Good afternoon, ladies and gentlemen. Welcome to the Dream Impact Trust third quarter conference call for Thursday, November 3, 2022. During this call, management may make statements containing forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust's control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Additional information about these assumptions and risks and uncertainties is contained in the Trust's filing with securities regulators, including its final long-form prospectus. These filings are also available on the website at www.dreamimpacttrust.ca. Later in the presentation, we will have a question-and-answer session. To queue up for a question, please press zero one on your telephone keypad. Your host for today will be Mr. Michael Cooper, Portfolio Manager. Mr. Cooper, please go ahead. Thank you, operator, and welcome to the Dream Impact Trust Q3 conference call. We released our results on Monday and happy to have the opportunity to tell you a little about the story and answer some questions. Overall, we're really quite excited about this business throughout the entire Dream Group of Companies. Dream Impact Trust owns interest in some of our most exciting assets. I thought this morning I'd just start a little bit by talking this afternoon, just by talking about some of the assets. Meaghan Peloso will go through some of the financials, and then after that, we can answer your questions. I'm not gonna go through all the assets, but just to name a few, like the Victory Silos site, we bought it five years ago. We've got it zoned. It's on the water. We're getting close to ready to go. The authorities still have some work to do in that area to make it even more exciting. We won Quayside. Quayside is the 12 or 13 acres next door to Victory Silos. Together, we've got 18 acres there. We're getting very close to having the definitive documents completed for Quayside. That's gonna be an amazing project. Great opportunities, 4,300 units, 3.4 million sq ft. We hope to have that closed in the next six or seven months or so. The Gehry project, Forma, we launched it in June. I think we referred to it in August numbers. We had a very successful launch at a very high price. I think we're gonna end up over CAD 2,000 a sq ft. We sold about 45% in the first opening. The balance of the summer, we were closed. We picked it up again, and it's going very well. We expect that we will be at our presale requirement, which will be well in excess of CAD 700 million of sales by Christmas. We're also making great progress on the construction debt. We're actually expecting to start construction on that tower a little bit later this month. 100 Steeles is a building that we bought with very little capital, but it's gonna be a 1.5 million sq ft residential development with some commercial. It's working its way through the Vaughan approval process, but I think we're getting very close on that. That's gonna be a major project. We've got a variety of other investments. One thing I would say is, our Virgin Hotels investment has not been participating in the recovery of Vegas as much as we would like. We expect that investment is gonna struggle, and we're trying to understand it better, but it's been a disappointing investment. On the office properties, for the most part, they've been going great. Sussex Centre is a suburban in Mississauga. It hasn't been going great as the others, but all the others are doing wonderfully well, with the biggest positive being 49 Ontario. We're working through the approval process. It's got an 83,000 sq ft office building on it. The site is an acre and a half. We bought the adjoining townhouses so that we have access to all three streets. We're expecting to get well in excess of 800,000 sq ft of density, predominantly residential. That one's been great. You know, we got into the apartment business by buying existing apartments. The trust has about CAD 200 million of apartments at book, and they've been performing very well. What we're seeing now is market rents for our buildings are ahead of our 2023 budgeted numbers over the last few months. That's pretty exciting. Our occupancy is going up, the rents are up. I think we've said it many times over the next three years, expect to add CAD 500 million worth of income properties, being like West Don Lands 8. That's gonna be done in the next couple of months. What's really interesting about West Don Lands is we got the site in 2018 and made some progress on it. We were able to get a loan, an RCFI loan from the federal government. That's got a fixed rate debt for 10 years. We're under construction. We should be on budget. When COVID hit, apartment rents came off quite a bit, and we were well below the trend line. If you take 2018 rents and inflate it by 3% a year, we just surpassed the trend line like this month. With a few more months before we lease up, we think we'll be in good shape against our pro forma. Blocks 3, 4, and 7 are very much under construction. It's even bigger. Block 8 is 751 units, and Blocks 3, 4, and 7 is over 800. That's coming along. We won the LeBreton Flats bid, and we're hoping to start construction in the second quarter of 2023, which is pretty exciting. Zibi has been, we made great progress. We've got great leasing going on in what we call Block 10 in Gatineau. Block 11 is up to, like, 10-12 stories. It's coming along great. Our first apartment building in Ontario is coming along great. A lot of the exciting developments or income assets or even condos have been very good. We're really pleased with how the business is going. Meaghan, do you want to address the financials? Sure, happy to. Good afternoon, everyone. I'll briefly speak to our financial results and significant activities in the period. In the third quarter, the Trust recognized net income of CAD 0.3 million, compared to CAD 2.2 million in the prior year. On a segmented basis, the development segment generated net income of CAD 2.9 million compared to CAD 4.2 million last year. The decrease year-over-year is due to the timing of prior year fair value gains recognized upon milestone achievement with no similar activity in the current period. This is partially offset by foreign exchange gains within the segment. As it relates to our current income segment, the Trust generated income of CAD 1.2 million in the quarter, comparable to prior year. Included in current period results were CAD 2 million in fair value gains on the Trust multifamily portfolio, driven by accelerated lease-up activity at Aalto at Zibi and rent growth across the Trust GTA portfolio. We are pleased to end the quarter with 93.5% of units occupied, up from 82.5% as of June 30th, although a portion of this lift was attributable to the Seniors' Park acquisition in the period. During the quarter, the Trust completed the acquisition of a land assembly, which will be part of the overall redevelopment plan for the 49 Ontario site in downtown Toronto. As Michael mentioned, the Trust has submitted a rezoning application for over 800,000 sq ft on the site, which we anticipate achieving by the spring of 2023. In aggregate, 49 Ontario and the land assembly were carried on the Trust financial statements for CAD 112 million as of September th. In the period, we saw a decline in commercial occupancy rates, and more specifically at Sussex Centre, a 655,000 sq ft building in Mississauga in which the Trust owns 50%. While we are seeing ongoing tour volume, vacancy rates of the asset are in line with commercial suburban GTA trends, and we will continue to monitor potential market softness. As of September 30, the Trust had CAD 9 million of cash on hand and CAD 24.9 million available under its credit facility. We are continuing to monitor the impact of cost escalations in our operations and construction projects and the impact of rising interest rates on our portfolio. Over 75% of the Trust's consolidated debt is subject to a fixed interest rate, which helps mitigate some of our exposure to rising rates. In addition, specific debt within our equity accounted investments, including West Don Lands Block 8 and Blocks 3, 4, and 7, is highly leveraged government debt with, on average, an eight-year maturity period and fixed rate below 2%. Moving away from our financial results, for the second consecutive year, we are pleased to achieve a five-star rating from GRESB, which is recognition of our placement in the top 20% global benchmark. Third-party verification further supports our commitment to transparency, which is a key component to our impact management framework. We expect to publish our 2021 sustainability update report later in November. On that note, I'll turn the call back over to you, Michael. Thanks, Meaghan. I think that the company is progressing, especially on the developments. I think we're creating best-in-class assets. They're having a big impact on the communities, and we're working, making a lot of progress with various governments to support our activities. The Premier of Ontario came out recently with a number of changes to development. That will help us. We're expecting the federal government will as well. We're also seeing changes at the city. A lot of this has to do with the fact that it's so hard to create new housing with increasing interest rates both because of the cost to build them as well as people's ability to afford buying them. We're focused on a lot of apartments, and they look like a great asset class. I think yesterday, the day before, the federal government came out and said they want to hit 500,000 new immigrants a year. That's a lot of places that we need to create for them to have a place to stay. There's growth within our population. We're really quite excited about the opportunities to participate in how to address the housing needs, basically at every income level. I think our company is really well positioned to do that. You know, our company hasn't changed that much quarter- over- quarter. We don't have a lot more to say, but we'd be happy to answer your questions. Thank you. We will now begin the question-and-answer session. If you have a question, please press zero then one on your touchtone phone. If you are using a speakerphone, you need to pick up your handset first before pressing any numbers. Once again, if you have a question, please press zero-one on your touchtone phone. Okay. Our first question comes from Sairam from Cormark. Your line is now open. Thank you, operator. Hey, Michael. Hey, Meaghan. Hi. My question was around Michael's comment on the last major asset. Just going back on that, how should we think about monetization and in terms of timeline as well as the profit expecting on it? Sorry, which asset were you referring to? The last thing is hotel asset. The last thing is hotel. That's a great question. We invested in it with a pretty sophisticated group of investors a few years ago. The plan was to buy it from a distressed owner, invest in it, and have a different approach to running it. COVID hit. That was very difficult, but there's been other issues. We invested as a passive investor. We're working with the whole investor group as well as the private equity firm to try to create liquidity. As a 10% holder, it's very difficult for us to do more than try to influence the group with our words. I'd expect in the next 24 months or so there'll be an outcome, because I think other investors are feeling more like us. You know, in the U.S., the financing market is a lot worse than here. It's a bit of a hustle, but hopefully we'll deal with it within the next 12-24 months. Thanks for the call, Michael. Tommy, just shifting gears to the multifamily market, and obviously you very well know, like in the public markets, especially for multifamily REITs, so the huge negative sentiment with respect to regulation and what it holds for their profitability in the near future. Has regulation been so much of a conversation when you're talking to the private markets and how they perceive the value of these multifamily assets? I actually haven't heard the province of Ontario talk about it at all, and maybe I missed it, but I haven't seen anything coming from the government itself. Right now, I would say that people are crazy. Everybody's talking about anything. It doesn't matter if it's true or not, all the conspiracy theories and nuttiness. I don't really get distracted by how much people are spending time thinking about things. On this case, I mean, I guess the argument is rents are going up. I think I just said that, since 2018, we just surpassed the 2018 rents increasing by 3%. Nobody mentioned anything when rents went down 20%, but now that they're getting back to where they were, people are saying they're going up pretty quickly. I think the overall cost of rent is reasonable for a city like this. We are concerned about the cap on annual increases under rent control of 2.5% as our costs in some areas are going up more than that. You know, I think that I don't see the conservative government doing something to effectively take away value from the owners of apartment buildings. Again, you know, you can make a long list of things to be worried about and see one or two out of 100 happen. I don't think it's very productive. I mean, other than hearing everybody repeat the same thing to each other, I haven't seen a source about this. Have you? Yeah, I think, Michael, it's mainly from the feds and what came across back in March and April, and essentially the entire question about monetization of housing and how they see. Oh, no, no. How they perceive this entire apartment landscape. The federal government does not have jurisdiction to put in place rent controls. What they were talking about was whether they should do something that makes REITs more taxable if they own apartments. I have been in discussions with the federal government about it, particularly in concern to pension funds own apartments, and when pension funds own apartments, they're trying to maximize their returns. If they have this tax on REITs, it will hurt REITs and not pension funds. Private equity, they own apartments, and they use a fair amount of debt and have other mechanisms to at the very least delay paying tax. They would be subject to this, so you know, they're a big part of the market. REITs are the only way for ordinary people to participate in ownership of apartments. It seems to me that having a tax on REITs rather than pension funds and private equity firms is exactly the opposite of what the federal government stands for. I'm not sure what the tax would be if they make it less of a flow-through. It's interesting because, you know, for me, when I invest in a REIT, when Dream invests in a REIT, we're taxable. You know, like, we have to pay tax on a sale of an asset. We have to pay tax on our income. I'm not sure how big a deal it is. I don't think the federal government. When I say I don't think, we've been talking to them. I don't think they have a clear thought as to how this would work. Again, I'm not worried about it, and I'm not sure if they did it would make much of an effect. Right. In terms of your discussions with, let's say, you know, your private partners in terms of the Dream Impact Fund and, you know, other private sources of lending. I'm guessing there's a fair bit of disconnect between how the private market sees multifamily assets valued versus how the public market is. Is that fair to say? You know, I think there's a variety of views out there. We're pretty active all over the place, and I'd say that there's been some incredibly competitive sales processes that we've been in and that we've lost. We just couldn't keep up with it. You know, we're pretty bullish. A lot of that has to do with really excellent developments. There's a couple of big ones still coming. We're seeing them to be like, I'm saying 20 different groups that put in a few months to put proposals together. That's very competitive. On residential land that's ready to go, it's been quite strong. Industrial properties have been quite good. Other than that, it's the stock market. The stock market sort of has everybody trading at a big discount. In the private markets, we're seeing activity. It's varied, but generally, there's a pretty good idea. Let's have apartments. You know, maybe the cap rates are a little higher, but the rents are higher, so the total dollars. If you had a property for CAD 18 million last year, it's probably worth CAD 19 million this year because the NOI is higher, and the cap rate might go from 3.3-3.5. But that's only because everybody expects the rents to continue to grow quite rapidly and the value will continue. In a way, my view would be you could go from, like, 3.5-4.5 over three or four years as a cap rate. The NOI would grow by, let's say, 20% or 25%, and the value of the building at the end of those three or four years would be higher than today. I think that's what we're seeing with industrial and apartments, is that there's quite good visibility on the demand. Cap rates can go up, and it'll probably go up slower than rents go up. That's great, Michael. I'll turn it back. Okay. Just to follow up on that, you know, you guys know much better than me, but I think the third quarter numbers by the vast majority of companies reporting so far are really quite impressive. Thank you. I'm sorry. Go sorry. Go ahead. Go ahead. I was gonna say it's been a good quarter. It's been a good earnings season so far. Yeah. What you'll see is in two days, people start to get pessimistic again. Thank you. Our next question comes from Sam Damiani from TD Securities. Your line is now open. Thanks. Good afternoon, Michael. Good afternoon, Meaghan. You made some comments on the Forma condo project. Michael, just wanted to clarify, did you say the sales were obviously off to a fantastic start back in the summer? Did you say you shut down the sales office for a bit and now it's reopened? Oh, yeah. What happened was, we launched in the middle of June, and, like everything can happen. We sold a bunch, but you get interest. Since the war in Russia, there's more security to identify your purchasers. In some cases, we have to use facial recognition. And then China opened up to outsiders. A whole bunch of the people agreed to purchase. They decided to go see their family. What happened was, from our sales event in the middle of June, it took about six weeks to finish up all the documents, and we closed it for the month of August and started again. We had a kickoff September 14th. Oh, okay. Great. What would be your threshold, I guess, for starting construction? Oh, I think we'll be over 70% within six weeks. That's great. I guess. Sorry. What I said, I don't mean. Go ahead, Sam. No, I was just gonna say, like, with inflation and obviously interest costs are up, like, how are you penciling out this and other projects going forward, just given the changing market factors? You know, it's very confusing. We've touched on this already, but between immigration providing more demand and everything else, it's just something's gotta give, it seems like. Like rents just have to rise by 50% or something. I don't know what. Like, what's gonna make this all work? Well, firstly, on Forma, we should have about 40%-50% of the cost fixed before year-end. The other half, I mean things like the curtain wall, elevators, formwork, those are pretty big ones. Some of the others aren't as. We think they're more dependable. Mm-hmm. While there's a fair amount of inflation throughout the economy, it seems like all the commodities peaked literally a year ago. When I talk to other developers, I think people are getting more and more comfortable that the pricing is reasonable where it is now and not to expect any big jumps in costs. Some people think there might be savings. We're getting a lot of it done. We argue all the time as to whether we try to do more or actually wait a little bit. Our project is a big project that lasts a long time, so a lot of the trades would like to have a five-year project. We're getting good pricing. We're pleased with that. On the other things that you were talking about, I mean, it clearly seems like, you know, when interest rates went up, it meant that, buying a home or building something is more expensive. If you want to build an apartment, then, you're gonna have to lock in higher interest rates than you used to, so that makes it harder to build apartments. You wanna do affordable housing, everything the government was doing barely works. What I would say is I've never seen every level of government as focused on coming up with, modifications that will increase the number of houses that get built. In the federal budget, they were saying they need to double the number of housing starts in Canada between now and 2032 to hit what they thought were reasonable numbers. I think, I'm not certain about this, but I think the premier came out with numbers or the conservative government in Ontario came out with numbers that were not quite double, but pretty good. Their numbers were interesting. I think it was. They want over the next eight years, 238,000 new homes approved in Toronto. Mm-hmm. Which is a good number. That's a big increase. What was shocking to me was they want 168,000 approved in Ottawa, which is great because we got Zibi and LeBreton. I think we're looking at a new paradigm where the government's going to be trying to help engineer a supply to meet the demand. Well, let's hope so. Just on the, like, pipeline that Impact has today, you know, CAD 500 million of product coming on stream over the next three years. Can you just confirm the capital needed to complete that is already secured? How would that play out? You know, how would that change with you rolling in Forma and maybe other projects? Oh. I'll make it simple. For that CAD 500 million, the equity requirement is zero. Mm-hmm. For Forma, I think the equity requirement is CAD 2 million. CAD 2 million? I think it's an additional CAD 2 million from what's already in it, yeah. Okay. One thing I'd say to you about Forma that I think is the most interesting is we bought it five years ago. We've been working with Frank Gehry, we've worked with the city. We try to make sure that we make a design that you can build and make money on. At this moment in time, our pro forma for Forma has the highest profit we've had in those five years. Which to me is counterintuitive with everything that's happened, but it's really quite a unique project. Hence the name. Yeah. Okay, well, this is great. Thanks so much and congrats on completing the land assembly on 49 Ontario as well. That'll be interesting to see. Thank you. Thank you. As a reminder, if you have a question, please press zero one on your touchtone phone. Our next question comes from David Crystal from Echelon Capital Markets. Your line is now open. Thanks. Good afternoon, guys. Maybe just a quick follow-up on the last line of questioning there. If there's no equity needed for the CAD 500 million of projects and only CAD 2 million at Forma, where is the CAD 55 million-CAD 65 million over the next two years being spent? Which projects, if you can just give kinda, you know, some high level numbers. I think there's some at Quayside. There's some at 100 Steeles. We'll be buying out the land. Where else do you have, Meaghan? There'd be some additional capital allocated to future blocks of Zibi that will be completed within that timeline of the CAD 500 million, as well as a little bit of equity for future blocks that are, you know, beyond 2025 construction start. It's more some of the longer term projects that are gonna need the initial equity injections. Right. I mean, the CAD 500 million is under construction, and you generally put the equity in when you start construction. As long as you don't have a problem, once you start a construction, all the equity is in. The money that we're putting in is for the next round of income properties that we're working on. Yeah. Okay. That makes sense. I guess if you know, if things go sideways or don't pencil out, then there's much less equity required over you know, let's say you were to push some of those projects out a few years, that 55-65 would come down considerably. Yes, exactly. Okay. Perfect. Just probably a minor question, but I think on that CAD 500 million of income properties, the expected development yield, you previously disclosed that it wasn't in this quarter, but fair to say it hasn't really changed significantly? No, not materially. I mean, we target 75-100 point spread. Mm-hmm. Nothing significant by way of change. Sure. 75-100 basis point spread between market value and cost. Yeah. Market value would still be that kind of, I know you gave a range this quarter. Previously, it was, I think, 3.9% cap rate. Would that still hold? Yeah. Yeah. Okay. I also wanna mention that what gets lost in that is we have the fixed rate financing at probably 1.75% for those projects. Maybe between 1.75% and 2%. So that also helps the math work. Yeah. Makes sense. That would be what Meaghan referenced there with 10- to 8-year term, you know, eight years average term remaining sub 2% financing. Yes. Correct. Okay. Maybe just higher level, you know, you mentioned the federal government's obviously pushing for more supply, and the Ontario government came out with their housing plan, calling for 1.5 million new homes. I would say their announcement was quite light on detail, but at a high level, seemed quite developer friendly. Do you have any incremental color on what it might mean? I know there was some reference to reducing development charges, possibly reducing property taxes or, you know, there's a lot of moving parts, but no hard numbers. Do you have any incremental color? The property taxes for apartments are twice as much as condos or houses. The tax rate's gone up very, very slow. It seems, you know, for office buildings, taxes are high, but a tremendous amount of the city's budget is based on transactions like development charges and land transfer tax. I think the city's gotta have more recurring income to fund things, which is a discussion. I think the point there is if you have lower realty taxes and higher interest rates, maybe they net off so you can build more buildings. That was a surprise to me. I believe that the premier's announcements were one phase. Another phase is they've gone with a strong mayor system in Toronto and Ottawa, and I think that's to encourage the city to be able to be more responsive. The other thing that's coming, I think, is that the federal government, they have their own thing. I think the province came out and said, "Look, these are the kinds of things we wanna do. We wanna have less regulation, we wanna be quicker." I think what you'll see is the feds and the province will come up with ways to subsidize the city, provided the city is doing the things that are better for our communities. I'll just, you know, I do read the budgets, but in the 740-page budget this spring, there was a reference in the federal government that the federal government was saying that they were going to try to connect transfer payments for housing and for transit to the approval of sufficient homes in the market. What you're really hearing is the federal government, the province are saying the city has to be more responsive, and we're going to with carrots and sticks, work to make it happen. Okay. Makes sense. I mean, more to come, but you're probably, you know, incrementally positive but hard to quantify. Right. Part of the reason why it's hard to quantify is I don't know this as a fact, but I believe it to be true, that when you hear something about development charges, you may find that the federal government and the provinces get involved with funding them a little bit differently or something like that, or working with the city differently. I think all you heard was that the Ontario government said, "We wanna do these things," but I think we'll hear from the feds and the city. Until you hear from everybody, it's gonna be hard to put the pieces together. Okay. Makes sense. Maybe just really quickly touching on the Vegas hotel. Do you think the $60 million carrying value is a fair representation of the proceeds you could realize if you were to either sell your 10% stake, you know, on your own or if the full project were to be monetized through a sale? Or can you kind of give some color around that valuation? I think it's challenging to say concretely whether or not we'd be able to sell our ownership stake, given it's such a small passive investment. I think it would be challenging to back out on our own or to sell it on our own. At this point in time, I mean, we carry the investment at fair value. It's our best estimate today of what the proceeds would be upon an exit. I mean, at this point in time, I can't really give more color because it's challenging to estimate or provide further clarity on what that value would be on a stabilization beyond what we're carrying it at. Yeah. I'd say that we're still finding out more things. We're working with other investors, so we don't have a lot of information. If we did, we would share it with you and probably reflect it in our financials. Okay. Perfect. Appreciate that. Turn it back. Thank you. Thank you. Thank you. We have no further questions in queue at this time. I'd like to turn the call back to Mr. Cooper for closing comments. Well, I'd like to thank everybody for spending their time with us this afternoon. Really appreciate your interest. Feel free to reach out to Meaghan and I if you have any follow-ups. Thank you. Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.