Dream Impact Trust

Good morning, ladies and gentlemen. Welcome to the Dream Impact Trust fourth quarter conference call for Wednesday, February the 19th, 2025. Please be advised that all participants are currently in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. During this call, management of Dream Impact Trust may make statements containing forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the trust's control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Additional information about these assumptions and risks and uncertainties is contained in the trust's filings with securities regulators, including its long-form prospectus. These filings are also available on Dream Impact Trust's website at .dreamimpacttrust.ca. Your host for today's call will be Mr. Michael Cooper, portfolio manager. Mr. Cooper, please proceed.

Thank you very much, operator, and welcome everybody to Dream Impact's year-end conference call. I've been trying to figure out how to start this call, and my inner voice has been saying, I should probably start it by saying, oh my God, we've done such a great job. We did everything we said we were going to, and so many things are bad in Canada. We've got so many issues around leadership. We're so poorly positioned with the states. There's so much uncertainty that we're really facing all of us more and more stress and difficulty than we would have expected. So let me explain what I mean. The idea was that there was a housing crisis in Canada. The federal government, even in the 2022 budget, CMHC repeatedly said we need about three million new housing units to house Canadians. And they actually got involved with a lot of policies. We worked closely with them on the policies. And now it turns out that whether or not we have a housing crisis, it's difficult for people to buy homes with the amount of money they make. So the cost of building is pretty high, especially in Toronto where we're focused. On the apartment side, it's actually going pretty good. The rents are a little bit flat now. They've gone up a lot in the past number of years. So we'll see how that goes, but everything is slow and grinding. So when we look at our business, it's really amazing that of the 1800 apartment units that we were planning on building in the Canary District, we now have two buildings finished. Part of the third building will be finished this year and the balance will be finished next year. That's 1800 units, the trust is 25%. We are making good progress. Leasing is a little slower than we thought, but we're making good progress. Our value-add apartments, those buildings are full. The rents are pretty strong. It's going pretty close to what we expected. Not a lot of turnover, but otherwise it's going pretty good. We've done a lot of the capex, so now those buildings should start to produce cashflow. And then we're making progress on starting new buildings. A couple of examples is that a Block 206 in Ottawa is gonna start in a couple of months. That's a building that the Impact Trust owns half of the land. It is not gonna participate in the construction of that building, but when the construction starts, about $6 million of land loans will be paid off, a couple of million dollars to the Impact Trust. So it's gonna benefit from it. We're just gonna start a building in the Gatineau side later this year. It's creatively called Block One. It's gonna start Impact Trust. It's probably not gonna participate in that, but it'll pay down more debt. So we're making a lot of progress paying down debt at Zibby. The big news is that Fort Inon Ontario, which is a huge asset, which might have equity as big as the market cap of the company within the site, we made a lot of progress. So in the fall, with the City of Toronto, they accepted our application to be exempt or delayed development charges. That works out to be over $2 a share of value, very, very valuable for us. In addition, we're adjusting the final steps of finalizing a very significant loan to fund the construction of the building. And that hopefully will be done by the end of the month or early in March. We said before that we're looking for partners. We are in very advanced conversations. We hope to have news prior to our first quarter results. And that project produces a lot of value and could produce a lot of cash in the next 12 months for Dream Impact Trust, as we lock up all the necessary elements to be able to develop a building that will generate great returns for the owners and crystallize the value that's in the land and stop paying interest on the debt and start the development with the government loans. By the way, the government loans today are probably around 3%. And in the case of Fort Inon Ontario, the loan will probably be for about 10 years. So it's just about ready to go and we expect to start construction in October, November. So that's very exciting and very positive. The other big project that we're making progress on is Keyside. We bid on it in 2022. And there's probably every single thing has changed. But in the meantime, we've worked very closely with the federal government, the city of Toronto plus Waterfront Toronto. And I think we're getting, we're making a lot of progress on having a plan that we'll be able to develop together. In that case, the city of Toronto does the affordable housing, we don't. But that could be a meaningful project. Impact Trust only owns .5% of it. So because everything's slower, we're paying more in interest. We're very focused on liquidity. Last year we sold a couple of assets and that worked out pretty good. This year we're hoping to get the proceeds from 2025 either in cash, sorry, from Fort Inon Ontario, either in cash or at least have the deal completed. We're looking at selling down some of our commercial assets over time and really focus on residential. And we've got some passive assets that we think we can get some liquidity in. So we feel pretty good. I would say that I never imagined that we'd start construction of a building and wonder if by the time it's finished, Toronto would be in Canada or the United States. So this type of uncertainty is unprecedented and we've had all the talk about tariffs. The tariffs that the state's charges probably has a neutral effect directly on us, maybe positive because there'll be materials in Canada. It's the counter tariffs that would be a real problem for us directly. Indirectly, just the state of the Canadian economy matters. But on that one, we do know that the government has been seeking people in the housing industry to get feedback as to what counter tariffs would hurt home building. And I think that's really important because hopefully

the

country will make some decisions to manage the relationship with the United States without affecting home building in any significant way. Overall, we continue to have great assets. We're in conversations on much of the business, how to repartner it and do other things. So it's a very, very tough environment. I think the stuff we're doing is coming along very well. We're very pleased with it. The quality assets speak for themselves and we're able to talk to other people about partnering or trading or other ways to make our company better and better. So I'm gonna leave it there, ask Megan to speak about the financial results and then we'll answer any questions after that. Megan.

Thank you, Michael and good morning, everyone. I'll briefly speak to the trust financial results for the quarter and then touch on liquidity. In the fourth quarter, the trust recognized a net loss of 8.3 million compared to 19.7 million in the prior year. The improvement in earnings was driven by fluctuations and fair value adjustments year over year. In addition, the trust recognized earnings from brightwanderer condo occupancies partially offset by higher interest expense driven by the timing of completed multifamily rentals during the year. Interest will typically be capitalized on buildings when they're under development and then expense once they're ready for use. The most significant fair value adjustment in the fourth quarter was an 8.4 million fair value loss taken on a commercial block at Zibi which had recently been completed. The loss was driven by an extended lease of timeline and higher terminal cap rate supported by a third party appraisal. Now more specifically, in the fourth quarter, the recurring income segment generated 1.8 million in same property NOI from our multifamily rental assets up slightly from prior year due to turnover. Including properties in the lease up phase, NOI was 2.5 million, an increase of 1 million from the prior year due to Maple House and ALCO2 approaching stabilization. As of February 14th, these two buildings were approximately 80% leased. In the fourth quarter, the trust transferred block 206 at Zibi which is a 207 unit multifamily rental building in Ottawa to the recurring income segment. As of December 31st, in place and committed occupancy for this block was 53%. The trust continues to make headway with this near term multifamily development pipeline. In the fourth quarter, Birch House, which is a 238 unit purpose built rental building in downtown Toronto welcomed its first residents. Construction at Cherry House continues to progress and based on current timelines, we do expect to begin leasing towards the latter part of the year for the first building. In aggregate, once built out, the Canary Landing Community will make up just over 1800 multifamily units of which the trust owns 25%. As it relates to the development segment, the trust recognized a net loss of 6 million compared to 4.7 million in the prior year. The fluctuation in earnings was really driven by the change in fair value adjustments partially offset by occupancy income from Braywater. During the fourth quarter, roughly 300 condo units at Braywater closed as part of phase one, so we commenced occupancy at Braywater Towns, which 50% occupied as of December 31st. Subsequent to year end, occupancy also commenced at the Mason. As of December 31st, the trust had total cash on hand of 16 million. Over the course of the year, the trust repaid 100 million of construction debt from condo closing proceeds at Braywater and Ivy condos. 11.5 million relate to the credit facility and we were financed about 170 million of maturing debt. And with that, I'll turn the call back over to you, Michael.

Thank you very much, Megan. Megan and I would be happy to answer any questions at this time.

Thank you. We'll now begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad. You'll 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 is from Sam Damini with TD Cohen. Please go ahead.

Thanks and good morning. My first question, Michael, your comments about the housing market, with the 3 million plus homes expected to be needed and how that's changed. I'm just wondering how you see sort of the housing demand and supply evolving in, I guess, Toronto and Ottawa over the next, let's say three to five years and how that impacts your plans for impact.

You know what? We have these different companies and Dream Unlimited reports next Tuesday. Western Canada is a completely other world. So here we are talking about housing and you gotta be very local because Western Canada, we're probably doing as well as we've ever done. Our rentals are working. People make a lot of money. They don't have a high housing costs. And it is really striking to look at what's going on there and compare it to what's going on in Toronto. So in Toronto, on the housing side, single family homes are selling because we have the same numbers we had in 1960. So there's like twice as many people, same number of homes in the city of Toronto. So, you know, there's a lot of support for them. Beyond the city of Toronto on a low rise, it's very slow, but it's not terrible. But when you get to downtown condos, we have the highest number of condos being finished this year. There's a little bit more next year. And there's kind of a lot of people who bought condos who wish they wouldn't have them. So that's depressing the prices. And they're trying to reduce their carrying costs. So that results in the least number of sales in condos in 30 years. Now, Toronto is a lot bigger. So if we're selling the same amount as the early 90s in that big recession, it's even worse than the early 90s for the condo market. So that's really tough. For apartments, we are competing somewhat with these newly finished condos. And the individual landlords, they don't have as much discipline, and I don't blame them. You know, they're leasing for maybe $2,500 a unit when we think they should get 2,700, but we're kind of competing with the 2,500. It's not terrible. Okay, there's still a lot of people that want to rent. So I think that part's pretty good. The key thing is after 2026, the condo deliveries fall off a cliff. There's hardly been any condos start in the last 24 to 30 months. And it doesn't look like many are gonna start. So we're gonna see a huge change in the supply side of the equation. So I think it's gonna settle down. That's gonna be very good for the rental buildings. I think the single family housing market's fine. We're just gonna have to see when the condo market comes back and what it looks like, because we're kind of used to a different market. Just a government policy that I think is just stupid. We decided that it's a bad idea for foreigners to buy real estate because somehow that drives up prices, which it doesn't, but let's say it does. We should have exempted foreigners buying condos on pre-sales because effectively, when you sell condos on pre-sales, you're creating the financing mechanism to be able to build. So by saying foreigners can't buy a condo, it contributes to less buyers a condo, so we were not building any. So I think that the government has done some great policies and we've been a huge beneficiary of it. And there's other policies you're looking to say like, this does not achieve what they think it does, and it's really hurting. So I think that what we're seeing is whether it's, and I don't wanna be political, because I just wanna work with whoever's there, but the liberals have moved so much in the last two months on their policies. I think it's very positive. And the conservatives also have a very pro, let's grow the economy, let's be more practical point of view. So I think we're gonna see even more policies that are positive. So I'm hoping that after, let's say, I don't know, hopefully have an election soon, maybe after April or May, there'll be a clearer direction and there'll be a real change in decisions. So right now, the housing market in Toronto is fine for single family homes in the city, like resales, but for condos, it's a very tough market and everybody's holding land. I think you heard us talking about the condo sales that have been completed. Almost all of the units that have been pre-sold by us and everybody else are closing. Fast, like 95 or 97% are closing. Developers are getting the money out of it that they expected, so that part's good. But the people who are holding land who aren't that strong are getting pushed. And you can sort of see that in our company, they're holding land and not getting started, it's hurt us. But I think it gets better. Interest rates have gotten better. Construction costs have come in a bit. Land costs in a way are cheaper. So you start to put things together. If we waive development charges and then if the land cost is cheaper and interest rates costs are cheaper, we're gonna be able to build more. So it's coming, but just incredibly slowly. Sorry for the long answer.

No, that's great, that's very helpful. Thank you and great to see the development charge waivers on Forty Nine Ontario and Keyside. And I guess Forty Nine Ontario, that starts later this year delivering a few years out into hopefully an undersupplied market. So hopefully that works out. My second question is just on liquidity and refinancing targets for this year and next. Outside of Forty Nine Ontario, what other key milestones are you hoping to achieve?

So again, this is the beginning of our reporting season, but throughout the organization, we've renewed billions of dollars of debt the last 12 months or whatever. It's going exceptionally well. We're in very close touch with all of our lenders. We've got a land loan at Gary coming up, a land loan at Silo's coming up. They're both with banks we deal with literally every week. We have conversations on them. I think they look perfectly fine, as have all of our loans that have come up in all of our businesses. So, I mean, we're not overly fussed about that. And we think that they'll come along pretty good. We always budget some pay downs. And so far, I think we've exceeded our budget in office, on land, on everything. So, I mean, I am grateful for the support and partnerships with all of the banks in the country. It's just been amazing.

Great, thank you. And I'll turn it back. Thank

you.

The next question is from C. Ram Srinivas with Cormark Securities. Please go ahead.

Thank you, Abrila. Good morning, Michael. Good morning, Megan. Good morning. Just looking at the same property portfolio, occupancy I think was up year over year, but quarter over quarter there's some moments with that. Just broadly, where do you see this occupancy in this portfolio stabilizing over the next 24 months?

Megan, do you want to answer that or do you want me to?

It doesn't matter. I say you. Sorry, go ahead, Michael.

Oh, okay. So our value add portfolio is quite leased and the turnover is small. So I don't remember call the exact number. What we're working on getting the new buildings completed, they're leasing up, we're at 70 or 80% and we're making progress. So we should end up at 95, 96% from a stabilized portfolio. Maybe a little better even.

The change that we saw this period, so I was really just a little bit of seasonality. It wasn't anything other than that.

All right, I know that makes sense. And maybe just looking at the, again, the same property in one number, do you mention there's some non-regarding operating expenses this quarter? Can you elaborate on that?

To be honest, there isn't like a ton of, ton much more to add. Specifically, at the two properties at Debbie, there was just some RNM and a little bit of higher OPEX that we think was just because they're new buildings and we don't expect it to be recurring in nature go forward. So there isn't really much more color to give. It's pretty a matter of fact.

Okay, fair point. And maybe just the last question on DAS, that's probably gonna be sold in dreams. The block 204 at Zibi. Can you guys give a color in terms of how the transaction is gonna be built up and the procedure expecting from it?

Could you repeat the last part?

I'm just curious in terms of how the transaction is gonna be built up and what you're expecting from there in terms of the value of that piece of land.

Oh, we've got appraisals on the land. We've got the debt on the land. Most of the land value is, Megan's probably getting the numbers, but I think there's about $11 million of debt that gets paid down and the land's probably worth 13 or 14 million. So I think that the impact trust gets about 2 million. There's not really a valuation problem in any way because we keep, like we do one block after another, we've got appraisals and it's pretty simple. The real point there is to, Dream Unlimited is working with impact trust to get the, to not use up any of impact trust liquidity, but also to keep the project moving to pay down debt.

That makes sense, Michael. And maybe just the last one on, just recently Dream Unlimited announced a new partnership, a new venture that's gonna be built up. Does that form an immediate opportunity for Dream Unlimited to actually sell down some of the assets?

I think it's unlikely to do a related party transaction with a large institution, but in a way we're in the market all the time now to try to fulfill that mandate. So whether they buy it or the market, the market's pretty good. I mean, we just been on an apartment building for that venture and got slaughtered in terms of how far we were off the selling price. So, you know, we're seeing a more robust investment market for apartments. So I wouldn't see direct, maybe it could happen. I just don't like the optics of dealing with a new client and talking to them about selling our stuff to them. But I think that the investment market for apartments, you don't need that. You can sell them if we wanted to.

That's great, Michael. Thank you and thanks, Megan. I'm done, I'm back.

The next question is from David Crystal with Ventum Capital Markets. Please go ahead.

Thanks, good morning, guys. You touched on the kind of seasonality of the occupancy trend in the same property portfolio, but looking at the lease up for Alto 2 and Maple House, obviously a lot slower in the fourth quarter versus the third, how much of this is seasonal or structural versus competing with your own project deliveries on those sites?

It's a great question. There's so many things happening at once. It's a little bit hard to isolate seasonality from, I don't know everything else that's going on, but I think that in Toronto, there definitely is a competition with the condos. There's definitely seasonality. We had a great November in Toronto. Again, December wasn't that great, but that's pretty normal. And we're looking forward to the spring. I mean, we do keep putting up substantial occupancy. So it's continuously a little slow, but we're actually making a lot of progress. So I don't know, I think the guys are figuring by the end of the summer, we should be full. So we are getting closer and the building's been a great success. It's a gorgeous building. We're very pleased with that. And then we have to focus on block 10, which I think is pine. And then, as we get through that, we're gonna have another big building coming up next year. So a lot to do, but this is really the heavy lifting. After this, we're gonna have a couple of thousand units in downtown Toronto where the trust is 25%. The building should be quite full with no capbacks, with very low interest rates. It's pretty exciting.

Okay, that's helpful. And shifting to Ontario street, you mentioned you're in some advanced discussions and I guess a couple of questions there. What would a partnership look like there in terms of the share of your holdings sold? Would it be kind of 50-50, 25-75 or something else?

You know what, I can only say what I can say. And I'm hoping that within the next couple of months we'll make the announcements and we'll have a lot more information. So I don't wanna tell you anything about that to be blunt. But what I would say is the project looks like it's quite successful and we would sell down more now than we might have sold. We were looking to do 100% of it ourselves. And then sort of as we see it being more difficult and that project seems to be worth a lot of money with people interested, I think we will look to get more liquidity from that. So give us time to tell you. But what I'm trying to say is we think it's gonna be a great development and we're questioning ourselves how much of Fort Anaheim, Ontario, a $720 million development is it right about for impact? And by selling down, we get more cash now. So we should be able to tell you more, as I said, twice already by the end of the first quarter results. Okay, I appreciate that. It's not

gonna help. Can you, I mean, you gave a rough number. I think you said $2 per share economics for the wave development charges, but can you walk me through how that would work specifically for Ontario Street? How would that hit the numbers?

Sure. You know, this is part easy. See the other part, there's so much non-public information and we're right in the middle, I can't tell you. But what you're asking me now, the city of Toronto published reports on this and they went into great detail. So I'm just gonna tell you what the city of Toronto said with no color whatsoever. The apartment one average about 43,000 a unit. And we have about a thousand units. So that's $43 million. I think we got what 19 million shares outstanding. So I think that's about $2.25 a share, but we also get a discount of 15% on realty taxes and for 35 years. So the city just adds that 15% together for 35 years, gets to 17,500 because it's $500 a year. For us, you know, if your net present value is $500 a year for 35 years, it's pretty good, but it does reflect a higher NOI. So if the buildings are trading at a four cap, let's say, that's 25 times multiple, the 500 is worth another 12,500. We've got a thousand units, that's 12.5. So that would actually be 55 million a share or just about $3, sorry, $55 million in total for 40 in Ontario, or about $3 a share in value just from that. Okay, that's helpful. Thanks, I'll turn it back. Okay, just before the next question, I would add that we had HST removed a couple of years ago and that's about the same magnitude. So we are seeing a lot of government policies that are helpful. Some are still harmful, but we're making a lot of progress. Next question.

Sorry, the next question is from Alexander Leon with Desjardins Capital Markets, please go ahead.

Hey, good morning. My first question is just whether there's any update on the marketing slash sale of the capital views land at Zibi.

Oh, great question. For those who aren't familiar, in Ottawa, we're getting through our land at Zibi very quickly and we're getting through our capital I think after 206, and Megan, if I'm wrong, please correct me. I think we're gonna have about $20 million of debt on five sites, which is very low. On the Gatineau side, we have a lot of land. So we looked at a section of land to see who might be interested in it. And we are having conversations. Look, I've gone through this a lot. In early 2024, like in January, we announced that we were selling 438 University for a year, people asked me, they said, oh, you're never gonna sell, you're gonna sell it. And then we just announced that it took us a year with the same purchaser. So I don't know what's gonna happen there. We have interest in it. And we're trying to see if we can make a deal work. It's a little bit complicated because we've got our own utility system. All the lands there are net zero. People have to use the utility. So there's a lot that we have to do to work together, but there are interested parties. And it would be great if we could work to reduce that the loan on the land there, but it's not essential in any way. But we don't have an update yet. We're just getting familiar and people have to learn to understand how all the pieces fit together at Zibi.

Okay, great for that incremental color. On the operations side, I'm just curious in terms of maybe occupancy of the portfolio, is it safe to assume like the affordable units in the rental portfolio are essentially fully occupied and all the vacancy are those market units?

100% occupied for the affordable. And in the affordable, for the most part, the affordable rent is based on the average rent in the city of Toronto. And it's a little bit different because that reflects all the new buildings that are finished with high rents, the existing buildings that don't have rent control and every unit where there's turnover that goes from rent control to market on turnover. So not only are they full, we get pretty good increases in rent on them. So I think it's underestimated how valuable the affordable units are. And we've been doing a lot of work on that. And some condo developers have to do some affordable units. It's a pretty cool thing if we could figure out how to buy them and return that's based on what they actually generate because I think it would turn out really well. So those are, they're leased, they're always gonna be leased and it's more like infrastructure. So yes, it's all in the market where there is the lease up.

Okay, that's great. Seems like a great competitive advantage in this market right now. Moving on to maybe some of the occupancy income from the quarter. So the 3.6 million for Brightwater, is that about 50% of the total that was recognized in 4Q? Megan?

Yeah, it was. Well, you gotta remember Brightwater was kind of buried with an equity account in the development segment. So the occupancy income we referenced was just for the one building that was going through the occupancy period in the quarter. So we'll see a bit more come through in the new year and then look to close those buildings later in 25.

Okay, that's good to know. In terms of that occupancy income from Mason, the MDMA referenced like all 158 units were occupied and in kind of post quarter. So is all of that income hitting in 1Q?

Yeah, anything that would have occupied post quarter would come through in Q1.

Okay, thanks for that. And then maybe last one for me, is there like any minimum occupancy threshold in terms of transferring these rental projects into the recurring income segment?

So to be honest, that's something that we're looking at for the first quarter. With slower lease up for some of the larger buildings, it has beg the question, when should we transfer them between the segments? So we're gonna come up with some revised commentary on our trigger point for moving the buildings in Q1.

Yeah, thanks for that question. It's one I've had and I'm really pleased to hear Megan tell me how we're treating that.

Yeah, I look forward to the incremental disclosure. I appreciate that, I'll turn it back. Thank

you. The next question is from Guy Maff, a private investor. Please go ahead.

Hi there, on behalf of all the retirees, is there any kind of timeframe on when the dividend is going to be reinstated?

This is probably the wrong answer, but I can tell you, reinstating the dividend is the only thing I have not thought about at all. I think that we're really focused on how to manage through what has turned out to be very challenging times with housing in downtown Toronto. And we're making a lot of progress, but I'd say that our plan goes out to 2028, and that's when we have a lot of buildings finished, things are more stabilized. But we did not suggest when we reduced the dividend that we were gonna do it for a short period of time. We got to deal with the substantial issues, which are really on the completion of buildings, lease up and managing our debt prudently.

Thank you.

Sorry about that.

The next question is from Michael Palakis, a private investor. Please go ahead.

Hi, good morning. So my dividend question was answered. I have another one. So you mentioned that for the ZB Block 204, and I think Block 1 at Gatineau, the trust will not participate in construction. And I was wondering, since the trust is making use of CMHC ACLB program, what would the equity contribution be there? And if it was minimally, why is the trust giving it up? So yeah, that's for me. Thank you.

Thank you. It's a good question. For Block 1, we actually have an external investor, and the boards of Dream Unlimited and Dream Impact discussed it. To be totally transparent, I think the Impact Trust decided after looking at the L'Breton and Block 1, no, L'Breton and Block 204, they wanted to do one and not both, and they chose to do L'Breton. And I think that we're really trying to use our resources where it makes the most difference. If we save the cash on those two ZB Blocks but get the benefit of paying down debt, it's a real benefit for the trust. It's better for the trust for the developments to keep going and pay down debt along the line. And I think the trust wants to use its money for projects that wouldn't happen without that capital.

Thank you. If I may have another one, short one. In your letter to the unit holders, you said that you have a plan for the next few years that we're excited about. So my question is, how does Impact Trust look in three or four years down the road? If all things go well, if not COVID or something like that, comes again. Thank you.

Yeah, that's a great question. We do a plan for 25, 26, 27 and 28. And throughout it, what you see is we get to more and more apartment rentals selling some of the commercial. We continue to have assets under development like 49 Ontario won't be done in 2028. So we actually look at 2032 as well. And I don't recall the numbers, but I think we get to over 75% being rental apartments of the whole company. So we like the way that looks. And when I say I'm excited, I mean it. Like 49 Ontario is a project we've been working on. We bought that building for $30 million in 2014. We bought some sites next door, another $15 million up to 45. We're looking at a value on the books of close to 140 million. And with all the things we're doing, it seems to substantiate that value. So going from 45 million to 140 million is something I think is exciting. And then being able to start that development to a $715 or $720 million development with working with CMHC and the city, it's really fantastic. So if you make $90 million of value doing all this work and then you're under construction, that's great. So that's good. Keysight, it's an unbelievable development and everybody's working really well together. It's just so hard to get all the pieces settled with the City of Toronto and Waterfront Toronto and the federal government. And I don't know if you noticed, but Waterfront Toronto made an announcement a couple of weeks ago that they completed a deal with all three levels of government to get a billion dollars of funds. And I think they, and they said that one of the main uses of that money was to do the affordable housing at Keysight. So those things are very exciting. The -to-day drudgery of trying to manage our way through some of this stuff isn't as exciting, but overall, especially if the conditions were just a little bit more optimistic, it would be great. Thank you very much. Thank you.

This concludes the question and answer session. I'd like to turn the conference back over to Mr. Cooper for any closing remarks.

I'd like to thank everybody for their time and support of the company and your management team. We are working very hard for you. Not everything is going the way we like, but there are plenty and we keep at it and we're gonna get to the other side of this. So thank you very much. And we look forward to speaking with you after the first quarter results come out.

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.