Kurt Keeney - President and Chief Executive Officer

Nathan Smith - Chief Investment Officer

Eddie Carlisle - Chief Financial Officer

Hello, ladies and gentlemen. Thank you for standing by. Welcome to the Flagship Communities REIT First Quarter 2025 Earnings Call. At this time, all participants are in a listen-only mode. Following the presentation, we will hold a brief question-and-answer session for analyst and institutional investors. I would like to remind everyone that this conference call is being recorded.

Today's presenters are Kurt Keeney, Flagship's President and Chief Executive Officer; Nathan Smith; Chief Investment Officer; and Eddie Carlisle, Chief Financial Officer.

Please note that comments made on today's call may contain forward-looking information, and this information by its nature is subject to risks and uncertainties. Actual results may differ materially from the views expressed today. For further information on these risks and uncertainties, please consult the company's relevant filings on SEDAR. These documents are also available on Flagship's website at flagshipcommunities.com. Flagship has also prepared a corresponding PowerPoint presentation, which it encourages you to follow along with during this call.

Thank you, operator. Good morning, everyone. Thank you for joining us today.

After what was a record year for Flagship in 2024. We are pleased to have picked up right where we left off in the first quarter of 2025. Early in the year, we got to work on refinancing our near term debt at