Morning, Welcome to PROREIT's first quarter results conference call for fiscal 2026. At this time, all lines have been placed on mute to prevent background noise. Management will make a short presentation, which will be followed by a question-and-answer period open exclusively to financial analysts. To ask a question, simply press the star key, the number one on your telephone keypad. If you would like to withdraw your question, please press the star key followed by the number two. For your convenience, the results release, along with first quarter financial statements and management's discussion and analysis are available at proreit.com in the investor section and on SEDAR Plus. Before we start, I have been asked by PROREIT to read the following message regarding forward-looking statements and non-IFRS measures. PROREIT's remarks today may contain forward-looking statements about its current and future plans, expectations, intentions, results, levels of activity, performance, goals or achievements, or other future events or developments. Forward-looking statements are based on information currently available to management and on estimates and assumptions made based on factors that management believes are appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. Many factors could cause actual results, levels of activity, performance, achievements, future events, or developments to differ materially from those expressed or implied by the forward-looking statements. As a result, PROREIT cannot guarantee that any forward-looking statement will materialize, and you are cautioned not to place undue reliance on these forward-looking statements. For additional information on the assumptions and risks, please consult the cautionary statement regarding forward-looking statements contained in PROREIT's MD&A, dated May 13, 2026, available at www.sedarplus.ca. Forward-looking statements represent management's expectations as at May 13, 2026, and except as may be required by law, PROREIT has no intention and undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. The discussion today will include non-IFRS financial measures. These non-IFRS financial measures should be considered in addition to and not as a substitute for or in isolation from the REIT's IFRS results. For a description of these non-IFRS financial measures, please see the first quarter earnings release for fiscal 2026 and non-IFRS measures section in the MD&A for the first quarter of fiscal 2026 for additional information. I will now turn the call over to Mr. Gordon Lawlor, President and Chief Executive Officer of PROREIT. Thank you, Jenny. Good morning, everyone, and welcome. Joining me today is Alison Schafer, our CFO and Corporate Secretary. Also joining us for the Q&A session is Zachary Aaron, Vice President of Investments and Asset Management. We are pleased with our start of our 2026 as a pure play industrial REIT. We continued to execute on our strategic plan and delivered sound operating performance. Despite owning 8 fewer properties than at this time last year, we increased revenue, NOI, and AFFO while further reducing leverage. Building on several years of strong growth momentum. Same Property NOI increased 6.4% during the quarter, driven by 6.8% growth in our industrial segment. These results reflect the strength of our tenant base and the embedded lease growth within our portfolio. At quarter end, our portfolio comprised 104 investment properties totaling 6.4 million sq ft of GLA, with a weighted average lease term to maturity of 4.3 years, compared to 4.5 years at the same time last year. Industrial assets represent 90.7% of our base rent, compared to 81.8% a year ago as we continue to redeploy capital towards this segment. Geographically, we further diversified the portfolio across Canada. Manitoba and Western Canada increased to 19% of base rent, up from 9.6% a year ago, while Atlantic Canada declined to 44% from 52.4%. Our targeted markets continue to demonstrate strong industrial fundamentals. In Winnipeg, CBRE reported continued growth in industrial rental rates during the quarter. In Ottawa, increased federal de-defense spending is supporting near-term demand for both small and mid-bay industrial space. Meanwhile, Halifax industrial rents reached a record high of CAD 15.18 /sq ft, reflecting a strong start to the year. Turning to the portfolio transactions during the quarter, we completed the previously announced sale of a 50% interest, co-ownership interest in an industrial property located in Dartmouth, Nova Scotia. Totaling approximately 65,000 sq ft for our share of gross proceeds of CAD 5.1 million. Sorry, CAD 5.7 million. Subsequent to quarter end, we engaged in 2 additional transactions. First, we completed the acquisition of a 100% interest in a single tenant, 2024 built, 10-year leased industrial building in Moncton, New Brunswick, totaling approximately 60,000 sq ft of GLA for CAD 12.3 million and representing a going-in capitalization rate of 7%. This acquisition was financed through a combination of draws on the revolving credit facility and cash on hand from the Dartmouth property sale I just mentioned. Second, we entered into a binding agreement for the sale of a 100% interest in a retail property located in Bathurst, New Brunswick, totaling approximately 15,000 sq ft of GLA for gross proceeds of CAD 1.4 million. Net proceeds from the sale are expected to be used for general business and working capital purposes. The transaction is scheduled to close in the second quarter, subject to customary closing conditions. Turning to leasing activity, momentum remained strong during the quarter. As of today, we've renewed approximately 76.9% of 2026 lease maturities at positive average spreads of 34.8%. Notably, five lease renewals commencing in 2026 include rental increases ranging from 40% to 45%. Lease renewals negotiated in 2024 and 2025, and kicking in in 2026, will provide for incremental cash flow as 418,000 sq ft of space realizes new rental rates in September 2026, and fully in Q4. Overall portfolio occupancy was 96% at quarter end, compared to 97.7% a year earlier. As noted on previous calls, this change was primarily driven by the temporary vacancy at a 176,000 sq ft, single tenant industrial property located in Saint-Hyacinthe, Quebec, following the tenant's decision not to renew its lease in July 2025. On May 6, 2026, the REIT entered into a binding lease for approximately 74,250 sq ft of the 176,000 sq ft facility located at 6375 Picard Street again, in Saint-Hyacinthe. The new tenant will have a 15-year term at lease term at market rent, commenced in mid-2026. The new base rent on the 74,000 sq ft, which is 42% of the total property GLA, represents an increase of over 122% compared to the rent paid by the previous tenant for the same GLA in the prior lease. The new lease will provide for incremental cash flows for Q3 and Q4, 2026. We continue to actively market the remaining vacant space. Excluding this property vacancy, portfolio occupancy would have been approximately 97.6% at quarter end. With that, I'll now turn the call over to Alison. Alison, over to you. Thank you, Gordon. Good morning, everyone. We are pleased with our first quarter performance. In the quarter, property revenue totaled CAD 26.9 million, up 4.5% year-over-year, despite owning eight fewer properties. The increase is mainly driven by contractual increases in rent and higher rental rates on lease renewals and new leases. Net Operating Income, or NOI, was CAD 16.1 million, an increase of 8.1% compared to last year due to the same factors. Same Property NOI represents 97 of our 104 properties. This reached CAD 14.1 million. That was up 6.4% year-over-year, including a 6.8% growth from our industrial segment. The increase was driven by contractual rent escalation, stronger renewal rates, and higher rents on new leases. This was achieved despite a decline in overall average occupancy related to the single tenant, Quebec vacancy Gordon, Gordy mentioned earlier. Our funds from operations, or FFO, amounted to CAD 8.7 million for the quarter. This was up 10.6%, and it was driven by increases in contractual base rent, higher re-rates on renewals, and higher rental rates on new leases. This was offset by higher general and administrative expenses due to timing, impact of certain professional fees, and an increase in interest expense. On a per unit basis, basic FFO was relatively stable year-over-year at approximately CAD 0.13. Basic AFFO payout ratio was 96.6% in Q1, compared to 93.8% for the same quarter last year. This higher ratio was due to the AFFO dilution related to the sale of 15 properties over the past 12 months and the ongoing redeployment of capital towards higher quality industrial assets. Based on leasing renewals already completed in 2026, we expect the AFFO payout ratio to improve as the year progresses. Net cash flows provided from operating activities were CAD 10.0 million in the quarter, up 34.1%, mainly impacted by the timing of cash receipts and the settlement of payables. The weighted average capitalization rate for our portfolio remained stable year-over-year at approximately 6.7% at March 31st, 2026. Moving on to the balance sheet. We continue to focus on reducing leverage. Adjusted debt to gross book value improved to 47.8% compared to 49.5% a year earlier. Adjusted debt to annualized adjusted EBITDA ratio came in at 8.8x at March 31st, 2026. This was down from 9.9x at December 31st, 2025, and in the same period last year. We continue to target further reductions in both adjusted debt to annualized adjusted EBITDA and adjusted debt to gross book value as we continue to scale the platform. At quarter end, our total debt, including current and non-current portions, totaled CAD 521.3 million, compared to CAD 525 million at December 31st, 2025, and CAD 495 million at March 31st, 2025. Looking at upcoming maturities, in 2026, we have CAD 157.1 million maturing. Subsequent to quarter end, we secured financing commitments and term sheet totaling CAD 146.2 million on competitive terms, addressing CAD 108.3 millions of our 2026 mortgage maturities and supporting the acquisition of the industrial property in Moncton that we just closed on. The financing is expected to be completed in the second quarter of 2026 and will carry fixed term market interest rates with terms to maturity ranging from three to seven years. In 2027, we have another CAD 46.1 million maturing, mainly tied to high performing industrial assets in Burnside Industrial Park. For 2028, we have CAD 59.8 million in maturities. The weighted average interest rate on these mortgages is 3.9% for 2026, 4.8% for 2027, and 3.5% for 2028. Our distribution of CAD 0.0375 per unit was maintained for the first quarter of 2026. That wraps up our financial review. Gordon, back to you for closing remarks. Thank you, Alison. We remain well positioned to continue executing on our strategy and to scale our industrial platform in high performing secondary markets across the country. Mark to market rent increases are rolling through our quarters and provide incremental cash flows as we move through the year. Demand for well located small and mid bay industrial properties remains healthy across several of our core markets, supported by limited supply and solid tenant demand. We continue to actively evaluate acquisition opportunities while maintaining a disciplined approach to capital allocation, always with the aim of creating long-term value for all stakeholders. Thank you. Jenny, back to you for the question and answer period. Thank you, ladies and gentlemen. We will now begin the question and answer session. Should you have a question, please press the star followed by the one on a touch-tone phone. Should you wish to cancel your request, you may press star two. Once again, that is star 1 should you wish to ask a question. Your first question is from Sam Damiani from TD Cowen. Your line is now open. Thank you and good morning, everyone. Congrats again on the good quarter. You've got a lot of leases either coming online or renewing at significant steps in around middle of the year into September. Are there any known pending move-outs over the course of 2026 that could offset that step up in rent that the REITs are set to receive? We the only thing we have real knowledge of now is, we have 80,915 sq ft in Woodstock, Ontario. That tenant didn't renew, so they moved out March 31st. That's in, you know, two of our best buildings in the portfolio. 30-ft clear heights, eat off the floor type stuff. That's, that's move-in ready. The Southwest Ontario market's a little slow right now. That said, you know, that would negate some of the, you know, the new acquisition, if you will. When you take the twos and the three's, you know, the new acquisition, the incremental upside in the Saint-Hyacinthe property, and then, you know, some significant leasing steps in end of Q3 and Q4, it shouldn't be that much noticeable mostly compared to this quarter. Okay. Just that's great color. Just for clarity, is that March 31st, vacancy included as occupied at Q1? Yeah. It was occupied at Q1. They vacated April first. Okay. Got it. Okay. Fair enough. Okay. There was a small drop in in-place occupancy in the quarter from Q4. Is there any notable or trend or color to share on that movement? I'll turn it over to Zachary, who manages the multitudes of leasing there, and he can probably provide a bit of color. Sure. Yeah. Thanks, Gordon, and thanks, Sam. Nothing noticeable or really pertinent in terms of larger spaces that came empty in Q1 from Q4. I would say just a few small base spaces, mix of Halifax and Winnipeg. All of our typical kind of ± 5,000 sq ft units that, you know, were 20%, 30% below today's market. Some of these units we already have deals in the works on that, you know, we hope to sign up in Q2 and, you know, cash flow Q2, Q3, but nothing significant overall. Okay. I'll turn it back. Thanks very much, guys. Thanks, Sam. Thank you. Your next question is from Kyle Stanley from Desjardins Capital Markets. Your line is now open. Thanks. Good morning, everyone. Good morning. Just going back to the post-quarter financing activity, Alison, are you able to disclose the average interest rate that you've got there? The average interest rate in terms of the new financing? Yes, in terms of the new financing, the CAD 146 million. No, it's a bit hard to give an actual all-in rate because some of these rates aren't fixed yet. We're getting financing terms, for one example, on seven-year money, we're getting 157 basis points over the seven-year bond. On another deal, priced over CORRA, we're getting 165. Then I think there's another one. Which is the, you know, I think we have a term sheet for maybe 160 over seven-year money. 160 over seven-year money, as well. We're seeing really good spreads overall on our financing and healthy appetite to, you know, get 65%, 70% LTV kind of with no problem. You know, just using kind of the five-year bond as, you know, a standard point, we seem to be getting pricing in and around the kind of 160, 165 over, give or take. Okay. Perfect. That's good color. Thank you. Kyle, we have some flexibility on when we fix that. You know, we've got commitment letters for two of these three financings. It's just kind of watching almost the week really. You know, maybe we get a 10-basis point break. It's been a little rough the last week or so. Yeah, you know, we're in the 4.75 to just below five range. Maybe we get a good week and save 10 beeps on that. You know, that's kind of where we're at. Okay. Fair enough. No shortage of volatility in the rate markets. I agree with you there. Just moving over to acquisitions. Last quarter, obviously, and maybe for a few quarters now, you've highlighted seeing some opportunities in Winnipeg, Quebec City. Obviously, your leverage did improve again this quarter. Just wondering, you know, where the acquisition opportunity set stands today. I think you've indicated in the past that you'd be willing to take leverage up for the right deal. In addition, you know, how much acquisition capacity do you see in your existing kind of equity base? Yeah. I mean, we'd like to stick around the 49%- 51% range. I mean, it took a lot to get there. Unless we have a plan to reduce it again and go significantly above that, obviously, we don't get the benefit of that anyway. Right now, you know, we have CAD 30 million- CAD 40 million of acquisitions room, if you will, on our balance sheet. You know, we're actively looking at those. There's a lot of deals out there, you know, we're working on some of them. You know that room, CAD 30 million- CAD 40 million, it'd be hopeful that we could land that in the next little bit. Okay. Thank you. Just going back to one of Sam's questions. You know, you talked about all the puts and takes on, you know, the timing of leases starting and some vacancy in the acquisition. As we look at your Same Property NOI growth this quarter in the high 6% from the industrial portfolio, when we kind of look at all those puts and takes, is it fair to assume that we should expect that to start to ramp towards year-end as some of those bigger renewals come online? Yeah. I mean, again, there's lots goes on in the quarter with the 104 tenants here. I mean, the 6.8% on the industrial basis, you know, you're comparing the Saint-Hyacinthe vacant building to when it was fully leased. It would be then above 6.8%, you know, if that was excluded from the math or fully leased. Yeah, I think we're looking for some, you know, we've talked about mid to high single digits. Hopefully we'll see a bit more of that. We do have the 80,000 sq ft, which will be a negative. Obviously on Q2, but and the acquisitions don't go into the same store obviously. I can't see why we would be below, you know, the mid of the pack there. We'll hope for the Cs and see. Yeah, 6.8 strong. You know, we'd like hope to see that shows a little bit higher, but we just honestly haven't done the math like in Q4 yet or anything like that. Okay. Thank you for that. I will turn it back. Thank you. Once again, that is star one should you wish to ask a question. Your next question is from Brad Sturges from Raymond James. Your line is now open. Hey, good morning. Good morning. Good morning. Just, you know, continuing on with the acquisition theme. I think you've talked about in recent quarters there's been a bid-ask spread in the market and that's kind of held back some of the opportunities that you could execute on. Now that you're, I guess talking about a little bit more opportunity, does that suggest the bid-ask spread has been narrowing and you're seeing vendor expectations change, you know, moving more towards where you guys might be underwriting assets? I think there's some public deals out there that, you know, that have been marketed and, you know, whether we won the deal or a piece of the deal or not, you know, there's assets under contract. I think that would say, and Zach can comment about some deals that have gone on that we weren't involved in, but they would say that, you know, there's a meeting of the middle there to get some transactions done. I think that's pretty positive. Zach, do you have any comments on that? Yeah. You know, at a high level, my answer is kind of yes and no. I think we've definitely seen some deals come to market, you know, in and around our core markets where the pricing seems to be at a level that we would expect and be interested in that. At the same time, we'll still get, you know, off market opportunities, again, in our markets and not our markets where the pricing still seems to be at a level that just doesn't match today's reality. The answer is a bit of both. From, you know, what we see in the market in terms of bid depth on some of the opportunities that have been brought to market on industrial, you know, call it in GTA or Winnipeg or Montreal, there still seems to be a very healthy amount of capital and institutional capital bidding and chasing these opportunities just with more discipline on pricing. At this point, are you mainly looking at existing markets or have you changed your strategy a bit and kind of looking at new markets, you know, Alberta being an example? No. I mean, we're still focused on the existing markets. We'd like to eventually move to Alberta. We kicked the tires on some stuff there. That would be an example where pricing expectations don't align, you know, at this point. So yeah, it's in around our current markets. I mean, if you haven't noticed in our MD&A this quarter, we isolated Manitoba instead of calling it Western Canada, just, you know, cause we have 1.3 million sq ft there. You know, and then we have assets in Quebec, Atlantic Canada, Ottawa. I mean, that's still our focus. Alberta's this just discussion of, you know, if we could get a significant portfolio of small mid bay assets there, we'd be interested in setting up a platform. It's just whenever we look, there's just always a disconnect on value. That's a frustration we have there. Gotcha. Last question just to go back to the financing activity. On the CAD 108 million that's being refinanced, what's the average expiring rate on that? Is that also like 3.8% or something like that? Yeah, approximately 3.8%. Okay. Thank you. I'll turn it back. Thanks. Thank you. The next question is from Sam Damiani from TD Cowen. Your line is now open. Thanks. Thanks for the second chance here. I did notice that the WALT on the Government of Canada tenancy did increase by about a year from Q4, but it's still less than three years. Is there any color to share there in terms of, you know, why didn't it go longer? Or what sort of was going on there? I'll just chime in. Yeah, go ahead, Zachary. I mean, we have several Government of Canada tenants in the portfolio, across Ottawa and Halifax. It's not tied to any one deal. There are some spaces larger that their expiries are just coming up soon in 2027, 2028, you know, conversations haven't started yet. There are some spaces, particularly in Burnside, where we've just recently completed some renewals, but on relatively smaller spaces. I think that's really the story there, not that there is a story, frankly. Just, we've completed some renewals on some larger spaces, just those discussions haven't started yet as they're still a year or two away. Yeah. I.e., we haven't done like less than five-year deals or anything like that, right, Zachary? Yeah. No, no. Like, on Burnside, they're all standard term, if not longer-term deals. Okay. Well, that's helpful. Just finally, I guess, you know, the lease roll does tick higher in 2027. Is there anything in that year that is, I guess, more concerning than the rest? As of right now, I have nothing to speak to in terms of any known coming vacancies. We're just starting to engage some of the larger 2027 expiries. From the few conversations I've had so far, all very preliminary, more positive than negative. Again, still very preliminary. No paper's been traded yet. I expect and hope that we'll start to get some action on these groups in the next quarter or two. Zachary, a lot of that's Winnipeg, right? Yes. There's a decent chunk coming due in Winnipeg, some of it from the latest acquisition we did last summer and then some just in our historic portfolio. Yeah. All those rents too are, you kind of expect, you know, still below market with healthy upsides. Okay. That's all helpful. Thank you. Just last one. Finally, interest expense. Was there anything unusual in there that might have offset the reported sort of net expense number? It just seemed to have dropped a bit versus the Q4 run rate. We did have a small correction in the quarter. It was about CAD 80,000. That reduced our interest expense. It was overstated in the last quarter. Okay. That's good. Okay. Thank you very much, and I'll turn it back. Thanks. Thank you. There are no further questions at this time. Ladies and gentlemen, that concludes our conference call for today. Thank you all for joining. You may now disconnect your lines. Thanks very much.