Good morning, ladies and gentlemen. Welcome to the fourth quarter and year-end 2020 results conference call. I would now like to turn the meeting over to Phillip Burns. Please go ahead, Mr. Burns. Thank you operator. Good morning, everybody. Before we begin, let me remind everyone that during our conference call this morning, we may include forward-looking statements about our future financial and operating results. I direct your attention to slide 2 and our other regulatory filings. Joining me today is our current CFO, Stephen Co, our former CFO, Scott Cryer. After I provide an update on our operational progress during the quarter, Stephen and Scott will provide an overview of our financial results and position. 2020 did not transpire as we originally anticipated at this time last year, a sentiment that is certainly shared industry-wide and globally and felt both economically and socially. Notwithstanding one of the most unprecedented and widely challenging years of modern times in general, but also in the context of only our second year of operations, it is with pride that we are reporting strong operating results for the year end December 31st, 2020, which we are happy to walk you through today. As you can see on slide 4, although we proactively paused on acquisition activity earlier in the year as a temporary precaution in light of the great amount of uncertainty as to the unforeseen impacts of the COVID-19 pandemic, we nevertheless were able to recommence accretive expansion in the later half of 2020. To that end, we grew our suite count by 415 units across eight properties, which we acquired in the third and fourth quarters for an aggregate purchase price of EUR 81 million, representing a blended cap rate of 3.9%, excluding costs and fees. Inclusive of the fair value appreciation on our portfolio of EUR 46 million, which we recognized during the year-end December 31st, 2020, the market value of our assets under management grew to EUR 1.47 billion at year-end, up 9% from last year. This reflects positively on the strong characteristics of the Dutch multi-residential sector, which we have been highlighting to date, alongside ERES's positioning in this continuously active market. 2020 provided an opportunity for the asset class to demonstrate its defensiveness, built upon the cornerstone of countercyclicality. It likewise allowed for ERES to prove the resilience of its platform, the high quality of its portfolio, and its ability to continue operating safely while also accretively growing, all despite the adversity surrounding COVID-19. Our market capitalization has fallen victim to the ambiguity of the circumstances, the internal and external fundamentals of our business and our primary market tell a different story. On that note, despite the fact that ERES's units continued to trade influenced by this market-wide sentiment of apprehension and therefore remained disconnected from its performance and fundamentals, we still graduated from the TSX Venture Exchange to the Toronto Stock Exchange on July 7th. We remain confident that this milestone will continue to support ERES in its growth, increasing liquidity and deepening investor base. Slide 5 highlights some key outtakes from the year ended December 31st, starting with our investment activity, which picked up toward the end of the year, as I mentioned, with three portfolios acquired in the fourth quarter alone, a trend that we expect to continue as we navigate forward through 2021. Our strong liquidity position provides the backbone in this endeavor, reinforced by our most recent mortgage financing, which we executed in December at an interest rate of just below 1% for a four-year term. All in all, we are able to conclude the year with approximately EUR 97 million in available liquidity, which is on hand for us to immediately deploy toward acquisition opportunities. This excludes cash dedicated to ongoing operational and capital expenditures. Our FFO and AFFO per unit both remained strong for the year end December 31st, 2020, at EUR 0.135 and EUR 0.121 respectively. While on one hand benefiting from acquisitions, both measures were negatively impacted from lower return earned on excess cash that we cautiously preserved earlier in the year amid the uncertainty surrounding the pandemic. In aggregate, the results are relatively stable metrics compared to last year. Slide 6 provides some statistics on our current residential portfolio. Average occupied monthly rents were EUR 853 as at year-end, with a high and stable occupancy of 98.3%. Our turnover was 14.2% over the year, which is slightly higher than what we would consider as a relatively stable historical average of 12%-13%. This was a result of higher than normal vacancy going into 2020 due to portfolios acquired toward the end of 2019, which drove higher turnover moving through Q1 2020 as we remedied that vacancy. Notably, our weighted average turnover was 3.4% for the fourth quarter of 2020, in line with the 3.4% turnover throughout the same quarter in 2019. ERES's portfolio is well diversified by number of bedrooms, ensuring we meet demand for smaller units as well as families. You also can see that approximately half of the current portfolio was constructed since 1980, providing an average age of under 40 years, resulting in lower ongoing repairs and maintenance and driving higher asset values. To elaborate even further on the balanced mix of our properties that constitute our portfolio, on slide 7, you can see that over 40% of our current properties are located in the high-growth urban conurbation of the Randstad, with approximately 25% directly located in the cities of Amsterdam, Rotterdam, The Hague and Utrecht. The rest of the portfolio is situated in smaller urban areas throughout the country. Notably, the dynamics of our diverse portfolio composition and its performance have been unaffected to date by shifts to de-urbanization, a trend which many cities around the world are experiencing as a direct consequence of the COVID-19 pandemic and the widespread work from home and stay at home mandates. Further, approximately 35% of our portfolio is comprised of single family homes, also known as Dutch row houses, a segment which represents an additional diversifying and unique contributor to our portfolio mix. Importantly, our suites continue to be nearly evenly divided between regulated and liberalized, with a modest weighting toward liberalized, providing balanced growth potential in rents, as well as the opportunity to liberalize more suites. On that note, a number of regulatory developments recently have been proposed by the Dutch government in response to the shortage in affordable and mid-market housing, such as a cap on indexation for liberalized suites, the prevention of buy-to-let for liberalized suites, and a cap on points for the purpose of preventing regulated suites from becoming liberalized suites too rapidly. However, there is no certainty as whether or when the aforementioned proposed legislation may be adopted by the government. In addition, for 2021, the government recently announced the maximum annual rent increases for regulated properties at 0%, as an additional measure to support the Dutch people withstanding the COVID-19 pandemic. This parameter will not apply to liberalized rents, nor rent uplift on turnover of regulated flats or CapEx driven increases, all of which are significant drivers of ERES's rental growth. In light of these legislative developments, it is important to reaffirm that ERES already has been operating within a complex regulatory regime and will continue to capitalize on this experience going forward, a competence which is increasingly becoming more important. Given the uniquely diverse composition of our balanced portfolio between urban and suburban, regulated and liberalized, and across single family and multifamily, we are positioned well to continue operating efficiently and productively within the Dutch regulatory system and deliver top-line rental growth in the range of 3%-4%. To this point, we self-imposed a cap across our portfolio rental index during 2020, resulting in a weighted average indexation of 2.4%. Notwithstanding an indexation increase lower than originally envisioned, we still met our growth target with a 3.6% increase in AMR year-over-year, due to continuing strong performance on turnover rental uplifts and CapEx investments, including converting regulated units to liberalized suites. Brings us to slide 8, where I can provide a further update on the Dutch government's response to the COVID-19 pandemic to date. The substantial government assistance programs enacted since the beginning of the crisis continue in full force. Numerous social restrictions have been extended or recently enacted to combat the second and third waves of COVID-19, the government support measures equally have been extended to sustain the economy and the people of the Netherlands. With their proactive response, the Dutch government has been able to mitigate as much as possible the adverse impact of the outbreak. Combined with strong market fundamentals and the underlying economic stability inherent in the Netherlands, unemployment has remained low, evidencing the effectiveness of these response efforts, the ongoing resilience of the economy, and the robustness of market dynamics throughout the country. With that, I will now turn the call over to Scott. Thank you, Phil. As you can see on slide 10, our operating results continued to improve, and our performance remained strong throughout 2020, despite the challenging circumstances. Our solid performance this year was driven by strong rental growth, up 68% since the prior year, an especially impressive outcome in the context of this pandemic. The increase is attributable to contributions from acquisitions as well as higher monthly rents and occupancy on stabilized properties. Net operating income has followed suit, increasing by an even higher 69% compared to last year, with the additional positive impact provided by proportionately lower property operating costs. In aggregate, this has resulted in an increase to our NOI margin from 75.6% last year to 76.2% this year, quantitatively reflecting our operational strength, which Phillip has been highlighting thus far. FFO and AFFO increased by 63% and 65%, respectively, compared to last year. FFO per unit decreased slightly compared to 2019, predominantly as a result of the cash drag from our above-average liquidity reserve, which we maintained throughout most of 2020 in response to the uncertainty of the COVID-19 pandemic. Although also negatively impacted by this, AFFO per unit increased by 0.001 due to the overriding positive impact our accretive acquisitions since prior year. We have great confidence in our ability to positively and more robustly grow our FFO and AFFO per unit in 2021 and beyond. It is on this positive note that I will pass the torch to Stephen Co as the new CFO of ERES. Although this will be my last conference call as part of the ERES team, I look forward to continuing to support its bright future in my capacity within the CAPREIT partnership. I've greatly enjoyed the ERES journey so far and truly believe in the ERES story. I have confidence Stephen Co will do a great job in his new role, and I thank Phillip for our strong partnership. Stephen? Thanks, Scott. As detailed on slide 11, our operating metrics have not only withstood the challenges of this unprecedented year, but have in fact improved since last year. As mentioned by Phillip previously, our residential suite count increased by 7.4%, driven entirely by property acquisitions in only the last four months of the year. Residential occupancy increased to 98.3% as at December 31st, 2020, up from 97.2% at this time last year, which evidences the effectiveness of our property management through a focused minimization of inherited vacancy. Occupied average monthly rents on our stabilized portfolio increased by 3.7% compared to last year, a result of contractual indexation, turnover, and conversion of regulated suites to liberalized suites. Net operating income on our stabilized portfolio similarly increased by 3.8% during the year, driven primarily by the higher operating revenues from the increased AMR and further complemented by lower property operating costs as a percentage of revenue. Notably, and particularly in the context of the COVID-19 pandemic, ERES continued to collect residential rental revenue throughout the year at a rate consistent with its historical average. Our two office properties also provided stable and consistent cash flows. This collection profile was underpinned by operational focus on the process itself, which allowed ERES to materially lower its aggregate AR balances over the course of 2020. Our accounts receivable from residential tenants decreased by 9.1% on an absolute basis compared to last year, an achievement especially noteworthy given the circumstances of 2020, and even further magnified by the increase in the size of our portfolio as at December 31st, 2020, compared to this date last year. Our liquidity position continues to support our business endeavors and remains conservative and strong as at December 31st, 2020, as you can see on slide 12. Amid the unpredictability of the capital markets, ERES was able to maintain its debt to gross book value within its target range of 45%-50%, lower its weighted average month- end mortgage effective interest rate by three basis points as a result of having recently secured financing for its 2020 acquisitions in aggregate at a loan-to-value ratio of 55%, and with an interest rate of only 97 basis points, reflecting the persistently low financing rates in the European Union, and manage the average term to maturity of its mortgage portfolio to a conservative 4.4 years, which includes the impact of our most recent mortgage financing. Compounding the above with ample available liquidity of EUR 97 million as at December 31st, 2020, excluding cash on hand dedicated to ongoing operational and capital expenditure requirements, we have immediate capacity to acquire over EUR 240 million in assets. The strength of ERES's liquidity position not only supports future growth, but also its distributions. To that end, ERES is pleased to announce an increase in its annualized distribution rate from EUR 0.105 per unit to EUR 0.11 per unit, effective immediately and applicable for our next monthly distribution in respect of March 2021. Slide 13 provides more detail on our staggered mortgage portfolio, with the nearest debt maturity not occurring until December 2022. You can see that our recently added mortgage, with its four-year term maturing in 2024, balances well within our existing profile. In addition, the majority of our mortgages are non-amortizing. As we continue to grow, we will ensure this smooth maturity profile in order to reduce renewal risk. Thank you for your time this morning, and I will now turn things back to Phillip to wrap up. Phillip? Sorry. Thank you, Stephen. In summary, although this extraordinary year was fraught with challenges, it provided ERES with the opportunity to prove the robustness of the core fundamentals in its primary market and the strength of its operating platform. It was a test, as it was for many, and in this context, we are proud of ERES's strong performance throughout 2020 as we evolved safely, efficiently, and ultimately matured beyond our years. The validity of our strategic direction and long-term objectives have been demonstrated, and we look forward to continuing in their pursuit. In doing so, we will remain both proactive and cautious, resilient and ambitious, and very much ready for the opportunities and challenges that are forthcoming and for many years to come. In this regard, we believe that ERES offers a compelling investment opportunity. The REIT provides a unique opportunity to invest in the fast-growing and attractive European multi-residential real estate market. Our partnership with CAPREIT brings significant benefits to our unit holders. We are growing our portfolio at very attractive yield spreads with strong and highly accretive organic and external growth opportunities. We have established a strong foothold in the Netherlands multi-residential market. We are building size and scale to drive value going forward. Our conservative balance sheet and financial position provides the flexibility and resources to drive further growth. We have in place an experienced management team and seasoned board of trustees. Thank you for your time this morning. We would now be pleased to take any questions you may have. Thank you. We will now take questions from the telephone lines. If you have a question and you're using a speakerphone, please lift your handset before making your selection. If you have a question, please press star one on your device's keypad. You may cancel your question at any time by pressing star two. Please press star one at this time if you have a question. There will be a brief pause while the participants register. Thank you for your patience. The first question is from Jonathan Kelcher of TD Securities. Please go ahead. Your line is now open. Thank you. Good morning. Good morning, Jonathan. Yeah. Phillip, can you maybe just, and I might have missed some of this, but go over some of the potential changes or near-term changes, I guess, to the regulatory rules in 2021? Sure. I'm guessing everybody on the call was probably in a race to ask that question. The most important thing is dealing with what we know, and then there's dealing with what is potentially coming. It also has to be viewed in the context of elections, national elections, which are going to take place on March 17th. A lot of what we may read can be political positioning, keeping in mind that the Dutch government is always a coalition government, and many of the different parties are now setting out their stalls of what they'll focus on in their mandate, if they're included in the coalition. Having said that, what we know now is that within the existing regulatory framework, there's been no change in any laws or any framework to date. The Ministry of Housing has announced that the regulatory parameters for indexation for the regulated units for 2021 will equal a 0% increase. Historically, it's CPI plus something, and CPI plus something else, depending upon what the income level is. For the regulated units for this year, it's been announced that there will be 0 indexation, which would normally take place on July 1st. It doesn't impact turnover uplifts, it doesn't impact liberalized suites, and it doesn't impact CapEx investments that can drive value. There's also, over the past 12 months, I think through various calls with you and others, we've highlighted potential other legislation where they may cap the contribution that the municipal tax value can make to your point. There's been other muted legislation that they might try and put an indexation cap on liberalized suites, but none of that passed as of yet. It hasn't been brought into law. The Dutch cabinet is now currently suspended in advance of the elections, so it's not impossible, but it's unlikely that any of that legislation would move forward. We also have to see what the government looks like and what the construct of the coalition looks like and what their key mandates will be going forward. What is clear now is there's been no change in law. There's been no change in the framework of the regulation. The minister has just announced, as she normally does, the parameters for regulated indexation for 2021, which is zero indexation for regulated suites. I mean, importantly, what does that mean for our top-line growth? Which I'm guessing would be the follow-up question. Our growth is driven by- Yeah, you're doing my questions. That's right. Our growth is driven by the indexation as well as turnover and capital investments. If you look at 2020, it's a very good example of how robust our ability to drive rental growth is. Although it wasn't required, we self-imposed, trying to be socially responsible and cognizant of the pandemic, we self-imposed a 2.6% cap on ourselves across all of our suites, as that's what CPI was announced for 2020. The result of that was total indexation growth across our portfolio of 2.4%. We were still able to drive total rental growth or AMR growth at 3.7%. Even though we come in with a lower than anticipated indexation, we can still, through other measures in the performance of the portfolio, drive top-line rental growth very consistent with our range that we always give guidance on of 3%-4%. With the new pronouncement for indexation allowance for regulated being set at 0%, we once again will anticipate indexation across the whole portfolio probably to be around 2%. We still are very confident that we'll make up a significant portion of that, and we still envision for 2021 top-line rental growth between 3% and 4%. Okay. That is helpful. Just on the 0% for regulated, if you do spend CapEx, it can be higher than that. Am I getting that correct? That is correct. The complex answer is if you spend it on turnover, then you can increase the number of points and you can go to the maximum point as you would normally able to. If you do it on a liberalized suite, you can take it to as high as the market will allow. If you were to do it with sitting tenants, then you have to basically, in good faith, agree what the new points are and what the new rental uplift would be. It's rare that we do CapEx investments with sitting tenants. Okay. That's fair. Just, I guess maybe related to it, just looking at the discretionary CapEx budget for 2021 on a per suite basis versus what you had for 2020, it's up quite a bit. Is that all tied in or just maybe provide a little bit of color on that? That isn't really tied into us trying to incrementally make up rental growth. That is a function of going suite by suite and where we see the opportunity to, a significant portion of that, as we disclosed, is in-suite CapEx, which is largely investing and/or conversions. There is a little bit of catch-up in that versus our budget in 2019 and what we delivered. We under-delivered our CapEx largely because we were so acquisitive. In 2020, we didn't meet our CapEx budget either, simply because of the COVID pandemic and the ability to execute a lot of that program. You are correct that the 2021 budget is significantly up on the prior year. That's all been very targeted. We've gone through it in great detail. It's all sensibly expected to be spent, but there still is the question of whether we actually can do that high level of volume. We would be very happy to do that level of volume because we think it's all value add or intelligently defined capital expenditure. Okay. A lot of that would be dependent on turnover or some of it anyway? Turnover, for example, or lockdown procedures of what you can and cannot do safely, et cetera. Okay, thanks. I'll turn it back. Thank you. The next question is from Kyle Stanley of Desjardins Capital Markets. Please go ahead. Thanks. Morning, guys. Good morning. Good morning, Kyle. There was a nice year-over-year decline in same property OPEX during the quarter. I'm just wondering, could you elaborate on that a little bit and maybe what drove it? Yeah. It's mainly due to, if you're looking at Q4 of this year versus last year, we had proportionally, as a percentage of revenues, R&M was slightly lower and plus a bad debt expense. Mainly it had to do with timing of expenses. If you notice in Q3, our NOI margin was around 75.6%, it was up in Q4 around 77%. It's just a timing of expenses. If you were looking at more of a forward-looking, it's always we provide that range. I would say NOI margin around 76% on an annual basis makes sense. Okay. Thanks. The other thing I would add, Kyle, in a connection with your question and also with Jonathan's question, in connection with the pronounced parameters for regulated indexation, the minister in her announcement, her official published announcement, also recognized that this can have a meaningful effect on landlords. As a mechanism to potentially offset some of that negative deviation, she has made available EUR 200 million that will be given back to landlords in a form of landlord levy relief. They have not yet defined how that will work or what that quantity of relief will look or how it will be applied. Again, there may be some margin uplift potential that we're not forecasting now but could be depending upon what the ultimate parameters and construct of that EUR 200 million give back in the form of landlord levy tax relief can be. Okay, great. Thanks. That was actually my next question about that EUR 200 million. Yeah, it's an interesting move coming out of the government, just given in the past they've seemed kind of opposed to more restrictive rent measures like this. It was a bit surprising, but I get what you said, political posturing ahead of the election. That makes sense. Again, the minister, she's from the Liberal Party, which actually is the more conservative party notwithstanding its name. She has very much been a proponent of a supply solution, encouraging the delivery of more supply. Again, a lot of that supply they want to see coming at the affordable end, which generally is the housing association. If you're limiting their growth, limiting their profitability, then you would consequently be limiting their proceeds and their ability to redeploy that capital into new build, new delivery of units. Again, she was very aware of that. It's in her statement, and that's why within her new construct, she's making this available. Again, we are unlikely to have more visibility on that until we get to the other side of the elections. To your point, it is consistent that she has historically been against arbitrary rental regulations and very much more a proponent of finding solutions to deliver more supply. Okay, great. Thanks for that color. Then just the last one. I'm not sure if you have this on hand, but the rent increase on turnover for the full year was really healthy at almost 10%. Do you have the breakdown of the increases on turnover for the fourth quarter by any chance? Yeah. It accelerated in the fourth quarter. Sorry, Stephen. No, go ahead, Phillip. I can touch on it afterwards. Yeah. Absolutely. I think that's another good point is that, again, our ability to drive rental growth within the range that we consistently provide guidance in that 3% to 4% range, it is based upon the empirical data that we've been delivering consistently throughout the course of 2020 versus 2019. In each category, our rental uplifts were higher than the preceding year. In Q4, that trend accelerated even more, such that the Q4 alone rental uplifts were above 12% compared to the 10% for the entire year 2020. Okay, great. Thanks very much for that. I'll turn it back. Thank you. The next question is from Brad Sturges of Raymond James. Please go ahead. Hi, good morning. Good morning. Morning, Brad. I guess from the transactional market point of view, does this essentially put a little bit of a hold or a temporary slowdown in some of the transaction activity you see until after the election? Would some of the housing associations essentially get maybe more impacted or would be a little bit more cautious in terms of pursuing asset sales at this stage? I think the answer is a TBD. We anticipated, and it's turning out to be that there would be a slowdown in Q1 and potentially Q2 anyway. That's a result of the significant activity in 2020. There's various numbers published between EUR 7 billion and EUR 9 billion of total residential transaction volume. That's across new build, new deliveries, forward funding, forward purchases, et cetera. The volume was up year-on-year, and in Q4, the volume was up dramatically. People anticipated a slowdown coming into Q1 and potentially Q2. We'll see if there's an incremental slowdown as a result of the indexation measure. I wouldn't anticipate it, because ultimately, the pension funds, insurance companies continue to want to rotate their stock. They continue to want to move more into the new build, easier-to-manage assets. The housing corporation still need to transition their portfolio when they have liberalized or soon-to-be liberalized suites to sell them on so that they can take those proceeds and redirect them into the affordable/regulated unit. The overall fundamentals, the imbalance, the requirement to deliver new units is still there. We would expect to continue to see that rotation of stock from the insurance companies, pension funds, and housing corporation, which has historically been the biggest driver of volume for the assets that ERES looks at. Again, we anticipated Q1 to be slow and probably the beginning of Q2, so we just need to get a little bit deeper into the year before we see that tangibly. We still remain optimistic that there'll be an opportunity to externally grow this year. Does it change your thought process in terms of the REIT strategy? Does the REIT look at a little bit more liberalized weightings in assets or portfolios in the short term, or how does this regulatory environment maybe impact your thinking around acquisitions? I don't think it changes it a lot, honestly. Our diversification, as we've highlighted today and previously, we have 45%, 55% regulated to liberalized. We have 40%, 60% Randstad, other. We have 65% multifamily, 35% single family homes. We think that's a very nice mix. That isn't a specific definition, but we think it works well. I think our performance in 2020 is demonstrating that that's a very robust portfolio mix, and we want to continue to have that mix. Simply because regulated indexation might be flat this year, it doesn't mean we don't like that sector. You definitely see higher cap rates there, so higher yields. The foregone revenue growth isn't forever foregone. It's only delayed. The overall matrix or the cap is continuing to go up by inflation. That hasn't been adjusted. Even to the extent that you're not extracting that value this year, that will be value that we could extract in the future. I certainly don't think it would cause us to shy away from buying regulated suites. Generally speaking or directionally speaking, we would want to continue to maintain a good diversification, not inconsistent with where we are now versus liberalized, regulated, Randstad versus other, and single family versus multifamily. Okay, great. Thank you. Thank you. The next question is from Matt Logan of RBC Capital Markets. Please go ahead. Thank you, and good morning. Hey, Matt. Good morning, Matt. Morning, Phillip. In your letter to unit holders, you talked about a focus on acquisitions and that the REIT is monitoring opportunities elsewhere in Europe. Can you talk about what markets look attractive to you and the factors that you'd need to see to start growing the residential portfolio outside of the Netherlands? Sure. As we've said since the inception, it was always intended for ERES and CAPREIT to have this be a European platform, and that continues to be the medium-term strategy. We've equally always said that we continue to see a very robust runway in the Netherlands, and we continue to. I don't think it is an immediate accelerator of us looking elsewhere. Again, we do ensure that we make ourselves aware and look for opportunities. We still very much like our primary market. To go outside, where would we go? You have the benefit of financing generally across Europe. We would be able to get consistent financings that we do in the Netherlands, very attractive financing rates. We would then have to look at the cap rates versus the growth profile and how that looks versus our existing portfolio and opportunities in the Netherlands. The core geographies within Europe, we'd be very comfortable doing business, whether that be Germany, France, Belgium. Those are part of the core engine of Europe, that has consistently, like the Netherlands, performed well. It's never too hot, it's never too cold. Those are the dynamics that we like. Most of those places have similar supply-demand dynamics, i.e., a shortage of housing. We actively monitor them, but the dynamics of changing regulations or anything of that are not accelerating our view of looking beyond the Netherlands. It's simply, do we continue to see an opportunity to further grow in the Netherlands, and is there an opportunity outside of it that we think is more appealing or equally appealing? Great color. In terms of your near-term acquisition capacity, is there a target debt to gross book value level that you'd like to maintain given your current cost to capital? Or maybe where would you be comfortable taking leverage up to in the near term? Yeah, we're right in the middle of our range. Sorry, Stephen, go ahead. We're right in the range of 45%-50%, and we're comfortable with that. If we see a very opportunistic acquisition or accretive acquisition, we're also comfortable with going down to the low 50% for the temporary basis. We're very comfortable with if there's an acquisition of a size and accretiveness that we're okay with ticking it up a bit more. Appreciate it. Our indicated liquidity numbers that we've been highlighting also exclude the pipeline facility that we have with CAPREIT, which is another EUR 165 million. We don't feel in any way that we're capital constrained at this moment. We paused intentionally last year. We ended the pause toward the end of the year, and again, in this year, to the extent that attractive portfolios based upon our underwriting make themselves available. We're very able to move forward on those with our existing resources without having to come to the market and issue equity at a discount to NAV. Maybe one last question from me, just changing gears a little bit back to the rent control regime. With the focus on increasing new supply from the current government, would it be fair to say you see the 2021 rent freeze as more of a temporary measure as opposed to something more permanent? That's a little bit hard to say. Whether it was motivated by politics, whether it was motivated by COVID, it's hard to say. She had previously announced parameters prior to the new announcement last week, which were CPI plus four and CPI plus one. She had lowered slightly that lower band for the most needy, the lower income folks. To do this again, I would argue it's more politically focused coming up against the election, but that's my speculation. I don't have a view, or I would be surprised if this is a permanent reduction, because again, that is so self-defeating in terms of the real problem is a lack of supply. There continues to be need of 80,000 to 90,000 new units per year just to stay even to where we are now, which is a 4% - 5% shortage in terms of overall housing stock. Last year, new permits were 55,000 -6 0,000. It's getting worse. It got worse the year before. It got worse the year before that. I don't think the government, even if it's politically driven, is in a position to continue or to extend these type of policies for a very long period of time, or they will not be able to come close to addressing the real crux of the problem, which is supply. That's great color. I appreciate all the commentary. I'll turn the call back. Thank you. Thank you. The next question is from Himanshu Gupta of Scotiabank. Please go ahead. Your line is now open. Thank you and good morning. Just on the rent growth outlook in 2021. It sounds like you still expect to achieve 3%-4% rent growth. Obviously, despite zero growth from the regulated flats. Are you planning to go more aggressive on the liberalized suites this year versus self-imposed restrictions last year? Well, again, our confidence stems from the fact that last year getting total average indexation of 2.4% and then total resulting growth of 3.7%. If we see the indexation this year across the entire portfolio closer to 2%, we still believe we're going to be able to get that 125 to 150 basis points incremental portfolio growth from our other levers. Being liberalized indexation, liberalized uplift on turnover, regulated uplift on turnover, and the conversion turnover that we achieve. We feel confident because we did it in 2020, and we equally feel confident that, as I think Kyle had asked, those trends of getting uplifts on turnover were accelerating in Q4. Part of our strategy is, one, buying at attractive yield spreads, and two, rental growth maximization. We're always seeking to maximize growth and push it as much as we can or the market will demand. It won't be something we're doing new going into 2021. It will be something that we continue to do as we've been doing in the past, but have confidence that we will indeed stay within that 3%-4% top-line rental growth. Okay. What are the gaps being proposed on the liberalized flats right now, and what is the probability or the timeline with regard to anything passing there? Again, there has been discussion in Parliament. There has been motions to consider putting an indexation cap on liberalized suites of CPI plus something. There has been CPI plus one, there has been CPI plus 1.5. At this stage, the Cabinet is suspended, so there is not much visibility on legislation passing of any nature, but for they continue to legislate past necessary requirements in connection with the pandemic. Again, most people expect that this could be left to the next Parliament to push something like that going forward, particularly as the Minister has addressed the regulated side. Again, this has been a topic that has been on and off for the past 18 months. It has continued to percolate, but whether or not they would find the motivation or the ability to pass legislation like that now, coming up on less than a month, then election is uncertain. All right. In terms of strategy for conversion from regulated to liberalized, will this recent announcement accelerate the move from ERES's point of view? How many conversions you did in 2020, and what's the goal in 2021? Yeah. It doesn't accelerate. Basically, what drives our decision to convert is, are we able to convert? The points haven't changed, and the biggest contributor to points is the size. We have to look at our regulated portfolio base, and we generally loosely believe that about half of that is available to be converted because it's in the right market where the rents can support it, because the flats are a sufficient size, et cetera, and putting in an ROI-driven amount of capital versus the rental uplift makes sense. Then we have to wait for those flats to turn over. Our turnover rate historically is lower in the regulated suites, so I don't anticipate those turnover rates changing meaningfully, which would allow us to accelerate that program. We generally are running conversions of 1.5% - 2% of our portfolio, and we would expect that to continue going forward, although we've consistently beginning higher uplifts on those turnovers just because of our rental maximization strategy. Got it. Maybe one clarification on the annual indexation limitation there. Just to confirm, if you are not able to increase the rents on regulated flats this year, the WOZ points, the WOZ value will still increase, and you can catch up the year after. Is it really the timing difference? Is it fair to say that, Phil? Correct. What we refer to as the matrix, where they publish a matrix telling you for every point value what the maximum rent is, that will continue to go up with inflation. As well as the thing that would also change, absent CapEx investments, would be the WOZ value. Again, municipal tax values. Overall house pricing went up about 8% or 9% last year. That's not to say that all WOZ values will go up 8% or 9%, but again, you would expect an increase in number of points across the significant number of our portfolio as well. Got it. Okay. Just couple of questions on balance sheet. Leverage, what's your target range in the near term? With cost of financing continue to be so attractive, will you consider, say, going into 55% leverage to support the acquisition program in the near term? Just in terms of, we try to maintain a leverage around 45%-50%. 55% seems high to me. I think if there's a fairly sizable acquisition that's accretive, we're okay to tick it up to low 50%. As Phillip has alluded to, there's also the pipeline agreement with CAPREIT that's available to us. Just in terms of financing availability, banks in the Netherlands and Europe, there is a lot of liquidity. They're open for business. The one thing about the Netherlands, though, in terms of the leverage, We're currently looking at more of a loan-to-value ratio of around 55%, but some of the German banks are comfortable with the 60%, so there's still availability for us, in Europe. On the acquisition side, Himanshu, we would continue to target acquisition financing of the 55% - 60% range. From a portfolio perspective, we continue to manage the business into the 45% - 50% range. That's fair enough. Last question on distribution. I think almost an increase of 5%. What led to the decision, and how did you arrive at the new number? The decision was arrived at because if you just look at the performance of the portfolio, over the course of 2020, in particular, if you try and neutralize the effect of the high cash balance that we were carrying through the first three quarters of the year, if you then layer on what the portfolio looks like going forward, with the benefit of deploying that cash into accretive acquisitions and our targeted payout range of 80%-90%, increasing the distribution by almost 5% still allows us to be at the low end of that range in terms of our targeted payout ratio. We believe that it's an appropriate reward for our unit holders who have stuck with us and understand the real fundamentals of the story as opposed to where the stock price trades, and we think it's appropriate to share value with them. Absolutely. I mean, the payout ratio continues to be low. Anyway, thank you so much for answering all my questions. I'll turn it back. Thank you. The next question is from Matt Kornack of National Bank Financial. Please go ahead. Your line is now open. Hi, guys. Hey, Matt. Just a quick question, and Phillip, I won't hold you to your answer because I know politics can change very quickly, but, based on what you're seeing today in the polls, are you anticipating any material change to the Dutch government in terms of composition that would either adversely or positively impact the rent control discussion? Again, it's all starting to kick off now, but there's nothing that would suggest there's going to be a dramatic deviation in the composition of the government. Most people think that Mark Rutte the current Prime Minister party, will continue to hold the majority, and he will, or a representative from his party, should he not be the representative, continue to hold the Prime Minister position. Okay, other than what they've done, in terms of stance in advance of the election, they're reasonably favorable to apartments in terms of how they've governed in the past? As you can see from the past election cycle, right? They have consistently done the CPI plus something framework, and that framework has been in place for a long period of time. We don't see anything that would dramatically change that framework. To your point, in the recent history, polls have tended to get things very, very wrong. I'm not a political pundit or a pollster, but from how we see it today, we don't anticipate dramatic deviations. But COVID-19 and people's emotional impact from that, rightly or wrongly, maybe that does something that we don't foresee, but at this stage, no. Fair enough. Just on mechanics, Stephen, you mentioned some of the one-time, or catch up in OPEX. Is there anything one time in G&A or other items down the income statement that we should know about or forecast going forward? It's been a pretty smooth quarter. There's nothing that is one time, specifically to call out in G&A or other items. Okay, perfect. Thanks, guys. Thank you. Once again, please press star one at this time if you have a question. The next question is from Fred Blondeau of iA Securities. Please go ahead. Thank you. Good morning. Quick one for me, maybe for Stephen. I was wondering if you could give us color on the current trends in utilities costs and overall operating costs, so far this year, and whether you budget any inflationary trends for 2021. Utility costs, it typically goes up with inflation. If we look at R&M costs, I would say basically all the line items go up with inflation with exception of our property management fee is based on the stipulation in our property management agreement. If we're expecting the similar types of turnover, there are some brokerage fees that we incur, otherwise, if we were looking at just a regular trend, at 76%-77% NOI margin is probably a good indicator going forward. As Phillip has alluded to, there was that landlord levy relief. We don't know what the framework is, that possibly can tick up the NOI margin slightly higher this year. Again, it's too early to say what it is. It looks like you're not particularly worried about anything we're seeing in terms of utilities cost? Not at all. Okay, perfect. Thank you. I would also highlight, Fred, a lot of the utility costs are directly paid by the tenants. Right Because we don't have centralized heating, which you might be more used to in North America. A lot of our heating is individual flat boilers. That's great. Thank you. Thank you. There are no further questions registered at this time. I'd like to turn the meeting back over to Mr. Burns. Again, thank you all for joining us this morning. If you have other questions, please do not hesitate to contact either Stephen or myself at any time. Thank you again, and goodbye. Thank you. The conference has now ended. Please disconnect your lines at this time. We thank you for your participation