Good morning, everyone, and welcome to the 2021 Annual and Special Meeting of the unitholders of Minto Apartment Real Estate Investment Trust. My name is Roger Greenberg, and I am the Chair of the Board of Trustees for the REIT. I am pleased to preside over this meeting today. To proactively deal with the unprecedented health impact of the COVID-19 pandemic and to mitigate risks to the health and safety of unitholders, members of the Board, management, and other stakeholders, this meeting is being held entirely by virtual means through a live webcast. We welcome everyone in attendance today. A recording of this webcast will be posted to our website for a period of time after the meeting. I'd like to first begin by introducing Michael Waters, our Chief Executive Officer and one of our Trustees, and John Moss, General Counsel and Corporate Secretary, who are joining us today. I'm also pleased to introduce each of the other members of our current board of trustees in attendance on our webcast today. Allan Kimberley, Heather Kirk, Jacqueline Moss, Simon Nyilassy, and Philip Orsino. Before we commence with the formal part of the meeting, I'd like to first acknowledge the remarkable efforts of the team at Minto Apartment REIT over the last year and, in particular, during the pandemic period. In late Q1 2020, the REIT team quickly mobilized to deploy the REIT's infectious disease protocol in order to maintain operations and protect public health. Since then, the REIT has implemented a number of initiatives to prioritize the health and well-being of residents, employees, and the communities in which the REIT operates, including operating with limited on-site personnel and adhering to Health Canada guidelines on personal hygiene and social distancing, closing all fitness facilities, enhancing the sanitization of shared surfaces and areas, limiting leasing activities to appointment only, and prioritizing the use of online tools, closing the REIT's corporate offices to outside visitors, with most staff working remotely, and ensuring that all critical vendors have business continuity plans in place and are following property guidelines for personal protective equipment and social distancing. On behalf of the board and all unitholders, I'd like to thank everyone in the Minto Apartment REIT organization for their dedication, resilience, and commitment during this time. I would also like to thank those unitholders who've chosen to attend this webcast today and to all those who submitted their proxies in advance on a timely basis. For our meeting, we intend to proceed with the following formal items on the agenda, following which there will be a brief presentation by Mr. Waters on behalf of management. The first item of business is the presentation of the financial statements and auditor's report for the year ended December 31, 2020. The second item of business is the election of the trustees. The third item of business is the reappointment of KPMG LLP as Minto Apartment REIT's auditors. The fourth item of business is the approval of a non-binding advisory say-on-pay resolution accepting the REIT's approach to executive compensation. The fifth item of business is to affirm, ratify, and approve the REIT's amended omnibus equity incentive plan. Please note that today's meeting may contain statements made by the REIT's officers and Trustees, which are forward-looking statements for the purposes of applicable securities law. Forward-looking statements are not assurances of future performance and are subject to risks and uncertainties that are difficult to control or predict. The actual results, performance, or achievements of the REIT and its business may be materially different from the anticipated results, performance, or achievements expressed or implied by forward-looking statements. Unitholders should consult the more detailed discussion of the risk factors relating to the REIT and its business in our most recent annual information form and Management's Discussion and Analysis. Forward-looking statements are based on the officers' and Trustees' beliefs and opinions, undue reliance should not be placed on any forward-looking statements. The REIT does not undertake to update or supplement any forward-looking statements unless required to do so by applicable law. Finally, before we begin, we have a few administrative matters to note in light of today's virtual meeting format. Typically, registered unitholders and duly appointed proxy holders who wish to vote would be required to attend the meeting in person. Instead, voting during today's meeting will be conducted through this online platform. When we are ready to table an item of business for a vote, you will see voting options appear on your screen. If you have voted in advance of the meeting and do not wish to revoke your previously submitted proxies, then you do not need to do anything at this time. Another manner in which this virtual meeting will be different is with respect to questions. Unitholders and duly appointed proxy holders will have the ability to ask questions, as questions will be accepted through this online platform. To submit a question, click on the Q&A messaging icon located on the lower left-hand side of your computer screen. When submitting a question, please identify whether it relates to a motion being considered as part of the formal business of the meeting or whether it is general in nature. We will address questions directly related to a particular motion at the appropriate time of the meeting and save general questions until after the formal business section of the meeting has been completed. Questions with common themes may be grouped together for efficiency. John Moss, our Corporate Secretary, will read the questions aloud when requested, and either I or a member of the management team will respond. We will make every effort to answer all your questions during today's Q&A period. In the interest of time, we will limit that portion of the meeting to 15 minutes and will address any unanswered questions in a timely minute afterwards. With consent of the meeting, I will act as Chair of the meeting, and I will ask John Moss, our General Counsel and Corporate Secretary, to act as Secretary and Broadridge Investor Communications Corporation, by its representatives, Alicia Mohammed and Jerry Trotter, to act as scrutineer. I now call the meeting to order. I have been advised that on April 20th, 2021, the notice and access notice, together with a form of proxy, were mailed to each unit holder of record as of April 7th, 2021, the record date for the meeting, advising that the notice of meeting and management information circular are available online. We have received an affidavit of mailing from Broadridge Investor Communications Corporation. I ask that the secretary keep a copy of it with the minutes. I have been provided with a scrutineer's preliminary report on attendance, indicating that a quorum is present. I declare that this meeting has been duly convened and constituted for the transaction of the business for which it has been called. When the formal report of the scrutineer is available, it will be kept with the minutes of the meeting. Only registered unit holders of record at the close of business on April 7th, 2021, or their duly appointed proxy holders are entitled to take part in and vote at this meeting. Each trust unit and special voting unit represented at this meeting is entitled to one vote. In order to make best use of our time today, certain individuals have been asked to move and second various motions. This is not intended to limit in any way your right to participate in the meeting. Unit holders who wish to make comments relating to these motions may do so through the online platform after the motion has been seconded in the manner previously noted. As noted earlier, there will also be an opportunity to ask general questions. During the meeting, we may also pause from time to time to review messages from the corporate secretary as we coordinate from a distance. Thank you for your patience as we do so. We will now proceed to the first item of business for the meeting, present the financial statements for the year ended December 31, 2020. A copy of the financial statements was previously made available to Unit holders. Unit holders do not have to take any action regarding the financial statements, but if any unit holder has questions relating to the statements, I would suggest that they be asked later in the meeting during the question- and- answer period. The second item of business is the election of trustees. The REIT currently has seven trustees whose term of office will expire at the end of the meeting, and the number of trustees to be elected at this meeting is seven. Each of the current trustees is a nominee for election. The management information circular provides detailed biographies setting out the valuable qualifications and diverse backgrounds of the trustees proposed. In addition to me, the nominees for elections are Allan Kimberley, Heather Kirk, Jacqueline Moss, Simon Nyilassy, Philip Orsino, and Michael Waters. If elected, these nominees will hold office until the next annual meeting of unit holders or until his or her successor is elected or appointed. I'm pleased to report that based on proxies received by the scrutineer in advance of the meeting, each trustee nominee received votes in favor from at least a majority of votes cast. We will now consider the election of trustees. To facilitate the introduction of the nominees, we refer you to the slide on the webcast. I declare the polls open on all resolutions. John, are there any questions or comments submitted in connection with the nomination and election of trustees? No, Roger, we have not received any questions related to this item. Okay. Thank you, John. As mentioned, I've taken the liberty of asking certain unit holders to make the motions for the election of trustees and other motions today. I will now ask Paul Baron and Edward Fu, sorry, Paul Baron to move and Edward Fu to second a formal motion for the nomination of the seven nominees as trustees of the REIT. Mr. Chair, I so move. Mr. Chair, I second the motion. Thank you both. I've been advised that no other nominations have been made in accordance with the advance notice provisions under the REIT's declaration of trust. Accordingly, I declare the nominations closed. As required by the rules of the Toronto Stock Exchange, the REIT has adopted a majority voting policy relating to the election of trustees. Details regarding this policy are provided in a management information circular. Under the policy, a trustee is required to tender his or her resignation if he or she receives more withhold votes than votes cast for his or her election. Based on the proxies received for the election of trustees, if elected, none of the nominees would have to tender their resignation under the policy. I will now ask Paul Baron to move and Edward Fu to second a formal motion for the election of each of the seven persons nominated as trustees of the REIT to hold office until the next annual meeting of unitholders, or until they resign or their successors are elected or appointed. Mr. Chair, I so move. Mr. Chair, I second the motion. Thank you very much. I will now ask registered unitholders and duly appointed proxyholders to cast their votes through the online portal. As a reminder, if you have already voted or sent in your proxy, there's no need for you to do anything unless you wish to change your vote. Thank you for casting your votes. The scrutineers will tabulate the votes cast. The third item of business is the appointment of KPMG LLP as auditors of the REIT and the authorization of the trustees to fix their remuneration. The trustees, on the recommendation of the audit committee, propose that KPMG LLP be appointed as auditor of the REIT until the next annual meeting of the unitholders or until their successor is duly appointed, and that the trustees be authorized to fix their remuneration. John, are there any questions or comments submitted in connection with the appointment of auditors? No, Roger, we have not received any questions related to this item. Okay. Thank you, John. I will now ask Paul Baron to move and Edward Fu to second a formal motion for such appointment and authorization. Mr. Chair, I so move. Mr. Chair, I second the motion. Thank you both. We will now vote on the motion. If you have not already done so, I will ask registered unitholders and duly appointed proxyholders to cast their votes through the online portal. Thank you for casting your votes. The scrutineers will tabulate the votes cast. The fourth item of business is to approve a non-binding advisory say-on-pay resolution accepting the REIT's approach to executive compensation. A full description of the REIT's approach to executive compensation is set out in the REIT's management information circular. John, are there any questions or comments submitted in connection with this item? No, Roger, we have not received any questions related to this item. Okay. Thank you, John. I will now ask Paul Baron to move and Edward Fu to second a formal motion that a non-binding advisory basis and not to diminish the role and responsibilities of the Board of Trustees. The unitholders accept the REIT's approach to executive compensation disclosed in the REIT's management information circular dated April 7th, 2021, under the heading Statement of Executive Compensation. Mr. Chair, I so move. Mr. Chair, I second the motion. Thank you both. We will now vote on the motion. If you have not already done so, I will ask registered unitholders and duly appointed proxyholders to cast their votes through the online portal. Thank you for casting your votes. The scrutineers will tabulate the votes cast. The fifth item of business is to affirm, ratify, and approve the REIT's amended omnibus equity incentive plan. A full description of the amendments to the REIT's omnibus equity incentive plan and the reasons the REIT believes it is in the best interest to seek such amendments is set out in the REIT's management information circular. John, are there any questions or comments submitted in connection with this item? No, Roger, we have not received any questions related to this item. Thank you, John. I will now ask Paul Baron to move and Edward Fu to second a formal motion that a resolution be passed in the form set out on page 18 of the management information circular and also shown on your computer screen, authorizing the replacement of the REIT's current omnibus equity incentive plan with the amended and restated omnibus equity incentive plan attached as Schedule A to the management information circular. Mr. Chair, I so move. Mr. Chair, I second the motion. Thank you both. We will now vote on the motion. If you've not already done so, I will ask registered unitholders and duly appointed proxyholders to cast their vote through the online portal. Thank you for casting your vote. The scrutineer will now tabulate the votes cast. Ladies and gentlemen, this brings us to the end of voting on the items of business before this meeting. I, therefore, declare the polls closed. Thank you for casting your votes. I'm pleased to report that on the election of trustees, the preliminary voting results show that each trustee nominee received votes in favor from a majority of votes cast. Accordingly, I declare the proposed trustee nominees have been duly elected as trustees of Minto Apartment REIT to hold office until the next annual meeting of unitholders, or until they resign or their successors are duly elected or appointed. On the appointment of auditors, the preliminary voting results show that a majority of the votes cast were in favor of the reappointment of KPMG LLP as auditors of the REIT. I declare that KPMG LLP are reappointed auditors of Minto Apartment REIT and that the trustees are authorized to fix the auditor's remuneration. On the non-binding advisory say-on-pay resolution accepting the REIT's approach to executive compensation. More than a majority of the votes cast were voted in favor of the resolution. I declare this motion to be passed. On the affirmation, ratification, and approval of the REIT's amended omnibus equity incentive plan, more than a majority of the votes cast were voted in favor of the resolution. I declare this motion to be passed. The final voting results will be available after the meeting and posted to the REIT's SEDAR profile at www.sedar.com. If there is no further business, I will now ask Paul Baron to move and Edward Fu to second a formal motion to terminate the meeting. Mr. Chair, I so move. Mr. Chair, I second the motion. Thank you both. I declare the motion carried and the meeting terminated. Now that the formal part of the meeting has been concluded, I'd like to welcome CEO Michael Waters to make a brief presentation on behalf of management. Michael? Thank you, Roger. Good morning, everyone. I'm pleased that you've all taken the time to join us. Before we begin, I want to remind listeners that certain statements about future events made in this presentation are forward-looking in nature. As Roger noted earlier, any such information is subject to risks, uncertainties, and assumptions that could cause actual results to differ materially. Please refer to the cautionary statements on forward-looking information in the REIT's most recent MD&A and annual information form for more information. Please note that I will reference certain non-IFRS financial measures. Although management believes these measures provide useful supplemental information about the REIT's financial performance, they're not recognized measures and do not have standardized meanings under IFRS. Please see the REIT's MD&A for additional information regarding non-IFRS financial measures, including reconciliations to the nearest IFRS measures. As we know all too well, 2020 was a year of unpredictable and unprecedented challenges for everyone. Accordingly, first and foremost, I'm pleased to report that Minto Apartment REIT demonstrated commitment and dedication in providing essential services that maximize the safety of our residents. We also took all necessary steps to provide a safe work environment for the Minto team, which enabled them to continue to advance our business objectives. The resilience and quality of our business was on display during 2020. We generated a 2.2% increase in adjusted funds from operations per unit, despite the fact that the COVID-19 pandemic was over most of the year. Our board of trustees authorized an increase in our annualized cash distribution of 3.4% in recognition of the business's strong and growing cash flow potential. Our payout ratio remains conservative at 60.3% of adjusted funds from operations. During the year, we completed the repositioning of 239 suites, thereby improving the quality of our communities, reducing future repair costs, and driving strong growth potential in rental revenue. We advanced an investment loan for the development of phase I of Lonsdale Square in the Greater Vancouver area and thereby fulfilled the REIT's strategic mandate of establishing a presence in all six of Canada's major urban markets. Lonsdale Square is a large master planned community, of which phase I is expected to comprise 113 rental suites over six stories and approximately 7,800 sq ft of retail at grade. Upon stabilization of phase I, which is expected in 2023, we will have the exclusive option to purchase it at a 5% discount to its then appraised fair market value. During 2020, the REIT's net asset value increased by 8.3% to CAD 22.26 per unit. The increase was attributable both to growth in net operating income and cap rate compression. The next slide highlights the REIT's growth in some key financial metrics since our initial public offering in June 2018. Adjusted funds from operations per unit has increased from CAD 0.36 per unit in the partial 2018 fiscal year, representing our first two quarters as a public company, to more than CAD 0.74 per unit in 2020. Distributions increased during both years since our initial public offering and now stand at CAD 45.5 per unit on an annualized basis. As I highlighted a few moments ago, our net asset value increased to CAD 22.26 per unit in 2020, which is 26.9% higher than at year-end 2018. We are committed to creating value for unitholders through growth in net asset value and steady increases in sustainable distributions. The lower table on this slide highlights our success in expanding the REIT's property portfolio while simultaneously improving our balance sheet. Since year-end 2018, our assets have increased 82.5% to CAD 2.2 billion, while our debt to gross book value ratio has declined from 45% to 38.6%. We are committed to maintain prudent leverage while growing revenue, earnings, assets, and distributions. The current economic crisis is highlighting the importance of strong liquidity and a solid balance sheet, and we have both. Our total liquidity at year-end was CAD 170.7 million, and at the end of March 2021 was CAD 158.9 million. This slide highlights the significant organic growth we generated in 2020 by realizing on rent increases that are embedded in our portfolio. We signed 1,501 new leases during the year following suite turnover. The average rent on these suites increased by 8.1%, from CAD 1,513 a month to CAD 1,636 a month. As a result, the REIT generated an annualized incremental revenue gain of approximately CAD 1.9 million. You can see on the chart that our rent increases in Toronto and Ottawa markets were exceptional, and Montreal was very solid. Alberta's rental market was down in 2020, but I would note that conditions have improved, and we generated a positive gain on terms in Alberta in Q1 2021. Turning to the next slide, I would now talk about repositioning. Under this program, we renovate suites and common areas to drive rent growth. As I noted earlier, we repositioned 239 suites during 2020. The average annual return on investment generated was 9.3%. The REIT's repositioning program presents the best risk-return profile of all investment opportunities, generating growth in net asset value at the expense of modest near-term earnings dilution. We target an average simple return on investment of 8%-15%, depending on the suite type. Repositioning programs are flexible, with relatively small, discrete capital commitments and short project durations, and are easily accelerated or slowed as market conditions dictate. The high volume of repositioning in progress generates efficiencies through volume purchasing, repeatable design concepts, and lessons learned from other projects. At year-end 2020, we had 2,323 suites remaining to reposition or 1,600 suites at our proportionate share at nine properties. Another important element of our growth strategy is intensification development. We currently have interest in six development projects at various stages of the planning process. In total, these projects are expected to add 1,572 new residential suites to our portfolio. The REIT's interest in Fifth + Bank, phase I of Lonsdale Square, and Beechwood are through investment loans, which include options to purchase these properties upon stabilization at a 5% discount to the then-appraised value. The REIT has a 40% co-ownership interest in High Park Village and a 50% co-ownership interest in Leslie York Mills. The REIT owns 100% of Richg rove. Fifth + Bank is a development project in Ottawa's attractive Glebe neighborhood. A former commercial building is being replaced with a mixed-use, multi-residential 163-suite rental property. As I highlighted earlier, phase I of the Lonsdale Square development in North Vancouver is expected to add another 113 rental suites. We're also seeking final approvals for intensification projects at the Richg rove and Leslie York Mills properties in Toronto, which together will comprise 417 new suites. Rezoning is in process for a new 229-suite development on Beechwood Avenue in Ottawa's attractive New Edinburgh neighborhood, which we announced subsequent to year-end, and for a 650-suite intensification project at High Park Village in Toronto. The development opportunities highlight the benefits of the REIT's strategic alliance with the Minto Group. This slide illustrates the geographic diversification we have achieved as a result of our strategic acquisitions and investment loans for development, reducing our overall portfolio risk. As I highlighted earlier, we now have investment in all of Canada's six major rental markets. At the time of our initial public offering, Ottawa properties accounted for more than 70% of total suites. That figure declined to 42% at year-end 2020, with the strong Toronto and Montreal markets representing an aggregate 52%. At year-end, our portfolio comprised 29 multi-residential properties with 7,245 suites, which includes 2,163 suites that we co-own with institutional partners and three investment loans with purchase options for a further 505 suites. The average monthly rent for these properties was CAD 1,623 a month, and our occupancy rate was 95.6%. I'd like to conclude by briefly discussing our business outlook. First, while COVID-19 case counts are down and vaccines are being rolled out across the country in increasing volume, the pandemic is still paramount in our near-term planning. We continue to prioritize the health and safety of residents, employees, and business partners by ensuring that we maintain the adjusted processes and procedures that have successfully characterized our pandemic response. This includes adapting our leasing and marketing strategies to capture demand in these challenging market conditions, managing the REIT's liquidity to continue to meet our financial obligations, and preparing plans to safely return to our workplaces as restrictions are lifted. Coming out of the pandemic, the preliminary economic metrics point to a strong recovery. The benefits of urban living, walking to work, restaurants and entertainment, transit, have all been temporarily on hold due to the COVID restrictions, but they remain highly desirable. As the pace of vaccinations gathers momentum and COVID restrictions begin to loosen or lift, we expect stronger demand in our core urban rental markets in the second half of 2021, with occupancy and average monthly rent expected to increase. Our growth strategy is unchanged. We will maximize organic growth by capitalizing on gain-to-lease opportunities and through our suite repositioning program, and we will continue to generate external growth through our strategic acquisition program. This includes capitalizing on the REIT's relationship with the Minto Group to source growth through the intensification of existing sites or by accessing their pipeline of assets and development opportunities. We remain highly confident in our ability to consistently create value for unitholders through growth in net asset value and cash distributions. We're now pleased to answer any questions that you may have with respect to the REIT, its financial statements, and its operations during the year. John, are there any questions? No, Michael. No questions have been submitted. Thank you. If there are no questions, I'd like to thank everyone for attending this meeting and for your support of the REIT. We look forward to seeing you again next year.