Hello, ladies and gentlemen, and thank you for standing by. Welcome to the Flagship Communities REIT First Quarter 2023 earnings call. At this time, all participants are in a listen-only mode. Following the presentation, we will hold a brief question and answer session for analysts and institutional investors. If anyone has any difficulty hearing the conference, please press star followed by zero for operator assistance at any time. I would now like to remind everyone that this conference call is being recorded. Today's presenters are Kurt Keeney, Flagship's President and Chief Executive Officer, Nathan Smith, Chief Investment Officer, and Eddie Carlisle, Chief Financial Officer. Please note that comments made on today's call may contain forward-looking information, and this information, by its nature, is subject to risks and uncertainties. Actual results may differ materially from the views expressed today. For further information on these risks and uncertainties, please consult the company's relevant filings on SEDAR. These documents are also available on Flagship's website at flagshipcommunities.com. Flagship has also prepared a corresponding PowerPoint presentation, which it encourage you to follow along with during this call. Now I'll pass the call over to Kurt Keeney. Kurt. Thank you, operator. Good morning, everyone. Thank you for joining us today. After a very successful 2022, we are encouraged to see that the momentum we generated last year has carried into the first quarter of 2023. Our top line and same community metrics, which demonstrate our ability to maximize operational efficiencies and increase economies of scale, were both very strong. Rental revenues were up 22.4% over the same period last year. Same community revenue was up 9.7% over the same period last year. NOI was up 20.1% over the same period last year. Finally, same community NOI was up 6.3% compared to Q1 of last year. During the quarter, we raised gross proceeds of $20 million through the issuance of around 1.2 million units at a price of $17 per unit from the at-the-market offering announced in May 2022. The net proceeds from the exercise of this ATM issuance will be used by the REIT to fund future acquisitions and for general business purposes. Our positive results speak to the strength of our business model and the solid fundamentals of the MHC industry. Our business model works as follows. Residents purchase the manufactured homes that are delivered and installed on lots that Flagship owns. We then lease these lots to the residents. Put another way, our residents own their own homes. That is a very important aspect of our business model because homeownership is not attainable for many Americans due to rising inflation and rental and mortgage rates that continue to increase. The manufactured home landscape is vastly different. The manufactured housing sector has demonstrated a consistent track record of strong performance regardless of the economic cycle. Despite the macroeconomic environment, our customers' interest rates have not changed substantially, and their credit underwriting is unchanged and available, which is why our manufactured homes are a very appealing and a cost-effective option for many Americans. They also offer a better living experience compared to other options. Manufactured homes are detached structures that do not share walls, utilities, air conditioning, or heating with any other homes. Our customers typically enjoy two, three, and four-bedroom homes, typically with two bathrooms. These homes also have a deck, yard, driveway, and in-home laundry facilities, all for less than the cost of renting an apartment. The proof is in our occupancy rates, which have steadily increased since December of 2019. We have a stable and growing resident base, which also speaks to the affordable nature of our homes. The majority of our residents have steady jobs, or they are retired and receiving Social Security or disability, or they are receiving private or public pensions. The residents in our communities are less affected by the inflationary environment as those with traditional stick-built homes or apartments who are more prone to fluctuation in their rents and mortgage rates. We are proud to play a small part in improving the lives of many Americans by offering an affordable housing option. Last month, our efforts were recognized by the industry's leading organization, the Manufactured Housing Institute. We received three of the highest national awards for excellence in manufactured housing, including the Land Lease Community Operator of the Year award, the Retail Sales Center of the Year for the Eastern U.S., and the Community Impact of the Year award for our efforts at Grandin Pointe. These awards are a testament to the dedication of our staff who embody the corporate mission of our company. That is to provide affordable housing, exceptional resident living experiences, and investment opportunities in our adult and family-oriented manufactured housing communities. We outline our commitment to unit holders, employees, and communities in our new ESG report, which we recently published. We believe that a dedicated focus on ESG will translate into strong performance for our unit holders and a great quality of life for our residents. We encourage you to review our report on our website and learn more about our ESG commitment. Being a responsible operator also means being prudent financial management and capital allocation. As such, we will maintain a conservative low-cost debt profile with long-dated average maturities. Our goal is to obtain secure debt on a fixed-rate basis. We have no near-term debt obligations and no bank balance sheet mortgage debt. This strategy allows us to maintain staggered maturities to lessen our risk exposure while allowing us to ride out difficult economic cycles in the fullness of time. Now I'll turn it over to Nathan to provide more details on operating regions and our growth strategy. Nathan? Thanks, Kurt. Good morning, everyone. As the MHC owners and operators, our focus is to optimize our current portfolio as well as add external opportunities that adhere to our strict acquisitions criteria. We continue to see prominent deal flow in the MHC space that adheres to our strict acquisition criteria. Our industry experience helps us distinguish between good and bad opportunities in the marketplace. We aren't committed to grow for growth's sake. When considering an acquisition, we do a considerable amount of due diligence, and if at any point during the process an acquisition does not meet our strict criteria, we won't move forward on it. We adhere to the following criteria. We're looking for opportunities that will be accretive to our adjusted funds from operations per unit. Second, we are seeking opportunities that will enable us to leverage management synergies and generate economies of scale. Finally, we're seeking acquisition targets within our markets or adjacent U.S. states where we currently operate with similar regulatory frameworks and characteristics as the existing markets within our portfolio. This framework allows us to achieve responsible growth while establishing a platform to enter new jurisdictions or acquire adjacent properties within our existing markets, as we did in the first quarter. In February, we acquired 20 acres, a high-quality MHC in Austin, Indiana. This acquisition is our 18th in [Indiana- may service]. The Austin location offers affordable housing and includes an array of amenities. The acquisition includes 94 developed lots and 26 lots for additional expansion, totaling 120 MHC homesites. After the first quarter, we acquired three communities in Indiana, Arkansas, and Tennessee for approximately $21 million, including from capital raised from our ATM equity program. Let me discuss these acquisitions in more detail, though. The Clarksville, Indiana community comprises of 334 lots, of which 47% are occupied. While located in Indiana, the acquisition is considered part of the [Little] and is close to the bridge crossing the Ohio River. The Conway, Arkansas community comprises of 200 lots, of which 82% are occupied. Located just north of Little Rock, Conway is a suburban location that consists of an array of amenities as well as a community center. The Jackson, Tennessee community comprises of 126 lots, of which 97% are occupied. Jackson is a regional center for trade in West Tennessee. The community amenities include a basketball court, playgrounds, and a clubhouse. These acquisitions and all others we have made to date were made possible in part through our long-standing industry relationships. We have been in the MHC space for 28 years, and during that time, we have established credibility and long-standing industry relations. The MHC industry is primarily consists of local owners and operators. The top 50 MHC investors are estimated to control approximately 17% of the 4.2 million manufactured housing lots in the United States. There is a limited supply of new manufactured housing communities, given the various layers of regulatory restrictions, competing land uses, and lack of land zone, which creates high barriers to entry. Before I turn the call over to Eddie to talk about our financial performance for the quarter, I'd also like to acknowledge our team for their role in Flagship's win of the three top MHI national awards. Anyone who has followed Flagship knows how busy this team has been. A lot of the work goes on behind the scenes in terms of sales efforts and our inventory management program. We are glad to see that work was acknowledged on a major scale. It is a great honor to receive these awards, and we thank you. With that, I will pass it over to Eddie. Eddie? Thanks, Nathan. Good morning, everyone. We generated a revenue of $16.8 million during the first quarter, which was up 22.4% over the same period last year, primarily due to acquisitions, lot rent increases, and occupancy increases across the portfolio. Same-community revenues of $14.9 million grew by 9.7% over the comparable period last year, which was driven by higher monthly lot rents as well as growth in same-community occupancy and increases in utility revenue. Net Operating Income was $11.1 million during the quarter, an increase of 20.1% over the prior period as a result of our acquisitions, lot rent growth, and cost containment efforts. NOI margin was 66.3%, a slight decrease compared to last year due to property tax increases, staffing changes, and increased repairs and maintenance pertaining to weather-related events. AFFO for the first quarter of 2023 was $5.2 million, an increase of 6.1% from the first quarter of last year. AFFO per unit was $0.26 per unit, an increase of 4.8% from the same period last year. Our same community occupancy of 84% increased by 1.1% versus last year, reflecting our commitment to resident satisfaction and ensuring our communities are desirable locations. Rent collections for the quarter were 99.7%, which demonstrates the strength and predictability of the MHC sector and was within our expectations. As at March 31, our total lot occupancy was 83.4%. Our average monthly lot rent was $418. Both of these metrics were within our expectations. We ended the quarter with total cash and cash equivalents of approximately $25 million with no near-term debt obligations. We also have 15 unencumbered assets with a value of approximately $25.4 million as of March 31, 2023. We remain committed to preserving our conservative debt profile. Our weighted average mortgage term to maturity is 11.4 years, with our average first maturity due in just over five years and our weighted average mortgage interest rate of 3.78% at the end of the quarter, which is entirely at a fixed rate. With that, I'll now turn it back over to Kurt for some final remarks. Kurt. Thanks, Eddie. Our successful start to 2023 positions us well to have a strong rest of the year. We believe we will continue to be poised for growth as housing prices, high monthly rental rates, and mortgage rate increases have the potential to lead more people towards manufactured housing. We are one of the Midwest region's largest MHC operators, and we are the only pure-play manufactured housing investment in the Canadian capital market. Our REIT offers investors an opportunity to participate in a niche and stable market with significant growth potential. We certainly thank you for your time today. I will now open up the line for questions. Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press star followed by the number one on your touch-tone phone. You will hear a three-tone prompt acknowledging your request. If you would like to withdraw your request, please press the star followed by the number two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment please for your first question. First question comes from Mark Rothschild with Canaccord. You may begin. Thanks. Good morning, everyone. Good morning, Mark. Hey. Clearly still good demand, and rents are moving higher. We've seen in the rental apartment space in some markets in the U.S., some pressure on rents and starting to drop. Are you seeing any moderation in rent growth? How do you see your assets comparing in the near term as far as your ability to continue to push rents when maybe apartment rents are starting to drop? We've actually not seen. Again, Mark, I won't speak to the broad U.S. economy, but in the Midwest, we have not seen any rent concessions at all in our markets. I ask that question, you know, monthly and get input there. We're still priced somewhere between $200-$400 cheaper than a comparable apartment or rental home right now. It's still got a lot of runway. We're not concerned about it in the near future. Again, there's just so much gap there right now that's been created over the past two or three years that I think we're in a good position. Okay, great. Maybe just one more. You know, the staffing costs and the operational costs in general were in this position the prior quarter. This quarter it wasn't. Do you think you have that fully behind you? Or could we expect just general inflationary pressures to continue to be somewhat of an offset to the strong rent growth? You know, I think from a staffing perspective, last year we were just understaffed. I don't know that it's inflationary pressure. There's a little bit of inflationary pressure as part of it, but, you know, everybody had trouble getting staff last year. Frankly, we're running probably a little too lean. You know, I think we'll continue to see a slight inflationary pressure there, but I don't think it's something that we're staying up at night worried about. Yeah. The only thing I'd add to that, Mark, is Q1 last year was. As you look at those staffing challenges, that was the heaviest kind of or the period with the most vacancy there in our staffing. I think what you've seen over the, you know, the last couple of quarters, it would be more representative of, you know, what you would see moving forward. Okay, great. Thanks so much, guys. Thank you. Our next question, we have Kyle Stanley with Desjardins. Please go ahead. Thanks. Morning, guys. Morning, Kyle. Good morning. Just sticking with OpEx for a second, you also mentioned some weather-related issues, which contributed to lower margin this quarter. I'm just wondering, what was the impact from weather, which I assume is likely more one time in nature? Are there any lingering utility recapture issues or, you know, would you expect that to trend back into the 90%+ range in the second quarter and beyond? Eddie, you wanna tackle this one? Yeah, absolutely. No, I certainly don't expect any lingering effects from that. Honestly, I would expect maybe to even get a little bit of that back. We have the ability to go back to our providers and apply for credits when we have large water leaks. We're working through that process now. You know, we had a large freeze through the end of December, which kind of bled over into January of this year. We had thousands of residents without water, a lot of that was in kind of the Louisville metro area, because of a power grid issue. You know, the leaks that come from that as well as just the general repair that we had to do to get folks back online, you know, certainly drove a decent amount of additional expense. I'd say between the two, the repairs and maintenance and the utility recapture, you're looking at, you know, a good $100,000 of expense there. You know, I hesitate to call anything one time because there always can be, you know, other leaks along the way. Certainly that was a contributing factor to the margin decline there, if you will. Perfect. Thank you. Then, just the last one for me. Can you just talk about the stabilization opportunity at the 3 new communities acquired post-quarter? I do believe two were, you know, largely stabilized, but I think there was a fairly significant opportunity in Indiana. Just curious on your thoughts there. Yeah. You know, we're operating in all those markets right now, that's the beautiful thing about that acquisition that Nathan got done. The, you know, two of the more stabilized assets are, you know, they have a little RV component. We'll probably look to make those more of a permanent residence that take a little of the volatility out of those. We've known the site that had 47% occupancy, I've known that site personally for 20 years, and we're very confident that we can lease it up. We have a 500 lot community that's very near with street road frontage for sales support. You know, we really are very confident we could fill it up and it'll be great. It's got some very nice large lots too, which is excellent. We're very excited about that opportunity. Again, known it for 20 years, and it's an exciting opportunity. Great. Thanks. I'll turn it back. That's it for me. Thank you. Next question, we have Brad Sturges with Raymond James. Your line is open. Hi, guys. Hey, Brad. Continue on with Kyle's line of questioning there. Just on the acquisitions in this quarter, just curious, is there any rental homes within those communities? Just curious if you talk around the, I guess, the expected going in average cap rate for the three combined. Yeah, I'll, I'll take the rental homes and then Eddie, you can tackle the cap rates if you want. The rental homes, yeah, there was a handful of rental homes in each of those communities, but the one that had lower occupancy had, I think 42 rental homes there. A lot of them were not rented yet. They're actually newer homes that were being set. We think we can ramp up some occupancy just by getting those homes wrapped up in the next couple of months and getting them set, and rented. There's no problem with demand at all. I don't think, you know, our intent is to not use the rental model, heavy-handedly at these locations. We think homeownership and our sales team will sell homes at all three of these locations. Eddie, you wanna talk about cap rate? Sure. Yeah. Going in cap rate on the deals was just north of six. Obviously that's going in. The value add component of that gives us a pretty nice runway to really drive that over the next, you know, three to five years. Is the bulk of the, I guess, the incremental capital spend at the moment just adding some rental homes just to get occupancy up, or is there other line items or ticket items that you're looking at in terms of where you need to spend some capital for these communities? You know, we're not driving... You know, we've got rental homes that are empty in them, so you don't need any more. Most of these, you know, the big things that we're doing at these locations is, and you've seen it, I think, that we do is we're adding amenities. We're upgrading playgrounds and paving streets and that's where the capital spend's gonna be. It's not gonna be in driving a large rental fleet. We just don't think that's the right thing to do. Adding the amenities and trying to get them done as fast as we can, that'll change the residents' quality of life, and we know that. We know that'll fix, that'll get them to the right spot. It'd be a pretty typical kind of value add, opportunity. Yeah. In terms of spend and opportunity that you typically target. Yeah. Yeah, this is very atypical. How should we think about the acquisition pipeline going forward post these deals being closed? Nathan, it's all you, bro. Yep. Well, you know, we are seeing deals out there. What you're really seeing, though, is private equity with the interest rates going up. You're seeing what I call a lot of tire kicking. A lot of people talk about deals, but I don't see a lot of deals closing. you know, and so we're positioned well to be out there and find good deals. you know, we haven't seen the cap rate move up very much, but we haven't seen deals close. you know, I would say, you know, when you start looking at closed deals, we're one of the few deals out there that's being closed right now. we think deal flow in our markets is good. we're talking to people every day, and we're positioned well as being a publicly traded REIT. It works to our advantage in this situation. I am seeing, though, private equity is having a tough time right now. You're starting to see that. Does that answer your question? Yeah, it does. From your perspective, do you see better opportunities still more on the value add side or would you ideally like to have a blend of kind of core and value add? We would want a core of both, but if you see the last acquisition, that's basically what we have. You know, we have, you know, one that's value add. This is one grouping from one, from one company. We bought this from one group, and so you'll see it's kind of a value add. The other one is kind of a mid-range stable, and the other one is pretty much a full property. If, if that makes sense, you know, we're seeing a little bit of everything. I think you'll see... You know, you can only take so many value adds in a year. They're heavy lifting, no matter what people say. Yeah, makes sense. I'll turn it back. Thanks a lot. Thank you. Your next question is, comes from Himanshu Gupta with Scotiabank. Thank you, and, good morning. Good morning, Himanshu. Just on the secured debt financing, what rates are you seeing right now compared to, let's say, three or six months back? Eddie you got that one? Yes, sir. Compared to three months, we've actually seen a little bit of concession. We've actually started seeing rates go down a little bit. What we've really seen, you know, we've been meeting with our lenders quite a bit recently, just trying to get a feel for kind of where things are at today. The debt markets are, for us, are wide open. Our lenders are coming to us. We've seen government agency, the spreads in government agency debt, honestly kind of low as we've ever seen from a spread standpoint. Obviously, the treasury is up, but the spreads, because people want to get deals done. You know, a lot of the, obviously lending on office and retail and some of those other sectors are not the sectors they're after. They love our business. Life Co. really loves our business model. The debt markets are wide open. I think the spreads are, you know, tightening a bit and, you know, people are wanting to do business with us. Okay, fair enough. Nathan, I think you mentioned deal flow is good today, and if I recall, you know, like three months back, you were saying the deal flow is very slow. Is it because the debt markets are getting better for your product? You're seeing more transactions in the market now? I don't think we're seeing very many transactions in our market at all. I think you see us transacting, but I hear a lot of people talking about transacting, but I don't see a lot of transactions. Okay. The deal flow is very, very slow. Okay. Transactions are not getting done, but maybe you're seeing more, you know, people coming to the market, but still there's a gap between the buyers and sellers still. Right. On the acquisition which you announced last week, going in 6 cap rate, I think that looks pretty good. What kind of, you know, year three or year four cap rate are you underwriting? Put differently, what kind of NOI, you know, ramp up are you expecting in the next two of three years on this property? Yeah. Eddie, you want to take that? Our Yeah, absolutely. year two, we're gonna be at about, we think about 8.5 cap. you know, the opportunities are as we kind of fill up the occupancy and starting to sell homes. There's gonna be kind of a dual path there, especially in the property that we were talking about in Clarksville, Indiana. Kurt mentioned there are 42 rental homes there. We're going to rent those homes and get those homes rented, hopefully, very quickly. We'll start selling homes, right? Hopefully sell some of those rentals. Again, as always, we talk about our opportunity for NOI growth. A piece of that is certainly renting homes, but then the opportunity to start dialing in the margins are when we can actually sell those homes and make folks homeowners. Between those two strategies, you know, it's going to be a pretty positive, pretty quick, I say quick, you know, a pretty positive turnaround in the next couple of years. Awesome. Thank you. Then, you know, just sticking to the valuation theme, your IFRS valuation, I think the cap rate is around 4.8, so call it, you know, under 5. Do you also look at on a $ per lot basis? I mean, how do you get to your like sub 5 cap rate for your IFRS valuation for the portfolio? Kurt, you gonna take that or Eddie? No, go ahead. Himanshu, we do it in a number of ways. First off, you know, it goes back to the deals that we are seeing transact and, you know, we're pretty plugged in understanding those. Management has, you know, kind of extensive discussions around that. We actually go out every quarter and talk to our third party appraisal firm and get their insight on what they've seen for cap rates in our respective markets. You know, the feedback that we're receiving now is very much what Nathan kind of described, is not a lot of transactions happening. The ones that are happening, there's a bifurcation, and I think Kurt spoke about it before, where these institutionalized assets, they're still trading at very low cap rates. You know, the value of our portfolio, the geographic footprint that we have in place, it's a very kind of valuable portfolio to have. You know, we kind of triangulate between a number of factors. Dollars per lot, I mean, we certainly look at that as a bit of a guide. It's really more working with the industry professionals that, you know, see these transactions every day, and get feedback from them as well as what we're seeing in the market. Got it. Okay. Thank you. That's simple. My last question is, you know, same-store revenue almost, you know, 10% up in Q1, is it gonna be very similar runway for the full year, you know, based on your rent growth and occupancy expectations, which you have mentioned earlier as well? Yeah. I mean, I think- So- Sorry, Kurt, go ahead. Yeah. I think that as the 1st quarter goes, the rest of the year typically goes in our industry. Because again, we have a homeownership model, which typically takes some of the volatility out of occupancy when you don't have a huge rental home fleet, a home rental fleet. Yes, I would expect the rest of the year to have some top-line strength. We're very good at managing the net results of NOI. Yeah, I think that's a nice place to be. We're very excited about it. Anytime you're in front of occupancy in Q1 and your top line's growing, yeah, I think we're pretty excited about it. In getting back to an earlier question, you know, the, the home or the apartment rents, multifamily in our area, you know, there's still a huge gap between us. You know, $200-$400 a month. I mean, that's monster from an affordability perspective for our tenants. We, we do look for some continued strength throughout 2023. Awesome. Thank you, guys. I'll turn it back. Thank you. Next question, we have David Chrystal with Echelon. Thanks. Morning, guys. Good morning, Dave. Just quickly on the acquisition that closed post-quarter, would you say the seller was more motivated by the kind of distress in that one asset in particular or any distress on their balance sheet side, or was it really just a kind of market transaction? I actually don't think there was any stress going on. I think what it was is they were looking at kinda consolidate, you know, a lot of times, they decide that it's not the right market for them. You know, we're so strong in that Louisville market that really, I mean, this was their only property in the Louisville market. Why stay? I mean, when we're, you know, the largest player in that market and actually we're the largest player in the Little Rock market, why stay there too? I think it's repositioning. I think you'll continue to see repositioning from people saying, do I wanna be in that market any longer? Does that make if that makes sense. Yeah. Are you seeing, you know, I know deal flow is not as strong as you might hope, but are you seeing more opportunities for consolidation or more, you know, call it somewhat motivated sellers emerge? Well, I actually, I mean, really, I like the deal flow that we have. I'm not sure that if I'm the finance company or the broker, that I'll like that, but for me, it's fine. I mean, we've had a really good 1st and 2nd quarter of buying. I think if you talk to brokers and you talk to finance companies, they wouldn't be happy, but we're pretty happy with it right now. I think you'll see in the 3rd and 4th quarter, even into next year, I think you're gonna see continuous people saying, "Well, do I really wanna be in that market any longer? Can I stay in that market?" Because you saw that last year too, people exiting markets, and I think you'll see it. I think you'll see companies say look at themselves and say, "Well, we need to go ahead, and it's the time where maybe we need to pay that other property off and sell this property because we're not gonna stay in that market any longer. Okay. Fair. Eddie, obviously the deal was almost fully equitized. From a balance sheet perspective, how comfortable are you taking leverage back to where, you know, where you ended last year? Yeah. We ended the year a little over 42%. That brought us back down to 40% with the equity that was raised. Certainly, I mean, as the, as the deals come about, we, you know, we would look to go and potentially put some, put some leverage on, the current assets, you know. With the debt markets, like I said, kind of being with us right now, we would certainly consider it. I don't think, you know, we're... 42% is not something necessarily we're scared of. Now we don't wanna go much higher than that and we wanna make sure that we continue to have a very strong balance sheet, low leverage. You know, somewhere in that 40%-42% range, you know, we're comfortable with. Okay, perfect. I'll turn it back. Thanks. Ladies and gentlemen, if you wish to ask a question, please press star followed by the number 1. Next question we have Matt Kornack with National Bank Financial. Hey, good morning. Good morning. ... ask a bit about the usage of the at-the-market program. Obviously, it's the first time you sort of put it into play. Was there anything sort of specific? Can you just talk a bit about how you chose that particular number at that particular time? Well, you know, I mean, we're always concerned with managing our capital structure. You know, we had the ability to lever. You just look at it and make the. You know, we felt confident in a bought deal. This was the most efficient way to conclude this particular transaction. Really, you know, all of our tools in the shed were available, and this was just the most efficient way to go ahead and get this transaction done. It wasn't anything more than that it was just the most cost-effective and efficient way to transact. Okay. We had the inquiries... No, I was just gonna ask... Sorry, go ahead. We had the reverse inquiries, you know, kind of at the right time, and had folks that were you know, liked the story and wanted to get in. So that was, you know, to Kurt's point, not, ain't nothing really more than that. Okay. Any thought given to maybe expanding the size of your credit facilities that are available to help facilitate deals? When you mean credit facilities, do you mean debt or do you mean like the ATM? I mean, I just wanna make sure I answer your question right. Yeah, like expanding. I wanna say like your credit facility right now, I think it's $5 million-$10 million, somewhere in that range. Like, any thought? Oh. -sort of expanding the size of that- No. facility to help facilitate? Okay. No, we don't really need it. I mean, that's actually just something that's a small short-term bridge. You know, again, to Eddie's comment earlier, the debt markets are wide open for us. This isn't like 2008. You know, we were there in 2008 when the entire credit market shut down as well as the capital markets. This isn't then. This is, you know, our debt markets are open and, you know, We have the open-ended credit facility with Fannie Mae, so we could put hundreds of millions of dollars in that if we want. That's a nice thing to have in your pocket. Okay. Just lastly, on the G&A side, it's ticked up a bit quarter-over-quarter. I think there's an extra $240,000 or something like that in the other line. Should we be using like this quarter as sort of like This quarter, I think it was, what, $2.1 million this quarter as a run rate going forward? Yeah. There's a little bit of heavier G&A in Q1, just as a result of, you know, a number of things we do, reporting, AGM, those kind of things for consulting and legal work. I'd expect about half of that to continue, and then about half of it you'd see drop off. Okay. That's perfect. Thanks very much, gentlemen. Thanks, Kyle. There are no further questions at this time. I will now turn the call over to Kurt. Thank you, operator. Thank you everyone for participating today. Please feel free to reach out to our investor relations team at ir@flagshipcommunities.com if you have any further questions. Have a great day. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your line.