Thank you for standing by. This is the conference operator. Welcome to the Melcor REIT second quarter 2022 results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will 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 conference over to Naomi Stefura, Chief Financial Officer. Please go ahead. Thank you, Cherise. Good morning and welcome to our conference call and webcast for the second quarter of 2022. With me on today's call is Andrew Melton, Chief Executive Officer of the Melcor REIT, and Randy Ferguson, our Senior Vice President of Investment Properties. 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 quarter and then open up the call for your questions. If you have not reviewed the materials related to this call, including the MD&A and the financial statements, sorry, they are available on the investor relations section of our website at melcorreit.ca and 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 Q2 2022. First off, I would like to note that fees received in the first quarter of 2021 due to the early termination of a retail tenant in Leduc Common continues to skew our year-to-date results comparatively. I will reference this as the early termination event while reviewing our results. Additional detail on the event can be found in the highlight section of the MD&A. Our portfolio performance remained stable in the second quarter, with rental revenue up 1% and net operating income down 2%. Year-to-date and adjusting for the early termination event, revenue was up 2% and NOI was stable. In the quarter, FFO was down 7% to CAD 6.11 million or CAD 0.21 per unit. This was a result of increased operating expenses in the quarter, as well as increased G&A and finance costs. Management believes FFO best reflects our true operating performance. ACFO was down 9% to CAD 4.51 million or CAD 0.15 per unit. ACFO better reflects our cash position and therefore our ability to pay distributions. We held our monthly distributions at CAD 0.04 per month during the quarter, an increase of 14% over the same quarter last year. The quarterly payout ratio was 77% based on ACFO. Subsequent to quarter end, we announced distributions of CAD 0.04 per unit for July. As of June 30th, 2022, we had CAD 4.55 million in cash on hand and CAD 32 million in undrawn liquidity under our revolving credit facility. I will now turn the call over to Andy to speak to our portfolio's operations and performance. Thank you, Naomi, and thank you, Cherise. Welcome to everybody on the call. Hope you're having a great summer. At least the heat and the good summer weather has been in our favor this year. I also just wanted to comment. Naomi mentioned that Randy Ferguson was on the call. As you may recall from announcements we made, Randy joined us about four months ago and is continuing to get involved in the leadership team at Melcor REIT and showing very positive impact from his presence. We thank him for being on board. I am pleased once again to report stable results for Melcor REIT. The second quarter of 2022 looked a lot like the previous quarter. We are grateful for this stability amidst rising interest rates and inflation. In addition, markets remain unpredictable. Nevertheless, we have stayed focused and business continues, and our leasing team continues to work with tenants to meet their needs. We have worked diligently to renew existing tenants, resulting in a retention rate of 86% year-to-date. We also have commitment from expiring tenants of over 1,100,000 sq ft. New leasing has been active with over 53,000 sq ft secured this quarter and an additional 78,000 sq ft committed for future deals. With all this in place, occupancy has remained stable compared to year-end and Q1 2021 at 87%. Rising interest rates and inflation continue to place pressure on the market, our tenants, and their customers. We are monitoring changes in our interest rates, but expect this trend to continue and affect our mortgages as they come up for renewal. Our weighted average interest rate rose to 3.71%, an increase of 2% over year-end. As Naomi mentioned, we held our distributions at CAD 0.04 per unit in Q2. Subsequent to quarter end, we declared distributions for July to remain unchanged from the previous month. A quick update on our ESG initiatives. As mentioned on previous calls, we continue to participate in the Edmonton Corporate Climate Leaders Program to set our targets for climate action for 2025 and 2035, and still foresee communicating this before year-end. We're doing lots of work on it as we speak. As we move through the next quarter, we are not taking our stable results for granted. Following the lifting of work from home orders, we have yet to understand the velocity in which employers are requiring their full workforce to come back. We are working proactively to renew leases and attract new tenants. Focusing on the fundamentals of real estate has proven successful to get us through challenging times, and current market conditions are no different. We are looking forward to the rest of 2022 and feel well positioned to seize opportunities as they arise. At this time, we'd like to open the phone lines to take your questions. Cherise, please open the lines. Certainly. 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 will 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 will pause for a moment as callers join the queue. The first question comes from Nicholas Taliga with BMO Capital Markets. Please go ahead. Hi, good morning. Morning. I just had a question about the 2017 convertible debenture. With it expiring at the end of the year, can you provide some color on how you're going to proceed with refinancing it? Yes, good question. I assumed somebody was gonna ask that. I think obviously, now is not a great time to be going to the market with a new convertible debenture, unfortunately, to replace that one. That would have been our first desire and something we've been sort of wanting to do. As we sort of step back and wait to see what sort of improvements there are in the capital markets, in a perfect world, we would hope they would improve towards the end of the year, and we would be able to just refinance it with a new convert. In the likely event that the markets don't improve enough to do that, we have secured several other sort of, short-term backup options that would help pay out that debenture in the short term so that we would hopefully be able to come back, and refinance with a new convertible when the markets do improve. As to the specifics of what those backup options are, we're still sort of working out the details, but we do have some options. Okay, great. I just had another question on the mortgage maturities. Yes. With two mortgages up for renewal in 2022, how many mortgages are up for renewal in 2023? I was also just wondering about the discrepancy with the table with the mortgages payable with the year one and year two numbers as well. As far as we have sort of, the mortgages that we have due this year, almost in all cases, we've signed 1-year extensions, sort of, waiting to see what happens to the leasing profile of those buildings and sort of what happens to interest rates. Because we signed one, two, three, four, I guess five, one-year extensions this year, like, those will be coming back due next year. There's those. Then we also have two regular sort of term financings that are coming due, next year, that are sort of bigger balance mortgages. That, I guess, maybe hopefully answers the first question. In some cases, it's just because we've kicked this year's mortgages to next year. Sorry. To your second question, the discrepancy, I might have to get back to you on that. Maybe I'll have to look that up and see exactly what you're referring to. Sorry. Yeah. Yeah, no problem at all. Can I add on to your comment about waiting to see? Yeah, absolutely. Naomi's correct. A couple of buildings in question, we've actually increased the leasing profile of those buildings significantly. As you know about leasing, sometimes the revenue doesn't always kick in. We know that the buildings are in a lot better shape. We're very confident we're going to get appropriate mortgages on them. Now is not the right time to go get the mortgage because the income is not yet in place. The tenants are still in their fixturing periods. We wanted to wait a little bit before we renew those mortgages. Thanks for the color on that. I guess just the last one for me, how much higher are the rates on the one-year extensions? The one-year extensions that we've signed are kind of, one is a variable prime + 1%, and then the others range between 4.25% and 5%. I would say that's probably up 1.5% from probably what was expiring. Okay, got it. That's all for me. I'll turn it back. Thank you. Once again, if you have a question, please press star, then one. The next question comes from Matt McKellar with RBC Capital Markets. Please go ahead. Thanks. Good morning, everyone. Just on the leasing front, certainly seems like you guys remain encouraged with the kind of the activity and interest levels seen. In terms of the 110,000 sq ft of renewals and 78,000, I think, of new leases, the commitment that you noted. Just wondering, are those weighted towards a particular asset class or geography? Are you guys still seeing kind of fairly broad-based interest across the portfolio? Yeah. I'll take that question, Tom. Thanks. It's Randy Ferguson here. We're fairly evenly spread through office and retail. There'd be a little more emphasis on retail just because we've got our retail geography is a little more diverse, but reasonably well spread out in terms of renewal. If you just wanted me to give you a number, I'd say we're probably 45-55 between those two asset classes. Perfect. Perfect. In terms of just drilling down there on the office side of that, generally, any types of trends you're seeing with respect to the renewals and new deals in terms of what type of mix tenants are seeing kind of as we emerge from kind of the lockdowns and that COVID world earlier in the year? Yeah. I would say that our window into what the workplace looks like is as clear as mud. Everybody you talk to will have a different story. You know, our generally, our tenant size outside of government is relatively modest. We're not seeing big impacts where tenants are sizing down for the long term or have established a longer-term plan in terms of their staffing size. We think these inflationary pressures are going to drive more people back to work, but we're not really. We don't really have the kind of portfolio where a tenant is moving from 200,000 sq ft- 100,000 sq ft, let's say, or from 200,000 sq ft- 300,000 sq ft. A great many of conversations taking place in the market about transition of economy. We'll see how that translates back into the asset classes in which we're involved, but it's still a story developing. Got it. That makes sense. Appreciate the color. I'll turn it back. The next question comes from Sumayya Syed with CIBC. Please go ahead. Thanks. Good morning. Just some more follow-up on the office leasing side. Obviously in Edmonton, it's been difficult for some time. Just curious if, from what you see, TIs have stabilized but at a higher level, or do you find that they are continuing to increase quarter over quarter? It's Andy answering that one. It's really tenant-specific. I haven't actually seen any specific increase in TIs. We are dealing in an inflationary environment, so cost of everything is more expensive. Definitely from a landlord's works standpoint, we've seen that change, but no specific change in the TIs required to do deals. Okay. I wanted to touch on the occupancy. It slipped a bit from last quarter. As a follow-up, given the leasing that you have done year to date, where do you expect to see occupancy land by, let's say, year-end? Well, you know, we see life through rose-colored glasses, so we would like to see a 2.5%-3% increase over where we landed next year. We're looking at, you know, and there's a very real possibility that we can get there. We have pretty much achieved our 2022 result. Our teams now are reforecasting and building plans that are going to allow us to stretch ourselves a little bit, and improve occupancy. We believe in our portfolio, which is so very well-positioned that, as markets start to thrum a little bit again, we can lead those markets in terms of absorption. Okay, great. Thank you. If you promise not to hold me to it, I'd say 90% by the end of the year. All right. I can do that. Thanks, guys. Yeah, my bosses are looking at me, and they say, "Well, now you better. Thank you. This concludes the question and answer session. I would like to turn the conference back over to Andrew Melton for any closing remarks. Well, thanks for your questions, everyone, and your continued interest and work you do for the REIT. As I said before, you're an important part of what we do, and we very much appreciate your good hard work. In closing, I would like to thank our leasing, operations, property management teams for their committed work to attract and retain the best tenants for our properties. I also extend my gratitude to our finance and administration, Human Resource, communications, and IT teams that make everything work behind the scenes. They put a lot of good solid effort into it. Thank you very much. We're looking forward to reporting next quarter, and I just hope you guys have a great rest of the summer, and thanks for your energy on the call today. Have a wonderful day. This concludes today's conference call. You may disconnect your lines.