Good morning. I would like to welcome everyone to Canadian Net REIT's 2026 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. Instructions will be provided at that time. To ask a question, you will need to press star one one on your touchtone telephone. 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 message regarding forward-looking statements and Non-IFRS Financial 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, estimate 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 conclusion in these forward-looking statements. Additional information on the risks that could impact actual results and 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 discussions and analysis for the period ended June 30th, 2026, 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 to both management and investors in measuring the financial performance and financial condition of Canadian Net. These financial measures do not in any standardize the 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 June 30th, 2026. I would now like to send 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 Q2 2026 results. Q2 2026 was a solid quarter for Canadian Net. FFO per unit grew 3% quarter-over-quarter, and we continued executing on our strategy with the acquisition of a standalone Bureau en Gros property before quarter end. The transaction closed at a 7% capitalization rate, features a long-term lease, and is situated in a highly strategic location within its market. While the property was broadly marketed, we were able to secure it at a compelling price as a direct reflection of our ability to close quickly and our track record as a reliable counterparty, advantages that consistently differentiate Canadian Net from private buyers. The portfolio continues to perform well. Our focus remains on unlocking capital and deploying it into select accretive opportunities. Transaction activity has been somewhat quieter over the summer, as is typical, but we remain active on multiple fronts, from portfolio optimization to new acquisitions. With interest rates remaining volatile, we will continue to move quickly and decisively when the right opportunity presents itself. Our Staples acquisition is a good example of this, having gone from first contact to closing in just 35 days. On the leasing front, 2026 is now 100% renewed. Of the 14 leases scheduled to mature, representing approximately CAD 3.47 million in NOI, all 14 have been renewed at an average rental increase of 6.5%. For 2027, we have 19 leases maturing, representing approximately CAD 2.4 million in NOI, of which six have already been renewed at an average increase of 6.8% and representing 34.3% of the expiring NOI. We expect the remainder to be addressed over the coming quarters. Our weighted average lease term stands at 5.7 years with 100% occupancy as of June 30th, 2026. We are optimistic about our capital deployment outlook and will remain focused on driving value through acquisitions, lease renewals, property refinancings, and selective disposition where appropriate. I will now hand over the call to Ben Gazith, Canadian Net's Chief Financial Officer, for a detailed review of our financial results. Thank you, Kevin. We had a solid quarter. For the six-month period ended June 30th, 2026, we generated FFO per unit of CAD 0.337 compared to CAD 0.33 for the same period in 2025, which represents an increase of 2%. FFO for the period ended June 30th, 2026 increased to CAD 6.9 million compared to CAD 6.8 million for the same six-month period last year. FFO was impacted by higher rental income for property acquisitions and increases in rent of certain existing properties, as well as lower interest charges on credit facilities and convertible debentures. During the same period, NOI was CAD 10.1 million, up 1% from CAD 10 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 rent on certain existing properties. Property rental income was CAD 14.1 million, an increase of 2% compared to CAD 13.7 million for the same period last year and was impacted largely by the same elements as NOI but was also impacted by adjustments to recoverable additional rents. The IFRS value of our adjusted investment properties, which is the total of our wholly owned investment properties and our proportionate share of investment properties held in joint ventures, was CAD 348.3 million as of June 30th, 2026, compared to CAD 340.8 million a year earlier. The increase is primarily due to a property acquisition at the end of the second quarter of 2026, as well as a fair value adjustment to investment properties. 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 56% as of the same time last year. Excluding convertible debentures, debt to gross assets was 53% as of Q2 2026 compared to 54% as of Q2 2025. Our FFO payout ratio for the period ended June 30, 2026 was 52%, consistent with the FFO payout ratio a year earlier. Our properties are typically financed with fixed rate amortizing mortgages. As of June 30, 2026, the REIT's exposure to variable rate debt is limited to its credit facilities and a mortgage on one property. We have CAD 6.1 million of mortgages rolling over in 2026, excluding mortgages in our JVs, and the rest of our debt ladder remains well structured. The current average term to maturity on our mortgages is 3.1 years. That summarizes our key results for the quarter. We will now open the lines for any questions. Operator? Thank you. To ask a question at this time, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, simply press star one one again. Again, to ask a question, please press star one one. We will give it a moment. There appear to be no questions in the queue at this time. Ladies and gentlemen, that has been our conference for today. We thank you for your participation, and you may now disconnect.
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