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 2026 as a pure-play industrial REIT. We continue to execute on our strategic plan and delivered sound operating performance.

Despite owning eight 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 square feet 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 defense spending is supporting near-term demand for both small and mid-bay industrial space.

Meanwhile, Halifax industrial rents reached a record high of $15.18 per square foot, 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 square feet, for our share of gross proceeds of $5.1 million -- sorry, $5.7 million.

Subsequent to quarter-end, we engaged in two additional transactions. First, we completed the acquisition of 100% interest in a single-tenant, 2024-built, 10-year leased industrial building in Moncton, New Brunswick, totaling approximately 60,000 square feet of GLA, for $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 100% interest in a retail property located in Bathurst, New Brunswick, totaling approximately 15,000 square feet of GLA, for gross proceeds of $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 square feet of space realizes new rental rates in September '26 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 square foot, single-tenant industrial property located in Saint-Hyacinthe, Quebec, following the tenant's decision not to renew its lease in July of 2025.

On May 6, 2026, the REIT entered into a binding lease for approximately 74,250 feet of the 176,000 square foot facility, located at 5375 Picard Street, again in Saint-Hyacinthe. The new tenant will have a 15-year lease term at market rent, to commence in mid-2026.

The new base rent on the 74,000 square feet, 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, and good morning, everyone. We are pleased with our first quarter performance.

In the quarter, property revenue totaled $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 $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 $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 escalations, 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 Gordy mentioned earlier.

Our funds from operations, or FFO, amounted to $8.7 million for the quarter. This was up 10.6%, and it was driven by increases in contractual base rent, higher 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 basic, sorry, on a per-unit basis, basic FFO was relatively stable year over year at approximately 13 cents.

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 $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 31, 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 8.8 times at March 31, 2026.

This was down from 9.9 times at December 31, 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 $521.3 million, compared to $525 million at December 31, 2025, and $495 million at March 31, 2025. Looking at upcoming maturities, in 2026, we have $157.1 million maturing.

Subsequent to quarter-end, we secured financing commitments and term sheets totaling $146.2 million on competitive terms, addressing $108.3 million 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 3 to 7 years.

In 2027, we have another $46.1 million maturing, mainly tied to high-performing industrial assets in Burnside Industrial Park. For 2028, we have $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. Finally, our distribution of 3.75 cents 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.

Marked-to-market rent increases are rolling through our quarters and will 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, 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 REIT's set to receive?

The only thing we have real knowledge of now is we have 80,915 square feet in Woodstock, Ontario. That tenant didn't renew, they moved out March 31st.

That's one of the best buildings in the portfolio, 30-foot clear heights, eight-inch floor type stuff. That's move-in ready.

The Southwest Ontario market's a little bit slow right now, but that said, that would negate some of the new acquisition if you will, but when you take the to's and the fro's, the new acquisition, the incremental upside in the Saint-Hyacinthe property, and then some significant leasing steps in the end of Q3 and Q4, it shouldn't be that much noticeable, especially compared to this quarter.

Okay. That's great color.

Just for clarity, is that March 31st vacancy, is that included as occupied at Q1

or is that--? It was occupied at Q1.

They vacated April 1st.

Got it. Fair enough.

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 Zach. He manages the multitudes of leasing there and he can probably provide a bit of color.

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 bay spaces, mix of Halifax and Winnipeg, but all of our typical kind of plus-minus 5,000 square foot units that were 20%, 30% below today's market. For some of these units, we already have deals in the works on that we hope to sign up in Q2 and cash flow Q2, Q3, but nothing significant overall.

Okay. I'll turn it back.

Thanks very much, guys.

Thanks, Sam.

Thanks. Morning, everyone.

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 $146 million.

It's a bit hard to give an actual all-in rate because some of these rates aren't fixed yet, but 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--

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 get 65%, 70% LTV kind of with no problem.

Just using kind of the five-year bond as a standard point, we seem to be getting pricing in and around the kind of 160, 165 over, give or take.

Perfect. That's good color.

Thank you.

Kyle, we have some flexibility on when we fix that. We've got commitment letters for two of these three financings.

It's just kind of watching almost the week really, and maybe we get a 10 basis point break. It's been a little rough the last week or so.

We're in the 4 3/4% to just below 5% range. Maybe we get a good week and save 10 beeps on that.

That's kind of the world we're in.

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 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, how much acquisition capacity do you see in your existing kind of equity base?

We'd like to stick around the 49% to 51% range. It took a while to get there, we wouldn't 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, we have $30 million to $40 million of acquisitions room, if you will, on our balance sheet.

We're actively looking at those. There's a lot of deals out there, and we're working on some of them.

That room, $30 million to $40 million, would be hopeful that we could land that in the next little bit.

Thank you. Then just going back to one of Sam's questions, you talked about all the puts and takes on 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?

Again, there's lots goes on in a quarter with 104 tenants here. The 6.8% on the industrial basis, you're comparing the Saint-Hyacinthe vacant building to when it was fully leased, it would be above 6.8%, if that was excluded from the math or fully leased.

I think we're looking for some we've talked about mid to high single digits, hopefully we'll see a bit more of that. We do have the 80,000 square feet, 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, the mid of the pack there. We're hopeful to see some, 6.8% is strong, strong, so, but 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.

Hey, good morning. Just 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, moving more towards where you guys might be underwriting assets?

I think there's some public deals out there that have been marketed, and whether we won the deal or a piece of the deal or not, 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 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?

At a high level, my answer's kind of yes and no. I think we've definitely seen some deals come to market 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 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 what we see in the market in terms of bid depth on some of the opportunities that have been brought to market on industrial, 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, Alberta being an example?

No, 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 at this point.

It's in and around our core markets. If you haven't noticed in our MD&A this quarter, we isolated Manitoba instead of calling it Western Canada, just because we have 1.2 million square feet there.

Then we have assets in Quebec, Atlantic Canada, Ottawa. That's still our focus.

Alberta's this just discussion of 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 $108 million that's being refinanced, what's the average expiring rate on that?

Is that, Alison, 3.8% or something like that?

Approximately 3.8%.

Okay. Thank you.

I'll turn it back.

Thanks.

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 why didn't it go longer or what sort of is going on there?

I'll chime in. 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 '27, '28, and 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, yeah, we've completed some renewals and then on some larger spaces, just those discussions haven't started yet as they're still a year or two away.

I.e., we haven't done less than five-year deals or anything like that, right, Zach? It's just the math.

Yeah. No.

On Burnside, they're all standard-term. It's not longer-term deals.

Okay. All right, that's helpful.

Just finally, I guess, the lease roll does take 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 papers have been traded yet.

I expect and hope that we'll start to get some action on some of these groups in the next quarter or two.

Zach, a lot of that's Winnipeg, right?

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, as you kind of expect, still below market with healthy upsides.

Okay. That's all helpful.

Thank you. Just last one, on the 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 $80,000 that reduced our interest expense that was overstated in the last quarter.

Okay. That's good.

Thank you very much, and I'll turn it back.

Thanks.

Thanks very much.