Dream Impact Trust (MPCTUN) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. Welcome to the Dream Hard Asset Alternatives Trust, soon to be Dream Impact Trust, conference call for Wednesday, October 14, 2020. During this call, management 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 final long-form prospectus. These filings are also available on the website at www.dreamalternatives.ca. Your host for today will be Mr. Michael Cooper, Portfolio Manager. Mr. Cooper, please go ahead.

Thank you very much. Good morning, and welcome to the Dream Alternatives Trust conference call. We hope this finds you and your family in good spirits. Today's call marks a very significant moment for the business as we're providing details around last night's press release, announcing that DAT is becoming Canada's first investment vehicle focused on impact investing. Today, I'm with Meaghan Peloso, our CFO; and Jamie Cooper, Director, Impact Investing. We will be providing information that loosely follows the investment deck that has been posted on our website and will provide page numbers when we reference the deck. After this fulsome call, we'll be available for meetings at any time to answer your questions, and we have specifically made the next week available for meetings to discuss the future of our business. Please call -- contact Kim Lefever to arrange an investment call. I will cover some of Dream's history and now the firm's -- and how the firm's DNA and capabilities position it well to move decisively into impact investing, then Jamie will cover our impact strategy and some case studies, and then Meaghan will cover our approach to impact management and some portfolio-wide information. Finally, I'll wrap up with a review of some of the impact and financial attributes of our existing business. We have always tried to achieve more than one goal at a time throughout the history of our business. We've always tried to make investments that are very profitable and also make lasting impacts on communities. We have always believed that our work should result in a fair return on our effort and great improvements to our communities. The real estate industry is and has been very competitive with players who have unlimited capital, are highly scaled or both. We have found a niche identifying and acquiring large-scale projects that have a long duration and are complicated. These projects historically are ones where we can make the biggest impact and also have less competition, and as a result, we have had very attractive returns while making or adding to communities in ways that we are proud of. Dream has completed about $36 billion of investments over the last 2 decades and developed over $4 billion of assets. We have a team which is very capable and can manage all aspects of investment, development and management across residential, office and industrial, with some experience in retail and leisure as well. One example of our past investments is the Distillery District, a 400,000 square foot collection of 26 buildings that were originally distillery going back about 170 years. We have converted the properties into retail and office and added 1,200 condominium units as well as many cultural activities. It has become one of Toronto's most popular tourist destinations and hosts the Christmas market, which has, on an annual basis, about 600,000 people attending in a 4-week period. It also contains the best preserved Victorian architecture in North America. We have owned the Distillery for 16 years. We still have one large building to build before we complete. As such, the development period will be over 20 years and will provide an extremely high return on capital, and the Distillery has also had a great impact on the city of Toronto. Another example is the Pan Am Athletes' Village. This was an $810 million project we won the right to build in 2011. It was completed on time and on budget. A portion of our profit was also received at 3 further development sites. After the game, the site was renamed the Canary District upon completion of the games. We've completed one development, we're underway with another and we'll have the final site developed and completed probably around 2026. This is a 15-year project, which provided a YMCA; a student residence; affordable housing for 300 people, including children and youth; along with market rate condominiums. The returns have been competitive with the most successful developments. Since we started these projects, especially within DAT, we have shifted to continue doing more development projects that create income properties so that after the project is completed, we will continue to benefit from our work as they generate cash flow for decades. We also believe that we can make impact investments in existing income properties, where we see an opportunity to make meaningful difference in the reduction of carbon emissions or increase the societal impact or both. These would include major energy retrofits to buildings of all 30 systems as well as to focus on the physical layout and use in order to provide the asset's contribution -- to improve the asset's contribution to the community. In addition, our Board has diverse representation and diverse skills, which will help provide oversight to this impact business. Dream Unlimited is a manager of DAT and have been able to identify and create these desirable development opportunities and our platform maximizes the profits and public benefits of our assets. The manager is further committed and aligned with his ownership stake of 26% of the business. Although we have always been investing to achieve high returns and doing good, during 2020, it's become much more clear how important our style of investing has become. While we have always performed our duties, including investments that are impactful, we are now -- we are new to the emerging doctrine of impact investments. With all humility, we will continue making a difference in our communities while we learn about this discipline and include complying with reporting, measuring and verifying our investments as we execute on everything we do. With clear and articulated goals from the federal government to become carbon-neutral by 2050 and reduce emissions by 30% in a decade, addressing climate change through business will reward those companies that act quickly and decisively. In addition, making our society more fair, providing access to basic places to live where people work and creating more -- a more inclusive society are immediate and actionable necessities. Through real estate, we can make a big difference and contribute to achieving these goals. Buildings under development and operating currently produced about 36% of all carbon emissions. And our climate change goals cannot be met without addressing new ways to build and operate our buildings. Affordable housing can provide respectful homes for those who need help accessing them and help bring more people into our community to participate in all the opportunities for advancement. We can also create business opportunities within our developments, and we can think of individuals and businesses that are not the traditional users of our properties. Real estate can have an enormous positive impact, solving 2 of the most significant issues our government are addressing. It has become very clear that the governments are not just focused on reducing carbon emissions and making our society fair, but they are diverting tremendous sums of money to address these. Dream has the experience working on these complicated projects, working with governments and generating attractive returns while doing it. We believe that there will be ever more increasing opportunities to do good while we continue our history of successfully completing great projects at attractive returns. Simply put, as we said on Slide 8 of the deck, we are aligning all of our efforts around a core mission: building better communities for people to live, work and play, which will result in better returns for our investors. Slide 9 shows a spectrum of investments from traditional investing, which only focus on returns, to philanthropy, which is solely focused on societal benefit. Recently, there's been more emphasis on responsible investing, which excludes certain sectors, and in sustainable investing, which focuses on generating strong returns from opportunities with a strong ESG emphasis. To simplify it a bit, sustainable or ESG investing looks at the risk that -- to a company's potential returns based on environmental, social and governance factors. As an example, if we are going to be carbon-neutral by 2050, some companies will face risk to their ability to generate profits with these changes. Importantly, ESG looks at potential downside to businesses based on whether they have negative elements in these areas. ESG investment also is intended to maximize returns by avoiding risks. Bottom line, the ESG approach to investing is generally focused on avoiding harm. On the other hand, impact investing actually focuses on investment opportunities that provide strong financial returns, alongside measurable social and environmental outcomes. So impact investing is focused on creating positive outcomes, benefiting stakeholders and contributions -- and contributing to solutions, and ESG is more about reducing negative outcomes. These 2 styles of investing now encompass $2.8 trillion of assets under management in Canada. Impact investing alone amounts to about $20 billion of investments in Canada and has been growing at a 35% compounded rate recently. More and more asset managers and owners of assets are pledging to invest socially responsibly. We believe the market will continue to grow very quickly, and Dream Impact Trust will be more appealing because we achieve competitive returns while we invest in accordance with the leading impact investment thought leadership. Now I will turn the call over to Jamie to walk through our impact strategy and outline some case studies. Thanks.

Our industry is uniquely positioned to positively influence our society. On Slide 12, we demonstrate how real estate can address societal challenges. We can provide access to economic activities to provide dignified places to live through affordable housing near to where people work. We can design our buildings to include the community where there are places to stay active, learn and be included rather than creating gated communities that keep people out. And obviously, we can meaningfully reduce carbon emissions. Just as importantly, if you look at Slide 13, we believe that integrating impact delivers positive economic benefits, too. We'll get to the specifics after we review a few case studies, but our experience has shown good quality affordable housing has performed better during declines in the economy because occupancy rates stay high. Our customers expect that the places they live, work and play incorporate impact attributes such as state-of-the-art sustainability features. And by staying ahead of the government's minimum requirements, we will avoid expensive rehabs of buildings to meet codes as they change. The bottom line is, aside from making meaningful positive and lasting impacts within our communities, we can generate financially attractive returns by doing so. Since our inception, we have focused on delivering market rate or better returns for investors, and that commitment remains unchanged. On Slide 14, we introduced the 3 primary impact verticals we will focus on. These align with the widely recognized and accepted United Nations Sustainable Development Goals. These are attainable at affordable housing, inclusive communities and resource efficiency. For inclusive communities, we believe that through real estate, we can contribute to positive social outcomes for all groups, with a particular focus on indigenous people and women's empowerment and provide access and opportunities to others who may feel excluded. Our first case study is on Slide 15, the West Don Lands affordable housing project. DAT owns 25% of this $1.5 billion development, which will provide 2,000 apartment units upon full building. Of those, 600 or 30% will provide dignified homes to many under-supported segments of our society. These 600 affordable units will be rented at 40%, 30% and 15% of market rent. So a 3-bedroom unit that rents for $4,000 a month at market will be rented for $1,700, $1,300 or as little as $600 per month. This will allow teachers, nurses, firefighters and others to live in the neighborhoods in which they contribute so much. And the lowest cost rentals will provide respectful housing for groups that need a little bit more. In all cases, these low housing costs will leave sufficient monthly income available to help families avoid making difficult trade-offs. We entered into a 99-year land lease for the Lands with provincial government. We have structured the development so that the reduced residential rents are offset by a reduction in the cost of the lease, so returns are not jeopardized. In addition, we've worked with CMHC to arrange 10-year fixed rate financing during construction that will remain in place upon construction completion. This is unavailable for market rate development projects and helps reduce our interest rate risk. Finally, because we have an enormous investment in the project with 70% of the units at market rate and since we own so much of the neighboring developments, we have a very strong incentive to ensure these buildings are maintained so that they are functional and attractive to new tenants. This will avoid the typical degradation of buildings that are run by the government, which are 100% affordable. Hence, the affordable tenants will enjoy high-quality accommodation throughout the building life cycle. Another area of our focus is on supporting indigenous people. At the top of Page 16, we show some statistics that demonstrate the stark difference in outcomes for indigenous people compared to the rest of Canadians. Collectively, we need to do better. This is an area of focus of both Zibi and obviously of Indigenous Hub in the West Don Lands. At the Indigenous Hub, we have partnered with Anishnawbe Health Toronto, or AHT, to build a hub for First Nations people. This project is located in downtown Toronto, adjacent to the Distillery, West Don Lands and the Canary District. In order to assist AHT in achieving our goals, we are acquiring a portion of the land to build condos and we're building an apartment and a major food and beverage building on a long-term lease. The land purchase for the condos will provide the capital necessary to fund the construction of a health center, career center, daycare and traditional public square. Our annual lease payments will contribute to the operation and maintenance of the Hub over the long term. Effectively, this will be the first and only purpose-built indigenous community center in the downtown core of a major North American state. This center will provide an enormous impact on the health and career prospects of Toronto's indigenous population. The adjacent condo and rental buildings will be constructed to a legal standard, and we have worked with an indigenous architect to incorporate indigenous design homes into the project. We believe that we will achieve a competitive return on our investment, and that we'll make a profound difference in people's lives by doing so. Our final case study on Page 17 is our community utility at Zibi. This is a really innovative partnership with Ottawa Hydro to create a district energy system for Zibi. DAT owns 44% of this 34-acre development that's comprised of 42 distinct development blocks and will ultimately provide homes for 5,000 residents and work for 6,000 people. The system will provide self-sufficient, net zero heating and cooling for all tenants, residents and visitors through a hydraulic loop and energy transfer stations. This is a key piece of infrastructure that will help ensure Zibi becomes the region's first zero carbon emission community. The district energy system is so innovative and important that we've received grants and loans from government to help defray the cost. We will charge our users competitive prices for this emission-free energy. And with the help of grants and loans, we expect a competitive return on this investment just on the revenue less expenses. But the real value to our site is how much more desirable our apartments and office space becomes for our customers as a result of providing a sustainable energy system. We have seen that we are generating higher rents than other comparable buildings already, and we're not reflecting any benefits from this [ in capturing returns ] on the heating district. Moving to Slide 18. We summarized the business case for our narrowed focus on impact investments. Building better communities has always driven our financial returns. Here, we review our 3 pillars again. Attainable housing generally remains resilient for occupancy and rents throughout market cycles, providing more dependable cash flow and diversification. In addition, between our track record and the government's priority of more affordable housing, we expect to be able to continue to identify and execute on opportunities to work with government and achieve attractive financing to build these mixed rent buildings. Inclusive communities with outdoor space, public transportation, access to all and amenities that are valued to all command higher occupancy and rent. The government may also provide support because inclusion is a key pillar of the Canadian government's plan to close socioeconomic gaps and advance self-determination. By reducing our carbon emissions, we can reduce the operating costs from lower energy and water use. Our buildings are more attractive and less costly to our tenants, and we can also avoid costly rehabs by building ahead of code. I'll now ask Meaghan to discuss the reporting and financial implications of impact investing for us.

Thank you, Jamie. Good morning, everyone. Market rate impact investing is a very new field. The IFC, which is the private sector arm of the World Bank, introduces operating principles for impact management in the spring of 2019, releasing its first update just a few months ago. This framework, along with the related frameworks developed by the Global Impact Investment Network and the Impact Management Project, is intended to layout best practices with respect to impact investing. The approach can be distilled into 3 core activities, which you can see at the top of Slide 19. The first is intentionality. By this, we mean, we will begin by stating impact outcomes for each investment. Second, we will measure our success against our key performance measures. Third, we will engage an independent third-party to verify the impact metrics and outcomes. We believe that measurement is an important element of impact investment and that measuring results is somewhat easier in real estate relative to other sectors. Accordingly, we will be measuring our impact on an ongoing basis and disclosing our results annually. We'll be building out our process over the next 12 months and intend to be consistent with sustainability reporting frameworks such as the ones you see on the bottom right of the slide. Consistent with emerging impact industry norms, the trust expects to consult with the targeted users of its assets and its investors and its impact to management efforts. We recognize the impact investment industry is evolving and welcome the emergence of industry-wide standards against which to assess our performance. On Slide 20 of our deck, we outlined how we will underwrite and evaluate our impact investments. These steps are complementary to how we underwrite our investments to achieve competitive returns on our capital. First, we conduct our financial impact underwriting simultaneously at the early stage of an investment. As Jamie previously described, we identified impact opportunities aligned with attainable and affordable housing, inclusive communities and resource efficiency. We then establish concrete metrics and outcomes against the baseline such as average rents or typical energy usage. As this financial returns and impact returns are more attractive, then we can make the largest difference and scale the projects. In doing our research in this area, it has been remarkable to see that the trust has multiple impact investments that dwarf the scale of its few private global peers. On the same slide, we illustrate the measurement process, which includes establishing metrics, setting targets and implementing strategies for each investment. This is done at the early stage where we determine what we are trying to achieve. For example, with the West Don Lands, we want to create 600 affordable housing units that will provide approximately 1,500 people with dignified housing. At Zibi, we want to create zero carbon emissions. Both of these targets can and will be measured. We will then monitor and measure the effectiveness of these investments on an ongoing basis. Annually, these results will be verified and reported to you on the impact benefit as well as opportunities for improvement. On Slide 22, we provide an overview of our existing portfolio. Currently, 74% of our net assets are considered impact investments. Over the next 4 years, we expect to increase the portion of our investments to impact to nearly 100% as we build out our asset pipeline, exit noncore investments and recycle capital from our build-to-sell projects. As of June 30, the trust had assets of $665 million primarily located in Toronto, the national capital region. Our development pipeline includes 10,000 residential units and 3.5 million square feet of commercial space at the project level. Residential units includes those we will build for sale, those who are purpose-built for rental and those which will be a mixture of affordable and market rental product. As of June 30, we had a very conservative leverage position at 13% and ample liquidity. Over time, we will be able to increase our returns as we deploy our cash and use state financial leverage. Over Dream's history, we have achieved and expect to receive a combined annual return of over 20% on our capital invested in impact. The trust, with a current yield of 8%, a significant discount to net asset value of over 40%, tremendous assets in qualifying for impact investing funds may be attractive for fund managers going forward who is committed to invest responsibly. Based on our net asset value, accounting for the drag of carrying cash, we anticipate a compounded growth rate of 9% over the next 5 years after tax, which unitholders receive evenly in the form of cash and value creation. Generally, we believe our investment strategy will generate total returns of 13% to 17% on our net asset value, including returns from our development and from holding income properties. Over time, as we make progress on our developments and keep our best-in-class developed income properties, we anticipate that 70% of our assets will be income properties and 30% will be under development. On Slide 28, we provide a list of our assets with their impact status. On Slide 30, we provide additional detail on our proposed approach to managing and measuring our impact. This is consistent with the Impact Management Project's 5 dimensions of impact. We intend for each of our assets to establish pathways of impact that we can score and ultimately aggregate to show the scale of our impact. As we are in the early stages of applying the framework to our portfolio, some aspects of this may change, but our commitment to being systematic and transparent will not. We will start by identifying up to 5 pathways that are measurable, benefit people or the planet and increase during the investment horizon. All of the pathways connect to the United Nations Sustainable Development Goals. Then, we determine the extent to which the investment will produce deep and lasting impact, followed by who will be affected, including how many and how underserved they are. These considerations are measured on a scale from 1 to 5. We then look at contribution, effectively trying to determine how much we played in achieving the impact and whether it would have happened regardless, awarding a score of 0 to 3. We then aggregate the scores that we drafted in the portfolio to compare the impact of our various investments and determine a score for our entire portfolio. Lastly, we look at the risk of achieving the benefits. This isn't scored, but is helpful as part of the underwriting process and monitoring our investments. Once again, consistent with many of the leading impact organizations' approaches, we will develop our measurement methodology and reporting within the next 12 months, creating and issuing a disclosure statement for the portfolio. With that, I will now turn the call back over to Michael.

Thank you, Meaghan. On Page 33, we provide some details for Block 8 in the West Don Lands. We are building a 770-unit phase of our 2,000 unit development, of which 539 units will be rented at market rates and 231 units will have reduced rents. We have a loan in place and have begun funding from the CMHC's $357 million loan that was announced last year. We expect to build a development for between a 4% and a 5% cap rate, and the loan is well under 1.5%. So I think we'll end up with a decent return on our equity. And we are well underway and expect the project to be completed in the second quarter of 2023. In addition to the financial returns, the project will reduce energy consumption by 27% by measuring GHG emissions -- sorry, 32% by GHG emissions and water of 35%. So that's 27% just general energy consumption reduction, GHG emissions will be reduced by 32% and water by 35%, all compared to the National Energy Code. We will also be providing 600 apartment units in total, 231 at this stage, and many of these are 2 and 3 bedrooms, and they'll be leased at 63% discount to the current market rents on average. Based on the land rent being reduced to offset the discount on residential rents and the attractive 10-year debt, DAT will generate a very compelling return on the $90 million of capital invested in this project. On Page 35, we are demonstrating the Canary Indigenous Hub. DAT owns 25% of the purpose-built apartment. This is an integrated center for indigenous people, integrating traditional and western health care, childcare and education, along with the market condominiums that we're building, the apartments and a retail concept for the Canary -- the old Canary restaurant. All of the buildings have been designed with indigenous architect consultation, indigenous design elements and will be built to LEED Gold standard. The hub will reduce energy consumption by 30%, water usage by 35% and GHG emissions by 38%, again, compared to the National Energy Code. This is our largest impact investment and potentially the greatest opportunity of my lifetime to build a major urban development that could influence a whole region. This site was established for industry prior to Ottawa becoming the capital of Canada about 200 years ago. It's been industrial the same for that entire time, and up until recently, hadn't been serviced. We've invested about $120 million to provide roads and services, which will create 42 development sites within the 34 acres. Ultimately, there will be 6,000 workers here and a home for 5,000 people. We have already completed 2 condominium buildings. We have retrofitted at least 3 office buildings. We now have under construction a previous office building in Ontario to the Ministry of Science. And we're also building an apartment building on the Gatineau waterfront that will be 100% affordable. These 2 buildings will be producing income by the end of 2021 and contributing to our cash flow. We are starting -- we are then starting 2 apartments and 2 office buildings in the next 12 months, and we will continue to develop this site into income properties over the next 10 years. The site is in both Ontario and Quebec, all in the national capital region. The separation on our site between the 2 provinces is about 300 feet apart. The site also had the history of Canada's indigenous people. We decided early on that despite these different geographies and cultures, we will integrate the entire development under one coherent theme. We call the development the waterfront city, and are featuring French, English and Algonquin cultures and signage. We entered into a collaborative benefit agreement with the of Algonquins of Pikwakanagan First Nation and the Algonquins of Ontario, which provides for permanent recognition of the Algonquin connection to the site, including celebrations, landscaping and signage recognition, recognizing the Algonquin's presence. We are working with the Algonquins so that all of our art and public furniture will be created by Algonquin craftsmen and artists. We will restore access to the Ottawa River for the first time in generations. And in collaboration with the Algonquins of Pikwakanagan First Nation, we improved sight lines and connectivity to the waterfront, river and waterfall. We are also training and employing members of the First Nation during development and operational phase of the project, and we are mentoring these as well. Another project I'd like to outline is on Page 42. This is Brightwater. It's a 72-acre site on Lake Ontario on Port Credit. Up until 1990, it was an oil refinery. Imperial Oil dismantled the site. And in 2017, we acquired the site. Since then, we have been remediating the soil and achieving zoning approval. Over the last 3 years working with the City of Mississauga, we have achieved approvals for 3,000 market residences, 150 affordable units and 400,000 square feet of retail and commercial space. We were recently recognized as Toronto's Community of the Year. That's a long way from a dirty oil refinery to an inclusive park-like waterfront community. We recently released the first 10% of the market's -- the first 10% of the market units, which is about 310. This was about a month ago. We have over 1,000 worksheets and expect the building to be sold out as we work through the worksheets into binding contracts. So far, 75% of the units are sold, and the balance are under contract and we're waiting through the rescission period. This bodes very well for the success of the development. DAT owns 25% of this development and will benefit from annual completions of buildings each year over the next 10 years, starting in 2022 when these billings are finished. The returns will likely be at or above market if we are able to find comparable developments. Another great impact investment is our Victory Silos site, which DAT owns 33% of. This site is the foot of Parliament, right on the waterfront in the bay -- in the Toronto Bay. This site, we bought for $58 million in 2017. We believe we will achieve zoning of at least 1.2 million square feet. It is still early in the process, so we haven't determined all the uses, but we'll be integrating the historic silos into our development. The development also enable the waterfront trail to continue to the Port Lands. We also worked with the city to create 100 bed respite center initially for refugees and now for the homeless. When zoning is achieved, we believe the value of this site will increase from our cost of $58 million to about $300 million within the next couple of years when it's development-ready. From there, we expect to achieve market development returns as we build out the site and contribute to open the pathway to the Port Lands. The property is on our books at a historic cost, which is an example of the embedded value in our business. Finally, on Page 44, we show some interesting attributes of our existing income properties. We are working toward LEED Gold certification for Sussex Center. Last week, we announced that we've closed on a green loan with HSBC on the property. With the press release, we have now been contacted by many lenders that want to work on creating more green and societal loans that meet their mandates. This is just an example of the final -- financial benefits of impact investing. Sussex Center is well positioned in booming Mississauga and along the -- it is along the future LRT with a stop right in front. With our improvements, we're experiencing high occupancy and increasing rents. We expect that this property is likely to generate 14% annual returns on our IFRS value based on our current projections. Finally, we own 100% of 49 Ontario, this is our final example, which is currently a small office building on 1.5-acre site fronting on 3 streets with a surface parking lot in downtown Toronto. We are working on rezoning to replace and increase the office component and add 400 rental apartments. As we make progress planning our development, we will reflect -- refine our impact contribution. This site is on our books for less than what it will be worth when it's rezoned, and there will still be significant increase available as we develop the property. We are very excited and proud to create the very first publicly traded vehicle focused on impact investments. Today, we have tried to provide an overview of our business and description of what impact investment means to us. We will be changing our name on October 26 to Dream Impact Trust, with a new ticker symbol of MPCT for impact. We have said throughout this morning's call, we believe that we will be -- that we will continue to generate exciting returns while we focus our business on impact investing. We already have spectacular assets that are leaders in impact. Impact investing is at the very early stage of its evolution, and we want to become part of defining and refining the industry. We will consistently be determining how we measure and verify the impact of the benefits we are creating. It will be a process with our stakeholders as we continue to provide increasingly meaningful information on our financial and impact performance. We believe that our new clearly articulated focus will provide access to more opportunities and more investors. I would like to thank everyone for spending some time with us this morning. We would like to meet with all of you to discuss our plans, answer your questions and demonstrate both the financial and impact returns we believe we can achieve. We've specifically made the next week available to have these meetings, and we'll continue to make lots of time available after that to see investors. Again, once again, please contact Kim Lefever, her contact on the bottom of the press release. Once again, thank you for participating in our inaugural conference call for Dream Impact Trust. We hope to work very closely with you and for you over many years, creating wonderful communities that contribute to better lives in our communities and provide appropriate long-term financial returns. Thank you very much. And please don't hesitate to contact TD Bank, CIBC or Bank of Nova Scotia to setup meetings or, as I said, Kim Lefever. Thank you very much, and we look forward to meeting with you.

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.