have so many other buildings, uh, with similar physical attributes. And then finally, of course, we will own the urban data center portfolio free and clear. This is all if we do this transaction. So that, that's… I think the way to look at it, that's how it was presented to the, to the open market, uh, for bidding. And there were bidders who stepped forward, um, and that will then allow C- CBC to determine how best to deal with our right of first offer. Michael, I appreciate your transparency and that's excellent color. Thank you, I'll turn it back. Okay. Moving next to Brad Sturges with Raymond James. Your line is open, please go ahead. Hi, good morning. Um- Morning. Just on, uh, 400, uh, West Georgia there, you know, you highlighted, uh, you know, the, uh, the ramp up on occupancy starting. Now, can you just give a timeline on- on, uh, to the extent you can, in terms of the, um, you know, what the potential could be for the occupancy stabilization, uh, there at the project? In terms of, uh, NOI? Is that what you're saying? Occupancy stabilization. Oh, In terms of percentage? Yeah. When we'll get to where we… We- we hopefully will have that, uh, by Q3, uh, which, uh… Yeah, 95% is what we would consider stabilized occupancy and Q3 would be when we close on that transaction. So it would coincide with when it comes on our books, that's… That would be our expectation. Okay. A- and then, um, I guess just one other question, um, in terms of, um, you know, funding some of your growth initiatives, uh, you have, uh, still some assets for sale on the balance, uh, listed on the balance sheet, uh, at the end of the year. You know, you know, would there be a scenario where you consider more, uh, you know, a 100%, uh, asset sales at this stage in, if, uh, you know, the capital markets aren't, uh, at a point where you- you feel comfortable raising equity? Or how should we think about, um, asset sales beyond what's, uh, listed for sale right now? That's an option Brad, that is available to us. Um, the two held for sale, uh, are moving toward completion on schedule, although we can never be certain they'll complete until they complete. Uh, there is another smaller non-core asset in Toronto that we might transact on. But when I say there are options available to us, uh, I'm not postulating large-scale asset sales on our part. Okay. That makes sense. I'll- I'll turn it back. Thank you. Welcome next to Caitlin Burrows with Goldman Sachs. Hi, good morning. Um, in the prepared remarks, I think you guys mentioned reaching 94% occupancy later this year. So I was wondering if you could give some detail on the cadence of that expected occupancy improvement, and then just clarify whether that's the total portfolio or the stabilized properties specifically. Hi Caitlyn, for sure that would be the total rental portfolio, and it would start ramping up from an occupancy perspective in the second half of 2022. Okay. Um, and then, um, separately, I don't think this one was talked about yet, and I know I'm gonna say it wrong, but last July, um, you announced that, uh, Jasta group was developing 700 Rue St-Hubert, uh, which you would buy, um, in the second half of 22 around the time of completion. So assuming that is still the plan, can you go through how we expect to fund that project in particular? And to what extent that property may contribute to earnings in 22? Again, we will fund it subject to the parameters I articulated, uh, in my answer with respect to allocation or capital allocation. Um, and as I said, there are known options available to us. That's not parti… Not to, not to diminish that particular acquisition, but it's not particularly large. Uh, but as I said, we will not fund it, uh, with equity below NAV per unit, and we will not, uh, we will not fund it by flexing our balance sheet further. Okay. Um, and then maybe, uh, two quicker ones. Um, just wondering if the internal assumptions that you outlined for 22 and even 23 assume any additional ATM usage. Or if you were to use the ATM in a small way, would that be kind of like an incremental update? No, we don't assume any ATM usage. We assume everything is funded with debt, so that would be an incremental usage. Okay. Um, and then last, it looks like, um, the salaries and benefits were higher in the fourth quarter than they have been. I know you mentioned that, uh, you hired three new leasing managers, so is that related to that hiring and more of a permanent increase or was there something one time or a mix? That would be the- the Q4 GNA uptake you would've seen was for the final bonus payouts for the year. So it was a bit of a year to date catch up on compensation. So as we think about this year, would you say that like 2021 or some growth rate from that is reasonable to assume? I… For 2022, you should assume G&A will be in line with 2021, but excluding the 1.2 or 1.3 million of severance expense that we had in 21. So almost flat from 21 to 22. Okay. Uh, thanks. That's all. We'll go next to Matt Cornick, at National Bank Financial, your line is open. Please go ahead. Good morning guys. Um, everybody's trying to figure out how you- you buy things without, uh, financing them. So just a quick question, in terms of potential, uh, vendors, uh, in the market. Is there an appetite at this point for them to take back equity at NAV in Allied? Or is that a potential kind of way to get at some of these assets while not issuing it a discount? It is a theoretical possibility. Yes. Um, it's never one we've executed on, uh, nor is it, nor is it how we approach, uh, vendors. Um, so it- it is a theoretical possibility. Uh, I don't know if it's a real possibility. Okay. Fair enough. Um, with- with regards to the 94% occupancy in the rental portfolio, is that purely lease up of, uh, vacant space or is the component of that just bringing on sort of fully leased development properties as well? No, it would mostly be driven by, uh, leasing up turnover vacancy, not so much on the development because on our larger developments, we're actually very highly leased. So, um. Okay. Now, fair enough. And then on the, I guess, follow up on, uh, CT Multimedia, um, it sounds like you have prospects there. That they're- they've been there for a while, but it's sitting, I guess, uh, one of them, uh, Rubber Ruber boost is sitting at 49% occupied. What is… Is that where we should expect, uh, some of that lease up in the second half of the year or should that come in the