Q1 2020 Earnings Call

May 19, 2020

All participants please standby.

Ready to begin.

Operator: Good morning, ladies and gentlemen. Welcome to the CAPREIT Q1 2020 Results Conference Call. I would now like to turn the meeting over to Mr. David Mills. Please go ahead, Mr. Mills.

Good morning, ladies and gentlemen, welcome to the cap rate to 120 20 results conference call I would now like to turn the meeting over to Mr. David Miller. Please go ahead Mr. mills.

David Mills: Thank you, Melanie, and good morning. Before we begin, let me remind everyone that the following discussion may include comments that constitute forward-looking statements about expected future events in the financial and operating results of CAPREIT. Our actual results may differ materially from these forward-looking statements, as such statements are subject to certain risks and uncertainties. Discussions concerning these risks, the forward-looking statements, and the facts and assumptions in which they are based can be found in CAPREIT's regulatory filings, including our annual information form and MD&A, which can be obtained at sedar.com. I'll now turn things over to Mark Kenney, President and Chief Executive Officer.

Thank you Emily and good morning, before we begin let me remind everyone that following following discussion may include comments constitute forward looking statements about expected future events in the financial and operating results of cap rate.

Actual results may differ materially from these forward looking statements such statements are subject to certain risks and uncertainties.

Since concerning these risks the forward looking statements in the facts and assumptions from which they are based.

Found in cap rates regulatory filings, including our annual information form and Mdna, which can be obtained that she <unk>, Tom I'll now turn things over to Mark Kenney, President and Chief Executive Officer.

Mark Kenney: Thanks, David. Good morning, everyone, and thank you for joining us. Scott Cryer, our Chief Financial Officer, is also with me this morning. Clearly, we are operating in challenging times. This morning I'd like to quickly review our results for Q1 2020, which included one month of operating under the coronavirus pandemic, and spend the bulk of our time discussing the initiatives that we are taking to preserve capital, maintain a strong and flexible financial position, mitigate risk, and generate the best operating results possible in this new environment. Turning to slide 4. Our growth and record performance in 2019 was proof positive that we can generate strong and growing returns for our unit holders.

Thanks, David Good morning, everyone and thank you for joining us.

Prior or Chief Financial Officer is also with me this morning.

Clearly we are operating in challenging times.

This morning, it like quickly review our results for the first quarter 2020.

Which included one but operating under the Corona buyers pandemic.

It's been the bulk of her time discussing the initiatives that we're taking to preserve capital.

Maintained its strong and flexible financial position.

Mitigate risk.

And generate the best operating results possible in this new environment.

Turning to slide for.

Our growth in record performance in 2019 was proof positive that we can generate strong and growing returns for our unit holders for.

Mark Kenney: For more than 22 years, we have built the team, the asset base, and the operating platform that can, will, and continue this track record of performance as the pandemic eases in the future. We look to return to our traditional year-over-year growth as conditions improve. As slide five shows, we significantly enhanced the size and scale of our property portfolio in 2019, acquiring 9,241 residential suites and MHC sites for approximately CAD 1.4 billion. In Q1 2020, we continued to grow with the purchase of another 1,724 suites for CAD 467 million, including a large 1,503-suite portfolio in Halifax, transforming CAPREIT into one of the largest owners of residential properties in this resilient real estate sector.

For more than 22 years, we've built the team.

That's it base and the operating platform. They can will it continue this track record of performance as the pandemic eases in the future.

We look to return to our traditional year over year growth as conditions improve.

Slide five shows we significantly enhance the size and scale over a property portfolio in 2019, acquiring 9241 residential suites and NBC site for approximately 1.4 billion.

In the first quarter of 2020, we continue to grow with the purchase of another 1700 24 suites.

467 million, including a large 1500 three suite portfolio in how's that.

Transforming cap rate into one of the largest owners a residential properties in this resilient real estate sector.

Mark Kenney: These acquisitions strengthen our market presence and drive economies of scale and operating synergies through our experienced and proven property management teams. At this time, we've essentially curtailed our acquisition activity as due diligence is all but impossible. However, we remain highly opportunistic as we see real estate opportunities arise. Our growth over the last 12 months had a positive impact on our Q1 2020 results, as you can see on slide 6. Revenues were up almost 19% over the same quarter last year, driven by the positive contribution of our acquisitions, increased monthly rents, and continuing high occupancies. NOI rose over 21% with NFFO up 24%. We also generated another quarter of strong organic growth with same property NOI up 5.7%.

These acquisitions strengthen our market presence in dried economies of scale and operating synergies through our experience and proven property management team.

At this time, we've essentially curtailed our acquisition activity.

Due diligence is all that impossible. However, we remain highly opportunistic as we see real estate opportunities arise.

Our growth over the last 12 months.

Had a positive impacts on our first quarter 2020 result, as you can see on flights it.

Revenues were up almost 19% over the same quarter last year, driven by the positive contribution of our acquisition.

Increase monthly rent.

And continuing high occupancy.

And all I wrote over 21% with and if they go up 24%.

We also generated another quarter of strong organic growth same property NOI up 5.7%.

Mark Kenney: However, as we all know, the COVID-19 pandemic essentially began in early March, accelerating quickly to levels that will affect our business in Q2 and going forward until the situation is resolved and we can all return to normal life and work. From an operating perspective, Q1 showed that we maintained our track record of solid performance in our stabilized portfolio, as you can see on slide 7. Occupancies remained at effectively full levels in the residential portfolio of our business, while net average monthly rent rose, driven by increases on turnover and renewals. Our track record of organic growth also continues with same property NOI up 5.7% with good growth in our NOI margin. That was then and this is now. A primary observation of this pandemic outbreak is that our business thesis does hold strong.

However, as we all know the cobot 19 pandemic essentially began in early March accelerating quickly to levels that will affect our business in the second quarter and going forward until the situation is resolved and we can all return to normal life in work.

From an operating perspective, the first quarter showed that we maintained our track record of solid performance in our stabilized portfolio as you can see on slide so.

Occupancy is remain at effectively full levels in the residential portfolio bird business, well net average monthly rent rose driven by increases on turnover in renewals.

Our track record of organic growth also continues with same property NOI up 5.7% with good with good growth in right away margin.

But that was then and this is now.

Our primary observation of this pandemic evthree is that our business. These its does hold straw apartment investment is resilient.

Mark Kenney: Apartment investment is resilient. I want to spend the rest of our time together discussing what we have been doing to adapt to this new operating environment. Our main goal is to ensure the safety and well-being of our staff, of our residents, and of our properties. Residential living is an essential service, and our frontline staff have also been essential workers, keeping our residents safe. I want to say that our residents have been extraordinarily supportive throughout this time. Our business objectives are to preserve capital and maintain a strong and flexible position, to mitigate risk, and generate the best operating results possible in this challenging environment. Slide 9 outlines some of the operating initiatives that we are taking to keep the business moving in these challenging times.

I want to spend the rest of our time together discussing what we've been doing to adapt to this new operating environment.

Our main goal is to ensure the safety and well being up our staff.

Of our residents and of our properties.

Residential living is an essential services and our frontline staff have also been essential workers keeping or is it safe.

What assays that are residents have been extraordinarily supported wrote this time.

Our business objectives are.

To preserve capital and maintain a strong and flexible position.

To mitigate risk and generate the best operating results possible in this challenging environments.

Slide nine it like some of the operating initiatives that we're taking the keep the business moving in these challenging times.

Mark Kenney: We are maintaining a solid presence in each of our properties to build on close relationships we have developed with our residents. We have initiated what we call our Compassionate Care program, reaching out to all of our residents, checking in on them, and consulting on any rent payment issues that they may have. We are encouraging our automatic, preauthorized, and online payment options and advising them of government assistance programs should they need the help. We have also placed a temporary moratorium on rent increases effective 1 April. We have always had a rent deferral program in place for those suffering economic hardship. This is nothing new to CAPREIT. To date, those residents approved rent deferrals are currently running at less than 0.5% of our residents. Slide 10 outlines some other key initiatives we have been implementing at CAPREIT.

We're maintaining a solid presence in each of our properties to build on close relationships, we have developed with their residents.

We have initiated what we call our compassionate care program.

Reaching out to all of her resin is checking in on then it consulting on any rent payment issues that they may have.

Encouraging we are encouraging her automatic pre authorized an ongoing payment options and inviting the government assistance programs should they need to help.

We have also placed a temporary moratorium on rent increases effective April one.

We've also we have always had a rent deferral program in place for those suffering economic hardship. This is nothing new to cap rate.

And today those residents approved rent deferrals are currently running at less than 0.5% of our resident.

Slide 10, it winds and other key initiatives, we have been implementing a cap rate.

Mark Kenney: To help with our resident communications program, we have accelerated the rollout of our new resident portals, enabling our residents to more easily communicate and transact with us. Getting this system up and running was a real accomplishment. What we had expected to take 6 months was completed in only 6 weeks, and we are seeing a strong sign-up for this initiative, with 81% of our residents being invited and 55% having already signed up. We look to increase this percentage going forward. Our innovative technology platform is also helping us to maintain our properties with our customary high occupancy. As an example, potential new residents are able to see available apartments online through our virtual property and suite tours. Once interested, they can apply remotely through our online lease system.

To help with our resident Communications program, we've accelerated the rollout of our new resident portal, enabling our residents to more easily communicate and transact with us.

Getting this system up and running with a real accomplishment.

What we had expected to take six months was completed in only six weeks and we're seeing a strong sign up for this initiative with 81% of her residents being invited and 55% having already signed up we look to increase this percentage going forward.

Our innovative technology platform is also helping us to maintain our property.

With our customary high occupancy.

As an example potential new residents are able to see available apartment online through our virtual property and suite tours wanting to once interested they can apply remotely through our online we system.

Mark Kenney: These systems have been up and running for some time and are very helpful during the pandemic. Moving to slide 11. In summary, during these challenging times, our business has essentially returned back to basics. Engaging with our residents through our communication programs to ensure that we understand their ability to pay situation. We're filling vacancies through our new and innovative technologies, such as online tours and online lease applications. Finally, investigating all areas where we might find operating efficiencies. It is by a return to basics that we will work through these challenging times and emerge stronger than ever before. Our main focus is on rental payment communication, and all of our teams are totally focused on this activity, and we are very pleased with the result so far.

He systems have been up and running for sometime and are very helpful. During the pandemic.

Moving to slide 11 in summary during these challenging times, our business has essentially return back to be said.

[noise] engaging with our residents through our communication programs to ensure that we understand their ability to pay situation.

We're filling vacancy through our new and innovative technologies, such as online cures and online we saw applications.

And finally investigating all areas, where we might point operating efficiencies.

It is by a return to basics that we will work through these challenging times and emerge stronger than ever before.

Our main focus is on rental payment communication.

And all of our teams are totally focused on this activity.

And we're very pleased with the result, so far.

Mark Kenney: Understand that it's not the end of the month, and that we can't fully see rent collection patterns until the month completes. There are always checks that come into us that need to be received and cleared, residents that rely on social benefit payments during the month to meet their rent obligations. Other people sometimes pay a little bit late, but will eventually pay throughout the month. We have collection procedures against rent defaults and other factors that don't give us a full and clear picture until the end of the month. Having said that, we are cautiously optimistic to see that 98% of our April rents were collected, and our occupancy continues to remain strong. As you can see on slide 12, we have not seen any material decline in our occupancies since the quarter end.

I understand that it's not the in the month and that we can't fully see rent collection patterns until the month completes their always checks that come into us that need to be received in cleared residents that rely on social benefit payments during the month to meet their rent obligation.

Other people, sometimes pay a little bit late.

But will eventually pay through the month.

We have collection procedures against Red default and other factors that don't give us a full in clear picture until the end of the might.

Having said that we're cautiously optimistic to see that 98% of grateful rents were collected and our occupancy occupancy continues to remain strong.

I think you see on slide 12, we've not seen any material decline in or occupancy since the quarter end.

Mark Kenney: As I've said before, it is very early to call trend on any one performance metric, and occupancy levels are no exception. Renting in this COVID environment is somewhat challenging, and while our technology solutions will help us navigate through this time, we remain cautious and will adapt as the situation evolves. As you can see on slide 13, the strength in our business is also driven by the continuing affordability of rental accommodation across the country. The resilience of the CAPREIT portfolio is clearly laid out in this slide as our strategy of targeting the mid-price market has worked exceptionally well. You'll notice that in each of our gateway cities, the affordability proposition remains intact. Additionally, it is this income-earning market that is being targeted by government assistance programs during the pandemic.

As I've said before it is very early to call trend on anyone performance metric.

And occupancy levels are no exception.

Anything in this code environment is somewhat challenging.

Well, our technology solutions will help help us navigate through this time, we remain cautious and will adopt as the situation a ball.

As you can see on slide 13.

Strengthened our business is also driven by the continuing affordability of rental accommodation across the country.

The resilience of the cap rate portfolio is clearly laid it in this slide as our strategy of targeting the mid price market has worked exceptionally well.

You'll notice that each each of our gateway city, the affordability proposition remains intact.

Additionally, it is this income earning market that is being targeted by government assistance programs during the pandemic.

Mark Kenney: The annualized average monthly rents in our key cities of Toronto, Montreal, and Vancouver remain well below average incomes and represent a much smaller percentage of income than owning a home. In these challenging times, the affordability of apartments remains a distinct advantage as to why so many Canadians are affected by the COVID pandemic. As I said before, apartments have traditionally been counter-cyclical in nature in terms of their performance. Affordability has helped CAPREIT perform in both good times and in bad. Resilience is the foundation strategy of our company. I'll now turn things over to Scott to outline what is one of our most important advantages in these challenging times, our strong balance sheet and liquidity position.

The annualized average monthly rents in our key cities, a Toronto Montreal in Vancouver remain well below average income and rent represent a much smaller percentage of income than owning a home.

These challenging time, you affordability of apartments remains a distinct advantage as too so as to why so many Canadians are affected by the cobot pandemic.

As I said before apartments have traditionally been counter cyclical in nature in terms of their performance affordability has helped cap rate performance. Both good time and if that resilience is the foundation strategy of our company.

I'll now turn things over to Scott outline what is one of our most important advantages in these challenging times, our strong balance sheet and liquidity position.

[noise] Thanks Mark.

Scott Cryer: Thanks, Mark. Turning to slide 14, you can see that we are clearly in a very strong financial position at the end of Q1, with a conservative debt to gross book value of 36% and total liquidity of approximately CAD 280 million. We also have CAD 800 million in Canadian unencumbered properties available to generate funds should we need it, with approximately CAD 328 million in our apartment portfolio and CAD 472 million of that being our MHC portfolio. For the remainder of 2020, we have approximately CAD 540 to 590 million in renewals and refinancing in a favorable interest rate environment, with 5- and 10-year money being offered at low interest rates between 1.6% and 2%.

Turning to slide 14, you can see that we are clearly in a very strong financial position at the end of the first quarter.

But the conservative debt to gross book value 36%.

Total liquidity approximate $280 million.

We also have 800 million in Canadian unencumbered properties available to generate funds should we need it.

Approximately 328 million in our apartment portfolio and 472.

Being our portfolio.

For the remainder of 2020, we have approximately 540 590 million renewals and refinancings.

In a favorable interest rate environment.

With five and 10 year money being offered at low interest rates between 1.6 and 2%.

As an example, subsequent to the quarter end, we blocked total portfolio of mortgages.

Scott Cryer: As an example, subsequent to the quarter end, we blocked a total portfolio of mortgages of CAD 165 million on refinancing at an average rate of 1.89%. We expect we will continue to benefit from the current low interest rate environment through the balance of the year. Although the debt markets have had some changes, we are confident that the debt markets and financing in our industry will remain highly available for our properties, given their stability and the strong fundamentals of the rental residential business. Turning to our balance sheet on slide 15, you can see we continue to maintain a strong and flexible financial position at quarter end, with conservative leverage, strengthening coverage ratios, and historically low interest costs on our mortgage portfolio.

165 million on refinancing at an average rate of 1.89%.

We expect we'll continue to benefit from the current low interest rate environment through the balance of the year.

Although the debt markets.

Had some changes in recent we're confident that marketing and financing in our industry. We remain highly available for our properties given this stability and the strong fundamentals of the rental residential business.

Turning to our balance sheet on slide 15, you can see we continue to maintain strong flexible financial position at quarter end with conservative leverage strengthening coverage ratios and historically low interest costs on our mortgage portfolio.

Scott Cryer: Based on stress testing performed by management on financial debt covenants, we concluded that there is significant room on each of our covenants when compared to their set thresholds. Again, debt to GBV was a solid 36% at quarter end, providing financial resources and flexibility to help us work through these challenging times. Our mortgage portfolio remains well balanced, as shown on slide 16. Looking ahead, our current top-up renewal mortgages through 2034 will provide further significant liquidity in the event that this pandemic gets deeper or lasts longer than we hope. As of 31 March, as said, we expect to raise between CAD 540 and 590 million in total mortgage renewals and refinancings, including operating leases purchased to date.

Based on stress testing performed by management on financial debt covenants. We concluded that there is significant room on each of our covenants when compared to their thresholds.

And again, that's a GBB was a solid 36% at quarter end, providing financial resources and flexibility to help us work through these challenging times.

Our mortgage portfolio may remain well balanced as shown on slide 16.

Looking ahead, our current top up renewal mortgages do 2034 will provide further significant liquidity.

The event that this pandemic gets deeper or last longer than we hope.

As of March 31st says that we expect to range between 540, and 590 million total mortgage renewals and refinancings.

Including operating leases purchase today.

You can also see on this graph that we have considerable opportunity reduce our long term interest costs in todays trucking interest rate environment.

Scott Cryer: You can also see on this graph that we have considerable opportunity to reduce our long-term interest costs in today's attractive interest rate environment. The current 10-year estimated rates, averaging about 1.8, are well below expiring mortgage rates of between 2.7% and 3.4% over the next 3 or 4 years. An example of some very attractive financing recently locked in was a CAD 45 million mortgage that we closed at 1.59% for a 10-year term, which included a top-up of CAD 39 million and is expected to close shortly. Overall, on the liquidity front, slide 17 demonstrates that we will remain well positioned to work our way through these challenging times.

The current tenure estimated rates, averaging about 1.8 are well below expiring mortgage rates between 2.7 and 3.4% over the next three or four years.

An example.

Well, some very attractive financing recently locked in was a $45 million mortgage that we closed at 1.59% for a 10 year term, which included the top up of $39 million and is expected to close shortly.

Overall liquidity fun.

Slide 17 demonstrates that we will remain well positioned to work our way through these challenging times.

Scott Cryer: As of 31 March, as noted, we had approximately CAD 282 million in available liquidity, including CAD 99 million borrowing capacity on our line of credit and CAD 182 million of cash and cash equivalents. Our total equity raise of CAD 1.1 billion in 2019 positioned us strongly as we entered 2020. With our strong balance sheet and liquidity positions, we are confident we have the financial resources to weather these storms. In addition, we remain highly opportunistic in our growth programs, and our balance sheet strength allows us the potential to capitalize on accretive acquisition opportunities should they appear. I'll now turn things back to Mark to wrap up.

At March 31st as noted we had approximately 282 million and available liquidity, including 99 million borrowing capacity on a line of credit.

And 182 million of cash and cash equivalents.

Our total equity raise the 1.1 billion in 2019.

Session strongly as we entered 2020.

Our strong balance sheet and liquidity positions. We're confident we are the financial resources to whether these storms.

And in addition, we remain highly opportunistic and our growth programs and our balance sheet strength allows us the potential to capitalize on accretive acquisition opportunities should they appear.

I'll now turn things back to Mark to wrap up.

Mark Kenney: Thanks, Scott. Looking ahead, we are confident that our long-term focus of making CAPREIT the best place to live, work, and invest will take us through this challenging time. We are working diligently to communicate with our residents, and we remain committed to providing them with a safe and affordable place to live. I thank our residents for their support over the last few months. Our team is capitalizing on the efficient and well-tuned operating platform that we've built over the last 22 years to deliver the best possible results. I especially wanna thank everybody at CAPREIT for their hard work and commitment. I want to especially thank our brave front line who've worked throughout this pandemic equipped with PPE. We thank you for your commitment. It is the experience of our team that will get us through these difficult times.

Thanks, Scott looking ahead, we're confident that our long term focus, but making cap rate the best place to live work and invest will take us through this challenging time.

We're working diligently to communicate with our residents and we remain committed to providing them with the safe and affordable place to live I think our residents for their support over the last few months.

Our team is capitalizing on the efficient and well Twod operating platform that we've built over the last 22 years to deliver the best possible result, I, especially want to thank everybody a cap rate for their hard work and commitment.

I want, especially think our brief front line who've worked wrote this pandemic equipped with PPD. We thank you for your commit in his experience for our team that will get us through these difficult times.

Mark Kenney: From an investment perspective, the apartment industry remains a very defensive sector, one that has proven its ability to generate solid returns in both good times and in bad. At CAPREIT, we remain very optimistic about our future. We have a highly conservative balance sheet with low leverage, strong liquidity, and numerous sources of capital. The current attractive financing environment provides us with a real opportunity to generate significant interest savings for the long term. In summary, to manage this difficult period, we have returned our business to its basics, resident outreach to help through the payment cycle, filling our property vacancies, and finding operational efficiencies. It is this focus that will help us manage through this time and emerge stronger than ever before. Thank you for your attention this morning, and we would now be pleased to take any questions that you may have.

And from an investment perspective, you apartment industry remains a very defensive sector. One that it's proven its ability to generate solid returns in both good time and in bad.

A cap rate, we remain very optimistic about our future we have a highly conservative balance sheet with low leverage strong liquidity and numerous sources of capital and the current attractive financing environment provides us with a real opportunity to generate significant interest savings for the long.

Term.

In summary to manage this difficult period, we have returned our business to its basics.

Resident outreach to help through the payment cycle filling our property vacancy in finding operational efficiencies. It is this focus that will help us manage through this time and emerge stronger than ever before thank you for your attention. This morning, and we would now be pleased to take any quite.

Students that you may have.

Thank you.

Operator 3: Thank you. We will now take questions from the telephone lines. If you have a question and you're using a speakerphone, please lift your handset before making your selection. If you have a question, please press star one on your telephone keypad. If at any time you wish to cancel your question, please press the pound sign. Please press star one at this time if you have a question. There will be a brief pause for the participants to register. Thank you for your patience. The first question is from Jonathan Kelcher of TD Securities. Please go ahead.

Operator: Thank you. We will now take questions from the telephone lines. If you have a question and you're using a speakerphone, please lift your handset before making your selection. If you have a question, please press star one on your telephone keypad. If at any time you wish to cancel your question, please press the pound sign. Please press star one at this time if you have a question. There will be a brief pause for the participants to register. Thank you for your patience. The first question is from Jonathan Kelcher of TD Securities. Please go ahead.

We will now take questions from the telephone lines.

The question, Andrew using guest speaker phone lift your handset so for making your selection.

If you have a question. Please press star one on your telephone keypad.

At any time you wish to cancel your question. Please press the pound sign.

Please press star one at this time, if you have a question.

Yeah brief pause for the participants register thank you for your patience.

The first question is from Jonathan culture of TD Securities. Please go ahead.

Jonathan Kelcher: Thanks. Good morning.

Thanks, Good morning, more in Germany.

Mark Kenney: Morning, Jonathan.

Scott Cryer: Morning, Jonathan.

Jonathan Kelcher: First, I guess when we get to the point, when you're no longer doing the deferrals on increases in renewal rents, how will the process work in terms of reinstating those?

First just.

Jonathan Kelcher: First, I guess when we get to the point, when you're no longer doing the deferrals on increases in renewal rents, how will the process work in terms of reinstating those?

I guess, when we get to the point.

When you're no longer doing the deferrals on on increases in in renewal rents, how how will that process work in terms of reinstating mills.

Mark Kenney: It's different by province, and how it will be reinstated will be different by province. For example, in the province of Quebec, we may end up serving the increases and then just deferring them because if we don't wanna lose the opportunity for the year. In the province of Ontario, you're simply moving the anniversary date of the apartment, so you're essentially just losing the rent increase for however many months we decide to continue this, which just accelerates the early collection of revenue for the year after. It does vary. In simple terms, Jonathan, it varies province by province.

Oh, it's different by province, and how we reinstated will be different by province for example, in the province of Quebec.

You may end up serving the increases and then just differing them because we don't want to lose the opportunity for the year.

And the province of Ontario, you're simply movie the anniversary date.

Of the apartment, so you're essentially just moving the rent losing the rent increase for however, many months, we decided to continue that.

Which is to accelerate the the early collection of revenue for the year. After so it does vary in simple terms, Jonathan it varies province by Province.

Okay, well you will it be sort of international.

Jonathan Kelcher: Okay. Will it be sort of a national, you'll decide, say July first that you're reinstating the rent increases or whatever month it is?

You will decide say July 1st that you're.

Do you reinstating the rent increases are ours, whatever whatever months it is.

Mark Kenney: Yeah, we won't pick a month to do it across the board. As I said, we may reactivate the process in different provinces at different stages. It has a lot to do with the legislation. I'm happy to walk you through that offline. For now, the message that we're giving to CAPREIT residents is that we're deferring rent increases, whether it be by not serving the rent increases or by just not charging them.

Yeah, we know we won't pick a month to do it across the board as I said, we me.

Reactivate the process in different provinces at different stages. It has a lot to do with the legislation I'm happy to walk you through that offline, but for now the message that forgive me. The cap rate residents is that we're we're deferring rent increases whether it be by not serving the rent increases or by just.

Not charging them.

Okay.

Jonathan Kelcher: Okay. Just switching gears, how has turnover been in April and May versus last year, for instance?

Then just switching gears, how how has turned over began in April and may versus versus last year for instance.

Its it is very difficult to call a trend of any sort because what we did see in in turn over again very dependent on where you are a bit in the city. We did see some people go home, we gotta younger where you have younger population of service work.

Mark Kenney: It is very difficult to call a trend of any sort because what we did see in turnover, again, very dependent on where you are. In the city, we did see some people go home. Where you have a younger population of service workers, we saw people go home. We saw a slight uptick in turnover. I would call that the settling month in terms of the pandemic. I wouldn't expect to see that as a continued trend. I think in general, it would be fair to say that we would see a mild uptick in turnover going forward. I'm very cautious when I call that because again, we have really two months of data.

As we saw people go home. So we saw a slight uptick in turnover I would call about that suddenly month in terms of the pandemic I wouldn't expect to see that as a continued trend, but I think in general it would be a fair to say that we would see.

Miles up Keith mild uptick in turnover or going forward I'm very cautious when I called out because again, we have really two months as JADAK, but if there is challenging economic times it tends to it tends historically to generate higher turnover rates.

Mark Kenney: If there's challenging economic times, it tends historically to generate higher turnover rates.

Okay. So for 2020 overall.

Jonathan Kelcher: Okay. For 2020 overall, you think turnover will be a little bit higher than it was in 2019?

Turnover will be a little bit higher than it was in 2019.

Mark Kenney: Going by history, in challenged economic times, you do tend to see more apartments turnover because life circumstances tend to change more during an economic shock. Yes.

Going by history in challenged economic times do you said tend to see more apartments turnover because like circumstances tend to change more during an economic shock.

So yes.

Jonathan Kelcher: Okay. Thanks. I'll turn it back.

Okay. Thanks, all I'll turn it back.

Thank you.

Operator 3: Thank you. Once again, please press star one at this time if you have a question. The following question is from Brad Sturges of Raymond James. Please go ahead.

Operator: Thank you. Once again, please press star one at this time if you have a question. The following question is from Brad Sturges of Raymond James. Please go ahead.

Once again, please press star one at this time.

The following question is from Register just Industrial Alliance. Please go ahead.

Hi, there.

Brad Sturges: Hi there.

Mark Kenney: Morning, Brad.

Yep.

Maybe just.

Brad Sturges: Maybe just sticking with, you know, the comments there about your same property NOI and just maybe looking at market rents, you know, have you seen much of a change in the market rents you're seeing across the portfolio? And just remind me what you think the gap between in-place rents and market rents would be.

Looking with.

Comments there but.

Same property NOI, maybe looking at.

Market rents have you seen much of a change in the market trends, you're seeing across the portfolio and just remind me what you think the gap between placements in market rents would be.

Mark Kenney: You could look at the gap as being just the revenue increases you're seeing on turnover from the past. I think if you look at those numbers combined, I turn to Scott for the actual portfolio number. I think it's in the neighborhood around 15%. I think that. Scott, could you help me with that number?

You could look at the gap is being just the revenue increases you're seeing a turnover from them from the past.

I think we've got we.

Look those numbers combined.

Turning to Scott for the actual portfolio numbers thinks in the neighborhood around 15% I.

I think that Scott.

Scott could you help news that number now your where where we were around 13, I think just slightly below and we continue to see realization of those increases that not the identical levels, but fairly fairly strong levels.

Scott Cryer: Yeah. We're around 13, I think, just slightly below. We continue to see realization of those increases at not the identical levels, but fairly strong levels. Similar to previous calls, I think we continue to see them across all markets nationally. You know, some growth everywhere from Halifax to Quebec, Ontario, et cetera. Those are markets that are kind of driving those increases.

And.

Similar to previous calls I think where we continue to see them across.

Markets nationally you know I'm some growth in everywhere from house acts to Tabak, Ontario et cetera. Those are those markets are driving those increases.

Mark Kenney: The number to be mindful of, and we just don't have the confidence to say that a trend to look forward to is that a decline in mark-to-market rents that are offset by an increase in turnover can actually yield more bottom-line revenue. It's just very, very early to call that. CAPREIT typically does not like the incentive game, because we think that it hides the true nature of income. We will typically price adjust to attract. During a pandemic, you don't know if anything's based on price because the market's not functioning normally. Adjusting price up or down can sometimes have an absolute zero effect because there's just nobody moving in the marketplace.

Then the number to be mindful of it we just we just don't.

Have the confidence to see that trend to look forward to is that a decline in mark to market rents that are offset by an increase in turnover can actually yield more bottom line revenue. It's just very very early to call that Capri typically does not like the incentives game.

Because we think that it is high.

The true nature of income so we will typically price adjust to attract but during a pandemic you don't know if anything is based on price because the markets not functioning normally so adjusting prices up or down can sometimes on an absolute zero effect because there is nobody moving in the marketplace.

Mark Kenney: I would just say what we need to be mindful of here going forward is the combination of increased turnover and a substantial change in market rents if it happens.

So just see the what we need to be mindful up here going forward is the combination of increased turnover and a substantial change in market rents if it happens.

Brad Sturges: Okay. From a margin perspective, what would you expect the change to be year over year for the portfolio right now, given there might be more, I guess, cleaning costs? Would you expect a little bit of an impact on margin?

Okay from a from a margin perspective do you what would you expect.

The change to be year over year.

For the portfolio right now given there might be more.

Cleaning costs.

Would you expect a little bit a little bit of an impact on margin.

Mark Kenney: No, I think that every portfolio functions a little bit differently. It again is way too early to call any sort of change. Generally, we're seeing cost slowdowns at this stage, which isn't indicative of profitability at all. It could be deferring expenses for a quarter down the road. We're not seeing anything material at all on the cost front. If anything, we're seeing expense relief at the current time.

No I think that every portfolio functions, a little bit differently I read again is way too early to call any sort of change, but generally we're seeing.

Cost slowdowns.

At this stage, which isn't indicative of profitability at all it could be deferring expenses.

For a quarter down the road, but we're not seeing anything material at all and the cost front. If anything we're seeing expense extends a relief or at the current time.

[noise] and.

Brad Sturges: Still, I guess, early days, but you know, how does the pandemic change your thought process when it comes to proceeding with development entitlements or you know, on the acquisition side, does this kind of reinforce the focus on the newer build properties rather than value add?

So I guess early days, but you know how does it tend to make change your thought process when it comes to.

Proceeding with development entitlements or no business rent.

On a on the acquisition side. This is kind of reinforce the focus on the newer build.

Properties rather than value.

Mark Kenney: Well, I think what you're gonna see is if affordability becomes the topic in challenged economic times, you will see a return to value add focus for a lot of apartment investors. The question will be, you know, can certain locations see an offset in development costs to make up for potential downward push on rents? That's to be seen. We've seen real uncertain data coming out of new construction. New construction's done exceptionally well in some areas and is weak in others. I think when it comes to the $5 a foot per month rental market, I would think you would see pressure on that in difficult economic times. The question is, does the pro forma look better with potentially reduced construction costs? We're not seeing any evidence of that right now.

Well I think what you're going to see is if affordability becomes the topic in challenged economic time, you will see a return devalue I'd focus for a lot of apartment investors.

The the question will be.

Ken Ken certain location.

See an offset in development cost to make up for potential.

Downward push on rent.

And that's to be seen we've seen a real.

I'm certain data coming out of new construction, new constructions done exceptionally well in some areas and is weak and others. So I think when it comes to the $5.

Per month rental market I.

I would think you would see pressure on that is difficult economic times. The question as does the pro forma look better.

That's potentially reduce construction costs, we're not seeing any evidence of that rate right. Now so we're going to continue on the top of entitlement.

Mark Kenney: We're gonna continue on the path of entitlement and getting the properties ready for permitting. I think that will just benefit CAPREIT tremendously, being ready to pull the trigger on building permit-ready sites. We will not slow down our entitlement position, but it's too early to call, you know, what it really does to our program. Again, we're always quite cautious until we get to the point of entitlement.

And getting the properties ready.

For for permitting.

And I think that will just benefit a cap rate a tremendously I be ready.

To pull the trigger on a building permit ready site. So we will not slow down our in our in our entitlement its position, but it's too early to call. A you know what it really does to our program.

Again, we were always quite cautious until we get to the point of entitlement.

Brad Sturges: Yeah. Okay, great. I'll turn it back. Thank you.

Okay, great. Thank you. Thank you.

Mark Kenney: Thank you.

Operator 3: Thank you. The following question is from Michael Markidis of Desjardins. Please go ahead.

Operator: Thank you. The following question is from Michael Markidis of Desjardins. Please go ahead.

Thank you.

The following question is from Mike Mckee of.

Please go ahead.

Thank you. So I guess just to start on the Brad's question on the entitlements in development, maybe just give us an update on where you would stand with a Wellesley and David.

Michael Markidis: Thank you. I guess just to start on Brad's question on the entitlements and development, maybe you could just give us an update on where you would stand with Wellesley and Davisville.

Mark Kenney: Yeah. You'll remember Wellesley, 120 units. It's been delayed. The pre-hearing was delayed for a month to August. The same thing for Davisville. We've seen another 1-month delay in terms of the settlement hearing. Right now we're getting these delays. We don't know if that's definitive or they'll keep pushing out the delays for the hearings. It's not a profound effect, it's just both have been pushed out about a month.

Yep.

We are you'll remember a wellesley.

During 2008 unit.

Its been delayed the pre hearing was delayed a for a month.

To August.

And ER.

The same thing for Davis, though we've seen another one month delay in terms of the settlement hearing.

So right now we're getting these delays we don't know if that's definitive or they'll keep pushing out the a the delays for the hearings, but it's it's not a profound effect. It's just both have been pushed out about a month.

Okay. Thank you and then just circling back to the topic of recollection, obviously, you did a great job and or had a great experience and.

Michael Markidis: Okay. Thank you. Just circling back to the topic of rent collection. Obviously, you did a great job or had a great experience in April in terms of collecting 98%, and I realize it's early, but do you have any sense on where you're tracking in May versus where you would have been tracking in April as of this date?

April in terms of collecting 98% and I realize it's early but you have any sense on where you're tracking in may versus where you would have been tracking.

In April as a mistake.

Mark Kenney: There has been no change in trend. I've always been very cautious about quoting numbers until the end of the month. I would say that, you can look forward to seeing no change in trend. If anything, government programs, people were getting settled into them in the month of April, and clearly those government programs are fully in place for the month of May. The mid-market nature of the CAPREIT portfolio is definitely revealing itself to be well suited to the income-earning level of our residents and the programs that are out there.

Oh there is.

The no change in trend I've always been very cautious the vote quoting numbers until the end of the mine, but I would say that you can look forward to.

Seeing no change in trend.

If anything government program.

People were getting settles into them in the month of April and clearly those government programs are fully in place for the month of May and the Midmarket nature of the cap rate portfolio is definitely a revealing itself to be well suited.

To the income earning level of a upper residents in the programs that are there.

Michael Markidis: Okay. Just paraphrasing, no reason at this juncture to expect that it would be any worse than April.

Okay. So just paraphrasing no reason at this juncture do expect that.

Would be any worse than.

Mark Kenney: That's very safe to say.

That's very safe to say.

Michael Markidis: Great. Thank you, Mark and Scott. Turn it back.

Thank you Mark and Scott talked about.

Thank you.

Operator 3: Thank you. The following question is from Mario Saric of Scotiabank. Please go ahead.

Operator: Thank you. The following question is from Mario Saric of Scotiabank. Please go ahead.

He following question is from Mario Saric of Scotia Bank. Please go ahead.

Mario Saric: All right. Thank you and good morning.

All right. Thank you good morning.

Mark Kenney: Morning.

Alright.

Mario Saric: I just wanted to stick to the market rent discussion and realizing that it is still very early days. There was an article that came out, I think it was last week, highlighting maybe a bit of pressure in condo rents, month-over-month, like May versus April or April versus March. In some of the bigger markets in Canada, there's a huge gap between condo rents and your rents in the portfolio. Can you just talk about, you know, how insulated the market rents might be for multifamily, if we continue to see condo rents come down?

I just wanted to stick to the market rent discussion and realizing they'll move Colbert early days.

There was an article that came on to conclude luxury car letting that EBITDA crusher.

Condo runs.

Month over month.

So maybe versus April report as of March.

And from the bigger market contender.

There's a huge gap between condo rents and Youre right.

Full year, maybe just talk about.

How into where did the market rent might be multifamily or deferred if we continue to calendar runs come down.

Mark Kenney: Yeah. We're really seeing the divergence of multifamily value add and multifamily new construction. I'd put the condos in the category of multifamily new construction. The pressures there are obvious. Higher income earners that have been displaced due to COVID are not getting government assistance programs that match their previous income. That goes without saying. The second factor is we're unsure of the full effect of Airbnb units that are being converted into long-term rental. I say that because we're not entirely sure of the size of the Airbnb market in places like Toronto, Vancouver, Montreal, but we think it's pretty big, and we know that those people are under tremendous pressure to keep revenues alive.

Yeah, we're really seeing the divergence.

Multifamily value added multifamily new construction I'd put the condos in the category of multifamily new construction.

So the pressures there are obvious higher income earners art that have been displace due to co that are not getting government assistance program to match the previous income that goes with that thing.

The second factor is we're unsure of the full effective air BMV units that are being converted into long term a rental a lot and I see that because we're not entirely sure of the size of beer being be market in places like trying to Vancouver, Montreal, but we think it's pretty.

Okay, and we know that that those people are under tremendous pressure two to keep revenues alive.

Mark Kenney: The combination of those two factors, I'm not sure which one is impacting more, but it has something to do with both, and that's definitely got pressures in the condo end of the market. I don't see that affecting us for two primary reasons. I think what you might find is that people that are choosing a lifestyle in Toronto may choose our value add portfolio, I'm gonna say, over being in a condo due to affordability, and they wanna stay in the city. I think that you'll see an effect of that. Then I think you'll just see the general affordability proposition holding true. We have a lot of mark-to-market runway in our portfolio. That is not lost on people.

So the combination of those two factors I'm not sure, which one is impacting more but it has something to do with both and that's definitely got pressures in the condo into the market.

I don't see that affecting us for two primary reason.

I think what you might find is the people that are choosing a lifestyle in Toronto may choose a per our value add portfolio I'm going to see over being in a condo due to affordability. They want to stay in the city and I think that you'll see a an effective that and then I think you'll just see the.

General affordability proposition holding true we have a lot of mark to market runway in our portfolio does not loss on people there will be a a phase where people readjust because they've had an economic shock to their income and they decide to move on for different reasons.

Mark Kenney: There will be a phase where people readjust because they've had an economic shock to their income, and they've had to move on for different reasons. I feel highly confident that that mark-to-market embedded value in the CAPREIT portfolio is going to ensure us through these times.

But I feel highly highly confident that that mark to market embedded value in the cap rate portfolio is going to ensure a through a through these time.

Got it Okay, and then just on the immigration occur big driver of rental demand nationally.

Mario Saric: Got it. Okay. Just on immigration, it's a big driver of rental demand nationally. Clearly, there's a freeze in terms of international immigration right now. How do you see that playing out and the implications for your portfolio, depending on, I guess, the length of the freeze over time?

Clearly, there's a free or in terms of international immigration right now.

How do you see that playing out and duplications for your portfolio, depending on like for the freeze over.

Overtime.

Mark Kenney: Yeah. I think immigration is one of several factors that put huge pressure on the housing situations in Toronto, Vancouver, Montreal. You know, we've talked about the urbanization, natural population growth, you know, aging seniors, the student populations, and of course, the ever-increasing pressures on getting supply to market. I do think that we are well protected from all of those factors. I do think, again, the affordability of a CAPREIT apartment really ensures us better than anyone else from changes in demand factors. People still have very good value with their CAPREIT leases, and that, I think, will get us through.

Yeah, I think immigration is one of several factors that had huge pressure on the housing situations in trona Vancouver Montreal.

You know we've got we've talked about the urbanization a natural population growth.

Aging seniors the student population or there are still and of course, the the ever increasing pressures on getting supply to market.

So I do think that we are well protected from all those factors and I do think again, the affordability of the cap rate apartment really ensures us better than anyone else from changes in ER in demand factors people still have a very good day.

All you with their cap rate leases and and I think will get us through.

The other never Sun.

Mario Saric: All right. Do you have a sense of, like, what percentage of demand last year would've been from international immigration for the portfolio? And then maybe what percentage of the existing tenant base would be students today?

Like what percentage of demand last year would have been.

From international immigration for the portfolio than maybe what percentage of existing kinda piece would be students <unk>.

Mark Kenney: Well, I really not that we don't know our numbers, but I really don't know the overall effect on the overall market. I think it's the overall market that has effects in every sector, from the condo buying sector, home buying sector, to rental high-end, to rental mid-tier. It is difficult to say. There will be an effect also with foreign students, but how long that will go on for is to be determined. You know, I think that when schools return to a bigger state of normal, you'll see a very quick return in that demand segment as well. I'm not trying to evade the question, Miro. It's just so early to say. It really is early to say.

Well, I really I really and not that we don't know or numbers, but I really don't know the over at all effect on the overall market and I think it's the overall market that has effects in every sector from the condo buying sector home buying sector to rental high end and rental mid tier. So it is difficult it is difficult.

So to say there will be of an effect also with with foreign students, but how long that will go on for is is to be determined you know I think that when schools.

Returned to a much bigger state of normal you'll see a very quick return in that demand segment as well, so very and I'm not trying to be the question mirror is just so early to say it really is early to say.

Mario Saric: Right. In terms of the CAPREIT-specific portfolio, do you have a sense of, like, what percentage of the portfolio would be rented out to students today?

Right and in terms of top roots specific portfolio give us some sort of.

Like what percentage of the portfolio would be run cook students.

Mark Kenney: They're quite a small percentage. You would have to look at where the universities or secondary education institutions are situated. If you wanted to talk about, like, direct correlation buildings, we would have less than a dozen properties that are specifically serving a post-secondary.

There are quite a small percentage you have to look at where the universities or or secondary education institutions are are situated but if you want to talk a bit like direct co relation building, we would have less than a dozen properties that are specific.

We serving post secondary.

Mario Saric: Got it. Okay. In the past, you've kind of highlighted, and this comes back to the value add assertion, fairly large waiting lists for tenants in your bigger markets like Toronto. Can you give us a sense of where waiting lists stand today and how they've been impacted, if at all, by the crisis?

Got it okay and in the past new kind of highlighted comes back to the value out assertion piloted a fairly large waiting for tenants and.

You are bigger markets, what we're calling on <unk>.

<unk> expenses were waiting list there today another good if at all or a the crisis.

Mark Kenney: Yeah. I think that the demand is difficult to read because people in the last four weeks have been in some state of lockdown. It's a very unusual time unless you absolutely have to be looking to move. I don't think that indicates anything. I think that during a period of lockdown, you can obviously expect different behavior. As things ease up, I would say the months of, particularly the month of June, will tell us a little bit more clarity on where the market's at. That's traditionally a high rental month, June, July, and we'll see how many people are returning to the marketplace. There are people still renting, but really, it's people that must move that we're seeing more than anything.

Yeah, I think that the demand is difficult to read because people in the lab.

Four weeks.

I've been in some speed of locked down so it's a very unusual time unless you absolutely have to be looking to to move.

I don't think that that indicates anything I think the during a period of locked down you can obviously expect different behavior as things ease up I would say the month of Ah, particularly the month in June.

I will tell us a little bit more clarity on where the markets that that's traditionally a high rental month June July.

And ER and we'll see how many people are returning to the marketplace. There are people still renting but really it's people that must move that we're seeing more than anything.

Yeah.

Mario Saric: Okay. Thanks, Mark.

Okay. Thanks, Mark Yep.

Mark Kenney: Yep.

Thank you.

Operator 3: Thank you. There are no further questions registered at this time. Management has asked that only analysts who follow CAPREIT ask questions on the call. Anticipating a lot of questions, this step has been taken to ensure there is sufficient time. Please call management at your convenience after the call has concluded. I will now turn the call back over to Mr. Kenney.

Operator: Thank you. There are no further questions registered at this time. Management has asked that only analysts who follow CAPREIT ask questions on the call. Anticipating a lot of questions, this step has been taken to ensure there is sufficient time. Please call management at your convenience after the call has concluded. I will now turn the call back over to Mr. Kenney.

There are no further questions registered at this time.

Management has acid only analysts who follow cap rate ask questions on the call anticipating a lot of questions that step has been taken to ensure there's sufficient time. Please call management at your convenience. After the call has concluded I'll now turn the call back over to Mr. Ken.

I'd like to first of all thank everybody for their time and attention today and if you have any further questions. Please don't hesitate to contact us at any time. Thanks, so much stay safe ER and goodbye.

Mark Kenney: I'd like to, first of all, thank everybody for their time and attention today. If you have any further questions, please don't hesitate to contact us at any time. Thanks so much. Stay safe, and goodbye.

[noise]. Thank you.

Operator 3: Thank you. The conference has now ended. Please disconnect your lines at this time. We thank you for your participation.

Operator: Thank you. The conference has now ended. Please disconnect your lines at this time. We thank you for your participation.

Conference has now ended please disconnect your lines at this time, we thank you for your participation.

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No. There's just a modest said coffeehouse it does WP.

[music].

Operator 2: Un message en français suivra. Please note that this conference call has ended. Please disconnect your line at this time. Thank you. S'il vous plaît, prenez note que cet appel conférence est terminé. S'il vous plaît, raccrochez votre ligne. Merci. Un message en français suivra. Please note that this conference call has ended. Please disconnect your line at this time. Thank you. S'il vous plaît, prenez note que cet appel conférence est terminé. S'il vous plaît, raccrochez votre ligne. Merci. Un message en français suivra. Please note that this conference call has ended. Please disconnect your line at this time. Thank you. S'il vous plaît, prenez note que cet appel conférence est terminé. S'il vous plaît, raccrochez votre ligne. Merci. Un message en français suivra. Please note that this conference call has ended. Please disconnect your line at this time. Thank you.

Operator: Un message en français suivra. Please note that this conference call has ended. Please disconnect your line at this time. Thank you. S'il vous plaît, prenez note que cet appel conférence est terminé. S'il vous plaît, raccrochez votre ligne. Merci. Un message en français suivra. Please note that this conference call has ended. Please disconnect your line at this time. Thank you. S'il vous plaît, prenez note que cet appel conférence est terminé. S'il vous plaît, raccrochez votre ligne. Merci. Un message en français suivra. Please note that this conference call has ended. Please disconnect your line at this time. Thank you. S'il vous plaît, prenez note que cet appel conférence est terminé. S'il vous plaît, raccrochez votre ligne. Merci. Un message en français suivra. Please note that this conference call has ended. Please disconnect your line at this time. Thank you.

<unk> office people.

Please note that this conference call has ended please disconnect your lines at this time. Thank you.

Okay.

The company.

Yeah.

Okay.

[music].

I mean, it sounds like 50, though.

This conference call has ended please disconnect your lines at this time. Thank you.

Okay.

She was pending.

[music].

Hi, 55.

Please note that this conference call has ended please disconnect your lines at this time. Thank you.

Okay.

So tell me.

Okay.

Yeah.

[music].

<unk> office people.

Note that this conference call has ended please disconnect your lines at this time. Thank you.

Operator 2: S'il vous plaît, prenez note que cet appel conférence est terminé. S'il vous plaît, raccrochez votre ligne. Merci. Un message en français suivra. Please note that this conference call has ended. Please disconnect your line at this time. Thank you. S'il vous plaît, prenez note que cet appel conférence est terminé. S'il vous plaît, raccrochez votre ligne. Merci.

Operator: S'il vous plaît, prenez note que cet appel conférence est terminé. S'il vous plaît, raccrochez votre ligne. Merci. Un message en français suivra. Please note that this conference call has ended. Please disconnect your line at this time. Thank you. S'il vous plaît, prenez note que cet appel conférence est terminé. S'il vous plaît, raccrochez votre ligne. Merci.

Okay.

[music].

<unk> 55.

Please note that this conference call has ended please disconnect your lines at this time. Thank you.

Okay.

Oh.

She was pending.

[music].

Hi, 55.

Note that this conference call has ended.

Disconnect your lines at this time thank you.

Okay.

So tell me.

She was pending.

[music].

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