All right, maybe we'll get started. My name is Stavro. I'm here to talk about NexLiving. We got some pictures of our buildings. NexLiving is a multifamily owner and operator. We invest in high-growth secondary markets in Canada. We're profitable. We pay a dividend. We generate free cash flow. We have newer vintage properties. I love these properties, but they're pretty characteristic of kind of the type of properties we own. We're the highest growth Canadian company in our space over the last one, three, or five years. Before I talk about the company, I want to talk to you about why we're doing this and why we've come together to build this company and execute this strategy in secondary markets. These are two charts here over the last 10 years. On the left is home prices in Canada, you can see there's been a dramatic correction from the peak during COVID. That's coincided with, I think everyone probably understands, the interest rates going up. These are two 10-year charts, I put here a 20-year chart to show this over a longer-term period. What you see here is that the cost of home ownership has gone up. I try to show a longer period here, it's gone up to a point where the top line is the cost of home ownership, the bottom is rentals, we're at an unprecedented point. Canadian home ownership is 70%, 50 years ago it was 60%. 70% is the highest out of all the G7 nations, out of G20, I don't even know, maybe Italy might be higher. It's pushing a lot more people into the rental market, that's the backdrop of what's happening. Let me step back here. A lot of what's driving these numbers is what's happening in Toronto, Vancouver. That's our New York and our L.A. in Canada. Those two cities are driving this pricing. This is not seen in other cities around the country. We've decided to create a business investing in those markets. These are important markets in Canada, you can see here, I actually live in Toro nto, I get to pick on it, you can see here on the light column on the left, the statistics of home ownership in Vancouver and Toronto relative to where we invest. You can see that home prices is at three or four times higher rents, one bedroom or two bedroom is double. That doesn't tell the whole story. If you look at the size of apartments, it's half the size in these large markets. Price per square foot or price per pound, you see the renter gets three to four times the value in other markets. You look at it from how these cities are performing. Unemployment rate is better, population growth is better, rents have kept up, we're able to invest at multiples or at values that are quite a bit more attractive, both for the tenant and for the landlord. The cap rate is 10%, 20% better. That's the multiple that you pay for these cash flows. Our borrowing costs are the same, the cost to purchase and the cost to build these properties is quite a bit less. It's a third of the price. Here's our company in a snapshot. We own about 2,200 apartments. A couple years ago, we would've been 1,000. A couple years before that, we would've been 500. We're really aggressive at growing. Our occupancy, very highly occupied. Our cash flow per share, 18%. That's a three-year CAGR. Last year, it was 30%. This is an asset class that is very stable, low volatility. Normally, people expect 4%-6%. Our buildings are newer vintage, I mentioned that. On average here, it's around seven or eight years old. Our share price statistics is about half of the value of our properties. Our last IFRS was CAD 4.30. We pay a dividend, I mentioned. It represents a really small portion of our cash flow per share. The insiders, myself, the board, the people in the company, we own over 50% of the shares. I look at this slide, investors rarely get all four. You got free cash flow, really high growth rates, a large alignment with shareholders, a big discount to NAV. That, I think, is really important to understand about our company and why I'm here. Here, you'll see the path to our growth. On the top, our number of apartments, on the bottom, our EBITDA and NOI. You can see we haven't really had one quarter where we haven't been quite a bit larger than the previous quarter, that's the intent of the company. Here, you'll see geographically where we're located. We spend a lot of time around which markets we're going to be in. I've been with the company five years, these numbers, over the last two years, have really started to show, it's really proven out our strategy. The blue bar charts are our markets, the gray ones are Toronto, Vancouver, the two largest cities in Canada, the average in Canada. You can see that, I didn't think it was going to happen this quickly, but it's starting to really show out. Rents in our markets are still growing. Home prices are still higher where the rest of the country, they're going down. Population, people are choosing to live in these cities because there's higher job, more affordability, a lot of these factors driving that. These are really big drivers for our business. I've been accused of putting too many charts and numbers on slides, here you can see some pictures. If you talk to most property owners, landlords, multifamily companies, they want high turnover of their tenants because you get better pricing when you put new tenants in if the rents are rising. We do the opposite. We try to find the best tenants and then keep them. We target downsizers, people that were previous homeowners, people who know how to treat an apartment, that drives a really low CapEx burden on our properties. You can see our properties are highly amenitized. You've probably seen gyms, community rooms, et cetera, we also have massage rooms, barbers, nurses rooms, golf simulators, things that are attractive amenities for the demographic that we serve. I won't spend too much time here, although it's really important. On the left you'll see, I'll put myself out of this, a really young, hungry team that's running the business. On the right, I will say two things. One, this group really has built businesses, successful businesses, and sold these businesses all in secondary markets where we are focused on. Combined, it is approximately CAD 6 billion in the last 15 years of companies that were founded, grown, and then sold. Rick Turner on the slide, up until recently, he held the title of owning the largest REIT takeout, real estate company takeout in Canada, got bought by Blackstone. If you had invested day one with Rick and held until it got bought, it was a 20% IRR over 10 years. Jeff York, very aggressive. He is our chairman. I can go into his background, but he is on his third billion-dollar company now. I say that aspirationally because the third one is still in growth mode, but, the first two went to CAD 1 billion and they were focused on secondary markets in Canada. One was a grocery store and the other one was a department store, so he's more in the retail space. Francis Pomerleau, third largest construction company in Canada, and we have very deep real estate and business expertise on our board. It's an aggressive board, and this group here that you see on the page owns more than half the shares, so we're very much aligned with the common shareholders, and there's no other ownership. The common shares is how they will gain wealth from this business. This isn't a turnaround story. You can't buy a track record. This is our track record, coincidentally, from the day I joined the company, and you'll see that we focus on per share growth. It's really important for us to drive value per share, risk-adjusted. If you look, we drew a green line there that shows where our dividend is. Most real estate companies are high dividend companies. When I joined, we switched that. We retained the capital in the company, and we used it to aggressively grow, and we think that's a better value proposition for investors. Certainly is a better value proposition for myself, as an investor. We started at 50%, now it's 16% of our cash flow per share, and the rest of the capital is retained. We use that discretionary to buy properties, pay down debt, and buy back shares, and those are in that order. This slide, I think, is where investors either get it or they don't get it. I say that because it's the biggest differentiator in our company. On the top right, you'll see these are all the other public companies in Canada that own apartments, and you'll see the bar charts of how much CapEx they spend as a company relative to the apartments they own, and we're 80% less. That's deliberate. That's attracting the best tenants, newer properties, not having any deferred capital in your business, being proactive about your CapEx. Right? What that does is it creates a much higher free cash flow conversion, free cash flow generation in the company, and that's the purpose of this. The purpose is to generate cash, go buy more properties. That drives growth. You grow organically, and you grow through acquisition. Combined, it's a very, very powerful model of compounding. This is just a scorecard of the last three years. I can't pick on everyone and not show it. The numbers, on the top left, you'll see our cash profit margin. That's our operating margin, unadjusted, subtracting CapEx. That means every CAD 1 of revenue we get, after we pay all our costs, CAD 0.51 comes back in cash. The average is 40%, we're doing quite a bit better than the industry. Our cash flow per share, you can see, is enormous, and sticks out as the best in class. Our organic growth at around 8% over the last three years is very healthy. We could spend more capital and drive more growth. We just think it's bad math, we'd rather retain the capital and go buy new properties. That reflects our same property growth numbers, you can see it's very healthy. Ultimately it drives a very healthy free cash flow yield. Today we're a CAD 65 million-CAD 70 million market cap. We'll generate something like CAD 7 million-CAD 8 million of cash this year. Last year, we did CAD 6 million. The year before that, we did CAD 2 million. The free cash flow is really stepping up in the company. The problem with real estate guys is they fall in love with their properties. Over time, they get attached to them. If you ask me, I try not to do that. These are the properties we've sold over the last two years. We don't sell a lot. We like the properties. We want to earn our returns by refinan cing our equity and owning them over a long term. There are certain circumstances where there's a better owner that can pay a much higher price than we would value the property. You see in 2024, I'll be very quick here, those two properties we acquired, it was a CAD 4.7 million equity check. Some of that was cash, some of that was shares. We do that, we treat our shares like cash. You can see after four years of ownership, that CAD 4.7 million became CAD 13 million after we sold it. That's after tax, that represents a 40% IRR over four years. In 2025, smaller, we acquired these two properties, again, with shares, CAD 700,000. That same year, we paid the debt completely down. We had them unencumbered. We evaluated what to do with these properties, they were too small for us to focus on. They did have upside in them, we were too small for us to focus, we sold them to a local group, they paid us. If you look at the CAD 3 million of equity, they paid us CAD 5.1 million two years later. That's a 31% IRR. Those are the only properties we sold. You can see on the ground, I just wanted to show a more tangible example of exactly what we're doing. This slide. This is new. What's happened in Canada in the last six and 12 months is that we've seen large takeout transactions. That just highlights that there's private capital putting money to work and the public markets are not really recognizing the valuation of these properties. Longer-term capital pools are acquiring. Just coincidentally, the two in green, the two multifamily companies that got bought out in the last 12 months, one was a result of shareholders wanting to do that happen, Minto was a management buyout. In both, these are two Ottawa REITs. We're the only last remaining Ottawa-based REIT. We're much smaller. First Capital is a very large retail-based company, but that also got bought out. We're starting to see this in the market. I thought it was important to highlight it, that the last three years our share price has been flat and our growth has been enormous. I don't think that's getting recognized. I think you're probably not going to meet a CEO in here who thinks that their stock is getting recognized properly. I do think that this is a third-party validation of what's going on. The implied cap rate coincidentally is 4.8 on both these two takeouts. If we apply that multiple or cap rate to our company, it would imply a share price of five and a quarter, and today we're trading at CAD 2. I don't know that that's the multiple, I know th at there's a very big gap between where we're trading and where a private group would value our company. Look, ultimately, these are 50-year assets, and it behooves people to look at them over longer periods of time. You can see here, this is just a three-year comparison, what we've done. Our NOI is three times higher. Our margins are quite a bit higher. Cash flow per share has doubled in three years. Free cash flow, we went from basically nothing to CAD 6 million last year. This year, we'll do closer to CAD 8 million. We doubled the number of suites. I think this year our goal is to be closer to 3,000 than 2,000. We can do that with our share count actually being lower by the year-end. We think we'll drive enormous growth that way. I think it drives incredible value per share. That's our aspiration. We have everything in place to do this. We don't need capital. We don't need people. We don't need technology. We have everything in place to do this, and we are aggressively pursuing it. I think ultimately, the opportunity is straightforward. We own newer apartments in regions that are really high growth. We're generating meaningful free cash flow and free cash flow growth. The management insiders own more than half the company, and our shares trade at roughly half the NAV. I think it's going to resolve itself one way or another. Either we're going to compound into a higher share price by just growing our share, or the NAV discount will collapse, or both. I think that's how I look at it, and I think that's the opportunity today. Thank you. It's probably going to be one of the simpler stories at the conference today. Would you consider maybe scaling or looking at more aggressive growth 20,000 units? You guys are 22. Going to 34. Would you consider a more aggressive path to scale that maybe? 20 years ago, great company. I hate it when people try to compare me to Mainstreet Equity Corp. because they're such a good company. We're doing better now, but we're 20 years behind them. 20 years ago, they were at our size. At their size, they're 10 times our size. At their size, we're buying almost as many apartments as they are annually. We will, at this rate, I don't know, I can't forecast that far into the future, but we're very aggressive in our growth. If you think about it, we've doubled every two years. I think we can still do that. Our next double, to call it 4,000, I think we can still do that inside of our capital structure. Our model is a little different. We do pursue value add so that the Mainstreet Equity Corp. strategy in our business, we do quite a good job with it, our returns. I like the business of owning newer properties longer term. I don't want to get too complicated, but if you chase IRRs, what you're really chasing is near-term returns. We chase long-term returns of equity, long-term returns. If you're a long-term owner of properties, owning newer properties results in much higher returns over the long term. In our value add projects, we'll write an equity check, call it CAD 5 million. In a value add project, we might get that equity check back, refinance it out in 18 months or 24 months. In our newer projects, we might do it in three to four years. In most of our transactions, we aim to get our equity out in two to three years. That's the idea. Write a CAD 10 million check, work really hard at expanding the wedge of cash flow. Two to three years comes back to you. You own the asset, it's paying down its mortgage, and it's cash flowing over and above. It results in everybody wins, I think that's the strategy. Given you guys are buying newer properties, what is your average cost per right now? We traded around, if you look at our trading price, where an investor might buy it today, it's around CAD 180,000 per door. The average age is around seven to eight years, and the cost to construct that would be closer to CAD 300,000 per door. We have acquired everything on average at around CAD 210,000-CAD 220,000. Those are newer vintage product, as you know, and today they're much higher to build them. The other difference, since you're comparing me to Bob Dhillon, the best name in the business at Mainstreet, they also focus on much smaller footprint buildings. We're more mid-cap. He's 12 units. Our average is around 50-60 units. We have been able to operate them way more cost effectively and implement technology into these buildings. Our strategy is different. I think it's producing a better return now, and I think over the long term, the industry will come to what we're doing. That's how we're different. David? What is the market right now buying back shares? Yeah. We talk about this a lot, David. We obviously all own shares. Once a year, we'll get together in a room, and we'll have long debates around what the right capital allocation strategy is. You ask what the market's missing. Today we have a war, inflation, volatile rates, interest rates. Canada's in a technical recession right now, which tends to push more people into rental. It's not good for the country. We've also had a period where if you look at the supply chain of money, it's moving out of real est ate and moving to other asset classes. Right? I don't think that someone's saying, "Oh, the strategy is not good." I think it's more a function of the confluence of those factors that is just not allowing. Something has to change there, either it's job growth, and we've also had some erratic government decision around immigration that's caused some questions. These are all question marks, and question marks are tough because it makes it hard to make an investment. Ultimately, I think about Canada. I'm an immigrant to Canada. I moved there from Greece. The country is blessed with, we have more land per capita, more water per capita, more energy, minerals, jobs, university degrees per capita than any other G7 nation. We're right beside the world's best country, biggest market. It's a great country. I remember when it was 30 million, it's 40 million today. It's going to be 50 million in our lifetime. It's a very good country. I do think that long term, you have to take that long-term view and invest appropriately and risk adjusted. You asked me what our capital options are. Well, let me tell you what the capital is and when we have these discussions, what it looks like. Today, we're sitting on something like CAD 10 million-CAD 12 million of cash on the balance sheet. If we do nothing, we just sit on our hands, don't make acquisitions, just pay our dividends, pay down the debt, and run the business, in the next three years, we'll have almost our market cap in cash. We'll have something like CAD 50 million-CAD 60 million of cash. The question is, do we grow? Do we take it private? What is the options? Do we sell it to a third party? I think all of those options are available to us. This year, I expect us to aggressively grow. Thank you.