Hello and welcome to the European Residential R EI T Second Quarter 2025 Results Conference Call. My name is Alex, and I'll be coordinating today's call. If you'd like to ask a question at the end of the presentation, please press star followed by one on your telephone keypad. I'll now hand it over to Nicole Dolan, Investor Relations, to begin. Please go ahead. Thank you, Operator, and good morning, everyone. Before we begin, let me remind everyone that during our conference call this morning, we may include forward-looking statements about expected future events and the financial and operating results of E RR EI T, which are subject to certain risks and uncertainties. We direct your attention to slide two and our other regulatory filings for important information about these statements. I will now turn the call over to Mark Kenney, Chief Executive Officer. Thanks, Nicole, and good morning, everyone. Joining me this morning is Jenny Chou, our Chief Financial Officer. Let's get started with an update on the year so far, as highlighted on slide four. In 2025, we've completed the sale of an aggregate of 417 residential suites and one commercial property for combined gross proceeds of €115 million, and we've committed to an additional €366 million in dispositions, expected to close later in the third quarter. We've been using part of the net proceeds to repay debt and have maintained a low adjusted debt-to-gross book value ratio of 35.8% as of June 30, 2025. We've also been using net proceeds to return capital to investors, and we've announced an anticipated special cash distribution of an estimated €90 per unit payable in September 2025, subject to the completion of certain pending dispositions. Operationally, we continue to realize robust rent growth with our same property occupied AMR increasing by 6.8% to €1,303 on June 30, 2025. Despite that, our same property NOI margin was down to 73.9% for the six months ended June 30, 2025, which Jenny will speak to shortly. Turning to slide five, you will note a further decrease in our occupancies to 91% on the total residential portfolio as the period ends. This continues to be driven by our disposition strategy, as we're intentionally maintaining elevated vacancy levels at certain buildings. With that introduction, I will now turn the call over to Jenny to walk through our financial performance in greater detail. Thanks, Mark. Slide seven provides some key performance metrics for the second quarter of 2025. Due to elevated vacancies, our same property operating revenues were down by 3.9%, and combined with an increase in repairs and maintenance costs, the REIT's same property NOI margin was down to 73.6% for the current quarter. Our diluted FFO per unit was €0.02 for the three months ended June 30, 2025. This is down from the €3.90 per unit for the comparable period due to all the property sales that have been completed since that time. However, it is up from the €1.80 per unit earned in the first quarter of 2025, which is mainly the result of lower interest costs. We've highlighted our financial position and liquidity on slide eight. As mention, we've repaid a significant amount of debt using proceeds from our dispositions, and our leverage was lowered to 36% as of the current period, and down significantly from 57% as of June 30, 2024. Available liquidity was also down this quarter to €23 million, as we reduced our borrowing capacity on the revolving credit facility to better align it with E RR EI T 's current strategy and to save on standby fees. On slide nine, you'll see that we only have €7 million in mortgages maturing over the remainder of 2025 and no maturities in 2026. This provides us with the financial flexibility that we need to achieve our strategic objectives. On that note, I will hand the call back to Mark. Thanks, Jenny. This past quarter, we announced the launch of a sale process for all or a portion of the REIT's remaining portfolio in order to surface its residual value and distribute the proceeds to unit holders, net of taxes, wind-up costs, and other transaction fees and expenses, which could be significant. This process is underway, and E RR EI T is continuing to work with its financial and real estate advisors to meet the objective of returning maximum value to its investors. We caution all unit holders that there can be no assurance that the process will result in the successful completion of the sale of any portion of the remaining portfolio, or that any such sales will be completed at or above reported IFRS fair value. In addition, given that the REIT has completed or committed to the disposition of approximately two-thirds of its portfolio since the start of the year, along with the ongoing sales process for the balance of the portfolio, we have announced an intention to cease E RR EI T' s regular monthly distributions, subject to the closing of certain pending dispositions. We're planning to make this decision in line with our commitment to maximize return for unit holders, with a view to executing on this objective through our value-surfacing liquidation strategy, combined with prudent financial management. We will announce a further update on our progress once available, and until then, I would like to thank all unit holders for their ongoing support. With that, we would now be pleased to take any questions you may have. Thank you. As a reminder, if you'd like to ask a question, please press star followed by one on your telephone keypad. If you'd like to remove your question, that's star followed by two. As a reminder to ask a question, that's star followed by one. Our first question for today comes from Alexander Leon of Desjardins. Your line is now open. Please go ahead. Good morning, everyone. I'd like to just start with the process for the remaining portfolio. I'm wondering if you're able to provide any color on any expectation for potential timing, and then maybe as a part two of that question, how interest has been for what's left. As I've said before, we're working through this process in Q3. Like I said in the presentation, there really can't be any assurance of the expected outcome. What we have described is a process that we will look at all types of proposals, whether it be for entity, part of, or individual assets, and there's varied interest for each one of those categories, as best I can describe it. It's really too early to say in terms of what we think the outcome will be as we work through the process. Okay, maybe just to follow on, has the interest that you're seeing now, is that any different than maybe what you were seeing when you started this process a few months ago? No, I would say the temperature of interest is the same. It's clear there are different parts of the market. When it comes to selling assets, there's a clear market for that. When it comes to selling groups of assets, or the bigger the deal, I'm going to say the more complicated the market can become. No real change at all in terms of the interest in the real estate. Okay, that's great to hear. I'll turn it back. Thank you. Thanks. Thank you. As a reminder, if you'd like to ask a question, please press star followed by one on your telephone keypad. We have a question from Stephen Sanner, who is a private investor. Your line is now open. Please go ahead. Thank you. Good morning, everyone. Morning. I was a bit late getting on the call. Did you comment at all on what you thought or what you might estimate the winding up costs to be on this after everything is sold? Yeah, no, we've not given guidance on those wind-up costs at all. If you listen back to the call, they're varied in nature and depend on the type of transaction and obviously the timing of any sort of deal. It's very difficult to quantify at this point in time, but we do know that there must be wind-up costs that are taken into consideration as we look at the winding of the REIT. What do those costs involve? What we have indicated is we have to look at something that's net of taxes, entity wind-up costs, other transaction fees and expenses, which we have indicated could be significant. Okay. Will you define what significant means to you? We can't make comment on that at this point in time. Okay, thank you. Thank you. Thank you. As a final reminder, if you'd like to ask a question, please press star one on your telephone keypad. At this time, we currently have no further questions, so I'll hand back to Mark Kenney for any further remarks. Thank you, Operator, and thank you to everyone for joining us this morning. If you have any further questions, please do not hesitate to contact any of us at any time. Thank you again and have a great day. Thank you all for joining today's call. You may now disconnect your lines.