Good morning. My name is Julie, and I will be your conference call facilitator today. At this time, I would like to welcome everyone to the BTB Real Estate Investment Trust 2022 Third Quarter Results Conference Call, for which management will discuss the quarter ended September 30, 2022. All lines have been placed on mute to prevent any background noise. Should you wish to follow the presentation in greater detail, management has made a presentation available on BTB's website at www.btbreit.com, Investor Relations, Quarterly and Annual Meeting Presentations. After the speaker's remarks, there will be a question and answer period reserved exclusively for analysts. If you'd like to ask a question during this time, please press star followed by the number one on your telephone keypad. Before turning the meeting over to management, please be advised that some of the statements that may be made during this call may be forward-looking in nature. Such statements involve numerous factors and assumptions and are subject to inherent risks and uncertainties, both general and specific, which give rise to the possibility that predictions, forecasts, projections, and other forward-looking statements will not be achieved. Several important factors could cause BTB Real Estate Investment Trust actual results to differ materially from the expectations expressed or implied by such forward-looking statements. These risks, uncertainties, and other factors that could influence actual results are described in BTB Real Estate Investment Trust management discussion and analysis, and in its annual information form, which are filed on SEDAR and on BTB's website at www.btbreit.com. I would like to remind everyone that this conference call is being recorded. Thank you. I would like to turn the conference over to Michel Léonard, President and Chief Executive Officer, Mr. Mathieu Bolté, Vice President and Chief Financial Officer, and Mr. Peter Picciola, Vice President and Chief Investment Officer. Mr. Léonard, you may begin the conference. Hi, this is BTB REIT. We didn't hear the presentation from the receptionist at Cision, so we'll present with Mathieu Bolté, Peter Picciola. We are here to present the results for the Q2 2022, so September 30th of this year. We're very proud of the results and the performance of BTB for the semester and year to date also. I'd like to just briefly go through the evolution of our portfolio, because the evolution of our portfolio is one of the reasons why the stellar performance for the year so far. In December 2020, our ownership as far as fair market value is concerned in the industrial segment was CAD 164 million or 18%. In September 2022, the industrial segment represents 28% of our holdings for CAD 333 million, doubling the size of the portfolio. Our objective in four years' time is to have an industrial component that will represent CAD 1.2 billion or 60% of our portfolio. As far as the non-core office segment that we own in the December, on December 30th, 2020, we owned almost CAD 500 million of that asset class, representing almost 55% of our whole ownership. Today, the off-core office segment is down to 50.7%, representing CAD 598 million. Our target in four years' time again is to go down to 30% with CAD 600 million as far as fair market value of the off-core office. Necessity-based retail, on December 31st, 2020, we own 27% of the necessity base and for CAD 246 million. At the end of September, that asset class represented 21% of our portfolio for CAD 249 million. Our target is for necessity-based retail to go down to 10% of our portfolio or CAD 200 million. If we total the portfolio per se, in December 2020, the total value of our portfolio was CAD 904 million. Today, we're at CAD 1.18 billion, a billion dollars. Our objective in four years' time, December 31st, 2026, we'd be at CAD 2 billion. I think it's important to put this in light of the fact that we are performing regarding the evolution of our portfolio towards a good weight in the industrial segment. Regarding our key metrics, the leasable area of BTB today is almost 6 million sq ft. We were able to renew and conclude new leases for 150, almost 154,000 sq ft. Our occupancy rate at 93.5%. Our total debt ratio at 58.6%. We concluded during the quarter one acquisition. We concluded one disposition. A notable fact is, again, our same-property NOI is increasing by 5.3%, and this is a number of successive quarters where we're seeing our same-property NOI increase. The recurring FFO per unit is up by 21%, and the year-to-date recurring AFFO payout ratio is at almost 74%. I will ask Peter to go through the leasing and our renewal activity for the quarter and the year, in the year so far, until September 30th of this year. Good morning, everybody, and thank you for being there. I'd like to start by saying that, we dialed in on time, but the lady who inadvertently cut us off must be feeling mortified, and we just wanted to say we forgive you, and we will be back next quarter, just the way we were this quarter. Just here to give you a high-level review of the leasing activities of Q3. Per Michel's note, we are at 93.5% occupancy on the heels of effectively 154,000 sq ft of transactions we completed between new deals and renewals. Healthy activity across all asset classes, led mostly by the industrial asset class in Western Canada, renewals with CNH Industrial Canada and Saputo, and large office renewal with National Bank of Canada in our office portfolio in suburban region of Montreal. We've achieved an 8.8% average increase in renewal rates across the quarter for all of the business segments combined, all of them showing some healthy growth at 13% for the industrial, 4.5% for the office, and 13.3% for the necessity-based retail. Highlights on the office leasing side include [CAA x Flint] covenant for 11,500 sq ft of office space in Ottawa, in the Lansdowne district, you know, further underscoring the smart buy that was completed last year.- On the retail space, KD Electro, sort of high-end, housewares and appliances in Quebec City. Dek Hockey continues its expansion in Montreal, which leads me into outlining that the F.X. Sabourin property we took over when the Sportium vacated is now fully leased at 100% post-Sportium departure, which happened in Q1 of 2021. Dek Hockey having completed its work being in occupancy and the same being true for Lumen. What we've seen last quarter and leading into the beginning of this quarter was just continued vigor in retail leasing interest overall. Velocity is getting higher in terms of information requests and property visits. We foresee that that's gonna help us into Q4 and well into next year. If you'll indulge me, I'll take you through rapidly on sort of like the portfolio construction in terms of a general overview. We stand at 5.9 million sq ft in 75 properties, pushing right up against that CAD 1.2 billion mark that we were striving to achieve this year. The last acquisition we did in Q3 was 100% occupied, single- tenant, 72,000 sq ft long-term lease acquisition. This is the last in a string of four industrial acquisitions, all of which have been single-tenant long-term leased. You can read into that what you should. On the disposition side, we completed the disposition of a small off-core office asset in Montreal, and we continue to prune the portfolio so that we can recycle the capital and redeploy in areas where we think we can do a better job on a return given having maximized the value rotation in some of these asset classes. We're looking at disposing of about 80,000 sq ft of office space in three properties, one at 81 Rue Turgeon in Sainte-Thérèse, 4898 Boulevard Taschereau, and 7001 Saint-Laurent. Some of these are already under contract and far along the way in terms of being able to crystallize dispositions this year. On the densification side of the equation, we have continued to advance on the one major redevelopment scenario we have. We've presented our proposal to the city, and the municipal authorities have basically given us a green light to continue in that vein. They're very keen to see change of use and densification. A lot of value that is sitting there that is not crystallized yet until we have a formal zoning completion. I think we've mentioned before we have a deal with a third-party partner on the sale of air rights for the development of product in one of these sites subject to the zoning being completed. We think we're well on our way. That's an exercise that started some time ago, and there's a similar exercise we started, although we are at earlier stages of that exercise in all of Montreal, Quebec City, and the Ottawa regions. We've identified six properties in our portfolio where similar opportunities exist, which would mean densification and possible addition of different vocations of uses. Broadly speaking, on the investment side, our focus continues to be to go toward that CAD 1.2 billion in industrial assets. We're doing it assiduously, but we are being disciplined. We will only execute where we see strong fundamentals and a good pipeline of value creation. Where we see opportunities to sell assets where we've maximized value, we continue to do that and redeploy the cash. Finally, I think just it's important to note that we continue to diversify the provenance of our income across the country and across the asset class. I think in Q3, the company is better balanced than it was in Q2, and then in Q4, that trend is gonna continue. You'll notice that the NOI coming from the industrial asset class is up 6.5%. It is only natural that it then diminishes in the office and necessity-based asset classes, given that the weighting of the industrial portfolio is becoming heavier and heavier. We have been, for a long time, a company largely invested in Quebec, and we're taking that knowledge and expertise and spreading it across the country. You can sort of start to see the impact of the platform getting bigger in the rest of Canada, into Saskatoon, Edmonton, Ottawa, and excuse me, by the correlation being that it is decreasing in Quebec City. Though we are largely still in Quebec, we have a lot more of our portfolio across the rest of the country. With that, I'll turn it over to my colleague. Thank you. Thanks, Peter, and good morning, everyone. We're pleased to share good operating performance of the portfolio, in the context of a bit of market turbulence that REITs are generally facing. The accretive acquisitions over the last 12 months continue to contribute to the financial metrics. Year- over- year, rental revenue is up almost 20%, and NOI showed almost 25% increase. Same property NOI increased by 5.3% for the third quarter and 4.4% year- to- date, mainly due to the combination of leasing efforts made during the previous quarters, resulting in an increase of the occupancy rate of 1.5% compared to the same quarter last year, and the increase in the average lease renewal rates of 13.9% year- to- date. FFO per unit was CAD 0.115 and is up for a third consecutive quarter and is up CAD 0.02 as compared to the same quarter last year. Year- to- date, FFO per unit is up 8%, and if we were to exclude the retrospective CAD 2.3 million of additional recoveries recorded last year, the recurring FFO per unit would have increased by 20.8% for the cumulative nine-month period. Also, to consider the macroeconomic climate we are currently experiencing, BTB has proactively reassessed the market values of the large part of its portfolio. As of September of this year, BTB had 64% of its portfolio appraised by external appraisers, representing a total value of CAD 755 million. Overall, the recommendation was a 25 basis point upward adjustment to cap rates for office and retail assets. The impact on these valuations on FMVs was offset by the good performance of the industrial portfolio and mainly the one in Western Canada acquired at the end of last year. The rest of the portfolio was also part of an internal review, considering observations of our external appraisers. Overall, cap rates for the industrial portfolio went down 13 basis points to 5.59%. For the off-downtown core office, we see an average increase of 15 basis points to 6.56%. For necessity-based retail, we see an average increase of 20 basis points to 6.82%. As such, we recognize the net reduction in the market value of the assets of CAD 1.2 million, representing any material adjustment across the portfolio. We believe the resilience of BTB's portfolio is further demonstrated. Looking at the capital structure, BTB concluded the quarter with a total debt ratio of 58.6%, recording an improvement of 0.2% compared to the previous quarter, and an improvement of 1.9% compared to year-end of 2021. The weighted average interest rate for mortgages was 3.64%, so it's an increase of 11 basis points compared to last year because of the recent acquisitions that we did and the refinancing. For the remaining of 2022, the trust has CAD 16 million left for two mortgages under refinancing, and we also believe BTB is in good position for next year, where roughly CAD 50 million of mortgages are coming to maturity. BTB, over the last three years, refinanced on a long-term basis, 58% of its mortgage, resulting in lower rates in our in-place debt. The average term maturity of our mortgage debt is 4.4 years. Finally, last night, we communicated that the TSX has approved the normal course issuer bid for the NCIB program, authorized by the Board of Trustees to give the option to repurchase approximately 7% of the Trust's outstanding units at our discretion and in accordance to TSX rules from November 10th t his year to November 9th of next year. We have a one-year period program authorized. With this, it completes our presentation and we'll move to the Q&A. Thank you. This is your conference operator. At this time, I would like to remind everyone that the analyst may now ask their question by pressing star followed by the number one on your telephone keypad. Again, if you'd like to ask a question, press star and the number one. We'll now pause for a moment to compile the Q&A roster. Your first question comes from Tom Callaghan from RBC Capital Markets. Please go ahead. Morning, guys. Good morning. Just to start, maybe to stick with the NCIB there, but just curious, on any updated thoughts around capital allocation and kinda how you guys are thinking about that. Obviously a clear bias for growth, but just with respect to the NCIB, is that something you expect to be active on or kind of just take a wait to see approach here, given the volatility in the market? Well, Tom, I think the idea here is just to have an additional tool for us. I think we saw there's across the REIT, there's been a lot of repurchase. I don't think short term that's what we're necessarily planning to do. Again, I think it's just an additional tool that we wanna make sure as we think about capital allocation in addition, you know, additional acquisition, disposition, and the NCIB. I think it's options that we have to consider. Got it. Just secondly, maybe switching over to the acquisitions and disposition side of things. Maybe just curious on any updated commentary in terms of what you guys are seeing in the market in terms of bid-ask spreads or kind of how expectations have perhaps adjusted here over the last quarter. Well, listen, we've been out there, you know, scouring the market for opportunities. I think there's no question there's been some softening, but nothing dramatic in terms of the bid-ask spread. I think what's helping is that seems to be pretty clear that the large institutions are kind of penciled down, probably since about midsummer. There's just less demand on that side, which makes it a little bit easier for us to transact. It is helping to adjust expectations a little bit on the vendor side, but nothing dramatic at this point. As far as the properties that we have on the market and that are either under contract or close to being under contract, all these properties are at a sale price that are north of our book value for these properties. You know, we could argue that these are smaller properties, and given the fact that they're smaller, there's more of a market for these properties. You know, private investors are still looking at making acquisitions for smaller properties, and we're hitting the mark as far as that's concerned, because we're talking between CAD 4 million to CAD 10 million, say, on an individual basis regarding the sale of these properties. I think the sales that we're trying to conclude are still good for BTB as far as the purchase price is concerned. Got it. Thank you. Thank you for that. Then just one last quick one from me, and I'll turn it back. Just in terms of the zoning on that first densification opportunity, still kind of expectation there or hope that that zoning comes through kinda late this year, early next year? Yes. As Peter mentioned, we have a great project, and obviously there's a lot of eyes on our project, given the size of it and given the size for the relevant municipality. It is something that is beneficial and the elected officials are basically looking at it with an extremely positive eye. We all know across the country that cities are looking for densification opportunities. We saw in Ontario yesterday that the government has put in place more densification possibilities than expected. That's for Ontario, obviously, it's as a result of the growth of population. Also, I mean, there's an underlying factor that is important is the tax base. By developing, by creating housing and so on, overall, the benefit for a municipality is financial. Yes, it's going to receive more increase in the population, but the financial reward of taxation becomes very important. It's not something that you can basically put in front of elected officials, basically saying, "My project is fantastic because you're gonna make more money." It's not something that you can say. However, it is something that is definitely known, and it's an underlying factor that is extremely important. Great. Thanks, guys. Your next question comes from Gaurav Mathur from iA Capital Markets. Please go ahead. Thank you, and, good morning, everyone. Good morning, Gaurav. Good morning. Firstly, just beating the recession drum and focusing on the office portfolio, can you comment on where you see growth coming from in the next, say, 18 months-24 months, which can, you know, offset that rise in cap rate? I think that the key element is to lease the empty space. Leasing the empty space is gonna create more NOI. By creating more NOI, if the cap rate goes up by 25 basis points or 50 basis points, all of a sudden you still have more value for your property. It's all hands on deck in order to pursue leasing opportunities and also ensuring that we don't lose tenants. I like you, and I'm not gonna hide it, and I mean, I'm gonna be very upfront. We want to ensure that the headwinds that may come in the office sector, and I remind you, Gaurav, that in a suburban environment, the headwinds may be less than in the downtown environment, and we're seeing it, where Peter has mentioned that in the Glebe district in Ottawa, we were able to lease 15% of the space that was vacant in that property. As a result of this, two professional firms. We're seeing a lot of demand from professional firms. Also, a point that is important to note is the fact that a relocation for an office tenant is extremely important as far as the budget is concerned. Typically, you know, let's say that to relocate, to build a new space elsewhere is CAD 100 a sq ft. Could be 150, could be 200 bucks a sq ft. It depends on your wishes. Generally, let's say, let's call it CAD 100 a sq ft. CAD 100 a sq ft that a landlord would have to pay means that it's about CAD 14.50 per sq ft for 10 years that the tenant will have to amortize in the lease. Let's say that the net effective rates go down to, say, CAD 8 or CAD 10. It means that the face rent is gonna be anywhere between CAD 22-CAD 24 net. In our environment, the lease rate or the face rates are, say, between CAD 14-CAD 16 net. Right. Before a tenant is going to look at relocating, they're gonna consider the fact that just staying is at CAD 16 or moving is CAD 24. If you want to reduce costs by moving, you're gonna have to shrink down your operation in a tremendous fashion. Overall, I think that yes, there are headwinds on one side basically saying, you know, larger firms may wanna shrink their operation. By the way, we do have a few tenants, and when I say a few, I mean a few tenants that want to downsize at this point. We're not talking about anything substantial. We're talking about 10%, and even shrinking by 10% is very costly, as far as, you know, the amortization that you have to put onto the lease that you or renew or a new lease in place. All this to say that, what we're seeing also is the fact that, they don't know. Right. This is basically the biggest issue that we have, which is the tenants that can't make a decision regarding their space taking. They're basically saying, "I don't know if I wanna shrink. I don't know if I'm gonna need this space, so as a result, what am I doing?" There are different ways and, you know, to put a place in a lease to give some flexibility to the tenant, and that's what we intend to do. Our first priority is to keep our tenants. The second priority is obviously to fill our spaces. Overall, you know, we're getting ready for the headwinds, but we're not really seeing it in our portfolio right now. We hear about it. You know, we speak to brokers, they talk about, you know, tenants shrinking and stuff like that. As far as our properties are concerned, we see it a little bit, but it's not something that's dominating the discussions. Gaurav, I would just add to that, to your. I think the key part of your question was 18months-24 months. You know, in the short term, we're on the same page. You know, somebody shook the snow globe and it's a bit fuzzy, and people are not really sure what they're doing. It's a bit murky. To that, I would say, given our expiry schedule over the next 18months-24 months, we are not concerned that, you know, even if things were not to go exactly the way we wanted them to go, that it would have a material impact on the performance of the REIT. I do think that in 18 months-24 months, we're gonna be on the other side of whatever. I mean, I think we may already be in a recession technically, but I guess it depends who you're reading. I think we're gonna be on the other side of it. Long term, we believe, you know, more people are coming back to the office more often than they are right now, and that will translate into office demand on the other side of the recovery of whatever is happening or about to happen over the course of the next quarter or two. Okay. Well, thank you for the color. Just staying on the office theme here for a moment, and you, Michel, you and Peter discussed the asset recycling program in place and the fact that, you know, there are a number of smaller private investors. How strong is that appetite, you know, for assets in the Quebec office market? Have you seen any notable changes within that buyer pool, given that, you know, most of the institutions are still pinned down, but these guys still seem to be very active? If I may just, and Peter may comment also. When we're selling our smaller off-core properties, Gaurav. Mm-hmm. They're small, so we're not gonna get an institution interested in these properties. The advantage that we have is the fact that our target buyer is a smaller mom-and-pop kind of operation, and I don't say this. Okay. You know, with ill thoughts. It's just, you know, smaller type investors that have the money. Okay. a lot of them, you know, made money in different fields, and now they have monies to invest. Real estate for them is a great opportunity. Not a lot of these buyers are managing monies for others. It's like a mini family office environment. Right. If I can call it that way. It's, you know, one property that we're selling, it's a family that's buying it, and a family that sold a very well-known business in the province of Quebec. Now they're basically redeploying their capital elsewhere, and they're looking at opportunities in real estate. You know, they have the money. We know they can close. They don't need a mortgage to close. It's just, that's the type of buyer that we do have. Are there many of those? For sure, there are a lot less than, you know, professional buyers and institutions and so on but. Mm-hmm. The target market for these properties are definitely not institutional. Okay. We have demand in every property that we have on the market. We have a target. We have identified purchasers and so on. We don't feel that we're in a no man's land as far as the buyers are concerned. Okay, great. Just my last question, and focusing on the industrial acquisition pipeline, can you comment on what kind of stabilized cap rates you're focusing on when you're looking at different products in different markets, and how that sort of changed since the beginning of the year? Well, you know, the large acquisition that we concluded back in December of last year in Edmonton and Saskatoon, we concluded it at a 6.9% cap rate. The last purchases that we concluded this year, again, in Edmonton, are north of 6%. Although the market is, as we understand it from Altus, it's at less than 6% cap rate. We were able to basically harvest great properties at a great price, and we're very, very happy with these transactions. We're still, you know. We've never bought property at a 3.5% cap rate nor a 4% cap rate, so, you know, our portfolio, that's why you're seeing the results. It's the fact that, you know, we call it, I think, Peter called it disciplined earlier. I think that it's, you know, when we're purchasing, we wanna make money with these purchases. The negotiations are that. We know the sweet spot in order to make money and be accretive for us. We are effectively disciplined, and we're not buying below our accretion level. The other thing, Gaurav, in terms of considering the valuation proposal, is not just the cap rate, but the rental growth. What I will say is. Right. Cap rates have softened a little since the beginning of the year, the thing that is for sure standing out for me is, you know, in April, if we were looking at a possible acquisition, usually sort of, single tenant, single occupant, long-term lease, those leases in April were largely sort of, you know, rental bumps every five years. Nowadays, the things we're looking at are, you have rental growth every year. You know, the vendor is keenly aware over the last year that, something was happening eventually, and that it wasn't gonna last forever, and that in order to make an asset more saleable, you need to be able to show some incremental growth and cash flow. Compared, you know, not just up against the cap rate, but looking at, you know, what does this thing look like on a 10-year. Mm-hmm. IRR basis? What's the cash flow look like? How confident are we? You know, it's looking better from that perspective. I think it's about time that landlords got more disciplined with regards to demanding rental growth from their tenants. I think this is a function of. You know, I think the industrial market's been on fire probably for three years. In a historical setting. Right. That's not a lot of time to turn some of those leases. You know, where when we see opportunities, we take the plunge. To just underscore what Michel said before, we're seeing a fair amount of demand from the smaller. Mm-hmm. Buy-side investors, which will usually be local. They're also keen when they do need debt to see that the debt that we have on the existing properties, they're happy to assume, because as Mathieu mentioned, it's on average less than 4%, whereas if you're refinancing the same thing today, would be easily 50% more. Right. The other thing is, on the acquisition side, you know, we're talking less than a handful, and sometimes less than a handful of bidders means less than three. You know, I don't wanna speak out of turn, but, you know, I think we'll have something positive on the horizon, in part because this is a better opportunity for us than it might have been when people were throwing stuff at 3.5% and 4% cap rates just to get their hands no matter what the cost was. You know, we will not deviate from the disciplined approach we need so that we can, you know, grow sustainably and make sure that everybody's happy with the performance. All right. Thank you so much for the color, guys. I'll turn it back to the operator. Thank you, Gaurav. Your next question comes from Christopher Koutsikaloudis from Canaccord Genuity. Please go ahead. Yeah, thanks. Good morning, everyone. Morning, Chris. Morning, Chris. Morning. Just one for me here. Most of my questions have already been answered, but you know, we're seeing average market rent for Montreal industrial space pushing up close to CAD 15. I'm just wondering, you know, what your best guess of market rent would be for your industrial properties. I'll answer the first part of the question, and I'll let Peter answer the second part of the question. The unfortunate outcome for BTB is that we don't have a lot of industrial spaces or leases coming to maturity next year. I would say, not if not substantially all of our net rents from our industrial landscape are way below market. In your model, if the question is for your model, I don't think that you can forecast a lot of growth because we don't have a lot of expirations next year. If you wanna look further down, we're definitely way below market. If your market is CAD 15, we would be close to 50% of that number. You know, in a renewal, you try to push the envelope, but I don't think that we would push the envelope to CAD 15, but we can definitely push it to CAD 12 or CAD 13. Yeah, look, I think Michel is right. You know, what it does mean, though, is that if somebody wanted to pry that loose from us, you know, that cap rate would be significantly lower based on the opportunity for the growth. I'm a little bit more bullish than Michel. I've seen, you know, in recent weeks, even in Montreal, for what little vacancy we do have, I mean, it's infinitesimally small. We're hearing stories about tenants being thrown out of their buildings even though they've agreed to terms because they realize a week later that, it's worth 10% more than what they had agreed to. I say it's easily mid-teens. We've seen, you know, industrial rents across the country basically ranging from CAD 12-CAD 24. 24 being, you know, the upper echelon, refrigerated facilities. We're still talking about, you know, a 28 foot-36-foot box renting for CAD 24 bucks, and higher in Vancouver and in the 20s in Alberta and even in those numbers in Ontario. For us, there's just plenty of room to run. I must remind you that for about 20 years, from 1997 to 2017, you know, rents in Montreal were CAD 4. There's a re-education of the consumer of that type of space. More sophisticated investors have come to town and sort of told everybody, "Hey, you know, this is what's happening in the rest of the planet. You need to get back to reality." I think we're at the beginning of an amazing run, which is in part driving our acquisition strategy. Great. Thanks. This is the conference operator. Again, if analysts would like to ask a question, please press star and the number one on your telephone keypad. Your next question comes from Anthony Bogdan from National Bank Financial. Please go ahead. Hey, guys. How should we think of straight line rent? Will it convert to cash, or will it remain elevated just going forward? We didn't hear your question. There was noise on the line. We couldn't hear. Can you hear me now? Yeah. Now it's good. Great. How should we think of straight-line rent going forward? It's a little elevated. Will that be converting to cash, or should we expect it to stay high for a bit? Well, we can look at the specifics, but Anthony, you know, we should expect to convert to cash, yeah. Great. Next question is, you mentioned that your maturity profile is pushed out and it's not overly cumbersome in the near term on the refinancing front, but can you speak to the availability of financing or any changes to LTV or pricing for debt in recent months? Well, pricing for LTV in general, you know, we price around 60%. We don't wanna push further. In the past, we were closer to 65%, but I think our target as well is to continue to work on overall leverage to bring it down, but we wouldn't go further than 60%. We even see today between 55% and 60% for some of the refinancing that we did. As far as availability for us, and I'm not speaking for everybody that's operating in real estate, but for us, there is availability of capital. It's not an issue as far as financing or refinancing. We see that there are new players. We also see that some people, as Peter mentioned earlier, were penciled down in August, and all of a sudden they're penciled up again. There is a little bit where they said that there were no capital left in the pool for the year, all of a sudden we see that there is a little bit of capital from these same people. Overall, we don't see any issue regarding funding our maturities for next year and also funding the little mortgages that we have to renew before the year's end. Great. Thanks. Just one more from me. Are there any large single-tenant maturities through to 2023? Are you expecting these to renew? If so, do you have any prospects for some space that might be coming online? There is no large maturity next year. Great. Thanks. I'll hand it back. At this time, there are no further questions. Please go ahead, Mr. Léonard. Thank you very much for listening to our presentation this morning. We're very proud of our results, and we're seeing. We've been harping on the fact that ever since 2018, we upgraded the portfolio, changed the different weighting in every segment of our investments. All of a sudden, you know, ever since 2019, it's bearing fruit. You know, we were proactive in asking Altus to appraise our portfolio. We didn't wanna wait for the end of the year in order to do so. We did reflect, as Mathieu mentioned, the 25 basis point increase in our cap rates for the office segment and the retail segment. Although we think that the retail segment is going to do very well in the coming year. That's basically on the basis of the activity that we're receiving in the retail segment, where we're seeing that large users are deploying and increasing the number of stores or re-increasing the number of stores from which they operate. We're very pleased with our retail segment. It's doing very well. Not only that, but we're also seeing that there is densification potential on some of our retail. Glad to again post a 5.3% increase in SPNOI. It's a number of quarters in a row that we're seeing an increase and a substantial increase at 5.3%. Our AFFO and FFO were still below 80%. Very proud of that. Very happy with the fact that we remain at that level and that our properties are basically contributed to this great fact. Our debt next year, Mathieu mentioned it. We have very few renewals to conclude. It's about CAD 50 million. The net is about CAD 50 million. It's not substantial, and we're very confident that we're gonna be able to do so. Doing so may mean that we're gonna basically go short. Although in the last years we concluded a good number of mortgages for 10 years, seven years and 10 years, I should say, now we're gonna look at it on a short-term basis. Obviously, fees come into play in a renegotiation of a mortgage and in order to basically calculate what's the cost on a longer-term basis. We are looking at this on a two-three-year renegotiation. Our capital, as Peter mentioned, our capital recycling program is still ongoing, and good offers on the table for the properties that we have on the market today. The properties that we have on the market today are in the off-core segment. We're still selling the smaller off-core segment. Doesn't mean that they're bad properties, on the contrary. The reason that we have buyers is the fact that they're good properties. They're good for them. For us, they don't fit the bill on a long-term basis. The acquisitions, as far as our acquisitions, I should say, in the industrial segment, that's gonna continue. We're seeing opportunities that are very interesting for BTB and that we will wish to seize. In order to seize those for now, obviously, we're not going to the market, we're not raising capital in the market. It's basically the recycling of capital that is going to support our acquisitions for the time being. With this, thank you very much for being here this morning, and we're looking forward to meeting you again for the next quarter's results. Thank you very much. Have a great day. This concludes today's conference call. You may now disconnect.