Just in case there's anybody who is a minute late. I forget it. I'm stepping in for Omar Balia, the Chairman of the Board. I'm not here in my capacity as portfolio manager, but I'm going to do the formal part of the meeting if that's okay. [Rob]. Rob Hughes will act as secretary of the meeting. Daniella and Mohammed in Computer Trust are the scrutineers. We'll first proceed with our formal business. To expedite the formal part of the meeting, Rob Hughes and Shannon McRae will second all motions. Rob will introduce them to Shannon; she will second them. After our formal business is concluded, Meaghan Peloso will provide a presentation. After that, we'll answer questions. It says I have an affidavit, but they told me it's true, of the mailing of the notice of availability of proxy materials in the form of proxy or circular materials were done as they're supposed to be done. The scrutineers have advised that there are at least two individuals present who are unit holders or who represent proxy unit holders who hold at least 10% of the votes attached to all their standing units. As a result, we have a quorum. I declare the meeting is properly constituted. The first item of business is the financial statements. I note that the secretaries placed them before the meeting. The next item of business is the election of trustees. As stated in our circular, five trustees will be elected this meeting. They are Omar Balia, Katherine Brownstein, Rob Goodall, Jennifer Lee Koss, and Corinne McIndough. Rob, will you please propose the nominees for election? I'll nominate the individuals listed in the management information circular dated April 17, 2025, for election as trustees of the trust to hold office for the upcoming term. I second the motion. Thank you. As the trustee has not previously received timely notice of any further nominations for persons for election as trustees in accordance with the advanced notice regulation to a declaration of trust, I declare the nominations closed. Are there any questions? Seeing none. Everybody got a majority, a big majority. I confirm that they are now the trustees. Appointment of auditor. The next item of business is the appointment of auditors. The audit committee and the board have recommended PwC. Can I have a motion? I move that PricewaterhouseCoopers, LLP, be appointed auditors of the trust and its subsidiaries for the ensuing year. That the board of trustees be authorized to fix their remuneration. I second the motion. Are there any questions on this motion? The meeting will now vote on the motion. Let's do it by vote of hands. I would ask that those registered unit holders and newly appointed proxy holders who are in favor of the motion, please raise your hand. Yeah. Any votes withheld? Motion is carried. The formal items of business have now been dealt with. The formal part is over. I would ask Meaghan to make management presentation. Thank you. [audio distortion] Dream Impact ended the year with over CAD 680 million in total assets. When growth step, that reflects about 1/3 of the portfolio being concentrated in the multifamily asset class, which should go to about two-thirds as we complete projects that are underway. We've been steadily growing our recurring income segment, which generated CAD 19 million of NOI in 2024. The trust portfolio includes over 2,700 multifamily units, with 40% currently in the lease-up phase, which will help grow the trust's recurring income as the assets stabilize. Over the course of the year, our focus was really on execution and ongoing capital preservation. On the development front, we completed 445 multifamily units at Birch House and Voda at Zippy. We also completed another 550 condo units at Brightwater and Ivy, allowing us to pay over CAD 100 million in construction debt. By way of our pipeline, we've made significant progress on both 49 Ontario and Keyside, which combined are expected to bring over 2,500 rental units to the portfolio upon completion. In December, we achieved fee waivers from the City of Toronto, and we've now also reached important financing milestones for both the projects. Over the course of the year, through asset dispositions and legacy investments, we generated over CAD 43 million in proceeds for the trust. While we continue to be mindful of the trust's liquidity constraints, we were very pleased to hit all of our capital objectives set out for 2024. As we often talk about, we've been focusing on shifting the composition of our portfolio to more stable asset classes. Compared to five years ago, we are really starting to see the change in our portfolio as we've invested significantly in the multifamily asset class, either through third-party acquisitions or development build-out. In 2024, we sold two of our office buildings and have another two on the market now. Over time, we'll be reducing our exposure to this asset class as well. The trust still has a fair amount of exposure to development, and it has been challenging in this market to bring new projects online. Having said that, we are making progress on what we have under construction and have been working steadily to make projects more viable, either through financing programs or by working with various levels of government. More specifically, in 2024, we achieved several milestones at projects in various stages of development. At the end of 2023, we started leasing Maple House at Canary Landing. Over the course of the year, we've made great progress and are now about 80% occupied. We expect the building to stabilize in 2025 and still have another four years until maturity on the ACLP debt. At the end of Q4 2024, we started leasing Birch House, the next building at Canary Landing and part of the Indigenous Hub. Lastly, in April 2024, we started construction on Odenak, which is in Ottawa, about a five-minute walk from the Zippy development. The project is financed through CMHC's ACLP debt program, and the 608-unit building is expected to be completed in 2027. As we continue to see these development milestones hit between now and 2028, we will continue to expand our multifamily portfolio as we finish construction on Odenak, Cherry House, and start construction at 49 Ontario. Combined, these projects will add 2,700 units to the trust portfolio, which will be a significant driver of growth for the trust. In 2028, we expect that our total unit count will be approximately 5,700 multifamily units. The final item I'd really like to touch on is progress made for 49 Ontario. Given the magnitude of the site, the 800,000 sq ft redevelopment is incredibly important to the trust. In December, we received approval for the waiver of development charges from the City of Toronto, as I mentioned, which generated meaningful savings to the project's economics. In early 2025, we secured CAD 648 million in ACLP financing for the site and have now entered into an agreement to bring in a third party for a 10% investment in the project in line with IFRS values. Because of these efforts, we are now in a position to hopefully start construction by the end of the year, which we are incredibly excited about. With that, I would ask Michael to come up for any closing remarks. Thanks, Meaghan. Are there any questions? Can you introduce yourself? I'm Paul Vernon from Burlington. This stock in 2020 was CAD 30. Now it's down below CAD 3. I have to ask, how could that be? I understand there is no rent coming in buildings under construction. That's straightforward. What's the value of the land alone? When all this construction you're planning is finished, I think this stock turns and heads straight up, and it won't be a serendipitous occurrence. That's what I think. This is a huge value right here and now. It's a great ending to your comment. Thank you. What I would say, just so that nobody thinks of us sort of avoiding that, it's gone from CAD 30 to CAD 3. I'm using your number. CAD 279. You said CAD 3? You said from CAD 30 to CAD 3? It was below CAD 3, didn't it? Fair enough. I'm glad we've resolved that issue, Paul. I think that a lot has happened from 2021 to today. I think that in 2022, the federal government came out and said they wanted to double the number of housing starts, wanted to have more apartments. Right now, we have less housing starts, less apartments. In 2023, a few condominium projects hit the pre-sale requirements and were started. In 2024, there might have been two. I think there might have been five since 2023. If I had to guess, I'd say there's 250 million sq ft of zoned land in the city of Toronto, of which I think about 100 million sq ft is in Scarborough. There might be 7 million sq ft used this year. That would leave 243 million for next year. It has fallen off a cliff to be able to build condos. It's next to impossible. For purpose-built rental, it's gotten very difficult. Costs are relatively high. With the housing crisis people expected, we're told about, there aren't as many people renting apartments at the market rent. There's also not that many people buying new-build construction in Southern Ontario. Just as an example, 2024 was almost a hopeless year for new condos, almost hopeless. They just came out with numbers for the first quarter of 2025, saying the number of new condominiums that were sold were down 70% from last year. That's the environment we're dealing with. I think what's happened is people are aware that it's so hard to turn land into an income property or into a condo. A lot of people who have properties are just sitting on them and paying interest. In simple terms, the way I think about it is, if you have 100 sweaters in inventory in a store and you sell 50 a day, you need to reorder. If you have 100 sweaters in a store and you sell one a year, you do not have to reorder ever. That is what has been happening in Toronto land, is that even though last year, condo developers who started in 2019 and 2020 got more money back than they have ever had before, when they look, they also had more land than they need. A lot of money has come out this year. A lot of money is going to come out. It is very difficult to start new construction. What we've done, which Meaghan illustrated very well one slide ago, is we've been working with the government for years. On 49 Ontario, we're expecting, as long as interest rates are sort of relatively benign, to be able to start a large project. That land is on our books for around CAD 140 million. It's got CAD 80 million of land debt on it. We should be able to advance construction October 1st, borrow the money from the federal government before year-end, pay off the CAD 80 million loan, and crystallize the CAD 65 million of equity in that project. We've got a few others like that that we're working on. Right now, you know the way we're trying to turn land into developments is through working with the federal government, with CMHC, with the ACLP loans, as well as we were the recipient of about 50% of all of the development charge waivers for those building apartments with affordable housing. We have been working really hard to try to create methods to turn land into income properties. It has been hard. I think what people are struggling with is, you know, effectively, if you can't build anything on your own land, you're not going anywhere. I think that's why the stock's really been hit. I do appreciate you saying how as this turns into income properties, it's going to be pretty good. I think you showed a slide. I think you said we have 34% of our portfolio is income properties. I think we had another 16%, 15% under development. That is all multifamily. That gets us to about 49% apartments. I just mentioned land. I think it was 25. Do you mind putting it up? Whatever. Do not worry about it. I think it is about 25% land. Back a couple. It is so slow. There we go. Yes, my numbers were right. 34 is the multifamily we have now. 16 is apartments under construction. That will get us to 50 relatively quickly. The 25% of CAD 650 million of assets, I think, a big chunk of that is 49 Ontario. If we get that into the light blue, get some of the light blue into the orange, we are going to have somewhere around 60-65% of this company will be income properties. That is going to make a big, big difference. I think you showed that by 2028, we expect 5,700 apartment units. That is everything that we are working at. We kind of feel like you do not really get two days in a row where you are not dealing with a new problem. That is what the business is like building in Toronto today. Thanks, Paul. Yeah, just one final comment. Based on what has been said, it makes me wonder, all of the young people finishing school and going out on their own, and all of the new people moving to the GTA, where are they going to live? That's the obvious question. No, there's a good question. There's been big changes in immigration, and those numbers are coming off. I think Toronto is still growing. I think the fundamental issue is when people hear quarter after quarter that the per capita income is down, or that if you look at where we were with the U.S. in 2016 on GDP per capita and where we are now, and we're down CAD 6,000 a person, we've got 40 million people. That's a quarter of a trillion dollars a year that Canada is not generating that we should have been generating. I think when they talk about a housing crisis, it's not how many beds we have. The issue is there's not enough people who make enough money to be able to buy a house at what it costs or rent an apartment at an economic return. When it's CAD 2,700 for a one-bedroom apartment, we're leasing them up. We're making progress. It's much slower than we thought. The housing crisis is for people who need apartments for CAD 1,000 a month. When the federal governments talk about all these numbers, we're like, I don't know how they're going to add 250,000 new housing units. I think it's about CAD 100 billion a year. If they wanted to build a 0.25 million new houses a year, new housing units a year, and rent it for CAD 1,000-CAD 1,500, they're going to need CAD 100 billion a year. That just goes away. It's capital you have to spend, and that's what the deficit is from renting it at affordable. There is a real problem. The real problem is because the decisions have been made, we do not make enough money to afford the life that people expect to have. It is a huge social issue, huge economic issue. If you are wondering what is happening in Alberta, they do not have that issue. They are not that interested in paying for us. I think we have some really significant issues to deal with. Thank you. Thanks. Yes, sir. My name is Michael Levitina from Toronto. Michael, I think this company has been mismanaged over the last 5, 10 years. You took over a mortgage company, and you highly criticized the mortgage company. Probably if we were in the mortgage company, it would have been fine. The stock might have been CAD 10, not CAD 2. I think reviewing the transactions over the last few years, it's always been the interest of what's best for Dream Group, not for the shareholders, and for yourself. I am appealing to the trustees, do your work properly, do diligence. A lot of leverage has been used in this company. That is part of the reason why we lost capital. This is my worst real estate investment. I hope I don't repeat this again. You said the easiest thing for you is to sell. Beg your pardon? You'll probably say to me, get out of my stock. That's the easiest way. I'm saying, let's get some good management in this company. This has been, you know, stock's gone from CAD 30 to CAD 2. It's a reflection of the poor management of the company. The company's performed very poorly. Your point about Dream benefiting, I think, is completely misguided. The leverage is. No, no. So you said, no. The leverage and. No, no, sir. You said the Dream was benefiting at the expense of Impact. I think that's what you were saying. Part of it is what's best for the Dream Group. I don't think so, because I know that. We share projects with other Dream companies. We share projects with third parties. But I do know that in the last seven years, Dream hasn't gotten paid in cash for its work because we were concerned about how this was shaping up. But I think the comments also, the company we took over was not a mortgage company. They were participating mortgages, which meant they had lots of downside and hardly any upside. And they had severe troubles. They owned a bunch of office buildings, that the losses on those buildings were over CAD 150 million. So what we started with actually was more problematic. But given that there was a housing crisis, a tremendous need for more housing, you know, it turns out that a lot of people were wrong. We were wrong. But I think the situation for Dream Impact is actually similar to a lot of condo developers in Toronto. You know, I think the Globe wrote that there was 20 receiverships a month in Toronto from condo developers. We talked with all the financiers they're all dealing with. We get offered land all the time. It's really stuck now. I take responsibility for the decisions we made. I think we've done a really earnest effort not to put Dream ahead of the impact. In fact, last year, we got liquidity because Dream bought a bunch of things from the trust at prices that were fair, but maybe not what Dream would have wanted to otherwise buy. I think we stood behind the company a lot. We wear it. I'm sure you've lost a lot of money. I suspect that mathematically, nobody could have lost as much money as I have. I'm not sure what the benefit to us is. We're working hard to create as much value in this company as we can. The Toronto residential market's tough. You had a few good years that you could have expanded the company profitability, but we do not seem to have it. Okay, I think. Thank you. Ian Gillespie, you've spoken a little bit about some of your pessimism of the market situation. You talked a little bit about you were optimist and looking forward for the next two or three years as it relates to the trust in particular. Obviously, there are a number of string of pearls of interest in various things. To what extent does that give you enough balls to juggle to kind of move forward that it is going to make some sense? This is a good slide to have up. Our expectation is that we'll sell out of the office buildings. We're going to become predominantly a multifamily business. There's something we call Block eight. I think it's called Maple House. It's 751 units that we built with land from the Ontario government. We borrowed CAD 357 million, at 1.33%. We have high 90% debt on it. The project's done well. We're leasing up now. I think we're at 80% lease. We hope before year-end to be 100% leased. That's an enormous project and a great accomplishment. The rents are pretty good, not quite as high as we thought, but with so little equity, there's probably a minimum of CAD 20 million gain on very little equity on that one. Behind it, we have another project. We've got one project that it's, I'm sorry about the lack of creativity in the names, but it's called Block 347. And seven is a building that's finishing up soon. We've got it 100% leased. It's only 50 units. We've got good rents on that one. Block three and four, I think, are just over 800 units. We're going to start leasing them up by year-end. This is all within a stone's throw right beside the distillery. We also did a project with the Indigenous Hub, which is an incredible project. Impact Trust owns a third of the apartment building there. That building's been leasing up pretty well. We just started leasing it. We're looking at having close to 2,000 units where the trust owns 25% of it. That should be a great business. It has a lot of debt on it, but the debt's fixed at relatively low cost. We don't think there's any issues refinancing when the 10 years are up. 49 Ontario currently has as much equity as the company's market cap. And the profit from that should be the company's market cap again. I think that the difficulty has been just how hard it is to execute on anything for anybody in the residential industry in Toronto. It's really been hard. A lot of people are literally, a lot of people are going broke. What we're doing is we're selling off some assets to get the cash to continue until we've completed the 34 and 16 and 25. 75% of the business that we expect to be multifamily. The 22% that's office will sell that. We don't expect a lot of cash out of it, but it will get rid of a lot of debt and a lot of capital. I'd say on the op, it's pretty hard to be optimistic when you read the news. What I would say is our bar for the management of this country is so low. If Carney does half good, we should grow the GDP by 10%. There's been a lot of mistakes made, and a lot of them are getting fixed slowly. I think as we get through, you know, being punished for being loyal to the U.S., I think Canada will be more independent. I think they're doing a lot already. I think the premiers are doing an amazing job. I think there's more to do. I think people in Ontario and Toronto need to figure out that they're responsible to take care of themselves. I think there's just been,we had COVID. There's been a lot of things that have happened. Going forward, I think the stuff we're building are going to be great properties. I mentioned the bad part about how hard it is to build condos. The other way of saying it is there's going to be nothing delivered. Right now, a lot of condos that were sold in 2019 and 2020 are being delivered. If there have been condos sold in 2023, 2024, and 2025, I think there's going to be a lot more demand. If we get things straightened out where people make enough money to be able to afford market rents, it should turn out to be pretty good. That's the upside. The question is, what's the time frame? We are working to be there by 2028, 2029. We have incredible assets. The assets we have are pretty special. They were really special before. I guess when, you know, there is not a lot of demand, nothing is that special. We are pretty excited about the opportunities. We put a lot of effort and a lot of capital from Dream's balance sheet into the company. We like the assets we have. We are just kind of shocked as to how many things have gone the wrong way in Toronto housing. Can you just speak to the last pie chart there and roll forward five years? Do you mind just going to the one that shows 5,700 apartment units? What we should end up with is in 2028, the 5,700 units. There will still be some land left over. There will be Victory Silos, Gary West. We probably will not be finished Keyside by then. It is going to be a good company. Going back to your pie chart, can you just put percentages on each of those numbers you talked about selling down the office building? Oh, yeah. What we'd end up with is effectively probably 85% apartments, 15% under development. That'll become apartments within the next 24. We use 2032 for when everything's finished. 85, 15? In 2028, it should probably be 85% finished multifamily, 15% is still under development. Generate what sort of cash or return on equity? Yeah. So we're generally doing these apartments in Toronto at around today, we're doing around over five caps. And today, the funding moves so much because the U.S. bond rate's moving so much. But we did Odenak. We did that at 230. And we did another block in Ottawa at 234 for 10 years. So those rates aren't bad when you're getting five or more on the yield on costs. Yeah, the thing that's been a bit of a surprise is rents haven't been increasing as much. I'm not sure. I think rents are flat the last year or so, year to two years. And we would have expected 3% growth. That hurts it. It'll probably snap back a little bit once the condo delivery. What's happening now is there's 25,000 condo units being delivered a year, most ever. Those people want to rent them. They're a substitute. They're not as price-sensitive as they just want to get somebody in. If we want CAD 2,700 and they lease at CAD 2,400, it has really put an edge on rental rate growth. As those get dealt with, what we would expect is, okay, I'm trying to be optimistic, okay? Guys bought condos at CAD 1,400 a sq ft. They could probably sell them today for CAD 900 a sq ft. I think there's a good opportunity for individuals to start to buy condos. It is a lot. It is 50,000 units that have to find a long-term holder over the next couple of years. I think once that's done, there's not going to be much to rent. That's really, you know, we're a snake in Toronto that swallowed an elephant. That elephant is getting digested. We don't know how long it will take, but it's going to be good when it's digested. Question, what would the debt to equity ratio look like in 2032? Claire? Is it 63% or so? Since nobody is telling me I'm wrong, I'll go with 63%. And what that comes from, just so people get it, is we use a fair amount. I mean, look, every developer uses a lot of debt. You do it on a cost-to-complete basis. If you use traditional financing, people usually put in 25% equity, and then they borrow the rest. With CMHC, we get some perks as part of an infrastructure project to borrow a little bit more. If rents grow at 3% a year over 10 years, your CAD 100 building because of the rents is probably worth CAD 140. If you pay off 10% of the debt, let's say you start with 90% debt, you pay it down to 80, you got 140 for a value, you can refinance that traditionally. You know, the 63% debt is because we pay off some debt and the rents go up and the buildings are worth more. That is the model. It has worked for pretty much seven decades since World War II. Rating it optimistic, not optimistic. I have tried to be fair and take responsibility, sir, Michael. We covered a lot. If there are more questions, happy to answer them. If not, happy to call this meeting terminated. Thank you very much for your support and comments.