give us some indication as to when the LRT will be completed on Eglinton and when we would get the land upon which we would be building phase one. No significant changes on that front. Okay, thank you. I'll turn back. Thanks, Sam. Thank you. Our next question is from Jenny Ma with BMO Capital Markets. Please go ahead. Thanks. Good morning, everyone. Morning. Good morning. Further to Sam's question about the new developments, can you comment on whether or not you're securing a similar type and quantum of rent escalations on these deals that you have within the current portfolio? Yes, the rent escalations will continue. To also mention, where there's less than a certain amount of term, we're extending the leases as well. Okay. I guess broadly speaking, are you still able to secure that kind of rent escalation when you're talking about renewals with CT? I'm not sure if you're doing much at this point, because I think the next ones are still a couple of years out. Just wanted to get a sense of whether or not you're still able to get similar rent escalations going forward. We did have one Canadian Tire store lease that comes up for expiry this year. It was a lease we acquired from a third party, and because it was a third-party lease, they actually had fixed rate options to extend, and Canadian Tire has extended that lease. The next round of leases that expire are 2023, so we are still in the process of working through the future of those sites. When we vend in new assets, typically, we do get the rent escalations. That pattern continues on at this time. Okay, great. With regards to the 2023s, at what point do you start discussions? Is it still a little bit early now? No, those discussions have already begun. Okay, great. I think this question's for Lesley Gibson. Looks like there's one mortgage expiring, I believe that's secured against Canada Square. Can you remind me when that expires? That one is not until March of 2023. We have one other small mortgage secured by a stand-alone Canadian Tire store we acquired that expires in summer of 2022. Of 2022. Great. There's so little by way of secured mortgages. Is it fair to say that you're probably looking at paying these off when they come due? Just going full 100% unsecured? I think that's fair to say for the stand-alone Canadian Tire store. As it relates to the Canada Square, when that mortgage comes due, we'll be sort of hopefully heading into construction, a different phase of that project. We'll be looking to work with our partner and put some financing on that project. It's probably unlikely that secured financing, it may change into some different form of construction or some other kind of facility. We're probably more unlikely to roll that into it unsecured. Okay. Thank you. That's all for me. Thank you. Our next question is from Tal Woolley with National Bank Financial. Please go ahead. Hi. Good morning, everybody. Morning. Good morning. Just wondering, the stock price is up significantly since the last time Canadian Tire sold down some of its interest in the REIT. Have there been any conversations about them potentially lightening up in the future in terms of their position? Hi, Tal, it's Ken. We've had no indication from Canadian Tire with respect to any of their plans one way or the other. Okay. That's great. Thanks very much, everyone. Thank you. Thank you. As there are no further questions registered at this time, I would like to turn the meeting over to Ken Silver for closing remarks. Thank you, operator. Thank you all for joining us today. Hopefully, by the time we speak to you again in August, we will be speaking of the pandemic mostly in the past tense. Until then, please stay safe. Thank you. This concludes today's call. You may now disconnect.