Thank you for standing by. My name is Brianna and I will be your conference operator today. At this time, I'd like to welcome everyone to the Choice Properties Real Estate Investment Trust third quarter 2024 earnings call. Please note that this call is being recorded. At this time, all participants are in a listen-only mode. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question, please press star followed by the number one on your telephone keypad. To withdraw your question, press star one again. I will now turn the conference over to Erin Johnston, Senior VP of Finance. Please go ahead. Thank you. Good morning and welcome to Choice Properties Q3 2024 conference call. I'm joined here this morning by Rael Diamond, President and Chief Executive Officer, Mario Barrafato, Chief Financial Officer, and Niall Collins, Chief Operating Officer. Rael will start the call today by providing a brief recap of our third quarter performance as well as our transaction and development activity in the quarter. Niall will discuss our operational results, followed by Mario, who will conclude the call with a review of our financial results before we open the lines for Q&A. 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 materially from the conclusions 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 Q3 2024 financial statements and management discussion and analysis, which are available on our website and on SEDAR, and with that, I will turn the call over to Rael. Thank you, Erin. And good morning, everyone, and welcome to our Q3 conference call. We are pleased with our third quarter results, once again delivering strong operational and financial results driven by increasing demand from retail tenants for necessity-based neighborhood centers and strong leasing spreads in our industrial portfolio. Our occupancy remained high at 97.7%. We achieved strong leasing spreads of 15.3% and delivered the same-asset cash NOI growth of 3%. As expected, FFO growth of 3.2% for the quarter was impacted by the timing of lease termination income and certain one-time costs related to our continued focus on operational efficiency, which we spoke about last quarter. Our results reflect the quality of our portfolio and our team's ability to consistently deliver on our strategic priorities. Fundamentals across our asset classes remain strong. Our leasing team is seeing strong demand for retail space across the country, a trend we expect to continue, especially from necessity-based and discount-focused tenants. These tenants are actively seeking opportunities to expand their store networks across the country. Our extensive footprint of grocery-anchored neighborhood centers is ideally positioned to support their growth plans. In our industrial portfolio, we continue to benefit from leasing spreads as our low-in-place rents adjust to market rents. Despite the industrial market undergoing a period of adjustment, our portfolio, centered on high-quality generic industrial assets, remains attractive to a diverse range of tenants. In addition, we're seeing strong leasing interest for the future phases of our development at Choice Caledon Business Park, thanks to our location, competitive land cost, and access to services, including power. This quarter, we saw long-term bond yields fall and stabilize, creating more certainty over asset valuations, which led to renewed optimism and an increase in transaction activity. However, the recent rise in long-term rates highlights ongoing market volatility. Irrespective of the environment, we remain on track to deliver on our balanced capital recycling program for the year. In the quarter, we completed CAD 172 million in total real estate transactions, which included approximately CAD 130 million of acquisitions and CAD 42 million of dispositions. Our most significant transaction in the quarter was the acquisition of a three-building portfolio from Loblaw for approximately CAD 129 million at our 50% share. The acquisition was completed as part of a 50/50 joint venture with Crestpoint. Choice will act as the property manager of the portfolio, which includes one distribution center and two retail properties. The distribution center is a 711,000 sq ft Shoppers Drug Mart facility located in Mississauga, Ontario. The two retail assets include a Real Canadian Superstore in Winnipeg and a strata title interest in the lower floors of 60 Carlton Street in Toronto, formerly Maple Leaf Gardens. Originally constructed in 1931, this iconic building was the home of the Toronto Maple Leafs until 1999, but now houses 95,000 sq ft of retail space, including a flagship Loblaw grocery store, an LCBO outlet, a Joe Fresh location, and 150 underground parking spaces. Toronto Metropolitan University retains its ownership of the top level of the property, which houses the Mattamy Athletic Centre. The two Toronto assets, including the distribution center and retail store, represent approximately 85% of the rents of the three-property portfolio acquisition. Compared with the transaction, the properties were leased back to Loblaw with lease terms between 15 and 20 years, with 2% annual growth. This transaction not only adds three high-quality assets to our portfolio, but also demonstrates the benefit of our strategic relationship with Loblaw and the strength of our relationships with our third-party partners. Our disposition activity for the quarter included the sale of two retail assets, a power center in Quebec City, and another retail asset adjacent to Choice's power center in Mississauga, for total proceeds of approximately CAD 42 million. Our team also continued to advance our development pipeline in the quarter. We transferred approximately 41,000 sq ft of commercial GLA through retail intensifications. These projects focus on adding A-grade retail density to existing neighborhood centers. We expect our retail intensification pipeline to continue to add value to our retail portfolio and provide steady cash flow growth. For industrial development, we remain on track to deliver the first phase of Choice Caledon Business Park in the fourth quarter of this year, with cash rent commencing in the first quarter of 2025. In addition, during the quarter, we broke ground on the second phase of this development, which includes a fulfillment facility leased to a national logistics provider. Before I turn the call over to Niall, I want to acknowledge our recent announcement that Mario will be retiring in early 2025. As you know, Mario is one of the most trusted and respected CFOs in Canadian real estate. He's been at the helm with me for many years and played an important part in shaping our business. Mario was instrumental in building and maintaining our industry-leading balance sheet and a first-class finance function. His commitment, strategic insights, and leadership have helped propel Choice into an industry leader. As part of a thoughtful succession plan, we are pleased to announce that Erin Johnstone will be promoted to Chief Financial Officer effective March 1, 2025. Over the last three years, Erin has demonstrated her strong financial and strategic capabilities and has made a significant positive impact on our organization. She's a very capable executive and has the full support of our leadership team and our board as she prepares to succeed Mario in the CFO role. Erin and Mario have worked closely over the past three years, and this partnership will continue in the months ahead as Mario formally transitions his responsibilities to Erin. With that, I'll pass the call over to Niall to discuss our operational results. Niall. Thank you, Rael. Good morning, everyone. As Rael mentioned, our portfolio continued to deliver stable and consistent cash flow growth. We ended the third quarter with stable occupancy at 97.7%. During the quarter, we had approximately 4 million sq ft of lease expiries. We renewed 3.8 million sq ft, achieving a 94% tenant retention. These renewals were completed on an average rent spread of 15.3%. We also completed 79,000 sq ft of new leasing, which offset negative absorption of 178,000 sq ft, mainly driven by 153,000 sq ft of vacancies in the industrial segment. In our retail portfolio, occupancy remained stable at 97.6%. During the quarter, 3.2 million sq ft expired, of which we renewed 3.1 million sq ft for a 97.2% tenant retention rate. Lease renewal spreads averaged 7.5% above expiring rents, including 2.7 million sq ft of Loblaw renewals. Excluding Loblaw renewals, our leasing spreads averaged 10.7% above expiring rents, with strong growth across all retail categories. We also completed 60,000 sq ft of new retail leasing in the quarter, with lease commencements in 2025 at an average of 22% higher rents than previous tenants. This largely offsets 88,000 sq ft of expiries that did not renew in the quarter. For the remainder of 2024, we continue to expect strong leasing spreads consistent with the year-to-date. Demand from necessity-based tenants remains strong as retailers continue to seek out space. Our team continues to be proactive in lease negotiations and is working to reposition vacant space across our portfolio to drive growth through new leasing. During the third quarter, we generated CAD 4.9 million in lease surrender revenue. The majority of this was the continuation of our rightsizing program at Loblaw, generating CAD 4.5 million in lease surrender revenue at a grocery store in Dartmouth, Nova Scotia. These rightsizing opportunities create value for our properties by adding complementary third-party tenants at higher rents while continuing the productivity of the existing grocery store in a smaller footprint. The remaining CAD 400,000 of our surrender revenue came from two isolated retail tenants. We continue to have very few tenants on our watch list, but high demand for retail space and strong occupancy rate. It's expected that as space becomes available, we can backfill with minimal downtime. In our industrial portfolio, occupancy was down 70 basis points to 98.1% compared to last quarter. We had 804,000 sq ft of expiries and renewed 635,000 sq ft for a retention of 79%. Lease renewal spreads remained strong and averaged 92% above expiry. This was largely driven by 327,000 sq ft of renewals in Ontario at spreads of 153.6%. We also completed approximately 16,000 sq ft of new leasing. A small occupancy decline in the quarter was expected and was primarily due to 58,000 sq ft of vacancies in the GTA and 68,000 sq ft in Alberta. Our team is actively working on releasing the space. We expected industrial occupancy to decline marginally in Q4, with vacant space being re-leased and occupancy improving in 2025. We continue to have embedded rental growth in our industrial portfolio, but average in-place rents at CAD 9.68 at the end of the quarter. Finally, our mixed-use and retail portfolio is also performing well, but occupancy remaining stable at 94.7%. I will now pass it over to Mario to discuss our financial performance. Thank you, Niall, and good morning, everyone. We're pleased with our financial performance in the third quarter. Our business continues to deliver stable and consistent growth. Our reported funds from operations for the third quarter were CAD 186.7 million, or CAD 0.258 per unit. This was a typical quarter. However, FFO in the quarter was impacted by certain non-recurring items and timing differences year over year. Our third-quarter results included lease surrender income of CAD 4.9 million, offset by a CAD 3.3 million temporary increase in G&A, primarily related to our outsource project, which we noted last quarter. These two items account for a positive net impact in the quarter of CAD 1.6 million. On a per-unit diluted basis, our reported third-quarter FFO of CAD 0.258 per unit reflects an increase of approximately 3.2% from the third quarter of 2023. This increase was primarily due to higher same-asset NOI and net FFO contributions from completed developments, partially offset by higher interest costs. Now, turning to our properties, same-asset cash NOI increased by CAD 7 million, or 3%, compared to the third quarter of 2023 as a result of strong leasing activity. By asset class, retail same-asset cash NOI increased by CAD 2.1 million, or 1.2%. This increase was primarily driven by higher base rent from contractual rent steps, renewals, new leasing, and higher recovery income. The year-over-year growth rate was impacted by negative adjustments in the current year and positive adjustments in the prior year related to final billings. Adjusted for the impact of these timing differences, same-asset cash NOI increased by CAD 3.7 million, or 2%. Industrial same-asset cash NOI increased by approximately CAD 4.6 million, or 11.7%. This increase was primarily due to higher base rent from leasing activity, new leasing, and higher capital recoveries. In mixed-use and residential same-asset NOI, cash NOI increased by approximately CAD 200,000, or 2.6%, largely driven by higher rental rates at our GTA residential assets. Now, turning to our balance sheet, our IFRS NAV for the quarter was CAD 14.04 per unit, an increase of CAD 177 million, or 1.8%, over last quarter. Our NAV growth was driven by a contribution of CAD 39 million from operations, a fair value gain of CAD 83 million on our investment properties, and a fair value gain of CAD 58 million on our investment in the units of Allied Properties, where we are required under IFRS to mark to market this investment to its trading price at each quarter period. Our fair value gain on investment properties in the quarter was primarily driven by cash flow growth and cap rate adjustments in the retail portfolio. In our retail portfolio, we recorded a fair value gain related to cash flow growth and slight compression in cap rates. The value of our industrial portfolio was relatively flat, as fair value gains generated from cash flow growth, as maturing leases roll to market, were largely offset by slight cap rate expansion on certain assets. Now, turning to our financing activities, we continue to take a prudent approach to capital management, and we benefit from the stability provided by our industry-leading balance sheet. We ended the quarter in solid financial position with strong debt metrics and ample liquidity. Our debt-to-EBITDA ratio was seven times, and we continue to maintain a fully undrawn CAD 1.5 billion corporate facility. This is further supported by approximately CAD 12.9 billion of unencumbered properties. During the quarter, we repaid the CAD 550 million Series K unsecured debenture upon maturity, which was primarily funded by the issuance of the CAD 500 million Series U senior unsecured debenture in May of this year, which had a rate of 5.03% and a term of approximately 7 years. Proceeds from this issuance were invested in a fixed-rate GIC earning 5.5% until the proceeds were applied to our Series K in September. As a result, our interest income and interest expense were both higher in the quarter. Moving to secured finance activity during the quarter, we funded a CAD 43.5 million at par CMHC insured take-out mortgage at our recently completed Element development in the Westboro neighborhood of Ottawa. The project qualified for the MLI Select Lending Program and bears interest at 4.02%, with a term of 10.2 years. Additionally, we completed a series of mortgage financings to fund the acquisition of the three properties acquired with Crestpoint. The mortgages totaled approximately CAD 82 million at par and a weighted average rate of approximately 4.8% and a term of 10 years. At the end of Q3, we had one remaining mortgage maturing for the year of approximately CAD 60 million. In the subsequent quarter end, we successfully executed that financing for total proceeds of CAD 80 million at an all-in rate of 4.7% and a term of 10 years. We have no remaining maturities for 2024 and are well-positioned to turn our attention to our 2025 capital requirements. So overall, this was once again a very solid quarter, and given the strength of our performance year-to-date, we remain confident in our ability to deliver on our 2024 financial outlook. With that, Rael, Niall, Erin, and I would be glad to answer your questions. Thank you. We will now open the line for questions. If you have dialed in and would like to ask a question, please press star followed by the number one on your telephone keypad to raise your hand and join the queue. To withdraw your question, please press star one again. If you have dialed in and are listening via loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. Our first question comes from the line of Sam Damiani with TD Cowen. Please go ahead. Thank you. Good morning, everyone. Just want to start off by offering well-deserved congratulations to both Mario and Erin. All the best, Mario and Erin. Well done. Maybe first question, just on the population growth, immigration growth, Curt Elmondson announced a couple of weeks back. Rael, what's your view on the impact just generally on the market and specifically on Choice's vast pipeline of future residential development here in Toronto? Sam, look, we still have. I still view that Canada still has a significant housing shortage, and short-term supply cannot keep pace with the demand. So our view is that as a long-term owner of real estate, we are going to continue to build residential when the returns make sense, and we are hopeful we can commence construction over the next 12 months because we see significant pent-up demand over the long term. That's helpful, and do you see impact on rents for the types of product that Choice would mostly be involved in building? Look, I'll say two things. So firstly, we are seeing a slight softening in rents, primarily in the GTA, but it's primarily a result of new condo supply coming online, which is competing against our purpose-built rental. And then the second thing I would say is that we've always been very conservative in our modeling for new developments. And we see lots of proformas out there where groups would model significant, significant rent increases. We wouldn't model rent increases that would be much different than inflation when we are running a proforma. So I would say that we're still very bullish on the prospects because we're realistic on our assumptions. Okay. That makes sense. Thank you. And last one for me is just on the retail side. Certainly interesting to see cap rates start to come down a little bit. Curious what drove that, but sort of bigger picture, just wondering if, just given the fundamentals that Choice and many others are seeing, is there really becoming an opportunity to build new retail space on spec in some scale? Is that opportunity starting to come into focus? Sure. Hey, Sam. I'll take the first part. Right now, a lot of the movements are actually coming from appraisals. They're now more relevant. Before, there wasn't a lot of comps, and so now we're getting new data on market rents, discount rates, terminal cap rates, and so that's what's really reflecting the adjustment. You also have the built-in step rents, so we're seeing those values go up. It's been a few quarters in a row now, so that's it on the valuation part. Rael, I'll turn it over to Rael for the second part. Yeah. Look, Sam, I would say that we've been adding anchored retail for many, many quarters in addition to, call it, the anchor, and we see ourselves continue to do that. Our big competitive advantage is that we work closely with Loblaw and try and help them with their store growth plans. And right now, we're working on 26 potential locations with Loblaw. Some of those would be new ground-up developments, but most of those would be upgrade retail where we're adding a Shoppers Drug Mart, or in even some instances, actually a new grocery store to an unanchored grocery center. So that's what we're working on at the moment, but I think we're going to keep planning with Loblaw, and we hopefully can keep adding to that pipeline. That's great. Thank you. And I'll turn it back. Our next question comes from the line of Mark Rothschild with Canaccord Genuity. Please go ahead. Thanks, Sam. Good morning. Maybe just starting with the guidance for same-asset NOI cash basis for the year of 2.5%-3%. You've already done over 3% for the nine-month period. So is that number just a little conservative, or is there something in Q4 that maybe I'm not aware of? Yeah. I think we've said before, Mark, that it will likely be at the higher end of the range. And so maybe a bit of conservatism, but overall, like I said, with the numbers, we're well aligned to be at the higher end of that range. Okay. Great. Thanks. And just maybe one more. Recently in the news, Loblaw was in the press or made a comment about removing restrictive covenants. Can you maybe comment on how often this actually comes up in your portfolio that you have to turn away, whether it's another grocer or a smaller food store or something because of that? Is this something that's actually a material issue? And if so, how do you see this impacting the way you operate? Yeah. Look, Mark, we don't see it as a material issue. Removing property controls obviously increases landlord's flexibility to manage its asset and merchandise as it sees fit. And overall, we see the announcement as positive, and we are supportive of Loblaw's position. Does this ever come up, though? Is this something that you deal with regularly? Intermittently, not regularly. Okay. Thank you very much. Our next question comes from the line of Lorne Kalmar with Desjardins. Please go ahead. Thanks. Good morning. And just before getting started, I want to echo Sam's comments congratulating Mario and Erin. Maybe going back to the comment around the change in population growth assumptions, you talked about the multi-year side. Wondering if you've seen any retailers, Loblaw is obviously included, looking to curb growth plans on the back of that? Hi, Lorne. No, we are not seeing any pullback. Okay. Maybe just adding to what Niall said, what we are seeing is that many of the retailers we deal with, call it, discount-focused retailers and necessity-based retailers are using Choice because we have that national platform, and we're trying to help them with their expansion plans. But we're not seeing them curtail, as Niall said. Okay. And then maybe going over to the acquisition side of things, can you maybe give us a little color on why you decided to go 50/50 on those three assets that you guys acquired during the quarter? And also expectation for management fees going forward? Yeah. Look, we started this deal earlier in the year. Interest rates were really elevated. We have a real commitment to a strong balance sheet, and we're going to continue to be disciplined about that. And given we weren't exactly sure how we would end up from a capital recycling point of view or disposition, we just thought it was prudent to find a JV partner given the size of the overall portfolio. The management fees are not significant. They are market fees. And I don't know the exact percentage, Andy. Okay. That's fair enough. And then just last one from me. Obviously, there's been some noise in the G&A side. And I believe, if I recall correctly, you expect the outsourcing costs to continue through Q4. Can you just maybe give us a rough idea of where G&A will be for 2025? Sure. Hey, Lorne. You're right. For the next quarter, there should be another maybe CAD 2 million as we kind of phase down the outsourced implementation. I think a good run rate, if you go above CAD 15 million a quarter, CAD 16 million a quarter, as a gross number. And then if you net and then when you back up the leasing costs, you get to kind of a CAD 13 million number for FFO. Okay. Perfect. Thank you so much. Our next question comes from the line of Mike Markidis with BMO Capital Markets. Please go ahead. Thank you. Good morning, everybody. Good morning. I guess the right-sizing opportunity has been somewhat of a recurring theme over the last several quarters. Just curious if you could comment on how much runway used to be left in that program, and then maybe just give us a sense if it's applicable to all formats. More specifically, is it possible to do this in a superstore? So we actually have recently done a superstore at Weston Road. It's applicable to, I'd say, Loblaw, all formats. And we will continue to try and take advantage of it as Loblaw identifies stores that they want to reinvest in from obviously resetting their footprint. And we think it's a true win-win because we can get an adjacent complementary tenant, often at higher rents, and then Loblaw spends a lot of the capital to reset the footprint. Okay. Great. Thank you for that. Rael, in your opening comments on Choice Properties and the increased demand there that you're seeing, I don't know if this was intentional or not, but you did mention one of the attributes being access to power, pursuit of data center development. It's become very stylish recently amongst industrial players in North America. Is that something that you were referring to or considering at this time? We're not considering it at the site because we actually don't have sufficient power for a data center, but we have enough power to build out our entire site for modern generic large distribution users. But I mentioned it on purpose because it's a real differentiator between our site and other sites in the GTA that we can actually meet development timelines of the RFPs out there. Many sites cannot actually meet those timelines given they don't have access to the right utilities, including power. Okay. Got it. I've actually heard that from others that sometimes municipality will say, "Thanks. It'll be 24 months before you can get your power." So thank you for clarifying. And then just lastly, can you just remind us as part of Loblaw's plans to divest of some assets, what the program was, what your identified potential pipeline was, and now that you've done the deal that you did in the quarter, what would be left? So if you go back, I think it was two years ago, so there was about CAD 1.8 billion of real estate, which we had identified we would buy roughly half of it. And I think if you look back at the numbers, we've probably, including with our partnership, bought about CAD 600 million-CAD 700 million of it. So that should give you a sense of what's remaining. Probably CAD 600 million of it. So there's probably another CAD 300 million remaining approximately. Okay. Thank you. Congrats, Mario and Erin. Well-deserved on many fronts. Thank you. Our next question comes from the line of Gaurav Mathur with Green Street. Please go ahead. Thank you. Good morning, everyone. Just one quick question. The investment ratio is at about 40%. When you compare it since the beginning of the year, it's primarily unchanged. Just how should we think about that total assets going forward over the next 12 months, and where do you sort of see that panning out to given all the various capital allocation initiatives that you have? Yeah. So right now, we kind of look at it more at a debt-to-EBITDA, and we had said we're at seven times debt-to-EBITDA. That's at the low end of our range, and so we see that increasing slightly as we ramp up development spend. If there's acquisition opportunities, we may be a little more imbalanced. But ultimately, our target is 7.5, and we'll stay well below that range. Thank you. I'll turn it back to the operator. Our next question comes from the line of Himanshu Gupta with Scotiabank. Please go ahead. Thank you. And good morning. On the industrial occupancy, I mean, it was down in Q3. And I think, Niall, you mentioned Q4, you expect marginal decline in occupancy as well. So maybe can you elaborate? How much space are you expecting to come back, and how do you backfill that? For the remaining quarter, we're expecting maybe 53,000 to come back. We're working on those deals, so not a lot. It's very minor. But then it's going to ramp up. We're expecting in the new year for that occupancy to be taken back and brought back into operation in IPP. Okay. And so do you think 25% occupancy to be higher than current levels in that case? We're expecting it to stay stable. Okay. Okay. I mean, my thought was if you look at the market vacancy right now, it's around 5%, and your industrial portfolio vacancy is around 2%-3%. So you're already outperforming the broader market. Do you see that continuing next year as well? We do. We feel our assets in a very good position to maintain that. Okay. Okay. Fair enough, and I guess any thoughts on the same asset or same property NOI growth for this asset class next year? I mean, in the context of if occupancy were to be flat and you continue to see those rental debt spreads, what can that translate into? We're expecting to see the same type of spreads, but the overall NOI growth will go down a little based on some of the geographical leasing that's happening across the portfolio. Okay. Okay. Himanshu will give more color next quarter when we release an outlook for 2025. Sure. Sure. That's fair enough. And then sticking to the asset class, Rael, I mean, obviously, you bought this large distribution center in Mississauga. I think that's the Shoppers Drug Mart tenant on a JV there. Can you remind us on the pricing? I mean, anything on a dollar per foot basis or the going-in cap rate on that property? It was around a six cap. And let me see if I have the per-foot number roughly. I don't have the per-foot number. I think it was around CAD 250-CAD 260 a foot. Got it. And it also has that 2% escalator you were talking about on this asset as well? Yes. Okay. Okay. Fantastic. And the last question will be, I mean, related to that JV partner. Do you see doing more such transactions on the JV going forward, or this was one-off and then more like 100% balance sheet transactions going forward? Yeah. Look, firstly, the way we think about partners is the first deal is always tough to do. And we want partnerships that we can keep growing with and do multiple with. And you've seen that as a recurring theme with our partnerships. So this is actually our second JV with Crestpoint, and we hope we can continue our second JV with four assets in this one, and the other one has a single asset. But we hope we can continue to grow the partnership in the future. Okay. Thank you. Thank you, Rael. And then, yes, congratulations to Mario and Erin as well. Thank you, everyone. And I'll turn it back. Our next question comes from the line of Sumaya Syed with CIBC. Please go ahead. Thanks. Good morning. Just one question from me on the dispositions and the held for sale assets. Just curious about the rationale here. There was, I think, a power center in the mix. So just wondering if there's a desire to trim power center exposure, and do you have many more that you'd like to work through? I would say we don't have many more that we'd like to work through. The power centers that we have been selling, they've been strategic because we've actually been unwinding the partnerships together, and we've been selling, for example, the one in Quebec City that we just sold. We had three assets with that partner. We've now sold all the assets, and the one we have sold on a contract is, I'm not sure exactly, in Saskatchewan. It's the same thing. We're selling all the assets out of that partnership. Okay. Got it. Thank you. I'll turn it back. Again, if you would like to ask a question, please press star one. Our next question comes from the line of Brad Sturgis with Raymond James. Please go ahead. Hey, good morning. Just real quick. Just from a modeling perspective, the lease termination fee income, would Q3 be the bulk of what you're expecting at this point, or is there still more that you can receive by the end of the year? I think we still have one more. I think it's a small number, Brad. Probably around CAD 2 million comes to mind. So it's not significant compared to the prior quarter. Okay. And just to follow up on the JV with Crestpoint, obviously, you talked about wanting to grow it further, but I guess it would also include standard ROFR overrides on each side? Yes. We would have normal liquidity rights. Okay. Sounds good. I'll turn it back. Seeing no further questions at this time, I will now turn the call back over to Rael Diamond for any closing comments. Thank you, Brianna. Again, I'm very pleased with our results. Our performance this quarter and our team's ability to advance our strategic priorities is underpinned by a prudent approach to capital and risk management as well as the strength of our balance sheet. I'm confident that our balance sheet, consistent execution, and focus on long-term growth will enable us to deliver stable cash flow growth, positioning Choice to outperform over the long term. Thank you for your interest, your investment Choice, and for joining us this morning. This concludes today's conference call. You may now disconnect.