Thank you for standing by. This is the conference operator. Welcome to the Melcor REIT full year and fourth quarter 2021 results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there'll be an opportunity to ask questions. To join the question queue, you may press star, then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. I would now like to turn the call over to Naomi Stefura, CFO. Please go ahead. Thank you, Ariel. Good morning and welcome to our conference call and webcast for the year ended 2021. With me on today's call is Andrew Melton, Chief Executive Officer of the Melcor REIT. I will begin today's call with some mandatory statements, and then I'll walk you through a few financial highlights. Afterwards, I'll turn the call over to Andy to walk through our operational highlights. Our goal is to keep our remarks to a brief high-level review of the year and then open up the call for your questions. If you have not reviewed the materials related to this call, including the management's discussion and analysis and the financial statements, they're available on the investor relations section of our website at melcorreit.ca or on sedar.com. Certain statements made during this call may be forward-looking. For a complete discussion of items that may cause actual results to differ, please refer to the Business Environment and Risk section of our annual MD&A. Second, we report our financial results in Canadian dollars and in accordance with IFRS. We supplement our financial reporting with non-standard measures, including FFO, AFFO, ACFO, and NOI. We believe these measures are important in evaluating our performance but caution listeners that they may not be comparable to similar measures presented by other companies. These non-standard measures are defined and reconciled in our press release and in the MD&A. I will now walk everyone through some of the financial highlights of our results for the year ended December 31, 2021. Our portfolio performance remained stable throughout the year, with flat rental revenue and growth of 3% in net operating income compared to 2020. FFO was up 6% to CAD 26.68 million, or CAD 0.92 per unit at December 31, 2021, as a direct result of higher NOI. Management believes FFO is a better reflection of our true operating performance. Adjusted cash flow from operations, or ACFO, grew 11% to CAD 20.59 million, or CAD 0.71 per unit. ACFO better reflects our cash position and therefore our ability to pay distributions by excluding accretion expense, which is a non-cash item. Since December 2020, we have increased our monthly distribution by 33% after decreasing it in 2020 in response to COVID-19. Distributions made during the year represent an ACFO payout ratio of 63% compared to 69% in 2020. Yesterday we announced the March distribution of CAD 0.04 per unit, unchanged from previous months. As of December 31, 2021, we had CAD 7.26 million in cash and CAD 35 million in additional capacity under our revolving credit facility. Under our share buyback, we purchased 85,683 units for CAD 530,000 in 2021. These units were subsequently canceled. We refinanced CAD 74.29 million or CAD 20.02 million net in 2021 at a weighted average interest rate of 2.77%. I will now turn the call over to Andy to speak to our portfolio's operations and performance. Thanks, Naomi, and thank you, Ariel. Also with us today is Nola Duchecko, Senior Manager of our leasing at the REIT. By the way, thanks. This is my second month back in the chair, and I hope that there's some familiar names and faces out there. Welcome and thanks for joining the call. 2021 proved to be a continuation of 2020 in many ways. I'm far from an expert in all things related to COVID, but I think we are all adjusting to the reality that it's gonna be with us for a long, long time. What I do know is that as the year went on, our optimism and our outlook improved. With the latest lifting of restrictions, we are looking forward to having business and venues operating at full capacity and our workforce returning to the office, something I think we're all looking forward to. In 2021, the REIT's results remained stable. As Naomi referenced, positive leasing performance contributed to growth in NOI, FFO, AFFO, and ACFO. However, we caution that the prior year was atypical, as explained fully in our MD&A, and as such, a direct comparison is less meaningful than in a typical year. Our retention and new leasing numbers are surely the highlight of the year, something we're very proud of. We completed lease renewals representing just over 240,000 sq ft for retention of just under 82%. New leasing has been steady across the portfolio with 76,000+ in new leases commencing in 2021, and additional 127,000+ are committed for future occupancy. Occupancy was also relatively stable at 87%. Subsequent to the year-end, in the first part of this year, we are excited to announce new lease deals. In particular with Innovate Edmonton and Habitat for Humanity in Red Deer. Innovate Edmonton is a new tenant in our downtown Edmonton Jasper Avenue office building. These two tenants took over 40,000 sq ft of committed space for future occupancy. I will also tell you that activity in leasing has been very brisk this year and we're getting lots more interest tours and activity. I will remind you that the effect of these new deals on our results will take some time because there's free rent and TI improvements and so forth. The results will show up later in the year. Our strategy for attracting the right tenants at the right time for the right properties continues to yield results. Our relationship with our tenants and our unique customer care programs are key to building and maintaining a diverse, well-rounded customer base. On July first, two thousand and twenty-one, we furthered this strategy by launching MelCARE, our new digital app for submitting and tracking tenant requests. In two thousand and twenty-one, we added environmental, social, and governance oversight to our board's mandate. We remain committed to furthering our efforts in these areas. For example, with Edmonton, renovations are focused on creating an accessible and energy efficient space. With our participation in Edmonton Corporate Climate Leaders and Green Economy Canada programs, we continue to focus on sustainability and benchmark our energy usage to support the intentional reduction of our carbon footprint. We are also able to restart our capital programs this year following a deferral of discretionary capital spending due to our concerns over COVID. Equipment upgrades and maintenance initiatives and reduced energy consumption are a primary focus of this program. Our distributions were raised twice in 2021 as our outlook improved. Over 2020, we increased those distributions by 33% to CAD 0.04 per unit. These are positive steps forward, and we start the year in Alberta feeling pretty good about the price of oil, the new Alberta budget, a balanced budget, and Alberta again providing a great contribution to the Canadian economy. However, we do remain cautious about what the future holds. Everybody is aware of the current events in Europe and the tremendous ever-changing landscape. For now, our focus will be on looking after our portfolio and continuing to do the right things to move forward. At this time, we'd like to open up the lines for questions. Thank you. We will now begin the question-and-answer session. To join the question queue, you may press star then one on your telephone keypad. You'll hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. We'll pause for a moment as callers join the queue. Our first question comes from Nicholas Telega of BMO Capital Markets. Please go ahead. Hi, and good morning. Morning. Good morning. With Alberta lifting mandatory work-from-home mandates recently, to what degree do you think that will help the office portfolio and I guess, office leasing renewals as an extension for 2022? On balance, I believe it will be positive. We're already seeing the effects of that just by more interest in not only our downtown but our suburban portfolio. I think things are gonna change in terms of how people use office. How that change is gonna unfold, I'm not sure right now. To answer your question, on balance, it will be positive. Okay, great. Thanks for the color there. Moving on to portfolio allocation. It says that you guys are looking to move to about 20% industrial. What would the roadmap and timeline be for that to increase that exposure? Would you be focusing on primary markets like Calgary or Edmonton or other surrounding markets? Sounds like two questions there. To answer the first about industrial, it is our goal to reach that target. The industrial market, as you know, has become very, very competitive. I can't put a timeline on that, and it's very deal specific. The second question had to do more about the markets. We feel very comfortable with the markets we're in, which are most of the major Alberta centers, specifically Edmonton and Calgary and surrounding communities. We also feel very comfortable with Regina and Kelowna, two of our other markets. We think we're gonna stick to those markets and just work them as hard as we can. Great. Thanks for the color. I'll turn it back. Our next question comes from Kyle Stanley of Desjardins. Please go ahead. Thanks, and good morning. Morning. Congrats on securing the tenant at Jasper Avenue. That's a big success. When should we expect Innovate Edmonton to begin paying rent? You know, you mentioned obviously free rent period and some TIs and things like that. Just for modeling purposes. Probably not until late 2023. January 2023. Sorry. Yeah. January 2023. Okay. Thank you. You know, the press release indicated building renovations and improvements that are underway. Is that capital or the capital required for these upgrades included in your 2022 CapEx budget? Yes. Yes, it is. Okay, perfect. Sorry, I meant late 2023 or January 2024. It depends on the fixturing period and when their free rent starts. Sorry, I said 2023, but just to go back, either late 2023 or early 2024. Okay. Thank you. Yeah. Looking at collections, I mean, down a little bit in Q4, and I mean, although it was very small, there was a bit of a bad debt expense booked versus a recovery in the third quarter. Would you say this is mostly related to, you know, the continuation of lockdowns that we had begun seeing in the third quarter in Alberta and then the emergence of Omicron? Or, you know, just looking for a bit of color there and your thoughts. No, I think it's a little bit more just like of an annual, deep scrub of our accounts receivable at the end of the year. Probably not atypical realistically to, sort of a regular fourth quarter review. Okay, perfect. Just the last one for me. You know, we knew there was a temporary lease in the third quarter that probably contributed the bulk of the sequential occupancy variance. Just removing that, it does look like there was a modest incremental decline. I'm just wondering, could you elaborate on that a little bit? Yeah, it's, I suppose one of the ways to look at it is you move the portfolio through some pretty difficult times, there is going to be the expectation of a certain shrinkage in occupancy. What we are feeling most comfortable about is we think that period is behind us, and we don't expect to see that potential shrinkage going forward. Okay. Maybe just to build on that one more. Would you think that, you know, at this kind of 87% occupancy level, like, does this look like trough occupancy in your opinion? Just, you know, given maybe what you're seeing in terms of lease maturities in the next year or two. I could definitely answer that question as yes. I would say that I'm not alone in this, the entire economy is in the same boat. We just can't have any more or too many more big crises come our way. If we know for sure that that's not gonna happen, I would say we're at the trough. Okay. Nope, that makes sense. Thank you very much. I'll turn it back. Once again, if you have a question, please press star then one. Our next question comes from Sumayya Syed of CIBC. Please go ahead. Thanks. Good morning and welcome back, Andy. Thank you, Sumayya. Just a follow-up question on the releasing of the former Royal Bank building. Can you remind us how much space is left to lease there? If you think getting Innovate Edmonton in will potentially garner more interest? Firstly, we don't know for sure about garnering more interest, but we do know that the buzz in the market has been very strong and we have been fielding much more calls. I do believe I can't put any percentage success on it, but I do believe we're working on a couple of tenants right now that are a direct result of Innovate Edmonton. Okay, that's encouraging. I wanted to ask about your NCIB. I believe it's expiring at the end of this month and just wondering what are your thoughts on renewing and how active would you want to be on that? Yeah, great question, Sumayya. That is a decision that's with the board. I think at this point, we are focusing our cash efforts on some of the sort of TI work that's coming up with Innovate Edmonton, some capital improvements, the potential of purchasing some assets from Melcor, continuing to look at our distribution policy. I think at this point, there are other areas where we're focusing our cash, but we will see at the end of the month. Okay, makes sense. Thank you, guys. Thank you. This concludes the question and answer session. I would like to turn the conference back over to Mr. Melton for any closing remarks. Thank you, Ariel. I just wanna thank everybody for participating. I think collectively the team at Melcor, which I'm very proud of, we're feeling very comfortable moving into this year despite the things that are going on in the world. We're just looking forward to a good year. Thanks for your participation. This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.