Thank you for standing by. This is the conference operator. Welcome to the Melcor REIT third 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'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 conference over to Naomi Stefura, Chief Financial Officer. Please go ahead. Thank you, Ariel. Good morning, and welcome to our conference call and webcast for the third quarter 2022. With me on today's call is Randy Ferguson, Senior Vice President 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 Randy to walk through our operational highlights. Our goal is to keep the 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, 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 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 Q3 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 Highlights section of the MD&A. Our portfolio performance remains stable in the third quarter, with rental revenue up 1% and net operating income down 3%. Year-to-date and adjusting for the early termination event, revenue was up 1% and NOI was down 1%. In the quarter, FFO was down 5% to CAD 6.31 million or CAD 0.22 per unit. ACFO was down 9% at CAD 4.66 million or CAD 0.16 per unit. However, year-to-date, adjusting for the early termination event, FFO and ACFO were down 2% and 4%, respectively. During the third quarter last year, we increased our distribution by 14% to CAD 0.04 per unit. We have held our monthly distribution throughout this year at CAD 0.04 per unit. The quarterly payout ratio was 75% based on ACFO, compared to 65% in Q3 of the prior year. We have now announced distributions of CAD 0.04 per unit for the months of October, November, and December. As of September 30, 2022, we had CAD 2.7 million in cash and CAD 30 million in undrawn liquidity under our revolving credit facility. Our 2017 debenture, which has an outstanding principal balance of CAD 23 million, is set to mature on December 31, 2022. We are actively engaged with our advisors to review refinance options for this debenture and have room on our credit facility to absorb this debenture if required. We are focused on ensuring that the REIT has the flexibility to enter the market under more stable conditions. I will now turn the call over to Randy to speak to our portfolio's operations and performance. Thank you, Naomi, and good morning, everyone. I'm pleased to share Melcor REIT's third quarter operating results. Notwithstanding that our business continues to be tested by numerous factors such as slower return to the office by workers in some industry segments and cost inflation, our portfolio continues to produce stable results. Our leasing team is finding success in new leasing and renewals. Our management teams are providing strong experience while ensuring we deliver on all service fundamentals. A back-to-the-office strategy led by many of the companies has facilitated us being able to restart personal visits with our tenants and customers, and to host a summer broker event at our office to celebrate a solid year of leasing so far. We recently engaged an additional leasing resource to the REIT team, and we've already seen positive results, not the least of which is one of our office buildings, which started the year off at 53% vacant, is now 100% leased. To date, we've signed 127,900 sq ft of new leases and just under 320,000 sq ft of renewals. Further, we have commitments for an additional 85,000 sq ft of upcoming renewals. Occupancy remains steady at 88%, a 1% improvement over year-end. However, our committed space to date is 90.7%. We're excited, and we're motivated by this progress. 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 out our targets for climate action for 2025 to 2035. We anticipate communicating what that might be. We have a dedicated internal resource now, as well as have a consulting team working with us on this initiative. In conclusion, as we move through the remainder of 2022, we're focused on ongoing value add through our leasing programs and ongoing stewardship through our property management services. Now, we'd like to open the phone lines to take your questions. Ariel, if you would open the phone lines. 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 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. Our first question comes from Matt McKellar of RBC Capital Markets. Please go ahead. Thanks, good morning. Just, first one for me, just a question on the 40,000 sq ft of temporary seasonal space that you had noted in the MD&A there. Would it be fair to say that that accounts for the majority of the sequential increase in occupancy for the retail segment this quarter? Or is some of that space going to be more of a Q4 impact into the holiday season? The simple answer is yes, it does have a significant impact on the retail segment on our absorption. Okay. Got it. And then just building off that, thanks for the color there on committed space in the opening remarks. Just kind of curious how you see, you know, given the leasing progress made to date, you know, wondering if you can kind of quantify where you expect occupancy levels to trend maybe into year-end and over the first half of 2023. Well, we're pushing to keep occupancy up around the number we have now by the end of the year. A lot of the forward leasing that we've done is going to come into play as occupancy in Q1 and Q2 of 2023, as well as the initiatives that we're working on where we have a high probability of committing space is Q2 and Q3 occupancies. Right now we're very bullish on the first couple of quarters, in particular, the second quarter of next year, where we think we can see some significant by today's standard absorption in the portfolio. Got it. Thanks. Certainly seems like some good progress on that front. Just switching gears, just maybe interested in any commentary on the fair value gains there and kind of what drove those on the retail industrial side, whether it's you know kind of changing assumptions in NOI or occupancy, but any color there would be great. Yeah, absolutely. In a lot of the cases, we did have to revalue 13 properties this quarter just based on sort of the cycling of how we get them appraised. It was a combination of NOI increases on the properties that were selected, as well as actually some cap rate improvements on a couple of the properties. I'd say more NOI-driven, but there were also cap rate positive adjustments. Most of the. I'll- Sorry, I'll just say the most of the increase were in our retail assets. Yep. Perfect. Thanks. I'll turn it back. Our next question comes from Jenny Ma of BMO Capital Markets. Please go ahead. Thanks. Good morning. Morning, Jenny. Good morning. Just going back to the seasonal rental, is that good through year-end, or do you expect some of it to tip into Q1 of 2023? If you could quantify what the impact that would be, that would be helpful for modeling purposes. Sure. The temporary rentals, which were the business that we do year over year where we have available space, is with Spirit Halloween. Ah. That will all wind up this month. Okay. You know, I guess I'm a little tongue in cheek because with that said, we now have the temporary, Christmas guys coming forward. We don't know where that's gonna land. Oh, okay. The pop-ups are really helping us. Right. The Christmas stuff, I guess even with that, it's gonna be a bit of a slip into Q4. Is that fair to say? Yes. In terms of NOI? Okay. Okay, great. With regards to the office segment, made some commentary that return to office efforts have still been a little bit sluggish. I'm just wondering if you could just give us your views on the ground in Edmonton in particular, just because when we hear that narrative, it's often reflective of you know, higher density, higher transit-dependent type of cities that are having challenges bringing people back. What's happening on the ground in Edmonton, and why do you think there's been a bit of a challenge in terms of getting people back to the office with any sort of regularity? What's your outlook for, let's say, 2023, absent any you know, major changes in policy or anything like that? Sure. That's a great question. I appreciate you asking that. You know, Edmonton in terms of the private sector, there was an article recently published, where we are boasting that we have one of the highest rates of return for the private sector in the country, you know, which is all gauged on a per capita basis. Our challenge is that we are a government town. We're the capital city. Mm-hmm. We have a significant head office component with Alberta Health Services and with Alberta Infrastructure. Here in Edmonton. The gradual return to work of those government office workers, which are really a big integral part to occupancy in downtown to retail activity. That is moving along much more slowly than I think that we as business people had hoped. Mm-hmm. With that said, we have seen some firming up in terms of occupancy and interest in our more suburban spaces to the west of downtown in particular. We're seeing activity. Our building, Princeton Place, that went full is at the westerly edge of downtown, and it was the private sector that drove that. We think we're back to that place, at least from an Edmonton-centric point of view, where we're going to. It'll be sort of left foot, right foot, but we don't see ourselves losing more tenants than we will gain on a net basis. A lot of people have taken the attitude that they're back to work. I think it'll be interesting to get together with my Liars Club and to hear about everybody's view of the jobs report today. Very positive numbers, very positive for us as well. Alberta gained 7,000 jobs in the month of October. Again, you know, we'll be paranoid about how that's going to affect interest rates. We do know. Mm-hmm. that it has a potential of having a positive effect on occupancy. Okay. Would you say that the friction with returning to the office is probably more cultural in terms of people wanting to work, get the flexibility to work from home as opposed to frictional, like I mentioned before, like transit issues or density concerns or anything like that? Maybe it's just gonna be a bit more of a long drawn-out process as it is for everyone. Yes. I agree. It is more about people looking for those in particular governmental organizations looking at all of their options of return to work. Is it hybrid? Is it five days a week in the office? Are there components of it that was work from home? That discussion is still going on in the halls of Parliament and in the halls of the legislature and in the halls of a lot of the government organizations. The private sector has really settled down this last quarter. We're seeing traffic on the street. We're really encouraged, but we really do need those governmental organizations to come back to their offices. Mm-hmm. I guess going into the winter months isn't gonna help the next couple of quarters. Yeah. Okay. We've been seeing finally some positive headlines about Alberta in terms of the economic recovery and then now with in-migration to the province leaking a lot from Toronto or Ontario. I'm just wondering if you could just give us again on-the-ground views of if you're seeing any impact from that migration or economic improvement, and if there's any big differences between Calgary versus Edmonton. Well, I think we can speak to both markets as we're players in both market. I think Calgary certainly has significant momentum. We're only just starting to see some of the momentum here, and I think it's because our economic progress in our region is being driven more by a transition to non-carbon energies and the planning that goes into that before the physical jobs are created and the construction starts. I can say that from a technical trade point of view and from professions, we have more jobs than we have people available to fill them. We've got a very strong position in terms of housing. Our housing is affordable. We have jobs. We've got wonderful communities in both cities. We don't really look at it as a race to one community or another. I think provincially, we're gonna have another really good stretch. The transitioning economy is creating jobs. The traditional economies of energy, of agri, of beef and lumber are all creating jobs. It's a pretty interesting time while the world is, you know, a little bit upside down, as we all know, to see this kind of progress and a steady hand on the rudder. Yeah. No, we've been seeing that energy has been a bit of a hedge for higher rates and everything else that's going on. Glad to see that come back to Alberta. That's all for me. Thank you. I'll turn it back. Thank you. Once again, if you have a question, please press star then one. Our next question comes from Pranis Bilal, an independent investor. Please go ahead. Just a quick question. Any idea about share buybacks? Yeah. Hi, I can take that question. I think at this point, we've discussed this internally and with our board, from a capital allocation perspective, we think it's important right now to sort of conserve cash and focus on some of the upcoming requirements, most importantly, the debentures which are maturing. Those debentures mature at the end of the year, and we need to ensure that we have sufficient potential room on our credit facility to pay those back. Because as you can imagine, capital markets right now aren't very friendly towards new issuance. We also very much take pride in maintaining the 4 cent per unit distribution. Right now, I think the management's view and the board's view is to focus our capital allocation on ensuring consistent distributions, ensuring we have cash available for the repayment of the debenture, and just sort of monitoring all of these sort of headwinds that we have in terms of inflationary costs, increasing interest rates on some of our mortgage renewals. Although we do recognize and appreciate that our share price is currently undervalued and that it is a good buy for the company, we just simply do not feel right now that we have the capital to allocate to the NCIB program. Does that answer your question? Do you plan it next year, or is it too early to decide? I would say it's too early to decide. I think we definitely need to get through this next quarter of refinancings and the debenture. It's absolutely a conversation that's ongoing. Yes, I would say it probably is too early to decide. Perfect. Thank you. This concludes the question and answer session. I would like to turn the conference back over to Randy Ferguson for any closing remarks. I'd just like to thank everyone for their questions and for taking the time and spending it with us today. We know your time is valuable, and we do appreciate that participation. Also, if I may, I'd like to give a high five to our leasing property management operations team, our admin, HR, finance, communications, and IT. The commitment and the teamwork here is just phenomenal. Everybody has a clear line of sight and is helping us drive results. Thank you all, and we look forward to our next report where we'll report on the year as a whole. Thanks again. This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.