any questions or comments you may signal by pressing star-one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, it is star-one to ask a question. We'll go first to Jonathan Kelcher at TD Securities. Your line is open, please go ahead. Thanks, um, good morning. Morning. Um, fir- first question, just on the, the same property at Allied, it was, uh, a little negative in, in Toronto and Kitchener in the quarter. Can you maybe give us a little bit of color on that? Hi, Jonathan, um, it would, it would be relating to parking and turnover vacancy. Okay. So, that, that should flip, uh, flip this, this year? Yes. Okay. Yes, we're- Um… okay. And then, on the, the development side, on, on the well, uh, I noticed the costs were, the costs for the project were up about 5% versus Q3. Um, can you maybe give us a l- a little bit, uh, a little bit of color on that? For sure. I- i- they're related to two things. One is the, uh, extension of the construction schedule, um, and, and two is, uh, activities that happening on site, uh, in order to deal with the, the impacts of Covid. Okay. So, so just, sorta, timing and supply chain? crosstalk- Exactly. Exactly. Okay. Fair enough. And then, the, for this year, what's, um, what's the expected spend on, on development for, for 2022? It'll be about $200 million. Um, and it'll drop in 2023 to under 100 million. Okay. That's, uh, that's it for me. Thanks, I'll turn it back. Thank you. We'll go next to Mario Seric, ESCO Shipping. Please go ahead. Hi, good morning. Morning. Uh, just one, uh, one quick question, the capital allocation for the year. Uh, I think the inaudible and the inaudible holders that highlighted the expectation to allocate a large amount of capital in ' 22, which is, uh, consistent with prior years. I, I think in 20- I think in ' 21, you completed about 360 million of acquisitions. Is, is, kind of, 300-500 million a reasonable range, in terms of targeted acquisitions this year? And, if so, how do you think about funding, uh, and the expected activity given the current, you know, pricing balance sheet? Mario, given the extent of opportunities visible to us, uh, it would be very easy for us to achieve a comparable level of acquisitions in 2022, if not more. If not considerably more, potentially. Uh, there are two limiting factors however that we have to recognize. The first is, as Cecilia mentioned, we are not prepared to flex our balance sheet any further. The second is, uh, we are not prepared to issue substantial amounts of equity below NAV per unit. Um, that could ultimately delay, or constrain our ability to take advantage of opportunities that expect to become available to us. But we have explored and developed a number of options that would allow us to utilize capital, uh, without raising equity below NAV per unit. Uh, and without putting upward pressure on our debt metrics. I don't want to elaborate on that any further, but I do wanna reiterate the two governing propositions for capital allocation in 2022. They are as follows, one, we will not flex out balance sheet any further, number two, we will not raise substantial amounts of equity below NAV per unit. inaudible, okay. Um, and I don't know if you can answer this, uh, given your, your comment just now. But, um, are, are, are inaudible something that Allied would increasingly consider? It, it's not something, uh, you've historically done, but i- is that an option you're looking at? Not necessarily for specific assets, but just in general, the philosophy of inaudible or is that changing over time? That is definitely one option that has been extensively explored, and is available to us, uh, in terms of funding acquisition opportunities in a way that don't violate either of the two propositions I articulated with respect to capital allocation. Yes. But it's only one. There are others. Okay. Uh, just maybe a bit more color on your acquisition at 207 West Hastings, uh, it was in November of last year. But just, um, c- can you remind us of what the plans are there for that asset? It, it is a spectacular heritage asset. Probably along with our Sun Tower, which, by the way, is featured on the cover of our annual report, uh, post-restoration. Um, along with the Sun Tower, it is arguably the finest heritage structure in the city of Vancouver. It is heavily occupied by a very large number of small users on short term leases, um, that are structured in the old way of leasing, uh, which is essentially gross. We plan to work with the existing tenant base, and if my memory serves, there are 140 tenants there <laugh>. Um, or there were at least on, uh, on acquisition. We wanna work with all of them to find a way to transform the building into a leasing format that is more consistent with our operating format. But we, we genuinely wanna do that in a way that retains the existing users. Or, possibly relocates some of them to other buildings we have with a more Allied-like leasing structure. So, that will be a gentle rolling upgrade, for lack of a better term. Uh, the, the Dominion Building is very close to Sun Tower. Um, and actually, it, Sun Tower, and the Landing, um, are almost optic- optimally located in relation to one another. Um, and so, at the Landing we can acqui- we can accommodate, excuse me, larger single-floor users, at Dominion we can accommodate mid-sized single-floor users, and at the Dominion Building we can accommodate a large number of smaller users. And we want to continue to accommodate all such users, because we want an ecosystem, uh, in our portfolio, in Vancouver, and elsewhere, as you know, that allows us to, to accommodate the, the broad range of creative businesses in our economy today. Okay. Um, inaudible really quick one to my end, uh, the first relates to your UBC cap rates. Uh, they're a flat quarter of a quarter at 5.3%, including 151 Front, which is 100% occupied at a five cap. I think we've seen a lot of transactions in the North American markets, uh, pretty healthy evaluations that would suggest 151 Front in particular is well below a five cap rate asset. so, I guess the question, um, is, what, what do you think that the catalysts to recognize the inherent value at 151 in particular, uh, in terms of the cap rate and valuation? And more broadly, across the UDC portfolio which stands valued at 1.1 billion today. Um, we're very aware of the transactions you've adverted to. Uh, we have not reflected those transactions in our RFRS value, uh, at the end of Q4. Uh, not because we don't think it's appropriate, but we wanted those transactions to close, um, with certainty, and we wanted to, uh,