Property valuations were up 1% QoQ, attributed to higher residential rent (up 1% QoQ) and occupancy (up 1 pp QoQ). We continue to anticipate property valuations increasing by 5.5% across 2024 and 2025, driven by lower cap rates. Since June 2024, the Bank of Canada has reduced interest rates twice, and we anticipate further cuts, prompted by easing inflation and a softening job market. We believe organic rent growth should drive YEG’s revenue and EBITDA in the coming quarters. We maintain a positive outlook on the Canadian multi-family residential market, buoyed by strong rental demand, elevated property prices, and challenges in affordability due to high mortgage rates for new homebuyers. YEG’s forward EV/EBITDA is 17.7x vs the sector average of 22.4x, a 21% discount. Price and Volume (1-year) YTD 12M YEG 22% 15% TSXV 3% -2% Investment Strategy 30+ year track record in real estate. The CEO owns 73% of YEG’s equity. Building a portfolio capable of potentially generating steady cash flows, and capital gains YEG focuses on multi-family rental properties capable of potentially generating steady cash flows, and capital gains. Management’s key objectives include: Expanding through strategic acquisitions of multi-family residential properties in cities experiencing robust population growth, with initial emphasis on B.C. and Alberta Increasing rental revenue through organic growth, development, repositioning, renovations, and optimization strategies Over the next three to five years, management is focused on growing the portfolio to over $500M. YEG’s portfolio includes 11 projects (unchanged QoQ), including 10 residential projects totaling 518 units, and one commercial spanning 28,036 sq. ft YEG owns 100% equity in its projects. At the end of Q2, YEG owned $128M in real estate investments, up 32% YoY, primarily driven by acquisitions Property valuations increased by 1% QoQ, or $1.4M in Q2 (nil in Q1), attributed to increased residential rent an