Yes

... 66%.

US REITs today, 35% leveraged, 4.5 times to one interest coverage ratios, 90% fixed rate debt with a weighted average term to maturity over six years.

REIT balance sheets are the best they've ever been since REITs started.

These management teams remember the global financial crisis.

So in contrast, big picture, to the all of this focus on rates, is the fundamentals in terms of supply and demand in select asset classes today are actually compelling because in those sectors where demand is resilient, in all sectors we've seen a dramatic decrease in supply.

You can't make new development yields work economically in any property type in North America except for data centers or where you have government subsidized mortgage financing.

Mm-hmm

And so I wonder from your perspective as a real estate investor, does that make real estate dead money?

No, certainly not.

Uh, I mean, interest rates are an important factor, but we believe, we've demonstrated that some of the cliches, if you will, that you hear in real estate w-we think are somewhere between nonsense, ridiculous.

The first is location, location, location.

I mean, you could have the best located office building in Calgary or San Francisco.

How's that going for you? Not so good.

Interest rates.

Why are people so unhappy with that arrangement?

Obviously, on the upside, which people are familiar with, Let's categorize the different markets, and I know it's a broad-based question here, but what you're seeing, the office market and maybe geographical changes there, the residential market, obviously the shopping centers, which you guys have done well with.

Yeah, I mean, the constructive thing about our strategy is we don't need to be bulls for real estate to do well because we're long, short, and we can be selective.

We're not index benchmark.

So there's really five themes that we really are focused on right now on the net long side.

The first is data centers, and there's been, I think, a pretty compelling entry point in the last week or so into this space.

And, you know, there's so much hype about AI.

You don't need any AI demand to make data centers work.

What are you watching for in particular on the macro level?

Would you extrapolate that just given the environment that maybe that's the environment that we're in, that we're not going to see these juicy deals? No.

No.

I mean, firstly, interest specifically, we did hold that.

The takeover price was exactly within $0.03 of our net asset value.

IFRS is a flawed metric.

So IFRS is what you're referring to, International Financial Reporting Standards, which one of the differences between Canada and the United States, Canada, they still have...

So the United States, they still have GAAP accounting.

When is it?