Thank you, Joelle. Good morning, everybody.

We're with pleasure reporting our Q2 numbers. We are continuing on our investment activity as purchasing industrial assets and selling office properties.

You have witnessed that activity throughout the first two quarters. We're still actively involved in densifying some of our properties in Montreal and Ottawa, having made representations to both cities as far as a redevelopment for each property is concerned.

We did on May 14th, 2026 establish an ATM program, following the filing of a prospectus supplement that was filed back in December 19, 2025. The ATM program was approved by the Toronto Stock Exchange on May 14, 2026, and to date, it hasn't been used.

On our ESG front, we're pleased to report that on June 10th, we did publish our third ESG report. In 2025, we strengthened our environmental data collection.

We expanded sustainability certifications across our portfolio with 13 new BOMA BEST certifications. We are continuing to foster an engaging and inclusive workplace for our employees and the community.

As far as acquisition is concerned, for our property located at 7 and 9 Montclair Boulevard in Gatineau, we owned only 50% of that property, obviously through a sort of a joint interest with another real estate developer. We decided to terminate this agreement by purchasing the 50% interest that we didn't own from that co-owner for $7 million.

This acquisition is expected to contribute approximately $500,000 on an annualized basis for NOI. Subsequent event to the quarter, we did dispose of our property located in Trois-Rivières and that closed on August 4th of this year for a total proceeds of $20 million, obviously excluding transaction fees and adjustments.

I'd like to note that the occupancy rate was 80%. For the six-month period, the trust concluded $38.5 million of acquisitions, and it's anticipated that these acquisitions will contribute on an annualized basis $3 million to the NOI.

If we look at the distribution of our portfolio, back in '21, we used to be 23% industrial, now we're jumping to 38% industrial. Our suburban office ownership was at 47%, we're down to 41%, and necessity-based retail used to be at 30%, and we're at 21%.

As far as our geographical diversification, except for the sale of the property that represented 3% of the total ownership on the segment, basically there's been no change. The key metrics, I'm on page 6 for those that are following me with the presentation: so as far as the fair value of investment properties, we see a slight increase of 1.7%.

Our occupancy rate went slightly up 10 basis points to 91.3%. The total renewals concluded in Q2 2026 and new leases were 378,000 square feet.

We've witnessed positive leasing spreads. Our payout ratio has come down on an AFFO basis.

We have strong leasing activity. With this, I'll turn the presentation to Stéphanie on this leasing aspect.

Good morning, everyone. If you're following us on our online presentation, we're currently at page 8 of said presentation.

During the quarter, we leased a total of roughly 79,000 square feet to new tenants, in addition to renewing leases of existing tenants for roughly 299,000 square feet, representing a total leasing activity of roughly 378,000 square feet for the quarter. Our most noteworthy transaction on a square foot basis was concluded with Pro Gym in Saint-Bruno in our necessity-based retail segment located in Montreal, representing 19,000 square feet.

It's important to note that this transaction was directly in line with our leasing strategy for our necessity-based retail property, which is to increase the notoriety of tenants by replacing previous tenants who either paid under-market rents or percentage rents, and with tenants that are more prestigious or have better financial capabilities. Our second most noteworthy transaction was also concluded with Noibu Technologies in our suburban office segment located in Ottawa, representing 14,444 square feet.

The essence of this transaction was similar to Pro Gym, that we had an opportunity to terminate the lease of an occupying tenant whose lease was coming to maturity in 2027, and we knew that they would not renew their lease. We're capitalizing on market momentum in order to replace them with Noibu for a longer term and higher rents.

It's important to note that both Pro Gym and Noibu's cases, both transactions affected our renewal rate as we needed to force tenant departures in order to account for these transactions. Therefore, there's no direct positive absorption to our occupancy rate as a result of these transactions.

Out of the other transactions completed throughout the quarter, I wanted to note two following tenants with whom we signed expansions during the quarter. Notably, we signed a 3,380 square foot expansion with SFL Wealth Management, bringing their total footprint with us to 37,000 square feet in Quebec City, and again, in our suburban office segment, in addition to an expansion of 2,422 square feet with MNP, again in our suburban office segment in Laval, bringing their total footprint with us to 16,000 square feet.

In terms of our lease renewals for the quarter, we had quite a busy quarter with just over 299,000 square feet of lease negotiations with our current tenants. As I mentioned, some of our new transactions impacted our lease renewal rate, but excluding these tenant replacements, our renewal rate for the quarter would have been 76%.

Of our noteworthy transactions, we renewed leases with Diffuse Inc. in our suburban office segment located in Montreal for a 10-year term for roughly 50,000 square feet, in addition to a five-year renewal with BMO Nesbitt Burns in our suburban office segment in Ottawa for roughly 20,000 square feet.

In addition, as we always look to renew leases in anticipation of their maturity, we renewed a total of 157,000 square feet of leases whose maturity dates fell in 2027 and subsequent years after. In terms of noteworthy transactions, we're looking at BBA Group in Saint-Hilaire, that's in our Montreal portfolio, in our suburban office segment, for 69,000 square feet for a 10-year term; with Royal Drugs in Ottawa, also known as the Ottawa Medical Group, in our industrial segment for 46,000 square feet, also for a 10-year term; and with SFL Wealth Management, as I mentioned, that they did take an expansion, but we also renewed their lease for roughly 33,000 square feet in our suburban office segment in Quebec City, also for a 10-year term.

In terms of rental spreads for the quarter, we achieved a 4.6% average increase in our lease renewal rate across all segments, consistent with our strategy to always find an increase when possible. We increased our industrial segment by 10.5%, our necessity-based retail segment by 7%, and our suburban office segment by 2.9%.

In terms of our active large vacancies, I wanted to provide an update for a property located at 3695 Des Laurentides in our Montreal portfolio, more specifically in Laval. As a reminder, this property spans 132,000 square feet and represents a 2.2% impact on our occupancy rate.

I've mentioned in past quarters that we were negotiating with an international client for different size requirements of theirs, and I'm not necessarily proud to say that we're still negotiating with them as I do understand that there's been prolonged negotiations and it is taking time. The client, however, has re-toured the property last week for a different requirement and are still in their plans at this time.

It's just dealing with an international company takes more time and takes more effort to get it to the finish line. However, we also have strung up leasing interest with three other parties for various size requirements, including a full-building requirement.

Based on our discussions and certain terms that have been provided to our prospects, we'd be expecting revenue in 2027. Over the past summer months, we've noticed increased momentum in the market, mainly in terms of our industrial availabilities, which is a positive sign.

Office requirements have remained very active as we do have a healthy pipeline, and retail, as per usual, continued to be our most stable operating segment, showing a 98.9% occupancy rate, for which demand is constant. On this note, I'll turn over the call to Marc-André.

Thank you, Stéphanie. Good morning, everyone.

For the second quarter, rental revenues stood at $31.9 million, that's an increase of 4.5% compared to the same quarter last year. The increase is caused by a non-cash straight-line lease adjustment, which negatively affected the rental revenue by $1.8 million in the second quarter of last year.

Dispositions completed throughout 2025 and 2026 were partially offset by acquisitions concluded this year, and the net increase is $0.2 million. New leases concluded, higher lease renewal rental rates, and increases in rental spreads for in-place leases contributed to an increase of $0.2 million, which was partially offset by a decrease of $0.8 million resulting from planned tenant departures that are not yet replaced, also from free rent granted to new tenants, and the rent reduction granted to Lion Electric.

NOI increased by 10.5% compared to the same quarter last year, and the increase was driven by the previously mentioned straight-line lease adjustment. Cash same-property NOI remained stable for the quarter compared to the same period last year.

For the six-month period, cash same-property NOI decreased by 4.8%. The year-to-date decrease is driven by both industrial and office segments.

First, the office segment was impacted by a partial lease cancellation payment received, and that payment is $1 million, and it positively affected NOI during the first quarter of 2025. A decrease in NOI due to free rent granted to new tenants in the first quarter of 2026, with whom leases were concluded in the fourth quarter of 2025, and planned departure that had not been replaced.

Second, the decrease in the industrial segment is due to the planned departure of a tenant not yet fully replaced and a rent reduction of $0.4 million granted to Lion Electric. FFO adjusted per unit was 9.7 cents for the quarter, that's an increase of 1.4 cents or almost 17% compared to the same quarter last year.

This increase was mainly driven by the previously mentioned increase in NOI. Adjusted AFFO per unit was 9.8 cents for the quarter, an increase of 0.3 cents or 3% compared to the same quarter last year.

The increase is explained by an increase in cash NOI of $0.3 million. We maintained our distributions to unitholders at 7.5 cents per unit for the second quarter, and that represents 30 cents per unit on an annualized basis.

The AFFO adjusted payout ratio was 76.5% for the quarter, and that's an improvement of 2.7% from the same quarter last year. The value of our investment properties portfolio remained virtually unchanged at $1.2 billion compared to the prior quarter.

We did not make any portfolio-wide changes to our cap rates this quarter, and the weighted average cap rate for the entire portfolio stood at 6.7%, the same as the previous quarter. We concluded the quarter with a total debt ratio of 58.1%.

The weighted average term and average interest rate on our mortgage portfolio were 2.2 years and 4.4% respectively. Finally, at the end of the quarter, we held $0.6 million in cash, and $14.8 million was available under our credit facilities, and that's a total liquidity of $15.4 million.

This completes our presentation. We will now open the call for questions.

Operator, can we please have the first question?

Thanks. Good morning.

Maybe to—

Good morning, Mark.

Hey, just starting with, obviously it's not a major deal with the office partner that you bought out, just talk a little bit about what went into the thought of buying out the stake and with a long-term plan, is this a property that you're going to maybe look to sell at some point soon?

The dynamic of purchasing this property was basically a consequence of the poor management of our partner. We felt that it was time for us to separate as a result of the poor management.

Two years ago, and driven by the same kind of impetus, we put the property on the market. Most of the people that were looking at purchasing the property were looking at it on a development basis.

Obviously, on a pure development basis, it's worth a lot more than the total consideration that would call it $14 million. Our partner at that time was looking at it with a lot of stars in his eyes, basically thinking that this was a property that was worth $20 million, $22 million, but never basically made an offer to us to exit.

That's what we wanted, we wanted to exit from this property. The frustrations just mounted, and as a result, we decided that it was time for us to step in and purchase the 50% interest.

The property is going to be eventually on the market, it's not a property that we're going to hold. It's just we're waiting for the right moment in order to put it back on the market.

We did attract some purchasers, and our goal is to reach back to these eventual purchasers. For us, it was a question of managing, it was a question of responding properly to our tenancy.

They had the management interest, and I'll give you a few examples: when it was time to finance the property, we had to take the responsibility of financing or refinancing the property, negotiating with the lender because they seem to be unable to do so. When it was time to negotiate the lease with Giant Tiger, that we basically identified, during when we go to ICSC and so on, and we identified Giant Tiger as a potential tenant, we had to carry all the negotiations, and at the end of the day, we had to pay them a fee for the negotiations that we did carry.

The frustrations were there, and we had to find a way out. Obviously, for us, the best way out would have been to have been purchased, but unfortunately, I don't think that the partner that we had had the money in order to purchase us.

That's the scenario. For us, it's a relief, and basically going back to the market eventually.

Okay. Great.

Thanks. Maybe just one more, a lot of leasing information that was given pretty quickly.

Looking at the leasing spreads, industrial, retail, they've generally been pretty good. Are these numbers that we should look at as good expectations for what can be achieved over the next year or so, or were there any specific items that maybe push these numbers higher?

No, I think that the numbers are a good indication. I think if you look at the past and you look at our trend, I think the numbers are strong and are a good indication.

Okay. Great.

Thanks. I'll turn it back.

Good morning, guys. Maybe just to follow up on Mark's questioning with regards to the leasing spreads, but on the occupancy front, can you give us a sense as to obviously, retail's full, industrial seems like took a little bit of a step back in the quarter, but how should we think about the trajectory in terms of your leasing prospects on vacant space versus any known kind of non-renewals in the next 12 months call it?

Let's start with non-renewals. We haven't received any notices from our tenancy that they're not renewing leases for next year, so that's a positive aspect.

We're now in August. Usually, notices come, let's say, six months prior to the end of the term of the lease, and we haven't received notices on that front.

As far as our leasing aspect and the occupancy rate, we're very hopeful that, first of all, as Stéphanie mentioned earlier, that the Des Laurentides property is going to be partially or totally leased on a committed basis by the end of year. That's 2.2%.

I wouldn't say far advance in negotiations, but I would say we are in negotiations. Two of these tenants that Stéphanie spoke about have to commit to something by either the end of September or the end of October.

On a committed basis, we're hopeful that it's going to pan out. One of these tenants, the one that is looking at the whole building, is a tenant that needs a fit-up period of almost a year.

It would mean that the property would be committed, and that's let's say, and I'm just on an assumption basis, let's say that they would have occupancy on January 1st, the retrofit that they have to build in the property would take roughly 9 to 12 months. As a result of this, as far as cash flow is concerned, it would not hit our cash flow next year, but as far as the streamlining of rent, then it would be recognized.

Again, we're hopeful. We're talking about a minimum of 2% as far as the occupancy is concerned.

The other one that Stéphanie mentioned in her presentation is a 24,000 square foot property located in Alberta. That property, the reason that we lost our tenant is not because they didn't enjoy it, it was basically because the building was too small for them and they needed to double their size.

There are two prospects that are looking at the property right now, both of them to lease up the whole building. We're hopeful on that front again.

That's 24,000 square feet, I don't think that that's going to move the needle. What will move the needle is more the 132,000 square feet of availability in Laval.

Just,

Michel, in terms of the terms of, again, I understand that it hasn't been signed and it's prospect, but where would the rents be relative to the prior tenant? It sounds like the CapEx fit-out is going to be done on the part of the tenant, would you have to give any sort of TIs or leasing costs related to that?

We're not quite there yet as far as are we going to contribute or not, we're not quite there yet. The past tenant was paying a little bit less than $8 net, and the discussions are north of $11.

At a minimum, there's a premium on rent of three bucks a square foot.

Okay. Then this quarter, I mean last quarter, CapEx was down, this quarter it was up a bit.

Like as you're going through some of the leasing, the the or or just in the normal course, do you expect CapEx kind of remain in in long-term average ranges, or or should we expect a little bit of a pickup in the near term?

No, we're not expecting it to pick up. I think it's always a bit slightly down, slightly up, but on a yearly basis, it's going to normalize as historical numbers.

Okay. Then lastly, just on the capital allocation side, you've done some dispositions in Trois-Rivières, which I think are welcome.

What are you thinking over the next call it 12 months in terms of potential to sell more assets, the refocusing on industrial, and the regions that you're potentially looking at for that expansion, and just the general tone in the disposition or acquisition market?

We see as far as disposing of office properties, just to be specific to your question and redeploying office into industrial, we're seeing a higher demand at this point. We obviously have demand for certain retail properties.

I mentioned during the last quarter that we had put a retail property or call it two retail properties on the market with an office property as a package. We were not successful in selling it as a package.

We're looking at possibly selling, it's located in a tertiary market, Saint-Jean-sur-Richelieu as we've discussed before. We're looking at putting the retail property on the market and one of the office properties on the market.

Last year, we weren't successful in selling the property located in Saint-Hilaire as a result of the fact that the lease term for the major tenant was expiring in 2027. As Stéphanie mentioned, we were successful in renewing the term of that lease for 10 years.

Now we're getting ready to put it back on the market or going back to the potential acquirers that were identified and were steadfast on a condition of a lease renewal. Overall, I think that if you start adding from this point on this year to the end of next year, our objective is to sell roughly $100 million, if not more, of office assets, and with this, maybe a little bit of retail to complement the package, and redeploying the totality of the proceeds of the sale into industrial.

Just relative cap rates between those two, are you finding that they're more similar today for the types of assets, suburban office outside of Montreal and then industrial where you're buying in? Have those compressed or are they still a little bit wide of one another?

That's your tricky question of the day. I think that if you're looking at Ottawa, Ottawa is experiencing a very high cap rate for office properties.

I'm not mentioning that we're going to sell our Ottawa assets because the cap rates are just, for now, too high, although the properties are stellar in my mind, but unfortunately, we're not going to hit the bid on those properties. On the Island of Montreal or around the Island of Montreal, we're seeing that there's, if you compare this year to last year, there's been compression, but not enough to get to the same cap rates as the industrial properties that we are purchasing.

There's going to be some slippage there. However, if you look at a property, for instance, the one that we sold in Trois-Rivières, it was 80% leased.

So 80% leased on a in-place cap rate basis was 8.5%, I think, a cap rate of 8.5%. To redeploy this, it means that if we take the same amount of cash and we redeploy it into an industrial property that is 100% leased, we're going to get more NOI out of our money.

On a redeployment basis, I think that it becomes more affordable for us, and obviously accretive to us, to look at the NOI that is being produced by a property versus only looking at a cap rate.

No, that makes sense. Thanks, Michel.

Thank you for participating in our meeting. I think that a lot of Matt touched on the points that I was going to hit on my conclusion.

Unfortunately, I don't want to repeat myself and waste your time. Overall, I think that we're confident that we're going to be able to sell our properties contrary to what happened during COVID and so on.

We're confident that we don't have to necessarily give them away in order to redeploy in industrial. We do have a pipeline to redeploy our capital into industrial assets, and hence we are going to be very active in our selling of some properties within our portfolio.

With this, I thank you very much for participating in this call today, and we'll see you for our results of Q3 2026. Thank you.