Good morning, ladies and gentlemen. Welcome to the Dream Industrial REIT Q1 Conference for Wednesday, May 5th, 2021. During this call, the management of Dream Industrial REIT may make statements containing forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream Industrial REIT's control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Additional information about these assumptions and risks and uncertainties is contained in Dream Industrial REIT's filings with securities regulators, including its latest annual information form and MD&A. These filings are also available on Dream Industrial REIT's website at www.dreamindustrialreit.ca. Later in the presentation, we'll have a question and answer session. Your host for today will be Mr. Brian Pauls, CEO of Dream Industrial REIT. Mr. Pauls, please go ahead. Thank you. Good morning, everyone. Thank you for joining us today for Dream Industrial REIT's 2021 Q1 conference call. Speaking with me today is Lenis Quan, our Chief Financial Officer, and Alex Sannikov, our Chief Operating Officer. Dream Industrial carried a strong momentum into 2021 with an extremely active Q1. In just over 90 days, we've completed significant strategic initiatives to grow and upgrade portfolio quality, strengthen our balance sheet, all while achieving solid rental rate increases and FFO per unit growth. We reported a 10% increase in FFO per unit in Q1, driven by CPNOI growth, rapid pace of capital deployment, and a lower cost of debt. Our pace of CPNOI growth continues to improve and was 3.1% in Q1 as leases signed over the past six months took effect. Our pace of acquisitions has been robust. We have closed on over CAD 350 million of assets already this year and have CAD 155 million of additional acquisitions under contract or in exclusive negotiations. We have advanced our development pipeline with nearly 700,000 sq ft of projects currently underway in Canada and the U.S. Since the beginning of 2020, we have closed or have contracted over CAD 1.1 billion of acquisitions across Canada, the U.S., and Europe, a significant achievement given the challenges presented by the ongoing pandemic. Our local on-the-ground acquisition teams across our three operating regions provide us with a wide range of opportunities, while our geographic diversity allows us to access capital at the most optimal costs. Our acquisitions activity continues to enhance our portfolio quality. In the past 40 months, we have more than doubled our asset value while focusing on acquiring larger properties leased to high-quality credit tenants. Thus far in 2021, we have closed or have under contract or in exclusive negotiations over CAD 500 million of assets across Canada, the U.S., and Europe. These acquisitions add over 3 million sq ft of high-quality logistics GLA to the portfolio. Built in the 2000s and with an average clear height of approximately 30 feet, these assets are above the average quality of our portfolio. In-place rents for these assets are 10% below market, and we have the opportunity to drive cash flows higher as leases roll. We have closed on CAD 350 million of these assets, with the remainder expected to close in the next 45-60 days. Our recently completed CAD 201 million equity offering in April of 2021 provides us capacity to execute on our sizable pipeline, and we expect to have our remaining acquisition capacity committed by the end of Q2. We are also incorporating sustainability metrics within our investment criteria, which allows us to operate and track sustainability goals and impact results. We continue to make significant progress on ESG goals across our business. Starting this quarter, we are providing an update on our ESG initiatives in our MD&A in addition to our annual sustainability reporting. We continue to make significant progress on all aspects of our business. I'll now turn it over to Alex to talk about our operations and development pipeline. Thank you, Brian. Good morning, everyone. Industrial market fundamentals remain robust across all our markets, supported by accelerated penetration of e-commerce. Availability rates have continued to trend down in most of our markets. Our predominantly urban portfolio is quite attractive to logistics-focused tenants, and we continue to achieve strong rental rate growth. Since the end of Q4, we have signed about 2 million sq ft of renewals and new leases at an average rental spread of 20%. On these leases, we also achieved annual contractual rental growth of 2.4%. Our leasing activity resulted in our Q1 in-place occupancy increasing 100 basis points compared to Q4 2020 to 95.7%. We also have lease commitments for about 450,000 square feet of vacancies, most of which are expected to commence in the H1 of 2021, taking occupancy to above 97%. Property that was recently vacated by Spectra, we already signed a new lease with a national logistics company for five years at higher rents, along with 2.5% annual contractual rent growth, which was absent in the prior lease. With the leasing activity over the past few months, our CPNOI growth profile has improved significantly for 2021 compared to 2020, and we reported 3.1% year-over-year growth this quarter. We reiterate our previous forecast, mid-single digit organic growth in 2021. In terms of quarterly guidance, we expect that same property NOI growth will accelerate through the year as new leases take effect. We are also increasing our focus on development as a key aspect of our strategy to add high-quality space to our portfolio, which will allow us to drive strong organic growth over the long term. We have three pillars to our development strategy: greenfield development, expansion opportunities within our current portfolio, and redevelopment of existing properties. Greenfield development is underway, with construction commencing on previously announced 460,000 sq ft distribution facilities in Las Vegas. We also recently acquired a 30-acre land parcel in Brampton, where we can build approximately 550,000 sq ft of prime logistics space. The site is extremely well located in one of the most sought-after industrial submarkets in Canada, with excellent access to multiple highways. We acquired the site for CAD 35 million, or CAD 1.2 million an acre, which is quite attractive compared to recently traded land parcels in the GTA. We expect to commence construction in the next 18-30 months. We are forecasting a yield of 6%, well above cap rates on comparable brand new stabilized products. In addition to our greenfield development, we are commencing construction on two expansion projects in the GTA and in Montreal that will add 260,000 sq ft of additional density in these markets. We expect these projects to be completed in 2022. We also have several existing opportunities for near-term redevelopment in our portfolio. Some of the larger opportunities in the near-term pipeline include redevelopment of a 200,000 sq ft small bay complex in Mississauga and redevelopment of a property in Whitby for approximately double the density. In Mississauga, we expect to build a brand-new 40-foot clear logistics asset. We expect that our density will not increase; however, we will achieve a significant premium on rent given the location of the property. Turning to valuation. During the quarter, the value of our assets increased by CAD 75 million, reflecting the robust demand for industrial assets in our market, strong leasing activity, and rental rate growth. The outlook for rental rate growth remains strong, and we look forward to engaging in value-add initiatives to increase the returns and surface additional value from our portfolio. I will now turn it over to Lenis, who will provide our financial update. Thank you, Alex. Our financial results for the Q1 were strong and in line with our expectations. Diluted funds from operations was CAD 0.19 per unit for the quarter, 10% higher than the prior year comparative quarter due to higher NOI from our comparative properties and recent acquisitions, and lower borrowing costs as we executed on our European debt strategy. The pace of our capital deployment remains strong, and we have closed, contracted, or achieved exclusivity on over CAD 500 million of acquisitions thus far in 2021. Specifically, we have acquired just over CAD 350 million of assets to date in 2021, CAD 274 million in Q1 with another CAD 76 million since March 31st, and have another CAD 155 million expected to close in the next 45- 60 days, subject to satisfactory due diligence. With access to euro-denominated debt at rates below 1%, we expect these acquisitions to be accretive to FFO per unit at our targeted leverage in the mid to high 30% range. In April, we completed a CAD 201 million equity offering, which will allow us to execute on our near-term acquisitions pipeline and fund approximately CAD 90 million of identified development costs. Pro forma the previously mentioned CAD 155 million in acquisitions, our leverage is expected to be approximately 28%, and we will retain sufficient capacity for our sizable acquisition pipeline and planned development projects. Our debt strategy continues to provide opportunities to lower our cost of debt. The average interest rate on our in-place debt has decreased by over 100 basis points over the past year, and at the end of Q1 2021 was 2.44%, with opportunity to reduce this further. We expect our FFO per unit to grow as we deploy our current capacity and as the pace of organic growth increases. We continue to expect 10% year-over-year FFO per unit growth in 2021, assuming current FX rates prevail and assuming average leverage for the year in the low to mid-30% range. I will turn it back to Brian to wrap up. Thank you, Lenis. Just to clarify, I think, Alex, mic went out for part of his presentation. He was making the point that the Laval property recently vacated by Spectra is now leased to a national logistics tenant. All part of our progress during the quarter. Following a strong 2020, we've hit the ground running this year with a focus on making the business even stronger and more valuable. We continue to take significant steps in positioning DIR as the premier industrial REIT in Canada and delivering attractive overall returns to our unit holders. We'd now be happy to open it up for questions. Thank you. We'll now begin the question-and-answer session. If you have a question, please press star then one on your touchtone phone. If you wish to be removed from the queue, please press the pound sign or the hash key. There'll be a delay before the first question is announced. If you're using speakerphone, you may need to pick up the handset first before pressing the numbers. Once again, if you have a question, please press star then one on your touchtone phone. Our first question comes from Sam Damiani from TD Securities. Your line is open. Thanks. Good morning. Congratulations on a really good quarter. I just wanted to touch on, I guess, Brian, if you could give us your thoughts. The portfolio, as you mentioned, has grown significantly over the last, I guess, 15 months. With the sort of evolving profile of the portfolio, how are you looking at dispositions, from their strategic sense at this point going forward. Yes, Sam, thanks. We analyze all of our assets. We've got an IRR model for every property in our portfolio, and we're looking to kind of recycle ones that are at the bottom of that, where maybe we've either realized the greater side of the IRR or its best days are behind it, or it's not as accretive as opportunities that we're seeing going forward. We do look at geographic regions, certainly the West, we're not buying as much as we are selling. We keep kind of top grading, we call it, or upgrading the quality of the portfolio. Anything we sell would be on the bottom half, anything we buy would be on the top half. We're really not necessarily looking at liquidating regions or recycling regions. What we're doing is upgrading individual assets as we go. It's something we're constantly thinking about, Sam, constantly trying to upgrade the quality. I mentioned to Mormar, as did Alex, that we're always looking to get better high-quality buildings that will basically empty out last and lease up first in the various cycles that we're likely to hold them through. We are continuing to recycle as we go. We've been active on the acquisitions front, but I expect we will be active on the dispositions front. We do have offers in place for some of our assets right now, and we're analyzing those, just given the strength of the market. Okay, thank you. Just to add to that as well. Sure just some color. We are seeing, specifically in the West, where most of our non-strategic assets are. We're seeing that over the last three, four months, there's been a significant improvement in an increase in demand. We're starting to see that translate into offers and pricing. As we communicated in prior calls, these are not strategic assets to us, but non-core assets, so we're not in a rush to sell anything. Obviously we're price sensitive and with the pricing momentum we're starting to see in the West, we want to make sure that we're capturing as much of that momentum as we can in terms of our timing. Thanks, Alex. That's much appreciated. That was actually my second question. Thank you for answering that. I'll flip to my third, which is just on the development pipeline. I guess a couple of questions. I noticed the table in the MD&A didn't include the Frankfurt area project, unless I missed it. Just wondering what happened there, and secondly, if you could provide any details on the address or specific location of the Brampton parcel that was acquired. You bet. Alex, you want to speak to that? Yeah. The Frankfurt opportunity, I think, Sam, you're referring to, we're working through that. There is a much, much longer list compared to what's included in the MD&A. What we're including in the MD&A is something that is well underway. The expansion in the Frankfurt area would be a relatively small expansion as we pointed out when we acquired the asset. The Rothenburg expansion or addition is in the table when that's much larger project that's well over 200,000 feet, and we're working to get construction started on that this year. As we continue working through the pipeline and our intensification opportunities, we'll be adding much more projects to the list. Does that answer your question, Sam? Thank you. Yeah, just wondering on the Brampton, if you have any details you can share on that site? Yeah. We'll be disclosing the address and obviously the drawings as we continue working through it and rendering them. Absolutely. It's not in the press release yet, but we will be providing that. Bruce, do you want to comment a little bit more about the location of the site? Sure, yeah. Hi, Sam. The location is on Countryside Drive in Brampton. It's in an area where a lot of the big players are developing. It's within the official plan, it's already industrial designated, so it's very near-term land in an area that's seen a lot of demand. You're close to a lot of tenants that are coming in, Amazon, Canadian Tire. Other tenants are really seeking out that area because as I'm sure you know, Brampton is the heart of the GTA in terms of logistics. Close to the CN, the CPKC Intermodal terminal. Absolutely. Thank you. That's very helpful. I'll turn it back. Just as a reminder, to enter the queue, please press star then one on your touch tone phone. The next question is from Brendon Abrams from Canaccord. Your line is open. Hi, good morning, everyone. Maybe just following up on the line of questioning on the Brampton acquisition. Can you provide any color or details around cost per sq ft or expected net rents? In terms of your underwriting assumptions to get to the 6% unlevered yield. Sure, Brendon. Let me start and I'll turn it over to Alex for a little more detail. Prices for existing properties are approaching, and in some cases, going higher than replacement costs for new. Development we see as a really good opportunity for us. Certainly, we're in the low to mid 200s on a price per sq ft all in, but at yields that are higher than what you would pay in a going-in cap rate. Alex, you want to elaborate a little bit about just the development pro forma metrics? Yep. Thanks, Brian. We're forecasting all-in costs of just in the low CAD 200 per square foot range, including the land. As far as the rent goes, we are already hitting, in our portfolio, CAD 12.50 in some cases. That's something that we're targeting for core locations in Mississauga, Brampton, and not only targeting, but hitting that in our leasing. We expect that something like this will command rents certainly greater than that. Obviously, we're expecting that the rents will continue growing over the next 18 to 30 months. Okay. That's very helpful. Maybe just turning to leasing spreads, clearly very strong during the quarter, especially in the Ontario portfolio. Just wondering, was there any one or two leases that drove the Ontario leasing spreads to be so much higher than, I guess, what you're showing as kind of the estimated mark-to-market for the broader Ontario portfolio? It seems every quarter, leasing spreads in Ontario are well above kind of what you indicate as the mark-to-market. Just wondering if there was any one or two leases that were anomalies or that drove that above 50% leasing spread in Ontario. That's a fair observation, and the market rents continue evolving every quarter. Q1 has seen a pretty significant pace of growth in market rents generally. This is something that we continue catching up on, if you will, in our disclosure. Keep in mind that our disclosure generally is covering, when we say Ontario, we include Ottawa, we include obviously Toronto, we include Kitchener, Cambridge portfolio of ours. It's a much larger portfolio than the GTA. In the GTA, there was a few anomalies that drove the spreads higher. Our Financial Drive asset is one of them, where we acquired the asset in the Q3 of 2020 with really low in-place rents, and the tenant was vacating, and so we more or less doubled the rent compared to the expiring. There was a few deals like that including in Oakville and Mississauga. There was a few outliers. That's kind of one contributing factor, and the other one is the market continues to evolve very quickly. Okay. That's great. I'll turn it over. Thank you. Our next question comes from Himanshu Gupta from Scotiabank. Your line is open. Thank you, and good morning. Just to follow up on the Brampton land acquisition, is the land already zoned for industrial use? You mentioned 18-20 months before you start construction. Why such a long wait there? You bet, Himanshu. I'll let Bruce Traversy, runs our acquisitions, talk a little bit about the process and what we expect for timing. Sure. Yeah. The lands right now are within the official plan for prestige industrial use. Rezoning, therefore, can follow fairly quickly. Obviously, municipalities aren't able to move maybe as quickly today. There's certainly a lot of activity there. To move through the process of site plan approval and getting the rezoning formally signed off on can take 12 months easily. Even if you were to buy a site that was already zoned, it would take 12 months. It's just the length of the process, and all that goes with that. That gives us also time to prepare our marketing and get ready to launch the project. We think that that 18-30 months to get shovels in the ground is very realistic. Got it. Yeah. There's a fair bit of administrative process to be done. Then on the cost escalation, are you seeing cost escalation compared to last year with respect to labor costs or material costs for the developments in GTA? Yeah. We are seeing that costs are rising. Steel, for example, is one of the factors that is increasing generally. We are trying to hedge that risk as much as we can when it comes to buildings that we are starting to construct, and we generally are not exposed to significant risks on that with vacancies or the expansions that we are currently pursuing in Montreal and the GTA. Generally, for the development projects that are further out, after we, however, what affects it is the rent continuing to increase at much faster paces compared to construction costs. Yeah. I'd just add to that, Himanshu, that. Sorry, Bruce. most of the Las Vegas project has been already bought out and committed to. Lumber's been the largest increaser in cost by a long shot. Most of our buildings are concrete, steel, and glazing. Those materials have gone up, not quite as bad as lumber. You can't really compare it to, say, residential construction costs. However, they are going up, and we're managing that and watching it very closely. Got it. Okay. Thank you for that. Just turning to the leasing activity. In the quarter, I'm looking at 196,000 sq ft of renewal in the Netherlands at almost 20% higher than the expiring rents. Is that a function of very low expiring rents, or do you think it's more like the market rents in Netherlands are rising at a fairly good clip? It is a combination of both. We are seeing market rents increasing, and we expect that market rents will continue increasing faster in Europe generally. That particular lease, that particular asset did have a low in place rent. There's both factors at play. We expected the market rent growth is going to continue to drive our performance in Europe. Okay. Fair enough. Maybe a final question from me on the acquisition front. Obviously, you guys have been very active, almost CAD 500 million of acquisitions in the year so far. Can you talk about the acquisition strategy here? I mean, what's your focus? Is it the size of the property, or are you chasing the embedded rent growth opportunity, or do you have certain geographical focus in mind, which is driving your acquisition strategy here? Yeah. Let me start, Himanshu, then I'll let Alex and Bruce comment as well. Everything you mentioned is a factor. Certainly, we're looking at quality. We're looking at geographic focus, something that's complementary to what we currently have in our portfolio. Those are the things we're chasing. We are not chasing yield at any cost. We're looking at quality, we're looking at location, and we're looking at long-term value. We do look at total return. We look at IRRs. We look at the opportunity to grow rents. I think I've mentioned before that we look at opportunities through three lenses. We look at the cap rate, we look at the in-place rents compared to the market, then we also look at our overall price per foot compared to replacement costs. Those three things paint a pretty good picture of the quality of the acquisition or the opportunity we're looking at. When you layer on top of that geography and where we want to be, we want to be proximate to population centers. We want to be in the path of progress for logistics and distribution. All of those things factor into the opportunities we look at. I'll let the team talk a little bit about this, but we have boots on the ground in many markets. We have longstanding relationships, experience, in the markets that we're doing acquisitions in. We're able to basically see all the deals that happen and to chase the ones that fit our profile or fit our strategy. Alex, you may want to add to that as well as Bruce. Yeah. Just to maybe add a little bit of examples. What you've seen from us recently is a reflection of what we want to continue pursuing. More modern, larger bay logistics space generally. We are looking to buy assets that have intensification opportunities and not only have the opportunities, but we intend to execute on those opportunities as we did with 401 Marie-Curie. If you recall, we acquired it in January. We started construction on phase I of expansion in April. We're looking at buying vacancy and rollover risk with high-quality assets. As we did with Financial Drive. It was a low going in cap rate, but we doubled the rent in less than four months. We're looking at a couple of assets right now in clusters where we're already present, where there's maybe a bit of vacancy, and we're looking to take that vacancy risk. Because we're very comfortable with those nodes, we expect that we'll be achieving sort of value add returns. Lastly, but very also importantly, is we're looking to continue pursuing our clustering strategy. We have clusters in many markets including places Mississauga and Brampton, Kitchener and Cambridge, many central locations in Montreal, and we're gradually adding to our clusters. That has been a very successful strategy for us. We're sourcing a lot of these deals off market and pursuing a much larger footprint in one node gives us economies of scale, operational synergies, and also opens up long-term redevelopment opportunities. Great. Thanks, Alex. Awesome. Thank you. Thank you, guys. Yeah, I think that's very helpful, and I'll turn it back. We have no further questions in the queue. I'll turn the call back over to Mr. Brian Pauls for final remarks. Thank you everyone for your time today. We look forward to speaking again soon. In the meantime, stay healthy and stay safe. Take care. Thank you, ladies and gentlemen. This concludes today's conference call. Thank you for participating. You may now disconnect.