Good morning, ladies and gentlemen, and welcome to the NorthWest Healthcare Properties Real Estate Investment Trust first quarter 2022 results conference call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If you require immediate assistance at any time, please press star zero for the operator. This call is being recorded on May 13, 2022. I would now like to turn the conference call over to Paul Dalla Lana, Chairman and CEO. Please go ahead. Thank you, operator, and good morning, everyone. I appreciate you joining us today. I'm joined by Shailen Chande, the REIT's Chief Financial Officer. Together, we are pleased to share our results for the first quarter of 2022. First, I'd like to point out that during today's call, we may make forward-looking statements as defined under Canadian securities law. While such forward-looking statements reflect management's expectations regarding our business plans and future results, they are necessarily based on assumptions that are subject to uncertainties and risks, which could cause actual results to differ materially. We direct all of you to the risk factors outlined in our public filings. Now to the quarter. Post-completion of the US acquisition, the REIT's high quality and defensive CAD 10 billion portfolio delivered strong financial results, highlighted by 1.5% and 15.4% AFFO and net asset value per unit growth, respectively. Overall, proportionate leverage declined by 320 basis points. Underpinning these results are the REIT's foundational pillars, which include a high-quality defensive portfolio that delivered strong operational results, including a 2.2% constant currency SPNOI growth, supported by 97% occupancy and long-term inflation-indexed leases. The completion of the US acquisition previously mentioned in April further enhanced the defensiveness of the REIT's cash flow as a result of improved geographic and tenant diversification, as well as tenant credit quality. The REIT's active development program delivered three new fully leased projects in Q1 with a combined value of CAD 103 million at an accretive approximately 6% yield. With a further CAD 306 million under construction and fully committed, there looks to be more development conversions coming throughout 2022. These new projects will also improve our overall portfolio quality and advance a number of the REIT's sustainability objectives. The REIT continues to advance various capital formation objectives through its pro-rata participation in Vital's recent CAD 174 million equity offering and an Australian upsize of its Australian JV by CAD 2.2 billion with GIC. The investment of CAD 48 million in VITAL's raise will enhance investment initiatives, which have included approximately CAD 395 million of acquisitions and new developments at the entity. Again, building on its strong track record, as well as enhancing future management fee streams in both the institutional joint venture and the VITAL manager going forward. Finally, the REIT has progressed its U.S. and U.K. joint venture initiatives, which are expected to close in Q2 and Q3, respectively. The REIT continues to increase commitments and deploy capital in each of its joint venture platforms, with total deployments exceeding CAD 5.6 billion, up 19% year-over-year, with an additional CAD 4.8 billion in outstanding capacity available. Post-completion of the previously noted joint venture activities, deployed capital and total commitments are forecasted to increase to CAD 14.5 billion and CAD 7.4 billion, respectively. With target ownership ranging between 20% and 30% across its global capital platforms, the REIT expects to generate significant uplift in both the AFFO and NAV on a per unit basis by leveraging its capital-light model to fund future growth. Over the next 12 months, we expect management fees to more than double from the current CAD 60 million to CAD 120 million, which will both drive accretion and value creation in the manager. The REIT continues to find attractive growth opportunities with CAD 878 million of acquisitions completed year to date, including the CAD 753 million U.S. acquisition that closed in April, with an incremental CAD 155 million under contract in various markets. Over the last twelve months, the REIT has also created a pipeline of development opportunities exceeding CAD 2 billion that aligns with its global healthcare precinct strategy. With significant capital generation expected through regional JV formation in the U.K. and the USA, the REIT remains focused on deploying internally generated capital into fee-bearing vehicles to enhance returns and accretion. While the macroeconomic environment is creating uncertainty around future inflation and interest rates, the REIT remains well-positioned with more than 80% of its revenue indexed to local inflation measures, which include over 99% indexation in its international markets. The REIT's balance sheet is well optimized, and post-completion of the U.K. and U.S. JVs will have achieved its target debt metrics while decreasing weighted average interest rates and extending term to maturity, ultimately reducing its sensitivity to interest rate fluctuations as well. During the quarter, the REIT completed a CAD 172 million equity issuance of 12.5 million units at CAD 13.80 per unit price, and issued a further CAD 15 million of trust units to NorthWest Value Partners through a private placement on similar terms, which is expected to close in May. Net proceeds were deployed towards the completion of the U.S. acquisition in April and for general corporate purposes. At quarter end, the REIT's proportionate LTV ratio was 48.8%. As the REIT moves to complete its UK and US assets and joint ventures, the capital generated will be deployed to repay shorter-term debt with longer-term property financing, replacing regional short-term debt facilities. Post-JV formation, proportionate LTV is expected to decrease to less than 45%, with the weighted average interest rate decreasing by 40 basis points to 2.9%, and the weighted average term to maturity increasing 1.2 years to just under 4 years. For the quarter, our results were in line with our expectations, with CAD 0.21 per unit of AFFO, implying an annualized payout ratio of approximately 95%. Earnings accretion from recent investment and financing activity was as expected, while foreign exchange movements saw the Canadian dollar depreciate by approximately 1.1% over the last year, relative to the REIT's average foreign currency exposure. NAV increased 15% year-over-year to CAD 1,473 per unit, driven by fair value gains across the portfolio and expansion of the global asset management platform. In terms of liquidity, the REIT is well positioned with over CAD 120 million today. This is expected to exceed CAD 290 million as the REIT cedes its current UK portfolio and future US portfolio into new funds. Operationally, our results were in line with expectations, with constant currency cash recurring SPNOI growth of 2.2%, largely driven by contractual rent indexation and underpinned by 97% occupancy and a weighted average lease term of almost 15 years. In all regards, a highly defensive portfolio. Segmentally, I note the following. In Brazil, we're on plan with steady 100% occupancy and continued strong current cash currency SPNOI growth of 9.9%. Operationally, we note that the REIT's major tenant in Brazil, Rede D'Or, continues to deliver exceptionally strong results and is among Brazil's top 10 companies by market capitalization. In Canada, we were on plan, continuing solid performance with portfolio occupancy remaining stable at 91%. During the quarter, the REIT completed 58,000 sq ft of renewal leasing at rates slightly above plan. We continue to focus on regional sustainability initiatives and our ambulatory care and life sciences initiatives, which are gaining momentum and expected to be accretive in the near term. Europe continues to perform well, with constant currency SPNOI growth of 6.9% and occupancy stable at 97.3%. We continue to find good investment opportunities in Europe, allowing us not only to increase scale and critical mass in our existing regions but also to consider opportunities in adjacent markets. In Australia, our largest market, occupancy remains steady at over 99% and delivered constant currency SPNOI growth of 4.6%, with a weighted average lease term of 16 years. At Vital, the business reported SPNOI growth of 3.4%, driven by the inflationary environment with occupancy similarly stable at 99% and a weighted average lease term of 18 years. I am pleased with the progress made during and post quarter end, which advanced the REIT's strategic objectives and produced solid operating results. With deep relationships, best-in-class regional operating platforms, and strong access to both public and private capital, the REIT continues to transition to an asset-light, best-in-class global healthcare real estate investment manager. I'll now ask the operator to open up the call for questions. Thank you. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star followed by one on your touch-tone phone. You will hear a three-tone prompt acknowledging your request, and your questions will be pooled in the order they are received. Should you wish to decline from the pooling process, please press star followed by two. If you're using a speakerphone, please lift your handset before pressing any keys. One moment for your first question. Your first question comes from Frank Liu with BMO Capital Markets. Please go ahead. Good morning, Paul and Shailen. Yes. Hi, good morning. Good morning. Congrats on the solid Q1 results and, you know, the completion of the US acquisition. Just follow up on the US side, looking forward, do you expect to further expand your platform, I mean, in the near term? In addition to that, could you provide some, you know, update on bringing a capital partner into the existing US investment? Yes and yes. Just to answer that, you know, as we know, the U.S. is the largest healthcare market in the world and by extension, healthcare real estate market. We've gone there expressly for the opportunity to grow and evolve the business. Integral to that, of course, is our capital partner in the region. As we've indicated, sorry, I may have mixed the wording in the beginning of the script, but you know, we expect our U.S. partner to be in the third quarter of this year and to be supportive of future growth initiatives as we have had with other investment partners in other regions and strategies. Thanks, Paul. That's great. I guess, like, just turning back to the rising interest rate, you know, with the rising rate in mind, do you still consider, like, unsecured market as an option in the near term? I mean, that could have a lot of growth initiatives, ongoing, but I mean, do you still consider unsecured market this year? I might just turn that over to Shailen to respond to the narrow point around the unsecured market, but I'll start there. Yeah. Hi, Frank. Good morning. A couple of comments around the balance sheet more generally, and then chime in on the unsecured market. You know, as we look through our UK and US JV initiatives, our balance sheet will be very conservatively structured with less than 45% leverage, as Paul had previously noted. A fairly substantial weighted average term to maturity increase to more than 5 years and with relatively limited floating rate debt at, or estimated to be at, less than 30%. We see our balance sheet providing us with lots of flexibility as it stands. We also note that the majority of our assets will be transitioning into long-term capital platforms, which will have independent capital structures. As we think about accessing the unsecured debt markets as well as achieving investment grade metrics, I think for the most part, the business has achieved its investment grade metrics objectives. Now it's a matter of thinking about where unsecured debt could fit in within our capital structure. It's clearly less attractively priced than where it was perhaps six to nine months ago, especially relative to where secured asset pricing is. If we do see opportunities to access unsecured debt markets, it's likely to be within our capital platforms, noting that we have a very conservatively structured corporate balance sheet. Thanks, Shailen. That totally makes sense. I mean, like, I didn't see much color on the AUHPT side. Would you mind providing some update or it has been fairly muted this time? I would just refer to our comments from the last call. You know, we continue to be actively considering next steps there and working through that with our capital partner in region. Nothing more than that to update on. Thanks, Paul. I mean, it's very encouraging to see the, you know, solid, you know, organic growth. Just looking at Canada, there's some small, like, year-over-year decline, which is, like, fairly small. You comment, like, in your MDA, you mentioned about, like, some increasing non-recoverable salaries. Do you see some, like, wage pressure in Canada, or this is just like a typical, like, year-over-year change on the salary front? Yeah. I'll tackle that. I think the bulk of the change really relates to, you know, one specific, you know, portfolio situation that we've been working through, so, you know, still relatively minor and not illustrative in Canada. We do see, maybe more importantly, business volumes and activity levels increasing through our portfolio. As you know, there is a level of sort of traffic that exists in our, in our business. I think, you know, when we consider, the first quarter in particular this year, you know, still having some Omicron moments in them and people, a number of restrictions that were in place, you know, probably slightly impacted the business, not materially, but slightly. We see sort of as the post-quarter, you know, sort of, reduction in those restrictions and certainly the movement to a more, you know, consistent pre-pandemic operating environment happening quite nicely. We'd say our portfolio's, you know, on a slight uptick in terms of activity, and we see that through parking. We see that a little bit through leasing velocity, and we see that through you know, through general activity levels at the properties as people are returning, you know, more fully back to their getting their healthcare, you know, in the ways that they want to get it. You know, that's one of the things that we've seen sort of clearly over the course of the last couple of years. I see. Okay. Thanks, Paul. You know, congrats again on the quarter. I'll turn it back. Thank you. Your next question comes from Sairam Srinivas with Cormark. Please go ahead. Thank you, operator. Good morning, Paul. Good morning, Shailen, and congratulations on a good quarter. Thank you. Paul, just referring back to your comments on the risks you're seeing out there, and more specifically, just on the higher rate and rising inflation environment. Obviously we see how the public markets are thinking about it, but I was just curious to see how your institutional partners are thinking about this, and has that changed their outlook towards healthcare real estate? Do you see a more or less capital changing the sector going forward? Yeah, I mean, I think it's a great question, so thank you for that. Obviously we're you know at the coal face on all of these issues, so to speak, and thinking very much about what's changing in the short term. Clearly, I think we see it translating into opportunity for the business. You know, probably the near term impact you know takes maybe a little bit of froth out of the market that we were experiencing. Again, noting that there is an incredible amount of capital formation in general coming into alternatives, and in particular coming into healthcare real estate. Just having a more you know a more balanced market moment, I would say helps us as a long-term investor, really looking for core things. We see that, you know, positively in terms of some of the more highly leveraged or structured competitors, you know, perhaps considering where they wanna go and what they wanna do. Whereas we're, you know, as a very long-term investor, looking for, you know, high quality, you know, key opportunities in major markets with major partners generally. You know, that's the tenor that I would convey maybe. Does that translate into some opportunities for us to perhaps you know, disintermediate anything, that's something we always ask ourselves in these moments. Over the long term, I think the defensiveness of healthcare real estate, the general capital flows, you know, into, you know, the alternatives asset class, you know, quote, unquote, are still the pronounced trends in terms of capital formation. In terms of industry momentum, you know, I think the trends that I've spoken to before, you know, the pandemic and even this moment have, you know, and continue to be impactful on the decision that we see happening in our industry, which is really, you know, the core and on-core decision, you know, in a very asset-heavy industry. You know, we consider, you know, the sort of short-term pressures as being drivers to that decision and, sort of see the moment as being quite constructive. Of course, in all that is appreciable, and yes, the combination of rates and higher growth through indexation in our lease, you know, can have, you know, nuanced effects, but we think probably they balance each other out over time and, you know, we're taking the long view in all events, so we're not too fussed about what's happening, you know, narrowly in the next month or quarter or, you know, overnight in the trading environment. You know, as we've also emphasized, you know, the business is increasingly going capital-light. So, you know, we're able to use a lot of internal capital to consider, you know, in our growth initiatives. We're not overly as sensitive, you know, from the equity side of the world, which would be the other place to think about it. A lot in that answer, but I'd just say in general, you know, we expect the near term sort of, you know, changes and maybe volatility set properly to perhaps drive, you know, even better opportunities for us, and none of it is enough to sort of change fundamentally the structural, you know, sort of capital formation and strategies that we have in the moment knowing what we know today. Thanks for that color, Paul. Obviously, you know, hearing about the cash-rich part of the business and self-sufficiency there is definitely a positive. Just focusing down onto the U.S., and I know this is a new market for NorthWest, so not really getting into the weeds over there. In terms of asset demand, obviously the U.S. market has a wide variety of a wide spectrum of assets between like medical office buildings to hospitals and, you know, lab facilities. Do you see the REIT focus more on a specific kind of asset over there, or is it more like a more, you know, a wide, like a wide-based approach to asset procurement in that market? Yes. I think over time, you know, as you'd expect, our strategy will evolve and become maybe a little more pronounced and focused. I would call out a couple of the big global strategies that we have, you know, underway today and that will inform, I think, you know, fundamentally our approach to things. You've heard us talk about healthcare precincts or academic medical centers maybe in U.S. lexicon. I think that's a pretty natural area of focus for us. The current portfolio is not particularly pronounced in that direction, but, you know, that's very much a core strategy for us in that intersection of healthcare, you know, research, education and all of the ancillary things that go on there. We really like that trend. Of course, there's many opportunities for that in the U.S. at a lot of different entry points. That is likely to be very clear. Equally, the other global strategy that we have, which is quite, you know, quite pronounced in the U.S. as a global leader in this, of course, is the ambulatory and outpatient environment, and that really almost defines the portfolio that we acquired over the last little bit. You know, compared to the first strategy, which is that, you know, what's happening in hospitals and even higher acuity and connectivity, the ambulatory outpatient strategy is as much about what's happening out of hospitals. The U.S. has many, many entry points and opportunities there. We see a lot of natural adjacencies with existing operators in this portfolio and relationships that we think we can develop, and of course, through the broader industry. I think, you know, those would be a couple takeaways. Of course, you know, we've come to the industry, as you know, being an MOB specialist in Canada, and have built a very operating business. Over time, I think it is likely that we would have, you know, domestic capability to provide that level of real estate service. You know, we focus on that in terms of building an operating platform over time. I think it's logical to expect that that would lead to some, you know, some critical mass and scale in certain markets given, you know, that that's boots on the ground. Those are things that we think about in the US, all of which are available attractively in good growth markets. You know, it's an incredibly deep and liquid market, so there's many opportunities to consider. We do like the attractive pricing in certain segments, so we'll be focused on, you know, those big strategies and then on bringing precision to the best opportunities and the best geographies over time. That's great color, Paul. Thank you for that. My last question, just kind of digging in on that U.S. platform building approach, would you expect G&A and generally in terms of labor and employee costs to kind of rise in the next couple of quarters, just to factor in building that platform out there? I don't think so in that, you know, the current platform is, you know, or the current acquisition is big enough, I think, to support the things that we're doing and to get us moving. You know, on board initially. That's the benefit of being able to do, let's say, a large portfolio acquisition like this versus an individual, you know, investment. I think we see, you know, a pretty good opportunity to phase in, you know, our platform costs, you know, in conjunction with this platform and the JV and other growth initiatives. I think it will be a little bit more balanced. Of course, it'll never line up perfectly on top of each other, but I wouldn't see a pronounced change in the near term. I think we have a pretty good feeling of how to build and grow operating platforms as we build and grow businesses. That's great, Paul Dalla Lana. Thank you for that, and I'll turn it back. Your next question comes from Frederic Blondeau with Laurentian Bank. Please go ahead. Thank you, good morning. I remember you guys mentioned the CAD 20 billion threshold entering in the new year for the end of this year. I was wondering if we were still on track for to get there this year or things have slowed down a bit. How should we view the growth of the platform, you know, for the next 12, 18 months? Yeah, it looks like from your previous comments that you're seeing healthy you know demand for such partnerships. I was wondering how we should view the growth from here. Thank you. Yeah, a good question. I think in today's call and in the materials, we put out pretty clear visibility into just around CAD 14 billion of capital, CAD 14-CAD 15 billion of capital formation through the U.S. and U.K. JV initiatives. I guess the other initiative that we, you know, have at a slightly earlier stage, yeah, is the healthcare precincts build-to-core initiative that we have underway in Australia, and that's a CAD 5 billion initiative or so. There's the 20, and we do expect those to be in place, you know, this year. You know, in terms of deployment of the capital, you know, I think we continue to see a attractive set of, you know, regional risk-adjusted returns opportunities, all of which fits within those capital platforms. It's really a question about execution and, you know, I think we have a pretty good track record of being able to find good opportunities and deploy capital as evidenced by, you know, the recent, you know, JV upsize in Australia as an example. You know, I think we're feeling reasonably constructive about the, you know, go-forward environment, and I wouldn't change anything from the first quarter call other than saying, you know, we're increasingly focused on using internal capital, let's say, in priority. Again, we think that, to my comments just a little bit earlier around the market moment, that you know there is certainly you know good opportunities, but I think we're being you know sort of more precise about how we're doing them in the next little bit as we go through this moment. You know, I'm not sure that leads to any different pacing, but ultimately, those are things that we're thinking about today. Mm-hmm. No, that's totally fair. In terms of your development activity, it looks like you guys were able to generate solid returns. I was wondering how should we view expected yield on cost from here, I guess, on the CAD 300 million under construction? Yeah. Everything under construction is pretty locked in. As you know. Yeah This is a bit development light and that it's the majority of it is brownfield expansion, where we have 100% lease commitments and return on cost contracts. Of course, in those contracts, all of them are fixed price or lump sum contracts. We're really managing the moment, which is, you know, not a small thing, but sort of, you know, we have lots of experience in this and there's nothing particularly exotic. We would see that, you know, circa 5.5%-6% development yield holding comfortably through the piece. I would just say that this is a continuation of a development-like program that we, you know, that we see that exists within the space, you know, continuously. We have lots of track record and experience in sort of delivering on these things. On the newer sort of more healthcare precincts, you know, we're like a lot of others, looking very, very closely at costs. I mean, clearly the environment for construction and development is challenging in the moment. Again, we bring all of our thinking about de-risking as much as you can. I'd say there's lots of new thinking about procurement models out there and being able to get things done, probably limited capacity more than costs being a driver in our thinking about project formation. We do expect, though, of that, you know, $2 billion-$3 billion pipeline that we've mentioned, you know, a number of highly attractive, you know, significant projects coming over the next little bit and certainly this year. We've been spending a lot of time and energy on that, and we see it as a great long-term strategy, but we've been doing a lot of work to put ourselves in a position to generate attractive, you know, opportunities. You know, in addition to the brownfield sort of expansion program, which is continuous in our business and likely to be, you know, circa 5% of the overall hospital portfolio being reinvested and improved over time, which is a number that we've seen continuously now. We start to add some of these bigger greenfield opportunities that, you know, just have a lot longer lead times but are more significant and very attractive projects. We're quite focused on bringing, you know, low risk, you know, fully let or nearly fully let versions of these to the market over the rest of the year. You know, I do think that we'll start to see, you know, more visibility into that, you know, sort of CAD 2 billion-CAD 3 billion initiative as the year advances. We're, you know, again, being driven as we know by incredible demand by you know, our providers and by educational institutions and by research institutions for space in some of the best precincts and campuses in the world. We're quite excited about this and, you know, we see it as a long-term trend. We've been working very hard now for a couple of years to get this to a position, and we see this coming nicely into the rest of the business over the balance of the year. You know, managing it and executing on it is the key risk in all our markets in the moment. Again, we're making sure that, you know, we're dotting and crossing i's and t's as needed, and that we have the, you know, appropriate level of risk management and structure in place to allow us to proceed, you know, both in terms of leasing, but also in terms of, you know, price protected contracts and, you know, all of the contingencies that you need to be comfortable. Well, that's great. Thanks a lot. Your next question comes from Scott Fromson with CIBC. Please go ahead. Thanks, and good morning, gentlemen. You've covered a lot of ground in this call and you disclosed, excuse me, disclosures on growth. I'm just wondering if capital recycling forms any part of the internally sourced capital strategy. Yeah, thanks, Scott. It does, although I think, you know, I would put that in around the edges sort of set of parameters, and it might be, you know, CAD 200 million or CAD 300 million of assets that we think, you know, would be maybe not in our core strategies or perhaps offer, you know, some opportunities. We've had numbers like that through the business historically, and so we're always looking to optimize portfolios. No massive shifts, though, in terms of, you know, key geographies or, you know, key sort of segments that we're in, you know, in that type of thinking. Would you consider putting any capital in ahead of selling them, or you sell them as is? If you sell them. You know, it's a great question, such a granular answer required to do that. Of course, you know, we're always looking to optimize, you know, the price of things that we would sell, and if there are compelling investment opportunities to do that, we would do them naturally as an owner. I'd just say it like that. The things that we might sell today, I mean, the portfolio in general does not have, you know, huge capital requirements. You know, it is a relatively stable portfolio just to call that out. Other than a few things here and there, like everyone has in 225 assets, we're pretty confident that there aren't big capital bogeys that are driving our decisions per se. Thanks, Paul. Appreciate the patience. No worries. Ladies and gentlemen, as a reminder, if you do have any questions, please press star one. Your next question comes from Pammi Bir with RBC Capital Markets. Please go ahead. Thanks. Good morning. Just wanted to go back to the comments on doubling the management fees within 12 months to, I think you said CAD 120 million. Some of that, of course, should be driven by the new JV formations coming up. Can you maybe just talk about what other assumptions on capital deployment are baked into that figure? Hey, Pammi. Yeah, I mean, I'd come at that at a high level and say, you know, we've obviously put out some guidance in terms of where we see our capital formation and new capital formation coming from, principally around the U.K. and the U.S. Those will clearly be new fee-bearing streams. And then incrementally to that, within our existing, I mean, our existing facilities and commitments, you know, we really model out normal course deployment, averaging around 4-5 years of deployment of those total size of facilities, which is really target for each of those individual funds. I'd say it's really bringing on the U.K. and the U.S. and then continuing to deploy our existing capacity over that 4-5-year run rate. Just in terms of the next 12 months, getting to that sort of, I presume that was an annualized figure of CAD 120 million. That's predominantly just from the anticipated UK and US JV formations. Correct. Plus, I mean, as well as continuing planning within our existing funds. Right. Yeah. Recall that we have, you know, significant capacity in our European JV and the new capacity in our Australian JV and, you know, a capital-ready vehicle in Vital as well. You know, all of those sort of taken, you know, with an average of, you know, let's say one quarter of the capacity, you know, being deployed each year. Paul, just one last one. Just considering how you've allocated capital in both the public and the private markets over the years. I'm just curious whether any dislocation in the public markets we're seeing has or might maybe pique your interest. If so, if you'd care to share any of the particular geographies that might look more interesting today. Yeah, it's a great question. I mean, again, maybe I'd call out a couple at a high level where we're seeing sort of attractive risk-adjusted returns. We probably do see, at the margin, you know, a moment in Brazil coming in particular with our existing operators, you know, and that certainly in the, you know, 7.5%-8% kind of cap rate range today, you know, offers us some attractive opportunities, and I think we've always said that we like that portfolio, you know, in proportion to the rest of the business. As the business is growing, there's probably some incremental capacity there as well. You know, we have attractive partners and some attractive reinvestment opportunities that we're considering, so that would be, you know, at the higher yield standpoint. The rest I think follows sort of a very, you know, informed set of strategies. We do see, you know, Europe is offering you know, in the moment, a continued, you know, sort of risk-adjusted, set of returns against still relatively attractive, you know, debt terms available in Europe, not quite the sub-1% ones that we had before. You know, relatively attractive yields in the segments that we're focused in. The US as a newer market, of course, screens very well and again, you know, we've talked about the average entry point of the portfolio. We've seen, you know, in that 5.5 cap rate range. We're certainly seeing opportunities, you know, between that and a little bit above that in some of the, you know, more for-profit activities that we consider. So, you know, those would be, you know, a few examples. You know, again, you know, we know that we have, you know, a very significant business in Australia and New Zealand and a very evolved business. So, you know, we certainly consider those precinct development opportunities and some of the specific things that we have on with our partners there, you know, equally attractively, again, noting that those are, you know, the most core things that we're doing and fit within these very core capital platforms that we have there. you know, I wouldn't wanna de-emphasize that. We see still a lot of opportunity in that market over time. you know, I think at the margin, you know, trying to differentiate, I'd pick those three themes as areas of you know, of incremental focus. Thanks very much. I'll turn it back. There are no further questions at this time. Please proceed. Okay. Well, thank you, operator. We appreciate the call and everyone's participation today. I wish everyone a good rest of the day. Thank you very much. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a great day.