Hello, ladies and gentlemen. Thank you for standing by. Welcome to the Flagship, Flagship Communities REIT's third quarter 2023 earnings call. At this time, all participants are in listen-only mode. Following the presentation, we will hold a brief question and answer session for analysts and institutional investors. If anyone has any difficulties hearing to the conference, please press the star followed by zero for operator assistance at any time. I would 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, the 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 Flagship, flagshipcommunities.com. Flagship has also prepared a corresponding PowerPoint presentation, which it encourages you to follow along with during the call. Now I'll pass the call over to Kurt Keeney. Kurt? Thank you, operator. Good morning, everyone. Thank you for joining us today. Anyone who has followed the Flagship story for a while has heard us talk about the strength of the MHC industry and its track record of outperformance relative to all other real estate classes. This continues to be true and was especially prevalent in the third quarter, a quarter where we saw strong growth relative to other real estate classes, which struggled due to the recent rise of the Government of Canada yields. We saw year-over-year improvements in rental revenue, NOI, and FFO, which are all positive trends for our business. Rental revenue increased by nearly 21% compared to last year. FFO increased by nearly 15%, and NOI grew by just over 20% compared to the same period last year. Year to date, we have seen rental revenues increase by over 20%, with same-community revenue growing by over 9% each quarter, and that trend continued this quarter. This remarkable achievement speaks to the consistency of our business and our strong and experienced operating team. Our management team is especially focused on same-community metrics because they provide a better depiction of the growth and the overall stability of our business. Those metrics saw notable increases during the quarter. Same-community revenue was up over 10% over the same period last year. Same-community NOI was up nearly 11% over 2022 levels, and same-community NOI margin was up over last year. Our positive financial results enabled us to announce a 5% increase in our monthly cash distribution. This is the third consecutive year that we have raised distributions, which speaks to both the strong fundamentals of our business and the MHC industry. Another key measure of success for our business and our occupancy rates and average monthly rents. Similar to the growth we have seen with the rental revenues and same-community revenue, these metrics have gone up per quarter and have steadily increased since 2019. We have demonstrated our ability to maintain a stable and growing resident base. This 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 pension. The residents in our communities are less affected by inflationary environments, as those in traditional stick-built homes or apartments who are more prone to fluctuations in their rents and mortgage rates. Earlier in the call, I spoke about our industry amidst the other real estate asset classes. Interest rates, particularly in Canada, are near all-time highs, which has led to higher financing costs, higher cap rates, and less transactions amongst the Canadian multifamily, industrial, retail, and office sectors of real estate. However, our ability to grow during the same period speaks to the strength and the solid fundamentals of the MHC industry. The interest rates for our customers have not changed substantially, and their credit underwriting remains available, which is why our manufactured homes are 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 home. Our customers enjoy two, three, and four-bedroom homes, typically with two bathrooms. These homes also have a deck, driveway, and home laundry facilities, all for less than the cost of renting an apartment. We have also made two significant acquisitions during the quarter, and Nathan will provide more detail on these, his remarks right now. Nathan? Thanks, Kurt. Good morning, everyone. Acquisitions have always been a big part of our history, and this past quarter has no exception. In August, we acquired an MHC in Evansville, Indiana, for approximately $23 million, funded with cash on the balance sheet and additional leverage. Opportunities like this don't come around very often. This is a top-tier asset. It is one of the nicest assets in the state of Indiana and arguably one of the best assets in the U.S. Midwest. We have included a few photos of the community on slide eight of this presentation. Evansville is also a strategic component of our portfolio. This is our eleventh purchase in Evansville market, and we have been operating there since 2015. The community has 309 lots, of which approximately 95% are occupied. This acquisition provides Flagship with the opportunity for stable and continuing growth for the Evansville market, while adding growth, occupancy at all of our communities in the area. During the quarter, we also added to our resort-style communities, completing a $3 million acquisition at Indian Lake in Lakeview, Ohio. Over the past few years, we have been adding resort-style communities to our portfolio, and this acquisition is close to one of our other resorts, which will enable us to leverage our management capacities and achieve economics of scale. This resort-style community is a popular outdoor and boating recreation area that features a loyal following of visitors. It is centrally located in Lakeview, Ohio, on historic Indian Lake in Logan County, Western Ohio. We remain disciplined in our approach when it comes to acquisitions. If an opportunity does not adhere to our strict acquisitions criteria, we won't pursue it. These criteria are as follows: First, 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. And finally, we're seeking acquisition targets within our current markets or adjacent U.S. states, where we currently operate with similar regulatory frameworks and characteristics as existing markets within our portfolio. This framework allows us to achieve steady and measured growth while continuing our bolt-on strategy to acquire adjacent properties within our markets. Our operating experience has helped us establish long-standing industry relationships. These acquisitions and others we have made to date were made possible in part through our long term relationships and solid reputation as responsible and credible operators. The MHC industry is primarily comprised of local owner-operators. The top 50 MHC owners are estimated to control only approximately 17% of the 4.2 million manufactured housing lots in the United States. With that, I will pass it off to Eddie, our CFO. Thanks, Nathan. Good morning, everyone. We generated revenue of $18.2 million during the third quarter, which was up 20.7% over the same period last year, primarily due to lot rent increases, occupancy increases across the portfolio, as well as acquisitions. Same-community revenues of $15.7 million grew by 10.3% over the comparable period last year, which was driven by higher monthly lot rent year over year, growth in same-community occupancy, and increased utility revenues. Net operating income was $11.8 million during the quarter, an increase of 20.1% over the prior period as a result of lot rent increases implemented during the year, occupancy growth, increases in utility revenues, and economies of scale from operating in existing markets. NOI margin was 65.2% compared to 65.5%, while same-community NOI margin was 66% compared to 65.7%. FFO for the third quarter of 2023 was $5.5 million, an increase of 18.9% from last year. FFO per unit was $0.26 per unit, an increase of 10.6% from the same period last year. Our same-community occupancy increased to 85% versus 83.6% last year, which reflects our ability to drive occupancy growth utilizing the homeownership model and our commitment to resident satisfaction, ensuring our communities are in desirable locations. Rent collections for the quarter were 99.3%, an increase over last year, which continues to demonstrate the strength and predictability of the MHC sector. As of September 30, our total lot occupancy was 83.5%, and our average monthly lot rent was $415. Both of these metrics were within our expectations. We ended the quarter with total cash and cash equivalents of approximately $5.9 million. We also have 16 unencumbered assets with a value of approximately $28.1 million as of September 30, 2023. With that, I'll now turn it back over to Kurt for some final remarks. Kurt? Thanks, Eddie. While we are proud of what we achieved to date, we are always striving to do better. Many Midwestern Americans rely on us for an affordable living experience, and that provides us with the motivation to continue to improve and always strive to provide exceptional residential living experiences. To that end, we are always looking for opportunities to provide better value for our residents, mainly through our purchase power ability as a large operator that our residents could not get otherwise. Not only does this help our residents, but it helps us provide a better cost structure and enables us to potentially cascade that model across our portfolio to other markets. Our disciplined capital structure speaks to our conservative nature. We remain committed to maintaining low-cost debt profile with long-dated average maturities. Our weighted average mortgage term to maturity is 10.3 years, and our weighted average mortgage interest rate was 4.09% at the end of the quarter, which the majority is at a fixed rate. During the quarter, we secured a variable rate interest bridge loan so that we could position ourselves to quickly acquire the Evansville MHC, which we consider to be best, a best-in-class asset. We intend to refinance this bridge loan at a fixed rate, and that process is already underway. Obtaining secured debt on a fixed-rate basis is important to us to mitigate risk. We have no material near-term debt obligations and no bank balance sheet mortgage debt. This strategy allows us to maintain staggered maturities to lessen interest rate risk, while allowing us to ride out difficult economic cycles in the fullness of time. In closing, our REIT offers investors an opportunity to participate in a niche and stable market with significant growth potential. Our performance this year continues to demonstrate the steady and predictive nature of the MHC industry and our ability as operators. We certainly thank you for your time today, and now I'll open up the line for questions. Thank you. If you wish to ask a question, please dial the star followed by one on your telephone keypad to enter the queue. Once your name is announced, you can ask your question. If you find your question is answered before your turn to speak, you can dial star followed by two to cancel. Our first question comes from the line of Mark Rothschild at Canaccord. Please go ahead. Your line is open. Thanks, and good morning, guys. Maybe just to start- Good morning. Hey, can you give an update on how much you're pushing rents now? If you're seeing maybe any moderation in rent growth, or has there been any pushback from your residents on the amount that you're pushing rent? I think that shows up in occupancy growth, Mark, and our occupancy growth is up year-over-year. I think, you know, we had advised that we were at 7.8% earlier this year back in Q1, and that's continued. You know, our leases are typically month-to-month, and we raise them typically in the first quarter, and I think we're probably gonna see the same range of rent increase next year. But at the end of the day, the answer is no, we haven't seen any issues with it. Okay, great. And then in regards to the Evansville acquisition, if you can just give a little more color on the thought process of buying what you consider prime assets in your core market. I guess there have been some others over the past couple of years like that, where maybe the going-in return is lower than some of your other acquisitions, and maybe it's not materially accretive, at least not going in. Is it, is it just that you have to own the asset for protective reasons, or you want to own in your core markets, or is there a better opportunity for rent growth that you see that others might not see? If you could just explain that. Well, Nathan, you want to take the first? I have a quick answer, but, Nathan, you want to take the first? Yeah. I mean, we—the property is adjacent to one of our other properties, and like when we mean adjacent, it shares actually a border of property line. And this property is a top tier, and you want to own the best in market and best in class, and we had the opportunity to own that. But also it helps with home sales, because many times people will come there to purchase a home, and our other—and while this community has very few home sites available, they would come there to maybe shop for a manufactured home, and they may end up living in one of our other properties. Okay, great. Then maybe just one last question. There was at least an announcement of a portfolio. I think it was maybe like 10,000 lots that sold or is trading. It seems to overlap with some of your markets. I don't know if you have any comments on that portfolio, the comparison to your portfolio and evaluation metrics, if there's anything we can infer from that. We're absolutely aware of the transaction. You know, there hasn't been a lot of transactions, and that is a substantive transaction, there's no doubt. And it is an upper Midwest, although there's some Florida assets and some in Montana. But we don't comment on the valuation of that at this time. All we know is that because, again, it's not our company. But at the end of the day, there is absolutely a transaction that was large, about 10,000 lots, and we absolutely can confirm that, and we think it's an openly marketed transaction. Okay. Thanks so much, guys. Thank you. Our next question comes from the line of Mike Markidis of BMO Capital Markets. Please go ahead. Your line is open. Thanks, Operator. Good morning, guys. I wanted to- Good morning. I wanted to circle back on comments on the rent increase you're expecting for 2024. I think in the past, you guys have always kinda guided to the 4%-5% range, and then last year we had an abnormally high increase in Social Security, which was, you know, the rationale for pushing through, I think, an 8%-ish rent increase in Q1 of last year. And so I just wanted to circle back on that because I guess I see that the Social Security for the U.S. is the increase is 3.2% this year. So just trying to circle the square there in terms of how you're thinking about pushing rents this year based on the lower Social Security increase. Well, you've always got to be. Good, good question. You've always got to be mindful of that moment. So, again, in our industry, it's a homeownership model, and we think about 75% of our customers don't have a loan on their home, which is, which is a because of a long-term homeownership strategy. So, we think the average, again, the average rent may go up about $31 next year, which is higher than the 4%-5% range, but not as high as last year. So that's kind of our that, that is that is what we we think will will happen. And, you know, inflation does play a little role in that over time. Okay, thanks for that, and that's a great- Bear in mind, we were conservative for the years prior, if you remember. We were, you know, we've been around 5%. When everybody else in multifamily was raising 10% and 15% more, we were, we were at 5%. So, you know, again, we just want to be slow and steady. Fair comment. Thank you. Speaking of inflation, you know, great same property performance, although I guess a little bit of inflation on the cost side is, as well. And I know some of that is a pass-through just on the utility side, but the stuff that you can't pass through, what are you guys, what are you thinking for next year in terms of property staff and, insurance and tax, et cetera, on a year-over-year basis? Eddie, you wanna jump in? Yeah, absolutely. So, yeah, Mike, that's a good observation. So what I'll tell you is on the staffing cost, that seems to have leveled out somewhat. Now, for us, it's getting to full staffing. During some previous years, last year specifically, we had some times where we were running just lower staff because we didn't have the folks to hire. The actual cost and wages, those seems to have leveled out, and certainly, employment in our market has become steady, and finding talent has been a little easier over the last thirty to six months. So I don't expect a big increase there. Certainly taxes, I mean, we feel pressure on the property taxes when things are being reassessed. Fortunately or unfortunately, that seems to be somewhat reluctant with the rise in interest rates as far as the, municipalities increasing, assessed values on, on the property taxes score. So we've seen a couple of those along the way, but we have implemented a strategy on property taxes, where, we can pass property tax increases along. I think the one that you brought up and is on the top of everyone's mind is insurance. We are not unique from an insurance standpoint, but certainly we've seen some pressures in insurance. Nothing like some of the other bigger players have talked about, and I know I've heard 60%-70% increases in insurance. That's not us. But, you know, the 10%-12% range is reasonable. You know, we are actually implementing some strategies with our current carrier. We actually had some meetings over the last couple of weeks that I think are gonna help us basically shape and kind of use some strategy in our insurance program, that I think we'll be able to get some savings. But certainly, we are seeing some pressures in the insurance market. Most of those are around property insurances, and you know, we're working with our insurance providers to try to mitigate that, but we certainly will see some cost increases there. Okay. So just on a combined basis, would you expect. Because I think you guys group it together, taxes and insurance would kind of be up sort of circa 10%-ish, again, next year? Yeah, I would think that's, I think that's reasonable. Okay, great. Last one for me. Kind of stood out a little bit, and, you know, forgive me for not knowing the historical experience. I know it's been good, but your collection's improved to 99% from 98%, I think year-over-year. Maybe is 99% a high water point, or is that typical for you guys? And I guess, you know, maybe just some comments on what the improvement, I mean, it's a good news sign, but why you think you're seeing that? Yeah. So I, Pardon. Go ahead, Eddie. Yeah. So what I'll tell you is, Mike, our assumption always has been that we see 1.5% of, s o 98.5% collection. That's kind of been our rule of thumb. You know, that really actually elevated during COVID, and during COVID, because there was a lot of governmental type programs that helped. Around this time last year, we started seeing some of those programs go away, and so you started seeing that drop a little bit, you know, back below the 99%. But 98.5%-99% is a normal kind of a normal collections expectation for us. Our customers, our residents are healthy. You know, in our market, if you want a job, there's work available. You know, the benefit, t he people that got the benefit of the wage inflation over the last two to three years are our residents, right? Folks in the service sector and some of those jobs that the folks are just, t hat's our core resident, the working class. And so our residents are generally very healthy. And so the collections, you know, between 98.5% and 99% is where I would normally expect it to be. Okay. That's very helpful, Eddie. Thanks. I'm not going to be a puck hog, so I will turn it back. Thank you. Thanks, Mike. Thank you. Thank you. Our next question comes from the line of Brad Sturges at Raymond James. Please go ahead. Your line is open. Hey, guys. Morning, Brad. Just on the, Kurt, you talked about the bridge loan in process of putting in permanent financing on Evansville. Just curious where you are in that process, and could we see permanent financing in place by the end of the year? Also, just wanted to get some guidance on expectations for where fixed interest rates would be today. Eddie, you want to take this? That's what you, I know you're working on. Sure. Yeah. So I won't give exact guidance on closing time, but yeah, it will be—it'll be forthcoming shortly. I don't know if we'll get it done by the end of the year. You know, some folks are not, the lenders are, aren't necessarily as motivated to finish these things by the end of the year. You know, they like to have it come in the first year or so. But what I'll say is rates, you know, we've actually seen some good signs from rates just in the last couple weeks with the 10-year treasury moving. Y ou know, those rates were closer to seven a month ago. You know, we're seeing in the mid-60s is probably where we would look at for long-term fixed rate financing, 10, 12, 15 years, for a deal like that. Okay, that's helpful. In terms of the acquisition pipeline you're reviewing or looking at, just curious if you're seeing any further cap rate expansion. I know we've talked about maybe value add cap rates expanding out a bit more than core. Just seeing if there's any changes on that front in terms of yield expectations. Nathan, you want to jump in? Sure, sure. You know, what's interesting about this market is there's very few deals to even know if there is any expansion. I mean, I'm hearing very few deals changing hands other than the one big deal, which actually started, I think, quite a few months ago. There has been nothing trade hands, so you're not seeing much, y ou wouldn't know if it existed. No signs of distress by overleveraged owners that are looking to? Um. Who may have been off-site from, like, a capital structure? Yeah. I think you're starting to see stuff like that, but I don't think that it's actually come to the market yet. You know, I said the other day, I said, the first thing they're gonna do is pay the bank. Then the next thing that's gonna happen to those distressed buyers is they're unable, after paying the bank and the higher interest, they're unable to take care of the property, and they're unable to pay the taxes at the end of the year. So you normally probably wouldn't see that, that stress happening in probably till April or May, given the number of paid for properties. Okay. That, that, makes sense. Appreciate that. I'll turn it back. Thank you. Our next question comes from the line of Kyle Stanley at Desjardins. Please go ahead. Your line is open. Thanks. Morning, guys. Morning, Kyle. Yeah. I just wanted to go back to the Silver Lake acquisition. Just curious if you could talk about, you know, how the integration of that and the stabilization is going. I know, I think there was a number of home sales to be done, over a period of time, so just wondering if we can get an update there. Yeah. So yeah, good question. Yeah, Silver Lake is going extremely well. I look for some nice stabilization between now and the end of the year. When we closed on that property, I think we had 42 unoccupied rental homes in various stages of setup. I think we've got that number now down to about 14, and we'd look to try to lease those up between now and the end of the year. Again, we're a home ownership model, but sometimes you got to deal the hand that you're dealt. And so we're, w e got those 42 rental homes with it. I will note that so we, you know, we've already got some of our new amenities in. The roads are already fixed. Again, it's going very well from an integration perspective, but you know, our rental home fleet went down quarter-over-quarter by about 40 units. So that's actually pretty exciting to me when we added actual units to it during the quarter, too. So we're pretty thrilled with Silver Lake at this point. Okay, no, that's. Thank you for that update. You know, we've, we've talked about it a couple of times, just that, that sizable deal, that, that bid price in some of your markets. Just curious, can you, you know, Nathan, you kind of mentioned that you don't expect or haven't seen the distress yet. Do you know what the motivation for the seller was, and then who the potential, you know, type of buyer was, and, and maybe what the, the interest in the portfolio would have been? I do know the buyer. It was a family shop exiting. Okay. Okay, and then, no, I think that's, that's it for me. I will turn it back. Thanks. Yeah, we'd be glad to talk to you offline, but, you know, we're just so sensitive to not being able to, y ou know, again, we don't want to report on hearsay. Yep. No, no problem. It was a long-standing member of the industry that was well known. Yep, all good. Thank you. Our next question comes from the line of Himanshu Gupta at Scotiabank. Please go ahead. Your line is open. Thank you, and good morning. Good morning. So just on the permanent financing for the bridge loan, what options are you looking at? I mean, Life Cos or Fannie or banks, and like, who is most aggressive and who's... is there any, you know, lending type which is pulling back from this market? Yeah, so I mean, we've certainly looked at all options. We've looked at all options, agency debt, Fannie, Freddie, Life Co as well. To answer your question, no, there seems to be no pullback in the markets. As of right now, it looks like the agency has been, is being, you know, a little more aggressive in the business, but we got quotes from multiple Life Cos, multiple agency quotes, and they are open for business. You know, obviously, the rate's a little thicker than where we've locked in in the past, but they're open for business. And honestly, they really like our asset class, right? The reliability and stability of the revenues, they really like that. The thing that they like the most are assets with low rental home fleets, which is, you know, it's what we do. It becomes a lot more complicated to get these deals financed when you have a significant rental fleet. That because of the volatility of that customer, of a rental home customer, you know, they act like a big, great apartment as far as turnover. And so when you have a community that is 90%+ homeowners, the lenders are very, you know, aggressive and interested in doing the business. Okay. And, and I think you mentioned something closer to 7% rate. Like, like what term are we talking, like 10 years? Or are you, you looking for longer than that? So there's been, basically, if you look from 10-20 years, rates are very similar. There are very little fluctuation in the term, in the rate versus the term. So, we're looking at all of it, probably right now, looking, you know, 10-12 years, right now. I think the rates are gonna be, you know, closer to 6.5, hopefully. 6.5 to 6.75. I don't really want to see anything with a seven handle at this point. And I think we can avoid that. Like I said, we've seen some help from the 10-year treasury over the last, last couple weeks, so I think we're going to be able to get into a little bit better rate. Got it. And, I don't know, have you disclosed a cap rate on this Evansville acquisition? Can you re-remind on the cap rate, like the going-in cap rate on this acquisition? Yeah. Yeah, it was right around five. Right around five, okay. Okay. And then, you know, sticking to this Evansville market, you know, post this acquisition, like, what market share do you have in that, in that Evansville market now? You know, I'd probably have to go back and do the math, to make sure that I don't misquote. But right now we're having a pretty strong, w e're in a strong market player in Evansville, but it's not that we have all the lots. What I would say to you is, we have the best communities now. And, again, the accretion, like, we may have paid a five cap on the, on the best in asset class. We think it's best in asset in Indiana, by the way, not, not Evansville. And, the accretion actually probably comes next door at our other location, where we've got 100 vacant lots and it'll push and drive customers there. So what I'm, what I'm excited about is not that we have dominant market share in Evansville. I'm excited that we have the dominant quality assets in Evansville, and that's actually more important to us, 'cause we want to be the primary place people want to live, and then everything else works out. Got it. And maybe in a follow-up, again, on Evansville, I mean, your portfolio occupancy is more like 75%, and the acquisition, what you have done in Evansville is like 95%. Like, why the big gap between, I mean, one is like, fully unstabilized. I mean, the existing portfolio is like, what do you say, mostly unstabilized, and this is stabilized. Is that the only gap, or is it the quality difference, is the big gap? Well, we bought those portfolios from different operators, but the first big one that we bought with the property that was next door, by the way, to this high-quality asset we just purchased, it had over 200 old home rentals in it when we showed up. And so we have been systematically removing them over time and selling new homes, actually. So that's actually the reason the occupancy is a little bit lower, is because we're high grading the housing stock in the community. So it's they're all stabilized from that perspective. But the high grading in the Evansville market will probably go on for another four or five years, eh, just because again, we will grow incrementally, but we won't be into the 1990s of these other ones, you know? We'll grow, you know, 1.5%-2% a year because we're pulling out some 1972 homes that need to go to the dump. Got it. Okay, thank you. Last question is on same-store NOI growth for the next year. I mean, I think you already spoke about on the rental rate increase, you know, similar to this year. You spoke about the expense inflation as well. So if we put everything together, I mean, would you say like high single digits seems to NOI growth, or would you say mid-single digits seems to NOI growth for next year? I'd say we're gonna see more, you know, mid to high. I mean, I wouldn't say that, you know, I would expect 10% every quarter, or 11%. But, yeah, I mean, I still think we can achieve high single digit. Awesome. Thank you, guys, and I'll turn back. Thanks, Himanshu. Thank you. Thank you. Just as a reminder to participants, if you do wish to ask a question, please dial star one on your telephone keypads now. The next question comes from the line of Tom Callaghan at RBC. Please go ahead. Your line is open. Hey, good morning, guys. Good morning, Tom. Just one on my end, on the capital spending side. Just curious, like I'm assuming, given the quality of that Evansville acquisition, there's maybe not as much in terms of initial requirements for kind of the amenity initiatives that you guys usually do. Is that the case? And then just secondly, more broadly, where do you kind of see capital spending here trending over the next few quarters? Well, I think, when it comes to the Evansville acquisition, what's interesting is it had a massive clubhouse that was, again, best in class, and, you know, I don't know, maybe 8,000 sq ft. It was. It's massive and beautiful. It did not actually have a municipal grade playground, and so we've actually are installing that and pickleball courts and shuffleboard. So again, we are upgrading the amenity package there. It's probably not as heavy of a lift as normal, that we would see. It's a little lighter than we would see, which was, you know, that's appealing to us. You know, the streets were in good shape. The infrastructure was in excellent shape, actually, in the entire community. So, as far as the capital, you know, again, you know, Q4, Q1, the capital expenditures are not, you know, we're out of the construction season. In our industry, that's really Q2, Q3. So, I don't see anything crazy going on in the next, you know, other than just some continued maintenance CapEx over the winter. Eddie, I don't want to speak to you, but you want to jump in? Yeah, no, I think that's, y eah, I think that's true. You know, Tom, a lot of the capital spend that you've seen over the last year to year and a half were the result of the heavy acquisition load that we had kind of over the last couple of years, and the work that we do when we acquire a community, whether it's paving streets or to CapEx, playgrounds, basketball courts, all the amenities we put in. You know, a lot of those projects are nearing an end. They're not there yet, but they're nearing conclusion. So, you know, absent a bunch of large acquisitions, again, I would expect the CapEx to see it tail off a little bit in Q4 and Q1. That's great, guys. Thanks. Appreciate the color. Thanks, Tom. Sure. Thank you. As there are currently no further questions on the queue at this time, I'll hand the floor back to Kurt for the closing comments. Well, thank you, operator, and thank you everyone for participating. Please feel free to reach out to our investor relations team at ir@flagshipcommunities.com if you have any further questions. Thank you. This now concludes the conference. Thank you all very much for attending. You may now disconnect your line.