Welcome to the NorthWest Healthcare Properties REIT Fourth Quarter and Year-End 2024 Earnings Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star then zero for an operator. This call is being recorded today, Monday, March 10, 2025. I would now like to turn the conference over to Alyssa Barry, Investor Relations for NorthWest. Please go ahead. Thank you, Operator. Hello, everyone, and welcome to NorthWest's Q4 2024 and Year-End Conference Call. Thank you for joining us today. This call is being recorded, and a replay will be made available on our website at www.nwhreit.com. Today's discussion includes forward-looking statements. As always, we want to caution you that such statements are based on management's assumptions and beliefs. These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from such statements. Please see our public filings on SEDAR+, including our MD&A and annual information form, for a discussion of these risk factors. Please note all currencies referenced today are in Canadian Dollar unless otherwise stated. Presenting on today's call are Craig Mitchell, our CEO, and Stephanie Karamarkovic, our CFO. Mike Brady, our President, and Tracey Whittall, our Chief Operating Officer, are also present and available for the question-and-answer session. I will now turn it over to Craig for his opening remarks. Thank you, Alyssa. First, I'd like to apologize for the delay in holding this call. Our auditors were resource-constrained and could not meet their deadline, as they needed additional time to close out their file and hand over to our new auditor, Deloitte. It was very frustrating, to say the very least, particularly as we've had such a good message to convey, and I'll go through that now. You will see that all the hard work over the last few years has started to translate into increased earnings and reflects a much stronger balance sheet. Q4 2024 AFFO per unit increased 9% over Q3 2024 to CAD 0.10 per unit, supporting our payout ratio, which now stands at 92%. We also strengthened our balance sheet through strategic asset sales and refinancing, earning an investment-grade credit rating this January. This investment-grade rating cannot be underestimated as a pivotal point for us. While Stephanie will elaborate, our Series G debentures due on March 31 will be redeemed with existing liquidity. In an increasingly volatile world, we're seeing consistent and growing demand for healthcare across all markets we operate in. As populations migrate to metro cities where we are located, we're seeing outsized need for medical facilities. We're also seeing a demand for medical clusters, clusters that combine educational and clinical facilities with other facilities. With the rise in construction costs over the last few years, we've seen a reduction in healthcare developments. This has just created more tenant and operator demand for our own assets and increased the economic value of our real estate. A great case study of this is our leasing. Our robust leasing activity drove exceptional real estate performance, with over 2.4 million sq ft leased in the last 12 months and an 83% tenant retention rate. Occupancy remains strong at 96%, our eighth consecutive year above that level, while market-leading WALE stands at 13.6 years currently. These factors contributed to a consolidated 4.9% same-property NOI growth compared to Q4 last year, driven in part by contractual rent increases on nearly 97% of our leases. It was a very successful year for asset sales. We sold 52 properties at an average cap rate of 6.5%, generating CAD 1.4 billion in gross proceeds. These funds were used to repay high-cost debt, strengthening our balance sheet, and Stephanie will elaborate further on this shortly. Our gross book value at 31 December was CAD 6 billion, using a blended cap rate of 6.5%. Over the course of 2024, we have softened our cap rates by approximately 50 basis points. It is our view that we're at the bottom of the cap rate softening cycle globally, and underlying growth will come through in future periods. All this has resulted in our Q4 NAV being CAD 8.55. As you and I are aware, we currently trade at a substantial discount to our NAV, and our focus is on closing that gap. As part of our broader simplification strategy, we've now exited seven markets, but we're not done yet. We still have over CAD 200 million in planned non-core dispositions, including our investment in Assura. On that front, in the last 24 hours, Assura received an updated offer from a consortium led by KKR at GBP 0.494 per unit, which is expected to be endorsed by the Assura board. The all-cash offer, if successful, will result in a material gain of approximately CAD 40 million on today's FX rates. Additionally, through asset sales and a disciplined approach to G&A, our global headcount is down 20% to approximately 240 people, leading to a meaningful reduction in expenses. We are continuing to make a meaningful stride in ESG. I'm very pleased to announce that for the second consecutive year, we've been recognized as a global sector leader for ESG across developments for listed healthcare globally by GRESB. Over 2024, the new C-suite team has settled in extremely well and has and will continue to take us from strength to strength. Turning to Healthscope now, or HSO, Australia's second-largest private hospital operator, NorthWest owns 12 of these hospitals in one of our joint ventures. All the assets are located in strategically strong medical precincts, and as of February 2025, all rent was fully paid. For the three months beginning in March, we have provided a limited rent deferral, not abatement, deferral of under CAD 2 million with an 8% coupon. This decision reflects our collaborative approach with HSO. Importantly, all hospitals remain on long-term leases that are structurally ahead of any bank debt. HSO recently reached new revenue contract increases with all its private health insurers. Given the critical role of these hospitals in Australia's healthcare system, we continue to work closely with all stakeholders. Finally, on our CEO transition process, we're working with a global recruitment firm, and as expected, we're seeing strong interest in the role. I remain on track to step down in the first half of 2025, ensuring a seamless transition and appropriate handover. We will keep the market fully informed. With that, I'll hand it over to Stephanie to provide more details on our financials. Thanks, Craig, and good afternoon, everyone. The REIT delivered consolidated same-property net operating income of CAD 73.5 million, which was 4.9% higher than Q4 2023, was driven by inflationary adjustments on rents, rentalised capital spend, and improved recoveries, reflecting steady and predictable growth in our underlying leases. Q4 2024 FFO per unit was CAD 0.10. This compares to CAD 0.15 per unit in Q4 2023. However, excluding the impact of interest rate caps that expired earlier this year, FFO in Q4 2023 was CAD 0.10 per unit, in line with Q4 2024 results. Q4 2024 AFFO per unit was CAD 0.10 as well, which is CAD 0.01 per unit higher than both Q3 and Q4 of last year, excluding the impact of the previously mentioned expired interest rate cap. The REIT AFFO payout ratio for the quarter was 92%, as compared to 100% in Q3 and 102% in the fourth quarter of last year. The increase in AFFO per unit is driven by improvements in interest expense and G&A, partially offset by lower third-party management fees. General and administrative expenses, excluding non-cash compensation, decreased by CAD 2 million compared to Q4 2023. The decrease over the prior year period is primarily a result of the REIT's continued efforts to improve operational efficiency by streamlining and simplifying operations and reducing costs, including its reduction in workforce throughout 2024, which saw a headcount decrease from 307 at the end of 2023 to 243 today. The REIT G&A cost ratio for Q4 was 5.8%, which is an improvement of approximately 70 basis points over Q3 2024 and almost 150 basis points over Q4 2023. We expect the REIT G&A cost ratio to improve further to approximately 5.5% by the end of 2025, driven by our ongoing efforts to streamline operations and enhance efficiency. Interest expense in Q4 2024 was CAD 36.9 million, as compared to CAD 44.3 million in Q3 and CAD 57.1 million in Q4 2023. The decrease relative to prior year and prior quarter in interest expense is attributable to the reduction in total debt outstanding and a lower weighted average cost of debt. The CAD 500 million bond offering completed on February 18, 2025, at a blended rate of 5.3% enabled the repayment of higher-cost debt with a weighted average rate of approximately 7.5% after factoring in the repayment of Series G on March 31. This refinancing is expected to generate substantial interest savings beginning in Q2 2025. Gross management fees for Q4 2024 were CAD 8.6 million, as compared to CAD 11 million in Q3 2024 and CAD 12.3 million in Q4 2023. The decrease in management fees, as compared to prior periods, is driven by lower activity-based fees and incentive fees. Gross quarterly management fees during 2025 are expected to be in line with Q4 levels due to lower levels of activity-based fees being earned in the current environment. As of December 31, 2024, the proportionate value of the REIT's investment properties was CAD 4.1 billion, down from CAD 4.3 billion at September 30. The CAD 105 million decrease was primarily driven by unrealized FX losses due to the appreciation of the Canadian dollar at December 31. The REIT's disposition activity during the year has resulted in the REIT making significant progress on its capital management strategy. Since December 31, 2023, the REIT has reduced proportionate leverage from CAD 3.3 billion to CAD 2.3 billion, lowered proportionate leverage, including convertible debentures, down by 112 basis points to 58.1%, and decreased consolidated leverage by 190 basis points to 50%. With respect to the REIT's near-term debt maturities, the REIT only has approximately CAD 269 million of 2025 maturities remaining, including CAD 125 million of Series G convertible debentures and CAD 144 million of mortgages in Canada and Europe. As of today, the REIT's available liquidity is approximately CAD 240 million that is expected to be used to repay Series G convertible debentures upon maturity on March 31. Looking ahead to 2025, the momentum we built in 2024 provides a strong foundation for the year and beyond. We anticipate our earnings will reflect the impact of our asset dispositions, capital management initiatives, and reductions in G&A expenses. However, our work continues. In 2025, the REIT will focus on further reducing interest expense by transitioning its capital stack to unsecured debt and reducing leverage through additional asset sales. The management team is already addressing 2026 debt maturities and working to extend its weighted average term to maturity. Our Q4 investor presentation, which is available on the investor relations section of our website, provides more details on our portfolio performance, financial metrics, and 2024 accomplishments. I will now ask the operator to open up for questions. Thank you. We will now begin the question and answer session. To join the question queue, you may press star, then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star, then two. The first question comes from Frank Liu with BMO Capital Markets. Please go ahead. Good morning, everyone. Sorry, good afternoon, everyone. First of all, congrats on achieving the investment-grade rating and the successful issuance. Kudos to you guys and my old colleague at DBRS Morningstar. Just with respect to the debt repaid with the $500 million on secured debentures, I wonder how much of those debts are related to 2026 maturities. I mean, you got a good handle on 2025 maturities, and just wondering what's your plan with respect to the $880 million debt maturity in 2026? Frank, this is Craig here. Thanks for that, and appreciate your comments. Thanks very much. We really appreciate it. I might just hand over to Stephanie just to provide a little bit of color and detail to your question. Sure. Of the repayments made, about CAD 165 million is 2026. When you look at our debt maturities in 2026, there is a big portion of that that relates to our Australasia segment. That is debt within our JV and one of our JVs, which expires in November or December of 2026. That is a late 2026 maturity that we are already working on. I think we have a really good handle on 2026, but we will have more news on that over the coming quarters. Thank you, Stephanie. I appreciate the color. I mean, a lot of heavy lifting has been done and just focusing more on the operational side of things. I mean, there is a new disclosure introduced last quarter, I believe, on the renewals you guys have done on a year-to-date basis. Just looking at the 1 million sq ft renewals done in 2024, how does the renewal spread and renewal rate achieved compare to the historical norm? Yeah, Craig, I'll take that question. We're pretty much market is passing, so it's reasonably consistent on the spread. At this stage, we're not seeing material gains in positive leasing spreads. We're starting to see a little bit of traction from that from Europe, but at this stage, let's call market equals passing. That's correct. Just so I just made a bit more color to that, because most of our leases are fixed increases of between 2.5%-4%. When the lease comes up in five years' time, we're picking up that inflation link already. Got it. For sure. Yeah. You guys have a lot of indexation, which is good to see. Yeah. Just touching on your end, [inaudible] if you can provide some color, asking why growth next year will be similar range with 2024? Yeah. I mean, we are seeing that retention rate in the 80s. We think that's consistent. I think the leasing spreads will be consistent. Stephanie, maybe hand over to you for a bit of color on guidance on where we think like-to-like growth might look like in 2020 this calendar year. Sure. Thanks, Craig. Yeah, I think what I would say is that, as you alluded to, there's a lot of our leases that are indexed to inflation. We're seeing inflation, of course, come down in most of our markets. Therefore, I think the 3%-4% is probably more reasonable, a little bit lower than 2025. Got it. Yeah. That's all my questions. Congrats again, guys. I'll turn it back. Thank you, Frank. The next question comes from Himanshu Gupta with Scotiabank. Please go ahead. Thank you and good afternoon. Hey, Himanshu. Very good. On asset dispositions, I think you mentioned around CAD 200 million of pipeline. Is it mostly Assura, or are you including any other non-core properties as well? It's mainly Assura. Actually, there are some non-core properties across our markets in Europe, Canada, the U.S., and Australia. That sort of 200 is, let's call that a minimum number, not a target number. Maybe the question that will come out at this stage does not include anything from Brazil. It includes all markets ex-Brazil. The reason is interest rates are sort of rising in Brazil, and we don't see this as the right time to trade real estate in Brazil. We did test the market, and the pricing was not where we wanted to be and where we reflected the real estate. It should have been 200 is the minimum number. That was my follow-up question by the way on Brazil. Thanks for answering that. That's fine. Okay. That's good. Then on the debt maturities, I think 2025 is pretty much in the bag, except that mortgages are left. On 2026, I think you did mention that some debt can be converted into unsecured debentures. What debt maturities can you kind of tackle which could be resolved through unsecured? Maybe, Stephanie, I might hand over to you on that thinking. Sure. 2026 is a mix. As I said on the first question, a large chunk of that 2026 is JV-related debt, which we would not be able to convert to unsecured. We do have quite a bit of mortgage debt in both Canada and Europe. I think between the 2025 and 2026 maturities, we are almost at CAD 400 million or so of mortgage maturities in 2025 and 2026 for the next 12 months. There is quite a bit there still. We also have our 2027 debentures, which are available for prepayment in August 2026 as well. Got it. Okay. Thank you. On Healthscope, and thanks for providing the color on the call and the filings as well. Some deferred payment for, I think, eight weeks or 10 weeks, rather, I think you mentioned. There are also news articles around that the portfolio could be sold. Brookfield could put this in the market. The question is, what happens in that case? Are there provisions to restructure the leases to roll down rents on this asset? Yeah, short question, I'll give you a sort of longer answer. I think the reality is, in Australia, 68% of all surgeries, elective surgeries, are done in private hospitals. And Healthscope is the second largest private hospital operator with nearly 5,000 beds. Our leases are locked and loaded regardless, imagine, of who owns it, right? Our leases are structurally superior to any bank debt. Even if the real estate or the operations get traded, our leases are firm. I do think what will potentially happen, HSO has about 2,000 hospital beds on its own balance sheet, so it doesn't involve any sort of selling leaseback. They might look at a partial sale of some of their operating businesses to reduce their debt load. We'll be watching that very, very carefully. As you can appreciate, being the second largest operator in Australia in great locations, we are getting lots of questions from different operators. I think it's prudent from our perspective is to keep an open engagement with all stakeholders as we go through this process. Got it. That's helpful. Okay. Maybe my last question is on the AFFO payout ratio. I think you've done a remarkable job in the last few quarters tackling the balance sheet. Now, on the AFFO side, do you have any, I mean, thoughts on the AFFO payout ratio for this year as you realize some of the interest rate savings as well? Maybe, Stephanie, I might hand over to you on the policy and our thinking there. Sure. Yeah. I think we're targeting between the 80-90% range, Himanshu, as we get through the year and into 2026. We do feel that's achievable through some of the interest rate savings you alluded to, SPNOI growth, partially offset maybe by a little bit lower management fees. We are still feeling confident that we will be able to hit our policy of the 80-90%. Awesome. Thank you so much, and I'll turn it back. Thank you. The next question comes from Giuliano Thornhill with National Bank Financial. Please go ahead. Hey, guys. Good afternoon. I just wanted to turn to kind of acquisition markets. With where rates are and cap rates, which one are you preferring, the US geography or Canada? Because eventually, you are going to be in a position to allocate some of this capital that you're releasing. Yeah. First of all, what question do you have? What I might just say, what's quite interesting is if you look at the KKR and Stonepeak bid for Assura, that gives you a sense of the amount of capital now looking at healthcare real estate. They bid at net tangible assets, which is GBP 0.494, which is a 5.2% blended cap rate. We are now starting to see good demand for real estate. To your specific question, I think cap rates are slightly wider in the U.S. than they are in Canada, but that is where we sort of sit today. You might get a better spread in the U.S. to Canada, but I think that is still very early days. If you ask me that question right now today, that is what I would say. I think also I think the KKR on Assura is very interesting for just our sector globally and also where the real estate trends are happening. You envision or anticipate that closing in H2, the Assura deal? Yeah. Look, assuming, as you know, the Assura board have now given a limited DD under Section 2.7 of the U.K. Takeover Code. They need to make a bid by the 7th of April. They then have 28 business days to issue scheme docs. That happened before that. And then once those scheme docs are issued, you've got 60 days to do a vote. Bring all that together with a lot of ifs and buts. Call that 30 June. End of June, early July would be on current timelines when a vote in cash would flow. The last question I had is just on Brazil. I understand there is probably limited interest now, but do you still kind of view that as non-core and eventually that will be disposed of within your portfolio? Yeah. There is limited interest right now today or at the price that suits us. Yes. We've made it very clear from a strategy perspective, we want to be asset-light globally. That would mean assets off balance sheet. I think Brazil will come off balance sheet at some point, yes. Okay. Thank you. All right. The next question comes from Pammi Bir with RBC Capital Markets. Please go ahead. Thanks. Hi, everyone. I just wanted to come back to Healthscope for a minute. I just wanted to clarify, is that on the $2 million of rent that was deferred, is that the only amount that will be deferred, or can that figure grow? That is the only amount that's been deferred, Pammy. Okay. I think the 10-week deferral period, can that be extended at all, or? No. We have a hard repayment date of 31 October. No, it can't be extended and with a hard date. Okay. You mentioned some protections in the leases, like in the event of an HSO recapitalization or restructuring. Can you maybe just elaborate on what that implies or what you were referring to? Sure. We have 12 hospitals. They are all on long-term leases with cross-termination rights. What that means is, if you do not pay rent on the smallest hospital, we can terminate all hospitals. That is a very important structural piece. In the very slim possibility that the administrators come in or it goes into receivership, rent still has to be paid under all scenarios. Because effectively, we own the operating business. There is no safe harbor where rent cannot be paid. Under all scenarios, rent needs to be paid by anyone. That is why I say that we have a lot of comfort in our leases, the way we have structured our lease that sits superior to all bank debt. It has cross-termination rights with everyone. In addition to that, no matter who is running Healthscope, they have to pay the rent. I see. In the event that any other operator steps in to fill their shoes, there's no, I mean, you can continue to collect the rent as it's set. That's exactly right, right? They're stepping into a contractual liability where nothing is legally binding. Exactly. That's exactly right. Great. What is the coverage ratio, or can you sort of, if you can provide a range, what is the coverage ratio on the leases with Healthscope as it stands at the moment? As it stands today, I think Q4 was around just over 60%. In a perfect world, it should be around 50%. It is slightly above, but nothing material. Sorry. You said it's 60. The current coverage is at 60. Yeah. Yeah. 60% rent that you've been got. That was before we did or before they did all the contract renewals with all the insurers. As you know, that's before. As you know, 50% is kind of the sweet spot for where we'd like to sit over time. Is that where you are with some of the other operators across the portfolio? That's exactly right. It is all starting to trend down, and some of our best assets are now trading in the mid-30s. I am now talking specifically Australia, New Zealand, just to be so consistent, but yes. All starting to trend down. Yeah. Sorry, you said some of them are in the mid-30s, not the Healthscope ones, but with some of your other operators. Yeah. Okay. Last one for me, just in terms of as you think about 2025, you mentioned a couple hundred million of dispositions, including Assura. Maybe that's a minimum number. Where would you ideally like to see leverage get to by the end of this year? Craig, I know you may not be here to see it through, but in terms of your budgeting process, what are you thinking about? Yeah. No. I think I'll crack at the answer, then I hand over to Stephanie. We're triple B low, and we're pretty proud of that. I think that's the bottom of the rung. I think in a perfect world, we want to be that strong triple B low or one notch higher, right? What that means is we need to move and improve all our metrics, whether that be absolute debt down, interest rate coverage up, our percentage of unsecured debt to secured debt. You'll see us on a very clear plan to reduce mortgage debt with unsecured debt and really just simplify the capital structure by business, which ultimately will bring our cost of capital down. That 50% should be, to now give you a hard number, that 50% would ideally be closer to 45 than it is today, right? Got it. Maybe, Stephanie, anything to add to that? No. I think you got it. Thanks very much. I'll turn it back. Thanks, Pammy. Once again, if you have a question, please press star, then one. The next question comes from Dean Wilkinson with CIBC. Please go ahead. Thanks. Afternoon, everyone. Hey, Dean. Two quick ones for me, Craig. Just on the Assura, I just wanted to confirm that your shares there are free from any lockups. In the event that KKR is successful, that's a transaction you can support? 100%, Dean. We have no lockups. We can support anyone. Yes. Perfect. Nice and easy. On the Healthscope, in the event that something changes in the ownership structure there, is there anything in the JV that would have some sort of either a drag-along or a shotgun or any other clauses that might get triggered that would give you either rights or hopefully not back you into a position? Yeah. No. Great question. No, there's no drag-and-tag rights in any way. From that, there's no termination rights for the joint venture as a result of this. It is all very clean and very open. I like clean and open. That's all I had. Thanks, guys. No, I appreciate it, Dean. The next question comes from Charles Lazure with Mackenzie Investments. Please go ahead. Hi, everyone. Thanks for the update. That was super helpful. Congrats on the strong quarter. I just wanted to talk a little bit more about the or get some more color on the insurers in Australia for other operators. I know I kind of think we spoke about it briefly, but just wanted to get more color if the second operator is having these tough negotiations with the insurers. Clearly, it's fair to assume that some of the other operators would also be in tough negotiation positions. I just want to see about get your view on kind of how the other operators are facing potential negotiations with those insurers. Yeah. Thanks, Charles. Appreciate the question. I might just go back in time. If you look at before COVID—sorry, let me take another step. Roughly 45% of all Australians have private health insurance. The reason that percentage is so high is because once we turn over a certain tax bracket, if we do not have health insurance, we get stung with additional tax of 1.8%. Therefore, it really forces everyone to down private health insurance. Before COVID, roughly, the industry said that the health insurers paid out 90% of their premiums to the private hospital operators. That was kind of the pass-through. Along came COVID and there is a dislocation with that payout ratio. That payout ratio now stands at 85%. There has been a drop in the payout from 90% to 85%. There has been a huge amount of conversation, both at a government level and a relationship between individual operators and insurers to close that gap. The market, the operators are looking for that 85% to go to 88%. We are now starting to see some really good traction from that perspective, Charles. You have seen good negotiations by Healthscope with Bupa, Medibank, and the alliances. Everyone takes a different approach. I think Brookfield took a reasonably sledgehammer to a peanut approach. That did That did not particularly go down well. I think their tone and approach has changed dramatically from last year to this year, which has really helped them get some good negotiations. In addition to that, the insurers right now are saying, "We will give you a sugar hit, a one-time kicker." The market is saying, "No, I do not want the sugar hit. I want sustained increases." Everyone's pushing for more of that 85% to go to 88% payout ratio. We're seeing that right across the board. Different groups are getting different wins, but you're getting wins up to 10%. I spoke to one operator yesterday. They got a 10% increase from the insurers. These are meaningful numbers. Does that help, Charles, with a bit of color? Yeah. That's super helpful. Thanks. Appreciate it. Just one more on my side. Just going back to Brazil again, obviously, you mentioned that you did not get kind of values where you thought they should be priced at. Just want to compare to book value for Brazil. Are these credible bids? Were they all cash, cash and shares mix? Just want to get a sense of kind of where book values lie if you think they are fair as well. Yeah. For Brazil, we expect Brazil, if you went to January 1, 2024, the end of the calendar year of 2024, they're expecting base rates to be 9.75%. It's a different world we live in than anywhere else. Those rates are now closer to 13.25%. There's been a big material shift. To be honest, with the inflation running sort of in the mid-4s, the bids we were getting weren't clean cash bids. They were, "I'll give you X now, best endeavors. I'll pay it over four quarters or six quarters. I'll pay you on the nominal amount or the real amount." From our perspective, it is too structured. We know the real estate is in great demand because some of our largest tenants have tried to buy it at reasonable prices, but still, there are spread gaps there. It's just a matter of timing. Okay. Just for my benefit, have they sold or have you sold assets in Brazil successfully thus far in general? No. We've only got eight assets in Brazil. We only put our smallest asset on the market, roughly worth about CAD 30 million. The answer to that, did not sell, so we've sold nothing. Really, at some point, the Brazilian assets will come off balance sheet. I think it was Giuliano's question. Yep. Yep. Okay. Great. Thank you very much. Appreciate it. Congratulations again on the strong quarter. Thank you, Charles. This concludes the question and answer session. I would like to turn the conference back over to Craig Mitchell for any closing remarks. Please go ahead. Thanks for all your questions today. Really appreciate it. Great questions and a lot of thoughts being put into it. Apologies again for pushing out this presentation for a couple of days. You can imagine how frustrated we were. I would like to extend my appreciation to all our employees, our partners, our investors for your continued support and their continued support. As we move through 2025, we are executing on a clear strategy. We are looking to strengthen our balance sheet. We are looking to drive operational excellence and create long-term value for our investors. With a strong foundation in place, our leadership focused on execution and a portfolio positioned for growth, we are confident in the path ahead. If you have any further questions, please do not hesitate to reach out to me and have a great day. Thank you, everyone. This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.