Thank you for standing by. This is the conference operator. Welcome to the Melcor REIT fourth 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, CFO. Please go ahead. Thank you, Brenda. Good morning, welcome to our conference call and webcast for the year ended 2022. With me on today's call is Randy Ferguson, Senior Vice President of Investment Properties. I will begin today's call with some mandatory statements, then I'll walk you through a few financial highlights. Afterwards, I'll turn the call over to Randy to walk you through our operational highlights. Our goal is to keep our remarks to a brief high-level review of the year 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 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 the year ended December 31, 2022. Our portfolio performance remained stable throughout the year and produced revenues of CAD 74.11 million, flat compared to 2021. 2021 revenue included CAD 1 million in lease termination fees. Excluding these amounts, revenue was up 1%. Net operating income saw an overall decrease of 3% compared to 2021. This decrease was due in part to the lease termination fees noted above, as well as higher direct operating expenses, which were up 2% over 2021 due to higher property taxes and utilities. Funds from operations, or FFO, was down 7% to CAD 24.73 million or CAD 0.85 per unit at December 31, 2022, as a result of lower net operating income and higher interest costs and higher general and administrative expenses. Adjusted cash flow from operations, or ACFO, was down 13% to CAD 17.87 million or CAD 0.61 per unit. ACFO was impacted by a few key factors, including lower NOI in the year and increases in our normalized capital expenditures and normalized tenant incentives and leasing commission estimates. We have adjusted our estimate for normalized CapEx and TI and direct leasing costs in the fourth quarter due to increased projections for future spend required to attract and retain tenants. Our monthly distributions increased to CAD 0.04 per unit in August of 2021, resulting in our annual 2022 distributions being up 8% year over year. During the current year, we maintained consistent distributions of CAD 0.04 per unit per month. On January 16, 2023, we announced distributions of CAD 0.04 per unit for the months of January, February, and March 2023. Distributions made during the year represent an ACFO payout ratio of 78% compared to 63% in 2021. We also had an active year in financing activities. Against the backdrop of rising interest rates, we have refinanced mortgages, paid off our convertible debenture, amended our credit facility for additional liquidity, and completed the strategic sale of an asset to allow us to reduce our leverage. During 2022, we completed financing renewals on six properties, totaling CAD 44.64 million in total financings for net proceeds of CAD 11.05 million at a weighted average interest rate of 4.43%. Specifically, interest rates on fixed-term rate financings during the year ranged from 3.7%-5.52%. In December, we repaid the 2017 debenture using capital available on our credit facility, resulting in CAD 22.98 million in repayments. Subsequent to year-end, we amended our credit facility to increase our limit room from CAD 35 million to CAD 50 million, providing additional capacity of CAD 50 million on the line. We successfully closed on the sale of an investment property for CAD 19,500,000, with net cash proceeds of CAD 9 million being used to reduce our credit facility. I will now turn the call over to Randy to speak to our portfolio's operations and performance. Thank you, Naomi, and good morning. I'm very happy to share with you our fourth quarter 2022 operational results. Our strategy continues to attract the right tenants at the right times for the right properties and continues to yield results. Our leasing team remained engaged and busy through the end of the year, thus ensuring we met our or exceeded our goals and our budget. Recently, our leasing teams attended the ICSC Whistler National Retail Conference and returned with multiple leads, which they're working through this quarter. We're confident that these face-to-face interactions will con- With our potential customers, we'll create multiple leases and add value to the REIT. Our property management teams are utilizing our MelCARE service platform for a work order system and a data aggregator capable of benchmarking and improving on our customer service delivery. As the end of December, we signed just under 134,000 sq ft of new leases and just over 368,000 sq ft of renewals. Our occupancy at year-end was 88%, and including committed leases is 90% at year-end. We're excited and we're motivated by that number given the headwinds. In terms of our ESG initiatives, just a few bullets in terms of an update. We're benchmarking currently 12 properties and, as a result, we're enjoying a 20% reduction in electrical consumption, a 7% reduction in gas consumption, and a 45% reduction in emission intensity. This all equates to a significant reduction in our office portfolios around our CO2 outputs. Our social scorecard includes a professional management team made up of 51% female and 30% visible minorities, and our REIT board is comprised of three trustees of female and four trustees of male. In terms of governance, we have effective July 2023, all trustees in the REIT are required to hold a dollar value equivalent to 2x the annual trustee retainer. The old saying of skin in the game. In conclusion, as we reflect on 2022, we consider it a successful year for the REIT. As we approach the end of the first quarter of 2023, we will remain focused on our leasing programs and the professional management of our properties. We'd like to open the phone lines now for any questions. Brenda, please open the phone 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'll hear a tone acknowledging your request. If you're 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. The first question comes from Tom Callaghan from RBC Capital Markets. Please go ahead. Thanks. Good morning, guys. Just first question, I wonder if you could give a little color on 2023 maturities. You know, maybe first, what are you seeing right now in terms of refinancing rates? Then just second, is there one particular asset class versus another which makes up the bulk of maturities this year? Thanks, Tom. Yeah, we do have sort of, I guess, I'm looking at the list here, six mortgages up for renewal in 2023. We completed one in the first quarter already at a rate of 5.52 on a five-year term, just I guess for some indicative rates. In fact, all of the assets sort of up for renewal are office properties. Okay. That's great. Then maybe just to build on that, given the office space, I think you guys pointed towards a loan-to-value in the range of 62%. Are you kind of thinking that proceeds will match amounts on maturities or could there be a potential pay down on some of these or too early to say right now? I think on, most of the properties up, they will be flat renewals, sort of based on their current leverage. There may be one that requires a small pay down, but I'd say like in the realm of, you know, kind of CAD 2 million max. Got it. That's good, helpful. Just to confirm, like I assume that the thinking is the same. Obviously, tough macro backup right now. In terms of convertible, if market conditions allow it, I assume the preference would still be to turn that out at some point in the medium to longer term. Yes. Yeah, absolutely. We're obviously continually monitoring kind of the markets and if and when, you know, it's possible to do another convert, we would entertain that. We would hopefully like to see the convert at the end of 2024 being renewed with another convert, ideally. Got it. Got it. That's great. Maybe just switching gears on the leasing side, Randy. In terms of maturities this year, just any progress you guys have made thus far? Are there any kind of lumpy bigger maturities included in the balance this year? Yeah, good question. we have about 10% roll in the total portfolio in 2023. We've renewed so far for 2023 around 44,000 sq ft. we're pretty comfortable and have a pretty good head start on the year. In terms of lumpiness, we have a government tenancy that will reduce itself in size by about 10%, around 6,000 or 7,000 sq ft, and then renew the balance of the space. Otherwise, in both office and in retail, we see very little risk on the rollover side and expect to see a retention rate that'll be similar to what it was at 2022. Our retention rate in 2022 is 86%. Our target is 90. We're pretty comfortable that we can get there. Got it. That's great. Then maybe just a follow on there. Are you seeing any change in terms of return to office or utilization, particularly on the Edmonton side of the portfolio there in the upside or still kind of status quo from that perspective? Yeah. We are seeing improvements in terms of return to office as companies are settling into what they want their future to look like, whether there's a hybrid model, whether it's 100% of people coming back to the office. There's a variety of models being used at the different companies. The financial industries are pretty much all back and have settled into their routines. We're slowly getting there with government and of course in Edmonton, that's really important to us. The governments do have strategies that they're working through. Some of those strategies will actually play into our advantage for our street-oriented retail at the base of our office buildings. From the perspective of that, they are densifying some of their office space. We're watching that very carefully. We'd love to see more speed in terms of our government employee base return to work. We are seeing that slow, steady incline. It's encouraging. Perfect. That's great color. I'll turn it back. Thanks, guys. Once again, if you have a question, please press star then one on your telephone keypad. Since there are no more questions in the queue, this concludes the question-and-answer session. I would like to turn the conference back over to Randy Ferguson for any closing remarks. Well, thanks very much for both the comments and for taking the time today to join us. Just in closing, we want to take the time to thank our leasing operations and management teams for their hard work and keeping us on track. Our thanks to our finance, admin, HR, communication, and IT teams for their commitment in supporting and maintaining and improving our platform. Thank you all for taking the time to join us. We look forward to meeting with you again to report on our Q1 2023 results. Thanks, and have a great day. This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.