Excellent discussion, Islay. Thanks! I might disagree a bit on...

Excellent discussion, Islay. Thanks!

I might disagree a bit on your statement that GEM needs to slow down acquisitions. Certainly true if GEM isn't integrating them well enough and (as you suggest) improving occupancy. But GEM has slowed down acquisitions considerably this past year, possibly because Affinity was buying up above what GEM was willing to pay.

Also, this might be a "sweet spot" time to acquire centres because (a) new regulations will put margin/profit pressure on small operations so they are more motivated to sell and (b) GEM might have less acquisition competition if Anchorage follows its past practice (i.e., reduce costs and expenses to doll up the business).