Good morning, everyone. We are hosting this joint call today to discuss the transaction announced earlier today. H&R REIT has entered into an arranged agreement with GO Residential REIT and a consortium of co-purchasers, under which H&R has agreed to sell its U.S. residential portfolio to GO, while certain industrial and other non-core assets will be sold to other purchasers with H&R unitholders receiving cash and GO units. A slide presentation has been posted on both H&R and GO websites and will be filed under each company's respective SEDAR profiles. We encourage listeners to access the presentation directly and follow along as the speakers refer to each slide. Before we begin, we will draw your attention to the disclaimer on slide two, and note that certain statements made on today's call may constitute forward-looking information within the meaning of applicable Canadian securities laws.
These statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied. H&R and GO REIT assume no obligation to update or revise any forward-looking statements. This call references certain non-IFRS financial measures. Listeners are directed to the press releases issued by H&R and GO REIT this morning, available under each trust respective profile on SEDAR+ for additional context, assumptions, and cautionary language relating to both forward-looking statements and non-IFRS measures. On the call today, we have Stephen Gross, Independent Lead Trustee of H&R REIT, Cheryl Fried, Interim Chief Financial Officer of H&R REIT, and Robyn Kestenberg, Executive Vice President, Office and Industrial of H&R REIT, joined by Josh Gotlib, Chief Executive Officer of GO Residential REIT, and Max Kaufman, Chief Operating Officer, Corporate Secretary, and General Counsel of GO REIT.
Stephen Gross will open today's call with remarks on the strategic review process and the benefits of the transaction for H&R unitholders. Josh Gotlib will then speak to the strategic rationale from the GO REIT perspective and describe the forward platform the combined entity will create. Stephen will return to close with a summary of why this is a compelling transaction for unitholders of both companies and outline next steps. We will then open the lines for questions from analysts. I will now turn the call over to Stephen Gross. Stephen, please go ahead.
Thank you for joining us today. I'm Stephen Gross, and I'm speaking to you today on behalf of H&R REIT's independent trustees and the board. As illustrated on slide five, over the past few years, we have been strategically repositioning this trust around a single thesis: that our Lantower residential portfolio, built across the highest growth residential markets in the U.S., represents exceptional long-term value. Today's announcement is the culmination of a comprehensive process to realize that value. In 2021, we made a deliberate decision to reposition H&R. The spin-out of Primaris REIT was the first move, separating our retail assets into a focused standalone entity. From there, we sold non-core properties, reduced complexity, and concentrated capital into Lantower residential. We made meaningful progress, but we were also honest with ourselves about what continued repositioning could and could not achieve on its own.
H&R is a large, complex trust. Repositioning takes time, and time has a cost when your assets are worth more than the market is giving you credit for. In 2025, the board initiated a formal strategic review of the REIT. We engaged independent financial and legal advisors working exclusively for a committee of independent trustees. We examined the full range of alternatives. We ran a rigorous arm's-length process. The transaction that we are discussing today was submitted more recently, and we again engaged independent financial and legal advisors working exclusively for the independent trustees. We negotiated hard to arrive at the terms we are announcing today. The recommendation we are making today is the product of that process, and it was unanimous. Beginning with slide six, today's announcement is a culmination of H&R's strategic repositioning plan that it started in 2021 to simplify and focus the REIT's portfolio.
Under the arrangement, GO REIT will acquire H&R's premier U.S. residential portfolio, 27 properties and approximately 10,300 suites across eight Sunbelt markets, while Blackstone, Crestpoint, and Public Sector Pension Investment Board, and CRAL will separately acquire H&R's industrial and non-core assets for cash. H&R unitholders will receive $4.28 in cash plus 0.5688 GO REIT units per H&R unit for a total upfront consideration that represents a compelling upfront premium. Post-close, H&R unitholders will hold approximately 67% of the combined platform on a fully diluted basis. The existing GO executive team remains in place, and post-close, the GO board will be comprised of nine trustees, including two H&R nominees. GO retains its name, ticker, and New York City headquarters. There are meaningful synergies here on the order of $15 million, and Josh will discuss those in a moment.
We are targeting close in Q4 of 2026, subject to unitholder approvals, court approval, and regulatory clearance. Turning to slide seven, let me be specific about why the board believes this transaction is the right outcome for H&R unitholders. First, certain and immediate value in two forms. $4.28 per unit in cash and 0.5688 GO REIT units structured as a tax-deferred rollover for eligible Canadian resident unitholders, with the cash portion expected to receive a combination of recaptured depreciation and capital gains treatment. Second, a majority ownership stake in the GO Forward entity. At 67% on a fully diluted basis, H&R unitholders are trading up into a larger, stronger, better-capitalized platform. Two trustees nominated by H&R will join GO REIT's board at close, providing ongoing governance representation. We considered whether H&R could deliver comparable value through continued standalone repositioning.
The honest answer is that additional time and capital would have been required with no certainty of closing the gap between intrinsic value and market price. This transaction delivers that value now. Third, structural conditions for re-rate. Pure-play focus and expanded float are expected to create the conditions to allow for the combined platform to trade at multiples more consistent with its North American residential peers. A valuation gap that H&R unitholders as majority owners are positioned to benefit in that upside from day one. The consideration was supported by two independent fairness opinions, including a formal valuation by the independent trustees' own advisors. Both concluded the consideration is fair to H&R unitholders. Slide eight speaks to the opportunity we see here for H&R unitholders. Cash plus majority stake in a stronger and more competitive platform and an experienced management team with a singular residential focus.
H&R unitholders will continue to receive a meaningful income through distributions from their GO REIT stake as comparable to H&R standalone distribution. But with the addition of the potential for meaningful share price upside through a potential re-rating that we believe exists as a pure-play residential platform in an excellent market on the foundation of a stronger balance sheet. After years of repositioning this trust, we are genuinely pleased to be delivering this result today and equally excited about what the combined platform represents for unitholders going forward. I will now turn it over to Josh Gotlib, CEO of GO REIT, who will speak to GO REIT and outline the platform you will be owning together.
Thank you, Stephen, and thank you to everyone for joining. I want to start by saying that we have followed the H&R story closely for a long time. We know the markets, the assets, and the Lantower brand very well. The excitement we have about this transaction is about what we get to build together and the platform we will be able to put in front of investors. Turning to slide 10. What we announced today is a combination of two of the most distinctive residential portfolios in North America, GO's trophy New York City assets and H&R's high-quality and high-growth Sunbelt communities, known as the Lantower portfolio, into a single pure-play platform with a strengthened balance sheet and material re-rating potential. This transaction creates a more compelling REIT in every dimension that matters to a long-term unitholder: scale, geography, asset quality, earnings, balance sheet, and liquidity.
Let me take you through each in turn. Turning to slide 11, let me start with scale, because everything else builds on it. GO today is 10 properties, approximately 3,000 suites, one market, one state. Our assets are very high quality and well operated, but we are relatively small, and the market prices go that way. The combined platform becomes 37 properties, 13,328 residential suites, eight markets, four states, and an enterprise value of approximately $5.6 billion or CAD 7.8 billion. That makes us the second-largest publicly traded residential REIT in Canada by enterprise value and seventh-largest in the U.S. pro forma public float increases approximately four times from current levels. I want to be clear about why that number matters. Second largest is not just a ranking, it is a category change.
The mid-cap Canadian residential REIT peer group trades at stronger multiples, attracts deeper institutional capital, and receives broader analyst coverage than the small-cap segment we currently occupy. That re-rating potential represents real value, and both GO and H&R unitholders participate in it from day one. The assets we are acquiring average 10 years in age, slightly newer than our existing portfolio, well-maintained, and stabilized. We are not buying value-add plays requiring significant capital. We are buying quality and combining it with the premier portfolio we already own. Moving to slide 12. In addition to scale, this transaction delivers meaningful diversification. GO's existing portfolio is 100% New York City by NOI. That is a real strength. New York is one of the most supply-constrained, demand-durable rental markets in the world. The Lantower portfolio enhances our diversification profile.
We are acquiring 23 high-quality residential properties across Tampa, Dallas, Orlando, Miami, Raleigh-Durham, Austin, and Charlotte. We are also acquiring two very high-quality residential towers in River Landing, Miami, and Jackson Park, New York. Pro forma, New York City remains our dominant market at approximately 70% of NOI. Our core is intact. We are now layering in seven Sunbelt markets that contribute approximately 30% of NOI across more than 9,000 suites. This transaction diversifies our asset type mix as well. We go from a portfolio that is entirely luxury high-rise to one that includes luxury high-rise, Class A new construction mid-rise, and Class A urban-adjacent multifamily. More market segments, more tools for value enhancement, and a more resilient earning stream overall. Turning to Slide 13, let me speak to the New York City market specifically.
For H&R unitholders joining us as partners, you are adding a trophy portfolio of institutional quality New York City high-rise buildings that drive premium tenancy, strong occupancy, and durable long-term cash flows. New York is a structurally unique rental market. Manhattan ownership sits at just 25%. Renting is not a lifestyle choice for most residents, it is the only practical option. Average asking rents have risen approximately 53% since 2020. Vacancy sits at 1.6%, and expected rental supply growth between 2026 and 2030 is just below 1%, a fraction of the broader U.S. average. This market does not oversupply, it absorbs, and it will continue to make up the majority of our portfolio, comprising approximately 70% of pro forma NOI. Turning to slide 14 on the Sunbelt.
The timing of this Sunbelt entry matters, and I want to spend a moment on it because I think it is one of the more compelling parts of the investment case. Suites under construction as a percentage of existing inventory in the Lantower market sits at approximately 4.5% today. Down from a peak of approximately 10% in 2022 and near a 10-year low. The supply overhanging that weighed on Sunbelt fundamentals over the past few years is clearing. We are not buying at the top of a supply cycle. We believe that we are buying at the beginning of a recovery in operating fundamentals. Meanwhile, the demand side never went away. Employment growth in the Lantower markets run 69 basis points above the top 50 MSA average, 1.35% versus 0.66%.
In-migration and household formation remains positive across all seven markets, and we expect low to mid single-digit same-store NOI growth for the Lantower portfolio in 2026, which exceeds many existing public U.S. residential REITs with a similar Sunbelt focus. As shown on slide 15, the transaction is expected to be accretive to GO standalone FFO and AFFO per unit from day one. Let me walk you through why. We are projecting approximately $15 million in annualized synergies based on identified initiatives and integration plans realizable within 12- 18 months of closing. These are not theoretical numbers. They come from concrete identified operational savings, property-level expense reductions, procurement efficiencies, overhead savings through integrating these assets onto a focused residential platform, and bringing margin more in line with other players currently operating in these markets. A lower cost of capital represents additional upside beyond that.
The most important data point on synergies. The Lantower portfolio currently runs NOI margins in the mid-50s. Comparable public residential Sunbelt REITs operate closer to the low to mid-60s. That gap exists primarily because the Lantower assets have been managed inside a large, diversified multi-asset trust rather than a pure-play residential platform. Transitioning them onto our platform is expected to drive the margins meaningfully toward that pure level. On the balance sheet, we expect to reduce leverage by roughly two turns of debt to EBITDA at close. We intend to maintain our investment grade rating throughout, and we improve our debt maturity profile by diversifying our capital sources, opening GO to a meaningful pool of institutional capital that requires investment-grade counterparties. The transaction enhances our financial flexibility and puts the combined platform on a path to further growth-driven deleveraging.
A materially stronger balance sheet lowers our cost of capital and positions us to grow opportunistically over time. Just to wrap up on slide 16 now. What we are creating is a balanced, high-quality portfolio spanning the most supply-constrained urban rental market in North America and the highest growth Sunbelt communities in the U.S., resulting in a REIT with among the highest average monthly rental rates across the sector, a luxury residential focus with a management team that does nothing else, a durable cash flow growth through reduced cycle-driven volatility, value creation through available synergies, and a stronger balance sheet that gives us the financial flexibility to capitalize on future opportunities as they arise. Neither GO nor H&R gets there independently. With this combination, we do. I will now pass it back to Stephen to close. Thank you.
Thank you, Josh. Turning to slide 18. Josh has outlined a leading U.S. residential platform with $15 million U.S. in anticipated annualized synergies, a materially improved balance sheet, and a management team that has spent years operating in the most competitive residential markets in the world. The combined entity will be one of the largest publicly traded residential REITs in Canada by enterprise value, with 37 properties spanning the highest growth Sunbelt markets and one of the most supply-constrained urban rental markets on the continent. That is a fundamentally different platform than either company is today. H&R unitholders are exchanging their investment for a larger, stronger one with value certainty upfront and real upside going forward. The $4.28 cash per unit provides immediate certainty. The 0.5688 GO REIT units provide the upside. Together, this transaction delivers both.
The independent trustees, our advisors, and the full board have reviewed this transaction thoroughly and independently. Our recommendation is unanimous.
H&R's trustees and officers have signed voting support agreements and will be voting in favor. We are asking unitholders to do the same. Finally, slide 19 outlines next steps. The GO REIT and H&R special meetings are both expected to be held in October of 2026. Details will be set out in the respective management information circulars, which will be filed on SEDAR and mailed to unitholders in advance. We encourage you to read them carefully and to vote. As part of the transaction, GO will apply to have its units traded on the TSX in Canadian dollars, ensuring H&R unitholders can trade units for Canadian dollars. We are targeting a transaction close in the fourth quarter of 2026, at which point H&R units will be delisted from the TSX and the trading of GO.UN in Canadian dollars would commence. This has been a long process.
We are proud of where it has landed, and we look forward to the next chapter as partners in the combined platform. Thank you all for joining us today. We will now open the line for questions from analysts.
Thank you. We will now begin the question- and- answer session. If you would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. Your first question comes from the line of Kyle Stanley from Desjardins. Your line is open.
Thanks. Morning, everyone. Question for Josh. Where do you see the going cap rates on the transaction and how do you see it stabilizing over time? You did mention, obviously, this is not a portfolio of value-add assets and you're buying high quality stable, but just curious on how you see that evolving.
Okay. Hey, Kyle. How are you? Thank you. Look, we're not going out today and talking about a specific cap rate. We're giving guidance as to how we think the accretion works from an FFO perspective. I do think it's fair to say that currently, you could look at it as call it a low 6%. When you factor in synergies and some of the vacant assets that are in there that over time will stabilize and are being covered in the income support, it's meaningfully higher.
Okay. Thank you for that. Just next one, moving over to the $15 million of synergies you highlighted. I appreciate you broke that down a little bit. Just curious what levers specifically, by bringing Lantower onto your platform, would improve the margins?
Morning, Kyle. If I take a step back, our team completed an extreme amount of diligence as we went through this process. We've worked with the Lantower team to really understand the underlying business and how it operates, and we've identified a number of concrete initiatives that we think that we can implement within the first 12- 18 months to drive what we honestly think is a reasonable synergies estimate. At the end of the day, they generally all fall into the category of the fact that to date, this has been part of a broader multi-class platform. Tomorrow, as part of GO, they're going to become part of a pure play residential platform.
We think that as you integrate that onto our pure play residential platform, these are synergies that we think that we can accomplish at little to no cost over 12- 18 months in a pretty seamless manner. They truly stem from the fact that just there's some loss on the margins when you're talking about a platform that operates more than one class. Tomorrow, we're just going to be a pure play residential class together.
Okay, fair enough. That is it for me. I will turn it back. Thanks.
Thank you.
Your next question comes from the line of Sam Damiani from TD Cowen. Your line is open.
Thanks. Good morning, everyone. Maybe for Josh, and I apologize, I do not think we have had the pleasure to meet, but I am just curious, why have you decided now is the best time to diversify away from the New York City market?
Good morning, Sam. I wouldn't necessarily characterize this transaction as diversifying away from the New York market at a moment in time. It's more so a product of the opportunity and frankly, a unique one that was put in front of our team. Josh and Tom have been in discussions for a while. I think all of that will be laid out in the background. The independent trustees have obviously been involved in the process. As we looked at the transaction, we saw this as a unique opportunity to check many of the boxes that frankly, we think our investors are looking for in terms of strategic rationale and value creation. The deal certainly wasn't about turning away from the New York market. In fact, we continue to believe in the New York market. We continue to have significant exposure to the New York market.
It was more so a product of the fact that we thought we could create a pro forma company with a little bit more of a balanced diversification that we think will bring real value to the pro forma shareholders.
Okay. Thank you for that. Just on the process with the Q4 targeted closing, what sort of steps are required that might be outside the control aside from the unitholder votes? Are there lender consents that are required? Could you talk about some of those steps that need to be overcome?
Yeah. If you take a step back, the shareholder votes are really the two gating items. We're not really expecting much other from a materiality perspective. There's no third party consents. I think there's one Competition Act approval, but at the end of the day, we're not expecting any issues there. Frankly, we think the shareholder votes will be the gating item, and that will lead into a smooth closing timeline towards the end of the year.
Okay, great. Thank you, and I will turn it back.
As a reminder, if you would like to ask a question, press star one on your telephone keypad. Your next question comes from the line of Jimmy Shan from RBC Capital Markets. Your line is open.
Thank you. Just on the accretion to FFO, you did mention it will be accretive. By how much will it be accretive?
Hey, morning, Jimmy. The deal should be low to mid-single digit accretive on 2027 AFFO on the pro forma company, Jimmy.
Yeah. Okay, and then to clarify the cap rate you mentioned is in the low 6% once the synergies are taken into consideration?
No, I think the right way to look at it is it's in the low 6% before giving account to either, A, the synergies or, B, the income support. I think Josh's point was if you-
Oh, I see. Before.
Correct. If you take into account the pro forma synergies plus the income support, you're looking at a cap meaningfully higher. We are happy as we go through the process to walk folks through the math on a one-on-one basis.
Yeah, that would be great. Get a chance to calculate what is the actual EV that you are paying for the Lantower business. Actually, do you have that offhand?
I think we have broken it out, Jimmy. You are paying-
Oh, you did? Okay.
Yeah. We will be around to do individual calls.
Okay. The synergies you spoke about. Lantower recently moved to Greystar. Are you guys working with Greystar to achieve those synergies? How are you thinking about that?
We obviously have a significant amount of experience in the residential space. We have worked with Greystar before. I think our expectation, at least for now, is to focus on obviously closing the deal. A fair amount of prep and thought has gone around what integration will look like. Following closing, we will take certain steps on the margins to start to work towards the synergies. We expect to work with the Greystar team. We think that integration is going to be pretty seamless across the board and Greystar, in our discussions with them, we understand they are going to be very helpful in that respect. We are looking forward to working with those guys on a bigger scale. Frankly, they are folks that we have come across before in the residential space, and so we are extremely comfortable working with them.
Yeah. With respect to the Sunbelt portfolio, I guess, is the plan to continue to expand into the Sunbelt going forward?
Look, I think that this was a unique opportunity, as Max kind of laid out before. I think that our focus now is going to be towards getting this closed in Q4, and then we will start to evaluate other opportunities as they may arise. Look, our core will remain New York City, right? A meaningful portion of NOI, I think approximately 70%, remains New York City. We are continuing to see opportunities there. Look, if anything, this opens a lot of doors for us, and we will make some more decisions over time.
Okay. Last question, maybe for Stephen at H&R. Your last reported NAV was around $16 per unit. I was wondering how much was that a consideration in recommending the transaction? I guess sounds like the expectation is that there will be a re-rating on GO that could make up the difference, and just kind of wondered as to how the board took that into consideration.
Sorry, Jimmy, I did not hear the last part of the question. Can you repeat it?
I was just curious, what was the consideration of the reported NAV in recommending the transaction?
We really went through a very rigorous process here. At the end of the day, GO has a deeper discount to NAV, and I think that is beneficial for our unitholders in this transaction.
Okay.
We are confident.
Yep, go ahead.
No, we are confident and without apprehension that this is good for our unitholders.
Okay, thank you.
Your next question comes from the line of Mario Saric from Scotiabank. Your line is open.
Hi, good morning, and thank you for taking the questions. Just maybe for Stephen. If it is possible, can you give us any sense of the consideration breakdown amongst the other asset classes outside of GO REIT's acquisition of Lantower?
Hi, Mario. Thank you. It is a consortium bid, and that $4.28 represents the total consideration. It is not necessary to go into further detail.
Okay, so similar to the comment on the Lantower side, like a low six implied cap rate on the deal, you cannot provide what it looks like from an office or industrial perspective.
That is really a GO question and answer, and I think they have also dealt with it. We are happy to take it offline if you like.
Okay. Just as part of the process, it has been a long-standing process as you have highlighted. Were there any other tangible bids provided or offered this year?
That you took into consideration.
I will tell you, we hired the best. This was very rigorous and exhaustive, and this is the result, and it is a culmination of everything that went into this. It really brought into fruition the plan we set out back in 2021 to streamline H&R REIT, and this is the best result. We give our unitholders an upside here as well as cash. There would be nothing else that I think would compare to this.
Okay. Thank you.
Your next question comes from a line of Jana Galan from Bank of America. Your line is open.
Hi. Thank you. Good morning. Question for the GO team. How should we think about the company's G&A going forward given this just substantially increases your geographic exposure as well as asset count and unit count?
Hey, Jana. Good morning. I think that from a G&A perspective, we're frankly not expecting much of a change. When we first went public about a year ago, we told the market that our platform was built for growth, that we think we could take on additional growth without seeing really much incremental in the way of G&A. As we've kind of worked through this deal, understood how the Lantower platform was set up and how we might integrate it, we don't think there will be many incremental costs on a corporate overhead perspective. We are going to be bringing some folks over. We think that there's some real bench strength here that we're going to add to the team. We're very excited about welcoming those individuals.
But at a corporate level, we think we're in a good position to integrate these properties with our current position in place.
Thank you. Then maybe just on the debt. You'll be assuming H&R's unsecured debt as well as the property level. Can you help us, what are kind of the average interest rates and maturity schedule?
We can break that out in further detail and follow up with the numbers. I mean, high level, obviously, the debt highlights are we're assuming about $1.1 billion in property debt. That's U.S. We're assuming unsecured bonds, and those are CAD denominated of CAD 550 million. But if I take a step back, and this is one of the key parts of the transaction, we're bringing leverage down. We're bringing it down in a real way. So debt to EBITDA is going to come down more than two turns, debt to gross book will come down into the mid-40s, and we think this puts us in a great position on a go-forward basis.
Thank you.
Your next question comes from a line of Sam Damiani from TD Cowen. Your line is open.
Thank you. Just one follow-up. Will there be any taxes payable on the transfer of assets within the company before the closing in the U.S. or Canada?
No taxes payable before the closing. The deal has been structured in a tax-deferred manner to H&R shareholders. GO shareholders will not be realizing tax on the transaction. There will obviously be some transaction costs down at a bottom level. For example, some transaction taxes, but those have been reflected in all the math we have laid out for you today. Generally speaking, at least our portion of the deal has been structured in a tax-deferred manner for H&R shareholders.
I understand the tax deferred structure of the transaction. I guess you did allude to some taxes being payable within H&R. Can you just give a broad sense, is this tens of millions, hundreds of millions? What sort of number are we thinking about?
In terms of transfer tax that will be payable by what I guess I will refer to as the pro forma company, we are talking not a material number dollars, probably somewhere in the $10 million-$20 million range.
Okay. Thank you very much.
Okay. If I could just Sorry, Stephen. If I could just jump in and introduce Sky Levine, our VP of Tax, and he can address the H&R side and Canadian resident side.
Good morning, Sam. I agree with everything that GO just mentioned. Just in addition to that, on the asset sales in respect of our industrial and office portfolio, which of course does not form and become part of GO on a rollover basis, those transactions will be taxable transactions. Further details regarding our estimated quantum of that will form part of the circular.
Okay. That's helpful. Thank you very much.
Your next question comes from a line of Himanshu Gupta from Scotiabank. Your line is open.
Thank you and good morning. Question for Josh. Are there any disposition opportunities, I mean, assets or markets you think are non-core to the portfolio? I mean, Sunbelt has seen a fair bit of new supply, so are there markets which you don't like going forward?
Hey, Himanshu. I would say we're doing this deal because we believe in the markets that we're buying into. I think when we started a year ago, we said we were looking for Class A properties and Class A locations, and we think that the Lantower portfolio fits that mold to a T. We wouldn't be doing this transaction, we wouldn't be collecting the assets unless we believed in those assets, we believed in those markets. We thought we were in a good position. There's obviously an office asset or two. Just continues to be a focused residential platform. So on a go-forward basis, maybe on the margin as we think about those items. But we're not doing this as kind of necessarily a capital recycling play, right? We're buying into these markets, and we're buying into these properties because we think there's real long-term value here for shareholders.
Yeah. We spent a lot of time in the communities. The H&R team put together a fantastic portfolio at Lantower, and we are very excited about it.
Thank you. Maybe the last question for GO. Are you still thinking of doing a U.S. listing? By the way, did you have Lantower in mind back when you floated the idea of doing the U.S. listing?
I think we continue to be committed to a U.S. listing. Obviously, we are going to go through an interim period here where the focus is going to be on closing the deal. Once we close the deal, I think that our focus will shift back towards that initiative. I think it is a little bit complicated during the interim period. But we remain committed to doing a listing here in the U.S., and immediately post-closing plan to lay out our game plan for doing so.
Awesome. Thank you. I will turn it back.
There are no further questions. This concludes today's conference call. Thank you for your participation, and you may now disconnect.