Hello, and welcome to this year's annual general and special meeting of Summit Industrial Income REIT. My name is Lou Maroun, and I am the Chairman of the REIT's Board of Trustees. I am joined today via webcast by the other current Trustees of the REIT. We are pleased to host this year's meeting virtually via live webcast, which is accessible to all of our unit holders, regardless of physical location. While in-person meetings allow us a more intimate connection with everyone, we are all learning to live with this pandemic, and we have to operate in a way to keep everyone as safe as is possible. Like all of you, I look forward to the day when we can return to some sense of normal. I want to extend warm wishes to our unit holders and many supporters from various fields who have been with us, some from the very early days and those who have recently discovered us, and all of you who are in virtual attendance today. I will now pass it over to Paul Dykeman, who is a current Trustee and the CEO of the REIT, who will chair the formal portion of today's meeting. Paul? Thanks, Lou. Hello, and welcome to everyone watching and listening from the webcast. Since the meeting is being held virtually, we want to outline a few logistical items regarding the conduct of the meeting. For registered unitholders and duly appointed proxy holder, questions can be submitted at any time using the instant messaging service of the virtual interface. For non-registered unitholders who have not duly appointed themselves or proxy holders and guests, questions can be submitted after the formal part of the meeting. We ask that the general questions on the current activities of the REIT be reserved until the formal portion of the meeting, provided that some questions regarding the procedural matters and directly related to the motions before the meeting may be addressed during the formal part of the meeting by registered unitholders and duly appointed proxy holders. To make the best use of our time today, Cassandra Dykeman and Chris Rodgers, who are joining us by webcast, will move and second the resolutions. The meeting will now come to order. Ross Drake, who is also participating in the webcast, will act as secretary of the meeting. Matthew Gemmell, representative of Computershare Investor Services, will also be participating in the webcast, will act as scrutineer. I confirm that all applicable materials in respect of the meeting were mailed to unitholders in compliance with the REIT's declaration of trust and applicable security laws. I've also received a report from the scrutineer, which shows that we have the requisite quorum at present at the meeting today. I declare that the meeting is regularly called and properly constituted for the transaction of business. Voting today will be conducted by electronic ballot. I will now take a moment to ask that that balloting be open. The polls are now open. At this point, all registered unitholders and appointed proxy holders who have properly logged in with their control numbers or invite code who wish to vote will be able to access the voting page. Please register your votes by selecting "for" or "withhold" buttons next to each name of each proposed Trustee, and then next to the resolution with respect to the appointment of PricewaterhouseCoopers LLP as the REIT's auditors. Please select "for" or "against" button next to the resolution for the amendment and restatement of the deferred unit plan. Alternatively, you may select "vote all matters with board recommendations" by clicking on the tab at the top of the vote screen. The voting will be open for the duration of the formal part of the meeting. Once the electronic balloting closes at the end of the formal part of the meeting, the voting page will close, and your votes will automatically be submitted. As the first item of business, I would like to present the unitholders with the consolidated financial statement of the REIT for the year ending December 31st, 2021, and the auditors' report thereon. A request card to receive copies of these materials has been mailed to each registered unit holder and certain other unitholders in accordance with the REIT's declaration of trust and applicable security laws. Copies of these materials are also available online. The next item of business is the election of trustees to the REIT. I will now entertain nominations for the five positions as trustees. I nominate Paul Dykeman, Louis Maroun, Larry Morassutti, Anne McLellan, and Jo-Anne Lempert as Trustees of the REIT to hold office until the next annual meeting of unitholders or until their successors are elected or appointed, subject to the provisions of the declaration of trust. I second the motion. I have not been provided with any further nominations in advance of this meeting. I declare the nominations closed since the number of nominees does not exceed the number of trustees to be elected by the unitholders. I request a motion that the nominees be elected as Trustees of the REIT to hold office until the next annual meeting of unitholders or until their successors are elected or appointed. I so move. I second the motion. The next item of business is to approve the appointment of auditors of the REIT. I move that the firm of PricewaterhouseCoopers LLP be appointed auditors of the REIT until the next annual meeting of unitholders. I second the motion. The final item of business is to approve the amendment and restatement of deferred unit plan for the purposes of increasing the number of trust units authorized for the issuance under the plan. I move that the deferred unit plan be amended and restated for the purpose of increasing the number of trust units authorized for issuance under the plan. I second the motion. As we have mentioned, balloting is currently open to all registered unitholders and duly appointed proxy holders who have properly logged in with their control numbers or invite code. The polls will remain open for the final moment. Once the electronic balloting closes, the voting page will disappear and your votes will automatically be submitted. The full voting results will be published on SEDAR following the meeting but I can report based on the proxies received in advance of the meeting, all matters that would put to a vote today have passed. We have now completed the formal part of the meeting. As such, I will ask for a motion to terminate the meeting. I move that this meeting be terminated. I second the motion. I declare the motion carried and the annual meeting of unitholders of the REIT terminated. In a moment, I will provide an update on the REIT activities. Again, as a reminder for those who are joining us online through the webcast, you can submit your questions using the instant messaging feature of the virtual interface to do so. We will do our best to answer all of your questions once I have finished providing a brief update on the REIT. Now that the formal part of this year's annual general and special meeting is complete, I would like to take a few minutes to review our results from last year and through the first quarter of 2022. Our record performance over the last 18 months is a direct result of the strength and resiliency of the Canadian light industrial property sector, the experience and dedication of our entire Summit team. On behalf of the Board of Trustees and all unitholders, I would like to thank all of our employees for their hard work and commitment. We look forward to continued success in the quarters and years to come. Before we begin, let me remind everyone that during this meeting, we may make statements that may contain forward-looking information, which is based on a number of assumptions that are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those disclosed or implied. We direct you to our earnings release, MD&A, other security filings for additional information about these assumptions, risks, and uncertainty. Turning to our results, despite for a full -year under restrictions imposed by the COVID-19 pandemic, we generated another record year of performance in 2021. Revenues were up due to the portfolio growth, continued strong occupancy, and rental rate increases. This growth drove meaningful increases in our net rental income and FFO. We are also pleased to see another solid year of same property NOI growth with significant gains in our key target markets. Our record results are being driven by the same strategies that have generated our growth and success over the past many years. Our disciplined approach to growing the portfolio through acquisitions and development, combined with significant organic growth through our strategic leasing programs and rental rate increases. Our track record of growth and solid performance continued into the first quarter of 2022. Revenues were up 12% in the quarter, the result of our portfolio growth, increasing rents, and our ability to maintain strong occupancies. The increase in revenue generated increases in both NOI and FFO. Same property NOI was muted by the reversal of certain bad debt provisions in the first quarter of 2021 due to our successful collection of rent over the course of COVID-19 pandemic. Excluding these one-time reversals, same property NOI would have been 3.5% overall for the quarter, and more importantly, 7% in the GTA. So far this year, despite market volatility, we have accomplished quite a bit. We started off the year by deploying over CAD 200 million of capital in income-producing and development property acquisitions in our core markets while continuing to strengthen our balance sheet and enhance the REIT's overall liquidity. Having raised close to CAD 650 million in new debt and equity capital year to date. The over 1 million sq ft of 2022 lease renewals and new deals that we have completed year to date have generated over 50% in rental rate increases, which includes deals that Summit has achieved over 100% rental rate growth both in Ontario and Quebec. As you can see, we have consistently delivered portfolio growth through many different market conditions and environment since the REIT's inception. We have demonstrated strong growth over the last several years to where we now own 159 properties, not including the development program, totaling over 21 million sq ft of gross leasable area with a fair market value close to CAD 5 billion. Our portfolio continue to see fair market value gains of approximately CAD 200 million in the first quarter of 2022, primarily as a result of growth in income achieved through lease renewals, new lease deals, as well as ongoing growth in the market rents. The REIT's total portfolio occupancy at the end of Q1 remains strong at 98.2%. The REIT consistently operates at or near full occupancy as slight dips from time to time as tenants turnover. In addition to our strong growth and operating performance, our balance sheet and liquidity position are extremely strong. Turning to our balance sheet, we've continued to improve our debt metrics in 2022. The REIT's overall leverage is a very conservative 28% with a weighted average interest rate of 2.47%, a meaningful decrease over the same period last year. Liquidity and financial flexibility is always top of mind. We continue to build on our available financial resources with approximately CAD 1.2 billion of available liquidity, including cash availability under credit facilities and the potential financing on our CAD 3.4 billion unencumbered asset pool. Looking ahead, we continue to focus on the same successful growth strategies that have generated positive unitholder returns to date. Since the REIT's inception, we have demonstrated a consistent track record of both growth and strong operating performance. As you can see here, through portfolio growth, high stable occupancies, and leasing programs. All of these strengths have driven a very positive trend in our Funds From Operation. We look forward to this continuing growth in the years ahead. A strategic advantage for Summit is our sole focus on the key high-growth industrial markets in Canada. Our growing presence in our target markets, the Greater Montreal area, Greater Toronto area, is a key contributor to that success. We know and understand these markets, and we're confident there's still ample room to expand. This geographic focus also generates significant operating synergies and economies of scale. Our growth and performance continues to be based on our three-part strategy: enhancing the size and scale of our portfolio through selective accretive acquisitions, proactive development and expansion program, and capitalizing on the strong market fundamentals to achieve organic growth within our existing portfolio from rental increases. Despite the highly competitive landscape in 2021, our acquisition program continued to be active. We completed over CAD 380 million, or almost 2 million sq ft of income-producing acquisitions in our target market last year, and close to CAD 140 million of accretive acquisitions so far this year, with our Vaughan acquisition happening post quarter end. We also expect to close on our first 150,000 sq ft net-zero carbon expansion project at our Trans-Canada Highway property in Pointe-Claire, Quebec, for approximately CAD 40 million when that project is completed later this year. Our underwriting criteria continue to be one of our discipline and patience. The REIT is being highly selective in pursuing new investment opportunities in these times. In addition to our acquisition program and given the current opportunity for attractive relative returns, the REIT continues to grow and expand its development platform. As you can see here, we currently have over 2.3 million sq ft under development. It's in the various stages of planning and construction. In Q1, we added three new development sites to our pipeline in Ontario, one in Burlington, one in Kitchener, and one in Guelph, which in total have the potential to add over 1.3 million sq ft of GLA to the REIT's portfolio. Importantly, our development projects continue to align with our ESG initiatives and our green financing framework as we strive to achieve maximum efficiencies and minimize our environmental impact with our newly built properties with the added benefit of an improved cost of capital. Within our existing portfolio, we have been able to achieve meaningful organic growth through our proactive leasing programs. So far this year, as I mentioned, we've completed 1.1 million sq ft of lease renewals and new lease deals. Most importantly, these leasing transactions generated a significant 52% increase in monthly rents, with some rents more than doubling in Ontario and Quebec. With record low availability, the high demand for space, we have meaningful mark-to-market upside potential within our existing portfolio over the next three to four years, and we're confident that we'll continue to see this rental rate growth in our key target markets. In summary, we continue to be optimistic about the underlying fundamentals of our key target markets. We expect to continue to execute on a selective and disciplined approach to acquisitions, continue to execute our development program, which will contribute attractive yield on cost returns with brand new environmentally efficient real estate to our portfolio. Finally, the organic growth will continue as we renew leases at market rent, which are currently considerably above our in-place rents. Finally, our strong in-place liquidity and balance sheet will allow us to navigate any potential market volatility as we continue to execute these growth opportunities as they present themselves. Last but not least, we are very pleased to have announced yesterday a 3% increase in our monthly cash distribution. With this increase, results in a new annualized distribution of CAD 0.581 per unit and will be effective beginning with the May distribution. With our record performance in 2021, our continued growth in the first quarter of this year, this increase in distributions reflects our confidence in the continued strength of the Canadian industrial market, our commitment to generating stable and growing unitholder returns over the long term. I thank you very much to those have submitted questions online, and now I will turn it over to Ross to see if we do have any questions that were submitted through the webcast. No questions have been submitted. I'll pass it back over to Paul. Okay, well, thanks, Ross. Since there's no questions here, we'll conclude this year's annual general and special meeting. We thank everyone again for your continued support of our business. We think we have great fundamentals. We're looking forward to the balance of the year and hopefully seeing you in person at next year's AGM. Thank you very much and goodbye.
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