Good morning, ladies and gentlemen. My name is Abby, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Tricon Residential's fourth quarter and full year 2021 analyst conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, please press star one once again. I'd now like to hand the conference over to your speaker today, Wojtek Nowak, Managing Director of Capital Markets. Thank you, and please go ahead. Thank you, Abby. Good morning, everyone. Thank you for joining us to discuss Tricon's results for the three and 12 months ended December 31st, 2021, which were shared in the news release distributed yesterday. I'd like to remind you that our remarks and answers to your questions may contain forward-looking statements and information. This information is subject to risks and uncertainties that may cause actual events or results to differ materially. For more information, please refer to our most recent management discussion and analysis and annual information form, which are available on SEDAR, EDGAR, and our company website. Our remarks also include references to non-IFRS financial measures, which are explained and reconciled in our MD&A. I would also like to remind everyone that all figures are being quoted in U.S. dollars unless otherwise stated. Please note that this call is available by webcast on our website, and a replay will be accessible there following the call. Lastly, please note that during this call, we will be referring to a supplementary presentation that you can follow by joining our webcast, or you can access directly through our website. You can find both the webcast registration and the presentation in the Investors section of triconresidential.com under News and Events. With that, I'll turn the call over to Gary Berman, President and CEO of Tricon. Thank you, Wojtek, and good morning, everyone. By all accounts, 2021 was a breakout year for Tricon Residential as we harnessed powerful demand trends to deliver on our business plan and implement bold strategic initiatives. None of this would have been possible without our world-class team and their commitment to excellence, integrity, and teamwork in serving our residents and communities. I cannot be prouder of the many talented people who make our company such a great place to work. Let me share with you some of these achievements on slide two. First, we achieved our three-year core FFO per share target one year ahead of schedule with a compounded annual growth rate of 40% over two years compared to the 10% target we initially set out. We did this while reducing our balance sheet leverage by nearly half over the course of two years and during a pandemic and related recession. We also achieved records in same home turnover, occupancy rent growth, and NOI margin in our single-family rental or SFR business. Our growth plan was supported by over $2 billion of new third-party equity capital commitments, making 2021 the most prolific year of fundraising in Tricon's history. From there, we completed one of the largest U.S. real estate IPOs and Canadian follow-on offerings in history, raising $570 million in gross proceeds. All this activity culminated in a monster year for our stock, with TCN delivering a 72% total return to common shareholders. Even more impressive is our history of delivering shareholder value over the long term with a 10-year compounded annual return of 20%. Finally, above all else, we did this while staying true to who we are at the core, a people-first company. We prioritize the well-being of our residents by continuing to self-govern on renewal rent increases and by launching Tricon Vantage, a market-leading program to help our residents achieve their financial goals and facilitate access to homeownership. Now let's turn to slide 3 for a summary of our Q4 2021 results. Our net income for continuing operations was $127 million. That's up 67% year-over-year, and earnings per diluted share was $0.46, up 28% year-over-year. Our core FFO increased by 10%, while core FFO per share was $0.15 or 12% lower than the prior year. A big driver of the variance was our deleveraging process which resulted in a diluted share count that's 24% higher than last year. Last year's number also benefited from a $7 million tax recovery, and without this item, FFO per share would have been up 7.5% even with the higher share count. On a full year basis, our core FFO per share and AFFO per share were up 12% and 18% respectively in 2021. Again, notwithstanding significant deleveraging over the course of the year. We remain hyper-focused on growth, acquiring over 2,000 single-family rental homes in what is typically a softer quarter of home sales. Tricon's proportionate share of total NOI increased by 18%, and same home NOI grew by 10.3% compared to last year. We achieved a record high same home NOI margin of 68.3%, driven by consistently high occupancy, record low turnover of 16%, and strong rent growth of 8.8% on a blended basis. We also had stellar results in private funds and advisories, new joint ventures, record Johnson development fees, and performance fees from legacy for-sale housing funds all contributed to significant year-over-year growth in core FFO from fees. With the benefit of our U.S. IPO, we reduced leverage to 35% net debt to assets and 7.8x net debt to Adjusted EBITDA compared to 43% and 9.8x in Q3. Moving to slide 4. In our adjacent residential businesses, U.S. multifamily rental continues to perform very well, with same property NOI up nearly 21% year-over-year and now solidly above pre-pandemic levels. For-sale housing had another outstanding quarter, distributing over $18 million in cash to Tricon. Canadian multifamily is progressing on its development pipeline with over 1,000 apartment units on track to be delivered in 2022. Lastly, The Selby located in downtown Toronto achieved stabilization in Q4 with 98% occupancy rate. We're also pleased to introduce full year guidance for the first time. Our SFR same-home NOI growth for 2022 is expected to be 7%-9% compared to 7.2% for 2021, and to be driven by same-home revenue growth of 7%-9% and same-home expense growth of 6.5%-8.5%. Our guidance assumes a combination of strong rent growth trends with new lease growth in the mid-teens and renewals around 5%-6%. Occupancy in the 97%-98% range, turnover near 20% and ancillary revenue growing by 10%-15%. In our guidance, we assume relatively elevated bad debt of 1.5%-2%, gradually trending down over the course of the year. Our operating cost guidance assumes property tax growth in the high single digits as our homes have appreciated in value considerably and mid-single digit inflation and other expense items as we continue to navigate an inflationary environment. Second, we expect to acquire over 8,000 homes during the year as we remain focused on growth and squarely on track to reach 50,000 homes by 2024. If we assume an average acquisition price of $340,000, slightly above Q4 of $335,000 and 65% financing in our SFR joint venture vehicles, Tricon's equity requirement at a 1/3 share is approximately $300 million. Finally, we expect core FFO per share to be $0.60-$0.64, representing nearly 9% growth year-over-year at the midpoint. I would note that our diluted share count is currently 14% higher than the weighted average in 2021, and so the implied growth in our total core FFO is about 20%-30%. This is driven by the aforementioned growth in our total SFR portfolio and same home NOI. Relatively stable fee revenue and overhead costs compared to Q4 levels, albeit with lower projected performance fees and higher interest expenses commensurate with the growth of the overall portfolio. We are very excited about the year ahead, not only because of these operating trends we are seeing, but also because of the tremendous opportunity to positively impact the lives of our residents. Turning to slide five, I'd like to share with you some details of our recently announced Tricon Vantage program. This is a suite of programs and resources available to our U.S. residents to help them achieve their financial goals, including the goal of homeownership if they so choose. At the core of this program is our longstanding practice of self-governing on renewal rent increases, with annual rent increases for existing residents typically set at rates below market. In addition, Tricon Vantage includes educational tools to help residents plan and achieve their financial goals, a credit builder tool that helps residents improve their credit scores. We are pleased to report that over 1,200 residents have enrolled in this program so far, a resident home purchase program that gives qualifying residents the first opportunity to purchase the home they're renting if Tricon elects to sell it, a resident emergency assistance fund, which has awarded over $350,000 to over 100 families since inception. Finally, our soon to be launched resident down payment assistance program, which will provide qualifying long-term residents with a portion of their down payment should they remain in good standing and wish to buy a home. Tricon's ESG strategy is heavily focused on the social component, with our residents and our people being top priorities. When families have the stability necessary to achieve financial freedom, entire communities can prosper. We believe that this compassionate approach to serving our residents is not only the right thing to do, but also the primary reason for our high occupancy, low turnover rate, and leading resident satisfaction scores. Let's now turn to slide 6 to delve deeper into our Q4 portfolio growth. Throughout the course of this year, we accelerated our acquisition program from nearly 800 homes in Q1 to over 2,000 homes in the past 2Q, bringing total acquisitions to 6,574 for 2021. At the current pace, we are well positioned to acquire over 8,000 homes in 2022 through our resale and new home channels, including deliveries from our build-to-rent program. To give you some insight as to where these homes are coming from, our largest acquisition channel is buying existing homes through the MLS. In Q4, we also acquired resale homes through non-MLS channels such as iBuyers. You'll note that our average acquisition price is trending higher over time. This is a function of significant home price appreciation in all our markets, an expanded buy box in our SFR JV-2, which includes traditionally pricier markets such as Austin, Nashville, Las Vegas and Phoenix, and an acquisition program tilted towards generally newer vintage homes, especially with the inclusion of our Home Builder Direct JV. Given market rents have also been increasing, our acquisition cap rates remain healthy and are in line with our JV underwriting. Finally, we're excited about our active build-to-rent pipeline, which now has expanded to include over 3,000 rental units in 23 new home communities across the U.S. Sun Belt. What we really like about both of our new home channels through Home Builder Direct JV and THPAS JV-1 is that they provide our residents with the ability to live in a brand new home at an accessible price point while giving us a maintenance holiday and lower upfront renovation costs. I would now like to pass the presentation over to Wissam to discuss our financial results. Thank you, Gary, and good morning, everyone. Our performance in the fourth quarter exceeded our expectations as we capped off what truly was a historical year. We grew our portfolio significantly while focusing on cost containment and deleveraging. What makes these results even more remarkable is that our dedicated team delivered day in and day out despite the challenging backdrop of labor shortages, inflation, supply chain constraints, and a global pandemic. On slide 7, we summarize our key metrics for the quarter. Net income from continuing operations grew by 67% year-over-year to $127 million. Our core FFO grew by 10% year-over-year to $46 million. Core FFO per share was $0.15 for the quarter. AFFO per share was $0.12 for the quarter, which provides us with ample cushion to support our quarterly dividend and an AFFO payout ratio of 43%. Let's move to slide 8 and talk about the drivers of core AFFO per share. On the whole, core AFFO grew by 10% year-over-year. On a per share basis, there was a year-over-year decrease of $0.02. First off, last year's AFFO per share included $0.03 tax recovery, so our starting point was relatively high. Second, our single-family rental portfolio, which makes up over 90% of our real estate assets, delivered 18% growth in Tricon's proportional NOI, adding $0.04 to core AFFO. This was driven by a 17% increase in revenues as the number of proportionally owned homes grew by 11%, where average monthly rent increased by 9% over last year, and ancillary revenues ramped up. Our operating expenses, on the other hand, also grew by a similar 17% due to portfolio growth and overall cost inflation. Our AFFO contribution from fees increased by 132% compared to last year, adding another $0.06 to AFFO per share. This was driven by new investment vehicles, record development fees from our Johnson subsidiary, and strong performance fees from legacy investments. In our adjacent residential businesses, U.S. multifamily rental AFFO reflected the 80% syndication of the portfolio earlier in 2021. As Gary mentioned, the portfolio is performing extremely well. This was coupled with strong results in our for-sale housing business. On the corporate side, we had lower interest expense offset by higher corporate overhead expenses. Some of this relates to the incremental cost associated with our U.S. listing, as well as staffing up for our growth. As we mentioned earlier, our diluted share count this quarter was 24% higher as a result of last year's equity offering to fund growth and reduce our leverage. Let's turn to slide 9 to discuss our operating efficiency. Our strategy of managing third-party capital allows us to scale faster and improve operational efficiency and all fees we earned would allow us to offset a large portion of our corporate overhead expenses. Our recurring fee stream totaled $22 million in the quarter and included asset management fees, property management fees, and development fees, but excludes performance fees as they tend to be episodic. Together, these recurring fees covered 71% of our total recurring overhead costs this quarter, compared to 42% coverage in the prior period. Ultimately, we expect our fee revenue to cover the majority of our overhead expenses and allow our shareholders to benefit from strong NOI growth contributing directly to the bottom line. Let's discuss our balance sheet on slide 10. We have continued to prioritize deleveraging while driving significant growth, all while navigating challenging economic conditions. We have successfully cut our leverage significantly since the start of 2000, with net debt to Adjusted EBITDA down to 7.8x in the current quarter, and net debt to assets 35%. Much of this was achieved with our U.S. IPO, our prior common equity offering, and our preferred equity financing. I do want to thank our shareholders for their support as we were able to accomplish these equity financings and increasing share prices along the way. Turning to slide 11 to discuss our debt profile, we remain focused on addressing near-term debt maturities. We have $225 million in maturities in 2022, most of which is an SFR term loan, which we expect to refinance later on this year. Our liquidity position is also very strong, with $677 million in available cash and credit facilities to fund our growth. Slide 12 highlights our performance dashboard that we've updated for you every quarter since we introduced in 2019. I'm thrilled to report that we have not only achieved all these targets, we've exceeded them well ahead of schedule. Our team has worked tirelessly to achieve these important milestones, and I'm very proud of all their efforts. You didn't think I'd stop there, did you? On slide 13, I am pleased to introduce our updated performance dashboard. Our team once again is raising the bar and setting ambitious targets to drive our incremental shareholder value for 2024. First, we plan to continue growing our core AFFO per share with a target of 15% compounded annual growth through 2024. As Gary mentioned earlier, in 2022, there's some dilution from a U.S. IPO, but we expect higher growth in the outer years. Second, as we have mentioned many times already, we plan to expand our SFR portfolio to 50,000 homes, and we have the people, the operations, and the capital all in place to do so. Next, as we embark on a period of hypergrowth over the next 3 years, we plan to stay disciplined and maintain our leverage within the range of eight to nine times the EBITDA. Finally, we've continued to improve our overhead efficiency with a target of 90% of recurring overhead costs to be covered by fee revenue, excluding performance fees. As we set our sights on the future, we have tremendous opportunities ahead, and we're very excited for 2022 and beyond. One of the most excited people is certainly Kevin, so let me pass the call over to him to discuss the operational highlights. Thank you, Wissam. Appreciate that. Good morning, everyone. When I take a moment to reflect on this past year, I get an overwhelming sense of pride for what has been accomplished. For me personally, these results speak to the strength and dedication of our team who continue to put our residents first while navigating our rapid pace of growth. Things just keep getting better and better, and I could not be more excited for what's ahead. Let's talk about the components of our same-home NOI growth of 10.3% this quarter, starting on slide 14. Our same home total revenue growth of 8.9% was driven by rental revenue increasing 7.9%. This was made up of a 6.7% increase in average rent, a 30 basis point uptick in occupancy, as well as an 80 basis point decrease in bad debt from 2.7% of revenue to 1.9%. Even at 1.9%, it is more elevated than we'd like, and is a result of our resident-friendly approach throughout the pandemic. Our rent growth profile remains strong, with blended rents increasing 8.8% during the quarter, supported by an impressive 19.1% increase on new move-ins and 5.7% increase on renewals. Since we've been self-governing on renewals for the past few years, we estimate that we have accumulated at least 15%-20% loss to lease in our portfolio, creating a runway for significant rent growth ahead. Our other revenue line, which includes ancillary fees, also grew meaningfully, up 42% from last year as we resumed collection of late fees and rolled out smart home and renters insurance programs. We see a path to increasing this number by over 30% per home compared to current levels as we continue to roll out these and other ancillary services over the next few years. Let's turn to slide 15 to discuss the key same-home expense variances. Property taxes, which account for almost 50% of operating expenses, continue to trend higher, tracking the significant home price appreciation we are witnessing in our markets. With the benefit of successful appeals, we have managed to keep property tax growth to 5.6% this quarter and 4.6% for the full year. Repairs and maintenance expenses were also elevated this quarter as we return to a higher level of maintenance calls post-COVID. Our work order volume was up 5%, while labor and materials inflation added about 8% to the cost of each work order, even with the benefit of bulk purchase discounts. On the other hand, turnover expense was flat as our turnover rate decreased by 630 basis points from last year, largely offsetting the underlying inflation pressures in this line item. On the property management side, we're seeing the benefits in scale as we are managing 28% more homes compared to last year using our centralized and tech-enabled operating platform, which results in a lower cost per home. Property insurance costs have also increased, driven by rising premiums across the industry, which we hope to mitigate over time with greater scale and diversification. Marketing and leasing is down meaningfully due to strong demand, higher physical occupancy, and lower resident turnover. As we look ahead, we expect inflationary pressures to continue in our business, and we remain focused on what we can control, harvesting operating efficiencies through technology and process improvements, providing superior resident service, and driving economies of scale. Let's now turn to slide 16 for an update on more recent leasing trends. I continue to be amazed by the strong demand for our product, where the level of interest from prospective residents continues to vastly exceed the number of homes we have available for rent. The substantial demand, coupled with our loss to lease, allowed us to continue pushing rents on new move-ins by over 19% in January. Meanwhile, rent growth on renewals is inching up over 6%, and our overall blended rent growth has remained at a healthy 8.3% in January. At the same time, occupancy remains at a record high of 97.9%. On the whole, the robust trends that have carried us through the past year remain in place and set us up well for great results in 2022. Now I'll turn the call back over to Gary for closing remarks. Thank you, Kevin. Let's conclude on slide 17. If there's one thing you should take away from our story today is that the factors that have driven our performance and value creation over the past year continue to be in place. First and foremost is our focus on growth. By partnering with leading global real estate investors, Tricon has a clear path to increasing its SFR portfolio to 50,000 homes by the end of 2024. We have the balance sheet operating platform and third-party capital in place to achieve this target with confidence, and we believe that favorable tailwinds in our industry should drive strong operating performance for years to come. Our growing portfolio, coupled with strong same home results, should also translate into meaningful NAV appreciation for shareholders. Second, let's not forget about our adjacent businesses, which account for about 6% of our balance sheet, but represent a meaningful source of upside and potential cash flow to supercharge our SFR growth. These include our Canadian multifamily built-for-core business, a 20% interest in a high-quality multifamily portfolio located in the Sun Belt, and legacy for-sale housing assets. These businesses are all benefiting from a robust housing market, and we believe they could ultimately be worth two times our IFRS carry value and represent $1.1 billion of value for our shareholders. Should we monetize these assets over time, we would use the proceeds to pay down debt or grow our SFR portfolio, and in the process, simplify our business. That concludes our prepared remarks. I would like to express our gratitude to our employees, our many long-standing shareholders, private investors and capital market partners for their ongoing support throughout our journey. We believe we're in a golden decade for housing and for SFR in particular. As we look ahead to the future, we plan to use this tremendous opportunity to create significant value for our investors, make our business a platform to do good, elevate the lives of our employees and residents, and inspire the broader industry to do the same. I will now pass the call back to Abby to take questions, which Wissam, Kevin, and I will also be joined by Jonathan Ellenzweig and Andrew Joyner to answer questions. Thank you. At this time, I would like to remind everyone, in order to ask a question, press star then the number one on your telephone keypad, and we'll pause for just a moment to compile the Q&A roster. We will take our first question from Chandni Luthra with Goldman Sachs. Your line is open. Hi. Good morning, everyone. Good morning, Chandni. Thank you for taking my question, and congratulations on a, you know, strong finish to the year. Thank you. Given the level of home price appreciation, you obviously talked about, you know, your own acquisition prices up 7% sequentially. You know, keeping your parameters as sort of staying within the middle market and a certain box size in mind, are you finding it harder to acquire homes? You know, what's been the cap rate that you acquired homes in fourth quarter? Did it change much from 3Q? If you could perhaps, you know, give us some context around that. Sure. Well, I would say there's been a very slight compression in cap rates, let's say, over a year. The way I would describe that to you is if you assume home price appreciation of 20% and rent growth, let's say, of 10%, your cap rate will come down by about 20 basis points. For example, we've seen, you know, acquisitions, let's say in Atlanta, where in the past maybe a year or two ago, we would have acquired those homes at a 5.5% cap rate. Maybe today we're acquiring them at a 5.3% cap rate. Even with having said that, we have no shortage of opportunity. We've had no issue hitting. In fact, we had a better quarter than we expected. We had no issue hitting, you know, getting to 2,000 homes in what's normally a weaker quarter, weaker period, because obviously less people are listing their homes, you know, after Thanksgiving or Christmas. We continue to hit the cap rates that are outlined in our JV underwriting. Just to spell that out for you, the cap rates in SFR JV-2, nominal cap rates are between 5% and 5.5%. Home Builder Direct JV are closer to 5%. The economic cap rates for both joint ventures are actually very similar in the high 4% range. We've continued to hit high 4% since launching SFR JV-2 and Home Builder Direct now for several quarters, and we don't expect that to change going forward. If anything, there may be now a slight tick up in rent vis-à-vis home prices as we look forward to 2022 and maybe into 2023. If that happens, we might actually see higher cap rates. That's great color. Thank you for that. You know, just switching gears to your PF&A segment a little bit. Performance fee was almost $4 million in the quarter. Besides for-sale housing, were there any other drivers? How should we think about that going forward? As an extension, you know, what drove higher development fee, and how should we think about that in 2022? Performance fees are obviously episodic. They will ebb and flow from period to period. All the performance fees in Q4 came from our legacy for-sale housing funds, including Cross Creek Ranch, which is getting towards the end of its life. You should continue to expect the performance fees in the next, you know, couple of years are largely gonna come from our for-sale housing funds, right? Where I would guide you, I mean, this is just a guide, but based on what we've shown in our MD&A, we're looking at about $5 million in performance fees this year and next year, okay? $5 million in 2022 and $5 million in 2023. We might be able to do better than that, but that's where we're kind of loosely guiding. Your next question. Sorry, Chandni, what was your next question? Development fees. Development fees. Yeah. Development fees on Johnson, I think partly explain the beat, and we're probably two and a half million dollars higher than they normally are. And so I would not use, you know, Q4 development fees as a run rate. Probably two and a half million higher than where they typically are. Johnson had, I mean, an outstanding year. It's too bad that Larry Johnson didn't get to see it, but, you know, the best quarter on record. You know, lot sales, I mean, this business, as you know, is booming. Lot sales are just incredibly robust, particularly in Texas. Lot sale pricing was up about 20% year-over-year. That all of those things together I think explain, you know, why fees were so much higher than the previous year-over-year comparison. We would not expect that going forward, although we haven't seen any real change in conditions. They continue to be very strong. Very helpful. Thank you, and congrats once again. Thank you. Your next question comes from Nick Joseph with Citigroup. Your line is open. Thank you. How are you thinking about pushing renewals in 2022? Obviously, you've self-governed and continue to do so, but just given the higher inflationary environment, where could those move to? I think we've moved them up to where we want them to be, Nick. You've seen them move from Q4 to Q1, as we talked about in January. They're right now in the 6% range. They might move a touch higher, but, you know, I think we'll probably be about 6% for the year. Again, that would be kind of the upper end of where we've been guiding in our formal guidance. I think we can assume roughly 6%, maybe a touch higher, in 2022. We get there by really trying to look at where's wage growth. We're broadly seeing wage growth of 4%-8%. We think 6% is fair. Again, this is part of our ESG program to self-govern, to make sure that our rents are typically below market, to keep our residents in our homes as long as possible. We think we're striking a balance at 6%. Thanks. I think on slide 17, you talked about the adjacent residential businesses. Are there any plans to monetize any of them in 2022? The legacy for sale housing business just obviously gradually monetizes over time. That we'll see some more monetization this year and obviously over the next several years. That business naturally liquidates, you know, as we sell lots or homes. Canadian built-for-core multifamily. No, we're not looking at any monetization until that portfolio is stabilized and delivered. That's gonna take roughly a few years. We are having conversations. We are starting to explore with our institutional partners in the U.S. multifamily portfolio to discuss a recap. We are exploring that. I can't really tell you anything more than that. If something were to happen, it's possible that it could be a latter half 2022 event, but again, we're only exploring it. Would a recap be more likely or an outright sale of the remaining JV interest? Can't really say at this point, but I think, you know, I'd probably lean more towards a recap. Thanks. Your next question comes from Rich Hill with Morgan Stanley. Your line is open. Hey, good morning, guys. I want to maybe follow up on that question on pushing renewals. If I'm thinking about your business right, you have very low turnover, which is a great thing, but how long do you think it's gonna take you to capture that healthy lost lease in your portfolio? Is it really like a four to five-year period of time to capture it given you know, you're not pushing renewals, new leases are high, but your turnover is low? Yeah, Rich, that's the way we're thinking about it. I mean, the turnover. I mean, we never thought we'd ever see turnover below 25%, let alone 16%, you know, where it's been in December and January. It did push up a little bit higher in February to about 18%. As we talked about, we're guiding to about 20%. If you assume 20% for 2022, then we think it's gonna take the better part of four or five years to capture that lost lease. I think the lost lease, again, I think we're being somewhat conservative there at 15%-20%. It's probably at the upper end of that range, if not higher. Okay. Got it, guys. The reason I was focused on that is that if I'm looking at your 2024 FFO per share target, which I appreciate, thank you for that. That's a pretty healthy 20% growth off of our published 2023 FFO estimates. I guess what I'm getting at here is there a scenario where you have really strong FFO growth for much longer than maybe the market's anticipating because you do have all this embedded growth? Yeah, it's not, you know, it's not like you can capture all of it in 2022, but is there a scenario where growth is sustained and very strong for three, four or five years? Absolutely. The thing I'd tell you is, it's, you know, there's a lot of focus obviously on the same home guidance. The thing you have to remember is that our same home portfolio is only about 60% of our total portfolio, right? That may compare to our peers who are, let's say, 85% or 90%. What's really driving the growth in FFO per share is the acquisition volume, right? That's where you're really going to see a big increase in total NOI. Again, I mean, we're guiding 7%-9% NOI growth, let's say 8% at the midpoint. If you saw in Q4, our actual total NOI was up 18%, right? That's really the number I think to focus on. I think because of the growth in the acquisitions, which, you know, 8,000 this year and maybe over time that it grows from there, you're gonna see some pretty significant growth in FFO per share overall, plus significant growth in the fees in the Private Funds and Advisory business that accompanies that growth in acquisitions. Yeah. Got it. That's helpful, Gary. Just one more question if I may. You have a differentiated product type compared to your peers in terms of what type of consumer that you target. There's been a lot of dialogue about, you know, lower income consumers struggling a little bit here because of inflationary pressures. But I also note your rent to disposable income is very low. So can you maybe just walk us through how you balance pushing rents with rent to disposable income? You know, I know I'm asking a complicated question. Also, am I asking, you know, how affordable are your homes? I think they're affordable, but has that changed with inflationary pressures? I'll start, maybe you know, Kevin, you're welcome to kind of chime in. But no, I mean, we haven't really seen a big change in the underwriting. I mean, if you look at the rent and income right now, it's about 22%-23%. So we think there's significant cushion or margin there. We feel we're in a really good place, you know, with the underwriting. Our residents on the whole are in a good place. We're not worried about that at all. I mean, our bad debt is a little bit elevated. I think Kevin can talk to this, but that's largely because I think we've taken a very empathetic approach to dealing with our residents during the pandemic, right? For the most part, we're not really seeing any pressure. Our average household income is about 85,000. I think we're in a sweet spot, Rich. I really do with this kind of middle market resident. They definitely have the ability to afford our product and over time if they're earning more income to pay higher rent. We're not really seeing any real pressure. Kevin, do you wanna add any more color on the bad debt? Yeah, on the bad debt, we have, as Gary was saying, we've taken a very resident-friendly approach, and we've even after the moratoriums had expired, we offered rent forgiveness programs, rent relocation programs for a cohort of people and really trying to keep people in their homes. You know, we found that some people were unresponsive, and so you know, we're gonna be taking a more conventional approach to collections coming forward, and so we'll see bad debt going down. That's really one of the reasons why it's higher in California, especially. California is very resident-friendly. We still can't charge late fees here in California. If we want to file any kind of notices, it takes a lot longer. We're gonna be working through that in the coming quarters, and I think we're gonna see bad debt come down. You know, we—as far as underwriting, we still, you know, we turn down maybe 49%-50% of applicants that apply with us, you know. We are scrutinizing, you know, the people that are coming in. We've seen the FICO scores stay even, the rent-to-income stay even. We feel very good about the resident profile that we have, and we think we'll get back down to the same kind of bad debt levels pre-COVID in the next 3-3Q. Great. Thanks, Gary and Kevin. That's really helpful. Thanks, Rich. Your next question comes from Mario Saric with Scotiabank. Your line is open. Hey, good morning. Hi, Mario. You guys have introduced guidance for the first time. Here we are talking about 2024. On that front, can you talk about, like, the 17% CAGR on your FFO per share reflected in your 2024 guidance, which is pretty strong. Can you talk about whether that's kind of evenly split between 2023 and 2024, or do you expect the per share growth to accelerate upon development completions, for example, in Canada? It's lower in 2022 because we have the overhang of the U.S. IPO, and then we assume relatively consistent FFO per share growth in 2023 and 2024. The growth to get to that kind of 15%-17% CAGR is a little bit more back-ended between 2023 and 2024, but it's consistent between those two years. Got it. Okay. What type of same-store NOI growth are you looking at in 2023 and 2024 that underpins 40%? Yeah. Again, I mean, we're not providing any formal guidance here, Mario, so I just wanna preface that. I think in our internal model to get to those numbers, we're actually assuming a lower same-home NOI growth, probably in the kind of 6%, maybe 5.5%-6% range, which is what it's been over the longer term for us in our business. We're not assuming, you know, 10% as we did in Q4, 7%-9% formal guidance for this year. You know, to get to that level of growth, we only need same-home NOI growth probably at 5%-6%. Makes sense. As you mentioned, acquisitions are a big driver of the growth, giving 50%-60% of the growth. What kind of acquisition spreads do you think you can continue to achieve given rates have come up here a little bit, cap rates have come down a little bit? When you look out over the next two years, what's a reasonable acquisition cap rate spread in your model? We think it's gonna be. Well, I mean, I think the acquisitions, as we talked about before, we think is an evergreen opportunity. The biggest challenge for us is not the market, it's actually the operations. It's staffing up in order to manage those acquisitions. We're very confident that we're gonna hit the 8,000 acquisitions this year at the cap rates you know I was talking about, which are kind of low- to mid-fives on an economic basis, high-fours, very high-fours. We think we can hold that all the way through. To the extent that you know higher mortgage rates ultimately impact the for-sale housing market, it is possible the cap rates might move up a little bit, but we're not assuming that. We're assuming that they continue to be where they are, and we'll, you know, buy 8,000 homes this year and maybe, you know, 10,000 homes, 8,000-10,000 homes in the next couple of years to get to the 50,000. Perfect. Okay. Then, in terms of 2022, your floating rate debt on a pro forma basis about 25% of the total debt, primarily on the credit facilities. Internally, how many Fed rate hikes are you guys projecting in 2022, and kind of where do you see that floating rate debt exposure going over the course of 2022? Hey, Mario Saric, this is Wissam Francis. I'll tell you a couple things. We are actively in the market to do a securitization deal as we speak. That will actually take out some of that floating rate debt that you're talking about, that you're seeing in there. Most of that floating rate debt that you have is in the warehouse facility or subscription facility, and we're gonna take that out this year. We're expecting to close that in first or second week of April. The rates that we're seeing on that specific deal is around, let's say, 3.5%-3.6%. To put that in perspective, the last securitization deal that we did was 2.57%, and the one before that was at 1.94. We're obviously seeing a jump in rates. Having said that, we've always said we're really focused on overall leverage targets of eight to nine times EBITDA, as well as making sure that we focus on fixing for a longer term for as long as we can. We expect to have some impact, but that's already been factored in our 2022 FFO targets. Perfect. Okay. My last question. I think, Gary, you mentioned an equity requirement basis for JV-2 in the $300 million range for the year. What can you just remind us of what your total expected equity requirement to fund co-investments in all your funds is for 2022, including any incremental equity required to complete developments in Canada, which I think is pretty minimal? With Wissam, feel free to chime in. Based on the 8,000 homes we discussed at $340,000 per door, we're looking at about $300 million. Now some of that could be funded by subline. That I would say is kind of a maximum number. It's about $300 million. We think we need about another $50 million for the other adjacent businesses, including Canadian multifamily development. That leaves us about $350 million gross. We're generating AFFO of, you know, roughly $150 million, less $75 million of dividends. If you kind of net off the AFFO after dividends, it leaves us requiring about $275 million of capital for the year. Obviously that can easily be funded through our liquidity. Like, our liquidity right now is more than double that. We're in a very, you know, obviously very comfortable position to fund that growth. As I was saying in an earlier comments, you know, to the extent that we have some monetizations from our adjacent businesses, that could also be used to fund the growth. We feel we're in a really good place and certainly don't need to tap the market today. On that adjacent business in the U.S. on the multifamily side, the consideration of a sale or a recap, are there any structural agreements in place with the investors of up to pretty 30% in terms of purchase prices and cap rates and so on and so forth, or is this based on market? No, I mean, listen, we need their buy-in to be able to do anything, right? We've entered into a long-term partnership with them, so really to entertain any change of structure, including a recap, we do need their buy-in. We are exploring that with them. You know, if that makes sense, then it's something we can pursue. I will say that the portfolio has appreciated massively, you know, since we bought it and syndicated it. We do have, I think a lot of goodwill with our investors, and I think they'd be, you know, more likely than not to work with us or accommodate us on some sort of recap. It would be based on, you know, on market. There's no specific parameters I would say in the contract or limited partnership agreement that would prevent us apart from their permission. Perfect. Okay. That's all. Great. Thank you. Your next question comes from Brad Heffern with RBC Capital Markets. Your line is open. Hey, good morning, everyone. Thanks for taking the questions. On expense growth, I was curious, you know, the guidance for 2022 came in a little bit higher than your peers. But you said in the prepared comments that you're assuming property tax increases in the high single digits, which I think is higher than what others have assumed. How much visibility do you have into that? And, you know, ultimately, do you think that the expense guide is potentially conservative? Yeah. I think all of our guidance, there may be an element of conservatism, right? I mean, this is the first time we put guidance out. You can never be too sure, certainly in the new world that we're in, with the economic uncertainty. You know, we like to underpromise and overdeliver. I would just say that's just kind of a general rule, Brad. But the insight we have really comes from our property tax consultant, who's guided us to high single digits. And the reason for that is obviously we've seen, you know, 20%+ home price appreciation in our portfolio. You can't suck and blow. I mean, at some point, you have to pay some of that back in higher property taxes. I think the other big thing that has to get taken into account is the market mix, right? There's a big geographic difference in certain cases between us and our peers. If you look at us, you know, 65% of our homes are in markets that do not have statutory caps, and that might compare to, you know, Invitation at 35%, right? It's a big difference, right? You know, whether you have homes in California, Florida, Arizona, Nevada, Invitation's got a much bigger concentration in those markets and therefore should probably see lower property taxes. That's really the difference. You know, it like I understand, I think there is some conservatism in there. I hope at the end of the day, we'll know later in the year. Obviously, once we start seeing the assessments, hopefully we can do a little bit better. It doesn't factor in, you know, any appeal, of those assessments. If we're able to successfully appeal them, we'll do a little better there as well. Hey, Gary, if I could add just quickly, I mean, we're actively managing that. We appeal roughly 5,000 homes a year. We're working with our consultants to do that. Then, we typically have a 50%-60% success rate. It's something that we're actively working on. Okay. Got it. Thanks for that. You all obviously saw the Invitation Homes investment in Pathway Homes. I'm curious if you have any interest in pursuing a similar, you know, rent-to-own strategy at some point. Seems like it might correspond well with your resident-friendly ethos. No, we don't. I mean, we're very focused on our model, which is, you know, we buy homes and we wanna hold them. You know, this is a business that is extremely intensive. Scattered site property management is difficult to run. At the end of the day, we wanna hold as many properties as we can. We don't have any plans to pursue that particular business model, but we think we can accomplish it and really help our residents in different ways, and that's really the point of Tricon Vantage. The biggest thing that we do is just governing on renewals, right? That really gives our residents stability. It allows them to plan for the future. It's probably the most important thing we're doing in our ESG program. But to the extent we also have a program if we ever do sell homes, and we do sell roughly 100 homes a year, we do give a first opportunity to our residents. We will be unveiling a down payment assistance program, hopefully in the second half of the year. You should see information on coming soon, which will help longer tenured residents. If they do choose to buy a home, we'll help them there. We probably prefer to do it that way. You know, if they do wanna buy a home, we can prepare them for that, you know, through financial literacy training, credit building, down payment assistance. We probably prefer them to go and buy another home rather than cannibalize their own portfolio and sell their own homes en masse. Got it. Thank you. Yeah. Your next question comes from Jade Rahmani with KBW. Your line is open. Thank you very much. You talked about providing down payment assistance and your tenant-friendly approach. I was wondering if you might take it a step further, considering the company's expertise in capital markets and securitization, and perhaps create a vehicle to provide mortgage finance to any customers that might be interested in purchasing homes. Is that an interesting concept, or is there not enough of an installed base that might access such a product? I think it's an interesting idea and look, we always welcome great ideas. You know, we're all about continuous improvement and learning. I don't think there's a big enough opportunity to make that work for us. Again, I'm not gonna reveal too much about the program yet, but what I will tell you is on the modeling that we did, we felt we could help 500-700 families over about three years. If you kind of think about that, it's not a huge opportunity in terms of mortgage financing. You know, you probably couldn't make a business work with that type of volume. I think you'd have to be much bigger. Again, we only wanna provide the down payment assistance to long tenured residents, right? They have to be in good standing. It's not for anybody. They have to, you know, be with us for a certain period of time, and we'll unveil more of those details later. Thank you very much. In terms of- Yeah. ... the supply chain environment, with the aggressive acquisition targets, you know, hitting those growth milestones, clearly an important part of the story. You know, we're seeing home builders push out deliveries significantly. We're seeing cycle times extend, probably 25%. So can you talk to what the supply chain are that you're seeing and how it's impacting the business? Is it impacting time to renovate homes and therefore time to lease? Is it causing any curtailment in the build-to-rent delivery strategy? Kevin, why don't you talk about the general impact on our business, and then maybe I'll Sure. I'll discuss build-to-rent. Okay. Sure thing. Yeah, we did experience some pressures early on when it first started, and we quickly really went and expanded our vendor base and our supplier base. We also started ordering materials a lot sooner, and we began bulk ordering on kind of the heavily used materials like paint and appliances. We're actually right now taking a step further. We're working with some of our partners to warehouse inventory so that we can, you know, bulk buy and have it in warehouses where that are, you know, run by our partners. We're not having to rent space, we're not having to add more people. It's something that we're working with our partners. In terms of supply, all of our carpet, vinyl flooring, smart home controllers, you know, those are all in full supply. Where we continue to feel a little bit of pressure is like in our GE Appliances. That continues to be a challenge, but we've found alternate supply sources. We're working. We've got a really good relationship with The Home Depot and Lowe's that we're able to go to to get those appliances. We've really kind of extended the web, if you will, and have been able to really keep that under control. You know, to take it a step further, we did feel pressure, supply pressure, on pricing and, but because of these national relationships that we have, we've been able to keep the cost increases to 5%-6% on renos and turns, and 6%-8% on repairs and maintenance, where they could have been retail pricing on like flooring and HVAC, paint, have gone up like 25%. We've been able to mitigate most of those cost increases. I think also we've been able to lower the increased pressure through lower turnover rates. Our work orders done in-house are now up to 70%. We've centralized our scoping and renovation scoping for renos and R&M. We're also starting to buy slightly newer homes, which we think is gonna lower our costs in maintenance going forward. Yeah. I would just add to that, I think on build-to-rent, I mean, yeah, there's no question the home building industry is being dramatically affected by supply chain issues and longer building cycle times. We saw increases in costs of about 20% last year. We've heard from, you know, some of our bigger private builder partners that they saw cost increases of up to 6%-7% a month in January and February. Those inflation levels, I would say, are scary, and will ultimately put downward pressure on development yields. That's something, you know, we need to watch very closely. At this point in time, we're really happy with our build-to-rent portfolio. The development yields are in that kind of 5%-5.5% range on an untrended basis, so we think we're getting paid for the risk. But if we continue to see this type of inflation on costs and direct costs, I don't think rents will be able to catch up, and so we will see some degradation in yields. That's something we have to watch. You know, we believe a lot in the build-to-rent program. We wanna be part of the solution. We wanna be able to add more housing to the market, but we won't do it at any cost, right? If the yields get too thin, then we might need to take a pause, but we'll see how that plays out later in the year. What are you seeing on the policy and regulatory side? Are you detecting pressure building from a re-regulation standpoint and taking some of these actions, down payment assistance, et cetera, you know, proactively? What are you seeing there? Well, I mean, we're not subject to any inquiries. So I mean, we haven't seen anything directly. We're obviously aware of what's kind of more broadly happening in the industry. We're also sensitive to the fact that there is a lot of negative press on the industry. We want to, hopefully with our peers, start to change the narrative, to talk about all the positive things, you know, this industry is doing for residents, right? It's not only about homeownership, it's also about providing more opportunities for people for different reasons that need to rent homes, and to talk about the product that we provide for residents. Then also I think to try to help our residents, right? This should not be about extracting value. It should be about creating value for residents. These are the type of programs we're rolling out. We're incredibly excited about Tricon Vantage. We hope that, you know, these initiatives help inspire the broader industry to do the same. Thank you very much. Thanks, Jay. Your next question comes from Tal Woolley with National Bank Financial. Your line is open. Hi, good morning, everybody. Hi, Tal. Thank you for providing that 2024 sort of bridge there. I was just wondering what sort of targets for capital raising for from third parties are you looking at to drive that growth? John, do you wanna talk about that? Yeah, sure, Tal. If you look, last year, obviously 2021 was a record year for Tricon for third-party capital raising across all of our businesses, but in particular SFR. If you think about SFR JV-2, which we raised, we raised $1.5 billion of capital or $5 billion of equity, over $5 billion of total capital, which gives us firepower for 15,000-16,000 homes. Clearly, that doesn't get us quite to the 50,000. There could be another vehicle in the cards between now and the end of 2024. Obviously, thinking about, you know, Gary's guidance on where home prices may be, you know, call it, you know, $340,000-$350,000 a home all in cost. You could see us raising, you know, a bigger successor vehicle, perhaps both in terms of equity and total capital, but we're not providing those specific guidance at this time. I would say, though, we continue to get significant inbound demand from both our existing investor as well as new investors for single-family rental private investment vehicles. You know, if we were in the market today, there'd be no shortage of capital available to help us meet our growth guidelines. The only thing I would add to that is on our build-to-rent program, THPAS JV-1, that is now substantially committed. We are working on a successor vehicle. That's something that could happen that we could announce in the second half of the year to continue our build-to-rent initiative. Okay. My next questions are just around the Toronto apartment platform. You sold your interest in seven Labatt. I'm just wondering if you can give a, you know, what prompted the sale there. I'm just also wondering too, when you look at, you know, some of your longer-dated projects like Queen & Ontario, Block 20 at West Don Lands, you know, how are you feeling about budgets, pro forma returns on some of those later projects? Yeah. On the Labatt project, we just had a difference of opinion, you know, with our partner on the business plan. You know, we wanna go rental wherever we can. This is a kind of long-term hold strategy for us to develop more market rate and in some cases, affordable housing to Toronto. Our partner was more interested in doing condo. That was really the issue. It is often more profitable in the short term to do a condo, but we are taking a longer-term approach and wherever we can, trying to do rental. I think that's what happens on seven Labatt. We still did very well, you know, on the exit, so you know, we're happy with where that ended up and got some money back. On the other projects, I think what's really important is we try to enter into opportunities that are basically shovel-ready, which means we can lock in costs as soon as possible. We've seen a little bit of creep. I mean, there's significant hard cost inflation in the market and we've seen a little bit of creep in our business plans and certainly a little bit, you know, in the case of The Taylor, for example, we're probably three months behind on delivering that building. On the whole, we've been able to hold the costs, again, because we've largely been able to lock them in right away. That's been a real advantage. The other thing I would say is on the rent side, I mean, it's been tough in Toronto, as you know, Tal. It's probably, you know, along with San Francisco, has probably been the worst, you know, major performing market, you know, coming out of the pandemic. Now I would say rents are probably back to pre-pandemic levels. You know, if we're able to lock in our costs, which we generally have been able to do, and now rents are back to pre-pandemic, we're essentially back to our untrended, development yield underwriting. Now it's just a question of, you know, how much do rents rise from here, and where will the trended yields end up? I've gotta believe that with the massive immigration targets, you know, 1.2 million over three years, where are people gonna live? I expect we're gonna see significant rent growth in Toronto over the next few years. I think this business is gonna do, you know, remarkably well. Even on The Taylor, you know, which we're gonna be delivering, you know, by mid-year. We expect trended development yields probably be in the high 5% range. Just to give you a little bit of insight. Market's probably trading at 3.5% or below. It's gonna be another, I think, very profitable investment for us. Okay. That's helpful. Thanks very much. Thank you. Your next question comes from Dean Wilkinson with CIBC. Your line is open. Thanks. Good morning, everybody. Hi, Dean. This is probably a question for Wissam, who always raises the bar. When you look at the active growth vehicles, I think you disclosed there's about $455 million of unfunded equity. I just wanna circle that back against the $275 that Gary was talking about, and then just how you're looking at funding that from the credit facility. What kind of home price appreciation would you need in order for that drawdown to be leverage neutral? Good morning. I was actually waiting for you. I haven't seen you in a while. Talk about our commitment first. Gary talked about $300 million in SFR and probably another $50 million from adjacent businesses. That's really for 2022. What you're talking about is MD&A and financials that really is looking at unfunded commitment over a period of time. It's you're looking at stretching that out. Look, Dean, at the end of the day, even if I look on a three-year basis as opposed to a one-year basis, we're still gonna need about $500 million total equity for SFR. 300 million this year, plus a couple hundred million next year simply because of financing and making sure our leverage stays between eight times and nine times. You'd also assume that you're growing AFFO. Gary mentioned AFFO of $1.50, less dividends, you're at $0.75, and then you're also gonna be buying more homes throughout the year. If you model it out, and I could help you with the modeling if you need, we could probably get a lot of the cash in. Our total equity requirement might be as high as maybe $400 million, and we have, you know, as mentioned earlier, $677 million available cash. We're actually fine for the next couple of years. Now, having said all that, we are opportunistic. If we think the stock price is where it is and we want to issue equity for an opportunistic way, we will. We're really managing the growth and leverage at the exact same time. We want to maintain a leverage of eight to nine times. Okay. I guess the point was that you don't need a 20% increase again in HPA in order to keep your debt where it is. No. No, we don't. Again, like I mean, the home price appreciation is really in many ways kind of an IFRS, you know, concept, you know, in terms of kind of looking at our NAV. You know, from an acquisition perspective, it's really about the interplay between, you know, home prices or home price appreciation and rent growth. Like how does that move over time? What we do find, Dean, is that there, you know, maybe not in a year or in a period, but over time, over a couple years, several years, there's an extremely high correlation between home price appreciation and rent growth. As a result, we think the cap rates will stay fairly constant, looking forward over the next few years. Look, we can't predict home price appreciation. I would tell you, it's gotta stabilize at some point. It's still running hot into January and February. You know, we've got to believe that, you know, with mortgage rates up now at 4%, and significant inflation in delivering new homes and on the home building cost side, at some point the market's going to slow the price appreciation. That would be our prediction over time, that you're not gonna have 20% home price appreciation forever. That is not sustainable, and it will slow down probably in the back half of this year and into 2023. That won't. In some ways, that might help us because there'll be an opportunity for rents to catch up. Right. I guess we've had, kind of been having this conversation for a couple of years. At some point it's got to slow. Just going into scale, do you have the internal infrastructure now in place to go from 30,000 to 50,000? Can that ramp up quickly, or would you need to do some sort of larger expansion in order to kind of get to, you know, your ultimate goal? We've scaled up. I mean, there's been a big. I mean, if you look at this, the company's grown dramatically over the last year or two and also in headcount in order to prepare for the growth, you know, we're incurring right now. We're at a point right now where we can easily accommodate at least 2000 homes a quarter, right? We're already there, right? We did 2000 homes in Q3 and Q4. We're guiding 1800-2000 homes in Q1. We've got the team in place to accommodate that. If we were to go faster than that, and let's say we wanted to go to 3000 homes, we'd obviously have to increase the hiring again, right? Because you know a tech, for example, can only do three or four homes a day, right? If you have 5,000 or 10,000 homes, you do need to add more bodies over time. The operations in place right now to handle the acquisitions, but I would say that over time, we do need to increase the hiring in order to handle the higher volume. What I would guide to is, we're probably gonna increase our headcount by about 25% this year, right? Again, in order to accommodate the 8,000 homes. That's why, you know, we are guiding, I think in our formal comments too, if you look at the overhead and the CapEx schedule, we're guiding to about $30 million a quarter. You know, throughout this year, which is a big jump from Q3. That is to accommodate the higher headcount for this growth. Got it. Okay. That's it for me. Thanks, guys. Stand back. Thanks, Dean Wilkinson. Your next question comes from Jonathan Kelcher with TD Securities. Your line is open. Thanks. Good morning. Just on the. If I look at your Q4 acquisitions, the average rents for those houses were about $2,000. Has there been any change in your target tenant profile? Not really. I mean, the rents you're seeing. First of all, remember, we've got significant loss to lease in our portfolio, right? We've been talking about that being 15%-20%, but that's probably conservative. That's why when you see our in-place rents compared to the new acquisitions, you see that big difference. That is the loss to lease. The other factor is that in our new acquisition program under SFR JV-2 and Home Builder Direct, we are buying homes in pricier markets that have higher rents, right? If we're buying homes in Austin or Las Vegas or Phoenix, you know, those markets do have higher home prices and can command higher rents. But that's typically what you're seeing. Would those markets also have higher median family incomes? Is that the way to think about it? Yeah. They typically would, right? Because across the board, we are underwriting, you know, rent to income in that kind of 22%-23% range. That's really consistent across our markets. It might be a little bit different in California, where it is much more expensive, but typically that's pretty steady across the markets. Okay. Then just on the maintenance CapEx, that did jump on an annualized basis pretty good in Q4. Was there anything one time in there or what do you think? What's a good run rate for that going forward? Yeah. Kevin, do you want to start with that, and maybe I'll continue? Yeah. On our CapEx, one of the things that happened in Q4 is we took a proactive stance on replacing a bunch of HVAC units that were aging out. We thought it'd be better to do it on our own time versus at some of these units breaking in the middle of summer in Phoenix, right, where it costs more. We replaced 60 units from the same home portfolio in Q4. It's like $265,000. That affected it about $100 a unit for the quarter. Then on top of that, we did see about a 38% increase in the number of homes requiring some form of CapEx. A lot of that is due to still coming out. We're comparing against a period where we were still slower due to the pandemic, and so now we're back to full tilt. The number of work orders happening, whether it's R&M or CapEx, has increased. That was the bigger driver. There was a 7%-8% just inflation factor that went into that. Those are really the biggest drivers. I'll just add to that, John. I would say that as we look ahead to 2022 with the new Same-Home portfolio, which will be recomposed, it will include homes from SFR JV-1, which are newer homes. As a result of that, we do expect that the cost to maintain on the Same-Home portfolio will come down over the course of 2022 because of the introduction of newer homes. That's the hope. You know, we'll probably be in the high $2,000s rather than the low $3,000s on cost. That's obviously between R&M and Yeah. That's R&M and recurring CapEx cost to maintain. Okay. Thanks. I'll turn it back. Thank you. Your next question comes from Christopher Koutsikaloudis with Canaccord. Your line is open. Thanks. Good morning, everyone. Hi, Chris. Quick question here on the fair value of your SFR portfolio. It equates to a value of about $274,000 per home. I'm just wondering if you think that's fairly reflective of current home prices or if that might be a little bit conservative. Yeah, sure. Can you hear me? Sure, Chris. Great to speak with you. Yeah, I would say we think it's more on the conservative side. Again, a couple things is, as Gary and Wissam talked about earlier, you know, you saw a meaningful ramp up in home price appreciation over the course of 2021 that we've seen continue in many markets in 2022. You know, our valuation models lag a little bit because of the nature of BPOs, which are backward looking in a transaction. You see that as well. Secondarily, you know, we're using a kinda home-by-home or HPA BPO methodology. You can also look at this fair market value on a cap rate basis, which we don't do, for IFRS purposes. Given where you're seeing single-family rental portfolios trading, that would support a higher fair market value as well. I think, you know, our preference is to be on the conservative side for that metric. Yeah. Just to give you more context on that, Chris, the implied cap rate right now in the portfolio is about 4.7%, right? So we would say that's actually very conservative compared to where we've seen private market portfolios trade in many cases in the low threes. Never mind in the 4s, but in the low threes. The reason for that is that when people are looking at portfolios, there tends to be a significant amount of loss to lease. So they're factoring that in valuing the portfolio. You know, at 4.7, that's extremely conservative, especially factoring the loss to lease, which as we said is minimum 15%-20%, right? There's pretty big delta there between what we're seeing in the private markets and the public markets. Okay, great. Much appreciated. Thanks. Thank you. Your next question comes from Mario Saric with Scotiabank. Your line is open. Sorry, guys. Just one more quick one for me. Coming back to the Canadian multi-res developments, can you just remind us of what the cumulative fair value gain you've taken on that portfolio to date? Do you remember that? Mario, I can get back to you. I don't have the number off the top of my head, but we haven't taken that many gains. Most of the gains have been as the property goes through development, we keep it at book cost, which is what we've done. As the property mature and they pass the 75% mark, we get external appraisals done. The Selby, we've done an appraisal this year, so some of the gains there. The cumulative gain since the beginning, I don't have. We did $20 million this year. Yeah. We're talking about. $20 million this year. You know, Mario, let Wissam get back to you, but I'm gonna guess it's around $40 million, $40, $50 million. I don't think it's a huge number. Sorry. Wissam, is 75% of that construction completion or leasing? Yeah, we usually do it at construction completion. We switch the methodology from cost plus to fully externally appraised on a completion less cost to complete. Okay. No problem. Thanks. There are no further questions at this time. I'll turn the call back over to Gary Berman, President and CEO of Tricon Residential, for closing remarks. Thank you, Abby. I would like to thank all of you on this call for your participation. We look forward to speaking with you again in May to discuss our Q1 results. Ladies and gentlemen, this concludes today's conference call. We thank you for your participation, and you may now disconnect.