My name is Michael Cooper. I'm the President of and a member of the Board of Dream Unlimited, and welcome to our annual meeting. I'll act as Chair of the meeting, and Rob Hughes will act as Secretary of the meeting. With the consent of the meeting, I appoint Daniela Munoz and Paul Allen of Computershare as scrutineers for the meeting. Yeah, you guys are okay with that? We will now proceed with our formal business. To expedite the formal part of the meeting, I will move, and Shannon Macri, a shareholder, will second all motions. After our formal business is concluded, our management team will make a brief presentation, and there will be an opportunity to ask questions. When we say the management team, I'll make a brief presentation. I have an affidavit from Computershare as of the mailing of everything. The scrutineers have advised that we have a quorum. The first item of business is the presentation of the company's 2021 annual report, which contains the company's audited financial statements for 2021. I note that the Secretary has placed before the meeting a copy of the 2021 annual report. The next item of business is the election of directors. As stated in our circular, 8 directors to be elected at the meeting, and 8 nominees are named. They are Alon Ossip, Joanne Ferstman, Richard Gateman, Jane Gavan, Duncan Jackman, Jennifer Lee Koss, and myself. Shannon, will you please nominate the nominees? I nominate the individuals listed in the Management Information Circular dated April 22, 2022 for election as directors of the company. Thank you. Are there any further nominations? Seeing no further nominations, I declare the nominations closed. Based on the proxy received, I would mention that each of the eight nominees received a majority of votes cast in favor of their election as a director. After the meeting, we will issue a press release with detailed voting results. Given the proxies received and as the number of persons nominated for election as a director is equal to the number of directors to be elected, I propose that with the consent of the meeting not to take a formal vote. Therefore, I confirm that the meeting has been carried, the motion has been carried, and the eight persons who were nominated have been elected. The next item is the appointment of PricewaterhouseCoopers. I move that PwC be appointed auditor of the company until the next annual meeting, and the board will determine their fees. Shannon? I second the motion. Thank you. The meeting will now vote on the motion. I propose to take a vote, the vote by a show of hands. Close. The motion is carried. The formal items of business as set in the notice of meeting have now been dealt with. As there's no further business to come before the meeting, I declare the formal part of the meeting closed. Okay. I asked Kim to put together some slides of other things we've done, so, there's nothing original in our presentation. What I've been trying to do is figure out how do we express how it all comes together. This is from February. This was the spill my guts conference call, where we talked about all kinds of numbers we don't normally talk about. We'll update this occasionally. We're not gonna update it minute by minute. I think the key things are, we've got a book value, and that doesn't reflect a lot of the great things of the company. Things like what's happening in urban development, asset management, A-Basin, Western Canada, and the inherent interest in, some of the, like, Dream Impact and Dream Office. I'll get back to this later. I'm gonna end with the same Slide-Ish. Okay, next. What I'm gonna try to do is focus on what I think about is the sustainability of the company. When I say sustainability, I mean it in the fullest sense. How do we attract and, motivate people that are here? How do we, generate returns? How do we make sure we have the right liquidity? How do we make a difference in our communities? How do we contribute to reducing carbon emissions? This slide shows sort of a breakdown, CAD 12.5 billion of 1/3-party money to about CAD 4 billion of our own, broken out between development assets and income assets. Go ahead. One of the things we've tried to do, certainly since 2016, is to really focus on making our company sustainable by having really high-quality assets. I think throughout the photos that you'll see, we have really Best-In-Class assets. In fact, in the industrial REIT prior to 2016 or 2017, we had a lot of small bay buildings, older buildings. I actually liked them, but these buildings are a lot more institutional and probably will weather ups and downs better. One of the things we'll focus a little bit on is what's happened during COVID at the company, which has been probably one of the greatest growth periods for our company of all time, which is counterintuitive. Within Dream Industrial REIT, we've more than doubled the amount of sq ft and more than doubled the market cap, and we've grown to the US and Europe. This one's interesting because we've been looking at what the returns have been. In industrial, going back to Paul's question earlier, we had a big value increase in Dream Industrial, and that value increase allowed us to be able to grow the business by issuing equity. We ended up with a 54% increase in value for the shareholders of the company over a 27-Month period, and a more than doubling of the company. Next. This is digging in a little deeper. Dream Industrial REIT or the entire Dream organization hasn't developed a lot of industrial buildings in the past, and we've really made that a focus of having high-quality assets, sustainable assets, both in terms of climate change as well as economics. We're now quite active, and we've had some great successes so far completing buildings. We've got land, and we'll get into that a little more. This is a new expertise that we've added over the last 27 months. This is like I think when we talk about sustainable as well, we're doing so many things to manage buildings in a way that are for the future. I do want, if you can, I think that's one of the themes, is that so much of what we're doing is to be really Well-Positioned to have competitive advantages against our peers for the future. This is 5 million sq ft of solar. We did a lot of solar. We actually did 20% of the rooftop solar in Ontario between 2005 and 2013. Now with that, the expertise we're taking to the industrial buildings. I think the team's looking at doing some net zero industrial buildings. You know, throughout the business, throughout the whole business and in each business, we're really focusing on how do we create buildings that are better for the environment. Next. You'll see this throughout. I just wanted. You'll see it. I'm not gonna talk of each one, but we're leaders in just about every type of Future-Proofing for sustainability, for carbon emissions, for not just net zero, but even a lot of the stuff we're doing with our employees and our community. Next. Yeah, this comes out of Gord's presentation. This is a pretty amazing concentration of downtown Toronto offices, office buildings. We're doing a tremendous amount to make these buildings more valuable and more competitive, and I don't think there's many people in the world that have assets to rival this in Toronto, which is, what? The 1/3-largest city, fastest-growing city. So I think it's gonna be good over time. Next. Yeah, this is a slide that I also stole from Gord's presentation. I did it because... I chose this one rather than the bathrooms or the hallways, because we went to the city and said we wanted to tear down Fisherman's Wharf. They don't like giving out demolition permits if they don't know what you're gonna build. We're going like, "We're not gonna build anything. We wanna open up a really special place." We think we'll make more money off of this alley than we would have off of the building. This is gonna be a pretty cool place in the center of the city to sit out, have a beer, and it'll be a little bit like how it is in London. We're excited to get that together. I'm glad to hear Gord say it's 99% complete and can't wait to see it. Next. We're going the distance in all this. The scores we're getting are unbelievable. I would say that we've been very focused on impact. We haven't really been focused on having organizations give us their good housekeeping seal. That has not been what we've focused on. The more stuff we've been doing in impact, we had to apply for these things because I think it kinda. That's what people wanna know, right? We're pretty thrilled that even though this hasn't been a focus of ours specifically, it's really a derivative of what we're doing in impact, we still had such great scores. This is more innovative. I mean, what we're doing with the green lease, I think we just won a community award for it and for what we're doing with procurement. This is really innovative for how we're trying to work with our tenants to promote operating our businesses with more green focus. Now, Jay had this one up. What I thought was really interesting was notwithstanding what's been happening in the office sector, Dream Office still increases net asset value, including distributions, by 13% per year. I was glad that Jay didn't mention what I think is the most fascinating is that that gain comes from buying back stock. We've been helped by that 54% increase in value from Dream Industrial. We've saved some cash, and we've also had 2 buildings approved that have increased the value quite a bit. The part that's missing here is there has been no change in the value of the buildings, notwithstanding the amount of money we're putting into it. We've been very, very conservative focused on the buildings. I think that's kind of a pretty conservative way of making the buildings better and better and better and how we're doing our accounting. Next. Yeah, this one. Just for those who don't follow, Dream Office and its predecessor, Dundee Realty, have now reduced their shares outstanding by more than 40% 3 times. Once from 1998 to 2002. Another one was in one big swoop in 2007. From 2016 to now, it's down 60%. I don't know if there's another company in Canada that's reduced their shares outstanding more than 40% 3 times. What we've done is we sold 140 buildings that I'm really glad we don't own now because I think in office today, you gotta have your best, and you gotta take really good care of them, and they gotta have great offerings for your tenants. You know, between selling assets, reducing shares, and improving our assets, I think we're in really good shape. Okay. Western Canada's back, baby. All you guys who said, you know, "Sell Western Canada," it came back, and you know, I think we're gonna have better numbers this year than last year. Two years ago we had really bad numbers. It's nice, you know, 'cause if we would've had those numbers in 2015, it wasn't that valuable to us. Having Western Canada come back the way it is, that's really gonna help us deal with some negative surprises. It's gonna be up from what did we have, Jose, last year? CAD 40-something million of margin? Yeah we're looking to have maybe 8-10 times as much margin in Western Canada as we did 2 years ago, and we're really thankful for it. We've got incredible sites. Providence is one I've been talking about since June of 1997 when we bought it, and I was right. 20 years later, but I was right. Homewood is just. I mean, we got a 40%-50% market share of Saskatoon. We've been building apartments there. We built townhouses for rent, and now we're doing some single-family rental. All of that in this market, we're still getting over 6% returns, including land at market. We're pretty excited about continuing to build that up. Next. A-Basin. This year our yield was 18% higher per skier than our best year ever. This year we had about 375,000 skiers. Our best year was 600,000, but we had low yields. Our revenue, total dollars with 375,000 skiers, is higher than what we had as revenue when we had 600,000 skiers. This year we had the highest revenue ever. Costs are up a lot, but I think we're gonna have the best financial results we've ever had at A-Basin. The whole year, we had 75% of a normal snowfall, so there's upside there. We're working with the Ikon Pass who have privileges at our ski area, and we're adding another eight days from the blackout. That should add another $1 million. We continue to see great opportunities, and maybe the most wonderful thing is I think we're gonna pull out between $5 million and $10 million that's not needed for operations. We're actually seeing big cash flows coming out Post-COVID and post no longer accepting Vail's pass. The distillery here really just represents that we own a lot of income properties, and it's been growing a lot, and they're good quality income properties. They help us be a sustainable business. Here we get into impact, which has really become a leading innovation within our company in terms of how we think of everything we do. Just a couple things I'd point out is, you know, CAD 6 billion of net zero communities is probably CAD 5 billion more than anybody else. The way we're measuring our emissions, other people do, but we're publishing it, and the numbers are pretty good. In affordable housing, we now have 2,618 units that we're building, that we finished building or are underway. When we talk about affordable housing, it can mean anything less than market rent. You know, sometimes there's a uncertainty as to what it means. On average, the rents in our affordable housing units are 43% below market, which is high. The most amazing part is, in those 2,600 units, the residents are saving CAD 42 million a year. This is meaningful. In addition to that, between our procurement and some of our mentoring and our community foundation, we're really, you know, figuring out how do we make a community that is meaningfully better for the people who reside there, which I think is a good way to attract and maintain and keep people here. It's a great way to make money. It's a great way to be, as Meaghan was talking about, a partner of choice. I'm really pleased with the progress we've made in this area. I think that we are where everybody's gonna have to go, and we're doing everything we can to continue to innovate to go further in what we're doing with governments and how we're doing impact. Just another long list of. These are all one way or another things that we're signatories of and living up to and trying to provide the community the best we can from our buildings. Yeah, I just wanna take a second on this. The federal government approved CAD 26 billion of RCFI financing. They have not put out CAD 26 billion. That's just the amount that they have. We've already secured over CAD 1 billion of that. We're building buildings now with, let's say, an average of under 1.5% debt for 10 years, and that really helps us create this affordable housing at such a discount. The second one here was an idea that Meaghan and the team had of how do you get affordable housing cheaper, faster, with less risk. The idea was, could we find a way to create affordable housing within existing buildings by using some known financing techniques, which are basically longer amortization period, higher debt ratio. That's important because government debt's cheap and our equity is expensive. The more cheap debt we use and less expensive equity used, the more we have available. What we're basically doing, for the analysts in the back, is reducing our overall cost of capital of the project, and we can push more of that reduction in the cost of capital to the benefit of our residents, and our stakeholders can still do just as well or better than a market project. The government gave us a CAD 450 million commitment as a pilot project. On November first, they announced the MLI Select program, which was a program. The other thing we agreed to do was reduce carbon emissions by 15%. MLI Select is a new program that is based on what we went to CMHC with, and that's available nationally, and I know a lot of people are taking advantage of it. We're actually very proud of that because if the goal is to make as much impact as we can, we can make a lot more impact when we're not the only ones doing it. We're really proud of this. Next. Yeah. I tried to get a bigger picture, Gord. This is another innovation where we went to the Canada Infrastructure Bank and talked to them about what kind of financing we could use that would help us reduce the carbon emissions dramatically. We came up with a CAD 136 million loan. Everything's engineered before the loan's approved. Then, you know, whenever we wanna draw money, the engineers have to certify. This could be certifying that a CAD 3,000 electric heat pump has been installed. It's very like tiny. Just, it's a tremendous amount of work, but altogether, we're gonna save a lot of carbon emissions and we're gonna be a lot more attractive to our tenants, and we're gonna save money. Again, Canada Infrastructure Bank was really keen to do this. They were keen to do it with us, and they wanna do more of it. They've asked us to promote what they're doing. This is just another example of how we try to create programs with the government. Next. Yeah. One of the things is Dream Unlimited owns a lot of interests in impact investments that aren't in the impact fund or the impact trust, and depending on how you look at it's between CAD 3.2 billion and CAD 3.8 billion, and it'll continue to grow. We're now looking at our impact report, I think it was out yesterday. It has an impact score for all of our office buildings, so we're really expanding the way we look at the business. Okay, next. Okay, this is mind-boggling to me. This is. One of the things I try to emphasize with the people that work here is that when we look at a pro forma to make an investment decision, people tend to only look at what's on the page. You look at the interest rate, you look at the revenue, the cap rate, and you go through and you say, "Okay, it's a X IRR, so that means it's good or bad." I think that's also good. I mean, I often tell people a model is exactly what it says. It's a model. It's a model of an attribute. That's all it is. It's up to us to figure out how to use that model. We invested in the Distillery District in 2004. It was an incredibly lucrative investment. It was an investment in an abandoned God-forsaken piece of land in the middle of nowhere, so we got it really cheap. We're probably at 75 times our money we made on that. Now that's. You don't have to look at what other benefits there are that way. The Distillery District and what's been done with it has become a very important calling card for us. It's probably the very first impact investment we made that really focused on what people's experiences are on one of our properties. Through that, with another partner, we did the Canary District, which was our first Public-Private partnership. The Distillery District really helped us convince the Ontario government that we'd be able to do this. We did our first public-private partnership. We've done a lot since then. This was in 2011. We got West Don Lands because the government felt that we would be a great partner who could execute, do what we said we would do, and not renegotiate, and we'd actually complete projects on time and on budget. Concurrently, we did the Indigenous Hub. In 2017, we bought a site called Victory Silos, and that one is another one that all these things are once in a lifetime. That one worked out very, very well. All of this led to Quayside, which was a Sidewalk Labs site. I'm gonna show you a little bit about it because I think it's not. When Sidewalk Labs, a part of Alphabet, was involved in it, world news. Once we win it, eh. That's a beautiful picture. These are. We put together a team of some incredible minds that have never worked in Toronto, plus some who had. On this one here, that long distance is the top of the timber building, and that's a garden for the residents to grow vegetables and stuff. This is called the Curved Building. The idea is we're trying to create a community at the waterfront that's unlike anything, and our waterfront truly needs it. We're looking at net zero, and we've got a lot of affordable housing. We've got a 2-acre water park. We're hoping the city lets us do this as the access to it. What else? Do you have another one for Quayside? Video. Okay. Just before we get to the video, you know, typically projects should have about a 15%-20% margin. Dream owns 1/2 of this site now. We might bring in partners. If we're able to hit a 15% margin, that's CAD 750 million. Our share, one way or another, will be CAD 375 million. There's a lot of work to do. We have a lot of this that we need to work with the federal, provincial, and city governments to come up with new programs to make this kind of thing possible. There's a lot of excitement, and I think we were chosen. I think we won on what the design is and how we dealt with. We brought a whole bunch of Not-For-Profits to partner with us in every way, working with the First Nations. I think a lot of why we won was how much success we've had with the City of Toronto and with CMHC, and it's about our ability to execute. Remember I was talking about sustainability in the beginning? Having these skills that are highly valued by governments when they're awarding CAD 5 Billion-Dollar projects is an intangible that wasn't on that slide in terms of what the net asset value is. We did the net asset value in February, and we won this after that. We, you know, we can talk about where interest rates are today, we can talk about supply chain, we can talk about all those things. This project will start, if it all goes well, in 2024. It'll be finished in about 2032. A lot of the stuff that we've shown you will. Whatever the interest rate today is, it doesn't matter when they're finished. Like, we don't know what the interest rates are in 2028 and times like that. As I mentioned about Providence, and just for those Mark Stonebridge knows this. We bought Providence, the first 320 acres, at CAD 19,000 an acre in 1997. We were hoping, if all went well, we could start developing in 2022 and make CAD 50,000 an acre. That would've been a great outcome. The land now is worth CAD 300,000 an acre because we failed to get it approved. How good a business is that? Okay. I then want to show you a video about Quayside. I hope people saw the video for Forma. I think what we're trying to do is really create confidence in everybody we deal with, that if they entrust us with their capital or their lands or their debt, we're going to create something special. The pandemic has forced us to be more creative to find new ways to work, and I think we've done well to assemble a World-Class team that is both local and continental, and international. Quayside is a wonderful opportunity to create what I think people want as a community today. We've all lived through these last couple of years with the pandemic. One thing that we've, I think, all come to realize is that there's a great desire for access to green spaces. I think that this has to be a really, really important aspect. The built environment has to really attune itself much more closely to the importance of human life with plant life and the natural world. Thinking about architecture in a manner that not only adds to the spaces for humans within cities, but also our relations, the wind, the rain. Birds, bees. Sunlight, water. People to infrastructure and making the best possible living condition for all. The very word Toronto, you know, forest by the water. An indigenous word, and the location is really profoundly a place of meeting. That was what led to our approach. Bringing nature and planting and ecology, we hope that we're going to be creating a context. To weave nature throughout. It goes way beyond indigenous principles of design. It goes into a value system. I see a city as a mosaic of different qualities that allows citizens to experience many different environments and emotions. Quayside offers the opportunity to create a collection of buildings coming together to create a destination, an identity for how Toronto can grow into the future. The Quayside site is a very skinny site with a very definite East-West linkage, and we've worked with that to create as much public space as possible on the site. The way of doing that has been creating a boulevard building along Queen's Quay and towers that then face the garden. Our proposal for Queens Quay East is to really recognize the importance of this boulevard and its relationship to the waterfront and the relationship to the building, which is really about celebrating the life of being on a grand avenue, an axis that is critical in the city, but one that animates the ground plane in a very profound way. Cafes, event spaces, gardens, art spaces. A radical timber frame building. It also has these framed views that look to the communal forest garden. This forest commons really is accessible. It's not a forest like the ones that you can explore outside of Toronto, but it gives you the feeling that you get from being there. It gives you that pleasure of smelling pine needles after rain, pleasure of hearing a bird, to be in a landscape that actually celebrates rain instead of just trying to hide it. It gives you that in your daily life, in your daily routine, when you pick up your kids, and that is so important for life quality. It's gonna be Canada's first all-electric, CaGBC zero carbon certified development at this scale, and that's gonna have a huge positive impact, and there's not gonna be any added carbon to the atmosphere. We've thought of an expression of the way that the forest operates. We are designing the westernmost block, create a sort of arm or an embrace for the communal forest. Tower design shouldn't spring from the need to make a new shape. It should spring from the quality of life that it will offer to the residents. Things like ceiling height and window proportion, how it operates as a piece of city fabric, and now how it operates to help nature have a foothold in this idea of an urban silhouette. It's not a typical project, where you have just buildings, and then you put landscape or green stuff in the leftover space. Here, it's a conversation and a synergy, and the landscape isn't just between the buildings, it's actually also on the buildings. On the bar building, we were able to create an uninterrupted urban farm, and this will be a huge amenity. The power of having an urban farm on the roof is this idea of production of food, and that's very exciting. We've really thought about the destination aspect. How do you create something that really is going to excite people and bring them by? It's everything from the food emporium that we're thinking of, which might have a culinary school, incubator restaurants where, you know, chefs can really showcase their new ideas. A grocery that, you know, might involve international foods or a very local farm-to-table kind of food. That's what's really gonna animate this ground plane. I think doing it in a way where we go from neighborhood to destination is probably the most important piece of what we're trying to craft. There's almost a sort of East-West neighborhood idea and north-south destination opportunity. We know we have Parliament Basin, and we know that actually there might be a way of connecting that up Parliament Street and picking up the Distillery District, which in itself is a destination. It's critical, we think, between what's happening at the distillery to the north and what's happening at the lake to the south. The exciting thing about Quayside is that there is a real appetite and a desire to see it as a gateway to the waterfront. It really is about creating a stimulus for the imagination of the future to. Explore the idea of creating a cultural destination so that it's not only truly sustainable, it really means a gathering place, a meeting place where people of all different backgrounds and cultures can come together. The community care hub at Quayside is tremendously exciting because community care is intrinsic to a healthy community. It's not just physical health of our community members, it's the mental health. It's the connectedness that exists between neighbors, from the young to the old, from newcomers to folks who've been here, for many generations. I think a great city is a city where people are smiling. Quayside, I think that Waterfront Toronto's come up with an incredible plan that the whole city can participate in. We hope to work with Waterfront Toronto to animate a whole community there in a way that includes everybody because we do wanna make our communities as strong as possible. We want the people that live in our communities feeling closer to our society and to have a better opportunity than they would have if they weren't in our communities. The only way you get there is by having a city that includes everybody. I think the best cities are cities that people feel proud of and feel that they belong in, and they have a shared opportunity. One foot in front of the other. One foot in front of the other. Run. I just want to present our business a little differently. I truly believe that I think Sarin pointed out that there needs to be CAD 2.1 trillion invested to create the affordable housing that's necessary in this country. Something like CAD 8-10 trillion on the carbon. We're so fixated on real estate in terms of those pro formas. Our view is that the opportunity in what we're doing is bigger than we've ever seen before. It's almost like we're a new company that has a lot of assets, good cash flow, and a market that is mind-blowingly large, and we'll work as hard as we can to catch it. This, again, is a slide we showed before just to try to bring it back to what it means. Since we showed that slide in February, I think Impact Trust and Dream Office are probably pretty similarly valued. Western Canada is probably a lot more valued. A-Basin, it's living up to what we thought, maybe some more. The asset management platform is going pretty good. We announced an industrial development fund for Toronto. Jane took the residential REIT of the US that is a start. I think we're gonna grow some more on the Impact Fund this year. On the urban developments, we'll see. I mean, winning Quayside's a big one. LeBreton Flats good. Clearly we're showing that some expertise in this. Right now, I think development's a little bit less certain with some of the government programs that don't work anymore for affordable housing, plus interest rates. I think we got land for 23,000 apartments or condos. We'll pick our way through it. Again, we've got a lot of financing on the stuff we're building now that's fixed, that allows us to build for the next 6 or 7 years. You know, we said CAD 60 in, you know, February of 2022. You know, I think the numbers that we've grown this business in value by 23% compounded for the last 19 years. I don't know what's gonna happen, but I don't see anything that's better or worse in the economy. I think as a company, I think we've got better people, better assets, better capital than we've ever had. Ta-da. Thank you. Anybody got a question? Could it be Paul from Burlington? Okay. The debt-to-equity ratio is 1:1. It looks kinda high for this- No, it's not. Okay. My other question is, obviously, Zibi and West Don Lands were already presented in one of the other presentations. What is the relationship between overlapping- Oh. Why are you talking overlapping properties between 2 companies? That's my question. It's a great question. Dream owns 50% of Zibi directly and owns 30% of Dream Impact Trust that owns the other 50%. Dream's direct and indirect interest in Zibi is 65%. On the West Don Lands, we own 8.33% directly in Dream, and the Impact Trust owns 25%. Putting them together, it's about 16% of West Don Lands is owned directly in Dream. We co-invest. Where is the rest of it? We have third-party partners in West Don. Well, in Zibi, we own 100% between related parties. The West Don Lands, which is probably CAD 1.6 billion in total project cost, we own a 1/3 as a group, and we're partners with Kilmer and Tricon. They're builders, right? I think we're the builder. They might say they are. Yeah, what's Kilmer? Kilmer Group is Larry Tanenbaum, Maple Leaf Sports & Entertainment. Kilmer was actually originally a road building company, so they've been around a while. We did the Pan Am Athletes' Village with them as well. Okay. Silver Geyser and The Mirror, you bought that from Dundee, didn't you? No, we are Dundee. You took over Dundee or? We were Dundee. We changed the name. Yeah. Dream is Dundee Real Estate Asset Management. In 2013, we became a public company again, and we changed the name. Okay, fine. Thank you. How many questions today were there? Okay, any other questions? I do wanna thank everybody from the people we work with, our government partners, all of the professional firms that help us, not just lawyers and accountants, but also architects and engineers. The banks have been a huge help. We try to work very closely with the banks and get the best of their ideas. They work very collaboratively, and we're innovating there as well. You know, on the CMHC program that became MLI Select, we dealt with one of the banks to create that program. You know, in order for us to continue to innovate, we need everybody's help, and we're so proud of our board and our employees and all our partners. Thank you all very much.