Thank you for standing by. This is the conference operator. Welcome to the Extendicare Inc. Second Quarter 2022 analyst conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there'll be an opportunity to ask questions. To join the question queue, you may press star, then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then zero. I would now like to turn the conference over to Jillian Fountain, Vice President, Investor Relations. Please go ahead. Thank you, operator, and good morning, everyone. Welcome to Extendicare's second quarter 2022 results conference call. With me today are Extendicare's President and CEO, Michael Guerriere, and Senior Vice President and CFO, David Bacon. Our Q2 results were disseminated yesterday and are available on our website. The audio webcast of today's call is also available on our website, along with an accompanying slide presentation which viewers may advance themselves. A replay of the call will be available later this afternoon until August 26th. The replay numbers and passcodes have been provided in our press release, and an archived recording of this call will also be available on our website. Before we get started, please be reminded that today's call may include forward-looking statements. Such statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied today. We have identified such factors in our public filings with the securities regulators and suggest that you refer to those filings. With that, I'll turn the call over to Michael. Thank you, Jillian, and good morning. I'll begin our presentation today by recognizing the unprecedented times we find ourselves in. In my 30 years in healthcare, I have never seen the system so strained. Record low unemployment in Canada is leading to labor shortages that are constraining growth and disrupting operations in many sectors of the economy. The situation in healthcare is particularly challenging as hospitals, home care providers, and long-term care homes experience staffing shortages, with many examples of service reductions or temporary closures making headlines on a daily basis. Like others in the health sector, we are subject to these market realities, most notably in our home healthcare segment, where we can't find sufficient caregivers to meet the strong and growing demand for care. Home health competes with other service industries for workers, so in the context of record low unemployment, it is a credit to our team that we have been able to maintain our current volume of service. In addition to labor shortages, COVID-related absenteeism has been a significant challenge this year. Sick leave due to COVID peaked in Q1, then declined significantly in Q2. As we entered Q3, a seventh wave of the virus got underway. These recurrent COVID impacts are adding further pressure to an already constrained workforce. Inflation is also contributing to operating challenges, putting pressure on our operating margins and on construction costs, and thus impacting progress on our redevelopment program. While rate increases and one-time funding are alleviating some of the associated cost and margin pressures, we expect our operations will continue to be impacted by rapidly changing market conditions. On page three of the presentation, we can see the impact of the pandemic in the quarter. This is the tenth consecutive quarter that has been impacted by COVID-19. Although decreasing community transmission rates contributed to less impact on operations and costs and resulted in improvements over Q1 in our occupancy levels and home healthcare volumes. Outbreaks in our homes dropped to just one by the end of June before community infections began to increase again as we exited the quarter. The emergence of the BA.5 subvariant in July has resulted in a resurgence of the virus in the community, leading to new outbreaks in our long-term care homes and rising levels of staff absenteeism in our home health segment once again. On a positive note, vaccinations and boosters continue to be effective at reducing the incidence of serious illness and hospitalization among our residents and have generally led to milder symptoms in caregivers and those we employ. We remain vigilant and focused on key prevention and control measures to minimize the spread of the virus, including a renewed focus on the promotion of vaccine boosters with the knowledge that even milder variants pose a serious risk to the most vulnerable members of our community. As of August 9, 15 of our 58 long-term care homes were in outbreak. Since the beginning of the pandemic, we have received funding to cover 90% of our COVID-related costs, leaving the cumulative unfunded COVID costs from continuing operations at CAD 22.4 million. Clearly, we are still operating in a pandemic environment, and until it ends, we will continue to experience volatility in our financial results. Turning to slide four, we completed the sale of our retirement living segment to the Sienna-Sabra LP for CAD 307.5 million, resulting in realized net proceeds of CAD 128 million, marking significant progress on our strategic transition to focus on growth in our long-term care and home health care segments. In regard to the Revera and Axium transactions that we announced in the first quarter, we have submitted all regulatory filings and are awaiting approval in Ontario and Manitoba. Total aggregate consideration to be paid on closing of these transactions remains approximately CAD 70 million. Customary adjustments. The consideration consisting of cash and debt assumed through our 15% ownership stake in the joint venture with Axium. These agreements set us up to double the size of our Assist management business and provide us with greater flexibility to pursue growth initiatives and our redevelopment program using a less capital-intensive business model. Together with the sale of the retirement business, these transactions create flexibility to allocate capital strategically. We are well-positioned to make the necessary investments in people, technology, redevelopment, and acquisitions to drive growth in our long-term care and management services segments. These initiatives will complement the organic growth opportunities already present in our home health care segment. We also initiated a normal course issuer bid to provide us with additional flexibility to manage capital, acquiring approximately 985,000 shares for cancellation since its inception in June. Moving to slide five, we continue to advance our long-term care redevelopment program. We have bed allocations for 20 projects, three of which are under construction. Given the construction cost inflation and rising interest rates being experienced across the sector, enhancements to the government's capital funding program are needed before we can start construction on more homes. We are actively engaged with our industry partners and the Ontario government to obtain the enhancements needed to make these projects economically feasible. We are committed to our redevelopment strategy and believe that the demographic need for long-term care beds will motivate the changes required to unlock our pipeline of projects. In the meantime, we will advance planning and approvals for the other 17 projects expeditiously with the goal of having six more ready to break ground by the end of 2023. Now we'll turn to a few operational highlights on slide six. With lower rates of COVID-19 during the quarter, long-term care average occupancy increased by 160 basis points from Q1, and home health care average daily volumes improved 2.5% on a sequential basis. We also continued to see solid growth in our SGP customer base in Q2 of 3.4% from Q1 and 22.4% year-over-year. Pandemic-related spending dropped during the quarter to CAD 22.1 million, down CAD 20.1 million from Q1, as the number of COVID-19 outbreaks declined in the quarter. Our costs were largely funded, resulted in net unfunded costs of CAD 600,000 in the quarter. Although the Ontario government announced an increase to flow through funding for long-term care effective April 1st, there was no increase to the accommodation envelope to help offset the impact of inflation and the tight labor market. During the quarter, the Ontario government made the CAD 3 per hour PSW wage enhancement permanent and is adjusting our funding in both our long-term care and home health care segments to make this much-needed change in caregiver compensation. In April, the Ontario government announced CAD 1 billion in additional funding over the next three years to expand home care services. A portion of this funding was allocated to rate increases retroactive to April 1st, consisting of 3% for personal support services and 5% for nursing and allied health services. These increases help to offset inflationary pressure on wages and benefits, higher overtime and travel costs, and increased recruiting activity in our home health care segment. This funding is an important investment by the government and will help us to drive the recovery needed in staffing across the sector to meet the growing demand for home health care. We look forward to future announcements on how the government intends to allocate the remainder of the new funding. With that, I'll turn it over to our CFO, David Bacon, to provide commentary on our consolidated and segmented financial results for the second quarter. David. Thanks, Michael. I'll start by providing an overview of our consolidated results for the quarter, followed by some financial highlights of our individual business segments and liquidity position. As we mentioned last quarter, our retirement living and Saskatchewan long-term care operations have been classified as discontinued and held for sale. As such, these operations are excluded from our results from continuing operations in our financial statements and MD&A. Further details on our results from discontinued operations can be found in our Q2 MD&A and Note 14 of our interim financial statements. As Michael mentioned, we closed the sale of our retirement operations on May 16th and realized proceeds of approximately CAD 128 million, subject to customary post-closing working capital adjustments. We recorded an after-tax gain of CAD 67.9 million, which is included in our Q2 results through discontinued operations. The after-tax gain on the sale is excluded from our AFFO. We continue to work towards exiting from our Saskatchewan long-term care operations by the end of the year. Turning now to slide eight and our consolidated results, as in prior quarters, we have included a detailed schedule on Slide 17 of the estimated impact of COVID on our revenues, operating expenses, NOI, and EBITDA. We continue to receive funding support under various provincial programs. Our net unfunded COVID costs impacted our consolidated adjusted EBITDA from continuing operations by CAD 600,000 this quarter and an estimated after-tax impact on AFFO of approximately CAD 400,000. On a year-over-year basis, our consolidated revenue increased 5.3% or CAD 14.9 million to CAD 296.6 million. This increase was driven primarily by long-term care funding increases to add staff, home health care billing rate increases, and growth from our other operations, partially offset by lower COVID funding of CAD 11 million and the impact of the timing of long-term care flow-through funding. NOI increased by 5% from the prior year quarter, which included CAD 7.7 million of Canada Emergency Wage Subsidy received by ParaMed. Excluding the effect of the subsidy, NOI would have increased by CAD 9.1 million- CAD 30.3 million, with a consolidated NOI margin of 10.2%, up from CAD 21.2 million and a margin of 7.5% in Q2 of 2021. NOI improvements were driven by a decline in net COVID costs of CAD 5.9 million and aggregate workers' compensation rebates of CAD 3.9 million received in the current quarter, partially offset by higher operating costs. Our consolidated adjusted EBITDA increased 10.4%, or CAD 1.6 million- CAD 17.1 million, due primarily to the higher NOI. Higher strategic transaction-related fees of CAD 1 million in the quarter were largely offset by lower COVID-related administrative costs. AFFO per share was CAD 0.10 in Q2, up from CAD 0.09 per share in the prior period, reflecting the improvement in earnings from continuing operations and lower maintenance CapEx, partially offset by the loss of earnings from the disposed retirement segment of approximately CAD 0.02 per share. Turning to our individual business segments on Slide nine, long-term care operations saw revenue increase by CAD 7.9 million, or 4.6%, in Q2, driven by funding enhancements, including CAD 14.7 million in Ontario flow-through funding. This was partially offset by lower COVID funding of CAD 7.7 million. NOI increased by CAD 6.5 million in Q2 to CAD 17.6 million, represented 9.7% of revenue, largely due to a net COVID recovery of CAD 6.3 million, funding enhancements, and one-time workers' compensation rebates of CAD 1.8 million. These increases were partially offset by higher costs of labor, utilities, and insurance. Our NOI margins, adjusted to exclude the impact of COVID and the workers' compensation rebate received this quarter, were 9.1%, compared to the 11.1% in Q2 of 2021. The 1.75% government funding increase received in our Ontario LTC operations, effective April 1st, 2022, did not extend to our accommodation envelope, despite inflationary cost pressures. The flow-through funding increases, which include the shift towards four hours of care and the now permanent three-hour wage increase for PSWs, resulted in an additional CAD 14.7 million of flow-through funding in Q2, which impacts our LTC NOI margin percentage by approximately 90 basis points. In our Alberta long-term care operations, we received a 5.5% inflationary increase on accommodation rates that will be effective July 1st. This is estimated to increase our annual revenue in our Alberta long-term care operations by CAD 2.3 million. Turning to LTC occupancy, we experienced improvement in the quarter as the prevalence of the virus in the community subsided, resulting in a 160 basis point increase for Q2 over Q1. However, as Michael mentioned, recent increases in outbreaks driven by the new Omicron variant may impact this positive trend in Q3. As we mentioned last quarter, occupancy protection in Ontario long-term care homes expired at the end of January, and we are required to achieve 97% occupancy over the remainder of 2022 to receive full funding, excluding ward style beds no longer in use. Our average adjusted occupancy for the three months ended June 30th was 96.6% and 96% for the five months ended June 30, 2022. There remain a small number of LTC homes in Ontario that are currently tracking below the 97% requirement for full funding. Each have targeted plans in place to attempt to recover the occupancy shortfall over the balance of 2022. Turning to slide 10 in our home health care segment. Revenue grew CAD 5.7 million or 5.6% in Q2, driven by billing rate increases, including approximately CAD 4.4 million in additional funding to support the government's decision to make the CAD 3 per hour PSW wage enhancement permanent at the end of April. The increase in revenue was partially offset by lower COVID and pandemic funding of CAD 3.3 million and a decline in our average daily volumes of 0.4% from the prior year quarter. Excluding the CAD 7.7 million wage subsidy received in Q2 2021, ParaMed's NOI increased by CAD 1.9 million to CAD 8.2 million, with an NOI margin of 7.7% from CAD 6.3 million and a 6.3% margin in the same period last year. The improvement in NOI reflects billing rate increases and one-time workers compensation rebates of CAD 2.1 million, partially offset by higher wages and benefits, recruitment, travel, technology, and training costs, and an increase in unfunded COVID costs of approximately CAD 400,000. On a sequential basis, excluding the impact of the net COVID costs and the workers compensation rebates in Q2, our NOI margin was 7.3% in the quarter, up from 5.5% in Q1 2022. The improvement largely due to the billing rate increases and a 2.5% increase in our average daily volumes on a sequential basis, offset partially by higher operating costs. As Michael mentioned, the Ontario Home Health Care billing rate increase, effective April 1st, and is estimated to increase our annual revenues by CAD 13.1 million based on our trailing 12-month volumes and mix of services. This increase will help offset, in part, increased labor costs and recruitment efforts to address staffing challenges. Turning now to slide 11. The underlying demand for our assist contract services and SGP purchasing services continues to be strong. SGP now supports over 102,000 third-party beds as at the end of Q2, up 22.4% from a year ago and up 3.4% from Q1 of 2022. Q2 revenue increased by CAD 1.3 million or 18.7% to CAD 8.2 million from Q2 2021, largely due to growth in our SGP clients and the timing and mix of Assist consulting services, which contributed to CAD 800,000 or 20.2% growth in our NOI to CAD 4.5 million. Turning to slide 12 and our financial position. Extendicare remains well-positioned with strong liquidity, which included cash and cash equivalents on hand, increasing to CAD 238 million with the realized proceeds from the sale of the retirement operations and access to a further CAD 76.7 million in undrawn demand credit facilities at the end of the quarter. In addition, the company has undrawn construction financing available in the aggregate of CAD 146 million for our ongoing redevelopment construction projects. Our maturity profile has improved with only modest debt maturities coming due over the next two years and our debt to gross book value improving to 34.5%. Our liquidity position provides us with flexibility to allocate capital strategically, whether in respect of our long-term care redevelopment program, the Revera transactions, other potential acquisitions or capital structure initiatives. We initiated a normal course issuer bid on June 30th, providing us the ability to purchase up to 10% of our public float or 7.8 million common shares for cancellation through June 29th, 2023. To date, we've purchased for cancellation 985,000 shares at a cost of CAD 7.1 million or a weighted average share price of CAD 7.22. Decisions regarding the timing of future purchases of common shares will be based on market conditions, share price, capital needs, and other factors. With that, I will pass the call back to Michael for his closing remarks. Thanks, David. Despite facing headwinds in the form of labor shortages, inflation, and continuing effects of the pandemic, Extendicare continues to position itself for growth with a focus on long-term care, home health care, and management services. Proceeds from our recent divestiture will be put to good use as we grow through building new long-term care homes, completing our recent acquisitions, and organic growth in home health. The pandemic has presented recurring challenges for Extendicare and the healthcare industry at large. We remain committed to working with our partners and stakeholders to provide the care that our residents, patients, and clients so desperately need. We appreciate the renewed sense of urgency and substantial commitment we have seen from our government partners and look forward to continuing to play a central role in the renewal and expansion of high-quality long-term care and home health services. Of course, none of this is possible without the continued exceptional dedication of Extendicare's team members. I thank everyone across the organization for their efforts, and I thank those of you listening in today for your continued interest in our progress. With that, we'd be happy to take any questions you might have. Operator? Thank you. We will now begin the question and answer session. To join the question queue, you may press star, then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. We will pause for a moment as callers join the queue. Our first question comes from Scott Fromson of CIBC. Please go ahead. Thank you, and good morning, gentlemen. Just a Hi, Scott. A question on staffing. Have you seen early signs of success from the various government and industry programs to bring new people into the potential staffing pool? We haven't seen any real meaningful change from Q1 this year. I think Q1 was really very tough on the sector overall with the Omicron variant. It caused waves of infection across our society, but also across all of the caregivers in healthcare that were substantially larger than anything we had seen before. Since then, the system has really been struggling. You know, we have a combination of people leaving the healthcare professions altogether, together with absenteeism that's just due to continuing infection rates. I think this is piled on top of a lot of fatigue after two years of fighting the pandemic and people just really needing to take vacation. We're in a peak vacation period. Even in normal times, I think it's compounded by what we've been dealing with the last couple of years. All that to say, Scott, it's really too early to see any permanent benefits of any of those programs. So far, we really haven't seen much in terms of relief as yet. Yeah, it's certainly a strange time. I think you used the word unprecedented in your early comments. That is certainly the case. Now, on the flow through wage increases, do you see that being sufficient to cover inflation? Well, certainly the flow throughs are covering the total cost. They are matched to the salary increases. That's how they're calculated. We file for those costs back with the government. That flow through will cover those particular increases. On top of that, we still have our regular collective bargaining and other wage pressures. We've been encouraged to see some larger changes in rates, particularly in home care over the last few months. I would say in the short term that they are covering the costs. I think as David talked to earlier, the one place where we're not seeing costs covered is in the occupancy funding for long-term care. We did not see an increase this year, which is unusual. Frankly, we're not sure what was the basis for that. We'll be watching that carefully. Just a final question on the occupancy target. If you do fall short of the 97% target, do you have a, say, a range estimate of the potential impact on NOI? Yeah, Scott, it's David here. We've taken a provision year to date for sort of what we think the outcome would be. It is not significant. I mean, it's less than CAD 1 million in NOI to date. And as I said, I mean, it's a handful of homes. We do have mitigation sort of plans with the operations teams to try and address those local market issues in the specific homes. So we've, you know, at this point, provided where we think we will end up and barring sort of, you know, any further changes or ramp up in, you know, another wave of COVID that might interrupt our progress there. That's kinda where we're at. It's sub CAD 1 million, and it's in our numbers year to date, and we're monitoring sorta how we're progressing on our plans. Great. Thanks. That's helpful. Thanks, Michael and David. We'll turn it back. Thanks. Our next question comes from Jonathan Kelcher of TD Securities. Please go ahead. Thanks. Good morning. First question, maybe could you give us a little bit of color on the WSIB rebates that you got this quarter in home health care and LTC? Sure. I think those weren't unique to us, Jonathan. I think there was a pre-election workers' compensation rebate payments made across multiple sectors in Ontario. They weren't necessarily unique to us or based on our experience ratings. It was more of a broad refund of premiums across all the you know all industries. There wasn't anything special about it coming to us in particular. It was just our share of the larger payout that was given. Okay. Just a one-time thing. Yeah. Yeah. Yeah. On home health care, I guess sort of a two-part question here. It seems like 25,000 hours seems to be kind of the sticking point for your average daily volume. What do you think it would be if staffing were not an issue for you? Yeah, I, you know, that's a tough one. Obviously, we've been sort of hovering around the 25. Like, we've kind of come back to where we were a year ago now, albeit with a huge amount of effort and work in the last year. You know, I think there is a lot of opportunity for growth. We've talked about this in the past in terms of, you know, the demand is there. Our referral acceptance, the industry-wide referral acceptance has dropped significantly because of the collective labor constraints. It's really hard to say how big it could get. I mean, you know, we do believe in a normal labor market with some of the headwinds against us. You know, our sector, the demographic growth is, as we've talked about in the past, 4%. We think we should be able to beat that given our size and scale and technology and programs. When we get this headwind away from us, I mean, that's where we think we should be tracking, beating that 4% on an annual basis with a good margin. It's really hard to say what an ADV would be. Okay. Then I guess the second sort of related one to that is, like where do you think you can drive it from? Like, can you get to 26-27,000 hours over, say, the next two, three, four quarters? Jonathan, I'd say that all depends on what happens in the labor market. If the labor market stays the same, then our ADV will stay the same. If we're able to recruit more, and actually it's more of a retention issue. We are recruiting a lot of people. The issue is retention. People move on to other opportunities and to other organizations in healthcare, in hospitals, long-term care, et cetera. There's a lot of movement, a much higher level of turnover over the last two quarters than we've seen previously. It's really dependent on the labor market. I'll add one more kind of metric that was reported in the Toronto Star yesterday. The president of Home Care Ontario was quoted as saying that referral acceptance across the province of Ontario is at 55%. That means all the new requests for home care that are coming out of various hospitals and other healthcare organizations, only 55% of them are currently being met by the care providers like us. There's a really large unmet demand that's there in addition to the demographic growth that David talked about. The issue is entirely one of the labor market, and it's just very difficult to predict how that's gonna progress. Okay. That is helpful. Just turning to LTC. I guess if we take away the COVID benefit and the WSIB rebate, your NOI would have been roughly CAD 14 million for the quarter. Is that a good way to think about it? We can sort of grow it from there as you lease up and get more private room revenue, and obviously bearing in mind the seasonality of the business. I mean, I think that's right. I think if you adjusted for the one, you know, the COVID impact and the WSIB, we'd be just CAD 15 million, CAD 14.97 million. CAD 15 million in the quarter. Our, you know, there is Obviously, some overhang of preferred occupancy, getting that returned, and starting to see inflation level off. I mean, as Michael indicated, you know, we did not get an accommodation increase in Ontario this year, which is unusual. Not sure exactly why they didn't extend the typical rate increase across accommodation. I think over the longer term, these things tend to even themselves out, and sometimes there's a bit of catch up there. That's the quarter. You know, it backs into an NOI margin of 9.1%. I think what's important there to note, and I did, you know, just to add further emphasis to it, you know, the impact of all the flow-through funding and the Canada Emergency Wage Subsidy, it's been really good that that funding is there and the increase in care hours. From a historical margin percentage perspective, it is, you know, gonna impact that historical view of margin percentages by about 90-100 basis points. Just in terms of readjusting kind of our expectations around the percentage side of things. You know, back to your first point in the quarter, we're CAD 15 million when you back out the one-time, and we need to see sort of inflation level off, recovery of our preferred occupancy, potentially some recovery on our basic occupancy, you know, working towards those plans to narrow that potential occupancy shortfall I mentioned earlier. We're still not giving up on that, obviously. Gonna try and get that recovered. Then we will need a little help, particularly on the Ontario segment on some inflation relief effectively on the accommodation side that we did not get for April 1. Okay. Like, any chance the Ontario you get a retroactive on the OA? Really hard to say. I mean, we were surprised we didn't get it as a sector, given, you know, the worst inflation we've seen in decades, and they chose not to do it when they've done it like clockwork for the last number of years. You know, there is a budget out now. There's a fall economic statement coming out. You know, you never know if they maybe come back and rethink that decision. But again, if it's not imminent, these, you know, I feel like these things over the medium, longer term do average out, and they catch up on some of these things. Okay. That's, I'll turn it back. That's helpful. Thanks. Once again, if you have a question, please press star then one. Our next question comes from Tal Woolley of National Bank Financial. Please go ahead. Hi, good morning. Morning. Just wanted to start with the long-term care redevelopment. You sort of mentioned that you've got the three projects in the works, but you are, you know, sort of limiting progress on the remaining redevelopment activities just because of the, you know, the change in the economic environment and the construction costs. What are the formula changes you would like to see made to be able to proceed with the rest of the projects? Yeah, you know, there's a lot of conversation going on with the other operators that have projects and the ministry and the OLTCA. You know, there isn't one silver bullet to fix the issue. I mean, the new program that did come out a couple of years ago that we're utilizing for the three projects that are underway had the traditional capital funding subsidy that gets paid out over 25 years, and they introduced a new component that gave us a portion of the costs up front as a grant as well. I think one of the missing components of that program, which we advocated for but weren't successful at the time, was that it needed an indexation or it needed some type of inflation protection built in order to address things. I mean, here we are, fast-forward eighteen months later, two years later, and, you know, inflation's running rampant, rates are starting to rise. You know, what are we looking for? In the end there, you know, the construction costs, depending on what study you read and what you're looking at, are up anywhere between 20%-30% over where they were a year or two ago. We need additional capital funding. You know, if they wanna keep the same construct, we'd need higher CFS. You know, whether that's all in the payment that comes over 25 years or a portion of that is in sort of an increased upfront grant. You know, we're all collectively have our own models, but we're all solving for sort of a, you know, expected type of NOI yield that's in the range of the ones that, you know, the first three that we started. Each operator has its own views of what they need. I mean, it could also come in the additional operating funding as well. There's multiple levers to pull, but I think we all recognize the issue. I mean, we have, you know, there's been a renewed focus with the government, given the inflation, and we're back at the table, and the same group that was there two years ago talking is talking again. We're confident in the need for these beds, exactly what the program, the changes made, but it's very simple. It's costs are up 20%-30% versus where they were when they designed the program that doesn't have anything mechanically built in at the moment to adjust for that. If we're just crudely saying, like, you know, like, I think most people were sort of expecting project yields to be around 7%-8% just with the construction cost inflation, like, those would probably be dropping to somewhere between 5.5%-6.5%. Does that sound about right? Yeah. Probably even a bit lower than that, potentially. We factor in some of the movement in interest rates at the same time. Yeah. I mean, it's everybody has their own models. Projects are different size, different markets. You know, a dramatic drop-off into, you know, return outlooks that I don't think are really, you know, aren't anything that are certainly gonna have anybody building at those levels, so. Right. Okay. You know, like, I'm assuming it's gonna take some time to sort of hash this out with the government. How does that impact how the Axium JV will work? You've sent three projects to the JV. Is there like, I guess, what happens now is that, like, until the formula works, you're not really gonna be moving any other projects into the JV. Is that the way we would expect that to work, or is there Yes. Okay. Got it. Yeah. As it relates to the redevelopment pipeline, yeah, I mean, we would together I mean, Axium, you know, they're a big player in the sector as well, right? I mean, they're working with us, and they were working with Revera. They're doing a transaction with Chartwell. So they're actually part of these conversations with us, with the government and the OLTCA as well, right? They're part of. They're working alongside us to, you know, find that program. But yeah, absent a change, we just the first three will go in once regulatory approval's there. You know, we will all be collectively working to move as many through the pipeline. You know, between our projects and Revera's pipeline, which we have first right of, you know, there's upwards of almost 50 projects that we would love to see, you know, come to realization and buy them into the joint venture and increase our size of our operation there, so. Just with the lack of the accommodation premium increase this or this year, setting aside like the, you know, the costs that are effectively flow through, what are the key costs that you have to bear your own self, where you're seeing, you know, the most challenges? Well, the accommodation side of the equation in Ontario is, you know, dietary or housekeeping staff, maintenance staff, et cetera. There's wages on that side of the equation that have annual increases and, you know, some of them are, you know. There's unionized folks on that side of the house. There's just keeping up with general collective bargaining and rate increases. You know, that's the other big elements there are just, you know, maintenance costs, cleaning costs. All the, you know, costs of goods to do all of that are in there as well. Insurance is in that side of the equation. Insurance premiums have gone up exponentially over the last couple of years, as well. Utility costs are the last big piece of the puzzle. You know, cost of all of our inputs there have gone up as well. I mean, those are the big drivers. They're hard to control, you know, natural gas prices and electricity rates. Insurance is, you know, again, it's not something we can control. Those are the things. There is a wage element, but the big things driving are our utilities, insurance, and just the costs of the goods to maintain a home and clean it, et cetera. All of those things are in the inflation basket that we're trying to manage through. That's where we need some help on an accommodation increase on the rate. Okay. Just more of a medical question, I guess. Wondering how, you know, we're having successive waves. I don't know the right medical terminology here, so forgive me if I blow this. Like, if the virus becomes sort of more endemic, should the operating protocols around COVID outbreaks change? Well, certainly the impact is already changing. Certainly the severity of illness that we're seeing has changed, and the rapidity with which the waves or the outbreaks go through our homes seems to be picking up speed. There's certainly an evolution there. At some point, these waves have to peter out. At least every pandemic in past human history, that's what's happened. I suppose there's always a chance that this is unique in some way. You know, while this is unprecedented in many ways, one of the things that's unprecedented about this pandemic is the degree to which we can measure it and track it. There's never been a pandemic in history that's been tracked this way. We are in uncharted territory in that regard. You know, we're all experiencing this without much ability to predict how many waves there would be. I think if we took a vote of the medical establishment around the world, two and half years ago at how many waves we would see and how long it would last, nobody would be predicting a seventh wave of the BA.5 variant two and half years in the dead of summer. I mean, it's incredibly uncharacteristic to see that happening. I'd say it's very humbling from a clinical perspective in terms of our ability to predict what happens next. We are seeing that, you know, the clinical impact is dampening over time. I think we are seeing a downward trend overall. As to how many more waves we'll see and how long it'll last, really difficult to tell. Dare I ask the question, too, just for, you know, with sort of monkeypox now starting, you know, to spread, what's the thought around that, given that, you know, you've got workers who are handling patients, all that, you know, handling residents, that kind of stuff? Is vaccination there something that needs to get discussed now? No, I don't think so. We're watching it very carefully. We don't think that monkeypox is a threat in congregate living settings. It's much easier to control. It's not airborne. From an infection control perspective, much easier to control. I don't anticipate, frankly, seeing any cases at all in our homes. Where we are more focused is on influenza. I mean, influenza is a very familiar pathogen for congregate care settings, where we would routinely see a surge every winter, and we have not seen that the last couple of years. We are seeing a surge of influenza in Australia, where they are in midwinter at this point. We are preparing for, you know, potential for a heavier influenza season this year. Again, that's more of a routine experience for us, and we have a strong protocol around vaccination and infection control to be able to handle that. We're more focused on influenza than we are on monkeypox. Okay, that's great. Thanks very much sir. Our next question comes from Pammi Bir of RBC Capital Markets. Please go ahead. Thanks. Good morning. Sorry, good afternoon now. You mentioned in the past that, you know, some of the initiatives that you've undertaken to increase staffing, I think some of those included some, you know, the college partnerships. It seems like retention is maybe a bigger issue. I'm just curious, you know, what initiatives are you sort of in the process of maybe or undertaking to improve the retention? Then the second part of the question is the retention more of an issue in, you know, more specific to ParaMed, or you're also seeing some of the pressures in long-term care? Yeah, great question. We have quite a number of initiatives around retention that we are focused on, that includes compensation-related items, the number of supervisors that we have, various programs that we've launched for helping people to get credentials while they're working at Extendicare. There's a series of things. We've talked before about, as you mentioned, the educational partnerships. We have more than 3,000 students doing some form of training on an annual basis in one of our locations. That continues to be a significant focus for us. I would say in Q1, we saw retention or turnover increase in both long-term care and home care. They were both elevated significantly. Since then, in Q2, we saw turnover in long-term care start to come down, but we've not seen it come down in home care yet. The fact that the government has done things like making the CAD 3 PSW wage premium permanent, the fact that they've given us significant flexibility by increasing home care rates by 3% and 5%, depending on the service, gives us a lot of flexibility to be able to do more on the retention front. We have, you know, we have been doing that, and we're monitoring very carefully the impact of those programs. What I would say is that the external market conditions have escalated at the same time that we've put a lot of these programs in place. We're holding our own. I'm actually quite happy about that given the fact that hospitals have been losing people to the point that they have to close their emergency departments. I'm actually relieved to see that we're able to hold our staffing levels in long-term care and hold our volumes in home care. Just the fact that we're maintaining our staff at its current level, I'm seeing as a win in this market. Got it. Thanks, Michael. Just maybe last question for me. You know, you were active on the NCIB after the quarter, and maybe going back to some of your comments in your opening remarks, how are you thinking about the NCIB at this point, given where the share price is and balancing that with, you know, the development program and the Revera transactions coming up? Yeah. Pammi, it's David here. I think you kinda hit it on the head there. Like, it's a balancing act between all those things you just mentioned. We did set it up at June. We're active. You know, not gonna talk about sort of plans for using it. It'll really be driven by the market and the share price performance, really. You know, we've shown that we'll use it when we feel it makes sense. You know, we'll be watching all those other things like redevelopment, timing of the Revera acquisition, et cetera, and principally, though, the share price performance over the coming quarters. It's there now, it's a tool we can use, and we'll use it when we think it makes sense. Great. Thanks, David. I'll turn it back. Yep. This concludes the question and answer session. I would like to turn the conference back over to Jillian Fountain for any closing remarks. Thanks, operator. That concludes our call for today. This presentation is available on our website, as are the call-in numbers for an archived recording. Thank you everyone for joining us. Please don't hesitate to give us a call if you have any follow-up questions. This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.