Welcome to Vital Infrastructure Property Trust second quarter 2026 earnings conference call. At this time, all lines have been placed on mute and 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 zero for the operator. This call is being recorded today, May 13th, 2026. I would now like to turn the conference over to Steven Hong, Vice President of Investor Relations. Please go ahead. One moment, please. There has been a technical issue. We will start in one minute. Thank you. I would now like to turn the conference over to Steven Hong, Vice President of Investor Relations. Please go ahead. Thank you, operator. Good morning, everyone, and thanks for participating in our second quarter results conference call. This is Steven Hong speaking. Joining me are Zach Vaughan, CEO; Stephanie Karamarkovic, CFO; Mike Brady, President; Tracy Whittall, COO; and Dave Casimiro, EVP. Our earnings announcement was released yesterday evening, and we posted an updated investor relations presentation on our website, which listeners can refer to during the call. Following comments, we will be glad to ask and take questions from analysts. Today's discussion includes forward-looking statements. As always, we want to caution you that such statements are based on measurements, 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. During this call, we will also reference certain non-GAAP financial measures. A reconciliation to the most directly comparable IFRS measure is provided in our MD&A earnings release. Unless otherwise noted, all amounts discussed today are in canadian dollar. With that, I will now hand it over to our CEO, Zach Vaughan. Thanks, Steven. Thank you everyone for joining us today on the call. This is my fourth earnings call as CEO of Vital, having joined a little over a year ago. Since joining, the senior management team and I, with the support of our board, have been executing on a strategic plan to transform our business centered on four key priorities. One, simplifying our footprint. Two, strengthening our balance sheet. Three, reducing our cost structure, and four, discipline capital allocation. We are still in the early stages of this transformation, but we are making strong progress across each of these priorities, as demonstrated by our results this quarter and our recent activities. Starting with the simplification of our footprint. During the quarter, we closed on the remainder of the properties in Europe that were part of our larger transaction with TPG Real Estate. This transaction represented the majority of our invested equity in Europe, generating $145 million of net proceeds. As of June 30th, our European property operating business and employees have also been transferred to TPG. In Europe, we are left with just two remaining investments, both of which are efficient to oversee and which we intend to exit in due course. Our substantial exit from Europe, along with the internalization of Vital Trust in New Zealand, clearly demonstrates our commitment to simplifying our business and creating a more focused operating platform. Moving to our balance sheet. At the end of Q2, our LTV on a proportionate basis stands at 47%, down about 900 basis points from a year ago. Importantly, our debt to EBITDA ratio improved meaningfully to 7.7 times on a comparable basis, down from 9.4 times a year ago, close to a two-turn reduction. In addition, we ended Q2 with liquidity of $443 million, giving us significant flexibility to pursue accretive growth. Switching to our cost structure. During the second quarter, G&A fell by $2.2 million year-over-year, with further reductions expected next quarter as the impact of our European sale flows through. As a result of these and other efforts undertaken by the team to streamline operations, we are on track to reduce our G&A by over 30% by year-end. Importantly, with our simplified footprint, we can recycle capital with little to no incremental overhead, increasing our platform operating leverage and allowing a greater proportion of property earnings to flow through to unitholders. Lastly, turning to capital allocation. I committed on my first earnings call that we would be laser-focused on disciplined capital allocation. In the past 12 months, we have realized approximately $300 million of net proceeds that have been recycled back to North America through a combination of debt reduction and accretive investment. Importantly, during the last several quarters, we have demonstrated that we are able to reinvest that capital in opportunities that are accretive for our unitholders, having completed and committed to the following transactions. At the start of the year, we entered into a commitment to build a new ambulatory facility for RVH in Barrie, which when completed in 2029, will add additional NOI of $9 million or $0.04 a unit. In March, we acquired a transitional bed facility in Ottawa on a long-term lease to The Ottawa Hospital. This was our first new acquisition in Canada in almost a decade. After quarter end, we completed or committed to approximately $153 million of additional acquisitions. In July, we acquired a 142,000 sq ft integrated community health center in Brooklyn, New York, marking an important step in reestablishing our presence in the U.S. market. This property is a modern, purpose-built, transit-connected outpatient community health hub located in one of the largest and most dynamic cities in North America. New York City has a very limited supply of dedicated healthcare space and very high barriers to entry. The property brings together a broad range of healthcare services, including primary care, specialty care, imaging, and diagnostics. The facility is 100% leased to AdvantageCare Physicians, one of New York's largest multi-specialty physician organizations. The lease has approximately 11 years remaining and includes contractual annual rent escalations, providing durable, predictable, and growing cash flows for Vital. We also announced, as part of our quarterly results, that we signed a definitive agreement to acquire a Canadian outpatient property in Burlington, Ontario. The property is 99% leased to a diverse mix of healthcare providers with long-term operational identification upside of the property. Together, these acquisitions totaling approximately CAD 153 million, are being acquired at a going cap rate of over 7% and are expected to be immediately accretive to earnings. These transactions demonstrate our ability to identify accretive, high-quality healthcare real estate investments across North America. Our pipeline continues to grow in both Canada and the U.S., giving us confidence that our strategy to refocus and grow the portfolio in North America is highly executable. We are making tangible progress across all four of our strategic priorities, and we are confident that momentum will continue over the coming quarters. Turning now to the underlying performance of our real estate portfolio, which remained strong during the quarter. Excluding a one-time step-up in expenses related to outsourcing facilities management in Canada, NOI across our portfolio on the same property basis grew by 3.2%. We ended the quarter with occupancy of 96.1% and a WALE of over 13 years, one of the longest of the Canadian REITs. These metrics continue to reflect the defensive nature, quality, and long duration income within our portfolio. In addition to supporting the delivery of critical healthcare services, many of our assets are located in dense urban markets where there's meaningful long-term embedded value. As a demonstration of this, in July, we received City of Toronto approval for our rezoning application of Fairview Health Centre. This approval allows us to develop 980,000 sq ft of buildable area led by 100,000 sq ft of medical space. The balance of the project can be market-rate residential without the need for any affordable housing component. We're very pleased that our team was able to achieve this result. It provides us with significant optionality and, over time, the potential to create meaningful incremental value for unitholders. Before I wrap up, a quick comment on Healthscope. As has been publicly reported, a consortium comprising four operators is in active diligence with the receiver to acquire all of Healthscope's remaining assets and operating business. This consortium has both our support and that of the other major landlord. As we have previously indicated, we have a committed transaction in place with Calvary, a large, high quality, not-for-profit Australian hospital and senior housing operator, to step into a new lease on all 12 of our properties, subject to lender and receiver approval. We anticipate further information before our Q3 earnings release, and we'll keep everyone informed as the process continues. Encouragingly, performance in our Australian hospitals keeps improving, and from a liquidity standpoint, we continue to see institutional capital return to the market. Last week, an institutional investor agreed to acquire a hospital in suburban Melbourne. The property was acquired for AUD 291 million, equating to a low 5% cap rate. We view this as an encouraging data point for asset values and market liquidity, and we anticipate further transaction activity as hospital operating performance keeps getting better and the Healthscope situation moves towards resolution. In addition, Stephanie will highlight after quarter end, we successfully refinanced all the debt secured by our Healthscope assets on attractive terms, demonstrating the availability of funding for high-quality Australian healthcare infrastructure. To summarize, here are a few takeaways. First, we are making real progress across each of our strategic priorities, and the improvement in our reported metrics this quarter demonstrates that. Second, our portfolio continues to perform as it should, generating stable and growing cash flows underpinned by critical healthcare assets with significant long-term upside. Third, we remained disciplined in our approach to capital allocation and are demonstrating our ability to identify accretive opportunities to recycle capital and grow the business. We are pleased with both the strategic progress we are making and the underlying performance of the business during this quarter. Vital is becoming a simpler, a stronger, and a more focused company with an improved balance sheet, a more efficient cost structure, and a growing pipeline of attractive investment opportunities. With that, I will hand it over to Stephanie to talk about financial results. Thanks, Zach, and good morning, everyone. On today's call, I will first walk through Vital Infrastructure's second quarter financial and operating results, and then cover our balance sheet, including debt maturities, liquidity, before we move into Q&A. Before I begin, just a quick reminder on our reporting baseline for 2026. Following the internalization of Vital Trust management structure at the end of 2025, Vital Trust is no longer consolidated within the REIT's results and is now accounted for as an equity accounted investment. As a result, certain year-over-year comparisons, particularly NOI, FFO, AFFO, and other proportionate measures, are affected. Beginning in 2026, Vital Trust no longer contributes to proportionate NOI, while FFO and AFFO now reflect cash distributions received rather than a proportionate share of its underlying operating results. Although this affects comparability with prior periods, it aligns with our reporting with the cash flows we receive from our investment and provides a simpler, more transparent presentation. Turning to our second quarter results, we delivered another quarter of steady operating performance consistent with our long-term strategy. Same property NOI on a proportionate basis grew by 2.3% year-over-year to CAD 51 million for the quarter, driven by contractual rent escalations, rentalized capital expenditures, higher parking income, and improved cost recoveries. In North America specifically, same property NOI increased by 1% for the quarter, as contractual rent escalations and higher parking income were largely offset by higher properties operating costs associated with our transition to outsource facilities operations effective in November of last year. Excluding the impact of that transition, North American same property net operating income increased by 3.3%, and our overall same property net operating income would have increased by 3.2% year-over-year. FFO per unit, excluding accelerated amortization of financing costs, was CAD 0.11 for the quarter, in line with the first quarter of this year. While AFFO per unit increased to CAD 0.11 from CAD 0.10 in the first quarter, it is worth noting that both FFO and AFFO exclude approximately CAD 0.5 million of accelerated amortization of financing costs related to the early repayment of certain European mortgages using proceeds from the European portfolio sale. On a proportionate basis, management fee income declined by approximately CAD 3.6 million, primarily reflecting the deconsolidation of Vital Trust and lower fees from the European joint venture following the portfolio sale. This was more than offset by an approximately $5 million reduction in finance costs compared with the second quarter of last year, reflecting again the deconsolidation of Vital and lower borrowing costs following our refinancing activity and lower amortization of deferred financing fees. Overall, these items had a modest favorable impact on FFO and AFFO for the quarter. Importantly, our AFFO payout ratio remains within our targeted range at 85% this quarter, an improvement from 88% in the same period last year. Turning to G&A, our continued focus on operational excellence and business simplification is translating into a structurally lower cost base. G&A attributable to AFFO, which excludes unit-based compensation and employee termination benefits, declined to $10 million for the quarter from $12.2 million in the second quarter of last year. These savings reflect the execution of several strategic initiatives over the past 18 months, including the internalization of Vital Trust, the European portfolio sale, the resulting closure of four regional offices, the outsourcing of our Canadian facilities management platform, and overall corporate cost optimization. As a result, our global headcount has declined by approximately 40% year-over-year while preserving the capabilities needed to support our North American growth strategy. With the majority of our European platform now transitioned to TPG and additional simplification initiatives underway, we expect to capture further efficiencies over the balance of the year. As a result, we remain on track to achieve a run rate annual G&A expense, excluding unit-based compensation and severance, of approximately $35 million by the end of 2026. These actions are expected to enhance operating leverage, strengthen earnings quality, and improve the long-term unitholder value. NAV per unit was $7.66 as at June 30, 2026, up from $7.55 at March 31. The increase was driven primarily by favorable foreign exchange movements and mark-to-market gains on our Vital Trust units, partially offset by transaction costs associated with the European portfolio sale. Turning to the balance sheet, our proportionate leverage improved materially to 46.8%, down from 52.7% at the end of the first quarter and 56% this time last year. The decrease from the prior quarter primarily reflects the timing of the European portfolio sale, with the net proceeds not yet deployed by quarter end. As we redeploy these proceeds into our North American acquisition pipeline, including the Brooklyn acquisition completed subsequent to the quarter end and our Canadian committed acquisition, we expect leverage to increase modestly from June 30 levels. On a pro forma basis reflecting these subsequent acquisitions, proportionate leverage would have been approximately 48.8%. Our debt to adjusted EBITDA ratio was 7.1 times at quarter end, or approximately 7.7 times on a comparable basis, excluding the EBITDA contribution from the disposed European properties. On a pro forma basis reflecting the impact of our subsequent acquisition and repayment, our ratio would have been approximately eight times, which we believe better reflects our ongoing operating profile. On near-term debt maturities, we had approximately $230 million of remaining 2026 maturities at the end of the quarter. In Canada, $18.8 million of mortgage maturities are expected to be repaid or transitioned to our revolving credit facility. Of which about $7 million has already been repaid subsequent to quarter end. On the Australian side, I am pleased to report that our joint venture successfully refinanced AUD 715 million, or CAD 210 million at our share of term debt subsequent to quarter end, extending the maturity from December 2026 to December 2028, and resolving what was our single largest 2026 maturity. As of today, total available liquidity is over CAD 250 million, including the subsequently disclosed Q2 activities, providing significant flexibility to execute on our priorities. Our weighted average interest rate was 5.25%, compared with 4.76% a year ago, reflecting a change in our debt mix following the repayment of lower cost European mortgages and the use of our revolving credit facility to fund acquisitions. Our weighted average term to maturity was 2.2 years, which has since improved following the successful refinancing of our Australian joint venture subsequent to quarter end. Turning to capital recycling, as Zach Vaughan mentioned, we successfully completed the sale of our European portfolio in the quarter. This transaction generated approximately CAD 145 million of net proceeds attributable to the REIT after transaction costs and taxes. We have already redeployed a significant portion of those proceeds into the acquisition of the East New York Health Hub in Brooklyn, with the remaining proceeds committed to our Canadian acquisition pipeline. As we have previously communicated, our expectation was to use proceeds from the European portfolio sale to repay our six-and-a-quarter Series H convertible debentures. Given the attractive acquisition opportunities available in recent months, we instead prioritized redeploying that capital into accretive North American investments that we believe will generate greater long-term value for unit holders. With the Series H debentures becoming callable without penalty on September 1st, subject to the required 30-day notice, we intend to revisit this in the near term and evaluate the most efficient approach to addressing the maturity, whether through additional asset recycling, refinancing at more favorable market rates, or a combination of both. Importantly, our growing pool of unencumbered assets continues to enhance our financial flexibility, positioning us to access a broader range of financing alternatives over time while further diversifying our sources of capital. In the meantime, we will continue to be opportunistically repurchasing our convertible debentures under our normal course issuer bid, where we believe doing so represents an attractive use of capital. During the quarter, we repurchased approximately CAD 1.5 million of convertible debentures, bringing the year-to-date repurchases to CAD 2.9 million, while maintaining the flexibility to prioritize capital deployment into accretive investment opportunities. Taken together, these initiatives have simplified the business, strengthened the balance sheet, and meaningfully repositioned our capital towards North America while preserving the stable cash flow characteristics of our portfolio. In closing, our second quarter results demonstrate the durability of our portfolio and our disciplined approach to capital allocation. With resilient healthcare infrastructure demand supporting our assets and a proactive approach to capital management, Vital Infrastructure is well positioned to pursue opportunities and deliver sustained results in the quarters ahead. With that, I will turn it back to the operator to open up the line for Q&A. We are now opening the question-and-answer session. If you would like to ask a question, please press star followed by one on your telephone keypad. If you would like to withdraw your question, please press star followed by one again. Thank you. Your first question comes from the line of Jonathan Kelcher from TD Cowen. Your line is now open. Please go ahead. Thanks. Good morning. First question, just on your pipeline, the acquisition pipeline, Zach, you talked about it being pretty active. How does that stack up, U.S. versus Canada? At the moment, it fluctuates day to day. I would say it is probably skewed about two-thirds to the U.S. at the moment in terms of acquisitions. If we could do everything in Canada, we may well do that. I think the challenge is, obviously, a lot of the healthcare assets and infrastructure is single payer-owned. So the U.S. tends to be where we find more acquisition opportunities. Our development opportunities in terms of where we would do strategic transactions like we did with RVH, those are all here in Canada. Okay, so no U.S. development. Are there any states that you are maybe looking to add to or conversely stay away from? Yeah. It's interesting, Jonathan. Coming from a background of starting my career in office, moving to apartments and hospitality, you tend to focus on certain kind of key markets. I think in this case, we're probably biased towards the East Coast down to the Southeast in terms of markets. It's not a specific state-by-state strategy. It's more asset and area specific and what the underlying users is doing in the building, really. I would also note, everything we're pursuing right now is really skewed towards outpatient versus inpatient. Okay. Lastly for me, just on dispositions, how should we think about that for the balance of the year? In terms of properties or- Well, both. I guess properties and the Vital New Zealand- Yeah. Mike's here, so he can give you the update on timing. Yeah. Hi, Jon. We're no longer subject to any restrictions with respect to our holdings in the New Zealand entity. Having said that, we don't have anything to announce today. Yeah, I think we'll be opportunistic about it, but certainly now having that available as a source of liquidity obviously is something we'll explore. Okay. On the property side? On the property side, I think probably dispositions that are actively under evaluation would be the balance of our German clinics, potentially. Timing, to the extent that happened, I think it would likely be a Q4 event. Okay. Just sort of put everything together, if I were to think about it, you've kind of used all the cash that you've got back from the European sales to your announced acquisitions, and if you were to announce more, we should probably think about the New Zealand shares as a funding source? Yeah. I think New Zealand, Europe are certainly a source of funding for us. Okay. Thanks. I'll turn it back. Thanks. Your next question comes from the line of Sairam Srinivas from ATB Cormark Capital Markets. Your line is now open. Please go ahead. Thank you, operator. Zach, Stephanie, congratulations on the quarter. Yeah. Thanks. Just thinking about dry powder looking ahead, I know you mentioned all the cash from the European acquisitions is probably deployed, but how would you think about leverage, looking forward, and should we think about leverage in the next 12 months? I can take that one. Yes. I think our kind of mid to long-term target of leverage is around that 50% or 8x debt to EBITDA. That will kind of vary up and down as we recycle capital and then redeploy, but we are really targeting that 50%, which is what we feel comfortable on a long-term basis, given the underlying credit and quality of our portfolio. Yes, I think that would be what I would target. And maybe just looking at the quantum of acquisitions ahead, at this point, can you comment on what that number would look like? Would it be another CAD 100 million of acquisitions to come? Yes, I think we sort of gave soft guidance to we think sort of CAD 250 million for the year was kind of a target. So I think that is probably a good range to be. So certainly another CAD 50 million of acquisitions before the end of the year is a safe assumption. Perfect. Zach, what is your view on Fairview Health Centre, and what is the long-term plan here for that development? Fairview. Look, Fairview is one of our better-performing assets. It is kind of a critical health hub. I think longer term, there is a need for larger community health operators in that general area, and so we are talking to some of them. I think once we sort of resolve what we are doing on the health side, we will figure out how to plan for the rest of it, which is likely to be residential. Either we would sell the excess land net of the medical or possibly partner with someone who would take charge of the residential. But it is still early days. Yeah, makes sense totally. Thanks, Zach. Thanks, Stephanie. I will turn it back. Thanks. Your next question comes from the line of Himanshu Gupta from Scotiabank. Your line is now open. Please go ahead. Thank you and good morning. Good morning. Zach, in your prepared remarks, I think you pointed to a transaction activity, Melbourne Hospital at low five cap rates, if I heard it right. How does your cap rate or pricing compare to transactions you have seen in the last one year, the last two years? Just trying to get a sense of how competitive or desirable the market is. Yeah. This is in Australia. Look, we continue to see assets trade. Out of Vital Healthcare Property Trust, they have been trading assets. Again, it is very asset specific, depending on the operator and the profitability of the asset. But I would say, seeing that kind of pricing on a large asset with term is very encouraging. There is some element of some potential redevelopment there, but not enough to really make that pricing materially different. Look, I think what we are seeing is capital starting to come back in bigger ways and in bigger deals to Australian healthcare. In other words, if you talk to people down there, the idea of Healthscope, which 12, 18 months ago was on everyone's mind and a big discussion, people are looking through it. Right. On the subject of Healthscope, once that situation is sorted out, will that be a source of disposition as well? I know you outlined the Vital units and remaining Europe assets, but would this 12 asset Healthscope would also be a disposition candidate? Look, I think once this is resolved, certainly the liquidity of all those assets changes dramatically. And part of our strategy with that partnership was to continue to recycle capital, and so we'll be actively re-engaging as that. Yes, you could look at it as a source of liquidity, but I think until we're through Healthscope, it's too early to give real guidance on specific assets. Fair enough. And then, sorry, one more follow-up on Healthscope. I think you mentioned that you support the proposal or agreement so far with the operators. Based on if this agreement goes through, do we know will there be rent concessions being given or any rent reduction, and what reduction we should expect if this gets done with Calvary? Yeah. Hi, Himanshu. At this time, we're not able to comment, again, given the terms of the transaction and the offer are still subject to approval. We're not able to provide any further details. But as soon as we are, we'll be able to provide some update on what our lease terms with Calvary look like. Okay, fair enough. Maybe the last question is on the G&A. Obviously, a big part of your focus and making a lot of progress there as well. Should we see a step down in Q3 G&A from Q2 now that Europe is folded- Yeah and that gets you to realization, the CAD 35 million annualized CNX? Yeah. In Q3, now that all of the employees in Europe have transitioned as of June 30th, we will see a pretty meaningful impact in Q3, and then continuing into Q4 as some of those costs unwind related to legacy things there. Largely speaking, we will be, by the end of 2026, at that CAD 35 million run rate that we have guided to. Okay. 2027 will technically be the new G&A. Yeah. What is that range going to be? Sorry, range of what? On G&A. I know you're quoting this AUD 35 million annualized number. Yeah. It's a very big reduction from what you have in 2026, so I just want to make sure I got this right. Yeah. Keep in mind the 35 excludes unit-based comp and any employee termination benefits. But yeah, that CAD 35 million is kind of the safe assumption by the end of Q4. Okay. Thank you so much, and I'll turn back. Thank you. Your next question comes from the line of Giuliano Sanna from National Bank. Your line is now open. Please go ahead. Hey, guys. Good morning, everyone. Morning. I just want to start with Australia. Have there been any kind of regulatory developments either in the budget or in the insurance maybe outlook, that have impacted your business or the operators there? Nothing from a regulatory point of view that I can think of or legal. I think, in fact, I wouldn't say it's regulatory, but what we're seeing is the kind of reimbursement rates continue to trend in a positive direction, which is just month by month, just improving the profitability that we're seeing, not only with Healthscope, but really across the assets that we have visibility into. For that recent transaction, do you figure the buyers are just assuming a more normalized environment for the operators, or are they sticking to the best ones? Just as a last question related to that, what do you expect permanent financing there would be like? Yeah, I can sort of talk about that transaction. That property in suburban Melbourne is a strong operator. They're a well-known operator. It is a good, solid, performing hospital. Look, I think the capital behind it is likely long-term sort of income-oriented capital. Maybe Stephanie can comment on financing. Yeah. Through our recent experience of refinancing the Australian JV, I would say that there's a larger appetite to lend against these assets than there has been in the recent history. We had a one-bank syndicate originally, and now it was expanded to, I think it's four banks. There was definite appetite from others to come in and lend against this portfolio, and on actually even slightly better terms than was previously. I definitely think there's bigger appetite to lend and availability of financing for these assets. Okay. Just turning to, I guess, Canada. Firstly, in the recent Ontario budget, have you noticed any demand drivers that are impacting your ability to do some of these larger developments? Secondly, is the primary care push starting to positively impact maybe occupancy or anything related to your business? Maybe I'll let Dave Casimiro. Maybe Dave, you can give some thoughts on where things are headed in terms of regulatory and primary care. Certainly. Good morning. Obviously, we're keeping close track of a number of the government funding initiatives around supporting primary care as well as supporting of various schools of medicine. We are seeing that happening and from an announcement perspective, and starting to see some of the flow-through in that funding wherein we are working with some of our family health teams and primary care tenants on space allocation and looking at ways on how they can grow. Okay, thanks. One last one on the regulatory front. I'm just wondering, do you have any thoughts on the proposed site neutrality policy in the U.S.? Does that affect any of your current kind of portfolio or change the acquisition strategy at all? No. I don't think so. I don't think there's any impact on our current portfolio today. So no, I don't think it impacts that or our strategy. Our strategy is really high quality outpatient, limited inpatient, and minimize exposure to areas and things that could be impacted from a funding point of view negatively as some of these regulatory changes come through. Okay. That's all for me. Thanks, guys. Thanks. Your next question comes from the line of Pammi Bir from RBC Capital Markets. Your line is now open. Please go ahead. Thanks. Good morning. Just wanted to come back to the Healthscope for a second. And I think, Zach, you mentioned that you expect an update before, I guess, you report Q3. Is that just based on the timeline that the receiver has provided, or is the whole process just kind of approaching the final strokes at this point? Look, we cannot comment on specific dates and times, but it does feel like this process, as we thought, was longer and more complicated, but it certainly feels like they are headed towards some conclusion that you now have sort of this consortium of four people. It is a holistic solution for all the assets and the business. I think you are sort of in that path where it is not as if it is an option where you are now going to go out and look for more interest. We do feel like we are headed towards some kind of resolution there. Look, for us, we have our transaction in place that is ready to go as long as this all gets approved. Got it. Okay. That is helpful. Just to clarify, if this is resolved and you were to sell, at some point, some of these Healthscope assets, would that capital be redeployed in Australia or alongside your partner, or would you repatriate that back to North America? Yeah, look, I think our goal is to repatriate our capital back here to reinvest in North America, as we have stated. Again, could there be something extraordinarily attractive? We could look at it, but the truth is, our strategic goal will not really change. If we exit an asset, likely or multiple assets, the proceeds are going to get redeployed here. Okay. Just coming back to the acquisition commentary, I guess particularly in the U.S., how are you thinking about just continuing to acquire assets sort of on your own, or are there opportunities that you are seeing with potentially partnering up with some of the local entities? Yeah. I think it's a good question, Pammi Bir. I think it's a mix. It probably depends a bit on the asset. For example, something like East New York Health Hub, this is a single tenant, long dated, triple net lease. That's something that we can certainly do. We can execute on the transaction from here. We are looking at transactions, as I mentioned, with groups where we would essentially acquire the asset and bring them in as partners specifically to help us with certain value enhancement initiatives. Those relationships could grow over time and become more strategic. I think it does depend on the strategy, and we're looking at a mix of these single tenant critical health hubs to more multi-tenant hands-on assets. Okay. Maybe just on that, are you comfortable acquiring assets where the going in yield just may not be accretive or might be dilutive in the short term, but within a couple of years, that they could actually be quite attractive? Or do they need to be immediately accretive coming in? Yeah. I think, again, it's a mix. I think we're more focused on what kind of value we can enhance. Everything we're looking at today in our pipeline is accretive today, and is either very stable and grows by the contractual increases or there's a lot of value enhancement there. I guess if your question is would you buy a vacant building or something to reposition? The answer is no. Everything we're doing, we anticipate to be accretive today. Some may be more than others, and some may have more long-term upside than others. Got it. Okay. All right. Thanks very much. That's helpful. I'll turn it back. Your next question comes from the line of Indiana Thornhill from National Bank. Your line is now open. Please go ahead. Hey, guys. Just had two follow-ups. I am just wondering what drove the sequential decline in the credit line rate. Stephanie, I know you mentioned that the unencumbered asset pool increasing is kind of increasing your flexibility. Could you just expand on that as well? Yeah. No change to our underlying credit facility during the quarter or even during the year, for that matter. It really is based on underlying base rates, which have remained fairly stable. So there has not really been much underlying change in our credit facility borrowing rate during the period, so I am not quite sure maybe what you are getting at. Yeah, maybe a different number. Zach, are you comfortable yet putting a timeline on when you think you might get to the more simplified state that is the current kind of strategy? Like in a year time, or where do you think the end state actually can be realized? Yeah. I certainly think in 12 months we'll be a dramatically simpler business and will have repatriated more capital back here. In terms of at what portion, vastly the majority of our earnings are sort of Americas, North America. That may just take a while because, again, in some of these situations, we obviously have partners we have to work with and it takes time. But I would think, again, I'm going to put something out there, maybe think about it in 24 months, we'll be pretty much Americas, North America focused. Okay. Thanks. Again, if you'd like to ask a question, please press star followed by one on your telephone keypad. We will be taking a moment to let the questions come in. It seems that as of the moment, we don't have any questions queued up, so that concludes our question-and-answer session. I will now be passing the call over to Steven Hong, Vice President of Investor Relations for closing remarks. Please go ahead. Thank you for joining us today and your continuing interest in Vital Infrastructure. If you have any follow-up questions, please feel free to reach out to me at steven.hong@vitalreit.com. Thank you again for your time and have a great day. Thank you everyone for attending this call. You may now disconnect.