Good afternoon, ladies and gentlemen. Welcome to the Dream Impact Trust fourth quarter conference call for Monday, February 12th, 2024. During this call, management 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 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 filings 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'll have a question and answer session. To queue up for a question, please press star then 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 good afternoon, everybody. We put out our press release very recently, and we wanted to provide background to the financials, the suspension of dividends, what we're excited about in the company, and what is difficult to manage through with these uncertain times. I would like to ask Meaghan Peloso, our CFO, to provide a general update, and then I'll address those issues in a minute. Thank you, Michael. Hello, everyone. I will briefly speak to the Trust's financial results for the quarter and then discuss liquidity. In the fourth quarter, the Trust reported a net loss of CAD 19.7 million. Current period results included fair value write-downs on multifamily and commercial properties due to cap rate and discount rate expansion, which we believe is in line with the general market. Comparative results included a fair value loss from the Trust's investment in the Virgin Hotels, as well as certain office properties, which was partially offset by a gain on 49 Ontario Street. As it relates to our recurring income segment, we transferred Maple House and Alto II to the segment this quarter as both buildings achieved substantial construction completion. Maple House, which was formerly WDL Block 8, makes up 770 units in downtown Toronto. Alto II is the Trust's second multifamily building in Gatineau, Quebec at Zibi, comprising 148 units. Leasing progressed well over the fourth quarter, and we expect it will take another 12-24 months for the buildings to stabilize. The Trust has a 25% and 50% interest, respectively, in these projects. Now, based on our active multifamily projects under construction today, we expect to add another 1,300 units at a 100% asset level to our portfolio by the end of 2025. Factoring in assets which were acquired in 2022 and given development completions in the fourth quarter, we've introduced same-property NOI disclosure for the multifamily segment. As we bring additional buildings online, we'll continue to build out disclosures for the asset class. In the fourth quarter, same property NOI from our multifamily assets was CAD 1.4 million, consistent with prior year. On a year-to-date basis, same property NOI was CAD 5.2 million, up from CAD 3.9 million in the prior year, driven by rental growth and higher occupancies. NOI from commercial properties was CAD 2.7 million in the three months ended December 31st, which is consistent with prior year, although the tenant composition differed slightly. This past month, we launched a sales process for two commercial assets located in downtown Toronto, comprising 95,000 sq ft in total. These potential dispositions are expected to provide additional liquidity, and in combination with our multifamily development build-out, will help reduce the Trust exposure to the office class over the long term. Now, as it relates to the development segment, in the fourth quarter, the segment reported a net loss of CAD 4.7 million, compared to net income of CAD 0.5 million in the prior year, after adjusting for the fair value loss on the hotel in 2022. Fluctuation relative to the prior year was driven by fair value gains on Maple House in 2022, which were partially offset by occupancy income from phase 1 at Brightwater, excuse me, generated during the fourth quarter. We currently have 1,600 condo units at a 100% asset level under construction between active phases at Brightwater, Ivy, and Forma East. These projects have strong pre-sales, and we are pleased with the timing and construction progress achieved to date. Details on occupancy dates are included in our MD&A, and we would expect condo closings to occur roughly six months afterwards. At December 31st, the Trust had total liquidity of CAD 22.9 million, comprised of cash on hand and funds available under our operating facility. As of December 31st, the Trust's debt-to-asset value was 38.6%, up from 37% at September 30th, which was driven by fluctuations in property-level fair value adjustments. In 2024, the Trust only anticipated debt maturities relate to certain equity accounted investments, of which roughly 70% are either expected to be repaid from condo closing proceeds or are in advanced discussions with lenders for renewals. The remaining maturities are due in the latter half of 2024 and relate to some of our non-core passive investments, which we feel have a low refi risk due to the low in-place LTVs. Effective today, as part of our fourth quarter results, the board has decided to suspend the Trust's monthly distribution in DRIP. We expect this will preserve an additional CAD 11 million annually and better position the Trust in light of the uncertain operating environment we are in. We anticipate using the incremental liquidity to help support the interest on our land loans should developments be delayed and focus capital on our multifamily portfolio, which will further create stability for the business. As projects commence and we're able to complete construction on build-to-hold assets, the distribution will be reevaluated. The last distribution declared prior to the suspension will be paid on February 15th. Lastly, as part of today's board meeting, the Trust and Dream are in agreement to further extend the payment of management fees and units versus cash to continue supporting the Trust's liquidity needs, subject to unitholder approval of the 2024 AGM. Details will be included in the Trust circular. With that, I will now turn the call back over to Michael. Thanks, Meaghan. I'll try to explain our view of the company and where we see the future. We currently have about CAD 1.6 billion of assets. Over CAD 1 billion of these assets are income properties and income properties under development, plus a little bit of pre-sold condos. This CAD 1 billion is either income property that will produce income for years to come, or something like Ivy Condos, that will produce cash during closing in the next couple of months. This category represents much of the value of the company. The leverage in this category comes from either, like, CMHC financing of apartments, and apartments which have very low interest rates and are high leverage. And these buildings have increasing growth as time goes by in the rents and in the net operating income. These buildings are very valuable, and we expect that they will continue to become more valuable. As Meaghan mentioned, for apartments right now, there's some cap rate expansion, and that's where some of those fair market value losses came from. However, the net operating income is growing, and we expect that the values will stabilize, and then, and then the values will increase as net operating income continues to grow. Our developments have cost to complete financing for construction, which is usually about 75% of the total cost. So the leverage that we have on this CAD 1 billion is really a result of typical construction financing and typical CMHC financing. So they are as they should be, and we think it really is a core part of the business. We also have some passive investments that we expect to liquidate over the next couple of years, and they'll derive a lot of liquidity. And we also have land loans that we've used to acquire land for future development, which are generally a very important part of the future of our business. One thing that's a little bit in between the income properties and development land loans is the master planned communities of Zibi and Brightwater. We've been making progress on these developments, and every time we start a building, we pay down the land loan, and they become. And the land loans were encouraged to create the infrastructure. So every time we started building, we pay down the land loan, and the developments become less risky as time goes by. We've been making progress advancing land held for development into land under development and finally into income properties that are stable with recurring income. In 2023, we completed another building at Zibi with 148 units, which is about 40% leased in the first couple of months. A building of 770 units in West Don Lands, I think it's Maple, that are now being leased up, and it's doing quite well. And the next building, made up of 207 units, is also in Zibi, in the Ottawa side, and we've just started leasing in February. And we expect to have another 237 units in Toronto, this year from the Indigenous Hub. So that's about 1,500 units. Next year, we expect to have the next building in West Don Lands, 855 units completed. So just between 2024 and 2025, we expect to have another 1,300 units completed, which is a significant amount. In addition to what is under construction or just recently delivered, this year we expect to start development of two blocks in Zibi, which will reduce our land loan as we pay them down to start construction. We may also start a block of condominiums in Brightwater, which will also help us reduce the land loan. So basically, we have three stages of development. First, we have the pre-development stage, which is when the company has to pay the costs of holding land, the interest costs, and generally on a current basis, so that makes it a real cash drag. In the second stage, we're able to have the approvals in place, the zoning in place, pre-sales, or whatever else we need. We're able to start construction. What's interesting in this stage is, there's no longer a net of carry because all of the interest gets paid out of the loan. So you eliminate any negative costs, and you're off to building an income property. Now, the third stage is when the income property is completed and the development, the capital that's invested, begins to return income and cash flow. Now, we have many properties completing development, as I mentioned earlier, and becoming income properties this year and next. We also have many pieces of land that are becoming developments shortly. So each year we save money on the land or start to generate cash flow or both. Now, the last two years have been very difficult, as the last 20 years of declining interest rates have reversed, and we have much higher interest rates than we've had in decades. These higher interest rates have increased the cost of holding land. These higher interest rates have also hurt consumers' ability to buy condominiums, and as a result, a lot of the condominium launches have been delayed, and the construction start of a lot of condominiums have been delayed. So, with construction costs at high levels, our industry and our company have not been able to start as many projects as planned. And And the cost of holding land has increased dramatically. Just for a sense of scale, about one half of the condominiums that were expected to start in 2023 were deferred until at least this year. For Impact, we have a couple 100 million dollars of various land holdings, including income properties, where the highest value is land, like 49 Ontario. Now, this could cost, let's say, CAD 7.5 million a year, two years ago, and now it could be as much as CAD 20 million a year. So that's a huge increase. As a result, we have more land in the first stage of development, more interest needs to be paid in cash out of our internal resources. However, with the recent decline in interest rates from 4.2% to 3.5, and a waiver of HST, we are back on track, putting land into development. This allows us to achieve development returns pretty much as we would have expected a couple of years ago, and to stop paying current interest as the construction loans cover the interest. And as we continue, we get closer to receiving income as the projects finish. Over the next two years, we plan to reduce our land loans by about 50%, which should save us about CAD 10 million a year in interest. Specifically, we're working on selling part of 49 Ontario as we take the final steps to start development, which we anticipate will be in 2025. Another example is the Scarborough Junction. We have a CAD 47 million land loan. We will receive 23% of the profits as we have partners on this site. The site is close to completion for rezoning for 5.5 million sq ft. The total debt is only CAD 18 per sq ft. Now, this partnership was arranged to assemble the land, rezone it, and sell it. So I mean, that's an easy way to get rid of CAD 47 million in land loans. We're completing the final stages of negotiation on the financing for LeBreton, and we expect to start that in the next six weeks. Now, that's a project that we had hoped to start in March or April, but interest rates were too high, and with HST, we couldn't start it. But we've been working with CMHC and others, and we're thrilled that now it's back on track. We also expect to start a new building in Ottawa this year and maybe another one in Gatineau. And that will probably reduce debt at Zibi by about CAD 15 million. If we do the same amount in 2025, it'll reduce by another CAD 15 million. And similar to Zibi at Brightwater, each building that we start will help us reduce the land loans outstanding. So I think we're going to be able to make enormous progress reducing our land loans over the next 24 months, and then after that, we think we can start Quayside, and we're looking to see when we start Victory Silos and Gerrard West, and that's basically all of the land loans we have. So we're very excited to see LeBreton getting started, building a little bit more in Zibi, and continually moving a land that is held for development into production. As, as Meaghan mentioned, we'll be reaching stabilized occupancy on the building completed in 2023 and 2024 over the next two years, so that's going to increase our income. And our largest building, Block 347 in West Don Lands, will start lease up in 2025. So those will all help. Aside from suspending the dividend, we are moving forward with the sale of some passive investments and planned income property sales to secure liquidity needed for the business while we develop land into income properties to create a long-term portfolio. We listed one of our commercial assets. We got 40 signed confidentiality agreements from investors, and we're hopeful that that'll move along, but we've got quite a few other activities that are reselling non-core asset. With the liquidity from the various assets, asset sales and the reduction in land loans with the decline in interest payments, in addition to the increase in completed income properties, the business will be almost all income properties, and many of the income properties will be apartments. Once we get this all set up, we'll continually revisit our distribution policy at every meeting. We are running the business in uncertain times, and I think that sometimes it's lost just how significant it is for half of the new developments to be postponed and paying interest on projects that used to be 3% for holding land to potentially paying 8%. Although a lot of people believe interest rates are declining, and we would agree with the consensus, when we look at our projections for the business, we keep the interest rates basically where they are now, just to be conservative. We believe that under the current conditions, we have a plan to manage the company to reduce risk and increase value. Industry consensus calls for improving conditions, which would be helpful, but we do not count on them. Despite the difficulties as a result of both rising interest rates and increasing construction costs, we've had success working with governments that want to increase housing supply as demand continues to increase. There's almost unlimited demand for new housing, and we continue to work towards providing increasing housing at all price points and making fair returns for our investors on a project-by-project basis. That's the background I wanted to share with everybody, and I'd be happy to answer questions if there are any at this time. Meaghan or I will be happy to answer questions. We will now begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad. You'll hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. We'll pause for a moment as callers join the queue. The first caller comes from is Alexander Leon from Desjardins Capital Markets. Please go ahead. Hey, good afternoon, everyone. Hope everyone is well. My first question is on the properties listed for sale. I was wondering if you guys would be willing to disclose which properties those are, and, maybe just a little bit of commentary on how they were selected, for disposal. Like, if it was the result of any, inbound interest or otherwise? Well, two buildings that are known to be marketed are 10 Lower Spadina and I believe 349 Carlaw. They're both assets that have no debt on them, so that makes them attractive to sell because every dollar of proceeds we get to use. You know, I think they're pretty desirable assets, so we thought we would check it out and see how it goes. As I mentioned on, we were getting a lot of interest and from high-quality potential buyers, and we're hoping to see through the process, but I think it looks pretty good. Okay, awesome. Thanks for that. And. Mm-hmm. Is the Trust, like, contemplating a more fulsome asset disposition, or is it limited to these two assets for now? No. There's... I mentioned that we wanted to sell some of the passive investments, including Scarborough Junction. But I would say, so we wanna sell passive investments, and I think we talked about bringing a partner into 49 Ontario, and I think we'll be looking selectively at other commercial assets as well. I think that the multifamily is really becoming the core part of our business. Okay, gotcha. In terms of Maple House and Alto II, I'm just wondering if those had any meaningful contribution to NOI this quarter? I don't think there would be much. Meaghan? No. Hi, Alex. It wasn't overly meaningful this quarter. We'll start to see more meaningful results over the next, I'd say, 4-6 quarters from both those assets. They're about 40% leased, and, you know, we're paying a bunch of operating costs, so we'll have to get more fully leased before they contribute more. Okay, awesome. And then, maybe last one for me. Just kinda thinking about how rents have increased so dramatically in 2023. I'm wondering if you've seen any meaningful increase in the demand for your affordable units relative to the market units? Well, it's interesting because in 2023, I think the market rents increased, but nowhere near the rate that they did in prior years. I think it was about 4.5% for the year. I could be wrong, but I think that was my recollection. In fact, they were pretty flat for the last quarter. On the affordable housing, you know, I think every unit we have, there'll be people interested in because a lot of them are half price, so there's not more interest. It's the same interest. Okay, got it. That's it for me. Thank you. Thank you so much. The next question comes from Ryan Hall, a Private Investor. Please go ahead. Good evening. Impact units right now are trading at one of the largest discounts to NAV in the entire Canadian REIT space. The assets, of course, are of very good quality with a focus on residential. Do you have any comments on a strategy on how to close the gap between the discount and your stated NAV? Yeah, I know. I mean, we're very much aware at the discount to market, and it's been very disappointing. But what's happening now is this company has fairly high leverage and has a lot of development assets, and the market has moved very fiercely against that. We also have some office, and that's a big negative too. So, I think that from our perspective, with where we're at in the market, that's pretty much frozen on sales. Not all frozen, but a lot frozen. We're gonna continue to do this. Well, as I mentioned in our piece, that we're looking to sell a bunch of assets, complete developments, and look to having a mostly apartment multifamily business as we get through the next 24 months. Okay, thank you. And, approximately a year ago, Dream Unlimited was purchasing a material amount of units, approximately March, up to over two times the current price of what they're trading for right now. Is there an opportunity there for Dream to take on more units? There could be. What I would say is last January and February were very strong and, very encouraging, and then the next 10 months was pretty tough. We've been, as an organization, relatively, risk-averse over the last five years. And, we bought back a lot of stock in a lot of our businesses. But I think we are now being a little bit more cautious using our capital to buy back stock. But, in Dream Impact Trust, I could see us, buying some back some at some point, but, you know, we'll make that decision as we look at how the rest of the year goes on Dream Unlimited's businesses. Okay, thank you. That's all for me. Thank you very much. The next question comes from David Chrystal from Echelon Capital Markets. Please go ahead. Thanks. Good evening, guys. Michael, could you, on the asset sales, provide any color on the type of buyers that are expressing interest and maybe any kind of commentary on pricing? Well, it's too early on pricing because all we've really seen is the names of people who have signed a confidentiality agreement. I'll tell you, I'll tell you a couple of things that we're seeing, because, you know, in other parts of our organization, we're also selling other assets. There is quite a good profile of buyers. A lot of them are real estate people and very ultra-high net worth people. So I think that's kind of interesting. Like, they're not REITs, and they're not pension funds, but they're shrewd investors. And especially in office, what we're seeing is more interest in investing in the office buildings than we're necessarily seeing in the leasing interest. So it looks as if investors have become more bullish, and they're ready to make decisions. The operating environment is still a little slower, so hopefully that's a sign we've seen, like other times, where the investors start to invest first, and then we start to see the operating performance later. Okay, thanks. And for 49 Ontario and Scarborough Junction, those both sound like they could be, you know, big, chunky bits of cash into your pockets. Have you started any marketing process on either of those, and is there much take up on those assets? We've been working on 49 Ontario with potential partners. We're also working on getting financing to start development. So that one, it's a big project. We're putting all the pieces together. I think we're looking for maybe the second quarter of 2025 to get a transaction done one way or another. And I... You know, you can't tell how you're tracking 15 months out, but, that's what we're doing there. I mentioned Scarborough Junction earlier because we're a passive investor, and that was a decision we made quite some time ago. And, the mandate of that investment vehicle is just to get it rezoned and sold. So we're not involved in that, but, I literally think last week there may have been a closing of the gap in terms of the zoning, and we may be ready to go soon. But, but no, I haven't seen any. We're not involved in leading that, nor do I know anything about whether people are interested or not. Okay, fair. And then maybe just high level from a kind of total liquidity perspective in 2024, 2025. You're sitting on CAD 23 million of cash on hand. You've obviously eliminated the drag of distributions, but what incremental spend is required to complete existing projects? Oh, it's very little. It's very little, and, you know, there might be, maybe CAD 10 million or CAD 12 million from all the income properties, and on the projects under development that we are committed to, it's maybe another CAD 5 million. Okay, so existing liquidity covers it. And then maybe just shifting to the operations in the multifamily side. There was a sequential dip in multifamily occupancy in the same property portfolio. Is there anything structural here, or is this asset specific or just a kind of quirk of timing? I think some of it is explained the fact that, in Gatineau, the first building, we had some people leave while we're leasing up the second building, and a lot of that has been addressed. I think overall, our portfolio is doing quite well other than that building. But at year-end, so I think it's doing better since. Okay, so maybe just a little bit of pulling tenants out of one building to another of your buildings. No, it's not that. It's that people sign a lease for a year. When the year came up, some people may have left, and we're marketing the building next door, so we're kind of competing with ourselves a little bit. Okay, gotcha. Gotcha, and then- But having said that, I think, I think it's mostly been addressed since then. Yeah, go ahead. Okay, sorry. Just on the accounting side, for Maple House and Alto II, were 100% of the operating and interest expenses reflected in the quarter when those were shifted into income properties? They would have moved over to recurring income midway through the quarter. So, and as I mentioned earlier, they weren't really contributing meaningfully to NOI, so we'll start to see that uptick going forward. Okay. And, remind me, the RCFI financing, the interest rate for construction and takeout financing are the same? That's correct. Okay, and just- I believe Maple House has another five years or so of the term. Okay. Is there any incremental liquidity opportunity on takeout, or is it all kind of locked in based on the initial financing? By the way, we don't mean to interrupt you. We're just having a lag, so it's been a little frustrating. The loan doesn't come up until, I think, 2029 or 2030, so there's no opportunity to increase the financing because it's already in place, and it's at a great rate, so it's wonderful. Okay, perfect. That's it for me. I'll turn it back. Thank you. Thank you. The next question comes from Sam Damiani from TD Cowen. Please, go ahead. Thank you. Good afternoon, everyone. Just on the decision to suspend the distribution, I guess you referenced, you know, waiting for developments to be completed and obviously generating the NOI, and then getting land under development and assessing liquidity needs. But, like, at the end of the day, why was the decision made this quarter versus last quarter? What was kind of the tipping point that was reached, I guess? I have a follow-up question on it too. Oh, that's a great, great question. Starting in August of last year, the long bond started to go up, and in September and early October, it went up a lot. That's when it hit four point two percent. And I think that really affected people's views of the values of the buildings. I think that's where cap rates started to move a little bit more. And we had our board meeting in November, which was just around there. We discussed it then. In December, we had a strategic planning session, where we went over everything, including the new information, and we discussed it thoroughly then. So this was the first meeting after that. Okay. And is it fair to say some of the new information includes a longer expected lease-up and stabilization of the income properties that are reaching completion? And maybe are some budgets on some developments. You know, has there been inflation there that has, you know, made things a little tighter as well? No, I think basically, the period to stabilize, maybe we hope to do better than budget, but the budget looks okay, and the budget costs are relatively okay. It's really a result of having land loans with interest rates based on prime or off of BAs with a big spread, and the fact that things have slowed down as much as they have it starting. So now, in the last 6 months, it's been everybody in our industry is seeing the difficulty to start new development. So the HST waiver has been really good. That goes really well with CMHC financing, which is not easy. We're making a lot of progress. So it's, it's really the fact that there's a backup of land that's going to get developed as soon as it can be absorbed, but that's slower than we thought, for everybody. Gotcha. It's encouraging to hear that you see, you know, the stars have kind of aligned to be able to start construction on the LeBreton. I think you said in, in March, you're hoping to, to start construction there. How, how have the stars aligned? And maybe if you could put some numbers around it. I remember a year or two ago, there was some disclosure on sort of targeted, I guess, stabilized cap rates on developments in the, I don't know, in the mid-4s, maybe. I can't remember. That was-- that disclosure was suspended, but, like, what, what sort of unlevered yield, stabilized yield are you, are you now expecting on, on this new project? We're still finishing up the financing, and one thing, like, one thing that always happens is because we're charging less rent, we have less NOI. The interest should be much lower than if we borrowed money at 7.5%, but we still haven't locked it in. But when I saw it, I think I looked at it today, I think we're looking at trying to not go outside of anything. But I think we're looking at mid-teens for a 10-year develop and hold return. Okay. And just finally, on the, the fee being settled in units, again, for 2024, I don't know if you can talk about how long that new agreement or renewal is gonna go for, but I guess the other main question is: Would the units be issued at NAV as they were previously? Yeah. So we have had discussions about it today. We will finish up our discussions by the time we mail the circular. The plan is for it to be for three years, and I think that it will be similar to how it is today in terms of whether. It will not be at the stock price. It will be at a price that's much more similar to the NAV or historic numbers of units. Gotcha. Okay, thank you. I'll turn it back. Thank you. The next question comes from Steve Levens, a Private Investor. Please, go ahead. Hi. Congratulations, I guess, on moving the ball along and having a phenomenal pool of assets in various stages of development. I just have a couple of questions. The other questions have already been answered. At the investor meeting in September, there was discussion about 49 Ontario, and that it was being marketed, and that you were looking for a partner... And there was just a speculative comment made that perhaps it could be a process concluded in six months, and that hypothetically, there'd be CAD 150 million of value there in the project, and it could free up CAD 50 million of liquidity. In the conference call today, you talked a little bit about 49 Ontario, but if you wouldn't mind, just to talk a little bit more about how the marketing has gone and what the timeline is. Because I think the last suggestion in a comment was second quarter of 2025 for some level of completion or some benchmark or something, but I wasn't quite clear where we are now and where you'll be in that second quarter of 2025 that you referenced. I wish you were my analyst, because nobody ever listened to me that close. To be specific, in September, what we're talking about was having some kind of agreement within six months. Even if we did, the expectation would be that until the tenant leaves and we are close to starting construction, we wouldn't have thought it would close. So we're working towards a deal. We're still, we're still talking to some of the same people, and at the same time, we're now working on financing to fund the development. That's going to take a little bit of while, but if we can get the funding for development, we can get a higher proceeds. So we're, we're moving along the same way. And since we can't close anyways, until it becomes a development site when the tenant leaves, we're trying to maximize the value and the cash that we get out of it. And I think we'll continue to give updates on it, but they're not, they're actually not that different. Okay. But there's nothing that's happened in the interim that makes you feel that somehow the process is taking longer, or that the enthusiasm about it is more restrained and disappointing. There's no elements of that? What we were talking about before was selling a portion of the site, which means having a partnership. Yeah. We have not put the asset up for sale in its entirety. It's got over 1,000 units, so probably it has to be two buildings. We've got the zoning done. That's a large building, so we've looked at selling half. So we're working on it, but I think that it is harder to get transactions done now, but there's actually quite a bit of interest in that one. So I'm not sure if we're think it's not as good. I think we have a better idea of what we want to do than we had in September. Okay. So and just in terms of information to the marketplace, because I think because it's such a significant asset, when do you see being in a position to be able to make some sort of material disclosure about it that could be impactful to the way the units are perceived in the market? Just in terms because that was one of the goals discussed in September, that that would be like a marquee transaction in terms of proving up what Dream Impact is all about. Do you have a sense of when you may be able to make enough progress to make some sort of useful disclosure? I'm being a little bit opaque because a lot of this is sensitive, so I feel sometimes that maybe I shouldn't say as much as I do, but because things are in progress, it's very difficult to comment. What I did say, I'll repeat what I said, which was: We're working on doing the financing because we think with financing, we get a higher price from a partner. That's what our focus is right now, actually. I'm not sure. Maybe it's four to six months to get feedback on the financing, but I would say probably 4-6 months, we'll definitely have an update. Okay, excellent. Another small point. In terms of the 2 assets that are now currently for sale, I'm no real estate guy. Could you give an order of magnitude of what 10 Lower Spadina and 349 Carlaw properties might bring in? Is it a CAD 10 million -CAD 20 million, a CAD 20 million -CAD 30 million, a CAD 5 million -CAD 10 million sort of issue here or asset? They probably should be over CAD 25 million together. And as I mentioned, there's no debt on them. Yeah. Excellent. Then just if you could just, I hate to keep pushing you back to strategy. One of the very difficult things about the company is that it has so many fantastic assets, but liquidity continues to be an issue. And it's not like one big factory that you have to make a decision to keep the factory, or to sell the factory. It's like there's so many pockets of value, and not all of them are related one to the other in terms of being contiguous properties or having partnerships with other entities, with the Dream. But they're kind of like standalone assets. I'm just wondering strategically, why you continue to try to capture all the upside of all these balls that are being juggled in the air, as opposed to substantially shrinking the number of opportunities so that it becomes just a little bit less difficult to follow, and the market would not have that same difficulty in assigning value? So I would say that it's harder to execute anything today than it's been in many, many years. I think sometimes people expect us to get stuff done instantly, and the private market now is quite slow. But I'll repeat what I was saying. What I was saying was, we're looking at getting liquidity out of a good portion of the commercial assets. We're looking for getting money out of the passive assets, and we're looking to become a lot more apartment. So I think, like, that's my way of saying what you just said. Okay. Thanks very much. Thank you. The next question comes from Ryan Hall, a Private Investor. Please go ahead. Hi there. Sorry, one more question that kind of piggybacks off of a few other developments there. 100 Steeles Avenue West, it was supposed to be through density approval sometime in 2023, but it was slightly delayed from the city there. Do you have any update or comments on that property and what we plan on doing with it? That project is not slightly delayed. It is a lot delayed. It's been a very complicated project, and it's gone much slower than we expected. I don't have a recent update. I will check on it. But I think in that that's not in Toronto, it's just north of Toronto, and there's been a number of significant issues that are getting worked through very, very slowly. Okay, thank you. Operator, I think we're pretty much... Sorry, go ahead. Oh, sorry. Yeah, one more, one more question here. In regards to the last caller, he mentioned selling assets and trying to get things done. Have you thought of a format at all to sell that asset, to raise liquidity and possibly buy back units or do something with that cash as a better use of capital than, say, an on development that's going to take many years to close out? Well, I mean, I think I've said for a while that buying back stock is off the table because the first use would be liquidity. So I don't think that's going to happen. I know it's not that fast, but we are finishing buildings pretty quick. So I think that we're going to try to sell the assets that are not as core, and I think the best parts of this business are the multifamily assets, both the value add, which are ones we bought, as well as the ones under development. Those are assets we want to keep. We think that's the best part of the company. So, you know, watch what we do, because we'll be trying to raise a bunch of capital and narrow the focus of the business over the next year or two. Okay. Thank you. Operator, thank you very much. I think that's all the time we have. Meaghan and I are available for anybody who has follow-up questions. We really appreciate everybody's questions. We are working hard, and I think that we're very disappointed at some of the results, even though we're working on projects that we think have a great outcome. But this has been a very difficult time with interest rates backing up so much and the slowdown in the industry. But I think we are making a lot of progress, and I hope that that will be well rewarded for you. Operator, thank you very much, and once again, we'd be happy to answer questions if you reach out to Meaghan or me. Thank you, everybody.