Tom, you can go ahead.
Okay. Good morning. I would like to welcome everyone and introduce myself. I'm Tom Hofstedter, CEO and Trustee of The REIT. As you're aware, this is a virtual unit holders meeting. The REIT has decided that this virtual-only format allows us to reach the greatest number of our unit holders as possible, as it gives registered unit holders and duly appointed proxy holders an opportunity to attend regardless of their geographic location. We thank you for joining us. We have ensured that this virtual meeting offers unit holders and duly appointed proxy holders the opportunity to participate at the meeting. As in past years, we expect that the vast majority of all votes have been cast in advance of the meeting by proxy. However, registered unit holders and duly appointed proxy holders will be allowed to vote online at the meeting in accordance with the instructions to be provided.
Only duly appointed proxy holders and validated unit holders may ask questions in the designated field in the web portal. Out of consideration for others, please limit yourself to one question. Questions can be submitted by typing the text of your question in the Ask a Question box and clicking the Submit button. Given the virtual format of the meeting and in order for us to expeditiously undertake discussions on any matter proposed for a vote, we ask that any questions or comments you have that specifically relate to a formal item of business be submitted now. When doing so, please make sure you clearly identify the applicable formal item in business to which your submission relates. During the course of this meeting, such submissions will be addressed at the appropriate time prior to voting on the applicable motion.
A general question and answer session will be held following the end of the formal meeting. Before beginning the meeting, I'd like to remind our unit holders that certain statements, which may include predictions, conclusions, forecasts, or projections in responses to questions that arise at today's meeting, may contain forward-looking information which reflect the current expectations of management regarding future events and performance. They are based on assumptions by management and are subject to risks and uncertainties that could cause actual results to differ materially and speak only as of today's date. The material factors and assumptions applied by management when making forward-looking statements include the factors and assumptions identified in the REIT's filing on SEDAR. I now call the meeting to order.
With the consent of the trustees of the REIT of the meeting, I will act as Chair of the meeting, Eric Moncik of Blakes, Cassels & Graydon Legal Counsel to the REIT, will act as Secretary of the meeting, and Broadridge Investor Communications Corporation by its representatives will act as a scrutineer at the meeting. The notice calling the meeting and the other requisite material have been sent to those persons as required. The reading of the notice of meeting will accordingly be waived. I receive the scrutineer's preliminary report and attendance. The preliminary scrutineer's report indicates that there are not less than two unit holders or proxy holders present and holding or representing in their aggregate not less than 25% of the combined total number of outstanding units and special voting units of the REIT enjoying voting rights at this meeting.
As a result, I declare a quorum for the meeting to be present. I therefore declare the meeting to be regularly constituted. I'd now like to refer you to the financial statements of the REIT for the financial year ended December 31st, 2024, together with the report to the auditors thereon and manager's report to the unit holders. I do not propose that these statements or reports be read. They are publicly available and have been sent to unit holders through notice and access. I'll now present the matters to be voted upon at the meeting, being election of trustees, the appointment and remuneration of the auditors, and the advisory vote regarding executive compensation. The voting at today's meeting will be conducted by online ballot for all matters.
If you are a registered unit holder that has already submitted a completed proxy, there is no need for you to vote online, as your vote will be recorded in accordance with your proxy instructions. However, if you wish to change your vote or if you are a registered unit holder or a duly appointed proxy holder that has not already voted, you may view your available voting options and submit your vote by clicking on the Vote Here button on your screen and selecting one of the voting choices displayed on your screen. The polls will be open for all items of business to be voted on at the same time. This will allow you to vote on each item immediately or, if you prefer, you may wait until the conclusion of discussion on each item prior to casting your vote.
The polls will close immediately following the conclusion of the last matter of regular business. If they have not already done so, unit holders and duly appointed proxy holders wishing to submit questions or comments specific to these motions should do so now. Appropriate questions and comments will be read and responded to prior to the close of voting on these matters. Once discussion has concluded on all items of business, we will pause briefly so you can enter your votes. I'll then declare voting closed on all matters of business. The results of the votes will be announced after the close of the meeting. I now declare the polls open on all items of business. I'll now proceed with election of trustees of the REIT for the coming year.
The number of trustees of the REIT to be elected today has been set by the Board of Trustees at 10. The REIT nominees namely myself, Tom Hofstedter, Leonard Abramsky, Lindsay Brand, Jennifer Chasson, Donald Clow, Mark Cowie, Stephen Gross, Brenna Haysom, Juli Morrow, and Marvin Rubner are to be elected at the meeting to be held office until the close of the 2026 annual meeting of the unit holders of the REIT. As REIT did not previously receive timely notice of any further nominations of persons for election as trustees of the REIT as required by the advance notice provisions of the REIT's declaration of trust, I declare the nominations closed. I'll ask someone to nominate the REIT trustees.
I nominate Leonard Abramsky, Lindsay Brand, Jennifer Chasson, Donald Clow, Mark Cowie, Stephen Gross, Brenna Haysom, Thomas Hofstedter, Juli Morrow, and Marvin Rubner as trustees of the REIT for the term as previously stated.
Thank you. Ms. Levine, have any questions or comments come in from a unit holder specifically on this item?
Mr. Chairman, I confirm that we have not received any questions or comments from unit holders specifically relating to this item.
Thank you. We'll now proceed to the next item of business. The next item of business is the appointment of auditors for the REIT for the current year at such remuneration as may be fixed by the trustees of the REIT. I'll now ask that someone move a resolution to appoint the REIT's current auditors, KPMG LLP.
I move that KPMG LLP be appointed auditors of The REIT to hold office until the close of the next annual meeting of unit holders at such remuneration as may be fixed by the trustees of The REIT.
Thank you. Ms. Levine, have any questions or comments come in from a unit holder specifically on this item?
Mr. Chairman, I confirm that we have not received any questions or comments from unit holders specifically relating to this item.
Thank you. We'll now proceed to the next item of business. Next item of business to consider and if deemed appropriate, advisor will approve the non-binding advisory resolution to accept the approach to executive compensation as disclosed in the management information circular dated April 30, 2025. I'll now ask that someone move a resolution approving the non-binding advisory resolution.
I move that the unit holders adopt the following resolution. Resolved, on an advisory basis and not to diminish the role and responsibilities of the Board of Trustees, that the unit holders accept the approach to executive compensation disclosed in the management information circular delivered in advance of the 2025 annual meeting of unit holders.
Thank you. Ms. Levine, any questions or comments come in from unit holders specifically on this item?
Mr. Chairman, I confirm that we have not received any questions or comments from unit holders specifically relating to this item.
Thank you. We've now discussed all matters to be voted upon at the meeting. As everyone has had the opportunity to vote, I declare the polls for the 2025 annual meeting of unit holders of the REIT closed. The scrutineer has provided me with the preliminary voting results regarding the matters put to a vote at this meeting based on the preliminary scrutineer's report, which has been provided. All matters have been passed with a requisite level of unit holder approval accordingly. I declare that each of those individuals nominated as trustees are elected as trustees, the auditors reappointed with the board being authorized to fix such auditors' remuneration, and the non-binding advisory resolution to accept the approach to executive compensation has been approved.
The specific results of the individual votes for each trustee and the results for the other resolutions will be reported as part of the final voting results filed under applicable securities legislation. Mr. Levine, is there any further business?
Mr. Chairman, I confirm that we have not received any comments from unit holders specifically relating to additional items of business that may be properly brought before this meeting.
Thank you. There being no further business to come before the meeting, the formal portion of the 2025 annual meeting of unit holders of the REIT is now terminated. We would now like to open the meeting up for unit holders' questions and comments. Ms. Levine will read any unit holder questions that have been submitted, and we'd be pleased to answer them at this time.
I confirm that we have not received any questions or comments from unit holders relating to this part of the meeting.
Thank you. I guess this concludes the questions- and- answer period in the formal business portion of the meeting. I'd like to thank you on behalf of the Board of Trustees and management of the REIT for joining us today. Have a wonderful summer.
This now concludes the meeting. Thank you for joining. You may now disconnect.
The host has ended this call. Good.