All right, it's 11:00 A.M. Thank you, everyone, for joining us today for the Plymouth Industrial panel. My name is Eric Borden, an analyst at BMO Capital Markets, and I'm pleased to introduce Plymouth's chairman and CEO, Jeff Witherell, and CFO, Anthony Saladino. Thank you. Starting with Jeff, you know, could you just talk about what are your expectations for the Plymouth stock going forward and Plymouth, the company, as well? Thanks, Eric. Yes, I think what you're gonna see from us is just continued leasing. We've got some of that to do. We're gonna be capturing our rent spreads. With that, we've got to mark-to-market. We've got organic rent growth coming just through the contractual rent bumps that we have, which are portfolio-wide, about 3%. We also have some development coming online in the fourth quarter, and I think in 2025, we'll realize the full benefit of all that development. So there's a lot of organic growth that we're gonna have looking forward to 2025 on that. We also have three properties that are under contract for sale, so we have some dispositions that we've, you know, messaged to the market. There might be a few other buildings on top of that. Those proceeds will be reinvested into a couple of deals that we're active on as we speak. So, that's a pretty exciting deal coming up. I appreciate that. Kind of building off that, you know, what is the main reason that investors should invest in Plymouth stock today? Outside of the outstanding management team, there's a couple things. First of all, I think our dividend yield is fairly attractive, and I think our payout ratio is still where it was last year, about 50%, on NFFO. So it's kind of the lowest in... I think it's the lowest in the REIT industry, basically. The other one is probably valuation. I think, you know, we're trading at a mid- to high-seven implied cap rate. There's gonna be a large transaction that's gonna close probably here in a week or two, and it's gonna set a benchmark for us. It's a very attractive cap rate. It's a large portfolio. It's about a little less than half of our company. It's about 15 million sq ft. I think that's gonna set a valuation benchmark for us that we're certainly gonna message to the market. I think then the last piece of it is the one that we talk about all the time. It's on our website. It's called the Golden Triangle. It really defined as, say, the Great Lakes all the way over to Texas and then over to Florida. It's not a perfect triangle. It kind of goes over and catches the Carolinas and things like that. And inside of there is where most of the reshoring and onshoring is projected to be built, you know, manufacturing facilities. If you look at the mega projects, I think 80% of them are within this Golden Triangle, and that's where you're gonna find the labor pool, really the infrastructure. I mean, the future of reshoring and onshoring and manufacturing in this country is gonna be based on labor and power, and we continue to see, especially in Chicago, we're seeing it in parts of Atlanta, manufacturers coming to us and saying: "We need power if we're gonna take your space." So we help them negotiate with Georgia Power. So if you have a site that has heavy power and heavy zoning, that's gonna be worth a lot of money in the next five, 10 to 20 years. Okay, thank you. And then just given the historically low rate interest environment over the last couple of years, we've seen a massive increase in new supply that's either been delivered or will be delivered in the next coming months. But on the other hand, maybe demand has also fallen off a bit. So just curious to hear about how the new supply-demand dynamic is affecting your markets, if at all, 'cause I know you operate in a little bit different industry than, you know, some of your peers. So just curious your thoughts there. Yeah, that, that's a good point of distinction. I mean, from where we sit, not all supply is created equally. Our perspective is that it's bifurcated between big box, say, 500,000 sq ft and above, and smaller industrial space, like, the space that you would find in our portfolio, as an example, where over 70% of ABR is in space under 250,000 sq ft. You know, big box new supply has been historically elevated, as we all know, over the past couple of years, but it is coming to a grinding halt, given the inability to finance new development, and the persistent availability resulting in vacancy levels in big box in our markets that are several times that of vacancy in smaller spaces. Coupled with the fact that there's been very little new supply built in our size of product in our market since the great financial crisis. So with increasing demand, shrinking supply, that's a great dynamic to have, in your favor when you're leasing up spaces below 250,000 sq ft. That's helpful. And then just on the demand side of things, you know, what are you seeing or what KPIs are you measuring to notice, you know, how is demand today versus six months ago? You know, whether it's tours or interests or LOIs or, and then potentially leading to signed leases as well. Well, we are seeing an increase in inquiries and tours year to date. We've been really transparent with respect to the boxes that we need to lease up. From our perspective, leasing demand remains robust, evidenced by, you know, our same store occupancy of 98%. The larger lease-up opportunities that we've talked about in 2024 and 2025 are all seeing increased traffic, with a number of prospects stepping in for any of those that may have dropped out for one reason or another. Certainly, these aren't the high times of the post-pandemic, with tenants signing just in case they need it. But what we're seeing is this is more of a reflection of strong fundamentals in our markets, coupled with lack of availability in Class B industrial space. Is there any certain tenant sectors that are looking for more space today on the margin? Or and then the opposite side, what, you know, what, what sectors are you most concerned about today? You know, interestingly, there's not a lot to glean from us with respect to that. We're not seeing any one sector dominate across our portfolio set. I think in part due to our diverse tenant industries and our high renewal rates. So unfortunately, not a lot of kind of meaningful data to share on that particular topic. With that said, I mean, you guys addressed, call it, 60% of 2024 lease expirations today. You know, how are you feeling about that 18% to 20% mark-to-market or leasing opportunity? So, you know, internally, we reforecast our Mark-to-market calculation monthly. We continue to remain comfortable with that 18%-20% cash Mark-to-market range that we've previously quoted. You know, based on leases we've already addressed to date with the '2024 expirations, we're closing in on that targeted range, and we expect to see a similar outcome for '2025 leasing. We have experienced, you know, higher-than-normal impact from fixed-rate renewals to date in '2024. Roughly 26% of leases had contractual renewal terms. These leases are associated with legacy leases that we acquired, and while we do see some of the influence of fixed-rate renewals kind of carry forward into '2025, the percentage of those in the rollover will fall off precipitously. You know, even despite that, kind of built-in governor, we are still expecting strong sequential cash spreads. On the lease escalator side, because I think it's an important part of the leasing structure, where are you signing new leases today, and how does that compare to your in-place portfolio? 3% is where we are across the portfolio. I mean, as we went back a year or so ago, we started signing leases with 4% rent bumps. I think that's petered off just a little bit. But again, lease bumps are gonna be part of the entire negotiation with TI and all that stuff. So, you know, there's still... In the small box space, as Anthony mentioned, you know, if someone's looking for 50,000 sq ft, there's not 10 locations out there in most submarkets, in our markets. So, you know, tenants are staying. They have to be brought up to market, and, you know, the market is right now the market is lease bumps of 3%, so. That's helpful. And then on the market rent growth side of things, you know, you're one of the only industrial REITs that have, you know, feel confident you know, positive rent growth this year. Maybe that's just the relationship to where your tenants are located and what markets you're in. Yeah. Just curious, you know, how are you feeling about your market rent growth assumption of, call it, ±5% in 2024? Yeah, we, I mean, the intent is not to be contrarian, with respect to market rent growth. I think what you're referring to is the Moody's Analytics stats that we shared in our, I think, it was Q4 commentary. Those stats were actually forecasting average, rent growth of 5% over the next five years, say. We're confident in that outlook, because of the fundamentals that we see on the ground. Tenants still need space, as Jeff mentioned, and there's been very little supply build of our type of product, for some time now. These markets that we're in haven't seen, you know, the massive run-up in rental, growth that some of the coasts have experienced. They've been steadier, and we don't kind of expect to see the type of growth decel that some of the coastal markets are now reporting. And there are a number of other factors that support our conviction around, you know, these markets and our position in these markets, including shifting port volumes, positive population trends, favorable cost of living trends, and as Jeff mentioned, the increased onshoring and reshoring investment. Then on the portfolio side of things, you know, how are you thinking about tenant health today? You know, everything costs, call it, 30% more since 2019. You know, how is that impacting your tenant base? Then on the other side of things, you know, how are you thinking about real estate operating costs as a total% of your tenants' revenue? I can talk to kind of tenant health, and then Jeff can fill in some of the gaps around rent as a percentage of total tenant OpEx today. Tenant health remains good across our portfolio. We have not seen an increase in late payments. There are what we refer to as kind of the usual suspects on the tenant watch list, the count and complexity of which, you know, has not changed notably for several quarters now. How we think about it, out of 500+ leases, there's a handful of tenants on that watch list. Yeah, so if you look at the typical occupier in industrial space, you know, on the expense chart, occupancy costs are probably about 6%. Right now, I'm gonna contradict myself, 'cause I'm gonna step in and say that's not really meaningful. But if you have a tenant, we have a lot of tenants that are on the margin. You know, in the era of free money, everything, nothing mattered. And now that money's not free, things start to matter. So, you know, if you make bottle caps, you're running on a margin. So that particular tenant, you know, is invested in the space with infrastructure, bolt-down costs, if you will, and it's hard for them to move. And we just don't see them, say, moving. You know, industrial people don't move from Class B to Class A. It just never happens. Maybe once, 1%. But our tenants are very sticky, you know? And so there's all kinds of changes happening. You know, there's consolidations, and some people do go out of business, and what have you. Just the normal course of business. But our tenants are very, very sticky. Yeah, I mean, just to add to that, when we poll our tenants, their biggest concern is attracting and retaining labor. We think that, you know, our tenants are somewhat advantaged by their proximity to denser labor pools vis-à-vis other locations. You know, that maybe gives them a slight edge up, but that remains a considerable hurdle for them. Jeff, you mentioned something interesting earlier, on the potential portfolio sale and, you know, mark-to-market your portfolio versus theirs. I was hoping you could comment a little further on that, and then any other acquisition opportunities that you're seeing in the market today, and do they make sense from a cost of capital perspective? Yes and no. We do have some active acquisitions that will meet our criteria for returns. We continue to see transactions that, in our world, don't make sense, right? It's negative. It's a negative leverage. And so, you know, I think we're banking on 5% rent growth, but if you have too much negative leverage, 5%, I still don't see how you get, say, private equity returns, 15%, 16%, 17%. We don't see how that works. So, you know, it's all over the place. Depends on the markets as well. Some people I think are overpaying certain markets and banking on rent growth. But it's starting to loosen up. We are seeing some stress in the marketplace, and what I mean by that is, someone who maybe bought, you know, a deal at a 4 cap, expecting a lot of great things, and then financing was 4%, now it's 6%. So we're seeing some stuff hit the market that has stress around it, not the asset or the tenant, just the way it was financed or, you know, or when it was bought, the vintage. So a little bit of stress. I think, I think that's gonna come out. A lot of stuff's gonna start to hit the market. So I think there's gonna be a lot of opportunity from that perspective. From that side of things, are you looking at, you know, pure-play acquisitions or acquisitions with potential leasing risk? And then, you know, is there any, quote-unquote, "distressed," developments out there where you could take on development and plus leasing risks? And then, what are the yields, you know, in the market today that would be attractive to you? Yeah. There are recently we've started to see the major brokers bringing out JV opportunities and recapitalizations. And you go back two years ago, and then four years before that, we didn't see any of that market, right? Now, the brokers are all over the place with these types of deals. So there's a tremendous amount of developers that are kind of stuck, have to build a building 'cause they have a tenant for half of it, and the bank's saying, "I'm not gonna lend." So there's some trouble in that world. That's not something we will take on. You know, we're not developers. I mean, we have finished phase one development. It's almost 800,000 sq ft of real estate that's come online, as I said. We have one building to come in, in the fourth quarter, and then we're finished phase one. That was mostly done on spec. We have about 1.6 million sq ft that we can build on land. Again, our land is adjacent to existing buildings, so water, power, sewer, gas, everything is there, so we're not taking any real development risk. We have a fixed price contract with our builder. So I think it's a as less risky development as you can have, right? That's on land we own, and we are actively talking to people about build to suits, and we can do that on our land at high single-digit yields, right? So that makes it. That's very attractive for us. But for us to go out and jump in with a developer and try to fix something, that's... We're too small. That's not what we do. Okay. Right? And again, just yields are all over the place. So it has to match up. If we're gonna issue equity, it has to be accretive. So that's good. But you know, I just went through earlier where we're trading at an implied cap rate. So, we have to buy pretty high cap rate deals, if we're gonna issue our equity. Right now, we're recycling capital into, as I said, something I think that we'll be announcing at some point, and it's gonna be very exciting. I think the people are gonna receive it well. Okay, that's helpful. Just understand that, yes, there has been a ton of new supply delivered, but at the same time, new starts are down from the peak, call it 60%. You know, would you be willing to start new development projects here, just given your land bank? No. Okay. N ot unless there's a tenant, you know, ready to go. And, and again, we will make sure that's a high single-digit yield. The days of building to 4s and 5s, I mean, I just don't see how people are... You know, why you'd do that, right? Just turning to guidance, you know. This year, I mean, the largest variable to 2024 appears to be the FedEx lease potentially vacating. Yeah. I was just wondering if you guys could provide an update there. You know, what are you seeing from a marketing perspective, and are you seeing any interest, you know, on potentially re-leasing that? How do you think that affects your 2024 FFO guidance? Well, we can talk about what we would kind of characterize as a pickup in interest, specifically as it relates to FedEx. That prospect pool has grown, and it includes both distributors and manufacturing uses. So we remain bullish on the outcome. From the perspective of guidance, you're absolutely right. The lease up at the Lakeview property in St. Louis was kind of the largest variable, but that variable resides between the midpoint and the high end of our guidance range. When we provided guidance for 2024, we outlined a number of variables, such as improved flow-through on tenant reimbursements. There were some savings in G&A, and there's lease up of the two other vacant spaces that we called out in the back end that would lift us, you know, from the lower bound to the midpoint. So there is cushion in the event that FedEx does not renew, which seems to be more likely than not at this point. But in terms of the clarification around guidance, I think we've kind of level set there. We are seeing demand pick up. You know, as I just mentioned, since we put out our Q1 report, the level of activity and the seriousness of the prospects has meaningfully improved. And the good news from our perspective, as it relates specifically to that building, there's really only one other property like it in the sub-market that could satisfy the needs of the potential tenants that we are seeing touring our site. We feel like it's a kind of a binary decision, and when those prospects make a decision, it's more likely than not that it will be in our space, as opposed to the one competitive space. That's helpful. We have about 10 minutes left. If anyone has any questions, you know, feel free to raise their hand and we can get a mic around. Actually, if you don't mind just stepping up to the mic, yeah, that would be- Yeah He lpful. Or you. You could win a door prize as well, depending on- I was just wondering if you could speak to your underwriting process for new tenants and covenants in the leases that protect your downside? The first thing I guess I would say is that what we own is utilitarian real estate. They're rectangles and in the right location, and we're buying it at the right basis, 'cause basis is forever. So I think when you buy just credit, so you end up in a corn field with a great building and no tenants sometimes. So I'll start with that. Then Anthony will say, "Shut up. Don't say that. Well, Here's the credit side of it. No, I'll just say the good news that around that is that there's a lot of kind of deliberate augmentation in terms of how we underwrite tenancy. You know, a lot of times we're acquiring buildings with existing tenants, and the fact that we are buying properties in markets that we're deeply invested in gives us an advantage with respect to diligence. It helps us better rank probability of renewal, and gauge the tenants, kind of the elasticity around their ability to kind of pay up to market. And in the event that they don't, because of our kind of position in our core markets, we have already identified backfill. But per the lease, the tenants are required to provide quarterly financial statements. We review those to the extent that we think there's degradation, we reach out. But in truth, the measure of our kind of tenant health is more tactile, just given the fact that we have property managers in those markets. And you gotta imagine the number of touch points that take place, and so we get a lot of really actionable intel from our teams. It allows us to be a little more preemptive, and just given the mix between multi and single tenant arrangements, it helps us play a pretty adept game of checkers. And so there's not a lot of binary risk in our portfolio. And to the extent that you have a tenant vacating, more times than not, we have a tenant in place looking for expansion, or we have, you know, a tenant nearby that is likely to go in with very little incremental spend on our part. Can you talk about environmental issues like, solar on rooftops and things like that, energy usage, charging, and that kind for you? Sure. I knew there was one person in the audience for that. There was last year. Yeah, so we have a few solar installations that we've put in place. The way we've done is we've actually leased the rooftop. We don't want to get into owning, you know, and then hail storms, and you have to fix it and all that stuff. So we lease it out to solar companies. The issue really is incentives. That's what's driving the business right now. So right now in Illinois, we have a number of active projects that we're working on. There's great incentives. I'm gonna pick on Tennessee, as I always do, since our IR guy is in Tennessee, and I pick on him a lot. They have very, very low power rates in Tennessee, so it's just not cost effective for the most part to put solar on buildings, say, in Tennessee, right? The tenants are not gonna help you in any way with that. So it's difficult. But we have evaluated all 210 buildings in our portfolio, but it really comes down to incentives right now from that perspective. You know, if we do a build to suit and a tenant wants it, we're happy to put it on. But that, that's... Yeah. We did release our new environmental report. That's up on our website. So we updated it from last year. You'll see that, you know, we do try in cases, we use on build-outs with paint and carpet. We're a warehouse space. We don't have a lot of carpet, but we have some. We use all the low volatility products that are on the market. We have cool roofs, so most of our roofs are being put on now that are white. They're called a cool roof. That helps a lot, especially in the southern markets. We've also done some concrete recycling and things like that. So we try, but again, most of our leases are triple net, so if someone's using a lot of water, it's kind of on them. All right, perfect. You know, you mentioned your implied cap rate of above 7%. You know, what is the most attractive source of capital for you today? Right now, it's recycling capital. Recycling capital? Yeah. But again, we wanna sell real estate for real estate reasons. So we're not selling real estate to be busy. We're not... You know, our leverage profile has come down significantly, and we see a case to have that come down even further over the next, say, 18 months, just because of the organic growth that we've already mentioned. So to sell assets, pay down debt, I mean, we're not... There's no stress at Plymouth. In fact, we're bullish, right? I mean, we're all in on the Golden Triangle and all the things that we talk about. So, you know, for us, we're very patient, and we'll wait till the equity markets, you know, where it's sort of creative for us to issue equity. Top goal. And are you on the nearshoring, onshoring aspect, are you seeing any examples in real time where you're able to benefit or capture higher releasing spreads or, you know, just drive pricing power a little further than you were, say, three, four or five years ago? The easy answer on that is no, we're not seeing pricing power, but we are seeing tenants that are reshoring or onshoring. So one of the onshoring one is a building that we're actually gonna sell. We allowed them to have a purchase option on it because of their business. So it's called American Nitrile. It's in Columbus, Ohio. First manufacturer, I think, in like 40 years that's making latex. Nitrile is a chemical. It's getting way beyond my knowledge base, but they make medical gloves, but it's also food service gloves. If you think about what's going on in this country, right? I mean, you go back 5 years ago, people handling food, nobody was wearing gloves. Now, everyone's wearing gloves. They come clean the dishes here, they wear gloves, right? Everyone's wearing gloves everywhere. So the demand for it is through the roof. I think Ohio State Medical Center, during the pandemic, ran out of gloves, so American Nitrile said, "You know what? We're gonna come out. We're gonna have new technology. We're gonna build this plant in Ohio." And yeah, I think it employs, like, 150 people, well-paying jobs. They're gonna produce, I think, 4 billion gloves when all lines are running a year, and that amount is not enough to support just the state of Ohio for a year. So American Nitrile has a lot of plans to expand in the United States and manufacture gloves here, 'cause, you know, if you remember, I know this sounds silly, but it happened, right? We had a ship went sideways in a canal, and it destroyed global shipping for, like, three months, and we couldn't get gloves. It's bizarre. So this is what onshoring really is all about, in the reshoring. So we have one there. We've had a... I think there's a Belgian company, took some space from us in Atlanta. The building in St. Louis, calling it FedEx. We have several manufacturers. One of them would be an onshoring situation. Onshoring is when you're setting up in the United States. Reshoring is when you're bringing it back to the United States. And, you know, so the reason we're so big on it is, you really have to dig into the data. We have a white paper, as I mentioned, on our website about it. This phenomenon is gonna be going on for the next 5-20 years. 90% of our portfolio resides in the Golden Triangle, and as I mentioned before, the infrastructure is gonna be key. So we're really big on cities like Memphis with the railroads. They have the river port. Places like St. Louis, we're not in Kansas City, but they'll be a beneficiary, and then Chicago is gonna be a huge beneficiary of the onshoring movement over the next 10-20 years. It's the cheapest transportation cost in the country because of the infrastructure that's in place, and you can't replace that. I mean, I don't know where they're building new railroads, but not too many places. Perfect. I think we have time for one more question. If not, we can leave it there. All right. Great. All right. Thank you, everyone. I appreciate it. Thank you. Thanks, man. Yeah, it's good. We gotta fend for our life for lunch, you know that. How are you? Yes. So this portfolio, is this for buy or- What, to buy? Yeah. No. Well, we're not buying the one that I'm talking about, a benchmark. Oh. Someone else. Yeah. Yeah. Yeah. Somebody else is buying this. Green or... Well, the rumor is out. It's not me. Brookfield's buying. Oh. It's the DRA portfolio. It's 14 million sq ft. Oh, good. Six cap. Fantastic. Market? Most of them are markets, yeah. Probably 80% of the portfolio is in our markets. prices? You know, same type of profits. It's a great benchmark. Yeah. I watched you guys last night. It values us above $30 a share. I know. Well, the ones are purchase options, so the tenant's taking it, right? The other one would be local guys. This other one's kind of small. But yeah, but mostly owner users. Owner users, like in Chicago- ... We have people that'll come, they'll buy it for 5 cap because they're gonna use it. They don't really care. It's more the total price. It's not the cap right now. Yeah, Jeff, Jeff paid a visit last year. It would be nice, but- I think had, like, a webinar with Gary Mozer. ... I'm a. My net worth is included. I own a lot of shares. A host guy. And so I I think there's plans to do something- I'm not sure. Si milar again. So yeah, I'll tag you along, and then we can connect then. Yeah. Yeah, yeah. Of course, yeah. Yeah, yeah, yeah, thanks. ... How are you? Great. Hey, how are you? Great. Good, good. I've got a story. Yeah. I'm representing some large banks, and we're sticking to one since the... Last year we finalized your management, meaning- Oh, yeah, yeah. Right, right. Yeah. So we feel, We've actually looked at that. It's probably not going to work for us right now. Why? For a variety of reasons I can't tell you. But we've looked at it. We've looked at it hard. Really? Yeah. We had, Scott's here somewhere. He was working on it. It just didn't work for us because we have some other things going on, so. Yeah. What was the equity like in sitting with- We love equity, so if you want to talk to us about equity, we're always open for equity, but debt- I'll take this. Yeah. That doesn't work. Oh, we're actually reach out to Trip. Whole facility- Larry. No, no. Larry. Yeah. Thanks so much. Yep. Yeah. We didn't even do this because nobody would show up. Yeah, one, right? Yeah. Thank you. It was great. We'll talk soon. Yeah. Hope so. Yeah. Yeah, great. Good to see you, Larry. Hi. I'm working on something. That's nice to meet you, too, as well. We'll see. I guess I need to talk to you. Yeah, I know. Well, you call Guy and you see what he says. Thanks, Larry. Absolutely. We can, Hi. How about, how about I give you my email? I don't have a business card. Is that okay? I'll, I'll write it down for you. Let's write it down. Yeah. I'll get a pen. Yeah. Thank you. Very nice to meet you. Okay. Hi, how are you? Good, thank you. Off Market LLC? Yes. I like it. We've invested in meat industries. That's us. We love equity. We love equity. Equity is great. Thank you. Love equity. You can get some. Well, it can be. That's the right one. The banks all want your money back. Speaking of the banks- Hi, Melissa, how are you? I'm well. Yeah, nice to see you. I know how you are. Saladino at plymouthreit.com. You are? Yep. Well, welcome. Is it Plymouth REIT? That's not Boston. You-- Are you from Boston? I am. You mentioned that you're from Boston, but you're in Cambridge? That's a cardinal sin where we come from. My, my handwriting is horrible. Yeah. I mean, yeah, we'd love, love, you know, love to see you, you know. Hey, Josh. Hello, nice to meet you. Hey, Scott. We're raising equity over here. That, that is the way, we're raising equity. Sure. I'm gonna reach out. Building and developing. I see most of your next things to acquire. Well, I'm gonna... Most of the time, when equity is priced- I will tell you just- We've been an acquisition machine. Because it's so for instance, we're vertically integrated, right? So we have 5 offices. We do 70% of our own property management. So for us to buy a one-off deal in Columbus for 10,000-20,000 is drop dead in. It's not an issue for us. We don't spend a lot of time on it, you know what I mean? So we do buy portfolios when the price is right. But until the equity, you know... I'm, my whole net worth is in Plymouth. I'm the founder. There we go. I own a lot of stock, which is a lot to me. Have a bottle and then- I'm not going to dilute it. Let's do it. It's not helpful. You know, that can work out. "Oh, let's dilute it now, and we're going to have the growth. We have another stock. I don't want to keep playing that catch-up game. You can grow over. You can, yeah. You know? Right. Nice meeting you. Yes, likewise. Yeah, likewise. Right. Nice one. Yeah. On the other side, you buy a lot- Well, we're selling- Is dispositioning part of your strategy? Yeah, it is now. We have 3 buildings under contract, but you know, it's not just to sell. I mean, the theory is always like, well, you sell and redeploy the capital in better assets and stuff. Yes, exactly. Yeah. exactly. Yeah. Yeah. Um- Did you email me? It works not all the time. Oh. You know, sometimes you get stuck. I mean, not everybody's great at it. Building. We are selling some assets, and we are redeploying them into- Yeah ... some assets I can't talk about. Sure. You know, because we're not, we're not there yet. Yeah, but we, I mean, we report on- It's very exciting. I'm over the top about- The industry ... what we would buy, if we can get it done. So we will recycle some capital into it. There's another category that contains probably another 15-20. So there's probably 30- Private people that have invested. Because this is not something you're going to- So one-offs, one-offs are usually- Just- ... two guys and a dog- Yeah ... you know, that built it or something. Right. So usually on- Yeah, absolutely ... on private, from that, we've bought from private equity. Great. And we've bought- Thank you. Yeah ... from Goldman Sachs, we bought from Torchlight, Northwestern Mutual... Private equity and stuff, looking to get out of those. Yeah. Well, we bought from First Industrial REIT. Right. We bought their Indianapolis portfolio 3.5 years ago, and they just wanted out. They went to California. We're getting a 20% return on equity. Wow. Like, So I joke with them every time I see them: "You have anything else you want to sell us cheap? Because we love that. Right. Yeah. So that's what we do. I mean, the strategy is to just continue to be in our markets. Okay. When equity is priced right, I'll issue it. Yeah. When it's not, I won't. Yeah. That's what I gotta do. You know how that works.