Good afternoon, everyone. Welcome to Bank of America 2026 Global Real Estate Conference. I'm Jana Galan, BofA's AlphaStreet analyst, and we're pleased to have with us Kilroy CEO, Angela Aman, CIO and interim CFO, Eliott Trencher, Chief Leasing Officer Rob Paratte, and investor relations and capital markets, John Perry. I'll turn over the mic to Angela for opening remarks, and then we can jump into Q&A. Great. Sounds good. Thank you, and thank you for having us. We're happy to be with all of you today. We're happy to be here to tell the story about Kilroy and what's been going on in our markets and across our portfolio over the last couple of years. For those of you who aren't familiar with the company, we are a primarily West Coast-based company, office and life science assets across the West Coast and in Austin, Texas. It's a very high quality portfolio. About half of the portfolio is actually in the San Francisco Bay Area, which a few years ago, if we were at this conference, would've been the most challenging part of the story and now has become one of the most exciting parts of the story, given the momentum we're seeing in that market from a wide breadth of tenants, including those tenants in the AI and tech space, but more broadly across other sectors, professional services, legal, et cetera. We have been experiencing, I think, across all of our markets, a real inflection over the last few quarters in leasing volume and momentum and activity. It's been most pronounced certainly in the San Francisco Bay Area, but as Rob will touch on later, I'm sure we're seeing good activity and momentum in the Pacific Northwest and our portfolio in Bellevue. That activity in Bellevue is now spilling over into the Seattle side of our portfolio, where we have a few high quality assets in Denny Regrade and South Lake Union up through Fremont. We've seen very strong activity really over the last several years in our San Diego portfolio, where we own a significant concentration of assets in Del Mar, which has been one of the best performing West Coast office markets really over the course of the last cycle. We've seen recently a real uptick in activity in our Austin portfolio, where we have one significant asset there that has been in lease up, and I think there's been very exciting momentum around completing the lease up of that project. Los Angeles, where the company is based, has also seen some green shoots recently, with activity in the defense and aerospace, robotics, and advanced manufacturing sectors coming back to the South Bay, where we have some vacancy and opportunity for portfolio improvement, and really across the board, particularly in new assets we bought over the last couple of years in Beverly Hills, primarily. Across the board, we feel like activity has returned and continues to get better. At the same time, over the last three years, we've been very intentional about improving and rationalizing the portfolio and being as thoughtful and strategic as we can be from a capital allocation perspective. We've made, I think, some smart disposition decisions over the last few years, both to take advantage of situations where we felt like we had maximized value in the portfolio and could raise really attractively priced capital to reinvest elsewhere. And places in the portfolio where we really felt our ability to create value and to drive cash flow over the longer term was going to be compromised based on location or quality or just CapEx burdens at some of those assets. All of our intentional efforts over the last couple of years, I think, have made this a more focused portfolio and a portfolio that's really well positioned for durable growth over the coming years. Great. Thank you. Maybe let's start with on the demand side, just the latest color across key markets, breadth of demand for AI versus traditional tech versus FIRE, law, professional services. I'll jump in and then turn it over to Rob. Like I was mentioning, we're seeing really good demand in the San Francisco Bay Area, and there's sort of different pockets of activity happening in different parts of the market. Obviously, AI and the amount of leasing that's happening from an AI perspective certainly receives the most headlines in the San Francisco CBD, and it certainly has been an important driver of activity and demand. We have assets in that market that really tell the full story of the inflection in the San Francisco market. One asset that Rob and I like to talk about a lot is our 201 Third Street asset that went from effectively fully leased down to about 20% occupancy, with a big move out of a financial services user in the fourth quarter of 2024, and is now back to 90%. That improvement has been through leasing up space to some larger, well capitalized, later stage kind of AI and tech companies, and also a very intentional spec suites program that's been able to tap into some of that earlier stage AI demand that's been in the market. In addition to some more traditional firms. We did a full floor deal with a streaming use. There's been other activity in the building that I think just points to how broad based the demand and activity has been in that market. It's a great story of sort of a full ride in San Francisco and how quickly activity has really improved and come back. As we look at the broader San Francisco portfolio outside of AI and some of the tech-based uses that are in that market, one of the key themes we've been seeing over the last really quarter or two has been kind of a resurgence in larger format activity and interest, given the success of leasing over the last couple of years market wide. As I'm sure you're all very aware of some of the market statistics about remaining vacancy in the market, we think it's important to really bifurcate that into what's truly competitive supply in the space versus what is effectively obsolete or functionally obsolete space in the market. Right now, we think there's 35, 36 large contiguous blocks left in the city in total. That's blocks over 100,000 sq ft. More than half of them are really not competitive to the type of product that Kilroy owns today. So probably 15 - 20 of those 35 or 36 opportunities are truly competitive to what we own. Right now, in the market, you've got 31 tenants looking for space above 100,000 sq ft. So, there's truly, for some of those larger blocks of space, more demand in the market than there is supplied to meet that demand. Where we've seen that show up in our portfolio, yes, is on the demand side for some of the larger contiguous blocks we have left. But as importantly, more larger format tenants in the market coming to speak with us about potential early renewal. I think that speaks to two things. Certainly, the trend in rent and the inflection we've seen just in asking rate and net effect of rents over the last year has been significant, and I think everybody's watching that trend closely. But increasingly, some of these tenants that have been in our portfolio for a while are looking down the road, thinking about their expiration that might be coming a few years out and beginning to voice some concerns about locking in space today. Particularly if you're in a building that has other vacancy or you're in a building that has another lease expiration coming up, I think people are becoming concerned you could be displaced by a landlord looking at some of the bigger demands that are, or requirements that are in the market. All of those are really healthy fundamentals, right? Both on the occupancy side, you really are seeing rates start to move in these markets, which is very exciting as well. Further down the peninsula and through Silicon Valley, you are seeing in addition to just the tech users that have really changed the way they are using space in some of those markets, some of them taking significant sublease space off of the market over the course of the last year. We have seen a lot of demand and activity from robotics uses in those markets, and that has really been a driver of activity as well. Bellevue, we have seen good activity really over the course of the cycle, or over the course of the last few years in the Bellevue market, have been able to push both occupancy and rate in that market for a while. Over the course of the last few quarters, we have seen more tension in the market on the Seattle side as well. We have one project that was subject to a major repositioning that delivered a couple of years ago, and it had been very quiet from a tour and demand perspective until probably two or three quarters ago. We completed that major repositioning, brand new lobbies, new food and beverage offerings, great outdoor space and amenities, a conference facility, a fitness facility, everything that tenants who are in the market were looking for, but there just was not enough depth of demand on the Seattle side or in South Lake Union. Over the last two, 2.5 quarters, we have signed over 150,000 sq ft of really high-quality leasing in that project. Several top-tier law firms, a host of a Fortune 100 company looking for space, a financial services firm looking for space. Many of these tenants are kind of new to the market for the use they are looking for, so bringing in a tech group to take advantage of a highly educated, very deep tech talent pool that is resonant in the Seattle and Bellevue markets without the startup ecosystem that is competing for talent in markets like the San Francisco Bay Area. That has been a really encouraging point as well. San Diego has been consistently strong over the course of the last few years. We own about 40% of the market in Del Mar in particular, which is high demographic, proximate to executive decision-makers, and we have really been able to push rate pretty consistently over the last few years. I think about a year ago, we signed a lease and had mentioned on prior earnings calls that it set a record at our One Paseo asset, which is a mixed-use project we own in the San Diego market, at the highest office rents that have ever been signed in San Diego County. So there has been good tension in that market. We have some very differentiated product in that market in terms of being able to provide that mixed use environment that has been very compelling to tenants. That has been a fantastic market for us and our efforts there. In Austin, as I mentioned earlier, we own one building in the CBD. It is a 750,000 sq ft building called Indeed Tower, where we have had lease-up to do there. And really also over the last quarter or two, we've seen a significant uptick in tour activity and demand there and continue to work through the last pieces of that lease-up. Rents, capital net effect of rents have trended very well in that market for us as well. Did I leave anything out? No. I'll just touch on a couple of points Angela made. When you look at the 201 Third asset that Angela talked about and our lease-up going from 20% to almost 90%, our effective rents were 30% higher than they were at the time we started. I never thought in the short order that we've been talking about that we'd be talking about rent growth in San Francisco, but right now it's projected to have a 3% growth over the year. But clearly in particular assets like 201 Third or other assets that have views or the right kind of space, the rent growth is substantially higher than that. I'd say another thing that's new to the market that we're tracking very closely is the robotics demand that Angela mentioned. There's 0.5 million sq uare feet of robotics demand in San Francisco and 1.5 million square feet on the Peninsula where our Oyster Point project is. What's really interesting about that, robotics companies for the most part have office and really light lab use, so they're using lab space also. You're also seeing life science companies using robotics. So, the demand profile at Oyster Point particularly is really amazing right now. We're very busy there. We have more tenants looking at our spec lab space than we have space, and we also have large users coming back to the market. The last point I'd make, and this is sort of focused on the Bay Area, but we're starting to see it in other markets, is for the first time in a long time, we've got tenants competing for the same space, and that's really important. We haven't seen that in a long time, and it shows that the quality space keeps continuing to decline, especially in the larger format uses. So we've had that happen in life science, and we've also had it in tech. Yeah. Tenant sentiment has really improved on the life science side. We had talked and had conversations with tenants really over the course of the last few years, particularly at Kilroy Oyster Point, and at Menlo Corporate Center, where we did a life science conversion for one of the buildings on that campus several years ago. Look, there were lots of tenants in the market who kind of knew they needed to upgrade their space to meet their business objectives. But everybody was really just in a cautious kind of stance, and that had to do with a lot of things, capital raising concerns. You just weren't seeing really any capital recycling in that ecosystem, from venture capital dollars that had been tied up for a very long time. The combination of how the XBI, the biotech index, has performed this year, it's up over 100%. I don't know about today, but over 100% over the course of the last year. That has sort of opened up the IPO and follow-on equity windows, which has been very positive, both from an actual capital recycling standpoint and also just from a sentiment standpoint. You pair that with what's happened in M&A in that space, as you've got big pharma companies looking at patent expirations and that patent cliff, the amount of revenue that's going to be lost associated with that. You've seen a lot of M&A activity in that space as well. It's just another way you're seeing capital kind of be recycled in that space. Whether it's actual because tenants have raised capital as a result of all these things, or it is just a belief that capital will be available, and companies are ready to raise it. We've seen both management teams and the boards of some of these companies being more inclined to make longer term commitments and to get space that's actually going to facilitate their growth objectives as a company. That's a very different or very striking change in sentiment relative to where we were 12, 24 months ago. Within life science, can you maybe talk a little bit about your assets relative to market in San Francisco and in San Diego? Then very curious on kind of like the robotics uses. What would rent for that look like relative to more traditional life science rents? You want me to take that one? Sure. This isn't just us saying this. Our Oyster Point project is best in class in the Oyster Point sub-market, which is the main and main location for where life science wants to be. With respect to pricing for robotics companies, it's sort of similar because a lot of our space is shell, so we're having to go from pure shell to a build-out that's partially lab. It might be a little bit cheaper to do a robotics company deal than a life science deal, but some of our life science deals have been cheaper, too. It depends company by company. Oyster Point is attracting attention from outside of the Bay Area. We have some companies that are outside of California, actually, that have looked and that are looking now. The amenities in terms of just the quality of product that's in the market, we've got waterside amenities. We've got our fitness center, gym, business center. Every project with tenants in it now is actually thriving, so that's created a lot of momentum. We also have a Menlo Corporate Center in Menlo Park, which is also in Northern California, where we have a smaller life science building where we had a tenant that had been invited several years back. We're now in discussions with a hopefully tenant. That's the example I could give of one of the buildings where we had competition from two different tenants. Our other trophy life science project is Nautilus, which Eliott acquired a year ago, I guess, in December. Which we acquired from ARE in Torrey Pines, which is arguably the best execution Torrey Pines. I'm really happy with that acquisition and the activity we're seeing. Yeah. I mean, just to talk a little bit more and build on some of what Rob said about KOP, and how that lease has gone over the course of the last couple of years. As a reminder, we purchased 875,000 sq ft in phase two, split across three buildings. One building has now been fully leased to UCSF, so a great, very stable use, high credit tenancy, et cetera. One building we went multi-tenant on early, built some spec suites and had great success at kind of completing the lease up of that building with a wide range of tenants, all the way from general life science and a combination of very well-capitalized, private companies, public biotech companies, et cetera. We have [a fourth planning that's arguably the best positions building in phase two from an access and visibility perspective, before et cetera. We haven't been public delivered and life science market was not what it is today, as described. That market has continued to look different, shift recently. Back when we delivered, we were very open to the range of tenancy we might see show up for that project. Obviously, it had been special purpose-built for life science. Phase of the project, which was also purpose-built for life science, we have Cytokinetics, a traditional life science use, and Stripe, so a fintech use. So the project has worked well in prior phases for a wide range of uses, and we've been very open-minded about it. What we're very excited about this lease here today is that between UCSF multi-tenant building lease-up has gone. We've got a great stable of life science tenants at sort of all different sizes and ranges in that multi-tenant building. With UCSF as an anchor and validation of the project, we continue to build a lot of excitement in the life science community, in particular around the ecosystem we're building at phase two of this project and already have in phase one. Many of you are aware, but we have land at Oyster Point for future development at Oyster Point, phases three, four, and five down the road. We were always hopeful when we began the lease-up of this project that we'd be able to build that kind of life science ecosystem that would provide a pipeline of growth for future phases of the project. Again, we're pretty agnostic about where the initial leasing demand would come from. It's very exciting, I think, to everybody on the team that we have seen that life science demand that's going to facilitate future growth at the project. You're seeing it now in the pipeline at the project. There's a lot of buzz in the market about the types of tenants we brought in, and again, that ecosystem that we're creating with life science tenants that want to be proximate to each other and feel good about the growth and the activity at that project. Great. Then maybe just turning to San Francisco and the tremendous upswing in that market, wondering if you could talk a little bit more about your Flower Mart site and potential opportunities there. Yeah. We have a site called the Flower Mart site in the Central SoMa district in San Francisco. It was bought with the intention that it would be a large-scale development project. We have a development agreement currently on the site that offers an entitlements for about 2.4 million square feet of commercial development. Primarily office, a little bit of a retail component as well. We began a process a couple of years ago, given the changes in the San Francisco market and the changes certainly in the office market in particular, at engaging with the city around how we could potentially work through changes to the development agreement that would give us more flexibility and optionality on the site to ultimately be able to build a different mix of uses than what was originally envisioned. We were very intentional as we went through this process, given our historical experience with the San Francisco market and the knowledge I think everybody in this room has, that San Francisco has been, from a commercial real estate perspective historically, a bit of a boom-bust market. It has recovered quickly in a number of different cycles, and we knew this would be an elongated process to get that kind of flexibility and optionality. The last thing we wanted to do was pick a path and go through an extended entitlement process, only to get to the end of it and realize our original plan was actually the right one. The city has been a wonderful partner to us as we've worked through this, and we feel good that we're making really constructive progress towards a plan that would provide with the Board of Supervisors' approval, additional flexibility and optionality on the site that will really allow us to meet the needs of the Central SoMa community earlier than we potentially otherwise could have. We are very open-minded about what the actual execution path here looks like. It's going to be driven by market conditions. We've talked about it on prior earnings calls, but even if we have all this flexibility and optionality, residential and commercial rents are still not yet at a place where new development would pencil, but they're getting closer all the time. We hope and expect that we will be through this process with the city on sort of reimagining the approval path for the Flower Mart by the end of this year. Then we will really be in a bit of a holding pattern as we wait to see which use or which mix of uses ultimately makes sense for development to commence at that site. Thank you. Then maybe turning to L.A. This market overall remains a bit more challenged, but you guys have done some capital recycling there into different sub-markets. Curious if you could talk about that. Also, you did mention some green shoots on the second quarter call. Yeah. I will start, and I want both Eliott and Rob to speak to this. Maybe to zoom out for a minute just from the L.A. portfolio and talk about the capital allocation strategy more broadly. As I mentioned at the beginning, we are in five markets, primarily in the West Coast and then Austin, Texas, that are all high growth markets, but also have been historically higher volatility markets. As we think about how to put this company in the best position to consistently produce for shareholders over time, we really think there is an opportunity here to focus a bit more on the durability side of the equation and manage some of that volatility without giving up the excess growth that these markets typically have over the course of cycles. So that is sort of the strategy from a zoomed-out kind of 10,000 sq ft perspective. Out of all of our markets, I would say, we have been clear since the beginning or since I joined that L.A., we probably have the most repositioning work to do. Our portfolio in it. We had a few assets when I got here on the West Side. We had assets in Hollywood, sort of three commercial assets and two residential assets. There are sub-market. We have one asset in Culver City and then some assets in the South Bay, El Segundo down through Long Beach. There are some markets that have continued to perform really well in Los Angeles, despite some of the headlines we see about the L.A. market. Century City has been an outstanding office market over the course of the last cycle. Beverly Hills has been an outstanding office market over the course of the last cycle. Culver City has continued to tap into tech and streaming and other kind of content creation that kind of continues to work in that market. It's all been very positive. Our exposure in those sub-markets was either nonexistent or quite limited. We've done things to intentionally reduce exposure in Santa Monica. We sold a lower quality asset in the Santa Monica market. We sold our lowest quality asset in the Hollywood market. We also sold two of our three residential buildings, the two that were in the Hollywood market. Over the last three years, we've taken almost $300 million of capital, between $250 million and $300 million of capital out of the Hollywood market, as an example. We did find an opportunity last year to acquire an asset in the Beverly Hills market, and that asset has been very successful for us. We've continued to exceed underwriting, both from an occupancy and a rate perspective in that market, given some unique dynamics in the micro market in which that's located. We continue to look for opportunities, again, just on the general framework of how do we reduce some of the volatility in the portfolio and tap into specific sub-markets and micro locations in markets like L.A. that are going to be most successful at driving growth over time. I don't see anything else on the capital allocation piece. Just to add to that, as we thought about acquiring in Beverly Hills, we looked at a lot of different things, including barriers to entry, which are quite high there. Not that it's easy in a lot of parts of L.A., but Beverly Hills in particular, it's very difficult to build. We also were tracking how the supply in the micro location was really changing over time with a lot of owner users coming in and acquiring real estate there. It's really a multifaceted process for us. But given some of the pockets that Angela pointed out, I think that we're going to keep our eyes open, and if we see opportunities there that economically make sense, we won't be afraid to pursue them. That's it. The only other thing I'd touch on is that, as Angela said, we're exceeding underwriting at Maple Plaza, which is just a terrifically located project in a really great micro market of Beverly Hills. You hear me talk about micro markets a lot in L.A. because there are so many markets. Culver City has done really well for us also, our Blackwelder project. We've really seen since we acquired the asset, how the tenant base there has changed. There was a lot of entertainment in the past, and now we're seeing a lot more fintech. We're seeing some AI, and we continue every month to enter into new leases with companies there. So it's a really fun project to work on. It's 12 buildings, and it's sort of an edgy kind of architectural design for that part of the market that works perfectly. We're really happy with that. We are seeing some, you mentioned green shoots. We did a lease in the second quarter with Universal Music Group. It was a full building lease that was about 50,000 sq ft in Santa Monica. That is the largest lease to have been signed in Santa Monica, new lease, not renewal, since the pandemic. As you said in your question, some of L.A. has recuperated slower than other submarkets within L.A. But we're starting to see more activity and expect to see more this fall on our assets on the west side. Yeah. L.A. is one of the largest economies in the country, and I don't think we should lose sight of that. I know entertainment as a headline gets a lot of focus in the L.A. market. It is a piece of the market, but L.A. is a much more well-diversified economy than certainly I appreciated before relocating there. I guess as we look at 2027, are there any larger expirations or renewals still up for debate that you want to flag? Just also latest thoughts on the DIRECTV. You want to jump on that? Jana, you really hit on the big one. DIRECTV is our largest maturity in 2027. It is about 500,000 sq ft, plus or minus at a campus in El Segundo. We had said on prior calls, and our expectation continues to be that they will give back the majority of that space, if not all of the space, so we would expect a vacate or a material downsize. Outside of that, our role is pretty granular, and so we feel that bodes well for what that means in terms of 2027. Maybe taking that one step further into the DIRECTV campus itself, we continue to evaluate lots of different alternatives there in terms of ways to maximize value. We are evaluating all of those real time. We are not going to wait until the fourth quarter of 2027 when that expiration happens. We are actively working on a few different alternatives. We are also going through a parcelization of the campus. For those that are not familiar with the campus, it has three different buildings. To put a parcelization map in place just improves flexibility and optionality as we evaluate our alternatives there. Eliott said it, he hit on it, but the DIRECTV, AT&T, that larger expiration is not until the fourth quarter of 2027. We have got some time as we continue to work through a variety of different plans there, as Eliott did a great job of highlighting. Outside of that, there is one 80,000 sq ft expiration we do expect to be a vacate in 2027 in the Long Beach market. Beyond that, everything is below 50,000 sq ft. It is a super granular expiration pool, and I think gives us a great deal of confidence that outside of certainly those two larger leases, it should be a year that looks pretty much like a pre-pandemic historical average retention year. Following up on that, can you help us work through the occupancy trajectory that you see given some of this demand? Yeah. So, for 2026, we have talked about second quarter being what we anticipate the trough, and we will look to build off of that. We outlined in our supplemental what our signed but not occupied pipeline looks like. I think it is a little over 1 million square feet right now, which we expect to come in over the coming quarters, and we break that out. So, it bodes well for us. In the fourth quarter of 2027, we will have DIRECTV, which will be, as we talked about 500,000. I guess maybe I have been hearing a lot about this Long Beach to El Segundo space beach, aerospace, and defense demand. Is that potential backfill? Yeah, it has been really encouraging to see that kind of demand, which had been a historical driver of that part of the market come back. That is really been a phenomenon over the last handful of quarters. You have seen some important leasing activity happen from those kinds of tenants, but most of the actual leasing that has been done to date has been more in kind of one or two-story office or flex industrial kind of product. We think that there is a second derivative benefit of additional leasing that wants to co-locate around those uses coming that would be more appropriate for the kinds of space that we own in that market. But you are not quite seeing it yet, or we are really just beginning to see it. You think about Anduril Industries as an example, is building a $1.2 billion campus down in Long Beach. Definitely we're going to see more activity and are starting to benefit already at our Arrow campus down there. It's, without question, a really positive dynamic given things like the AT&T lease expiration in the back half of 2027. It certainly gives us more hope on a variety of potential paths for that site than we might have had 12 months ago. But it's difficult to point to something specific in the market that would lead you towards a specific outcome for that campus at this point in time. Maybe just going back to, Rob, your comment earlier around robotics demand. Can you just help us understand how new is this as a group of tenants in the marketplace? And then the 1.5 million, how fragmented is that? Angela alluded to it. This is the robotics demand in the Bay Area is relatively new. Meaning probably two quarters ago, and I sort of liken it to where AI was probably three years ago. It's just starting to come onto its own. Some of the demand is comprised of really big household name, FAANG-type companies and others are startups. As I said earlier, some from outside the state. When you say how fragmented, do you mean Are there any really large- Yeah, there's definitely. Possibly within that, like multiple hundreds of thousands of square feet, or is it a lot of 20, 30 Throughout the Bay Area, there are a lot of larger requirements. The one thing I'd say to distinguish is that in San Francisco and at KOP, the demand is more what you'd office life science. I think I said that earlier. As you go further into Silicon Valley, the demand goes up to about 4 million feet, but a lot of that is heavy manufacturing because the buildings in Silicon Valley lend themselves to that, being R&D type buildings. So, it is a new trend in the market, and we're monitoring it closely. There're a lot of automobile companies, for example, that are both in San Francisco and in the valley that people don't think about, like Toyota, that have smaller kind of entrepreneurial engineering teams in San Francisco. We're expecting to see more of that. How about defense contractors in Southern California aerospace? With the rearmament push, are you seeing any demand there yet, or do you not expect it because that kind of I think in El Segundo proper, the renewal from industrial or, excuse me, from aerospace, which has always been kind of the core market there. The renewal rate has been a little better than it has in the past, but we haven't seen, per se, demand like in Long Beach, as Angela said, yet from Anduril and their campus and the other campuses that are going on. But as those companies grow and expand, there's going to be service providers, et cetera, that want to be near there, just like what happened in Mission Bay with OpenAI. OpenAI went to Mission Bay. The vacancy rate was 30%. Now it's down to about 6% because not only OpenAI, but all the companies that want to be near them have located in Mission Bay. That's really the combination, I think, of what's happening geopolitically, the push for more modernization in the military, and what's happening with robotics and technology more broadly has sort of re-energized what had been a somewhat dormant ecosystem in the South Bay. There are a lot of those companies that are really active in that space have long ties to that region. It's exciting to see that come back in that way. It's just candidly a bit early to point to it really creating demand in our assets or the type of assets we have in that market. I think without question, it's coming. It's just the first wave of that has been more, like I said on the flex industrial or kind of manufacturing side. Unfortunately, we're out of time, but I have three rapid fire questions we're asking all the REITs at the conference. The first is, if long-term rates stay higher for longer, which has the biggest impact on your sector's earnings? Is it higher refinancing costs, lower transaction activity, or less new supply? Relative to where we are today, refinancing costs. Over the next three years, will third-party capital become a more important source of growth for public REITs? Yes or no? Yes. For your sector, will 2027 same-store NOI growth be higher, the same, or lower than 2026? For the sector? Higher. Thank you very much. Appreciate the time. Thank you. Thank you.