Good morning. I would like to welcome everyone to Canadian Net REIT's 2025 Third Quarter Earnings Conference C all. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session, and instructions will be provided at that time. I would like to advise everyone that this conference is being recorded. Before we start, I have been asked by Canadian Net REIT to read the following measures regarding forward-looking statements and non-IFRS measures. In talking about financial and operating performance, and in response to questions today, management may make forward-looking statements, including statements concerning Canadian Net REIT's objectives and strategies to achieve them, as well as statements with respect to plans, estimates, and intentions or concerns anticipating future events, results, circumstances, or performance which are not historical facts. These statements are based on current expectations and assumptions and are subject to risk and uncertainties that could cause actual results to differ materially from the conclusions in these forward-looking statements. Additional information on the risks that could impact actual results and the expectations and assumptions management 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, 2024, and management's discussion and analysis for the period ending September 30, 2025, which are available on their website at www.cnetreit.com and on SEDAR+ at www.sedarplus.com. Management will also refer to non-IFRS financial measures today, which are widely used in the Canadian real estate industry, including FFO, normalized FFO, AFFO, and NOI. Management believes these financial measures provide useful information for both management and investors in measuring the financial performance and financial condition of Canadian Net. These financial measures do not have any standardized definition prescribed by the IFRS and may not be comparable to similar titled measures reported by other entities. For more information, please refer to the section Non-IFRS Financial Measures in Canadian Net REIT's MD&A for the period ending September 30, 2025. I would now like to turn the conference over to Kevin Henley, Canadian Net REIT's President and CEO. Please go ahead, Mr. Henley. Thank you, Operator, and good morning, everyone. Thank you for joining us today as we walk you through our Q3 2025 results. We are very pleased to report another strong quarter, delivering solid normalized FFO per unit and bringing our 2025 year-to-date growth to 9%. As we close the third quarter, 2025 is shaping up to be seen as best year in terms of FFO per unit. We are especially proud of this performance given the current market conditions. Over the past three years, we have navigated significant interest rate increases, yet still managed to strengthen our balance sheet by repaying convertible debentures in 2023, 2024, and most notably, our largest one of CAD 6 million in the coming days. While operating in a closed capital markets environment, we successfully adapted our strategy by disposing of select assets and reinvesting the proceeds in ways that have contributed meaningfully to today's results. Our sustained 100% portfolio occupancy continues to demonstrate the resilience of our asset class. Retail real estate remains difficult to develop, and while public attention is focused on the residential housing crisis, the opportunities within retail are often overlooked. Population growth and the high barriers to developing quality necessity-based retail real estate continue to position CNET for sustained long-term growth. Our payout ratio remained at 52% this quarter, one of the lowest in the Canadian REIT sector. This, over time, will allow CNET to preserve more capital for growth in our highly fragmented niche. Turning to lease activity, we entered 2025 with six leases set to expire, representing approximately CAD 2.42 million in NOI. All six leases have now been successfully renewed, achieving an average rental spread of 6.9%. Looking ahead to 2026, 14 leases are scheduled to mature, representing CAD 3.47 million in NOI. Of these, 11 have already been renewed, covering 97% of the expiring NOI, with an average rental increase of 6.1%. I would also like to offer a clarification regarding our rental spreads. Canadian Net REIT owns a small number of large properties that operate under long-term fixed-rate leases. These assets were acquired at highly attractive valuation and generate strong returns for the REIT. However, their fixed-rate structure limits rental uplift upon renewal. One such lease was renewed in 2025 and one other in 2026, both of which tempered our overall rental spread metrics. Excluding these two, our renewal spreads would have averaged 12% for 2025 and 10% for the 2026 renewals completed to date. We remain confident in our ability to renew our tenants. Our weighted average lease term stands at 6.1 years with 100% occupancy as of September 30, 2025. As we approach the end of November, it's an appropriate time to provide a forward-looking summary for 2025. Earlier this year, in January, we completed the acquisition of three highly accretive properties. Following these transactions, our focus shifted to strengthening the balance sheet by refinancing assets to consolidate capital and facilitate the repayment of our November convertible debenture, a process that will be finalized in the coming days. Looking ahead, our priorities will center on acquisitions and additional refinancing initiatives to support those growth opportunities. It is important to note that Canadian Net REIT repays more than CAD 6 million in mortgage principal each year, allowing the REIT to generate organic growth through refinancing activities. While the 2025 refinancing proceeds have been allocated toward the November debenture repayment, future refinancing efforts will be directed primarily toward funding new acquisitions. Although refinancing opportunities vary from year to year, they provide a reliable stream of non-dilutive capital that will continue to drive Canadian Net REIT's long-term sustainable organic growth. I will now hand over the call to Ben Gazith, Canadian Net REIT's Chief Financial Officer, for a detailed review of our financial results. Thank you, Kevin. We had a great quarter. For the nine-month period ended September 30, 2025, we generated a normalized FFO per unit of CAD 0.494 compared to CAD 0.453 for the same period in 2024, which represents an increase of 9%. Normalized FFO for the period ended September 30, 2025, increased to CAD 10.2 million compared to CAD 9.3 million for the same nine-month period last year. FFO was impacted by higher rental income from property acquisitions and lower interest charges on credit facilities, partially offset by higher interest charges on mortgages. Normalized FFO for 2024 was also impacted by property dispositions and higher administrative charges. During the same period, NOI was CAD 15.1 million, up 6% from CAD 14.2 million for the same period in 2024. NOI was impacted by increases in rental revenue due to the additions of new properties and increases in rent on certain existing properties. Property rental income was CAD 20.7 million, an increase of 7% compared to CAD 19.3 million for the same period last year, and it was impacted largely by the same elements as NOI, but was also impacted by increases in recoverable additional rents. For the nine-month period ended September 30, 2025, the trust's administrative expenses decreased to CAD 798,620 compared to CAD 960,487 for the same period in 2024. The decrease is largely due to a one-time sales tax expense incurred in 2024 of CAD 117,150, relating to previously claimed input tax credits, as well as related interest and penalties, which were added back to FFO. Administrative expenses were also impacted last year by higher legal and professional fees. We expect the admin expenses for Q4 2025 to be similar to that of Q3 2025. 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 341.1 million as of September 30th, 2025, compared to CAD 317 million a year earlier. The increase is primarily due to property acquisitions during the last 12 months, as well as fair value adjustments to investment properties. We continue to maintain a prudent approach with respect to our leverage and our payout ratio, having a debt-to-gross asset ratio of approximately 56% compared to 54% as at the same time last year. Excluding convertible debentures, debt-to-gross assets was 54% as at Q3 2025 compared to 53% as at Q3 2024. Our normalized FFO payout ratio for the period ended September 30th, 2025, was 52%, a decrease from 57% for the same period last year, and this even with our increased distribution. Our properties are typically financed with fixed-rate amortizing mortgages. As of September 30, 2025, the REIT's exposure to variable-rate debt is limited only to its credit facilities. We have CAD 4 million of mortgages rolling over for the remainder of 2025, and this excludes mortgages in our JVs, and the rest of our debt ladder remains well-structured. Current average term to maturity on our mortgages is 3.4 years. That summarizes our key results for the quarter. We will now open the line for any questions. Operator. Thank you. To ask a question, please 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 while we compile our Q&A roster. Our first question comes from the line of Zach Weisbord with Canaccord Genuity. Your line is open. Please go ahead. Hi, good morning. Thanks for taking the questions. I have a recent leasing activity. How do the leasing spreads compare to the last few years? We've been benefiting recently, mostly due to many of the leases linked to CPI. For instance, some leases will have five-year, ten-year CPI increases. Recently, it's been easier to achieve higher spreads due to this. Also, obviously, when we have market rents at renewal, we also do benefit due to the increases in general retail rents. Okay, thanks. When you think about acquisition capacity, how far would the REIT be willing to stretch the balance sheet, given that acquisitions have been an important driver of cash flow in 2025 so far? Thanks. We're comfortable with leverage below 60%. We believe we have a very solid portfolio: 91% national tenants, most of them credit-rated, essential needs. At this point in time, to fund acquisitions, we're looking, as I mentioned, more refinancing. We're going to repay a convertible debenture by the end of the week, so that's another card in our books. We're comfortable funding future acquisitions with a bit more debt. Does that answer your question, Zach? Yes, it does. Thanks. I'll turn it back. Thank you. As a reminder, to ask a question at this time, please press star one one on your telephone. Ladies and gentlemen, this will conclude today's question and answer session. This will also conclude today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.