Ladies and gentlemen, welcome to Sienna Senior Living Inc's Q2 2021 conference call. Today's call is hosted by Nitin Jain, President and Chief Executive Officer, and Karen Hon, Chief Financial Officer of Sienna Senior Living Inc. Please be aware that certain statements or information discussed today are forward-looking and actual results could differ materially. The company does not undertake to update any forward-looking statement or information. Please refer to the forward-looking information and risk factor sections in the company's public filings, including its most recent MD&A and AIF for more information. You will also find a more fulsome discussion of the company's results in its MD&A and financial statements for the period, which are posted on SEDAR and can be found on the company's website, siennaliving.ca. Today's call is being recorded and a replay will be available. Instructions for accessing the call are posted on the company's website, and the details are provided in the company's news release. The company has posted slides which accompany the host remarks on the company website under Events and Presentations. With that, I will now turn the call to Mr. Jain. Please go ahead, Mr. Jain. Thank you, Shalom. Good morning, everyone, and thank you for joining us on our call today. At Sienna, we believe it is a privilege to care for and serve Canada's seniors, and we are continuing our relentless efforts to ensure they live with utmost comfort, dignity, and respect. Recent months have been marked with renewed optimism, a clear view to the future, and some exciting developments at our company. Over the past year, we conducted an in-depth assessment of our retirement platform and identified opportunities that will set us apart in a competitive market. We believe that by repositioning our retirement operations, we can fill a current gap in Canadian seniors living. As part of this repositioning initiative, our retirement operations will start operating under the brand name Aspira. At the center of our new brand is a conviction that seniors should be able to live the life they deserve with an increased emphasis on being a vital part of the local community. Initially, we'll enhance service offerings such as dining and resident programs. Our culinary experience will feature more choices, carefully curated ingredients, healthier options, vibrant presentations, and a greater emphasis on local products. With the help of technology and the addition of signature programming, our resident engagement programs will focus on motivating residents to explore more possibilities, to get stronger and healthier, and to be more engaged within their local communities. In addition, our wellness programs will be expanded and more clearly communicated, enabling our residents to discover more choices and create their own path. The Aspira name and enhanced product and service offerings will be launched later this year through early 2022 and will be supported with widespread communications and a marketing campaign with a designated website for the new retirement platform. We expect our Aspira brand and service offerings will support occupancy growth and contribute to improved financial performance as a result of better brand awareness and loyalty. We are creating a distinct online presence for our retirement portfolio. We can more effectively drive traffic to our residences. We also expect the new brand to support our talent attraction and retention efforts. It is our belief that a consistent and comprehensive set of standards under the new brand will allow us to continue to scale our platform and support our continued growth. Moving to development. Our current joint venture retirement development with Reichmann Seniors Housing in Niagara Falls is progressing well. We started construction of the 150-suite greenfield development in May, which is expected to achieve an approximate development yield of 7.5%. We also continue to make good progress on our 160-bed long-term care redevelopment in North Bay, where we expect to start construction later this year. The new long-term care community, named Northern Heights Care Community, will replace our Waters Edge Care Community and is designed to the newest industry standards. In early July, the Premier of Ontario and other senior members of the government participated in the site's ceremonial groundbreaking event. We are grateful to play an important role in building the future of seniors living in Canada. Through developments such as this, we are also contributing to the long-term economic growth in the region. We are also making immediate upgrades to the older C Class long-term care portfolio, independent of the timing of redevelopment. To elevate the experience of our residents and the work environment for our team members, we are investing CAD 2 million this year for capital upgrades in the common areas such as lobbies, staff rooms, and recreation rooms. These investments are made on top of regular annual maintenance capital expenditures. We are proceeding with upgrading and installing 1,800 new air conditioning units in resident rooms at over 30 of our long-term care communities. We strongly believe that all residents' rooms should be air-conditioned and committed to this project prior to mandatory regulations coming into effect. Moving to slide 8. Addressing vaccine hesitancy proved to be crucial. Our approach was focused on ensuring everyone is well informed, which included a far-reaching communication and education plan, and logistical support for our team members and residents to get the vaccine. We also have a vaccine contest to incentivize and thank our team members for getting vaccinated and have recently awarded cash prizes to three personal support workers. The most recent winner was Marcia Palmer, to whom I had the privilege to present a CAD 10,000 check when her name was drawn after we reached our 85% vaccination targets across the company. Marcia was among the first team members to get vaccinated and has dedicated 19 years working as a PSW on night shifts at our St. George Care Community in Central Toronto. According to our most recent vaccination data, 96% of our residents and 88% of our team members received their first dose of the vaccine, with 95% of our residents and 77% of our team members fully vaccinated. With many public health restrictions being lifted in our key markets in Ontario and British Columbia, we have been able to gradually reopen and welcome prospective residents and visitors to our residences. Together with our vigilant infection prevention and control measures, this contributed to the very low number of active COVID-19 cases across our portfolio in recent months. As of yesterday, none of our 83 owned or managed residences have any active COVID-19 cases. Our focus continues on improved quality of care and strengthening our ongoing review of quality of care based on quality indicators, clinical reviews, and inspection reports. We also continue our collaboration with the Seniors Quality Leap Initiative. This is an initiative we joined last year to better understand quality outcomes and opportunities for improvements. Based on our initial report card from SQLI, our performance is in line with SQLI members and international benchmarks. Moving to occupancy. The improved operating environment resulted in the resumption of in-person tours and increased the number of residents moving into our retirement and long-term care communities. The effort of our marketing and sales teams, who have been working on numerous initiatives, are also paying off. This quarter's online leads tripled year-over-year and resulted in 147% increase in rent deposits and 121% increase in move-ins compared to Q2 2020. These strong lead indicators are reflected in the occupancy improvements in our retirement portfolio. Same-property retirement occupancy reached 80.6% at the end of second quarter, an increase of 200 basis points from the end of Q1. Average occupancy continued to improve in July at 79.7%, an increase of 80 basis points from average occupancy of 78.9% in June. For the remainder of 2021, we forecast continued gradual occupancy improvements in our retirement portfolio based on the assumption that residences will remain open for in-person tours and continued pent-up demand. In our long-term care portfolio, we have made good progress with respect to new resident admissions. Q2 occupancy increased by 130 basis points from the previous quarter to 81.6%. This number is not adjusting for approximately 500 beds, which were unavailable mainly as a result of capacity limitations in three and four-bed ward rooms. Our long-term care occupancy ended the quarter at 83.5% and is expected to continue to improve in the second half of the year as admissions accelerate. As of now, the government has indicated that effective September 1st, 2021, occupancy targets required for full funding will be reinstated. This excludes unavailable beds. Given the long waiting list for long-term care beds in Ontario and the resumption of admissions of residents, we anticipate that we can achieve the necessary occupancy targets required for full funding at the majority of our residences. Excluding the impact of net pandemic expenses, we expect the financial performance of our long-term care portfolio in 2021 to be slightly below 2020. Our internal forecasts are based on the impact of earlier access restrictions on preferred accommodations and the possibility of not achieving the required occupancy targets at some of our residences. Moving to our continued focus on diversity, inclusion, and fair compensation. With nearly 13,000 team members, our employees are Sienna's most important assets. Our commitment to corporate social responsibility and our team is highlighted in our mid-year update to our ESG report, which focuses on diversity and our approach to fair compensation and gender pay equity. At Sienna, over 95% of our workforce receives compensation above minimum wage, and approximately 80% of our frontline team members receive compensation that exceeds minimum wage by 50% or more. Furthermore, our predominantly female workforce is mirrored in our management teams, with approximately 80% of our top 380 leadership positions held by women. When it comes to gender pay equity, male and female frontline team members' compensation for similar position is comparable. Our strong and diverse team will support our effort to ensure that people live with utmost comfort, dignity, and respect. With that, I'll turn it over to Karen for an update on our financials. Thank you, Nitin. Good morning, everyone. In recent months, in-person tours have resumed at our retirement residences, and resident admissions have accelerated across many of our long-term care residences. At the same time, incremental pandemic related expenses have started to moderate. We anticipate further improvements as the pandemic subsides. However, the timing of pandemic expenses versus the funding of such expenses continues to affect our financial results. While our operating improvements have improved significantly, our financial results remain below prior year levels. As shown on slide 13, revenues decreased by 0.1% year-over-year to CAD 162.7 million this quarter. Consolidated net operating income decreased by 2.8% to CAD 31.0 million this quarter compared to last year. This was largely the result of lower occupancy in our retirement portfolio and lower preferred accommodation revenues in our long-term care portfolio, which was partially offset by lower net pandemic expenses, rental rate increases in retirement, and inflationary funding increases in long-term care. Retirement same-property NOI decreased by CAD 2.3 million to CAD 12.8 million this quarter compared to last year. Excluding net pandemic expenses, retirement same-property NOI for this quarter decreased by CAD 2.8 million year-over-year to CAD 13.7 million, mainly due to lower occupancy, partially offset by annual rental rate increases in line with market conditions. Rent collection levels remained high at approximately 99%, consistent with pre-pandemic levels. Long-term care same-property NOI increased by CAD 1.5 million year-over-year to CAD 18.1 million, largely due to lower net pandemic expenses in this quarter. Excluding net pandemic expenses, long-term care's NOI for Q2 decreased by CAD 2.4 million compared to last year to CAD 20.5 million, mainly as a result of lower revenues from preferred accommodation. During Q2 2021, Sienna incurred CAD 3.8 million of net pandemic expenses. This represents a decline of CAD 1.6 million or 30% lower compared to Q1 2021, after adjusting for retroactive pandemic funding which we received last quarter. Although we continue to incur extraordinary pandemic expenses, the quarter-over-quarter improvement was largely driven by the reduced reliance on agency staff. Compared to Q2 2020, net pandemic expenses decreased by CAD 6.8 million, or a decrease of 64%, largely as a result of additional government funding and a moderation of pandemic related costs related to additional staffing. Q2 OFFO per share was CAD 0.226, a decrease of CAD 0.023 compared to the prior year. Excluding net pandemic expenses for the quarter, OFFO per share would have decreased to CAD 0.268 year-over-year. Q2 AFFO per share was CAD 0.21, a decrease of CAD 0.038 compared to the prior year. Excluding net pandemic expenses for the quarter, AFFO per share would have decreased to CAD 0.249 year-over-year. Moving on to slide 15, looking at our debt metrics. Our debt to gross book value improved by 270 basis points to 45.5% as of June 30th compared to the end of 2020, mainly as a result of repaying our credit facilities. Debt to adjusted EBITDA improved to 7.4 years in 2021 compared to 9.4 years in 2020. Our weighted average cost of debt was 3.4% year to date 2021, a marginal increase from 3.2% in 2020, while our total debt decreased by CAD 85 million as of June 30th compared to the end of last year. Our interest coverage ratio was 3.9x year to date in 2021 compared to 3.1x in 2020, effectively returning to pre-pandemic levels. In terms of our balance sheet on slide 16, Sienna maintains a strong financial position and an investment-grade credit rating. On June 3rd, we issued CAD 125 million in unsecured debentures at an interest rate of 2.82%, maturing in March 2027. With this financing, we further reduced near term debt maturities and improved our long-term debt ladder. The debentures were issued at the lowest interest rate and longest maturity compared to any of our previous debenture offerings. We ended the second quarter with CAD 235 million in liquidity, an increase of CAD 34 million since Q1, and an unencumbered asset pool of nearly CAD 1.1 billion, an increase of approximately CAD 247 million compared to the end of Q1. Our debt is distributed between unsecured debentures, conventional mortgages, and CMHC-insured mortgages. I will now turn the call back to Nitin for his closing remarks. Thank you. We are in a very different place than we were a year ago. While we stay vigilant and are prepared for a possible fourth wave, recent months have been marked with renewed optimism at Sienna. As I mentioned in my opening remarks, at the center of our rebranding initiative is the conviction that seniors should be able to live the life they deserve with an increased emphasis on being a vital part of the local community. We also continue to work with stakeholders to improve the way we care for our seniors and stay focused on advancing our long-term care redevelopments. The strength of our balance sheet and our operations will support our ambitious CAD 600 million redevelopment plan to modernize long-term care in Ontario. I want to finish by thanking our team members whose drive, compassion, and commitment will support this purpose by providing our residents with the highest level of care and services for years to come. Thank you for your participation on the call today. We are now pleased to answer any questions you may have. As a reminder, if you have a question, please press star one on your telephone keypad. Your first question comes from the line of Jonathan Kelcher from TD Securities. Thank you. Good morning. First question, just on Aspira. Is that something that you guys contemplated prior to COVID, or does that come from some of the lessons that you've learned over the last 18 months? This is a new initiative. As you know, we have a brand-new executive team, and one of the things we contemplated is how can we position a retirement platform differently? Over the last five years since we branded the company to Sienna, at that time, we had around 11 retirement homes, and today we have 27 retirement homes that we own. We also manage the Canadian portfolio for Sabra Health Care REIT of additional eight homes. Given our continued focus on growing this business, we thought it would make sense to have a separate platform, a common platform, to really drive efficiency, drive programming, and obviously help us to grow as we go further. Okay. Fair enough. Then just on the retirement occupancy, good to see that moving up. How is the trend so far in August? I think it's too early to talk about August. There's a bit of delay usually in getting the data. July numbers we just talked about, that we are seeing continued occupancy increase in July versus June. We continue to see some improvements. Usually, summer months are a bit slower. I think it's hard to predict at this point. We do expect for the balance of the year to continue to have a gradual increase in our occupancy. Okay. Just lastly, how would the leads and deposits compare to the similar time in 2019? I don't have the 2019 data, just top of our head. We have 2020, but I'm assuming the reason you're asking 2019 is because of how volatile 2020 was. We don't really have the data readily available, but it's something we can provide at a later date, Jonathan. Okay, thanks. I'll turn it back. Thank you. Your next question comes from the line of Frank Liu from BMO Capital Markets. Hi, good morning, Nitin Jain, Karen Hon. How are you? Very good, Frank. Good morning. Good. My first question really comes to the net pandemic expenses. I see that trending lower, which is a sign. I wonder, what's your expectation for the remainder of this year and beginning of 2022? Do you expect it to keep trending lower to a certain level? I heard from other providers that expenses can be a bit, with being a safety environment for the tenant. I just want to hear about your opinion. Hi, Frank. I'll start answering the first part of the question. I couldn't hear the second part clearly, so let me know what I can fill up afterwards. We are very encouraged to see the direct correlation with our high vaccination rates and our very low or no COVID case counts, which directly contributed to a reduction in pandemic expenses quarter-over-quarter. That also helps us being able to rely less on agency staff. We expect that our pandemic expenses could further moderate some more as we continue to see a stable operating environment. However, we do continue to expect that our pandemic expenses could come in higher than pandemic funding. One partly due to timing, but also our retirement business doesn't get the same amount of pandemic funding. We do expect that for some time, unfunded pandemic expenses. Looking ahead, it is still hard to predict what our net pandemic expenses would be because we are staying very vigilant as we have a fourth wave that is looming. Okay. My question, sorry, can you hear me better now? A bit. I'm sorry. My second question really comes as, do you think the pandemic related expenses will maintain at a certain level? I heard from some operators, they are saying that some of the expenses of PPE was not needed for COVID, but it's helping going forward, even after COVID. Frank, again, the voice is a bit muffled. I think they all have problems just working from different places at times. I think what your question is the permanent aspect to pandemic expenses, potentially. We continue to believe that there might be a small impact, but not really huge. Let's say if people continue to wear masks for a period of time, masks can now come down significantly in price. They usually cost CAD 0.05-CAD 0.10. They went up to nearly CAD 1. Now they're back to that CAD 0.05 pricing or so. Even if there's some limitations on wearing some PPE, I don't think that'll have a significant impact on pandemic expenses. Restrictions are coming off. If there continues to be some vigilance in long-term care to a small amount, we do expect that part to be funded going forward as well. Okay. Thank you. That's great. Can you hear me better now? I just wanna confirm. I'm sorry, can you repeat that? Hello. Sorry. Can you hear me better now? Yes. Thank you. Okay. Yeah, thank you. That's great color. My second question is, regarding the long waiting list for LTC beds, I just wonder how things have been changing since Q1. Do you expect any spillovers from your LTC tenants, for tenants who are looking for LTC beds for your retirement homes? It's possible, but usually, there's two way different kind of residents in retirement than long-term care. You might have residents in retirement who are looking to move into long-term care, so they might stay few extra months while they're looking for a long-term care space. Usually, residents who are looking for long-term care would not necessarily move really into retirement. Got it. Okay. Last thing, I see you guys had a issuance on secured debt, I just wondered how the conversation with the rating agency and, yeah, I just want to get some color from there. I think color is pretty clear on their rating confirmation. That was really the extent of what we can talk about. It was no different than getting a rating confirmation, which everyone has to go before you issue that debt. Okay. All right. Thank you very much. I'll turn it back. Thank you. Thank you. Thanks, Frank. Your next question comes from Himanshu Gupta from Scotiabank. Thank you and good morning. On the long-term care, what could be your LTC occupancy by the end of August? Where do you need to be to achieve full funding? Hi, Himanshu. We have been working very closely with the various LHIN to move in residents on an expedited basis. We do see that there's traction being gained. It is hard to predict to know where we would be ending at the end of August. We did end the quarter at 83.5% on an unadjusted basis, meaning without removing the unavailable beds, which we expect that would not be included in the occupancy target. We do expect that come September that the majority of our homes would be meeting the occupancy target. For a small portion of our homes that it's really a matter of time to get to that target, and that the impact would not be significant in our overall year's results. Yeah. Karen, can you quantify the impact? I know you said it's gonna be small in the context of full year earnings, but what could be the September impact of not achieving full funding? I'd say that because it is hard to predict each month where our occupancy would be, it is equally hard to predict what that impact would be. We are working very hard to move in the residents very quickly. As we know, it is centrally controlled by the LHIN, and that administrative process does take some time. Okay. That's fair enough. Then, sticking to LTC, again, there was a funding shortfall in Q2. Do you expect a catch-up in the next few quarters? I would say, Himanshu, that as a sector, we continue to advocate for those funding shortfalls to be made whole, but we don't really know if that will happen or not. We are hopeful, but that's not something we can confirm or count on at this moment. Okay. That's fair enough. Then just moving to the retirement home occupancy, we have seen some recovery in the last two months. Is the recovery consistent with the overall markets you operate in? It is quite different for each market. There are markets such as Ottawa, which continue to have a challenge because of supply and when occupancy is even lower, the supply challenge becomes even bigger. No, it's not consistent across markets. Overall, we're seeing an occupancy change across all markets. The amount of it would differ from market to market. Okay. Given that your occupancy moved consistently in the last few months, are you offering more concessions? Are you aggressively marketing your product? Usually, when we say concessions, our approach is, there might be a one-time incentive to move, such as moving cost of others. We don't really reduce rates. That's not a good recipe for success because you have the residents with you, and if someone new coming in has a significantly lower rental rate, that does not sit well with the current residents. We do offer one-time incentives, and that's really approach has not changed. There's no significant incentive which is driving this. It's really working with our marketing team, training, following up on leads, our centralized call center. I think there are multiple reasons why we're seeing this growth, not incentives is not necessarily one of them. Okay. Do you think smaller operators or your competitors are offering more concessions today to lease out their product? Maybe one-off. We really haven't heard anything systematic, Himanshu. Okay. Awesome. Okay, maybe just last question from my side on development projects. Two projects obviously underway. How many more you can take on at the same time? Is there internal limits or how much development dollars you're going to allocate to? We feel, I think if we can go to CAD 150 million of active projects under development, I think that is pretty reasonable. Depending on the size of the project, that could be three to four projects, because there could be one completely winding down where it's fully constructed, and the next one is just getting started where you just buy land. I think you could have three or four projects in active development in very different stages. The risk of development is also quite different. In retirements, we have the risk of both the construction or the development risk and the lease of risk. In a long-term care, the risk is more on the first part, on construction cost and development cost. We do feel given a big chunk of our development is going to be long-term care, that potentially it is less risky from a lease-up perspective if we can ensure that we can have a control on cost and other things. Awesome. Thank you, guys, and I'll join it back. Thank you. Your next caller is Tal Woolley from National Bank. Hey, good morning. Hi, good morning. Good morning. Wanted to start with something maybe a little less financial. I'm just wondering, if you can explain to us kind of the on the ground process of doing the redevelopment. If I'm a resident in one of your facilities in a market where you are going to be redeveloping that facility, you construct a new facility, I get moved over. Is there a de-leasing process at the old facility that we should be aware of? How should we think about moving costs, things like that? Who bears that kind of stuff? Can you just talk a little bit about the nuts and bolts of that actual process? Sure. I think the way you described this, Tal, is exactly how it works. There would be some moving costs as you're moving the residents, and there is usually a provision by the ministry, and we definitely have included that as part of the development cost. It is not material, because we are moving people across the town. It does take a bit of time because, moving residents, to another place, you cannot really just hire two buses and move everyone in one go. There is a slow, deliberate process. You usually limit the number of people in each week. For 160-bed home, that process could take two months to do it properly and staffing. You might have some staff in the new place and some in the old. You might be hiring some contract staff because there would be a bit of a double count for a period of time because you might have 2 kitchens running at the same time. Those costs are not material and are factored as part of our development yield. The older facility, do you stop admissions four months in advance? I don't know exactly when you would stop admissions in that market. Not really, because everyone gets moved over to the new place unless you're going down in capacity, which we're not doing. We are actually going from 148 beds, using the North Bay example, to actually 160. In couple of other places, other two projects which are approved for us, we are also going up in capacity. We don't really limit admissions at any period of time. As we get closer to these projects getting completed, are you gonna be able to disclose to us what the NOI was on the existing properties so we have an idea of what the pickup will be? Sure. I think we can start to provide some disclosure on it. When we compare the NOI from an existing building and compare the NOI of the new building. Just to clarify, when we do talk about a development yield, we're talking the new NOI for the new home over the construction cost of the new home. One could say that we're not factoring in the NOI from the current home. That would be true. However, it's a bit of a apples to oranges comparison because you have a C bed license, which is going to expire in the next five to seven y ears, these homes get redeveloped. Versus a new A license, which is going to last for 30, 40, 50 years. I do think there's a bit of the comparison issue, but you're right, just from a pure financial model perspective, you would need to know how much is coming out and how much is going in so you can factor in the incremental, and we can start providing that visibility as we get closer to opening. Okay. That'd be helpful. My last question is this is like the redevelopment of the long-term care facilities that you have to do. You're sort of in control of the timing, I would say. You're not entirely in control of the timing because the government's got to sign off and everything, but it feels like you're sort of in control of the timing. How should we think about your ability to scale the retirement business when you're going to have this redevelopment process to work through? Because it's going to consume a fair bit of capital simultaneously. Yeah, that's a fair point. Usually, when we have done material retirement transactions, we have a very robust balance sheet. We have a lot of Availability to cash without even going to capital markets at the moment. Our debt, which is at 45.5%, is debt to book value, so it's not even marked to fair market value will be in low 40% at the least. We do have even room in our balance sheet to go up in debt during the time of active construction. At this stage, given our program of CAD 150 million-CAD 200 million, because all the things we just talked about, even if you wanted to develop all 12 long-term care homes, you cannot really do that. There's a ministry process. You have to get licensed approved, you have to buy land. That process is going to take five to seven years. Call it CAD 100 million to CAD 150 million of active construction in any given period of time, which we don't think is very material given the size of our balance sheet. We have done big acquisitions in the past for retirement growth. We have accessed capital markets, and that's not something you can always rely on necessarily. We have had good success over the past five, six years, and we do hope that continues to stay that way, which was recently confirmed when we accessed the unsecured market for our CAD 125 million offering. Long way of saying that we don't feel constrained that by doing one, we would necessarily give up on the growth opportunity on another. Okay. That's fair. Thanks, Nitin. Appreciate it. Thank you. Your next question comes on the line of Yash Sankpal from Laurentian Bank. Good morning. Hello? Good morning, Yash. Just want to understand your new RH, Retirement Home platform. What is the most distinguishing factor between your existing platform and this new platform? I think those are the details, Yash, that we would be going through. The official, we're naming it or we are showing the name of it today. All the programming that comes along with it, we provided some details around food, around programming, around wellbeing. We are sharing some of it. However, the majority of it will come out later this year or early next year, because we're still in the early phases of it. I would say that the few reasons to rebrand, the first one is to just reflect how the company has changed from 11 retirement homes when we branded them all to Sienna and with a local name, to currently today, when it is nearly half of the part of the business. That's one. Second is we have grown through acquisitions. Each one of the homes that we bought have their own platforms at times, their own way of doing things. Having a consistent way of doing things across the platform, we believe is going to have significant impact on service delivery, on team member experience, and also how we sell those homes going forward. Those would be some of the things that we can share today, but I think the more details as we progress through the year. If I understand this correctly, this is a rebranding, not a new platform. Is that right? I would say it's a combination of both. It's not just a name change, because then it'll be just rebranding. It is coming up with how we do service delivery. We talked about focus on few different things. How we do food differently, how we do some of the programming differently, how we think of the wellbeing program. It would also have some impact on the programs for team members. No, it's just not a name change. It has other operational aspects to it. Okay. Moving on to the JV, you talked about your retirement home JV. Are you providing any mezzanine funding or anything to this project? Do you have to, in the future, buy the interest of your partners? Are there any of those conditions? Yeah. There is no mezzanine financing in this. Reichmann Seniors Housing Development, they're very established operators and builders in the retirement space, very well respected. We will get a conventional construction financing on this project, and our intent going into this project is to eventually own all of it. After a certain period of time, we will eventually own the whole retirement home. Right. What I'm trying to understand is, are you signing up to buy that property at a certain cap rate or anything like that? No. Usually, they are at fair market value at that point because it'll be much further out. There's no pre-negotiated cap rates in this situation. It will be bought at around fair market value. Got it. Just one last one. How many beds are you losing if the government says that there won't be more than two beds in any room, in your LTC division? Yeah. We've previously shared that we would have about 350 third and fourth beds in our portfolio that currently we are not moving in residents to based on the ministry regulations. Okay. That's it for me. Thank you. Thank you. Okay. Your next question comes on the line of Pammi Bir from RBC Capital Markets. Thanks, good morning. Just maybe coming back to the Aspira platform. Can you just comment on the cost associated with the launch? I'm just curious if you anticipate maybe ultimately driving some new sources of revenue that you're currently not generating? Sure. The cost we expect for this is around CAD 1 million in capital and maybe couple of hundred thousand dollars in operating expenses. Most of it's really related to a new website, which will have a whole idea of creating more online leads and selling online. We feel that will further enhance our lead generation. Second, others could be things such as signage, and some physical changes to the building. That's really the extent of it. There are markets where there is quite a bit of competition. Again, it's going back to the two intents of this, is first, we have a common platform, so we can have some common programs across the portfolio. Second is to really rethink the service offerings that we have. We do expect that to generate some additional revenue, whether it's through occupancy increases or whether it's through charging for additional programming. I think it's too early for us to share those because we're still in the planning phase for that. Got it. That's helpful. Just maybe one more from me. In light of some of the recent retirement transactions that we've seen in the market, any comments on what trends you're seeing in pricing in the retirement space and maybe any initial thoughts on the Blackstone Selection transaction with Revera? Yeah. I don't have any other information than what's disclosed about the transaction you just talked about. What we are seeing is that pricing is even tighter than pre-pandemic levels, and part of it is reflected in the financing cost that people are seeing. Whether it's CMHC financing, whether it's unsecured financing for few of the borrowers who can do unsecured financing in senior housing, or whether it's conventional financing, rates continue to be quite attractive. That obviously changes your, end of the day, what's your cash flow that is left behind after paying your interest expense. Also the quality of the assets that are coming and the amount of capital that is being chased in senior housing assets. We are in fact, seeing pricing even tighter than it was in pre-pandemic level. That's what we have seen from our perspective. Based on the valuation work that Karen led for our unsecured financing, we have not seen any uprise in cap rates for the properties that we have. Got it. Maybe just coming back to that transaction. By chance, did you look at those assets at all or are you familiar with them? We do look at transactions time to time. I don't think it'll be right for me to comment on specific transactions. Okay. Maybe just coming back to, I guess, the overall outlook for the retirement segment of your portfolio. Is it fair to say then, given where you are today and sort of still focused on emerging from the pandemic that retirement transactions are probably low priority at this stage? I wouldn't say so. I think, part of a strong platform is to be able to do multiple things at the same time, and we have shown that while we were dealing with the first wave, second wave, third wave. We were also working on a redevelopment program, so we can actually have two development projects in the swing, and we are working one retirement, one long-term care. We have two other development projects which are towards final stages. We launched a new platform which had a lot of planning behind it. We do feel quite confident about our team and about our ability to execute if we find the right transaction. To your point, we have to be cautious. Growth is not the only thing that we are focused on. We are also focused on ensuring that we can come back to some of the pre-pandemic levels as it relates to occupancy in our retirement division and long-term care. We have to do all of those things, but I don't think that will preclude us from participating in any right transaction if it comes along. Got it. Thanks very much, Nitin. I will turn it back. Thank you. At this time, there are no further questions. I would like to turn the call back over to Mr. Jain for closing remarks. Thank you, Sharon. Thank you, everyone. On behalf of our management team and our board of directors, I want to thank you for your continued support, and I hope you have a great rest of the summer. Thank you. This concludes today's conference. You may now disconnect.