It's 12 o'clock. I'm Michael Cooper, and let's get started. I'll act as chair and Rob Hughes will act as the secretary of the meeting. With the consent of the meeting, we'd like to appoint Daniela and Josette for Computershare scrutineers. We're going to do the formal business, and then Derrick and Jay will make a presentation. I've got an affidavit from Computershare about the availability of the proxy materials and other materials. I'd ask the secretary to place the affidavit before the meeting. The scrutineers advise that we have what we need to continue. The first item of business is the presentation of the REIT's annual report. It's been placed before the meeting. The next is the election of trustees. We have five nominees, Amar Bhalla, Don Charter, Kellie Leitch, Qi Tang, and myself. Rob, will you propose the nomination? I nominate the individuals listed in the circular for election as trustees of the REIT to hold office for the upcoming term. I second the motion. Thank you. Are there any further nominations? Since there are none, are there any questions on the motion? Seeing none. Everybody received a vast majority of votes in favor. Given the proxy received and the number of persons nominated as trustees equal the number elected, I propose with the consent of the meeting not to take a formal vote. I confirm the motion's been carried and the five persons will be trustees. I'd like to thank Jane Gavan, who is not here and will not be again. Jane is going on to the Industrial REIT board. She's very involved in Dream Unlimited, she will not be involved in Dream Office. The next is to appoint the auditors. Rob? I move that PricewaterhouseCoopers be appointed auditors of the REIT and its subsidiaries for the ensuing year, and that the Board of Trustees be authorized to fix their compensation. I second the motion. Suspense on Shannon seconding the motion. Are there any questions? No. Seeing none, the meeting will now vote on the motion. I'd ask the registered unitholders and duly appointed proxy holders who are in favor of the motion to please raise your hand. Any votes withheld? The motion is carried and that concludes the meeting. I'd like to ask, Derrick, you're going first, Derrick, to begin the management presentation. Thank you, Michael. Good afternoon, everyone. Dream Office has 17 properties in downtown Toronto. The majority, or 84% of our portfolio, is located directly in the financial core. This is the lowest vacancy sub-market in Canada at 8.1%. Our buildings are in close proximity to GO Transit and the TTC, which includes the future Ontario Line. In today's market, where tenants are being more selective about where they commit and for how long, location and connectivity matter more than ever. This is one of the reasons why we are seeing strong leasing demand and why we are well-placed to benefit as the Toronto office market continues its recovery. Over the past five years, our Toronto committed occupancy has continued to track at or above Class A buildings and well ahead of the Class B market. At Q1 2026, our committed occupancy was 89.8%. We believe that this reflects the quality of our assets, the strength of our locations, and the work the team has done to continually improve our offering for tenants. This also sets up the next few slides, where I will provide an overview of the leasing trends and capital initiatives that are helping us drive this performance. Since 2024, our Toronto committed occupancy has increased by 600 basis points to 89.8%. At the same time, our weighted average lease term has increased from 5.4 years to 6.2 years. Not only are we leasing space, we are also extending the duration of our leases. In addition to driving increased occupancy and term, we are also experiencing increases in net rents. Since 2024, Toronto in-place and committed net rents have grown 2% to over CAD 33 per sq ft today. More recently, we have seen NERs improve by 15% to approximately CAD 23 per sq ft. As downtown Toronto continues to tighten, we expect this trend to continue, and we have increased confidence in our cash flows and our ability to grow future NOI. I want to speak to how tenants are leasing today because it is a good indicator of where the market is going. Demand is being driven primarily by tenants looking for smaller, move-in-ready space. Since 2020, approximately 77% of transacted deals in Toronto were for suites under 10,000 sq ft, and more than half of the space leased was already built out. This lines up well with how we've been focusing our strategy and deploying our capital. This includes our Modsuite program on Bay Street, large-scale retrofits like 67 Richmond, and converting assets like 606 Fourth in Calgary into better uses. I will now walk through each. Our Modsuite program has been effective at attracting tenants and improving occupancy in Toronto. By offering high-quality, move-in-ready space, we are seeing strong touring activity, faster lease-up, and better leasing efficiency. To date, we have completed 141,000 sq ft of Modsuites. Over 9% of that space has been leased. Importantly, the average lease of time has been under six months from completion. We are also achieving attractive rents starting at approximately CAD 30 per sq ft on the space. This is a good example of how targeted capital investment can accelerate leasing and enhance returns. At 67 Richmond, our retrofit program is a strong example of how we are refreshing assets and creating value. We completed a major CIB-funded retrofit of this building in Q4 2025. This included a ground floor restaurant, amenity space, and a full repositioning of the office floors. By Q1 2026, the building was 100% leased. The anchor tenant is a high-quality technology company with a US $50 billion market cap. With an 8.6 year WALT and an in-place rent of over CAD 36 per sq ft, this is a good example of what a disciplined repositioning can achieve in a high-quality urban location. Lastly, 606 4th Street in Calgary is a good example of how we are repositioning assets for better use. This was a 126,000 sq ft office building sitting at roughly 50% vacant. Rather than continue to lease it as an office, we made the decision to convert it into 166-unit rental building. Construction commenced in Q3 2025. The project remains on time and on budget, with first occupancy targeted for Q4 2027. Calgary has a strong housing demand story, and this asset is well suited for that market. More broadly, it reflects our approach to capital allocation. If an asset can generate better returns in a different use, we have the capabilities to execute on it. In closing, I want to thank the office team that manage, operate, and lease our assets. We are greatly appreciative of their commitment to drive occupancy, increase income, and provide the best client service to our tenants. With that, please allow me to reintroduce my good friend, Jay. Hi, everyone. Thank you, Derrick, good afternoon, and really appreciate all of you for taking the time to be with us for the next hour. Over the next few slides, we intend to go over our financial performance and strategies to support our vision of continuing to manage Dream Office in an improving but still unpredictable environment. Since the start of COVID, we have been really focused on managing our building and balance sheet as safely and conservatively as we can, highlighted by the four pillars on this slide. Since 2020, we have sold CAD 541 million of assets to reduce debt and improve liquidity. Going forward, we'd like to keep our portfolio that we have curated in downtown Toronto, but we'll remain open to selling our other assets in other markets at fair prices to improve our balance sheet. We have proactively refinanced our debt early and intend to continue to do so. Lastly, we have been careful in utilizing our capital to support asset management and leasing strategies to continue to improve occupancy and value in our buildings so that our portfolio remains attractive to tenants and lenders. On this slide, we want to show that we have been focused on strengthening the balance sheet. Net total debt is down CAD 133 million, or 10% from the end of 2024 to Q1 2026. In addition, we expect the disposition of 212 King to close in the middle of this month, which will further reduce our debt by CAD 39 million. Over the same period, our cash and undrawn revolving credit facility capacity is up CAD 35 million to about CAD 92 million. In addition to this availability, we have CAD 75 million that we can draw on our Canada Infrastructure Bank facility to fund all full building retrofits and capital program that help to improve energy efficiency, such as the 67 Richmond case study Derrick showcased earlier. We have prudently managed our debt, and the REIT has a well-staggered debt maturity ladder. On the financing front, we have already addressed CAD 144 million or 84% of our CAD 170 million debt maturities in 2026. Of the CAD 26 million remaining, CAD 18 million is for the 212 King mortgage, which will be repaid on closing of the sale this month. The only remaining maturity is CAD 8 million due in Q3, which we are in advanced negotiations already with the lender. We are continuously focused on being more efficient and cost-effective in how we manage our business, both on a corporate and operating side. For context, our G&A was about CAD 10.7 million in 2023. We lowered it to CAD 10.5 million in 2024. It's CAD 10 million in 2025, and we expect to reduce G&A further in 2026 to about CAD 9.5 million. Year-over-year, we improved our operating margin by 80 basis points. Our property management and operating teams have worked closely to identify efficiencies in how we manage our buildings, improve energy savings, reduce material costs, while continuing to deliver the best possible tenant experience. As occupancy and rent continues to recover, we expect our operating margins to continue to improve as well, which will further increase our net operating margins. On our Q1 conference call in May, we increased our FFO guidance by CAD 0.05 per unit as a result of accretion from the 212 King disposition. On leasing, we have increased our year-end Toronto in-place and committed occupancy range by about 100 basis points. The Q1 was a solid start to the year, and we feel we are well-positioned to achieve our guidance for the balance of 2026. Here we want to do a look back at our Investor Day presentation in September of 2023. It was a very uncertain environment at the time, and we thought we would try our best to share what we felt was happening in the office market. At that event three years ago, we cautioned our investors on three potential headwinds facing the Toronto office market. They were elevated vacancy and a wave of new supply, a slower return to office, and a more challenging financing environment. This was a basis for why we wanted to manage our business and balance sheet very conservatively as we expected the challenges ahead. Overall, we are glad that we did. It took about two years for the Toronto office market to show signs of stabilization. During that time, our lenders have been very supportive to us, and we have tried to be very transparent to the banks, analysts, and investors on what we know and what we don't know. Here, this slide shows a snapshot of our portfolio and operating metrics in 2023 versus today. Despite three of the most challenging years in the office sector, we felt that we have delivered fairly stable operating performance. We sold five buildings to reduce debt, improve liquidity. At the same time, we were selective in our dispositions so that enabled us to increase our exposure to Downtown Toronto from 82%- 84% and not dilute our portfolio quality. We invested into our best assets just prior to COVID, and that has been helpful in preserving occupancy and even increasing net rents in a very challenging period. As you can see, the weighted average lease term shows tenants have shown willingness to commit to longer leases at our buildings. We have prepared a point-of-view slide on general market assumptions in September 2023. We thought we would be interested in updating what we are seeing today in the market. Note that these are a set of potential assumptions we are using for the purpose of deriving a financial model. Of course, everyone is welcome to use their own inputs. Here we are showing that leasing costs still stay elevated for the next two years as the market continues to recover. Rents will grow conservatively and no higher than inflation. We expect some improvement in tenant retention over two years. In-place occupancy in Toronto will improve to match our committed occupancy today. While we assume no meaningful improvement in occupancy in other markets, beyond that, if market stabilizes in five years, we do think that the leasing costs will decrease if market occupancy exceeds 90%. As consistent with a conference call back in February, if these assumptions are applied, we think our business can produce approximately CAD 3 in annualized FFO by the end of 2028, and our debt to EBITDA will improve to about 10.5x. We want to provide an illustrative exercise on potential value if we are applying the same consensus net asset value multiple of about 10x that equity analysts are using today on the FFO. We derive an implied target value about CAD 30 per unit, which also implies a price per sq ft about CAD 500 per sq ft in downtown Toronto and CAD 150 per sq ft in other markets. We think this compares fairly to some of the private market data points that we have already seen this year. The last part here shows that the implied cap rate remains unchanged at about 7.5%, which does show that the value increase here is coming from higher income and not assuming cap rate compression. We want to illustrate that the business has good potential to grow in income and value if the market continues to improve. Overall, we feel that the assets are well-positioned, and we all remain very excited about the business. With that, I'll turn this over to Michael for closing remarks. I'd be happy to answer any questions and call on Jay and Derrick to help if you can. Yes. How can we market that building that was 50% occupied? What happened to the people that were occupied? It'd be trite to say they left. Is this 404? Yes. We moved 10,000 sq ft to the building that we own next door and some of that has departed. Is this the one that's turning into an apartment or is it? Yeah. That building, the City of Calgary provided us with CAD 75 a sq ft as an incentive to turn it into an apartment building. We got CMHC financing. We brought in a partner and that's going very well. I think we're on schedule. It's in a great location. The costs look good and we're just removing it from the office inventory into a residential. Yes. Can you tell me your name and where you're from? I can. I already have. Paul Durnin from Burlington. Okay. We see over the last little while that the big financial banks and governments have said return to office, no more work from home or four out of five days minimum, something like that's in the papers. How much of that is a factor in the last year's returns? Is that a one-shot deal as we go forward? Will that boost occupancies and help us out more return to the office and less at home? The return to work has really helped with tenants for new space. It's been generally a good thing. The banks, I think, are making decent progress. I'm not convinced that they are actually getting people back to the office as much as they say. With the federal government, George is very close to them. They are taking inventory. Most departments can only have their people in the office two days a week. Some of the departments have people coming in four days a week for the first two weeks of the month, and then somebody else coming in four days a week. We think it's going to take a long time for them actually to figure out how many people they have working for every department, how much space those departments have. Who's they? The government? They, what is it, PWGSC? PSPC. I was 50% right on the initials. They do the procurement for the federal government, so they are the ones who lease 100% of the office space, excluding defense. That, like in Ottawa, could require 2 million sq ft. We don't know, 1.5 million sq ft to get to where they need to be. That could be a big boost there. Lesser in Toronto, there's still demand in Toronto. One of the things that doesn't get accounted for is all the various entities that aren't actually part of the government, crown corporations or they've got a lot of different ones. Like we did a deal with Nuclear Waste? Nuclear Waste Management Organization. The Nuclear Waste Management Organization for 74 Victoria and 30 Adelaide. That was a big one. They are funded by the government. There's still a long way to go in terms of getting to the demand that's needed. It's generally a positive. Yeah. It's a significant positive. I mean, to get back to the point of pre-COVID occupancies, working from the office is still a way off. Look, it's been a long time. Sure, some of these buildings in Ottawa, nobody's used them for six years. Yeah. It'll be interesting if they've got squirrels in them. We sold 38 buildings in Alberta between 2016 and 2019. I think they had an average age of 49 years. Those ones, that's another nine. Now they have an average age of 58. We're going to see a lot of obsolescence, and I don't think we're going to see a lot of new construction. Hopefully, that'll bring the market back. We'll see what happens with AI, but it's definitely better, and I think that the background that Derrick showed you is pretty valuable in terms of how the numbers are working. We made this assumption in 2023 to say, "Nobody's using our office buildings. Here's a view that we have over the next five years." Derrick, sorry, Jay Jiang gave an update. The cap rate at 7.5, I don't know if people remember, in 2019, the equivalent cap rate was 3.75. A dollar of income is worth half what it was in 2019 when it's going good. That's where the big shock has been in the office values. As far as NOI, the rents have been pretty good, which required a lot of CapEx, hopefully the revenue will stabilize a little higher than here. The capital costs, our building, we put almost all the money we have planned into the buildings or CapEx to maintain the buildings is done. Leasing CapEx, you could see we're hoping to have it come down a little bit over the next couple of years. As a result of all those things, there'll be positive cash flow at every level. We'll see where the cap rates are to get to value. That CAD 30 matches up to what the company would've been worth pre-COVID if you use a 3.75% cap rate. Thank you. Thank you. Yes, sir. Michael. Property in Adelaide that set up, this questions. If you had to build that today, how much would it cost to build? It's a good point because I think that Jay was saying, "Hey, maybe we go from 380 a foot to 500." That's a CAD 1,000 a foot building. We're talking about half of replacement costs. Jay also mentioned some of the trades recently. We're seeing trades at CAD 500 and CAD 600 a sq ft for similar kinds of buildings, maybe even a little bit more. There's lots of data. One thing I would say is we've been very cautious. On March 13th, 2020, when people weren't allowed in our buildings, we took that as a negative. We've been more cautious than others since then. We see that things are getting more positive. We are really pleased because there were times where Dream Office would need outside capital to continue, and it has been able to take care of itself with a few sales and the sale of some industrial REIT units, and now it looks really stable. We are really feeling like it is not on life support. It is going to be able to take care of itself, which is a huge difference. We will see, when you looked at Jay Jiang's numbers, there is nothing in there that says something dramatic is going to happen. We are at 89% committed. By 2030, saying 92 occupied. I think you got from CAD 10 a foot per year for inducements going to CAD 7, keeping the cap rate at seven and a half. They might be wrong, but none of them are hard to see from here, and they're not really that significant changes, so there's actually room to do better. We've kind of had a decade where the default is doing worse than you expected, so we're pretty cautious. The replacement cost is much higher. A lot of people are coming back to work, and a lot of buildings are getting older. We talked about the building in Calgary that's being converted into an apartment building. That comes out of inventory. I think there's going to be a surprising amount of buildings that just don't work as office buildings. That will reduce vacancy. I think the fundamentals should get better. Yes. Question. First one, how are we doing? What rents are you planning to charge people for what size unit? I know what the return to us is. Jay Jiang, do you know? Is it around CAD 350? [audio distortion] A 600 sq ft building is CAD 2,100 a month, it's significantly lower. That building is right in the center of the pedestrian walkways and some of the better retail in Calgary, it should be pretty competitive. Yeah. What's the debt? Is it 3.23%? 10-year. Have we fixed the 10-year debt? Maybe it's 3.4% for 10 years. These are pretty good building blocks to build something. We brought a partner in, which is great because they believe in the numbers. They're doing the construction, we're doing the development. Management has been going great. By the way, the loan's CAD 70 million. It's not an enormous project, it's nice to get it out of the office category. Second question. No, sorry. Your FFO to share price based on the current share price of Dream Office REIT roughly 13.5% a month. Yeah, we do it the other way. We would say 17 divided by 235. Okay. Yeah. Does that seem undervalued to you? Yeah, well, I've thought about saying this at the annual meeting. I've debated in my head, Dream Office REIT is the best performing office REIT in Canada with a - 68% return since 2020. It has been abysmal. We got there by doing a lot of things that I think were quite good because when cap rates go from 3.75- 7.5, that's half your value. If you have 40% debt, you've lost 80% of your value. That's what's happened. I think what it means is amateur and professional investors are really being reserved about jumping into office. I've been saying for a couple of years, we're seeing people who are office curious, saying, "You know what? I think some of the factors are looking good, but I'm not really convinced I should put a lot of money behind my curiosity. So let's see what happens." We don't know what's going to happen. I think people have been burnt. The capital requirements of office is higher than they thought. When you look at a 7.5 cap rate, when there's a decent amount of demand, and interest rates are, what are we paying, under five, 4.8 or so? That's a good spread. There's lots of upside if people start to say, "I like the way this is going." What's been happening is it's literally been six years of people saying, "It's worse than I thought." We're really excited we're coming through it. The company can take care of itself now, without praying. I think that if we start to see everything you guys are talking about with increased demand and decent rents, we'll see improved investor demand. I think what's interesting and what Jay's numbers are is he's not assuming any cap rate compression. Cap rate compression is a real estate, FFO going from 13%-10%. I think there is lots of upside, but people have every reason to be cautious with all the changes we face this decade. I got in the best performing office REIT. There you go. If there's no more questions, thank you. We'll be back next year. Feel free to call us. Thank you.