Ladies and gentlemen, thank you for standing by, and welcome to the Choice Properties Real Estate Investment Trust Q1 earnings announcement. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star then one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Simone Cole, SVP, General Counsel, and Secretary. Thank you. Please go ahead. Thank you. Good morning, and welcome to Choice Properties Q1 2021 conference call. I'm joined here this morning by Rael Diamond, President and CEO, Mario Barrafato, CFO, and Annalisa Oligo, EVP, Leasing and Operations. Before we begin today's call, I would like to remind you that by discussing our financial and operating performance, and in responding to your questions, we may make forward-looking statements, including statements regarding Choice Properties objectives, strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, intentions, outlook, and similar statements concerning anticipated future events, results, circumstances, performance, or exceptions that are not historical facts. These statements are based on our current estimates and assumptions and are subject to risks and uncertainties that could cause actual results to differ material from the conclusion in these forward-looking statements. Additional information on the material risks that can impact our financial results and estimates and the assumptions that were made in applying and making these statements can be found in the recently filed Q1 2021 financial statement and management discussion and analysis, which are available on our website and on SEDAR. I will now turn the call over to Rael. Thank you, Simone, good morning, everyone. Thank you for taking the time to join our Q1 conference call. We are pleased to report a strong start to the year. Our high-quality portfolio continues to produce strong earnings and stable rent collections. Although there is still some uncertainty with the third wave of lockdowns, we remain confident that the composition of our portfolio, coupled with our active approach to asset management and our disciplined approach to financial management, positions us well to weather this period of uncertainty. Overall, we reported solid financial results for the first quarter. We've continued to execute on our development program and our capital recycling initiatives. I'll provide an update on both shortly, first, Mario will provide you an update on our financial results for the first quarter. Mario. Thank you, Rael. Good morning, everyone. As Rael mentioned, we're pleased with our strong start to 2021 and our results for the first quarter. I'd like to begin with a brief overview of our rent collections and then speak to our financial results and balance sheet activity. Rent collections for the Q1 were stable at 98%. This was consistent with the second half of 2020 and reflects a combination of our stable portfolio and the overall health of our tenant base. Our rent relief measures last year have provided effective support for our tenants through these unprecedented times. The tenants that have been most impacted by the lockdowns, including fitness users, sit-down restaurants, fashion retailers, represent the majority of the uncollected rent. Continuing with rent collections, for the quarter, we've reported a bad debt expense of CAD 1.9 million. As outlined in our additional disclosures in our MD&A, you can see that almost all of our AR for the Q1 has either been collected, deferred pursuant to deferral arrangements, or provided against, leaving only CAD 5 million of exposure, which we expect to recover over time. Our reported funds from operations for the Q1 was CAD 170.6 million, which is consistent with the Q1 of 2020. This was a relatively clean quarter, with the exception of the CAD 1.9 million bad debt I referred to, being offset by approximately CAD 1.1 million of non-recurring revenue related to lease surrender income. It's important to note that while FFO was flat on quarter, it reflects over CAD 1 billion in capital recycling executed in the second half of 2020. Recycling mostly secondary and tertiary market retail properties with higher in-place yields into more strategic urban assets and hard-to-acquire industrial properties with better long-term growth profiles. On a per-unit diluted basis, our Q1 FFO was CAD 0.236 compared to CAD 0.244 the Q1 of 2020. The decrease in FFO per unit for the current period was primarily due to the higher number of units outstanding as a result of the units issued last year to acquire the West Block development in our head office at 22 St. Clair from Wittington, and from units issued to acquire the Weston Foods industrial portfolio from George Weston Limited. Despite the challenging operating environment, occupancy has held up well, declining by only 10 basis points in Q4 to a strong 97%, as a result of some absorption, negative absorption of 77,000 sq ft. Retail occupancy is still steady at 97.4%. Industrial occupancy declined marginally to 97%, driven by an increase in vacancy in our small bay portfolio in Alberta. Office occupancy declined 100 basis points to 91.1% due to increased vacancy in our Calgary office buildings and a tenant default by a fitness operator in our West Georgia office tower in Vancouver. The decrease in total occupancy was partially offset by the acquisition and the completed development of fully occupied assets. Same asset cash NOI was relatively flat on the quarter, decreasing by 0.3% year-over-year when excluding bad debt expense. The decline reflects a marginal decrease in occupancy across portfolio and lower parking revenues, offset by the annual step rents embedded within the Loblaw portion of our portfolio. Maintaining stable occupancy and consistent same asset performance just demonstrates the stability inherent in our portfolio. Turning to the balance sheet for the quarter, we report an increase in our net asset value of CAD 85 million, including an increase to the fair value of our investment properties of CAD 61 million. The changes in fair value for this quarter are less reflective of macro trends and more so on transactional activity. The increase this quarter was primarily related to fair value gains, including the advancement of certain development projects, including Golden Mile and our new partnership with Daniels, which Rael will expand upon. A revaluation of our office at 110 Yonge Street, which was revalued following our co-owner's sale of their interest to a third party for pricing in excess of our IFRS fair value, and certain industrial leasing transactions completed well above in-place rents. We had very little finance activity in the quarter as the early redemption in the second quarter of last year of our two debentures maturing in 2021 have left us with no significant debt maturities until September of 2021. We continue to maintain a strong balance sheet with an improved risk profile and significant financial flexibility. This includes ample liquidity with CAD 1.5 billion available on our credit facility and approximately CAD 200 million in cash on our balance sheet. We also have approximately CAD 12 billion of unencumbered assets that we can finance or prune to raise capital. We have a well-staggered debt maturity ladder with multiple sources of available capital. Overall, with our stable portfolio, our low debt level, our high liquidity level, we believe we're well-positioned. I now turn the call back to Rael to address our development and investment activities. Thank you, Mario. On the development front, we continue to deliver exceptional assets to our portfolio and are making steady progress on the rezoning of our longer-term pipeline. For the quarter, we completed and transferred four development projects for approximately 35,000 sq ft of GLA at our share. This represents a total development cost of CAD 26 million and includes a land lease for a Costco business center at our Sunwapta retail asset in Northwest Edmonton. This is the first Costco business center to open in Alberta. This is a great addition to the node and represents a great anchor to our existing retail site. We've also been very busy with our residential developments. Construction is wrapping up at the Brixton in the Queen West neighborhood of Toronto. The first tenants took occupancy this month in Building A, and we will be transferring it to income-producing next quarter. The remaining two buildings are finishing up construction, and we expect that they will begin taking occupancy towards the end of this year. Construction is also well underway at Liberty House in Liberty Village, with tenants also taking occupancy later this year. As these projects transfer to income-producing, we are keeping our pipeline full and have recently kicked off construction at Mount Pleasant Village in Brampton and at Kirkwood Avenue in Ottawa. Looking forward, we are busy working through the final planning work at both our Sheppard Avenue West and Grenville Grove sites. We expect to break ground on both these sites over the next 12 months. All told, these six residential projects will deliver over 1,100 rental residential units and represent a meaningful addition to our residential asset class. This quarter, we included enhanced disclosure on both our residential and mixed-use development projects. Our team has been working on the rezoning of many existing shopping centers, including Golden Mile. During the quarter, we announced a new partnership with The Daniels Corporation for the first phase of our plan to revitalize and redevelop our 19-acre Golden Mile shopping center in the East End of Toronto. The site is adjacent to the Eglinton Crosstown LRT, which is scheduled for completion in 2022. We've started to partner once again with Daniels to transform the 67-year-old shopping center into a mixed-use, mixed-income, multi-generational, and transit-oriented community. Our focus is on building a complete community, and we are thrilled to partner with Daniels, who shares our view of the importance in taking a community-based approach to development. The partnership structure with Daniels is for phase one and will be located on the corner of Victoria Park and Eglinton Avenue and will include two condo towers, a purpose-built rental building, ground floor retail, institutional uses, and office space that will create a vibrant new gateway to the neighborhood. We will be selling 100% of the condo component, being two towers and approximately 600,000 sq ft of density. We will enter into a 50/50 joint venture on the purpose-built rental building, being one tower and approximately 400,000 sq ft. As part of the rental component, Choice will maintain ownership of the land, and we will enter into a 99-year ground lease with Daniels for its 50% share. The partnership is still conditional on achieving final zoning approvals. We continue to work with the city to finalize these approvals. We expect to break ground on the first phase in 2023. In addition to our development program, we continue to drive value and upgrade our portfolio through capital recycling. After a very active 2020, with over CAD 1 billion of transactions, we executed on several new deals in Q1 2021, including CAD 163 million of new acquisitions and CAD 96 million of dispositions. The most significant transaction this quarter was our acquisition of an 85% interest in approximately 300 net acres of future industrial development land. The land is located in Caledon, and our interest was acquired for CAD 138 million, being an initial cash payment of CAD 100 million and future contingent payments of CAD 38 million due on certain milestones being met over the development. We believe this represents a very attractive cost per acre for industrial land in the GTA. We acquired the site in partnership with the Rice Group, who's a long-standing development partner of Choice. Rice Group will act as the development manager on the project for Choice, acting as leasing manager and property manager for the joint venture on completion of the development. We are currently working with our development partner to rezone the land to industrial. The land is strategically located at the border of Caledon and Brampton, with excellent access to major highways, intermodals, and a significant labor pool. The current development plan envisions a multi-phase industrial park with the potential for 5 million square feet of new generation logistics space. A contiguous land parcel of this size in the GTA is exceptionally rare. This acquisition is a transformational opportunity for Choice to grow its industrial platform and has the potential to nearly double our current industrial footprint in the GTA. In addition to the land acquisition I just spoke about, over the past year, we've been fortunate to grow our industrial platform by acquiring and developing CAD 250 million of high-quality assets. I would like to take a moment to summarize our industrial platform. We believe that Choice has one of the best industrial portfolios in the Canadian REIT landscape. We own 122 assets comprising over 17 million sq ft of GLA, with an IFRS carrying value of approximately CAD two and a half billion. The assets we own are generic distribution, warehousing, and logistical assets. We also own purpose-built distribution assets for Loblaw that serve a critical role to the operations. We believe the industrial assets will continue to benefit from strong market fundamentals driven by the growth in e-commerce and continued investment in supply chains, and we will continue to look for opportunities to further grow our platform, both through new development or acquisitions. I'll now like to turn the call back to the operator for questions. Your first question comes from the line of Mark Rothschild with Canaccord. Thanks, good morning, guys. Rael, maybe continuing with what you were just speaking about in industrial portfolio, can you talk about your preference for large size properties versus the small bay? Clearly there was some softness in some of the small bay in Alberta. Maybe you can give some more color on what we should expect there as leases roll over the next year. I'll start, and then Anna can chime in. Just generally on industrial, we're seeing very good rent growth. Even in Alberta, Mark, just on the mid bay and the large bay space. As you pointed out, we are having some softness on the small bay space. Our small bay space in Toronto is full. We're getting great rent growth. Maybe Anna can just comment on Alberta for a moment. Yeah. Hi, Mark. Hi. In Alberta, we have had softness. What we're seeing this quarter is actually an increase in our small bay occupancy. The drop in our occupancy was actually a larger, just functional distribution space that is now vacant. We anticipate being able to lease quite easily. We're optimistic to see the small bay activity pick up. We're also seeing that our rents are holding pretty steady in our small bay Alberta portfolio. Okay, great. Maybe on this development, is it possible to give some information on the timing and the return you're expecting on this project? It's obviously quite sizable. Yeah. Mark, we're working through the zoning to industrial. The timing is difficult to predict, but we think call it the zoning process will take us around two years. We just think that we have such an attractive land cost basis. Nothing has traded in the GTA for this price in a while, and services are right at our site. We actually think we have a unique position to drive above-average returns from this development. Okay. The other thing I'd just add quickly, Mark, is a development like this allows for phasing over time. Unlike call it a purpose-built rental asset, where you're investing all the capital at once, we're able to phase this over time as the demand is there. Okay, great. Maybe just one last question, continuing on the development. You gave some more information on your own DNA on the different development projects. Is there any significant capital that will be spent on the Golden Mile or maybe some of your other major projects, such as Dundas Street, over the next year or two? The bulk of the capital on those projects will be rezoning. There's nothing really significant until 2023. Okay, great. Thank you so much. Your next question comes from the line of Tal Woolley with National Bank Financial. Hello? Hey, Tal. Hello. Oh, sorry. Just on the leasing on the Brixton, can you talk a little bit just about where you're seeing net rents on the initial leases and how far through the lease-up process you are? I understand you're just starting out, but just interested in demand right now. Yeah. We're marketing the space at around CAD 380 a foot. We've just started leasing up. I think we've done, like, 20 leases. The net rents we're achieving, I say net because we've been offering some incentives, are in the mid threes right now. We do expect demand to pick up as things open up. Okay. Just in terms on the office side, can you just talk a little bit more about where you've kind of seen the occupancy losses and how you're thinking about recovering that over time? Well, we're seeing the occupancy losses right now in Alberta. It's really been driven by a few bankruptcies that we've had. Tenants whose businesses were actually weren't really office. We had a conference facility and a fitness tenant. We're working on sort of repurposing that space and that sort of drove our decline this quarter. We do have some additional vacancy that we know about. This is going to be reflected a little bit in Q2 and then into Q3. A tenant in Toronto that we've known well pre-COVID is relocating and consolidating their operations in Downtown Toronto. It's good space and we were pleased to see tour activity and office pick up in the first two months of the year, we're seeing it quiet down again as lockdowns were reinstituted in Toronto. We anticipate things are going to be slow until we return to a more sort of normalized operating platform. We are bullish on the long term because we know our tenants are coming back, and we haven't really seen any of our tenants indicate that they're going to be utilizing less space or come to us looking to downsize as of yet. Okay. Just going back to the Caledon land purchase, is it expected over time that Loblaw would absorb a fair amount of that space? We obviously will speak to Loblaw, but at the moment, there's no discussions on that. Okay. Just lastly, given all the changes sort of at George Weston Limited in terms of capital allocation strategy and there's been some management changes, too. In your conversations with them, do you expect some of the changes that they're making will have any impact sort of on how you guys need to think about capital allocation at Choice Properties? We have a great relationship with both George Weston and Loblaw. From a George Weston point of view, they've been very supportive of our business plans and our growth, and we don't expect any changes. Okay. That's great. Thanks, gentlemen. Thank you. Your next question comes from the line of Sumayya Syed with CIBC. Thanks. Good morning. Just firstly on the active residential developments, I see there's some new disclosure around stabilized yields. Have these stayed consistent from your, I guess, initial expectations? Have you seen any expansion, I guess, over the course of the last year? Sumayya, if you asked us 12 months ago, we would've expected slightly better yields. Our view right now, we're taking current rents given COVID. I would say yields have compressed a little bit. Long term, we're very bullish on the asset class. Okay. Just moving on to the industrial side. Can you kind of speak to the magnitude of rent spreads you're seeing, especially in the GTA? Yeah. We're seeing pretty strong rental lifts in the GTA. Our spreads this quarter were north of 15% in terms of Sorry. Overall, they were north of 15%. In the GTA, we saw a lift of over 60% relative to expiring rents. I would say, looking ahead, we expect to see lifts of between 30% and 60% across the GTA portfolio. Okay, great. Just lastly, on industrial. Can you just remind me what proportion of that portfolio is Ontario versus Alberta? Sumayya, I don't have the exact stats right now. We'll get back to you on that. I think about a third is Alberta. I believe about, I think it's around equal, but we'll come back to you exactly. Okay, great. That's all for me. Thank you. Your next question comes from the line of Himanshu Gupta with Scotiabank. Thank you and good morning. Staying on the industrial segment, if I look at same asset cash NOI was flat on year-over-year basis. How should we think about same property NOI growth for the full year 2021? Hey, Himanshu. Yeah. Really right now with industrial, it's just a function of timing. Right now, the stuff that's rolling is mostly Alberta based. There you've got tighter rent spreads and a little more potential for vacancy. We do expect it sequentially as we go. You'll see more probably averaging low single digits. Really the pop comes when we get more Ontario rollover, compared to Alberta. Got it. That's fair enough. Mary, what's the occupancy in Alberta industrial right now, let's say compared to the last year? It's about 94% right now. It's about 94%? Okay, fantastic. Thank you. On the Caledon property, obviously very sizable acquisition, 300 acres there. Just a couple of clarifications. You mentioned the zoning might take around two years, and eventually there will be five million square feet of GLA. Is that correct? That is correct. Okay. Himanshu, just on the zoning, we are working through it. I'd try to give you some outside dates, but it's obviously reliant on the municipality and the province. Fair enough. This development will be done on speculative basis, right? I mean, the property has not been bought with keeping Loblaw in mind. Is that correct? Correct. We hope we can accommodate Loblaw if they want to look at the property. No, it's going to be generic industrial space. Okay. Is it too early, I mean, is this going to be big box format? Is it going to be small bay? Any thoughts there, in terms of what the format will look like? It's primarily going to be big box and mid box space. Okay. I guess, development yield is still far away, but any thoughts there in terms of what are you looking for in terms of development yields? Look, I think we'll disclose it as we start construction. I think we have to ground you. We have to go back to what we purchased the land for. We have an exceptional land cost base versus what land is trading at in the GTA for development. Fair enough. Okay. Just switching over to Golden Mile, obviously very exciting project for Choice. What was the fair value gains recorded on the Golden Mile redevelopment in Q1? I think we said we had CAD 61 million of gains on fair values. I think probably around in total, about CAD 35 million were related to development, and the bulk of that would have been Golden Mile. Got it. Just to be clear, zoning application has been submitted on Golden Mile but not approved. Can we say, this will trigger another fair value gain once the application is approved? A smaller one. The way the accounting works for development fair value is as you hit certain milestones, you have to record gains over time. That's just the policy of the auditors looking for that. From our point of view with Golden Mile, we got to the point where after our deal with The Daniels Corporation, with the media release, with the participation of the deputy mayor and the community, we just felt that it was de-risked a bit more. There was still process, but we felt that the risk profile changed, and it was just time. What you'll see is fair value increases related to as the time goes away as opposed to the zoning itself. There will be some, but it'll be smaller. Got it. On the Daniels project. Two condo towers will be built by Daniels, right? The profits will be 50% Choice and 50% Daniels. Correct? Correct. Yeah. The two condo towers which will be built by Daniels, have you recorded any fair value gains on that transaction? I mean, this is technically a sale to Daniels for the condo towers. Yeah, technically, it's all in that amount, Himanshu. The gain you saw this quarter related to both the contingent sale of air rights and as well as the zoning. Got it. Okay. That's fantastic. Maybe last question from my side on capital recycling. Obviously, that's been the focus. You have been very active last year as well. Do you think the theme is going to be exactly same in 2021? I mean, selling some second retail and buying more industrial. I mean, is that the theme going to be for full year as well? It's hard to say at this point. It'll be opportunity based. Given the size of our retail platform, it's likely that we may recycle out of some of those stable assets and into higher growth assets. It's hard to say right now. Given we have so much liquidity on the balance sheet and so much cash, the dispositions will probably be towards the end of the year. Got it. Okay. Maybe just one final one on the rent collection. We are again in a lockdown now. Any impact on April rent collections because of that? Right now, Himanshu Gupta, with the last few quarters, it's kind of been the same. We've been at 98%-plus collections, right now I think we're watching, right now we're just supporting. It's the same group of tenants really that are still being victim of the lockdowns, everybody else is kind of performing well. We don't anticipate this lockdown having a different macro trend. There might be some isolated tendencies, overall, we're kind of expecting to be at the same collection point or hopefully better. Sure. Thank you, guys. I'll turn it back. Your next question comes from the line of Michael Markidis with Desjardins. Pardon me. Good morning, everybody. Good morning. Three sort of mini questions just on that interesting development parcel that you bought in Caledon. Number One, was it off market or marketed? Number Two, is there anything unique associated with the 300 acres, that you see as presenting a challenge associated with the zoning process? I know you said two years. Number Three, just focusing on that exceptional cost basis you have, I just wonder if you'd be able to hazard a guess as to what a fully zoned parcel of that nature would trade at a price per acre in the market today. Thank you. Yeah. Mike, we've had longstanding development partners, and Ross Commercial Group has been a very good partner of ours. This was off market. They got the land under contract, again, through an existing relationship of them. We're actually acquiring 400 acres, and there is some space that we believe will be included in the Greenbelt, that's why we're saying it's 300 net. We don't think there's anything unique. We just think it's the whole area is going through a rezoning process, it's just time. We would think that zoned land ready to go is probably trading at around, call it CAD 1.5 million-CAD 2 million an acre. Thank you. Your next question comes from the line of Sam Damiani with TD Securities. Good morning. Good morning, Sam. Congratulations on the industrial acquisition. Great to see. My questions are more on the retail side. I wonder if you could just give us a bit of an update on the third-party leasing trends, both in the grocery anchored and in the power center properties, how that's evolved in the year to date. Hi, Sam. Occupancy's holding very strong, and we're really pleased to see that. We're really actually pleased to see that there are many retailers that are looking to grow their retail footprint, and we're seeing that across the country. We're in active negotiations to expand existing tenants and bring new ones. The segments that are growing are sort of off-price department stores, the sort of home furnishing, discount banners, quick serve restaurants. Our banks seem to be renewing, and we're talking to them about a few more locations. I'm really pleased to see the activity. We're also pleased to see some new fashion retailers entering Canada. L.L.Bean, they're opening in our center in Dartmouth Crossing, and we're talking to them about other locations. Forever 21 is reopening in Canada. We're talking to them about our location in Quebec. I don't think I might've been saying this like 12 months ago, but I'm really, really optimistic. That's great to hear. What about the investment market for retail, I guess, specifically grocery anchored? Can you speak to any activity you're seeing in the market and anything you're expecting to come to light in the near term? Yeah, look, it's the same theme as last quarter. There's really lots of liquidity looking for stable grocery anchored retail. We really think it's separated itself from other types of retail, and it's all types of investors, institutional, foreign, private, et cetera. Our lack of transactions is a function, as I said earlier, of the fact that we're pushing our dispositions towards the end of the year. It's not a lack of capital. That's helpful. Just finally, the additional disclosure on the developments is very much appreciated. I wonder if you could just give a little bit of insight on the Eglinton Golden Mile disclosure. It looks like the investment to date is about CAD 7 million. Just for clarification, that is just in respect of the redevelopment, so the existing shopping center would have a cost over and above that. Is that correct, or is that the whole cost for the entire existing property? No, you're correct, Sam. The existing shopping center has a cost above that. It's included in income producing, and we're carrying it with no density attributed to it other than the fair value gain that Mario Barrafato spoke about earlier. It would be included in our existing assets. Very good. That's it for me. Thank you. Thanks, Sam. Your next question comes from the line of Jenny Ma with BMO Capital Markets. Thank you, and good morning. Most of my questions have been answered. I was wondering at Golden Mile, you mentioned that there was a 99-year ground lease with Daniels. I'm just wondering if you could expand on that, because I know you have a longer-term investment horizon and a different perspective on sort of development and its role in your portfolio. Is that something that was unique to Daniels or this specific property, or is that just a different way of thinking about how you partner on future developments? Yeah, Jenny, thanks. We actually think it's a different way of thinking. It's actually the second ground lease structure we did. Our Kirkwood asset in Ottawa has a similar structure. As a long-term owner of real estate, we like the income. We like the steady income. We actually think it's a unique way of looking at it. As well, our balance sheet's in such great shape, it's not like we need the capital, so we are able to essentially reinvest that capital back into essentially the development. With the way that it's structured, I presume you don't book any sort of fair value change as a result of that, versus just doing an outright sale of half the property? I think it all depends, but there would be, Jenny, because what you would do is you have the present value. Now you have a land lease, you have a cash flow. Depending what the land was carried on before, the delta between the carrying value of the land and the present value of the cash flow would be your fair value gain. Okay. Maybe I missed it, but was that disclosed for this particular property? This particular property, on Golden Mile, it's still conditional. All our disclosure discloses the conditional nature of the transaction. It's conditional zoning. Kirkwood, it was disclosed, and I believe it was disclosed last year. Okay, great. Thanks for that. Turning over to the multifamily leasing. You had mentioned that there were some incentives being offered, and I know it's still a little bit early days on multifamily demand coming back in Canada. Could you speak to what kind of tenant profile you're seeing, who's coming back to the market for multifamily properties, particularly the higher cost downtown properties? It's generally professionals looking to either upgrade their units or just moving into the market. As I say, we've only done sub 20 leases, so we can give you more color as time goes by. Okay, great. Lastly, can you just remind me on these brand-new properties the rent control or whether or not there's any rent control on these new multifamilies? These two are excluded from rent control. Okay. That's what I thought. Great. Thank you very much. Again, if you would like to ask a question, please press star one. Your next question comes from the line of Pammi Bir with RBC Capital Markets. Thanks, Ed. Good morning. I realize again, it might still be early. For the Golden Mile project, what can you share perhaps in terms of the estimated costs for phase one or at least maybe even just the first portion of phase one as it kicks off in 2023? Pammi, sorry, I don't have those numbers with me, but you could pretty easily work it out with call it there's a million feet of density at call it CAD 700 a foot, call it CAD 700 million of investment. Got it. That's helpful. Rael, you mentioned the appetite for grocery anchored properties is still quite strong from an investment standpoint, and understandably so. I'm curious your thoughts on pricing with respect to perhaps some larger power center space. We did see an interesting Walmart anchored property trade in Brampton, I'm curious to get your thoughts there as well. Yeah, truthfully, I haven't followed it as closely, but it is definitely a bit softer than the grocery anchored. Look, I think for a well-located power center with good tenants, there'd still be lots of liquidity. Got it. Maybe just one last one, perhaps a bit more high level. The industrial program obviously sounds like the focus is definitely expanding, and has been, I guess, for a little bit of time now. As you think maybe longer term, is there sort of an ideal mix that you perhaps think that the portfolio could move toward over time? We do think of ourselves as a diversified REIT, others think of us as call it a grocery anchored REIT still or a retail REIT. We think in order to get thought of as a diversified REIT, call it retail has to represent sub 70% of your NOI. We would like the other asset classes to make up the balance. Right now it's call it 20%, we've got a way to go. The mix will be industrial and residential will be up. Office will be up primarily through office components on mixed-use developments. It is unlikely as to purchase a standalone office asset. Got it. Thanks very much. I will turn it back. At this time, there are no further questions. I would now turn the call back to Rael Diamond for any closing remarks. Thank you, Phyllis. We want to thank everyone for joining us on the call today. Please do all you can to stay healthy and be safe, and have a good weekend. Thank you. Thank you. That does conclude today's conference. We thank you for participating. You may now disconnect.