Good morning, ladies and gentlemen. Welcome to the Dream Residential REIT second quarter conference call for Thursday, August 4th, 2022. During this call, management of Dream Residential 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 Residential 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 Residential REIT's filings with securities regulators, including its MD&A. These filings are also available on Dream Residential REIT's website at www.dreamresidentialreit.ca. Later in the presentation, we will have a question-and-answer session. To queue up for a question, press zero then one on your telephone keypad. Your host for today will be Ms. Jane Gavan, CEO of Dream Residential REIT. Ms. Gavan, please go ahead. Thank you, operator. Good morning, everybody. Welcome to Dream Residential's inaugural conference call following the launch of our business in early May. My name is P. Jane Gavan, and I'm the CEO of Dream Residential. With me today are Derrick Lau, Chief Financial Officer, and Scott Schoeman, Chief Operating Officer. We are very pleased to be here today reporting on the business. While the public markets and macro environment has been challenging since May 6, the day we closed our IPO, our business is in good shape, with rents continuing to increase and demand for our units remaining strong. It is precisely this type of environment where the resiliency of the U.S. multi-residential market really can be appreciated. We have as much conviction in our business as we did when we began the process of going public. At the current trading price, the Cap Rate of the portfolio is roughly 7.6% or $90,000 per door. That would be a 25% discount from the appraisal we had done in February when Cap Rates were still compressing. Interestingly, on this basis, the gap to replacement cost, which we estimate at $175,000-$300,000 per door, is widening, making new supply even less likely. Our rents are growing as we projected in the forecast in the prospectus. Our net operating costs are slightly better than we forecast, resulting in stronger margins. Supply is muted and rising interest rates will likely depress that further. The corollary is the demand for rental living should remain strong, especially for our product, garden-style apartments, not towers, as homeownership has become that much more expensive with higher interest rates. That said, if market pricing for assets falls by the discount implied by our stock price, we're happy to be at the beginning of our company building. We'll buy assets and finance them in the same market with a focus on maintaining positive spreads. We're being disciplined right now, watching how the market develops over the next months. We're seeing that buyers in the US multi-residential space are taking a pause. While US multi-residential fundamentals are still strong, it's likely that some good buying opportunities shake out, driven by interest rates. As well, some institutional buyers who've been active in the space are finding themselves overweight real estate as their stock portfolios have declined in value, and that may take some competition out of the market. In the meantime, we're happy running our business. Our value-add program is ramping up, and we're on track to complete anywhere from 150 to 200 units in 2022, with a full 12-month goal of over 300 units. These renovations are producing strong returns as we expected, somewhere in the 12%-16% return on invested capital. As a reminder, our forecast doesn't include our value-add program. With that, I'm gonna turn it over to Scott to give you more color on the business, our markets, and its performance. Thank you. Echoing Jane, we are excited to be in business. US multi-residential operations are demonstrating both strength and defensive resilience. Dream Residential's portfolio of garden-style middle-market communities is performing in line with expectations year to date, and we are well-positioned to achieve projected performance over the forecast period beginning July 1st this year through June 30th, 2023. NOI for the seven-week stub period was $3.5 million, $94,000 higher than our internal budget. This inaugural success was driven by revenue growth consistent with budget and operating expenses, 4% better than anticipated. Our forecast has anticipated the effects of inflation, but nonetheless, we have seen certain savings, property taxes being one example. These cost savings resulted in a 52% NOI margin. This compares favorably to the 51% used in the forecast. Gross market rents and ancillary income continue to drive revenue, bolstered by persistently strong lease trade-outs and the resulting in-place rent growth. Q2 stub period new lease trade-outs saw a 21.4% increase, equating to a $207 per month per suite lease increase. With 9.5% renewal trade-outs, the resulting blended trade-outs achieved 13.4% growth, outpacing the 12.2% blended rate from Q1. Our Dallas operating hub demonstrated the highest new lease growth at 23.6%, though Cincinnati led during portions of the year to date and finished Q2 at 22.2% increases on new leases. Our Oklahoma hub led renewals amongst the three regions with 11.4% trade-outs. These combined lease trade-outs caused portfolio in-place rents to grow 6.2% over the first half of the year, ending Q2 at $1,018 per month per suite or $1.15 per sq ft. DFW led the three regions in overall growth at 6.5%. Individual communities in Ohio and Oklahoma posted the top single property rent growth honors, with one in each region hitting double digits during the first six months. Portfolio-wide, the gain to lease spread built between in-place and asking rent finished at 7.6%. We're pleased to report that over half of the mark-to-market opportunity described in the January investor presentation has now been recaptured in only five months. Portfolio occupancy June 30th finished at 95%. I would like to highlight that this is not a slip in occupancy. It is a function of proactively managing occupancy to launch and source suites for our value-add program. The stabilized Ohio and Oklahoma assets maintained higher levels closer to 97% and 96% respectively, whereas the Texas communities hovered near 93% following this introduction of our value-add program. In that program, our property teams manage vacancy to preemptively make suites available for our interior renovation work. Those occupancy levels will elevate back as the program stabilizes and builds out. DRR's capital investment programs are underway as planned. Our value-add renovation team launched on schedule in Dallas. As of June 30th, the team expended $230,000 and completed 24 suite upgrades across the first three communities in DFW, with another 12 suites under construction across all four Texas communities. Preliminary data supports unlevered returns on invested capital within the projected 12%-16% range or better. We estimate deploying some $3 million more this calendar year and plan to renovate more than 300 suites over the forecast period. Our overall capital programs are on track and consistent with our forecast, and management is evaluating incremental investments in ESG-related energy audits and opportunistic washer-dryer value-add opportunities to drive revenue. Overall, resident demand and leasing activity remain strong. Concessions, commonly referred to as incentives, have trended down since January, measuring 0.6% of scheduled rent. This highlights the strength of Dream Residential markets and our assets. Early indications in Q3 point to lease trade-outs consistent with Q2 and rent growth sustaining increases around 1% per month. We will continue to monitor these trends through the coming months. We may cause occupancy to trend lower to facilitate our renovation program, which will result in rental revenue increases as well as OpEx and CapEx savings. We are laser-focused this calendar year on establishing the high return value add program, stabilizing and scaling it across both Texas and Oklahoma regions. For-sale housing is near all-time high levels of unaffordability. Supply serving the middle market, middle income resident demographic is in structural scarcity. Development and construction are hampered by delays, cost overruns, and poor policy. Our vertically integrated platform is fully operational and on plan to achieve double-digit NOI growth this year and in line for the forecast period, targeting just shy of $15 million in NOI by the end of this stub year and over $23 million in cumulative NOI to close the forecast period mid-2023. We anticipate that the transactional market may begin to experience some stability later this year into early next year. We are analyzing those conditions regularly, waiting with discipline for the right timing to begin growing with accretive acquisitions. I will now turn it over to Derrick, who will provide the financial update. Thank you, Scott. Financial results for the inaugural quarter were consistent with management's expectation. For the period between May 6 and June 30th, 2022, diluted Funds From Operation was $0.09 per unit. NOI for the period was $3.5 million. G&A inclusive of management fees was $584 thousand. G&A includes an incremental one-time non-cash compensation expense totaling $112 thousand related to deferred trustee units. Interest expense on mortgage debt was $1.1 million. IFRS NAV at June 30th is $14.43 per unit. For the quarter, we marked the initial portfolio to the appraisal value of $410.3 million, resulting in a fair value gain of approximately $45 million. We've seen limited market comparables given decreased market activity, reducing observable data points to support a change to values and cap rates. As a result, we believe that the appraisal is the best estimate of fair value at June 30th, 2022. We ended the quarter with net debt to net total assets at 29% and below our target range of 35%-45%. Given recent economic uncertainty and market volatility, we believe that it is prudent to continue to run the company in the near term at the low to midpoint of our target range. At June 30th, we had mortgages with a face value of $144 million at a contracted interest rate of 3.95% and a weighted average term to maturity of approximately six years. We currently have no exposure to variable debt, and our earliest debt maturity is in 2025. At the end of the quarter, we had approximately $86 million in liquidity, comprising $15.7 million of cash and full availability of our $70 million credit facility. Looking at the remainder of the year, we are well positioned to continue to execute on our strategic initiatives, including driving organic growth, expanding our value-add program, and executing on focused capital deployment. We have balancing capacity and financial flexibility to pursue both internal and external growth initiatives. I will now turn it back to Jane. Thanks, Derrick. Over their long histories have successfully managed through economic turbulence, GFCs, rising and falling interest rates, inflation, even a European debt crisis when we launched Dream Global. Like everything we do, we build with conviction with a view to the long term, for years, not quarters. We're excited about the prospects for Dream Residential as we get started, and we believe we've got great building blocks from which to grow and to deliver strong returns for our investors. With that, I'd like to open the call to questions. Thank you. We will now begin the question-and-answer session. If you have a question, please press zero one on your touchtone phone. If you wish to be removed from the queue, please press zero two. If you are using a speakerphone, you may need to pick up the handset first before pressing the numbers. Once again, if you have a question, please press zero one on your touchtone phone. We have a question from Lorne Kalmar from TD Securities. Please go ahead. Thanks. Good morning, everybody, and congrats on getting the first quarter under your belt. Looks like a pretty nice and in line quarter. I was wondering, you know, there's been a lot of talk about maybe a deceleration in rents, and Dallas-Fort Worth seems to be in the headlines now and again. It looked like you guys did pretty well there. I was wondering if you could maybe give us a little bit of color on what you're sort of seeing on that front. Good morning, Lorne. This is Scott. I have seen articles that talk about the acceleration in rent, and I have seen articles that speak to a deceleration in rent. What I would say is we are seeing consistently across Q1 and Q2, 1% rent growth per month, and we're not seeing that waver at this point in time. There are no indications in a change of that other than what I'm reading in the media. Our data does not suggest seeing that just yet. Okay. You kinda covered off the occupancy drop in Dallas. With you guys starting the program now in Oklahoma City, do you anticipate a similar drop? We will see our occupancy remain in that target range of 94%-96%. I think, you know, we hit about the middle of that at 95%, to wrap up Q2, and I think we'll see ourselves in that collective range. We'll, when we initiate in a market or at a property, as we've seen in Dallas, you'll see that open up a little bit by proactively making those suites available. Then as it stabilizes and that program matures over the asset for the next few months, then it will sort of reset towards 95 or so. I think we'll stay in our range, 94%-96%. I would add though, Lorne, I mean, notwithstanding whatever we're doing on occupancy, it's intentional and we're pretty confident in our forecast. Okay. On the renovations, I know, you know, costs kinda went pretty haywire, and I was wondering if you're seeing any sort of relief in terms of cost increases and how that maybe plays into the returns you're able to achieve on the program? I would start with, you know, when you said costs went haywire, I know we didn't see that. I appreciate there's a lot, you know, obviously, with inflation, but I think, you know, when we were together, I think one of the things Scott impressed was we had done significant buying. I mean, Scott, I don't know if you're seeing costs come down, but we didn't experience the boost. There was an availability gap for a little while, but we, you know, supplemented our inventory. We have not seen costs escalate beyond what we've projected. In some cases, we've seen the supply chain improve. Appliances. The appliances being an example. You know, not long ago, it was taking anywhere from 60 upwards to 90 days to pre-order appliances. Now we're probably in the 45-60-day range, so that has improved. Our costs are in line with our forecast, and I think those have, you know, those that cost, that planning has accommodated where we expected the cost to settle out for the year. Okay. Everything kinda going according to plan, if not a little bit better. That's good. Then last one from me, again, back to the headlines, but have you guys seen any increase in delinquencies in the recent months? We've seen delinquencies in collections vary throughout from month to month from basically March 2020 through this year. We're monitoring these very closely as we have over the past two years, and we see ebbs and flows. We don't see any true trends or indicators right now, but we're monitoring that very closely as we have over the past 24 months. Okay, great. Thanks for the color, everyone, and congrats again. Thanks, Lorne. Thank you. Thank you. The next question comes from Brad Sturges from Raymond James. Please go ahead. Hi there. Just on the 80% Gain to Lease at quarter end there, can you break that down by market, what that would look like between Dallas, Oklahoma City and Cincinnati? Good morning, Brad. This is Scott. Sure. In Dallas, we saw about a 5% gain to lease present on June 30th. The gain to lease is, as you recall, between asking and in place, is a snapshot in time. On January 31st, it was 12%. Now it's 7.6%, but it's a moving target. The snapshot on June 30th was 7.6% of the portfolio, about 5% in DFW, about 14% in Oklahoma City, and about 1% in Cincinnati. Okay. That's helpful. Just on the leasing spreads, obviously a pretty strong number in the partial period for Q2. Just how would that be trending in Q3? Are you still at similar rates, or are you seeing a little bit of moderation on the spreads? Our lease trade-outs starting in Q3 are trending very similar to Q2. Okay. Just on the renovation program, obviously you're just kinda getting ramped up here. Dallas is now rolling out to Oklahoma City. How should we think about that program ramp up in terms of the number of suites you'll renovate over the next few quarters? Where does that stabilize out more in early 2023 when you add Cincinnati to the mix, but just trying to get a little bit more understanding of how we should think about that program rollout. We would anticipate completing 150-200 suites through the remainder of this calendar year. That is subject to some acceleration, depending upon things. We're pretty solidly in the 150-200, and we would expect to complete over 300 total during the forecast period. Okay. Last question, just back on the occupancy. You know, obviously you have a target range. It sounds like maybe you could be trending a little bit at the lower end of the range short term just for the ramp up of the renovation program. Is that a fair assumption, that you could be more 94%-95% instead of 95%-96%? This is a little bit semantics, but I would change the vocabulary a little bit. It's not that they're trending. It's that we're actively managing occupancy. We need to preemptively select suites to make them available. When this kicks off at a particular community, we will introduce that over the first couple of months. You'll see a proactive selection of suites, which is managing occupancy to source that program. As that program ramps and then stabilizes out, that occupancy will sort of, we'll allow that to elevate back up as we get stabilized in the process. Yep, makes sense. Thanks a lot. Thank you. As a reminder, if you have a question, please press zero one on your touchtone phone. The next question comes from Dean Wilkinson from CIBC. Please go ahead. Thanks. Morning, everyone. Congratulations on the inaugural quarter. Good morning. Thank you. This might be Derrick, might be Jane, might be Scott. Can you just clarify on the fair value adjustment? That $45 million was relative to the discounted acquisition value, not the sort of appraised value at the time of the IPO. Is that correct? That's correct, Dean. The increase reflects the change between the appraisal value and basically the acquisition cost. To us. Okay. The difference between $40 million. The difference between the sort of, you know, the appraised value today relative to the IPO is a more incremental sort of 4%-ish increase, which makes a whole lot more sense. Is that the same for the fair value adjustment on the Class B units? The fair value adjustment on the Class B units is on acquisition those were marked at $13, consistent with the IPO price. Then the closing price of the units was $9.15 on June 30th The change in that is the fair. It was decreased materially. Difference is $2.13. Yep. Exactly. Got it. Just to clarify one last point, the 200 or so value-add programs, those are not in the forecast. You know, without sort of holding you to the wall, it would appear that if you add the 200 units, you add the, you know, the rent at over $1,000 a month, that, you know, maybe as we look forward the next four quarters there, the bias would be to the upside as to what was put in the FOFE. Thank you, Dean. This is Scott. I would just say that, you know, with value-add, it's much like a snowball, that the benefit of the program really starts to show itself in the second, third, fourth year. In the forecast, we don't show a benefit to that. We do hinder it. In some regards, we penalize ourselves in a positive way. That's the wrong term. We do include the vacancy loss in there, but we don't credit ourselves with the rent growth in the first year of the forecast. We will see benefit from OpEx and CapEx savings, and we'll see vacancy as a result of the value-add program, but the real benefit begins to show itself in year two through five. As you roll over those rents. Okay. Yeah, makes sense. That's all I had. Thanks, guys. Thanks, Dean. Thank you. Once again, if you have any questions, please press zero one on your touchtone phone. At this moment, we have no further questions. I will turn the call over to Ms. Gavan for final remarks. Well, thank you, everybody, for joining us this morning. We're very excited about our first call, and we look forward to speaking to you next quarter. Thanks very much. Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.