Dream Residential Real Estate Investment Trust

At June 3rd, we had mortgages with a face value of $144 million at a contracted interest rate of 3.95% and a weighted average term to maturity of approximately six years. We currently have no exposure to variable debt, and our earliest debt maturity is in 2025. At the end of the quarter, we had approximately $86 million in liquidity, comprising $15.7 million in cash and full availability of our $7 million credit facility. Looking at the remainder of the year, we are well-positioned to continue to execute on our strategic initiatives, including driving organic growth, expanding our value-add program, and executing on focused capital deployment. We have balance sheet capacity and financial flexibility to pursue both internal and external growth initiatives. I will now turn it back to Jane.

Thanks, Derek. Dream and Pulse, over their long histories, have successfully managed through economic turbulence, GFCs, rising and falling interest rates, inflation, even a European debt crisis when we launched Dream Global. But like everything we do, we build with conviction with a view to the long term, for years, not quarters. So we're excited about the prospects for Dream Residential as we get started, and we believe we've got great building blocks from which to grow and to deliver strong returns for our investors. So with that, I'd like to open the call to questions.

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