Good afternoon, ladies and gentlemen. My name is Anis, and I'll be your conference operator today. At this time, I would like to welcome everyone to Artis REIT's fourth quarter and 2020 annual results conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question- and- answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, please press star, then the number two. I would now like to turn the meeting over to Ms. Heather Nikkel. Ms. Nikkel, please go ahead. Thank you. Good afternoon, everyone. Welcome to Artis' fourth quarter and year-end 2020 results conference call. With me today is Artis' Interim CEO, Samir Manji, and CFO, Jim Green. Other members of senior managemen t are also with us and may participate in our Q&A session. Our fourth quarter and year-end 2020 results were disseminated yesterday and are available on SEDAR and on our website. The audiocast of today's call is also available on our website. A replay of the call will be available later this afternoon until Wednesday, April 7th, 2021. The replay numbers and passcodes were provided in yesterday's press release, and an archived recording of this call will be available on our website. Before we get started, please be reminded that today's call may include forward-looking statements. Such statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied today. We have identified such factors in our public filings with the securities regulators and suggest that you refer to those filings. As we discuss our performance, please keep in mind that all figures are in Canadian dollars, unless otherwise noted. With that, I will turn the call over to Samir. Thank you, Heather. Good morning to those in the West, and good afternoon to those in the East. Welcome, and thank you for joining our 2020 annual results conference call. Before we get to our fourth quarter results, I would like to say a few words regarding the global pandemic. As we all know, COVID-19 continues to impact our country and the world we live in. I would like to thank and acknowledge our courageous frontline workers across the country who have worked tirelessly throughout the pandemic to do everything they can to serve and protect Canadians. Our thoughts and prayers go to all those who have lost loved ones through and because of the pandemic. We are encouraged by the increasing number of vaccines and their availability. It appears we are heading in the right direction and can look forward to brighter days in the coming months as new case count numbers decline and the number of Canadians who have been vaccinated increases. This will, among other things, help reopen our economy, businesses, and allow Canadians to see life return to some level of normalcy. I'll now provide an update on Artis' business and operations. I'd like to start by acknowledging the team at Artis for their hard work and support over the past three months. Artis has undergone significant changes, and I recognize that this has not been easy on many people in our organization. I have been impressed by the professionalism and commitment of our team, including those based in our Winnipeg head office and others situated in our remote offices across Canada and the United States. We have a strong and dedicated team at Artis. Since November 30th, 2020, we have completed or substantially advanced all of the initiatives set out publicly by Sandpiper, including overhauling the REIT's governance, the addition of new and diverse perspectives, a 25% reduction in board costs, and identifying opportunities for reduction in G&A expenses. We are all working hard to improve many critical areas of our business, including corporate operations, asset management, and deal negotiations. We are identifying efficiencies, professionalizing processes, implementing best practices, and institutionalizing our platform in real time with the ultimate goal of maximizing long-term value for our unitholders. In light of the fact that we plan to announce the results of the 100-day review in the coming days, I'll keep the remainder of my comments focused on the 2020 annual results. I look forward to presenting our go-forward vision and strategy for Artis very soon. 2020 was a challenging year for the real estate industry. Despite these challenges, we are pleased to report improvements to our debt metrics and our ability to maintain significant liquidity throughout the year, which Jim will provide more details on shortly. Our portfolio continues to demonstrate its strength and resiliency. Occupancy decreased slightly from December of 2019, but was still strong at 91.9% at the end of 2020. Rent collections remained steady throughout the year and were especially strong in the fourth quarter at over 98%. Our property managers continue to work diligently to support tenants during this time, and our leasing team has adapted, now providing virtual tours of vacant space wherever possible and facilitating virtual lease negotiations. Despite these challenging conditions, 1.3 million square feet of new leases and 1.8 million square feet of renewals commenced during 2020. The renewals achieved a 2.4% increase in rental rates. During the year, we also completed one industrial development in the U.S., Park 8Ninety phase IV, and two retail development projects in Canada, 330 Main and Linden Ridge Shopping Centre 2. During the third quarter, we completed Park 8Ninety phase IV, a 100,000 sq ft built to suit industrial building in the Houston area that is 100% leased to a multinational tenant. Artis, along with our joint venture partner, has now begun construction on the fifth and final phase of the Park 8Ninety development, which is expected to add three additional buildings totaling 677,000 sq ft of gross leasable area. The two retail developments completed during the year were densification projects on land already owned by the REIT. The first, 330 Main, is a 28,000 sq ft retail development located at the iconic intersection of Portage Avenue and Main Street in Winnipeg. The property is situated between a 30-story office tower at 360 Main Street and the new apartment development that is under construction at 300 Main Street and is located above the shops of Winnipeg Square, providing indoor access to the city's skywalk system that links numerous towers and downtown amenities. This property is 94% leased. At Linden Ridge Shopping Center, Artis completed a 17,000 sq ft densification project that is 100% leased to two national tenants. The land was acquired in 2013 and is situated in a popular retail node in Winnipeg, adjacent to a 193,000 sq ft retail property that is owned by the REIT. This new 17,000 sq ft multi-tenant building shares a site with Lowe's, whose building was constructed in 2017 pursuant to a built to suit agreement. In terms of ongoing development projects, in addition to the final phase of Park 8Ninety already mentioned, construction of 300 Main continues. In addition to these ongoing projects, subsequent to the end of the year, we closed on the purchase of Park Lucero East, a 37-acre parcel of land located along the South Loop 202 freeway in the Phoenix area. Artis has a partnership agreement in place to develop three Class A state-of-the-art industrial buildings, totaling approximately 561,000 sq ft of leasable area. Artis will develop this project as a 10% general partner. Lastly, I will provide some color on Artis' disposition activity during the year. We sold 13 properties during the year, totaling 2.1 million square feet of leasable area and two parcels of development land. Of the 13 property sales, nine were office properties, three were retail, and one was industrial, with 11 of the 13 located in Canada and two located in the United States. The sale price for these assets exceeded the IFRS values by a combined total of CAD 10.4 million. We will endeavor to further maximize value on all future dispositions we pursue, understanding that IFRS values don't always align to real-time fair market value. Subsequent to December 31st, 2020, we sold Tower Business Center, an industrial property located in the Denver area, for $66.45 million, which translates to $53.16 million for Artis' 80% interest. The sale represents a 3.99% cap rate and a significant gain over the construction cost and the REIT's IFRS fair value for the property. We also have an unconditional agreement in place to sell two retail properties in Regina for CAD 45 million, representing a 9.4% cap rate, and a portion of a retail property in Fort McMurray for CAD 4.6 million, representing a cap rate of 7.7%. I will now turn to Jim Green, our Chief Financial Officer, to provide a summary of our consolidated financial results for the fourth quarter. Thanks, Samir. Good afternoon and/or good morning to everyone on the call. The fourth quarter was certainly an active one at Artis. As Samir mentioned, the COVID-19 virus is still hitting all countries, including Canada and the U.S., our specific markets, with more restrictions and government-mandated shutdowns. During the quarter, Artis reached agreement to settle a potential proxy battle with one of our significant investors, which resulted, as Samir mentioned, in a reconstituted board and changes at the senior management level. The new board placed all prior strategic initiatives either on hold or terminated to give itself time to review and create a new plan and direction for Artis, which Samir referenced in his remarks, and which will be revealed to the market in the coming weeks. The settlement and wind-up of the prior strategic plans did involve some significant one-time costs. To the best of our knowledge, these have all been accounted for in Q4, and there will be nothing that will carry forward into Q1 for these one-time costs. I think I am going to duplicate one of Samir's comments, but our rent collections have been strong at 98.5% of our rent collected in the fourth quarter, and thus far, our tenants are weathering the storm quite well. Artis chose during 2020 to not participate in the CECRA program proposed by the federal government. However, we have been working with our tenants as needed to provide rent deferrals, and in some cases, we have provided rent abatements in exchange for an early renewal or longer- term on the lease. The federal government has announced a new rent relief program for tenants referred to as CERS, C-E-R-S, with the aid coming directly to the tenant and not involving a rent reduction by the landlord. We feel this is a major improvement as far as the government program goes. We are working with our tenants as necessary to help them access this program. To the end of December, our rents receivable were down to approximately CAD 5.7 million, from CAD 8.2 million at the end of September. There is a further CAD 4.9 million due under deferral agreements with our tenants. This deferred rent balance is also down from Q3 as we begin to collect amounts that were deferred during Q2. While we feel the majority of both the current rents receivable and the deferrals will ultimately be collected, we did book a reserve of approximately CAD 2 million against these balances, which we feel is adequate to cover any potential rent defaults. Leasing activity has been strong. An average annual total of 1.8 million square feet. In the quarter, roughly 250,000 sq ft renewed. Again, I believe Samir mentioned this, but weighted average rent increase was 2.4%, which we feel was very good given the impact of COVID on both the overall market and specifically on our tenants. Based on our Q4 NOI, net operating income, the REIT had a 49.3% weighting in Canada and 50.7% in the U.S., almost an equal balance, slightly tilting towards the U.S. On an asset class basis, we are 44.2% weighted in office, 19.3% weighted in retail, 36.5% weighted in industrial. For those of you who were on our Q3 call, you may recall that we added some additional disclosure in our MD&A, breaking out a lot of our metrics, segregated now by asset class. Hopefully this disclosure is helpful to the marketplace as investors review our results and valuations, as I know sometimes a diversified REIT can be challenging to value. Our balance sheet continues to improve. Our debt-to-GBV ratio has been gradually coming down and now sits at a, on a proportionate share basis, at 50.2% this quarter, compared to 51.9% last quarter and 52.3% last year-end. Artis has a relatively significant portion of our debt maturing in the next 12 months, with CAD 438 million of mortgage debt, in addition to an unsecured debenture for CAD 250 million. Some of this, in the last few years, has been kept short-term as it relates to assets we plan to sell. We anticipate no difficulty in what we see in the current market in refinancing the rest, and funds are available on our line of credit if needed for any refinancing. Our NOI this quarter was CAD 67.3 million compared to CAD 71 million last quarter. The primary driver of the NOI drop was asset dispositions. There was also a swing. Last quarter we had a recovery of bad debts based on an over-allowance, I guess maybe call it, in Q2 that was recorded as reversal in Q3. That did not occur this quarter. Then there is also slightly lower FX results. Decline in NOI also translated to a decline in FFO to CAD 45.8 million compared to CAD 50.8 million last quarter, roughly comparable to the NOI change. FFO came in at CAD 0.34 per unit this quarter compared to CAD 0.37 last quarter and CAD 0.37 in the comparative quarter last year. Asset sales completed during the year are generally dilutive to NOI metrics, and that was anticipated and planned for. Although our per unit numbers have been aided somewhat by units repurchased under our NCIB program, there is some dilution occurring from the asset sales, but the strengthening of the balance sheet, in our opinion, is worth it. We've added disclosure breaking out our FFO from each asset class using the percentage of NOI as the method of allocation. If you do it on that basis, the REIT earned CAD 0.15 of FFO from office, CAD 0.12 from industrial, and CAD 0.07 from retail. AFFO for the quarter was CAD 0.23 per unit compared to CAD 0.27 in Q4 of 2019, again, roughly tracking the changes in FFO. Our payout ratios remain very conservative at 38.3% of FFO and 52.9% of AFFO. Getting a little more granular on a same property basis, results, I'm going to say unfortunately, were -5.2% this quarter. It is, of course, timing differences, but one of the largest factors in the drop continues to be parking revenue in the office sector, as many tenants have canceled parking while they work-from-home during COVID. The general office lease, of course, is on a longer-term lease, but parking revenue is generally month to month, and if the tenants aren't there, they aren't paying for it. The industrial segment continues to show the strongest performance in both countries, Canada did have a slight decline of 1.6%, but the U.S. had 4.8% growth. The decline in Canada is, in our opinion, just some temporary occupancy changes that will reverse in future quarters. On the issue of fair values, our investment properties are valued on our balance sheet at fair value. It continues to be somewhat challenging to determine fair value due to the impact of COVID. However, there is no hard evidence that cap rates, discount rates, or market rents have moved substantially. You may recall, if you've been following Artis quarter by quarter, that there was a fairly large decline of CAD 141.8 million in Q1, mainly related to retail and some office assets as the pandemic started. However, we did not feel any significant adjustments were warranted in subsequent quarters, and there have been generally some smaller increases and decreases over the subsequent three quarters, such that we ended the year with a CAD 122.6 million loss. As Artis reports our investment properties at fair value under IFRS, we can calculate a net asset value per trust unit figure. Our calculation is simply using the equity on our balance sheet, less the equity held by preferred unit holders and divided by the number of common units outstanding at the end of the quarter. On that basis, the net asset value per trust unit was CAD 15.03 this quarter, compared to CAD 15.35 last quarter. A 32% decline this quarter, largely due to FX. In fact, more than necessary due to FX, which on a standalone basis would have decreased the net asset value by CAD 0.46. Offsetting that was a gain of CAD 0.14 related to our NCIB and redemption of deferred and restricted units. Artis ended the quarter with roughly CAD 35 million of cash on hand and CAD 575 million undrawn on our line of credit. About CAD 250 million was drawn on that line subsequent to year-end to repay the Series C debentures as they matured. The Series D debentures were issued in September of 2020 with the plan to temporarily put the money down on the line of credit and repay the Series C debentures. Based on what we know today, we feel we have adequate liquidity to get us through the remainder of the COVID crisis. We look forward to more normal times. Last but certainly not least, I would highlight the fact, this was made public in November, that we have implemented a distribution increase of 3% commencing with the distribution that was paid in January of 2021. That completes the financial review for now. Happy to answer questions if there are some later, but I will pass it back to Samir for further remarks. Keep safe, everyone. Thank you, Jim. In summary, we would like to reiterate our confidence in our people and our portfolio of assets. We remain committed to doing everything we can to maximize value for our unit holders, which in the near- term includes focusing on optimizing operations and maximizing rent and occupancy in every asset we own. We will also continue to explore divestitures. We have a lot of interest in various assets and asset classes, and this, combined with our healthy liquidity position that Jim summarized, puts us in a strong negotiating position when considering any asset sales. As I mentioned at the outset, we look forward to sharing the results of our 100-day review in a few days, which will include our go-forward vision and strategy. This will also include hosting a virtual investor meeting to present our plan and to engage with our unit holders and other stakeholders. We hope you and your families all continue to stay healthy and well. I'll now turn it back to the operator for Q&A. 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 three-tone prompt acknowledging your request. Questions will be taken in the order received. Should you wish to withdraw your request, please press the star followed by the two. If you're using a speakerphone, please lift the handset before pressing any keys. One moment please before your first question. Your first question comes from Jonathan Kelcher with TD. Jonathan, please go ahead. Thanks. Good afternoon. First question is just on, I guess, near-term capital allocation. I guess we'll get a longer-term view when you put out the plan within the 100 days in the next couple of weeks or so. Near-term, I was a little surprised to see you guys repurchase shares in the fourth quarter. Can you maybe give us your thought process behind doing so? Sure, Jonathan. I'll simply say that to the comments that Jim made earlier, we have ample liquidity. We have a high conviction in our disclosed NAV. Combining the two, where the unit price was trading, for us, the NCIB spilling even into January, which was noted as a subsequent event. The NCIB represents a very compelling allocation of capital and investment to buy back our units for unitholders. Okay. I guess just keeping along the same lines, I was also a little surprised, and this was a subsequent event that you guys put leverage on three unencumbered retail assets. I would have thought that you were looking to sell retail assets. Again there, we've got, as you know, over 200 assets across our three asset classes. We are looking at upcoming maturing debt. We were looking at where interest rates were in the market. The ability to swap assets, including those maturities that are upcoming, that we would then potentially add to our pool of unencumbered assets, was, in our view, a sound decision, again, in light of what the prevailing interest rate environment was. Okay. Can we read anything into that with your future outlook? I guess, the last thing there with selling the industrial asset post the quarter. I won't comment on what one should read into. We will be, as has been noted, presenting, separate from this call and from yesterday's press release, a formal presentation and press release regarding the go-forward vision and strategy. Within that, there will be ample color and visibility around items, including capital allocation going forward and what the strategic plan is across the board. I would say that with respect to the divestiture of Tower, it was a frankly very compelling transaction. We had ample interest in this asset through a formal process. The result, I think, speaks for itself in terms of what was achieved, both in terms of cap rate, but also what was achieved relative to cost and the gain that was realized. Okay. Was it an unsolicited bid and then you guys started a process, or did you decide to sell it and start a process? We've got our Executive Vice President for the U.S. Region, Philip Martens, on the call. Philip, why don't you take that question? Thank you. The process was formal. It was not unsolicited. We went through various different brokerage houses to obtain a book of value. Selecting CBRE, we went through a formal process, and it went through almost four rounds of bidding, all receiving really great interest and exceeded our expectations for the exit cap, which turned out to be 4.03% exit yield, which broke all records in Denver for industrial sales. Okay. That is helpful. Thanks. I'll turn it back. Thanks, Jonathan. Thank you. We have a following question from Mike Markidis with Desjardins. Mike, please go ahead. Hi. Thanks, good afternoon, everybody. I was hoping we could not the office portfolio specifically. One quarter doesn't make a trend, the same property NOI there was down significantly, but also your occupancy in the office segment has, over the last several quarters, taken a bit of a hit. I don't know if it's price related to a specific region, if it's more of a broader trend that you're seeing or transitory in nature, but any color on that dynamic would be helpful. Thank you. Sure. Thanks, Mike. We've got our Executive Vice President, Frank Sherlock, on the line. I'm going to ask Frank to comment on Canadian office, and then I'll ask Philip to comment on U.S. office. Sure. In Canada, the major change for year-on-year was the Alberta office market. Our occupancy at the start of 2020 was about 78.6%, and it ended the year at 66. That's where we saw most of the decrease. Our other major office market in Canada is Manitoba, and occupancy remained flat there for the full year. We didn't really see any change there. We had, again, in Ontario, not as many office buildings, one of which was sold, the Concord Corporate, last year. Really, we have four office buildings in Ontario, and again, flat there as well. Nothing in Saskatchewan. In regards to the U.S. Sorry, go ahead. Sorry, I was just going to add one further comment, is that the office also includes the parking revenue that I referred to as being substantially down from a year ago. There is a hit on parking revenue. Of course, yeah. Okay, thank you. In regards to the United States, where we have office in Madison, Minneapolis, Denver, and Phoenix, we generally have held stable, although it's been a quiet year in 2020, we are seeing all types of responses to the future, some that have been very positive, particularly in Minneapolis in the third quarter, where we had a good opportunity to extend for long-term by providing an early TI while their employees were at home. We do see some bright spots, particularly also in Phoenix. We're seeing a greater amount of activity more than ever, That does spill more into the 2021 with the good news of how vaccines are being distributed in the United States. Madison has remained stable. We still hope to achieve a few good leases in the upcoming future. Overall, also in Denver, it has been quite quiet downtown. We did sign a significant lease in Southeast Denver. We're looking forward to a much better year in 2021. Again, I think this has a lot to do with the success of the vaccine distribution in the U.S. Okay. That's helpful. Thank you. Just with respect to the developments that were completed, Jim, during the quarter, would the full NOI from those have been captured in the quarter or is there still an uptick? If so, do you happen to know what the incremental contribution would be in Q1? I would say it's not 100% incorporated into Q4 for sure. Did you have a comment on that? Sorry. I do think that the Park 8Ninety NOI would be the full amount for the quarter. Okay. As well as 330 Main Street. I don't think The GoodLife commenced in October 1st. I think it was delayed a little bit. Okay. Sorry. Yes. Yeah. Okay. Excellent. Just lastly, just to confirm on the Park 8Ninety that you've started construction on. Is that being done on a speculative basis? If so, do you have a read on any leasing activity on that property currently? Thank you. Again, we'll pass that over to Philip. Thank you. Yes. We are building that speculatively. We're introducing a variety of product on that site. There will be a cross dock, which will be our second for the set, but it will be larger, and then a small rear load and a front load. We've had success with front load. Overall, we have no pre-leasing completed. We just broke ground. We have had interest from various parties already. Marketing has been sent out. I look forward to giving you more news in a quarter. Last one from me before I turn it back. Just on the two sales that were done subsequently, obviously, a record-breaking, pardon me, transaction on the Denver asset. Two questions here. To confirm that asset was 100% occupied. The second would be just on the Victoria Square transaction, the 9% core cap looks elevated even compared to what we would consider to be a cap rate for retail. I was just wondering if you could give a little bit more color as to what was the driver there. Thank you. I'll turn it back after that. Thank you. Great. Thanks. Yes, the answer to the first part of the question, Tower was fully occupied with two significant tenants. Your comment around the upcoming dispositions. I think one has to look into this with a bit of a different lens. This represents our last enclosed retail shopping center. From our vantage point, just based on what we want to focus on strategically, we felt that after a fully marketed process exercise, that the highest and best offer that was presented was one that we were comfortable negotiating and ultimately landing on a transaction in. As we've conveyed, they're unconditional, and we anticipate that closing. Thank you. Your next question comes from Matt Logan with RBC Capital Markets. Matt, please go ahead. Thank you, and good afternoon. Wondering, Samir, if you could give us a few of your high-level thoughts on your first couple of months on the job, just what you've learned and how your views have changed about Artis as a business, if at all. Sure, Matt. I'm going to keep my comments relatively brief because I think a lot of what we look forward to presenting in the days ahead following the 100-day review will respond to that question. Let me start by saying or reinforcing what I conveyed in my earlier remarks. I've had the privilege and opportunity to get to know many of the incredible individuals who work at Artis over the last few months. We've got a committed, dedicated, hardworking team of individuals. I think that the second comment I would share is, and I touched on this earlier, we have strong conviction in the assets and our underlying business that we believe, for a variety of reasons historically, and even currently, is undervalued and perhaps underappreciated by the market. A third, I would say that while there are some challenges that we anticipated, and we have now confirmed, that we're confident that we'll be able to work through those challenges. Finally, insofar as the opportunities ahead of us, including some of the operational efficiencies that we believe we're going to be able to, together as a unified team, materialize and put in place. We think that's going to pave the way for a positive road ahead. I'll just keep my comments to those for now. Like I said, look forward to sharing more in the days ahead. Appreciate the color, and maybe just clarifying your earlier comment saying that the IFRS values don't always align with fair market values. Would that mean that you expect to sell assets on average in line with your IFRS NAV? Or would that be maybe the office and retail assets might be sold a bit lower and the industrial assets might be sold a bit higher? How should we think about that? And any comments would be appreciated. Sure. Again, the general comment I'll make is not specific to asset class. We have engaged in negotiations and discussions on specific individual assets across each of the asset classes. In many instances, particularly when someone comes forward on an unsolicited basis to express interest in an asset, ultimately the market speaks and generally, there's never a perfect correlation between the cap rates that we use for IFRS purposes and what in a practical sense happens in a specific market and with a specific asset. All that to say, do I think that CAD 15.03 is an accurate net asset value for Artis? I would say that, and I speak on behalf of the entire management team and the board, we are very comfortable with CAD 15.03 and one can interpret that as they choose. Maybe just following up on some comments from the prior management team last quarter, who noted that they were still in discussions with potential purchasers for Artis for the entire business. Would that still be the case following the reconstitution of the board? No. As Jim already mentioned, if I understand the question correctly, we've suspended all activities that were in place last year as it relates to the strategic review, as it relates to the retail spin. We have undertaken a very exhaustive exercise under the leadership of our board of trustees in this 100-day review that we will be coming back to the market on in the days ahead. The outcome of that, we look forward to presenting, will include what the go-forward vision and strategy is for Artis. At this point, that go-forward vision and strategy does not contemplate putting the company up for sale. No plans for a sale at the moment, but we'll hear more on the future of Artis in a few weeks. Would it be fair to say that those potential purchasers would still be interested, you're simply taking a bit of a step back to reassess at the moment? Yeah. I can't comment on that. We have not, in a proactive way, engaged with any parties related to potential sale of the company. Have you received any inbounds since you've taken or reconstituted the board? I can't comment on that. Okay. Well, I'll leave it there and turn the call back. Thank you very much. Thank you. Your next question comes from Jenny Ma with BMO. Jenny, please go ahead. Thank you, hello everybody. Samir, I wanted to get your thoughts on the distribution. We've seen some high-profile distribution cuts in the very recent past. I know earlier in the fall there was a view of raising the distribution by a little bit on the back of some lower G&A costs. Just net, how are you feeling about the distribution? Excuse me if I'm getting ahead of the 100-day review results, but when you look at what other REITs have done, and when you look at where the other diversified REITs are trading at in terms of yields, has your philosophy or approach to this distribution changed in light of the past few months? Thanks, Jenny. I'll provide a couple of comments and then I'll also invite Jim to share his thoughts. Let me simply say that we have, we believe, a safe distribution, a conservative distribution, including on a ratio to FFO and AFFO that includes the bump that the predecessor board announced, and management announced in November. On a go-forward basis, we are certainly very comfortable with this distribution. We do not intend to reduce the distribution. Insofar as what may happen with the distribution going in the other direction upwards, I think we'll have to just wait and see what the board determines on the other end of the 100-day review. Then also, obviously, how we perform operationally and financially in the quarters ahead. Jim, do you want to add anything? Just very quickly, I think as Samir just mentioned, we remain very comfortable with that 3% distribution increase at the time that was implemented. I think it was appropriate and sustainable and likely could be increased further down the road. Again, we'll have to invite you all to wait for the results of the 100-day review. Okay. I guess we'll wait. I wanted to ask about office leasing and the outlook. On your perch, you can see what's happening in Canada and the U.S., there's been a lot of talk about the rise or the revival of suburban office space. I'm just wondering if you could talk to us about if you're seeing any differences in the approach to any sort of move to suburban office between Canada and the U.S., if there's differences across the borders or just basically any color you could share with us. Sure. Again, let me invite Frank and Philip to comment respectively on the Canadian and U.S. side. Okay. Just speaking about Canada, where our two major office markets in Canada are Manitoba and Alberta. We haven't really seen any movement away from our downtown office in Manitoba. Again, it remains flat at about 86% occupied right now. It is slow as far as new leasing goes, but we've been very solid on renewals. Part of the reason why we're doing well on renewals is the same reason why it's slow on new leasing. It's the cost of new construction and relocating. Tenants are tending to stay put, and haven't been making any real decisions on relocating or increasing or downsizing for that matter, in recent quarters. We don't, again, in those two markets, see any real change in our occupancy based on work-from-home. Alberta has its own problems right now, and that's a demand problem for office space in general. Again, there may very well be new requirements for more space for employees going forward, especially in the higher density offices, more circulation space, larger workstations. We have some reason to believe that that could offset any of the work-from-home trends that we might see, especially in some of our government offices. We're finding now that they are already looking at possibly taking more space because of that to spread their people out a little bit more. Hopefully that answers your question. Hey, Jenny. In regards to the U.S., because we do have a lot of suburban office and we're in very unique cities, so to speak, I can go by one by one quickly. Madison, we are completely suburban office, and it's generally just a slightly quieter market, and we do see some level of the severity of COVID lockdowns in the downtown area of Madison has given us a lot more looks and RFPs from downtown. We haven't closed any deals yet on that, but there's been a distinct interest where that's never been before. Minneapolis remains the epicenter of the political upheavals from last year, and that will continue on with the trial of the police officer starting next week. The overall Minneapolis market has been quiet. In Denver, we are starting to see interesting signs, particularly at Point Inverness for our leasing, and also particularly in Phoenix, where our assets ranging from Union Hills Office Plaza to Stapley and even MAX, where these are, again, primarily, I wouldn't call it quite suburban because Phoenix is a bit different to L.A., but definitely distinct nodes outside of the CBD. We are seeing quite a bit of activity and has been going on for the last couple quarters. Phoenix, from a suburban standpoint for all our markets, is the strongest. I guess in Phoenix's case, is that a flight from downtown or is that just an increase in demand that would've been targeted towards suburban anyway? Right. Because Phoenix doesn't have a significant CBD office product, it's a combination of people wanting to, particularly for Stapley, let's say it's a smaller square footage overall for the size of the suites. They have not been as COVID impacted. They've still been going to work. Overall in the market right now, I would say of all the states we're in, Arizona by far is the most loose in policy. That also has created a lot of in-migration from California, Oregon, and Washington State. That's also been something quite significant in the amount of people that are moving in, particularly as how COVID's fast-forwarded essentially that potential. We're seeing a lot of new companies coming into Phoenix. Okay. That's interesting. Thank you for that color. My final question relates to the floating rate debt proportion. A question for Jim. You've always maintained that proportion sort of in that high teens to low 20% range. See a little bit of a downtick in Q4, but just in light of the back of the yields that we've seen over the very short- term, has that changed your view on where rates are? It looks like there's definitely momentum on the move up. Do you intend to maintain that proportion of floating rate debt or have you been more active in locking in some of the historically low rates we've seen? I would say we have been a little more active in locking in some of the floating rate debt into longer- term. We are keeping things still. Shorter- term, depending on the asset. If it's an asset that may or may not be subject to disposition in the relatively near future, we keep the debt shorter- term to avoid big mortgage penalties. If it's an asset that is kind of considered core to the REIT, we would be looking to lock in that debt at longer-term fixed rates. Is it fair to say we might expect a continuation of the downtick in the first couple of quarters of the year on the floating rate debt? Yes, I would say that's likely. Okay, sounds good. Thank you everyone. Thanks. Thank you. We have a follow-on question from Matt Kornack with National Bank. Matt, please go ahead. Just wanted to quickly get a sense on the development side, if you could provide any color on the outlays with regards to remaining costs to complete, and then how we should think of NOI coming in, particularly on the residential assets in Winnipeg. Jim, do you want to take a lead on that? If you want to invite either Kim or Phil to add, please do so. Sure. The largest piece of the development is, of course, the apartment building that's being built at 300 Main Street in Winnipeg. There is roughly, I'm going to say CAD 90 million to CAD 100 million left to spend on that project. That will be over the two-year timeframe. We are expecting roughly 50% completion of that building by the end of this year from an occupancy standpoint, and the balance at the end of 2022. The tower is progressing well. As I drove into the office this morning, they were standing the steel for the 37th floor on a 47-story building. We're getting close to topping it out. On the U.S. developments, there will be the Park 8Ninety phase V that we are just commencing. Kim, do you have a price on what that was, or Phil? Yes. Maybe I'll turn that to Phil in a second. Then there's the joint venture with our partner Nuveen in Phoenix, and I'll let Phil comment on that as well. Thanks, Jim. In regards to Park 8Ninety phase V, that will be a CAD 55 million project where we have 95% ownership in a joint venture with Trammell Crow. We have just, as I said before, broken ground. That's just beginning now. We hope to complete construction in the first quarter of next year, maybe even a little bit sooner, but we have had some rain delays, as you probably heard in Texas the last couple weeks. Park Lucero East, as we're calling it, is going to be a CAD 60 million project, and we also are beginning, hopefully this month, construction. That also, construction completion is anticipated to be in the first quarter of 2022. Okay, thanks. Jim, I don't know if you've disclosed this in the past, but what is the total cost of 300 Main and the yield anticipated on that cost? It'll be over CAD 200 million. Yield on costs will be somewhere in the low fours range. Okay, perfect. Sorry? 5%. Sorry? On cost is closer to five. 5%? Yeah. Okay. Sorry, I've been corrected. It's closer to a 5% yield on costs. Yeah. When you say it's 50%, is it being done in stages, or is that just the lease-up anticipation? The first 20 floors, we're expecting to get a partial occupancy permit by the end of the year, and the top 20 floors will be a year later. Okay. No, that's great color. Appreciate that. Last one from me. I think in 2021, you have WorleyParsons maturing. Is there any status update on the negotiations for a renewal of that lease? Jim or Frank, do you want to comment? They're going to be moving out. Okay. Any prospects at this point for re-leasing the space? There's been tours, but nothing on paper yet. Okay. Thanks, guys. Appreciate it. Thank you. Ladies and gentlemen, as a final reminder, should you have a question, please press the star followed by the one. There are no further questions at this time. Ms. Nikkel, you may proceed. Thank you, operator. That concludes our call for today. The webcast and the dial-in numbers for an archived recording of this call can be found on our website. Please don't hesitate to reach out to us if you have any further questions. Thank you everyone for joining us today, and have a good day. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you disconnect your lines.