Good morning and welcome to PROREIT's fourth quarter and annual results conference call for fiscal 2024. At this time, all lines have been placed on mute to prevent background noise. Management will make a short presentation, which will be followed by a question-and-answer period, open exclusively to financial analysts. To ask a question, simply press the star key, then the number one on your telephone keypad. If you would like to withdraw your question, please press the star key followed by number two. For your convenience, the results release, along with fourth quarter and fiscal 2024 financial statements and management's discussion and analysis, are available at proreit.com in the investor section and on SEDAR+. Before we start, I have been asked by PROREIT to read the following message regarding forward-looking statements and non-IFRS measures. PROREIT's remarks today may contain forward-looking statements about its current and future plans, expectations, intentions, results, levels of activity, performance, goals or achievements, or future events or developments. Forward-looking statements are based on information currently available to management and on estimates and assumptions made based on factors that management believes are appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. Many factors could cause actual results, levels of activity, performance, achievements, future events, or developments to differ materially from those expressed or implied by the forward-looking statements. As a result, PROREIT cannot guarantee that any forward-looking statement will materialize, and you are cautioned not to place undue reliance on these forward-looking statements. For additional information on the assumptions and risks, please consult the cautionary statement regarding forward-looking statements contained in PROREIT's MD&A dated March 12, 2025, available at www.sedarplus.ca. Forward-looking statements represent management's expectations as of March 12, 2025, and except as may be required by law, PROREIT has no intention and undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. The discussion today will include non-IFRS financial measures. These non-IFRS measures should be considered in addition to and not as a substitute for or in isolation from the REIT's IFRS results. For a description of these non-IFRS financial measures, please see the fourth quarter and fiscal 2024 earnings release and non-IFRS measures section in the MD&A for fiscal 2024 for additional information. I will now turn the call over to Mr. Gordon Lawlor, President and Chief Executive Officer of PROREIT. Please go ahead. Thank you, Joanna. Good morning, everyone, and welcome to our fiscal 2024 earnings call. Joining me today is Alison Schafer, our CFO and Corporate Secretary. Zach Aaron, Vice President of Investments and Asset Management, is also joining us for the Q&A period. I will begin with a high-level overview of fiscal 2024 before turning the call over to Alison for a more detailed discussion of our financial results. In 2024, we navigated another year of macroeconomic turbulence and elevated interest rates despite some relief from the Bank of Canada. Against this backdrop, I'm pleased with our overall results. Once again, our performance highlights the resilience and strength of our industrial-focused portfolio, generating stable income across varying market conditions. Through the year, we remained focused on advancing our long-term goal of becoming a pure-play light industrial REIT in Canada's strong secondary markets while maintaining a disciplined approach to balance sheet management. By year-end, industrial assets accounted for 81% of our base rent, up from 73% at the end of 2023. Our medium-term goal remains to increase industrial exposure to 90% of base rent. The key driver of our performance is our strategic focus on light industrial properties. As of Q4 2024 for Canada, small bay vacancy was 2.9%, and mid-bay vacancy stood at 3.6%, both below the national industrial vacancy rate of 4.5%, according to JLL's Q4 2024 data. Our presence in Canada's robust secondary market continues to be a differentiator, with 52.6% of our base rent coming from the Atlantic provinces. Notably, Halifax, where we are a leading industrial landlord with our partner Crestpoint, continues to outperform the national market. This week, a significant development in Halifax was the Government of Canada's award of a CAD 8 billion contract to Irving Shipbuilding to commence construction of three new River-class destroyers for the Royal Canadian Navy. This is one of Canada's most ambitious shipbuilding projects since World War II, and Halifax is at the heart of it. Over the next 15 years, this project will create over 5,000 jobs, with more than half of them in Halifax. As the central hub for this initiative, the city will see the biggest benefits. That means steady employment, stronger local businesses, and a massive boost to the region's economy over the long term. We've already capitalized on this momentum, selling a property in Halifax in February 2025 to a key naval subcontractor at a very attractive price. Turning to portfolio transactions, at year-end, we owned 115 investment properties totaling 6.1 million sq ft of GLA, compared to 123 properties at the end of 2023. Both periods included our 50% ownership interest in 42 properties. During the year, we sold nine non-core properties for CAD 71.2 million, using the funds to reduce debt and pursue strategic opportunities. In September, we acquired a 134,000 sq ft industrial property adjacent to the Montreal-Trudeau International Airport for CAD 32.7 million. By year-end, only four office properties remain in our portfolio, reflecting our continued shift toward industrial assets. As I just mentioned, in February of 2025, subsequent to year-end, we sold a 50% owned property in Halifax for CAD 5.4 million our share, with net proceeds to repay a related mortgage and for general business and working capital purposes. In February 2025, we also entered into a binding agreement to sell one fully owned retail property in BC for CAD 1.1 million. That property actually closed yesterday. Additionally, in March 2025, we sold a fully owned retail property in Nova Scotia for CAD 5.9 million, with net proceeds used to repay a related mortgage and for general business and working capital purposes. Despite owning eight fewer properties than at year-end 2023, I'm pleased to report that we were able to maintain stable net operating income for both Q4 2024 and full fiscal year. Our strong leasing momentum, driven by rent lifts on renewals and new leases, as well as contracted rent escalations, contributed to a 7.7% growth in same-store property NOI for the full fiscal year, a significant improvement over 1.7% in 2023. Looking ahead, we anticipate future upside supported by robust leasing activity. For example, 90.9% of our GLA maturing in 2024, or about 675,000 sq ft, was renewed at an overall rental spread of 39.1%, including 50.5% for industrial properties. To date, 47% of our GLA maturing in 2025, or approximately 430,000 sq ft, has already been renewed at an overall rental spread of 32%. Forty-five percent of our GLA maturing in 2026, or another 425,000 sq ft, has already been renewed at an overall rental spread of 38%. With these strong incremental spreads combined with our contracted rent escalations, we expect mid to high single-digit NOI growth in both 2025 and 2026. At year-end, our portfolio occupancy rate, including committed occupancies based and excluding a 50% owned property sold after year-end, stood at 97.8%, compared to 97.2% at the end of the third quarter of 2024, sorry, and 98.3% a year ago. While our retail and office assets saw high occupancy rates year over year, the slight decrease in industrial occupancy in the fourth quarter of 2024 was due to transitional vacancies, most of which have since been released. We've secured leases starting in April and May of 2025 for a total of 68,000 sq ft of industrial space that was vacant for 2024. For 2025 lease expiries, we signed a 128,000 sq ft industrial lease with a new international tenant for 15 years, with rent increase exceeding 30%. We renewed two industrial leases with two single credit quality tenants totaling 137,000 sq ft for terms ranging for five and seven years, achieving rent increases of 20% and 40%. We secured a 21,000 sq ft industrial lease with a national tenant on a 10-year term, locking in a 120% rent increase. With a neighboring tenant absorbing the remaining 8,000 sq ft, we replaced 29,000 sq ft of previous vacancy. This week, we also secured a lease for our 39,000 sq ft industrial vacancy in Woodstock, Ontario, with a significant rent increase compared to the recent tenant. That lease is not included in our year-end committed occupancy. Looking at 2026 expiries, we renewed 155,000 sq ft industrial lease for three years with a 40% rent increase. In February of 2025, we renewed four industrial leases totaling 325,000 sq ft, each for five years with a 45% rent increase. On a pro forma basis, incorporating secured and renewed leases for 2025 and 2026, our weighted average lease term extends to 4.5 years. For our top 10 tenants, pro forma weighted average lease term increases to 6.2 years. With that, I'll now turn the call over to Alison for a deeper dive into our financial results. Alison, over to you. Thank you, Gordon, and good morning, everyone. We are pleased with our full year and fourth quarter results. In Q4 2024, property revenue amounted to CAD 24.9 million, compared to CAD 25.6 million in the same quarter last year. The change was primarily due to the net decrease in the number of properties in our portfolio, partially offset by contractual rent increases and higher rental rates. Net operating income, or NOI, for Q4 was CAD 14.7 million, stable compared to CAD 14.9 million last year due to these same factors. Same property NOI reached CAD 13.9 million in Q4, up 3.9% year- over- year, largely as a result of contractual rent escalations and higher rental rates, predominantly for our industrial assets. For the full year, same property NOI reached CAD 54.8 million, up 7.7% year- over- year, as Gordon mentioned earlier. Excluding the impact of a temporary 102,000 sq ft industrial vacancy fully leased in 2024, a one-time revenue adjustment, and a 50% co-owned vacant industrial property, same property NOI was up 5.4% in the year. Net cash flows provided from operating activities was CAD 11.7 million in Q4, up 23%, largely due to the timing of cash receipts and the settlement of payables. FFO reached CAD 6.8 million for Q4, a CAD 800,000 decrease year over year. This was mainly due to higher debt settlement costs from property sales and a slight increase in vacancy, partially offset by contractual rent increases and higher leasing spreads, despite owning eight fewer properties compared to last year. Our basic AFFO payout ratio was 96.1% for Q4 2024, compared to 89.8% in 2023, primarily due to an increase in stabilized leasing costs, partially offset by a property acquisition in Q3 2024, general increases in contractual base rent, and higher rental rates, despite owning eight fewer properties in our portfolio. Since the start of the year, we continued to manage our balance sheet prudently. We efficiently recycled capital and increased our holdings in quality industrial properties. At year-end, our total debt, including current and non-current portions, totaled CAD 498.6 million, a CAD 16.7 million reduction from last year. Debt to gross book value remained on target at approximately 50%, in line with year-end 2023. We also reduced our adjusted debt to annualized adjusted EBITDA ratio to 9.2 x at year-end, down from 9.6 x a year ago. We will continue to prioritize further leverage. The weighted average interest rate on mortgage debt was 3.9% as of December 31st, 2024, compared to 3.88% at year-end 2023 and 3.39% at year-end 2021. Despite a higher interest rate environment over the last few years, we have effectively managed our interest rate exposure, limiting the increase in weighted average interest rate to just 51 basis points over this period. At year-end, the weighted average cap rate for the portfolio was approximately 6.7%, up from 6.2% a year ago. Finally, we maintain our distributions of CAD 0.0375 per unit for each month of 2024. Of note, we received this week a commitment for approximately CAD 12 million in incremental financing with respect to an Ontario industrial property from our current lender at market rates. The financing is expected to be funded in the coming weeks and will mature in September 2026, which is consistent with the original financing. Gordon, back to you for closing comments. Thank you, Alison. To summarize, 2024 was a year of strong execution. We continued to advance our strategic transition towards a pure-play light industrial REIT while executing on a disciplined capital recycling strategy. Our leasing performance remained a key strength, with robust rent spreads and long-term commitments from quality tenants. The demand for light industrial properties in secondary markets remains solid, reinforcing our confidence in our portfolio's positioning. Looking ahead, we continue to prioritize sustainable growth and sound capital allocation in order to create long-term value for all of our stakeholders. With that, I'd like to thank our team for their dedication, our trustees, and our unitholders for their continued support. Joanna, we're now happy to take questions. Thank you. Thank you. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the one on your touch-tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the two. If you're using a speakerphone, please lift the headset before pressing any keys. The first question comes from Kyle Stanley at Desjardins. Please go ahead. Thanks. Good morning, everyone. Morning, Kyle. Morning. You've made really solid progress, obviously, on your 2025 and 2026 lease maturity. I just had two questions relating to that progress so far. First, how much of the leasing that you've completed has occurred in the last month or two when we've had this tariff threat overhang? I think, obviously, you mentioned the Woodstock lease that you signed post-quarter. Clearly, that's happened very recently. We'd just love to hear how those discussions are going today with this threat. I'll turn it over to Zach to answer that. He and the Compass team do all the work, so I'll let him talk to it. Yeah. Sure. Thanks, Gordon. Hi, Kyle. In terms of the 2026 leasing deals, some of those were pretty much all the big ones were kind of started on at the end of Q4 and completed in early Q1 this year. These were tenants who had long-term contracts and business in place and were comfortable doing early extensions now. Not really in the peak of times. In Woodstock, as noted, we signed the short-term deal for the 39,000 sq ft for a tenant who's aware of, obviously, the tariff concerns. For their specific business, they're not exporting or importing anything from the United States, and they're just a Canadian supplier. They did not think that this would cause too much harm to them, so they were comfortable to do the deal in the meantime. Other than that, we continue to speak with tenants every day, specifically on renewals across our portfolio, which is predominantly small bay. Obviously, some tenants note some hesitation. At the end of the day, in terms of staying in place and renewals, those conversations are continuing a status quo, I would say, so far in 2025. Okay. Thank you for that. The second part of my question, I mean, you kind of hit on it a little bit, but just with regard to the progress in 2026, I mean, that seems very encouraging. Would you say it's normal to have this much of your leasing done this early? What is causing maybe the desire to complete these early renewals if this isn't maybe as normal? Yeah. I would definitely say it's probably not normal looking back at our history in terms of how we've done our leasing. In this specific case, we had two large tenants, one that's in four individual single-tenant buildings and one that's in one building in Ontario. Both reached out to us directly first, actually. It wasn't us engaging them, where they reached out and basically said, due to ongoing contracts and business that they have, they wanted to engage us to basically lock up their space and secure a term to not have to worry about that in 2026. It is a conversation we're always open to if it makes sense. For these specific deals, they made a lot of sense. That is kind of evidenced by the terms we got and the meaningful leasing spreads we were happy to lock into place now. Just to add to that, as Zach said, included in there, though, there are some Sobeys renewals. I think that was almost instigated by us with the reach out to them. Pretty close to them on some of our Atlantic Canadian properties and said, "You're up next year. Hey, do you want to work on this now?" There was interest in that, for sure. It was a little bit of both, for sure. Okay. Okay. No, thank you. That's very helpful. Just the last one for me. Just on the capital recycling outlook for 2025, obviously, you've been active thus far. Just curious if you have a target set for the year. We've got some assets circled. We're thinking CAD 30 million-CAD 60 million, perhaps. You may see some of that stuff come to market nationally in the next month or two. That said, if we don't get the prices that we're looking for them, they won't be transacted, and we'll keep them. As we've done in the past number of years with this calling, there's no fire sales. There's no sales of things that don't make sense to us. It's just part of the plan to transition to the 90% industrial. We'll see how that goes. That'll depend on the markets. That'll depend on the tweets from down south and all the other things that go on. Yeah, that's the CAD 30 million-CAD 60 million range would be probably what we have circled right now. Okay. Thank you very much for that. I will turn it back. Thanks. Thank you. Thank you. The Thank you. The next question comes from Brad Sturges at Raymond James. Please go ahead. Hey, good morning. Good morning. I guess maybe just starting on the leasing side of things, and congrats on getting a lot of your transitional vacancies addressed. Just how are you thinking about occupancy this year, given what you've done today on the leasing side and what you're expecting to do for your upcoming expiries? Yeah. As we look right now, we've got half of a 50,000 sq ft industrial building in Halifax that may affect us in Q1 or Q2. That's 25,000 sq ft. Got a larger renewal mid-year, but they've reached out for an extension. I think they'll be into 2026. Where we sit here today, we don't see a lot of movement on the occupancy. We'll be just on that give and take, probably where we are around today, high 97%-low 98%, I would say, other than surprises that may come up. Okay. When we put together the mark-to-market on the rents and occupancy in that 97%-98% range, where do you think that puts you in terms of same property NOI growth? Yeah. That's a CAD 50 million question. I mean, when we look at our five-year model, it's very robust, and we're just looking at marking it to market rates. We would like to see or achieve 5% or better in same-store growth in 2025 and 2026. Okay. Last question, just on the debt financing that you're working on, is that rate locked right now, or how should we think about the market rate at the moment? Yeah. I mean, it's in the 5-ish range. It's just a top-up to a larger piece of a debt coming due. I think we got a quote of, on the commitment letter, was like 4.83 or something, Zach, wasn't it? Yeah. It was 150 over the Bank of Canada bond. Yeah. That pencils out to 4.83 as of that day. We hope to close out in the next couple of weeks. By the end of the quarter, I guess, at this point? Yeah. Hopefully. Hopefully, yeah. Subject to lenders. Yeah. Understood. Thanks a lot. Thank you. The next question comes from Sam Damiani at TD Cowen. Please go ahead. Thanks. Just want to say also congratulations on the leasing that you've obtained in quarter end and into Q1. Just want to maybe talk about the tariffs again. That's obviously an overhang for the sector to a degree. To what extent are you seeing differences in that sort of cloud over leasing discussions geographically across your portfolio? I guess on that point, what's your expectation for potential bad debt expense in 2025 versus 2024? I'll start at a high level. I'll give a specific example and then probably not answer the last question. No, just kidding. just kidding. No, at a high level, I mean, we sat down as a team. First, let's talk Trump tariffs first. Goods in Canada going south. We have some more. When we look at it, we have, okay, we own a Canada Goose facility in Winnipeg. Do they sell those coats in Canada, or are they shipped into the U.S.? We don't know. That's 95,000 sq ft. You go down the list, there's local logistics guys. They could be hauling north and southeast and west. There's some auto-related in Woodstock, Ontario as well. We have some exported auto there. We have a couple of single-tenant parts distributors, notably Moncton and Saint John. We would view those as local parts distributors versus shipping to the States. I think we added up, say, 15%, 700,000 or 800,000 sq ft of exposure maybe to going to the U.S. When we break that down and think about the weighted average lease term on that stuff, we do not feel very exposed other than if somebody is closing up shop and a bankruptcy. Based on lease maturities, we do not feel that exposed there. I will give a good example of what the tone is in the market. This Woodstock, 39,000 sq ft, unfortunately, we were talking about it for a year and a half, I think, as some of the best space we have, 28 or 30-foot clear, great building. We have had two or three logistics deals on it, and then the deal goes away when the logistics group does not get the contract. We entered into an RFP with a major foreign auto manufacturer. Before the tweet weekend, I call it, we came back and we had secured a five-year lease on the entire space with renewal options. That was a Thursday. We were doing some high five around the office, and the tweet weekend happened, and Monday, everything was stalled. We leased the space to somebody else that wanted the space on a short-term deal because we do not want to wait for them. That is the thing. It is just the uncertainty around it to make decisions and pull long-term triggers. I do not think anybody that we are talking to thinks they are going bankrupt next week. Clearly, it is concerning. That is the thing. As far as bad debt expense, we have not had too much of that. We will see a bit of it in, we do not usually do bad debt expense. We just offset it against our NOI if we have not collected the rent. It goes against our NOI line. The only thing we have seen lately is, like I said, this 25,000 sq ft logistics group. There are already discussions with the neighbor and somebody else to potentially take that space. Maybe it will be down for a couple of months. Definitely, the uncertainty is there. We have to talk about it all the time. Everybody watches their phones and all those things. It is just the general unease around it all, I think, is what we see with our tenants. That said, we are 98% occupied and signing leases. Yeah. So far so good. Thanks. That's really great color. So thank you. I guess this last one for me, just on the big leases that you did announce last night, was there much, if any, incentives or TIs required to get those across the finish line? No, not really overall. In terms of the four-building single-tenant portfolio I mentioned with one tenant, we're giving a CAD 1 per sq ft TI there on the five-year extension. That meaningful increases. Nothing really significant there. On the other tenant in Ontario, the 155,000 sq ft extension, there's no TI there. On the Sobeys ones we've been discussing, there's no TIs in those as well. So far, really minimal incentives provided. Great. Thank you very much, and I'll turn it back. Thanks, Sam. Thank you. The next question comes from Matt Kornack at National Bank Financial. Please go ahead. Morning, guys. Just quickly on the larger leases that are turning over in 2025, are those seamless, or will there be a period of downtime between the existing and new tenants? On which deal specifically? Thinking the Ottawa one in particular, like that's a 2025, right? Oh, they came in February 1st. There was zero downtime. Oh, yeah. Zero downtime. Okay. So that's. If we're talking about TIs, because I know now that the tenant's in the space, I'm sure everybody can Google who the tenant is, the defense contractor tied to the Halifax military builds, actually. That is a 15-year deal. The TI in that was CAD 23, but it was over for 15 years and no downtime. That was a bit structured that way, if you will, Matt. You mentioned the Halifax expansion and the building of the new destroyers. I mean, that's a huge economic benefit to that market. Do you expect to see any of that directly within your portfolio, or is it more tangential in terms of kind of just broader economic performance of the market? Oh, I'd say there's lots of folks in the Burnside Industrial Park tied to that contract in some way. We don't have anything deal specific. We haven't rented 4 million sq ft to Irving or anything like that. I think it's, I call it tangential. When we step back, 20 years ago, when I was much younger, there were 300,000 people in Halifax. In the last 20 years, we've had a lot of ship contracts, whether they were frigates, Coast Guard cutters, all of those things, which has increased definitely in the last 10 years. Now when we see this another 15 years, it really solidifies Halifax and all the pieces that are tied to that Atlantic Canada. I mean, Moncton probably will be affected by this positively as well. We have a 128,000 sq ft tenant in Ottawa that we did not realize until a little while ago is tied to that contract as well. I think it could affect all of Eastern Canada positively. Fair enough. Just last one for me. On the CapEx side, this quarter was a little elevated after having dropped for the last two. I don't know if there was anything specific within those numbers, but just and maybe it's just catch-up for the year because it's a trailing number. Yeah. No, it's just catch-up. You don't do too many roofs in the winter. Usually, that's kind of getting paid for that stuff, that work that was done July, August, September, that type of thing. Usually, we have some bigger numbers clean up towards the end of the year. Okay. Makes sense. Thanks, guys. Thank you. The next question comes from Sumayya Syed at CIBC Capital Markets. Please go ahead. Thanks. Good morning. Firstly, on the rent steps, can you remind us what is the average in place you have for escalators? Also, what are you getting on the recent leasing that you've done? Yeah. On average, we're between 2% and 3%. I would say 3% is really the norm in most of our markets, especially on small bay. Then maybe on some larger spaces, on longer-term deals, that'll be 2% or 2.5%. 3% is pretty much the norm these days in our portfolio. Okay. You guys do not have much exposure to the large bay new supply, but can you just share what you are observing for absorption trends for the newer big stuff that has hit the market? Yeah. I mean, you see then we communicate it quite often. I mean, I do not think we would be defined as having one large bay asset in our portfolio. We are small and mid-bay assets, given the quotes on how that occupancy has held up. I mean, the build is all large bay. Whether it is GTA, which we are not players, but we follow it all. Millions of square feet there built that way. Montreal, off the island, there is a 1,500,000 sq ft of fancy, shiny things that are off the island that still have not been absorbed. Halifax, three nice, shiny buildings built on the Halifax side, I think 30-foot clear buildings. They are looking for larger tenants. Maybe some of the shipbuilding might pick up some of that, but on that side it is basically most of a retail park. It is just a little different from transshipment and trucking and things like that. That is everybody saying the same thing. The build is large bay, and that is what is slowly getting absorbed. I think especially if we talk tariffs and things like that and increased costs, besides I do not think we will get to the point where industrial is going to be overbuilt. That large bay is eventually going to be absorbed. We will see where it goes with all of this. I do not think industrial in Canada is overbuilt. I think the stuff that has been built recently will lease up in the next year or two. I think you probably will see reduced, well, we have seen reduced development since then. I think that will clean itself up in the next 12-18 months. Okay. Last, we just had a small question on the modeling. Would there be more debt settlement costs to flow in? What should we assume for that? Alison, debt settlement costs. It just depends on the. It all depends on how much we close during the year. In terms of modeling, I'd probably do a little bit less this year because we're only circling CAD 30 million-CAD 50 million. Yeah. The stuff that we have circled has some mortgages coming due. So that's probably an accurate statement, but yeah. Yeah. Maybe half of what we recorded this year. Okay. Thanks. I will turn it back. Thanks. Ladies and gentlemen, as a reminder, if you have any questions, please press star one now. Next question from Sam Damiani at TD Cowen. Please go ahead. Sam, if you can unmute your line, please. Sorry about that. Sorry, this was asked already. On the Compass revenue and expenses, that was a little bit light this quarter. Just wondering how you see 2025 playing out in terms of contribution from Compass versus 2024. I think what were we? A couple million for the year for 2024? Yeah. We were about CAD 2 million for 2024. We anticipate. Yeah. Give or take the same for 2025. Yeah. Okay. Perfect. Thank you. They're replacing some of the third-party business that they lose. They have some opportunity to manage some multi-res, which doesn't conflict with us at all. They're working on some deals that way. Just looking, as we've sold some assets, they have some room to manage other assets as well. There's a bit of quid pro quo there, but I think it'd be largely in line with this year. Yeah. Very helpful. Thank you. Thanks. Thank you. We have no further questions. Ladies and gentlemen, this does conclude your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.