Good morning, ladies and gentlemen. Welcome to the Dream Impact Trust fourth quarter conference call for Wednesday, February the 19th, 2025. Please be advised that all participants are currently in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. During this call, management of Dream Impact Trust 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 filings with securities regulators, including its long-form prospectus. These filings are also available on Dream Impact Trust's website at www.dreamimpacttrust.ca. Your host for today's call will be Mr. Michael Cooper, Portfolio Manager. Mr. Cooper, please proceed. Thank you very much, Operator, and welcome everybody to Dream Impact Trust's year-end conference call. I've been trying to figure out how to start this call, and my inner voice has been saying, I should probably start it by saying, "Oh my God, we've done such a great job. We did everything we said we're going to, and so many things are bad in Canada. We've got so many issues around leadership. We're so poorly positioned with the states. There's so much uncertainty that we're really facing, all of us, more and more stress and difficulty than we would have expected." Let me explain what I mean. You know, the idea was that there was a housing crisis in Canada. The federal government, even in the 2022 budget, CMHC repeatedly said we need about 3 million new housing units to house Canadians. They actually got involved with a lot of policies. We worked closely with them on the policies. Now it turns out that whether or not we have a housing crisis, it's difficult for people to buy homes with the amount of money they make. The cost of building is pretty high, especially in Toronto, where we're focused. On the apartment side, it's actually going pretty good. The rents are a little bit flat now. They've gone up a lot in the past number of years. We'll see how that goes. Everything is slow and grinding. When we look at our business, you know, it's really amazing that of the 1,800 apartment units that we were planning on building in the Canary District, we now have two buildings finished. Part of the third building will be finished this year, and the balance will be finished next year. That is 1,800 units. The trust owns 25%. We are making good progress leasing. It is a little slower than we thought, but we are making good progress. Our value-add apartments, those buildings are full. The rents are pretty strong. It is going pretty close to what we expected. Not a lot of turnover, but otherwise it is going pretty good. We have done a lot of the CapEx, so now those buildings should start to produce cash flow. We are making progress on starting new buildings. A couple of examples is that Block 206 in Ottawa is going to start in a couple of months. That is a building that the Dream Impact Trust owns half of the land. It is not going to participate in the construction of that building, but when the construction starts, about CAD 6 million of land loans will be paid off and a couple million dollars to the Dream Impact Trust. It is going to benefit from it. We are just going to start a building in the Gatineau side later this year. It is creatively called Block One. It is going to start. Dream Impact Trust is probably not going to participate in that, but it will pay down more debt. We are making a lot of progress paying down debt at Zibi. The big news is that 49 Ontario, which is a huge asset, which might have equity as big as the market cap of the company, is within the site. We made a lot of progress. In the fall, with the City of Toronto, they accepted our application to be exempt or delayed development charges. That works out to be over CAD 2 a share of value, very, very valuable for us. In addition, we are adjusting the final steps of finalizing a very significant loan to fund the construction of the building. That hopefully will be done by the end of the month or early in March. We have said before that we are looking for partners. We are in very advanced conversations. We hope to have news prior to our first quarter results. That project produces a lot of value and could produce a lot of cash in the next 12 months for Dream Impact Trust as we lock up all the necessary elements to be able to develop a building that will generate great returns for the owners and crystallize the value that is in the land and stop paying interest on the debt and start the development with the government loans. By the way, the government loans today are probably around 3%. In the case of 49 Ontario, the loan will probably be for about 10 years. It is just about ready to go, and we expect to start construction in October or November. That is very exciting and very positive. The other big project that we are making progress on is Quayside. We bid on it in 2022, and there is probably every single thing has changed. In the meantime, we work very closely with the federal government, the City of Toronto, plus Waterfront Toronto. I think we are making a lot of progress on having a plan that we will be able to develop together. In that case, the City of Toronto does the affordable housing. We do not. That could be a meaningful project. Dream Impact Trust only owns 12.5% of it. Because everything's slower, we're paying more in interest. We're very focused on liquidity. Last year, we sold a couple of assets, and that worked out pretty good. This year, we're hoping to get the proceeds from 2025, either in cash, sorry, from 49 Ontario, either in cash or at least have the deal completed. We're looking at selling down some of our commercial assets over time and really focus on residential. We've got some passive assets that we think we can get some liquidity in. We feel pretty good. You know, I would say that I never imagined that we'd start construction of a building and wonder if by the time it's finished, Toronto would be in Canada or the United States. You know, this type of uncertainty is unprecedented. All the talk about tariffs. The tariffs that the state charges probably has a neutral effect directly on us, maybe positive because there'll be materials in Canada. It's the counter tariffs that would be a real problem for us directly. Indirectly, just the state of the Canadian economy matters. On that one, we do know that the government has been seeking people in the housing industry to get feedback as to what counter tariffs would hurt home building. I think that's really important because hopefully the country will make some decisions to manage the relation with the United States without affecting home building in any significant way. Overall, we continue to have great assets. We're in conversations on much of the business, how to repartner it and do other things. It's a very, very tough environment. I think the stuff we're doing is coming along very well. We're very pleased with it. The quality of the assets speak for themselves, and we're able to talk to other people about partnering or trading or other ways to make our company better and better. I'm going to leave it there, ask Meaghan to speak about the financial results, and then we'll answer any questions after that. Meaghan. Thank you, Michael, and good morning, everyone. I'll briefly speak to the trust's financial results for the quarter and then touch on liquidity. In the fourth quarter, the trust recognized a net loss of CAD 8.3 million compared to CAD 19.7 million in the prior year. The improvement in earnings was driven by fluctuations in fair value adjustments year over year. In addition, the trust recognized earnings from Brightwater condo occupancies partially offset by higher interest expense driven by the timing of completed multi-family rentals during the year. Interest will typically be capitalized on buildings when they're under development and then expensed once they're ready for use. The most significant fair value adjustment in the fourth quarter was a CAD 8.4 million fair value loss taken on a commercial block at Zibi, which had recently been completed. The loss was driven by an extended lease-up timeline and higher terminal cap rate supported by a third-party appraisal. Now, more specifically, in the fourth quarter, the recurring income segment generated CAD 1.8 million in same property NOI from our multi-family rental assets, up slightly from prior year due to turnover. Including properties in the lease-up phase, NOI was CAD 2.5 million, an increase of CAD 1 million from the prior year due to Maple House and Alto 2 approaching stabilization. As of February 14th, these two buildings were approximately 80% leased. In the fourth quarter, the trust transferred Block 206 at Zibi, which is a 207-unit multi-family rental building in Ottawa, to the recurring income segment. As of December 31st, in place and committed occupancy for this block was 53%. The trust continues to make headway with its near-term multi-family development pipeline. In the fourth quarter, Birch House, which is a 238-unit purpose-built rental building in downtown Toronto, welcomed its first residents. Construction at Cherry House continues to progress, and based on current timelines, we do expect to begin leasing towards the latter part of the year for the first building. In aggregate, once built out, the Canary Landing community will make up just over 1,800 multi-family units, of which the trust owns 25%. As it relates to the development segment, the trust recognized a net loss of CAD 6 million compared to CAD 4.7 million in the prior year. The fluctuation in earnings was really driven by the change in fair value adjustments, partially offset by occupancy income from Brightwater. During the fourth quarter, roughly 300 condo units at Brightwater closed as part of phase one, and we commenced occupancy at Brightwater Towns, which was 50% occupied as of December 31. Subsequent to year-end, occupancy also commenced at The Mason. As of December 31, the trust had total cash on hand of CAD 16 million. Over the course of the year, the trust repaid CAD 100 million of construction debt from condo closing proceeds at Brightwater and Ivy Condos. CAD 11.5 million related to the credit facility, and we refinanced about CAD 170 million of maturing debt. With that, I'll turn the call back over to you, Michael. Thank you very much, Meaghan. Meaghan and I would be happy to answer any questions at this time. Thank you. We'll 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. The first question is from Sam Damiani with TD Cowen. Please go ahead. Thanks and good morning. My first question, Michael, your comments about the housing market, you know, with the 3 million-plus homes expected to be needed and how that's changed. I'm just wondering how you see sort of the housing demand and supply evolving in, I guess, Toronto and Ottawa over the next, you know, let's say, let's say three to five years and how that Impacts your plans for Impact. You know what? We have these different companies, and Dream Unlimited reports next Tuesday. You know, Western Canada is a completely other world, okay? Here we are talking about housing, and you've got to be very local because Western Canada, we're probably doing as well as we've ever done. Our rentals are working. People make a lot of money. They do not have as high housing costs. It is really striking to look at what's going on there and compare it to what's going on in Toronto. In Toronto, on the housing side, single-family homes are selling because we have the same numbers we had in 1960. There are like twice as many people, same number of homes in the City of Toronto. You know, there's a lot of support for them. Beyond the City of Toronto on the low rise, it's very slow, but it's not terrible. When you get to downtown, the condos, we have the highest number of condos being finished this year. There's a little bit more next year. There are a lot of people who bought condos who wish they wouldn't have them. That is depressing the prices. They are trying to reduce their carrying costs. That results in the least number of sales in condos in 30 years. Now, Toronto is a lot bigger. If we're selling the same amount as the early 1990s in that big recession, it's even worse than the early 1990s for the condo market. That is really tough. For apartments, we are competing somewhat with these newly finished condos. The individual landlords do not have as much discipline, and I do not blame them. You know, they're leasing for maybe CAD 2,500 a unit when we think they should get CAD 2,700, but we're kind of competing with the CAD 2,500. It's not terrible. Okay, there's still a lot of people that want to rent. I think that part's pretty good. The key thing is, after 2026, the condo deliveries fall off a cliff. There's hardly been any condos started in the last 24 to 30 months. It doesn't look like many are going to start. We're going to see a huge change in the supply side of the equation. I think it's going to settle down. That's going to be very good for the rental buildings. I think the single-family housing market's fine. We're just going to have to see when the condo market comes back and what it looks like because we're kind of used to a different market. Just a government policy that I think is just stupid. We decided that it is a bad idea for foreigners to buy real estate because somehow that drives up prices, which it does not, but let's say it does. We should have exempted foreigners buying condos on pre-sales because effectively, when you sell condos on pre-sales, you are creating the financing mechanism to be able to build. By saying foreigners cannot buy a condo, it contributes to fewer buyers of condos, so we are not building any. I think that the government has done some great policies, and we have been a huge beneficiary of it. There are other policies you look at and say, like, you know, this does not achieve what they think it does, and it is really hurting. I think that what we're seeing is whether it's--and I don't want to be political because it's--like, I just want to work with whoever's there. The liberals have moved so much in the last two months on their policies. I think it's very positive. The conservatives also have a very pro-let's grow the economy, let's be more practical point of view. I think we're going to see even more policies that are positive. I'm hoping that after, let's say, I don't know, hopefully they have an election soon, maybe after April or May, there will be a clearer direction and there will be a real change in decisions. Right now, the housing market in Toronto is fine for single-family homes in the city, like resales, you know, but for condos, it's a very tough market, and everybody's holding land. I think you heard us talking about the condo sales that have been completed. Almost all of the units that have been pre-sold by us and everybody else are closing. Like 95% or 97% are closing. Developers are getting the money out of it that they expected. That part's good. The people who are holding land who aren't that strong are getting pushed. You can sort of see that in our company. They're holding land and not getting started has hurt us. I think it gets better. Interest rates have gotten better. Construction costs have come in a bit. Land costs, in a way, are cheaper. You start to put the things together. You know, if we waive development charges and then if the land cost is cheaper and interest rates cost are cheaper, we're going to be able to build more. It is coming, but just incredibly slowly. Sorry for the long answer. No, that's great. That's very helpful. Thank you. Great to see the development charge waivers on 49 Ontario and Quayside. I guess, you know, 49 Ontario, that starts later this year, delivering, you know, a few years out into, hopefully, an undersupplied market. Hopefully that works out. My second question is just on liquidity and refinancing targets for this year and next, you know, outside of 49 Ontario, what other key milestones are you hoping to achieve? Again, you know, this is the beginning of our reporting season, but throughout the organization, we've renewed billions of dollars of debt the last couple of last 12 months or whatever. It's going exceptionally well. We're in very close touch with all of our lenders. We've got a land loan at Cherry coming up, a land loan at Silos coming up. They're both with banks we deal with literally every week. We have conversations on them. I think they look perfectly fine, as have all of our loans that have come up in all of our businesses. I mean, we're not overly fussed about that. We think that they'll come along pretty good. We always budget some paydowns. So far, I think we've exceeded our budget on in office, on land, on everything. I mean, I am grateful for the support and partnerships with all of the banks of the country. It's just been amazing. Great. Thank you. I'll turn it back. Thank you. The next question is from Sairam Srinivas with Cormark Securities. Please go ahead. Thank you, Alfredo. Good morning, Michael. Good morning, Meaghan. Good morning. Just looking at the same property portfolio, occupancy, I think, was up year over year, but quarter over quarter, there's some moments over there. Just broadly, where do you see this occupancy in this portfolio stabilizing over the next 24 months? Meaghan, do you want to answer that, or do you want me to? It doesn't matter. I think. I say you. Sorry. Go ahead, Michael. Oh, okay. Our value-add portfolio is quite leased, and the turnover is small. I do not remember the exact number. We are working on getting the new buildings completed. They are leasing up. You know, we are at 70% or 80%, and we are making progress. You know, we should end up at 95%-96% from a stabilized portfolio. Maybe a little better even. The change that we saw this period, Sy, was really just a little bit of seasonality. It was not anything other than that. All right. No, that makes sense. Maybe just looking at, again, the same property in a wide number, I think you mentioned there's some non-recurring operating expenses this quarter. Can you elaborate on that? To be honest, there is not a ton of much more to add. Specifically, it is at the two properties at Zibi. There was just some R&M and a little bit of higher OpEx that we think was just because they are new buildings, and we do not expect it to be recurring in nature going forward. There is not really much more color to give. It is pretty matter of fact. Okay. Fair point. Maybe just the last question on that's probably going to be sold to Dream, the Block 204 at Zibi. Can you guys give a color in terms of, you know, how the transaction is going to kind of how the transaction is going to be built up and the procedure expecting from there? Could you repeat the last part? I'm just curious in terms of how that transaction is going to be built up and what you're expecting from there in terms of the value of that lease plan. Oh, we've got appraisals on the land, and we've got the debt on the land. Most of the land value is Meaghan can probably get you numbers, but I think there's about CAD 11 million of debt that gets paid down, and the land's probably worth CAD 13 million or CAD 14 million. I think that the Dream Impact Trust gets about CAD 2 million. There's not really a valuation problem in any way because we keep, like, we do one block after another. We've got appraisals, and it's pretty simple. The real point there is Dream Unlimited is working with Dream Impact Trust to not use up any of Dream Impact Trust liquidity, but also to keep the project moving to pay down debt. That makes sense, Michael. Maybe just the last one on, I think just recently, Dream Unlimited announced a new partnership, a new venture that's going to be built up. Does that form an area and opportunity for Dream Impact to actually sell down some of its assets? I think it's unlikely to do a related party transaction with a large institution. In a way, we're in the market all the time now to try to fulfill that mandate. Whether they buy it or the market, the market's pretty good. I mean, we just bid on an apartment building for that venture and got slaughtered in terms of how far we were off the selling price. You know, we're seeing a more robust investment market for apartments. I wouldn't see direct, maybe it could happen. I just don't like the optics of dealing with a new client and talking to them about selling our stuff to them. I think that the investment market for apartments, you don't need that. You can sell them if we wanted to. That's great color, Michael. Thank you. Thanks, Meaghan. I'm turning it back. The next question is from David Chrystal with Ventum Capital Markets. Please go ahead. Thanks. Good morning, guys. You touched on the kind of seasonality of the occupancy trend in the same property portfolio, but looking at the lease up for Alto 2 and Maple House, obviously a lot slower in the fourth quarter versus the third. How much of this is seasonal or structural versus competing with your own project deliveries on those sites? It's a great question. There are so many things happening at once. It's a little bit hard to isolate, like, seasonality from, I don't know, everything else that's going on. I think that in Toronto, there definitely is a competition with the condos. There is definitely seasonality. We had a great November in Toronto. December was not that great, but that's pretty normal. We are looking forward to the spring. I mean, we do keep putting up, keep putting out substantial occupancy. It is continuously a little slow, but we are actually making a lot of progress. I do not know. I think the guys are figuring by the end of the summer, we should be full. You know, we are getting closer, and the building has been a great success. It's a gorgeous building. We are very pleased with that. We are going to have to focus on Block 10, which I think is Pine. You know, as we get through that, we are going to have another big building coming up next year. A lot to do, but this is really the heavy lifting. After this, we are going to have a couple of thousand units in downtown Toronto where the trust owns 25%. The building should be quite full with no CapEx, with very low interest rates. It is pretty exciting. Okay. That's helpful. Shifting to Ontario Street, you know, you mentioned you're in some advanced discussions, and I guess a couple of questions there. What would a partnership look like there in terms of the share of your holdings sold? Would it be kind of 50/50, 25/75, or something else? You know what? I can only say what I can say. I'm hoping that within the next couple of months, we'll make the announcements and we'll have a lot more information. I don't want to tell you anything about that, to be blunt. What I would say is the project looks like it's quite successful, and we would sell down more now than we might have sold. We were looking to do 100% of it ourselves. As we see it being more difficult and that project seems to be worth a lot of money with people interested, I think we will look to get more liquidity from that. Give us time to tell you. What I'm trying to say is we think it's going to be a great development, and we're questioning ourselves how much of 49 Ontario, a CAD 720 million development, is the right amount for Impact. By selling down, we get more cash now. We should be able to tell you more, as I said twice already, by the end of the first quarter results, you know? Okay. I appreciate that. It's not going to help. Can you, I mean, you gave a rough number. I think you said CAD 2 per share economics for the waived development charges. But can you walk me through how that would work specifically for Ontario Street? How would that hit the numbers? Sure. You know what? This is part easy. See, the other part, there is so much non-public information, and we are right in the middle. I cannot tell you. What you are asking me now, the City of Toronto published reports on this, and they went into great detail. I am just going to tell you what the City of Toronto said with no color whatsoever. The apartment ones average about CAD 43,000 a unit. We have about 1,000 units, so that is CAD 43 million. I think we got, what, 19 million shares outstanding. I think that is about CAD 2.25 a share. We also get a discount of 15% on realty taxes for 35 years. The city just adds that 15% together for 35 years, gets to 17,500 because it is CAD 500 a year. For us, you know, if you net present value the $500 a year for 35 years, it's pretty good, but it does reflect a higher NOI. So if the buildings are trading at a 4 cap, let's say that's 25 times multiple, the 500 is worth another 12,500. We got 1,000 units, that's 12.5. So that would actually be CAD 55 million a share or just about CAD 55 million in total for 49 Ontario or about $3 a share in value just from that. Okay. That's helpful. Thanks. I'll turn it back. Okay. Just before the next question, I would add that we had HST removed a couple of years ago, and that's about the same magnitude. We are seeing a lot of government policies that are helpful. Some are still harmful, but we're making a lot of progress. Next question. All right. The next question is from Alexander Leon with Desjardins Capital Markets. Please go ahead. Hey, good morning. My first question is just whether there's any update on the marketing/sale of the Capital Views land at Zibi. Oh, great question. For those who aren't familiar, in Ottawa, we're getting through our land at Zibi very quickly. I think after 206, and Meaghan, if I'm wrong, please correct me, I think we're going to have about CAD 20 million of debt on five sites, which is very low. On the Gatineau side, we have a lot of land. We looked at a section of land to see who might be interested in it, and we are having conversations. Look, I've gone through this a lot. In early 2024, like in January, we announced that we were selling 438 University for a year. People asked me. They said, "Oh, you're never going to sell. You're going to sell it." We just announced that it took us a year with the same purchaser. I don't know what's going to happen there. We have interest in it, and we're trying to see if we can make a deal work. It's a little bit complicated because we've got our own utility system. All the lands there are net zero. People have to use the utility. There is a lot that we have to do to work together, but there are interested parties, and it would be great if we could work to reduce the loan on the land there. It is not essential in any way. We do not have an update yet. We are just getting familiar, and people have to learn to understand how all the pieces fit together at Zibi. Okay. Great. For any correct color, on the operation side, I'm just curious in terms of maybe occupancy of the portfolio, how is it safe to assume the affordable units in the rental portfolio are essentially fully occupied and all the vacancy are those market units? 100% occupied for the affordable. In the affordable, for the most part, the affordable rent is based on the average rent in the City of Toronto. It is a little bit different because that reflects all the new buildings that are finished with high rents, the existing buildings that do not have rent control, and every unit where there is turnover that goes from rent control to market on turnover. Not only are they full, we get pretty good increases in rent on them. I think it is underestimated how valuable the affordable units are. We have been doing a lot of work on that. Some condo developers have to do some affordable units. It is a pretty cool thing if we could figure out how to buy them and a return that is based on what they actually generate because I think it would turn out really well. Those are their lease. They're always going to be leased, and it's more like infrastructure. Yes, it's all in the market where there is the lease up. Okay. That's great. Seems like a great competitive advantage in this market right now. Moving on to maybe some of the occupancy income from the quarter. The CAD 3.6 million for Brightwater, is that about 50% of the total that was recognized in Q4? Meaghan? Yeah, it was. You got to remember Brightwater was kind of buried within equity accounted in the development segment. The occupancy income we referenced was just for the one building that was going through the occupancy period in the quarter. We will see a bit more come through in the new year and then look to close those buildings later in 2025. Okay. That's good to know. In terms of that occupancy income from Mason, the MDNA referenced like all 158 units were occupied in kind of post-quarter. So is all of that income hitting in one Q? Yeah. Anything that would have occupied post-quarter would come through in Q1. Okay. Thanks for that. Maybe last one for me. Is there like any minimum occupancy threshold in terms of transferring these rental projects into the recurring income segment? To be honest, that's something that we're looking at for the first quarter. You know, with slower lease up for some of the larger buildings, you know, it has begged the question, when should we transfer them between the segments? We are going to come out with some revised commentary on our trigger point for moving the buildings in Q1. Yeah. Thanks for that question. It's one I've had, and I'm really pleased to hear Meaghan tell me how we're treating that. Yeah. I look forward to the incremental disclosure. I appreciate that. I will turn it back. Thank you. The next question is from [Dee Mouth], a private investor. Please go ahead. Good morning. Hi there. On behalf of all the retirees, is there any kind of timeframe on when the dividend is going to be reinstated? This is probably the wrong answer, but I can tell you reinstating the dividend is the only thing I have not thought about at all. I think that we're really focused on how to manage through what has turned out to be very challenging times in housing in downtown Toronto. We're making a lot of progress, but I'd say that our plan goes out to 2028, and that's when we have a lot of buildings finished. Things are more stabilized. You know, we did not suggest when we reduced the dividend that we were going to do it for a short period of time. We got to deal with the substantial issues, which are really on the completion of buildings, lease up, and managing our debt prudently. Thank you. Sorry about that. The next question is from Michael Psalakos with a private investor. Please go ahead. Hi. Good morning. My dividend question was answered. I have another one. You mentioned that for Zibi block 204 and I think block 1 at Gatineau, the trust will not participate in construction. I was wondering, since the trust is making use of the CMHC ACLP program, what would the equity contribution be there? If it was minimal, why is the trust giving it up? That is for me. Thank you. Thank you. It's a good question. For block 1, we actually have an external investor, and the boards of Dream Unlimited and Dream Impact discussed it. To be totally transparent, I think the Dream Impact Trust decided after looking at LeBreton and block 1, no, LeBreton and block 204, they wanted to do one and not both, and they chose to do LeBreton. I think that we're really trying to use our resources where it makes the most difference. If we save the cash on those two Zibi blocks but get the benefit of paying down debt, it's a real benefit for the trust. It's better for the trust for the developments to keep going and pay down debt along the line. I think the trust wants to use its money for projects that wouldn't happen without that capital. Thank you. If I may have another one, a short one. In your letter to the unit holders, you said that you have a plan for the next few years that we're excited about. My question is, like, how does Dream Impact Trust look in three or four years down the road if all things go well, you know, if not COVID or something like that comes again? Thank you. Yeah, that's a great question. We do a plan for 2025, 2026, 2027, and 2028. Throughout it, what you see is we get to more and more apartment rentals, selling some of the commercial. We continue to have assets under development. Like 49 Ontario will not be done in 2028. We actually look at 2032 as well. I do not recall the numbers, but I think we get to over 75% being rental apartments of the whole company. We like the way that looks. You know, when I say I'm excited, I mean it. Like 49 Ontario is a project we've been working on. We bought that building for CAD 30 million in 2014. We bought some sites next door, another CAD 15 million up to CAD 45 million. We are looking at a value on the books of close to CAD 140 million. With all the things we're doing, it seems to substantiate that value. Going from CAD 45 million- CAD 140 million is something I think is exciting. Being able to start that development to a CAD 715 million or CAD 720 million development with working with CMHC and the city, it's really fantastic. If you make, you know, CAD 90 million of value doing all this work and then you're under construction, that's great. That's good. Quayside, it's an unbelievable development, and everybody's working really well together. It's just so hard to get all the pieces settled with the City of Toronto and Waterfront Toronto and the federal government. I don't know if you noticed, but Waterfront Toronto made an announcement a couple of weeks ago that they completed a deal with all three levels of government to get CAD 1 billion of funds. I think they said that one of the main uses of that money was to do the affordable housing at Quayside. Those things are very exciting. The day-to-day drudgery of trying to manage our way through some of this stuff is not as exciting. Overall, especially if the conditions were just a little bit more optimistic, it would be great. Thank you very much. Thank you. This concludes the question and answer session. I'd like to turn the conference back over to Mr. Cooper for any closing remarks. I'd like to thank everybody for their time and support of the company and your management team. We are working very hard for you. Not everything is going the way we like, but there are plenty, and we keep at it, and we're going to get to the other side of this. Thank you very much, and we look forward to speaking with you after the first quarter results come out. This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.