I think we'll start pretty soon. We just have a few more people coming in, so let them get settled. In the meantime, I'd like to introduce myself. My name is Camille Bonnell. I'm the Senior Office and Industrial Analyst on the BofA US REIT Team. I'm joined here today with Jeff Spector, who heads our US team, as well as Rachel Hu and Andrew Berger. We welcome you to one of the first roundtable sessions at our Global Real Estate Conference today with senior management of Kilroy Realty. Joining us from Kilroy, we have John Kilroy next to me on my left, Chairman and CEO. We also have Tyler Rose. No Tyler Rose. Sorry. Tyler is not here. Eliott Trencher, next to me on my right, CIO and Interim CFO, as well as Bill Hutcheson, SVP, IR, and Capital Markets. Taylor Friend, SVP and Treasurer, as well as Robert Paratte, EVP of Leasing and Business Development. We like to ask management to present a 5-10-minute introduction of the company, and then we'll go into Q&A, and we hope to make this an interactive session. I'll hand it over. Just to say there are some chairs if you guys want to come through down. I don't know, it's up to you, but you know, maybe fill in some of the extra chairs. Sorry. Sorry. No problem. I'll hand it over to John to start. Okay. Well, thank you, Camille. I don't know if this kind of collapsing name tag is indicative of being in the office space today, but we're happy to be here. Thank you for having us in a nice hotel that's clean. We really like that. Just a couple of things about Kilroy. I think most of you know us, but we're viewed as the local sharpshooter in most of the West Coast markets, Seattle, the Bay Area, Los Angeles, San Diego, and now Austin, Texas. We have a stabilized portfolio of roughly 16 million or of over 16 million sq ft. Average age of the portfolio is 11 years. The average wall is about six years. Top 15 tenants represent 49% of our ABR. They include household names like Netflix and Amazon and Microsoft and Adobe and Tableau and Salesforce and Meta and others. We have about $2 billion under development. It's 37% leased. It's 55% life science. We're concentrated in the innovative techs and life science centers on the West Coast, where the highly sought-after graduating talent is located. We'll be increasing our life science through the development process to 29% of NOI. Our land bank. We have a land bank for the future with quite a bit of optionality, which I guess we're going to talk about in one of the questions later. Mostly life science and office and some residential. As I mentioned, we have recent geographic expansion into Austin, which is a very exciting market for us. We're seeing great demand there. Everything we do is either gold or platinum in sustainability. We're the leader in sustainability 9 years running in North America. We're the leader in WELL buildings. We're the largest owner of WELL buildings other than the United States government worldwide. We have a number of shovel-ready projects that we can flip the switch and develop when it makes sense. I think we have, as I say, best-in-class portfolio. In terms of the balance sheet, we're very conservatively leveraged with less than 6x debt-to-EBITDA ratio. 7-year average lease duration, 95% of our debt is unsecured, fixed-rate debt. A 29-month runway until the next debt maturity in December 2024. Significant liquidity, which Eliott will talk about later. Leasing and tenants, a couple of comments. 7% of our leases are rolling each year through 2025. Top 15 tenants, as I mentioned, represent 49% of our ABR. One of the things we're very proud of is not only have we positioned the company with the most modern portfolio, we've spent a considerable amount of time developing our management team. The latest addition to that would be Taylor Friend, who used to work with us as one of our lead analysts, went to Goldman Sachs for a couple of years, then over to PJT, and came back to Kilroy recently as treasurer, and we're happy to have Taylor back aboard. In terms of our dividend payout ratio, we've had increased dividends by 54% since 2016. We have a conservative 67% FAD payout ratio. One of the things about Kilroy is we tend to identify markets early, earlier than many of our competitors. In 2009, 2010, we began to work on our expansion plans for the Bay Area and for Seattle. As I mentioned, we recently moved into Texas. We spent about 5 years studying the Austin market before we made our first move. We're seeing fundamentals recently improving quite a bit over the last month or so. It's interesting that since Labor Day, where we had a number of tenants announce that they wanted people back to the office following Labor Day, and in a short week, only, you know, 1 week, but we've seen anywhere from 5%-8% increase in utilization numbers in our markets. Our garages and our multi-tenant structures in the Bay Area and Seattle are basically full. That hasn't happened in two plus years. BART ridership in the Bay Area is about 80% in the last couple of weeks of what it was pre-pandemic. That's up multiples of where it was just three or four months ago. The fundamentals are starting to feel a little bit better, but it's you know, wait and see. We've had a significant increase in inquiries on leasing of both corp space as well as in our development portfolio. Rob will talk a little bit about that. That's kind of my intro, and I think with that, we're happy to take questions. Yeah. We welcome questions from the room, but maybe to kick it off, you know, we've heard a lot from the panelists this morning about the uncertainty around the economy. You know, I think the key issue and concern is where is the office market headed. Mm-hmm. Maybe can you share your thoughts on how you would characterize the office market today? Well, I think we pass this back and forth between Rob and I. I think there is clearly a bifurcation, which we've been talking about for the past 10 years between high quality product and older, lower quality product, and that has just been accelerated by the pandemic for sure. If you look at office markets, plus or minus in most of the markets, you're somewhere in the neighborhood of 15%-20% vacant, maybe a little bit more, but the lion's share of that is in the older product. The Class A, true Class A, not the way brokers define it. A lot of these markets, they'll say a Class A building is any building bigger than four stories or six stories. Well, we all know there's a lot of great buildings that are smaller or taller, and there's a lot of crummy buildings that are smaller or taller. We tend to really look at what's Class A, the kind of property that people want, and the vacancy rate in that is anywhere from a third to a half of what the average is for the market. It's in the older product. If you think about New York, look over to Lex and Park and some of those areas, there's a lot of product that's older. It's not gonna do particularly well. You've seen the move to the West Side. What's interesting for me, having been in this game a long time and been through a lot of different cycles, is we're seeing new product being built in markets where there's 20% vacancy. A lot of that, the quality product is in the single digits. Why are you seeing new product built? Because that's what tenants want. They don't want the older product that doesn't comport with their needs. Rob, I don't know whether you wanna add on to that. Yeah. I mean, I couldn't agree more. If you look at San Francisco to give an example, starting rents in Class A that John was describing are $113 a foot, roughly, full service. In Class B, and generally the Class B is older product, so circa 1980 product, starting rents are less than $80 a foot, fully serviced. That's a really broad gap and really speaks to the point about quality and newer product. That dynamic, I think, happens in every market, whether it's Seattle or Austin, where we are. There's a lot of older products that has been built and is occupied. What tenants like Indeed, who's our largest tenant in Austin want, we're, you know, is space that's new, light and air, amenities, all the things that make their employees happy. Because every company we're talking to right now are bringing people back to work, whether by force or, you know, on a more soft basis. I guess just to follow up on that, you know, the fear is that there won't be, you know, this visibility, you know, for a few years, right? It's gonna take a couple years to play out. Do you agree with that comment or not? You know, I've learned to be careful with my predictions because sometimes I've been a little aggressive, and quite a few times I've found that it happened more quickly. Just look at what we do know that's been announced, and then we're beginning to really see it by, with regard to return to work. Some of the biggest tech names, Amazon, Apple, Microsoft, SAP, etc., have all said, "We want return to work." Whether that's three days, five days, whatever it is, we want return to work. I was with the global head of real estate for one of the biggest technology companies, just a few days ago, and they mentioned that they wanted to return to work following Labor Day. The first day back in a building that fits 3,500 people, they had 2,800 people. We're beginning to see changes. I think what we're gonna see, it's gonna be uneven, it's gonna be different between companies, but it could snap back pretty quickly. I think it's, to say two years, I don't know. I mean, I just think that's, you know, it's a guess, right? We are seeing a significant increase in discussions, lease negotiations, letters of intent and so forth on our core portfolio where we have vacancy, as well as in our development that are underway. A far higher level of interest than we have seen at any time in the last two years. That tells me people have plans. I mean, they're not leasing space to, you know, to have a vacant building. I'm gonna stay away from a prediction as to timing. That comment, is that for certain markets, all of your markets? Yeah. Well, it's interesting. In San Diego, we don't really have any vacancy, tiny little bit, and we're seeing pretty good demand. We had a building that came on stream there, 2100 Kettner. It's 175,000 sq ft. 230. Pardon me? 230. 230. Beg your pardon. You know, we're close to a transaction for a portion of that building. We've decided to go multi-tenant there. There is, I think generally a lot of people aren't gonna make a decision unless they need to make a decision. What we're seeing now is people making decisions, so that tells me they need to. In Seattle, it's been a little bit sleepier. The return to work is starting to change. We've seen an 8% uptick in the last month in utilization in Seattle, which I think is a good indicator. Again, it's early days. San Francisco, we are beginning to see people renew space and look at increased demand for space at our life science project, Kilroy Oyster Point, where we have roughly 800 and some thousand sq ft underway. We have negotiations going on for two of those buildings, so that's encouraging. We haven't had that until now, but steel has finally come out of the ground. In Los Angeles, we've seen the west side pretty good demand there. Hollywood, we're now seeing demand. It's been very sluggish. Then in Austin, it's been really terrific. In our Indeed Tower, we're behind on what we projected originally for the lease-up for the balance of the space, but the rental rates that we're getting are significantly greater than what we forecasted about. I think we're gonna have a positive to the upside there. Then we're seeing demand for class A space in those in both the CBD Austin market and in the Domain for a building that we are contemplating starting later this year, depending again, upon the market. I think we're seeing some positive trends that we haven't seen. I'm not being Pollyannish at all. I realize that we've got our work to do, and office as an asset class has its work to do. Where I think Kilroy is uniquely positioned is that we're in high growth markets. There's been an arresting sort of influence by COVID and back to work for demand, but that's starting to uncork. We're market ready. We have best in class assets, so I think that positions us pretty nicel.. It's interesting you mention utilization is still quite a prominent demand indicator. But if you look at the correlation between utilization and leasing demand, there seems to be a bit of a disconnect at the moment. Can you maybe talk to, you know, what you're hearing from your tenants in terms of how they're thinking about their overall office portfolio when it comes to utilization? Well, first of all, the nature of the way people are using space has been in transition for a period of time, and we've seen that in our portfolio, and I think we've been the leaders in that. They're thinking of more categories of the way they use space. Rob, if you might talk to that. Sure. What you're really seeing, as we've talked about, there's just, to use the term, flight to quality, and you're seeing that in every market, pretty much globally, but particularly in the US. What tenants are looking for are, you know, more light, more air, like this room, amenities on site or amenities nearby. Sustainability, ESG are really important criteria in that thought process. The conversations we're having right now in our leasing pipeline, almost 50% of the transactions we're working on are new or expansionary. It is, as John said, gonna be a little uneven in terms of getting people back to work. This is the first time, I think since 2020, that I've really seen, and I've heard, company to company talking about bringing people back to work. When they've done that will allow them to establish what their footprint is, how big it is. You know, companies leading up to the pandemic were really forecasting two, three, four years out in terms of head count and how much space they need. That stopped in 2020, but we're starting to have those conversations now where tenants, in fact, our lease term, and this is also a national fact, lease terms are now averaging roughly eight years nationally. You're seeing an uptick in lease term. You're seeing an uptick in inquiries and conversations about, you know, what does it look like after 2023 if you have a lease expiring in that timeframe. More to come. I'd make a comment. I think that in times of uncertainty, what do people look for? They look for optionality, and they want a landlord that has that. They wanna be able to scale up. They might wanna scale down. They might wanna say, "I got a 10-year lease term, a renewal, but I want five, or I want three because I've got to figure out exactly how I'm gonna use space and whatnot." I think that's one of the benefits that the modern REIT has, if they have the right balance sheet and debt profiles and so forth, and there's always partnership relationships, if you have those on buildings where you might need partnership agreement. Being able to offer flexibility to tenants is a very powerful tool in today's kind of market. I was again with a key executive in one of the big tech companies. I was asking what they are thinking about in terms of global expansion. What are they thinking about in the way of lease terms and whatnot? They said, "Well, look, optionality is key. So, the partners that we have, we wanna know that we are gonna be able to have a partner that will work with us with regard to our expansion requirements, with regard to our lease term duration and so forth." I think we can offer that. We've always tried to work with our tenants to be good partners. We don't think of them as tenants. We refer to them internally and with them as partners. I think that's the other trend that's really important here. If you are a company, and this is one of the problems I think when you have a private company that has a huge balance sheet, is frequently you're a slave to your debt covenants and whatnot on the property. You may not be able to provide the flexibility that some of the tenants need now. Just wanna check if there are any questions from the room. Yeah. Yeah, you know, that's an interesting question everybody has, and I think I signaled my views on that over the last many quarters, or the last couple of years. We're focused as a company on the very, very strong clusters of San Diego, where it makes sense in San Diego, where the people wanna be, and of course, the city of South San Francisco, with very modern product. There's been this trend with a lot of funds and so forth that have come out in the last couple of years that we've now got a life science fund. We have, you know, life science was a hot area or is a hot area, and a lot of people jumped into it. A lot of those folks, I don't think they know what they're doing, and I've made that pretty clear when people have asked me. The fact that you can convert a building to life science, okay, fine. Is it, is it a place that people wanna be? Is it the kind of building people wanna be in? The conversions we've done, we announced, what was it? 300 and some thousand sq ft in three different transactions last year. We're either in UTC or in Del Mar, where they're traditional high-demand life science areas with frictional vacancy. To go out and start going to some of the peripheral markets where it's been basically for overflow or for young, not, you know, no balance sheet type tenants, you can go do that, and many people have. I want no part of that. I think that's a game that will come to an end or have a bad ending for a lot of folks. There's an entity in California that's gone out and bought, I don't know, $1.5 billion-$2 billion worth of land, and they don't have any development experience. If you think about that, $1.5 billion worth of land for life science, that means you gotta go build $5.5 billion worth of buildings on top of it. If you underwrote that based upon interest rates of earlier this year or late last year, you're probably got a pretty tough surprise they have for you. If you underwrote it based upon construction costs of a year ago or two years ago, I think you've got a pretty tough road ahead of you. I think there's gonna be some comeuppance. Now, if the market just turns around, and all of a sudden, the life science demand goes up 100%, then all those people probably come out smelling like roses. I don't think that's gonna happen with some people. I think this is a game where there are traditional clusters that people wanna be in and the kind of product they wanna be in. If you get very far from that, I think you're just asking for trouble. I'm older than just about anybody, maybe everybody in this room, so I've been through more cycles. I've seen more wipeouts. I don't like a lot of debt, and I don't like product that isn't modern, and I don't like product that's not in the right areas. If you violate those, I guarantee you will find yourself on the shoals at some point, and I have no interest at this stage of my life being on the rocks. Does that answer your question? You know me, I'm pretty direct. Yeah. John, you've also been very vocal. Yeah. The politics in there. Right. As you see companies to what is coming next. Yeah. Is the political environment development negative companies? Yeah. I think you can look at that in two different ways. If you look at the politicians, they'll all in all these cities, this one included, they'll drive us all to hell. I don't care if they're Republicans or Democrats, they're driving us to hell. They know not what they do. Okay. There's big pushback now. We just threw out the district attorney in San Francisco. Before that, a bunch of ultra, no offense to anybody, woke members of the school board. People are fed up. As I've said at a number of conference calls and whatnot, and I get in trouble with some of my student body. Some of the younger Kilroy people have a different political view than we might have. I work for the shareholders. Things that threaten shareholder values, we're gonna speak out about, and we're gonna do something about. What we now see is pretty broad coalitions, not just. This is based. This is across the political spectrums. It includes progressives that are sick and tired of where some of these folks have been leading us. I would say the climate stinks in some respects, but I'm encouraged by the fact that people have awakened, and they're saying no more, and they're pushing back. In talking with, we talk really directly. I don't sugarcoat anything. If I say something, it turns out to be wrong, I'll apologize, but it was based upon the fact that I thought I was right. It's not gonna be about bullshit. Excuse me. I do believe it is extraordinary how people are banding together now and saying enough is enough. Now, it's gonna take a while to correct it. Because it took a heck of a long time to get here, but people are starting to get pissed off, and they're upset about their now with inflation and so forth, they're saying, "Hey, these tax increases are ridiculous." The number of coalitions that are being created on different issues throughout California, I think is very encouraging. I've always said that if tenants don't see an encouraging set of facts, that where people in cities are beginning to work on stuff, then it's far easier for them to make the decision to move or downscale or whatever. It's a tale of, you know, two cities, so to speak. A year and a half ago, we tended to be one of a few voices. I think now we tend to be one of many. That's a big change. Science. Think about the high decision-making. Science. Particularly stakeholders, CFO, the CEO, scientists. I think it's all of the above. It may be more heavily weighted one way or another in certain companies, but I can tell you some of the transactions that we're talking about, in big transactions in life science, they're way above pro forma. I'm not gonna say what, because you know, I don't want that to filter back to brokers or tenants or whatever. I think, again, if you have the right product in the places that people wanna be, and if you're in a pretty good spot. These folks tend to cluster, and they wanna be, you know, they need to be in modern assets. Scalability is very important to life science as well. One of the companies that we're dealing with is for a large amount of square footage. Their point is, well, how do we double that in five years? Well, we in Kilroy Oyster Point, we're in phase, as most people know, we finished phase one. It's roughly 700,000 sq ft. It's leased. We're underway with phase two, which is roughly 800,000-900,000 sq ft and delivers in? What's it delivers? In starting tenant improvements this January, and then. As early, and then onward. Right. We have three more phases of another roughly couple million sq ft beyond that. We have location, quality, the cluster where people wanna be, scalability, and flexibility. I think that's what people are looking for. Follow up on life science, quick. Sorry. Just to confirm, you know, the weakness we've heard is just on the small tenant side. Yeah. Is that still the case? Is there any improvement there? Well, if you think about rational behavior, okay? If you don't have to do something today, big financial commitment, you're gonna wait. You want optionality. That's the way we most of us act as individuals, right? Companies are no different. I mean, they look and they say, "Do I need to pull the trigger now? Do I need to pull it later?" The smaller tenants, particularly those without, maybe an income stream, a lot of that's being driven by the VCs or by shareholders that are being very rational. They're saying, "Hey, first survive, then thrive, instead of first, you know, expand into brand new, shiny stuff." I think that's a healthy sign. I can't tell you that there aren't some smaller companies that are still gonna go into new space. Well, everybody we're dealing with is kind of mid to mega large. I don't know of anybody that we're dealing with that's little. Mid to mega large, healthy demand? It's certainly healthier than it's been. You wanna talk about demand? In South San Francisco, there's about 3.5 million sq ft of demand right now, Jeff. That's down a little bit from 4 million sq ft earlier, or later last year, but that 500,000 sq ft gap is because product was leased that was, you know, so large deals happened. In fact, Q2 in life science in South San Francisco was almost double the activity of Q1. And as John said, we're delivering three buildings, brand new product, and that's really not the type of product that a startup in tech or life science is gonna go to. So, the companies we're talking to are well-established household names. To touch on another question I think, Newt, you had, research is driving a lot of the decisions. You have the CFO that helps provide the, you know, the capital and the wherewithal for these companies to do this. It's, you know, when you look at research and life science, it's like media where you have technology and biology coming together. You have machine learning, all sorts of new therapies that are based on technology, frankly. It's actually really interesting to talk to some of these companies and see what the future holds for how quickly you can get a drug to market, for example, because of reliance on machine learning. It's a really interesting space right now. Yeah. Further, based on the pace of discussions, pace at which decisions are being made, think you'll see a more meaningful economic specifically in that regard as well. You know, as the Chairman and CEO of the company, I've been wondering that for the last couple of years, okay? You know, when everything we had was going off the shelf, I worried about would it stop. You know, I'm not inherently a worrier, but I do worry. I mean, I do. I always think about what can go wrong. What we're seeing right now is, if you think about it in basketball, the ball goes up, and hopefully it goes through the hoop, and you score. There are more balls above the basket now than there have been at any time in the last two years. That, but that's got to go through the hoop. You guys have got to see that people are getting back to work. For Kilroy, you got to see that leasing is taking place. I think we're getting very close to having some good news, but until we have it, we can't say it, but it feels like it's gotten a lot better. In terms of deal volume, I mentioned that on both renewals as well as core vacancy as well as in product under development, we have more transactions in process, either in lease documentation, LOIs or serious interest than we've had any time. I want to give you good news. I want it, but I'm not going to make it up. I think it's getting better. I just always worry about the clowns in Washington, whichever set of clowns we've got and what they're gonna do to us next. Of course, there's a few global things and whatnot that are a little concerning. It is a time of increased volatility. This is precisely why that you can't have a bad set of circumstances everywhere. If you don't have good product, I think you're gonna get nailed in the future. If you don't have a good balance sheet, I think you're gonna get nailed or have a high likelihood. If you don't have activity, you could sustain it for a while, but we're having more activity, so I'm optimistic there. I just don't want to be Pollyannish. I mean, there's a lot of macro forces in the world that weren't here a year ago. You're saying that both helps us go ahead. I'm just saying that I think that's true. You mean in terms of of Activity. Yeah. Yeah. We're seeing activity now in Hollywood that we haven't seen. We have a building that's vacant there that's how big? 78. 880,000. 80,000 feet. We're seeing great activity in Austin. We're seeing good activity in San Diego, although I would say there's been a pause in life science there. There were a lot of big deals done over the last couple of years, so we didn't go forward with Santa Fe Summit. We're seeing an increase in activity in the Bay Area, and we're seeing a modest increase in Seattle. You want to handle that one? It's a good question, and it's really across the board, particularly if you look at Austin, where, you know, there's just a really large population of tech companies. The activity we have going on is a balance, I'd say, between professional services, financial services, law firms, and tech. That is also being replicated in other markets where a lot of the activity actually in San Francisco over the last 12 months has been in the FIRE category, you know, banking and finance, sector of the market. I actually think it's healthy and helps diversify the market a lot. Yeah. I'd add entertainment media to that mix too, you know, particularly in Hollywood. I'm just- Oh, go ahead, Camille. I'm conscious about time. Jeff, do you want to have one follow-up? I guess maybe just one last question because it's, you know, comes up on a lot of our calls just, you know, on new. Everyone hears about new. How long does new last? How are you thinking about the new product. Yeah. Over the 5-10 years? Like, how should we be thinking about it? Very hard to understand. Okay. Well, okay, you have location. We all know the importance of that. Then you have what we call it circle is location, square is physicality. I've been talking about this, I think, longer than anybody else. If you have office buildings that are 18,000 sq ft and low ceilings, if you've all been in these conference rooms, these little rooms that or hotel rooms, and they have real low ceiling heights. If you have that in an office building, I think you're dead. It's just a matter of time. You have to have the right physicality, and you have to be able to comport with how tenants see themselves using space. There's sort of four broad categories of the way people are using space now. You want to cover those, Rob? Sure. There's, you know, focus area, there's collaborative areas, and then one of the largest now are the food and beverage sort of fun related area that kind of blends to the fourth category, which is just pure fun. But we're seeing this across the board with our particularly. It is not limited to tech companies. I mean, a lot of banks have moved to this model where they are trying to make it better than being at home. How do you do that? You bring some of the elements from home to the office. It's food and beverage, it's fun, it's areas to hang out with your colleagues. Those teams that get built by that kind of being together are the stronger teams. The last example I'd use is I had a meeting yesterday with a woman who runs a large software group here in New York for Salesforce, and she said. What does Salesforce do? They track metrics. One of the metrics they've noticed is that people that onboarded during the pandemic have poorer sales results than those that onboarded pre-pandemic. Salesforce has been one of the most liberal about when you come back to work. They're now, at least here in New York, saying, "You're here a minimum two days a week and your figures have to improve." They're taking action on that. That goes towards some of John's comments. I think a pretty just obvious thing is if you go into a building and you say, "This feels good, I like it, there's energy here. There's, you know, there's all the modern stuff and things that people want." That's probably a good indicator. If you go into a building and its sort of like, you know, the elevators aren't great, the lobbies aren't great. There's no areas really for people. It's sort of depressing. It's probably a pretty good indicator that the building's not gonna do that well. You think of some streets here where there used to be traditional office markets and it's all moved west. All you need to do is go look at those older ones and not that there won't be some buildings in the older markets that don't do well, but it's not that difficult. Thank you. I think what has happened historically, I used to put a picture of New York, and I would talk to all these people that would come through in groups like this, and I'd go, "Which are the best buildings?" They'd go, "That one." I'd say, "Why?" 'Cause it's the tallest one. I go, "That's not necessarily true." That's, you know, people I think are beginning to realize we're not dealing with a commodity. Well, thank you for sharing your thoughts. We actually do have three rapid question- Okay. You do? Okay, good. Just really quickly. First, which of the following is the greatest macro challenge facing U.S. public REITs today? A, risk of higher rates, B, risk of recession, or C, the rise of private equity and NTRs. Well, rates, because whether you're, you know, been too long at the debt trough, but I would think probably recession. Recession? Okay. Second question we have is which of the following is the greatest sector-specific risk? One, labor issues, two, supply, three, illiquid capital markets. You're the CIO. I think three. Yeah, capital markets. Yeah. Thank you. Finally, are you seeing any signposts of weakening demand? It's a yes or no. No. Just like that. We're seeing increased demand. By the way, just to advertise, we'll have our invite out next week to our January West Coast tours. If you wanna see any of the Kilroy assets, L.A., San Diego, and hopefully you can do it. Thanks. Thank you. Thank you. See you. Thanks, everybody. Nice to see you all. Thanks. Sorry we didn't get a question in.