Good morning. I would like to welcome everyone to Canadian Net REIT's 2023 second quarter earnings conference call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. I would like to advise everyone that this conference is being recorded. I would now like to turn the conference over to Ben Gazith, Canadian Net REIT's Chief Financial Officer. Please go ahead, Mr. Gazith. Thank you, operator. Good morning, everyone, and thank you for joining us on our Q2 2023 results conference call. Before we begin today, we are obliged to advise you that in talking about our financial and operating performance and in responding to questions today, we may make forward-looking statements, including statements concerning Canadian Net's objectives and strategies to achieve them, as well as statements with respect to our plans, estimates, and intentions, or concerning anticipated future events, results, circumstances, or performance, which are not historical facts. These statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause our actual results to differ materially from the conclusions in these forward-looking statements. Additional information on the risks that could impact our actual results and the expectations and assumptions we applied in making these forward-looking statements can be found in Canadian Net's most recent Annual Information Form for the year ended December 31, 2022, and Management's Discussion and Analysis for the period ended June 30, 2023, which are available on our website at www.cnetreit.com and on SEDAR at www.sedar.com. We will also refer to Non-IFRS Financial Measures today, which are widely used in the Canadian real estate industry, including FFO, AFFO, and NOI. Canadian Net believes these financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of Canadian Net. These financial measures do not have any standardized definitions prescribed by IFRS and may not be comparable to similarly titled measures reported by other entities. For more information, please refer to the section Non-IFRS Financial Measures of our MD&A for the period ended June 30th, 2023. I will now turn the call over to Kevin Henley, Canadian Net REIT's President and CEO. Kevin? Thank you, Ben. Good morning, everyone. During the second quarter of 2023, the team worked diligently amid the challenging interest rate landscape. As a result, FFO per unit for the six-month period was up 3%. FFO was positively influenced by organic growth and acquisition made in 2022, somewhat offset mainly by higher interest rate on our line of credit and the sale of our Timmins property in April. At the end of the quarter, Canadian Net REIT boasted an occupancy rate of 100%, combined with a conservative payout ratio of 54%. All expiring leases for 2023 have been successfully renewed. Looking ahead to 2024, we have 12 leases up for renewal, representing around $1.7 million of NOI. About 40% of these renewals on an NOI basis have already been finalized, with another 40% from tenants that are actively engaged in substantial renovation at their own expense, guaranteeing their renewal. Additionally, some tenants have indicated their intent to renew leases even for 2025 and 2026 at healthy spreads, reflecting the strength of their businesses and the quality of our properties. The average lease term across our portfolio stands at 6.7 years. Turning to the transactional activities, the beginning of the quarter saw numerous listings. However, many were either withdrawn from the market or remained pending closure, underscoring the complexities of operating within a fluctuating rate and high debt cost environment. We have seen, however, increased interest in smaller assets in the sub-CAD 2 million category. On the financing front, we successfully renewed two loans in Q2 2023 at variable rates. The majority of our 2023 mortgage renewals are slated for Q3, encompassing seven loans, including these in joint ventures, with a total value of approximately CAD 14.9 million. Most of them will be renewed, I would like to emphasize that there is an opportunity for the REIT to enhance its available funds by strategically refinancing certain loans. This potential has been made possible by our prudent approach during acquisitions in the past. The mortgages that are approaching maturity predominantly originate from 2018 and are tied to properties that have experienced solid rent increases, early renewals, and capital paydown. These properties were acquired with a cautious leverage strategy at the time of purchase. To this date, there remains considerable interest among lenders for asset of our nature. Since the beginning of the second quarter of 2023, we used our NCIB to acquire and cancel 99,400 units of the trust at an average cost of CAD 5.04 per unit. Canadian Net continues to stand out as a deeply discounted REIT in today's market. Our exceptional portfolio boasts full occupancy with 90% of our tenants operating in a necessity-based retail sector on a national level. A responsible payout ratio of 54% complements our operations in a fragmented segment of the real estate landscape, providing ample opportunities for growth. As we move forward through 2023, our goal is to optimize the REIT, ensuring a robust foundation for growth. I will now turn the call back to Ben Gazith, who will review our Q2 results in more details. Ben? Thank you, Kevin. We had another solid quarter. For the six-month period ended June 30, 2023, we generated FFO per unit of CAD 0.318, an increase of approximately 3% compared to CAD 0.31 in Q2 last year. FFO increased 3% year-over-year to CAD 6.5 million from CAD 6.3 million for the same period last year. These increases were primarily due to the impact of properties acquired subsequent to the second quarter a year ago, partially offset by interest on mortgages associated with these properties, as well as increases in floating interest rates on the REIT's various lines of credit. During the same period, property rental income was CAD 12.9 million, an increase of 14% compared to CAD 11.3 million in the same period last year. NOI was CAD 9.7 million, up 11% from CAD 8.7 million for the same period in 2022. These increases were also primarily due to the impact of properties acquired subsequent to the second quarter. The IFRS value of our adjusted investment properties, which is the total of our wholly owned investment properties and our proportionate share of the investment properties held in joint ventures, was CAD 332 million as at June 30th, 2023, consistent with the value of adjusted investment properties a year earlier. We continue to maintain a prudent approach with respect to our leverage and our payout ratio, having a debt to gross assets ratio of approximately 58% at quarter end, compared to 56% at the same time last year. Excluding convertible debentures, debt to gross assets was 54%, compared to 53% last year. Our FFO payout ratio for Q2 2023 was 54%, a slight reduction from 55% in Q2 last year. Our properties are typically financed with fixed-rate amortizing mortgages. As at June 30, 2023, there were two properties in the portfolio, which were on variable rate mortgages, as well as the REITs line of credit. In addition, bridge loans on our development projects are at variable rate until converted to takeout financing. Over the years, our preference has been to take out the longest term available to us on our mortgages in order to mitigate our rate reset risk. We have CAD 12.4 million of mortgages rolling over in 2023, excluding mortgages in our JVs, and the bulk of our renewals are not before 2027. Included in the mortgages rolling over are CAD 2.8 million of mortgages associated with properties held for sale. The current average term to maturity on our mortgages is 4.6 years. That summarizes our key results for the quarter. We will now open the line for any questions. Operator? Thank you. At this time, we'll conduct the question and answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. One moment for our first question. Our first question comes from Alexander Leon with Desjardins Capital Markets. Your line is open. Hi, good morning, everyone. I'd like to start off with the CAD 489,000 charge included in maintenance CapEx. I was hoping you guys could provide some color on that. Yeah. We, under most of our leases, when we do CapEx, it is recoverable, or we amortize it with an interest, charge. So our rate of return on this CAD 489,000 is approximately 9% on levered. Okay, great. Then moving on to the, some of the mortgage maturities. There's quite a wide spread on rates for the remaining 2023 maturities. Just wondering if you guys could provide a, maybe an average rate on those, and how that would compare to current five- or 10-year rates? Yeah. So basically, if, the, the mortgages coming due in 2023 had an average, a weighted average of 4%, and we're looking at renewing those at an average of 6.3%. The difference on an annualized basis for the REIT will be approximately $400,000-$450,000. Okay, great. Then maybe last one for me, just maybe an update on capital recycling and any updates on the sale of properties held for sale? No update at the moment. Same as last quarter. Lots of people asking questions, but it's very hard. You know, we've seen the inflation number 2, 3 days ago. Next thing you know, the buyer pulls out. So, no updates at the moment. Okay. Thank you very much. I'll turn it back. One moment for our next question. Our next question comes from David Chrystal with Echelon. Your line is open. Thanks. Good morning, guys. Hi, David. In your prepared remarks, you mentioned that your upcoming debt maturities are, you know, low LTV given 2018 acquisitions, there's probably some opportunity for up financing. Can you, can you give a kind of indication of how much up financing there may be in the balance of 2023 and maybe looking ahead to 2024 as well? Yeah. For 2023, we're looking at excess proceeds of approximately CAD 2 million. For 2024, I would be honest, it's the, the rates do not allow us to forecast accurately what will be, what will be done. When we refinance property, we remain extremely disciplined, we refinance those that we know will be performing exceptionally for the future. We evaluated those this year. We made a few decisions, for 2024, it's too early. Okay, fair. And in terms of use of proceeds, I think your, your line is, it's prime plus 0.5 to prime plus 1, so you're, you're in and around 8%, and I think you mentioned 6.3 average rate on new debt. Is, is, is your best use of proceeds for that, that CAD 2 million excess paying down the line, more, more activity on the NCIB, or how, how do you look at use of proceeds? The first use is obviously paying down the line. It's very important for us to unlock liquidity in order to be able to acquire more real estate when the right deal comes across. We will be buying units to support the stock, as we've done in the past, through our NCIB, when we see prices that we judge make no sense, like around CAD 5. The main priority of capital recycling is to paying down the line and to remain nimble to do future acquisitions. Okay. Then maybe small housekeeping item. Your, your interest income increased about CAD 50,000 sequentially. Is there anything one-time in there, or is this recurring, or, or how should we look at that run rate? Nothing one time. It's, the, the, the loans we have are at prime plus also. Given the increase in rates, that created the increase in income. It's a pretty big sequential increase, though, with not, not a huge change in prime, or was there any increase in the, the magnitude of the loans? No. Okay. We, That's, that's, that's a good run rate. Yeah ... going forward? Yeah. Okay, great. Thanks. I'll turn it back. Thanks, David. Thank you. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. I'm showing no further questions at this time. That concludes our question and answer session. Thank you for your participation in today's conference. This does conclude the program, you may now disconnect.