Good morning. I would like to welcome everyone to Canadian Net REIT's 2026 first quarter earnings conference call. 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 to read the following message regarding forward-looking statements and non-IFRS measures. In talking about financial and operating performance and in responding to questions today, management may make forward-looking statements, including statements concerning Canadian Net's objectives and strategies to achieve them, as well as statements with respect to plans, estimates, and intentions, or concerning anticipated future events, results, circumstances, or performance, which are not historical facts. These statements are based on current expectations and assumptions and are subject to risks 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 31st, 2025, and management's discussion and analysis for the period ended March 31st, 2026, which are available on our website at www.cnetreit.com and on SEDAR+ at www.sedarplus.ca. 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 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 Canadian Net's MD&A for the period ending March 31st, 2026. 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. Good morning, everyone. Thank you for joining us today as we walk you through our Q1 2026 results. Q1 2026 was a steady quarter for Canadian Net. FFO per unit grew 1% quarter-over-quarter, and most importantly, we announced a 3% increase in our annual distribution to CAD 0.36 per unit. Our 13th distribution increase in our history. It's worth noting that we have increased our distribution every year except for 2024. FFO per unit growth was modest this quarter, primarily reflecting the temporary drag of undeployed capital. In 2025, we repaid our CAD 6 million convertible debenture using refinancing proceeds, then issued a fresh CAD 4 million debenture to fund future acquisitions. As those proceeds are deployed into accretive opportunities, FFO growth will accelerate. The portfolio continued to operate as expected, and our team remained focused on sourcing and analyzing new acquisition opportunities. We are very well positioned today to act on acquisitions that meet our investment criteria, and we will do so with the same discipline that has guided us in the past. An often overlooked strength of our model is that we repay approximately CAD 6 million in mortgage principal annually, close to CAD 0.30 per unit, which continuously expands our capacity to grow organically through property refinancing. On the leasing front, 2026 activity has been great. Of the 14 leases scheduled to mature this year, representing CAD 3.47 million in NOI, 13 have already been renewed at an average rental increase of 6.5%, covering 99.9% of expiring NOI. The remaining lease is set to renew automatically during Q4. For 2027, we have 19 leases maturing, representing approximately CAD 2.4 million in NOI, of which three have already been renewed at an average increase of 2.2% and representing 19.1% of the expiring NOI. We expect the remainder to be addressed over the coming quarters. Our weighted average lease term stands at 5.6 years with 100% occupancy as of March 31st, 2026. Looking ahead, we are focused on deploying the capital currently on hand, potentially complemented by proceeds from property refinancings into accretive acquisitions. Our pipeline is active and our platform now has national reach. We will continue to act with patience and conviction, investing when the right opportunity meets our standards. I'll now hand over the call to Ben Gazith, Canadian Net Real Estate Investment Trust's Chief Financial Officer, for a detailed review of our financial results. Ben? Thank you, Kevin. We had a solid quarter. For the three-month period ending March 31st, 2026, we generated FFO per unit of CAD 0.166 compared to CAD 0.164 for the same period in 2025, which represents an increase of 1%. FFO for the period ending March 31st, 2026, increased to CAD 3.41 million compared to CAD 3.38 million for the same three-month period last year. FFO was impacted by higher rental income from property acquisitions in January 2025 and lower interest charges on credit facilities. During the same period, NOI was CAD 5.01 million, up 1% from CAD 4.97 million for the same period in 2025. NOI was impacted by increases in rental revenue due to the additions of new properties and increases in rents on certain existing properties. Property rental income was CAD 6.94 million, an increase of 1% compared to CAD 6.85 million for the same period last year, and was impacted largely by the same elements as NOI. It was also impacted by increases in recoverable additional rents. The aggregate 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 343.3 million as of March 31, 2026, 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 54% compared to 55% as of the same time last year. Excluding convertible debentures, debt to gross assets was 53% as of Q1 2026 compared to 54% as of Q1 2025. Our FFO payout ratio for the period ending March 31st, 2026, was 53%, an increase from 52% for the same period last year. Our properties are typically financed with fixed-rate amortizing mortgages. As of March 31st, 2026, the lease disclosure to variable rate debt is limited to a credit facility and a mortgage on one property. We have CAD 7.7 million of mortgages rolling over in 2026. This excludes mortgages in our JVs, and the rest of our debt ladder remains well structured. The current average term to maturity on our mortgages is 3.3 years. Finally, as Kevin Henley mentioned earlier, we increased our distributions by 3% from CAD 0.35 - CAD 0.36 on an annualized basis, representing the 13th time Canadian Net has increased its distribution since 2012. That summarizes our key results for the quarter. We will now open the line for any questions. Operator? Thank you. Our first question comes from Zachary Weisbrod of Canaccord. Your line is open. Hey, good morning. Good morning, Zach. You mentioned that undeployed capital is temporarily weighing on FFO. What is the acquisition capacity today? With capital on hand, fresh equity on the line, probably around CAD 12 million. If we add a potential property refinancing, you can probably increase that to CAD 40 million-CAD 45 million. Okay, quite a bit of room there. Yeah. We have a fair position. Okay. For the average rent increase, I believe you mentioned 2.2% for 2027. Can you expand on those leases? I just noticed there was a bit of a moderation from the leasing spreads in 2025 and 2026. For 2025, we're in the thick of it. The leases that weren't renewed yet, we only have three. One of them, basically, we did ahead of time in exchange to stabilize the property for longer term. This was flat. We had the grocery store with a low increase. When it's all said and done through 2027, I expect the rental spreads to be between 5% and 7% on the overall renewals. Consistent with 2025 and 2026? Exactly. Got it. Appreciate the color. I'll turn it back. Thank you. Thank you. Our next question comes from Tal Woolley of CIBC Capital Markets. Your line is open. Hey, good morning, everybody. On the NOI front, looking from Q4 - Q1, there was about a CAD 400,000 drop in revenue and about CAD 200,000 drop in NOI quarter-to-quarter. Curious if there was anything that would explain that. Were there any sort of particular accruals in Q4 or something like that that would've caused the shift? Yeah. Q4 historically has always been higher because we do have some properties where we get percentage sales. We take reserves, accruals throughout the year, and in Q4, we record the actual. That's why Q4 tends to always be slightly higher. Some management fees as well. We do the cleanup in Q4, and we take reserves throughout the year. Okay. The Q1 NOI run is sort of the better track for the run rate going forward. Okay. Then would you happen to have the weighted average interest rate on the expiring mortgages for 2026 and 2027? We could get back to you on this. We'll prepare it for the next call. I know 2027 would probably be around top of mind, 3%. Which is the most important really, because that's where the bulk is. 2026, probably around then the long term. We'll get back to you on it with precise numbers. Okay. Then. Absolutely. We have it. Okay about 3%. Yeah. 3.5 Q.27 and 4.46, 2026. Three point five and four point five for- Yeah Okay. Got it. Where are you seeing borrowing costs right now on new mortgages? High fours. It's very volatile. That's the truth. We see that the bond market is ±20 bips quite often. Right now it's at 4.95%. There's a lot of appetite. Rates are higher, but we get the deals we're looking at now, we can get longer amortization, some other terms can be amended. Overall it's good. Is that at what, 50% LTV, 75% LTV? What sort of number? Usually go between, I would say 70%-75% on mortgages. Got it. With respect to finding acquisitions at this point in time, are you seeing a lot of stuff being put up on the market or? Yeah is it Okay. Can you just talk a little bit about the type of stuff that's coming available? Yeah. Listen, there's many grocery stores on the market. Those tend to be very competitive, which is a testament to our portfolio. We focus now maybe on the larger. We're looking at some hardware stores. We're looking at some other large national retailers. We are competing with buyers on many different deals. It's always a question of what you find during due diligence. I would say it's active. A lot of deals are marketed, a lot aren't also. Generally speaking, I would say I'm optimistic about the pipeline. Okay. Is that sort of across the country or I know you guys have been interested in expanding your footprint outside of Quebec? Yep most of the focus is there inside. Yeah. Listen, obviously in Quebec and Nova Scotia, we tend to have better sourcing just due to our history, but we are looking at stuff out west as well. Okay, great. All right. Thanks very much, Sheldon. Thank you. Thank you. This concludes the question and answer session in today's conference call. Thank you for participating, and you may now disconnect.