Good afternoon, and welcome to the PS Business Parks third quarter 2021 earnings results conference call and webcast. At this time, all participants have been placed in the listen-only mode, and the floor will be open for your questions following the presentation. If you would like to ask a question at that time, please press star one on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue by pressing the pound key. If you should require operator assistance, please press star zero. It is now my pleasure to turn the floor over to Jeff Hedges, PSB's Chief Financial Officer. Sir, you may begin. Good morning, everyone, and thank you for joining us for the Third Quarter 2021 PS Business Parks Investor Conference Call. This is Jeff Hedges, Chief Financial Officer. With me today is our President and Chief Executive Officer, Mac Chandler, and our Chief Accounting Officer, Trenton Groves. Before we begin, let me remind everyone that all statements other than statements of historical fact included in this conference call are forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond PS Business Parks' control, which could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. All forward-looking statements speak only as of the date of this conference call. PS Business Parks undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For additional information about risks and uncertainties that could adversely affect PS Business Parks' forward-looking statements, please refer to the reports filed by the company with the Securities and Exchange Commission, including our annual report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. We will also provide certain non-GAAP financial measures. Reconciliation of these non-GAAP financial measures to GAAP is included in our press release and earnings supplement, which can be found on our website at psbusinessparks.com. I'll now turn the call over to Mac. Thank you, Jeff. Good morning, and good afternoon to those in the East. Welcome to PS Business Parks' third quarter 2021 investor call. On today's call, I will highlight our third quarter accomplishments, provide a rundown of recent investment activity, and provide an update on our markets. Jeff will present additional detail on our financial results, balance sheet, and capital allocation. To begin, we are thrilled with the third quarter results, highlighted by same-park cash NOI, which increased by 10.7% this quarter compared to the same period last year. Robust occupancy gains and rent growth were the primary driver of our NOI growth. Our quarter-end occupancy of 95.5% increased 270 basis points year-over-year. Our industrial portfolio continues to flourish with an average occupancy of 96.3% for the quarter and year to date same-park cash NOI growth of 13.3% compared to last year. Moving to production, we leased 2 million sq ft in Q3, a sequential increase of 7.5%. Cash and net effective rent this quarter increased 5% and 15.4% respectively. Again, our industrial assets led the way with healthy cash and net effective rent growth of 9% and 22.4% respectively. Leasing transaction costs were $4.38 per sq ft for the quarter. The increase as compared to Q2 is mainly attributable to a handful of larger strategic space reconfigurations supported by higher rental rates. Now turning to our investment activity. On September 1st, we acquired Port America, a 718,000 sq ft multi-tenant industrial park adjacent to DFW in Dallas for $123 million. The park is currently 97.1% occupied and continues to meet our high expectations in all aspects, particularly rent growth and renewals. We are forecasting a stabilized yield of approximately 4.5%. Subsequent to quarter end, we announced the disposition of Lusk Business Park in San Diego, California. We couldn't be happier with this transaction that realized $315 million of gross sale proceeds. To put this in perspective, the sale price represents greater than 60 x our 2021 estimated NOI for the property. Approximately $50 million of the net proceeds has been exchanged into Port America. As previously communicated, a special dividend will likely be paid by year-end to the extent the remainder of the sale proceeds are not exchanged, which Jeff will touch on a little later. We've previously announced that we are marketing for sale our Royal Tech Flex Park in Las Colinas, Texas. Process is advancing as expected, and we've received very positive feedback from the market. As you may have seen, we moved this property to held for sale in our Q3 financials. We plan to provide an update early next year. We are in the market for acquisitions that meet our standards, particularly multi-tenant industrial parks that allow us to add value through our best-in-class leasing and operating platform. Moving to our development projects. Freeport, our 83,000 sq ft industrial development in Dallas, is tracking well. The building is 63% leased with another lease executed this week. We continue to have strong interest in the remainder of the building and are tracking to have it fully committed by year-end. Our 212 development in Seattle and Boca development in Florida are due to break ground in November. Construction of Brentford at The Mile, our 411-unit multi-family development in Tysons, Virginia, is on schedule. Framing is proceeding as planned, and drywall starts next month. We plan to deliver the first units in summer 2022. Now let's turn to our markets. In Seattle, we are pleased to announce that we have leased our 48,000 sq ft vacancy at 212 Business Park to a regional technology company. Our industrial assets in Seattle are performing well, and average occupancy increased to 95.6% for the third quarter, a 110 basis point sequential expansion. We have strong demand from logistics, fulfillment, and building materials companies. In Northern California, momentum continues to build. Logistics and distribution are the leading demand drivers, but we also see increased demand from life science firms in the East Bay and construction-related industries throughout the market. Industrial rent growth in Northern California was 9.9% for the quarter, with an average occupancy of 95.9%. We recently signed a letter of intent for our 140,000 sq ft vacancy in Hayward, and lease negotiations are just beginning. For Southern California, we see increased diversity in demand, from logistics and smaller last mile users to small business services. We are delighted with the performance of our industrial assets, which maintained an average occupancy of 98% for the quarter. Third quarter cash rent growth was strong at 9.5%. Retention was 85%. Our Mid-Counties' industrial portfolio remains exceptional, with less than 2% vacancy. In Texas, industrial demand is strong. In Austin, average occupancy for the third quarter dropped to 94.2%, primarily due to the expected move out of a 67,000 sq ft tenant in a flex building in North Austin. We are evaluating several options for re-leasing the space. However, we do expect it to remain down for a few quarters. In Dallas, we ended the quarter at 92.8% occupancy, and we are bullish in the market as it continues to a beacon for employment growth and population migration. In Washington Metro, our industrial portfolio continues to perform well, with Q3 occupancy coming in at 95.6%, which is in line with the all-time low market vacancy rates for Northern Virginia and suburban Maryland, as reported by JLL. Our office portfolio was 87.5% occupied, and there's positive momentum with Transwestern reporting tours are up 35% from a year ago. Our leasing production between Q2 2020 and Q1 2021 averaged 90,000 sq ft per quarter. Since then, production has increased to 175,000 sq ft per quarter. We're still not back to pre-pandemic levels, but we are pleased with the increase in activity. The investment we made in our make-ready suite has positioned us well, as in many cases, we can deliver space faster and cheaper than our competitors. Finally, South Florida continues to lead all of our markets due to strong wholesale distribution, e-commerce, and logistics demand. Occupancy in our Florida division increased in Q3 to 98.2% from 96.9% last quarter. Our MICC park in Miami continues to outperform the local market due to small tenant demand and expansions, both of which are helping drive rental rates to all-time highs. I will now turn the call over to Jeff. Thank you, Mac. I'll begin with an overview of our financial results for the three and nine months ended September 30, 2021. Net income allocable to common stockholders for the three months ended September 30 was $52.2 million, or $1.89 per diluted share. While core FFO was $60.3 million, or $1.72 per share, representing a 6.8% increase from the same period in the prior year. For the nine months ended September 30, net income per diluted share was $4.55, and core FFO was $5.16 per share, a 5.1% increase from the prior year. During the quarter, cash net operating income attributable to our same-park portfolio was $70.7 million, up 10.7% from a year ago. The increase in same-park cash NOI was driven by cash rental income growth of 8.4%, which was primarily attributable to gains in occupancy and rental rate growth. Same-park weighted average occupancy for the quarter was 94.8%, up from 92.6% in the prior year. For the nine months ended September 30th, same-park cash NOI increased 8.6%, again driven by a 7.3% growth in cash rental income resulting from increased occupancy and rental rate growth. Funds available for distribution, or FAD, was $51.6 million for the three months ended September 30th, bringing FAD year to date to $156.3 million, representing a 10% increase from the prior year. In addition to the previously mentioned cash NOI growth, FAD continues to benefit from well-managed recurring capital expenditures, which, for our same-park portfolio, registered at 11% of NOI. Turning now to the balance sheet. We ended the quarter with $46.6 million of unrestricted cash, and our credit facility remained undrawn. As previously announced, we recently called for redemption all Series W preferred shares, and those shares will be redeemed on November third. At this time, there is no plan to issue a new series of preferred equity, as we intend to fund the Series W redemption with cash on hand and a portion of the Lusk sale proceeds. Speaking of the Lusk disposition, approximately $51 million of the $311 million of net sale proceeds will qualify for a 1031 exchange against the Port America acquisition, which also served as an exchange asset for the two parks in Northern Virginia, Monroe Business Center and Park East Business Park, that we sold earlier in the year. We will retain the ability to exchange some of the remaining Lusk sale proceeds for a period of time. As previously disclosed, if we do not find additional exchange opportunities, we will likely pay a special dividend by year-end. We will provide an update with all relevant details of this potential special dividend on or around December first. Lastly, I'll point out that we paid a quarterly dividend of $1.05 per share to common stockholders in the third quarter, and our board recently declared an ordinary dividend of $1.05 per share to be paid in the fourth quarter of 2021 on December thirtieth to stockholders of record on December fifteenth. With that, I'll now turn the call back to Mac. Thanks, Jeff. Earlier this month, we announced that Adeel Khan will be joining us as our new EVP and Chief Financial Officer, effective January 10, 2022. Adeel, Jeff, Trenton, and I have developed an orderly transition plan which will mitigate any potential disruption and allow us to continue to accomplish our strategic goals to grow net cash flow and source accretive investment opportunities. Today is Jeff's last investor call with PSB, and while it's too soon to say goodbye, I'd like to take a moment to acknowledge Jeff's many contributions and to say thank you. This concludes our prepared remarks. With that, we'll open it up for questions. At this time, if you would like to ask a question, please press star and one on your telephone keypad. If at any point your question is answered, you may remove yourself from the queue by pressing the pound key. We do ask that while you pose your question, that you'll pick up your handset to provide optimal sound quality. We will take our first question from Emmanuel Korchman with Citi. Hey, good morning, guys. Mac, you know, given the success of the Lusk sale, how much more time are you spending looking for assets that have higher and better uses? Maybe, the second part to that same question is, are there sort of limits that you think about whether it be, things like a need for a special dividend or use of proceeds, or is it just a matter of, scouting the portfolio for the best, you know, value creation opportunities? Thanks, Manny. Good morning. You know, over the years, we've identified many such assets and were partly brought on. It supported the need for someone to focus directly on that. That was our head of development, who's based up in Seattle, who is gonna primarily work on creating value through entitlements. Whether that entitled value is something that we use for ourselves through reinvestment or we sell to someone else remains to be seen. We're spending a lot of time, and I would say more time than before. In part, I would say, you know, the emergence of life science as, you know, incredibly strong sector is somewhat new in the scheme of things. That their ability to pay what they can afford to pay is somewhat unprecedented. We are looking for more opportunities that might fit there. Many of the markets where we own assets are markets that, you know, meet their needs too as well. I would say we've increased our time on it. It's obvious we've enjoyed the success of that, and it's raised our attention to other potential opportunities. I hope that answers your question, but certainly more time. We're spending more time on it. Thanks. If we just think about the types of tenants leasing from you, have you seen any shifts in tenant industries or types? I know in the past you've leased to experiential users, you know, go-karts and the like in some of your flex parks. Have you seen less of those, more of those, more e-commerce, just a flavor of who's leasing your parks right now? Yeah, no, I think definitely. I'm not sure if there's too many tenants we would call experiential in our own portfolio. Maybe a small handful. That's really not a growing segment. I'd say if anything, the shift is more to traditional, you know, logistics related companies, you know, whether that be tenants who are, you know, assembling or manufacturing goods to be sold through e-commerce or distribution. I think our portfolio is certainly shifting in that direction with, you know, industrial's always been that way, but shifting more all the time, and flex is continuing to go that way too as well, as vacancy dries up in most markets. We've seen more of a pure industrial tenant look at our flex product as an interesting alternative. There are some cases where we may, you know, reduce the amount of office build out, because that's what the market's looking for and make it more of a pure play industrial. Thanks very much. We'll take the next question from Craig Mailman with KeyBanc Capital. Hey, guys. Just wanna follow up on the potential acquisition pipeline. Just kind of curious, the kind of robustness of that and, you know, your willingness to maybe stretch a little bit given the fact that you have essentially very low cost proceeds from Lusk that you can kind of redeploy here. Yeah. Hi, Craig. There's a limiting factor with our 1031 exchange, which is, it has nothing to do with appetite. It's just a timing factor because, you know, the shot clock that we have really expires roughly December 1st. If we don't exchange by then, anything we don't exchange, we're in a special dividend mode. There's a couple assets that we are pursuing, one that we're under contract for, one that we're pursuing that would meet that timing. But those, you know, at this stage, given how close we are to twelve one, I would say less than half of the net sales proceeds will have the ability to be redeployed through a 1031 exchange. All right. That's about, let's see, $100 million acquisition. Less than $100 million. Yeah. Put it this way. Yeah. Less than $100 million. Okay. There's a couple assets that we're pursuing that, but we do understand the attractiveness of the cost of capital. Obviously, we want assets that meet our standards, not just for yield, but for the long term. The extent that we can close on a couple that we're pursuing, we certainly intend to do so. Okay. Would that one that's under contract be a little bit less than $100 million, or would you need another one after that to close to kind of get to the 50% mark? That's certainly less. The aggregate of the two is under $100 million. And, and- Okay. Hey, Craig, this is Jeff. Just to remind you, as I said, about a little over $50 million of the proceeds has already been applied against the Port America acquisition. That portion has been exchanged. Right. This would be an incremental kind of $100 million to get you to the half of the $311 million. That's right. That's right. That's right. That's right. Yeah. Okay. Also looking, you know, you know, it's not quite a new investment, but, you know, the redemption of the Series W is, in a sense, an investment at a higher yield than what you'd find in the marketplace today. Okay. Probability weighted, it's probably a hundred- Cash applied for that is certainly an accretive use of funds. Right. I'm just getting that probability weighted, you're probably 100% on a $150 million special dividend and somewhere 50/50 on another kind of $50 million on top of that. You know, Craig, I think you're directionally thinking about it the right way. As I said, we're gonna provide more details on this on or around December 1st when we have more clarity on our opportunity to exchange the remainder of those proceeds. Okay. Just quickly on Port America, I know you said 4.5% stabilized yield. As we're modeling that, kind of what's a good GAAP yield to put that in at initially? Hey, Craig, it's Jeff again. You know, for the interim period of time, we'd say probably, you know, $3.75-$4. You know, picking up closer to that $4 next year. Okay. On a GAAP basis? Yeah. To be clear, it's between now and when we reach stabilization in, you know, three years, about two to three years. Okay. Another one on the signed LOI at Hayward. Can you give us a sense of the potential mark-to-market there? You know, we're not quite ready to communicate too many details on that, because we've just started. We've just entered into that, and we, you know, there is some confidentiality that we have between us and the tenant. I will tell you the tenant is a building materials tenant that uses a lot of technology in their application and manufacture of building materials. We've just started that, but as we get further and we're ready to proceed. We're very pleased with the transaction, should it make. It's in line with our expectations of what we've been pursuing the last couple quarters. Okay. Could you remind me of your expectations? I forget. Well, I will tell you it's not gonna qualify as rent growth because it's been vacant for, if presuming this lease gets signed, it will have been vacant for more than a year. You guys are wiggling out of reporting it because it's not 12-month vacancy. Well, we're not. Hey, no. It's just a little premature. I'm kidding. It's a little premature. Yep. I mean, literally, we just started turning a lease. Obviously we got very close once before, so maybe we're a little cautious here. We don't want to jeopardize this deal if we're making. No, that's fair. Just one last quick one. I did hear at the Austin vacancy, you said should be down. How big is that, and how much of a earnings drag would that be if it's gonna be down for the, you know, full year or a few quarters? It's about 67,000 sq ft. This was planned some time ago. They gave us notice. It was the State of Texas. That'll be down for you know, a few quarters. We may cut that on a quarterly basis. What was the impact of that on a quarterly basis? You know, Craig, I don't have a precise figure to give you on that. I would say you could probably look at what we've experienced from an NOI perspective in the Austin market, and on a prorated basis, that's a pretty good proxy for what we would expect the drag to be. Perfect. I'll yield the floor. Thanks, guys. Thanks, Craig. We'll go next to Anthony Paolone with JP Morgan. Yeah, thanks. You all talked about getting to 95% occupancy, like, for a few quarters now, and it seems like you're more or less there, and you just talked about Hayward and Austin. Where should we think about, kind of the next stop is on the occupancy side as we kind of look ahead? Yeah, Tony. I mean, it's we like where we're at. At this point, you know, we're pushing rent growth. We think we're really in a sweet spot being in that 95%, maybe a hair over. We think pushing rent growth, pushing embedded rent bumps, puts us in the best position to grow in a way over the long term. Certainly in certain markets, you can see from what we reported, we're a healthy clip above 95% in certain markets. It doesn't mean on a per market basis, you can exceed it. Keep in mind, our lease terms are generally shorter. They're less than four years. You know, we have a little bit more natural roll, which helps us mark to market quicker. We can get to spaces faster. We like, you know, we like this occupancy. Can we clip up a little bit more? A hair more. We like the spot that we're in. We think we've got some really good leverage, and we're applying that through rent growth, through retention. You know, we don't have to. We're renewing tenants where it makes sense, but we're under no pressure to do that, and we're having good success with this. Okay. Then just in terms of thinking about inflation, you have smaller tenants in the portfolio and perhaps more, you know, maybe gross leasing. So do you feel like you have any more exposure on the inflation side as we think about costs that you can't pass through? You know, I don't think any more than you know, disproportionately more than any other landlord out there. I mean, our parks, if you think about how we operate them, it's pretty basic. There isn't a lot of fluff to it. I don't think inflation is really you know, they're pretty utilitarian, and that allows our expenses to be really pretty modest. So I don't think we're you know, for the most part, our portfolio is you know, obviously in industrial flex, and our expenses are pretty reasonable. So I don't think inflation is gonna have a tremendous push on this as it might in other sectors, for example. We haven't seen a big pushback from our tenants on that, and we haven't experienced a big change in tone from our tenants as it comes to, you know, renewing leases and signing new leases. Really, I think that the overriding theme is really just the lack of vacancy in the market and within our portfolio. I think that's overriding any inflationary concerns, which is there's just so little space out there, and most of our tenants don't have the opportunity to go to other parks in the market. Got it. Just last question for me. You talked about the couple of deals you might have to use up some of the proceeds from Lusk. Just thinking beyond that, because you have a lot of balance sheet capacity beyond sort of the sales proceeds, you know, what does the deal flow look like, your buy box? Like, are you seeing a lot of product that fits into what you would want? The deal flow that's out there is really pretty good. Pricing's a little bit better in Texas than say the coast. There's a pretty meaningful difference in that. There's a lot of product that we'd like that's out there. You know, we will likely, you know, we've signaled that Royal Tech may very well sell next year. That's gonna provide additional 1031 exchange opportunities, presuming that closes. We're in the market, not just between here and December, but very much active pursuing deals that would close next year as well. We're seeing a lot of what we like. You know, pricing has gotten more aggressive over the last quarter. It's getting awfully expensive out there. I think the parks are a little bit larger, like a Port America. I think those are ones that we certainly like, but I think we also compete a little bit better because there aren't as many, you know, operators who wanna take on a 100+ tenant park like that. That really fits us well because we're built that way. We're built to take that on. Okay. Thank you. A larger portfolio opportunity, by the way, would suit us really well. Yeah. We're pursuing those as well. All right. Sounds good. Thank you. Okay. We'll go next to Blaine Heck with Wells Fargo. Great. Thanks. Good morning. Can you talk about your development projects and program a little bit more? It sounds like you guys are on track to execute well at your Freeport and Seattle projects. I guess, you know, just with demand for industrial product as robust as we've ever seen it, are you more inclined to start spec industrial development? Maybe can you give us any sense of how much capacity your current land holdings might afford you on that side? I can't point to, you know, a long-term pipeline of surplus land. It's pretty. There aren't a ton of these opportunities, but we're certainly mining them. I certainly think our expertise in this is proven. Our ability from a capital standpoint and an appetite to do this is certainly there. We would love to do more. I think really the next evolution is trying to acquire adjacent land that we don't already own, and bring that into our parks. What we experienced at Freeport was pretty interesting in that nobody is really building, you know, ground-up, you know, Class A industrial for small tenants. These are 10,000 sq ft bays. The tenants have come to us and said, "Boy, nobody has this product in a newly built building with all the modern amenities." That's why our rents were well in excess of what we underwrote. It was actually pretty difficult for us to underwrite that. We exceeded those. Our return on that is roughly 10% stabilized yield on that, excluding land. Now we already own the land. To me, I think the next evolution is pursuing adjacent land to existing parks. It might be land that doesn't necessarily have to be vacant, but land where we could scrape and rebuild. We're gonna start to pursue those more because those really meet our expectations. Those provide a great accretive yield for us. Yeah. Okay, that makes sense. Just with respect to Brentford at The Mile, it sounds like everything's on schedule there, which is great. Are you running into any cost pressures given the supply chain disruption we've seen and the related increase in pricing for materials? Yeah. You know, we're fortunate in the sense that when we bought that job out, we got ahead of some of this. We're 99% bought out. We're monitoring that very closely. Just 'cause we're bought out doesn't mean we have all materials, you know, under roof. It looks like we're gonna be just fine. We're in fact, you know, pushing things where normally we'd wanna be ordering things a month out, we're ordering three months out, and we're really trying to get out ahead of any potential disruptions, whether or not they're there today or not. I think we're confident we're gonna be just fine. I think starting when we did and focusing a lot of time and effort on it has really helped us. Okay. That's helpful. Last one for me, Mac. I think it's pretty clear you guys are working on decreasing your exposure to office and increasing industrial and maybe even flex on the margin. I wanted to ask whether there are any geographic targets or market targets that you have that might involve a sale out of the market or investment in any specific market over the others. You know, we like all of the markets that we're in. I mean, what's interesting is we're performing almost equally well in all of our markets. Our industrial is performing. Now, that's partly because 80% of our product is on the coast. I don't see us having a heavy bias towards leaning into one or leaning out of any of them. It's really more opportunity driven. I do echo your observation just now that we are continuing to lighten up our office and reinvest in industrial. I think that theme makes sense for us, and when it's opportunistic, we'll continue to do that. Certainly the pricing's a little bit better in Texas. Texas is sort of an interesting take compared to the coast. You get a little better yield going into it. You might say, well, so, you know, markets in Texas, for example, may be more susceptible to new supply than the coast. You know, that's conventional wisdom. I will say the multi-tenant product, almost no matter where you are, just generally isn't being built. Even with vacant land and even with more lax entitlements, it's just not being built. You know, supply really isn't increasing as opposed to bulk warehouse. We're not as concerned about that. We're, you know, we like all of our markets and really one additional step that we haven't really got to yet is, all right, green-lighting new markets. Nothing to reveal here today. I will tell you our markets. We're very bullish on all of them right now. They're all performing very well. Great. That's helpful. Thanks. Thanks, Blaine. We'll go next to Vince Tibone with Green Street. Hi. Good morning. I wanted to follow up on an earlier question on the transactions market. Are you seeing the same level of investor competition for business parks as more traditional industrial properties? Obviously, business parks are more operationally intensive. Just wondering how the, you know, type of bidder or investor differs between the two segments. Hi, Vince. I'd say it's probably overall less, there are less bidders going after it than, you know, traditional bulk, you know, large warehouse industrial, which probably has more, you know, foreign capital behind local sponsors. I would say in the multi-tenant arena, it tends to be some of our REIT peers, but also more local operators who know their local markets, and they're used to operating it, and they're expanding their footprint. Even with less players, it doesn't really mean there's less demand. It's just you know whether you have 10 people going after an asset or 25, you know, even with 10, there's still plenty of competition there. We're seeing there's still real robust demand for our product, and it's helping to drive the value of our existing multi-tenant. No, thank you. That's really helpful. One follow-up. I mean, what do you think the current cap rate spread is, you know, in the same market for a business park versus more, you know, a bulk product in the same place? Well, I certainly think it's compressed versus a year ago. It probably continues to compress because I think there is demand for product that has a shorter WALT where you can mark to market quicker. That's traditionally what business parks provide. I think it's continuing to compress, you know. I mean, I think it's in, you know, call it 50 basis points in cases it's less. At one point it was, you know, over a year ago, it was over 100. That's certainly compressed. You know, you could. I think 50 ± probably in size in cases is a reasonable spread. Perfect. Thank you. Sure thing. Once again, if you do have a question, you may press star one on your phone at this time. There are no further questions. I will turn the floor back over to Mac Chandler. Thank you everyone for your time and for your continued interest in PSB. I hope you enjoy the rest of your Friday, and I hope everyone has a safe Halloween. Thank you again. This does conclude today's conference. Please disconnect your line at this time and have a wonderful day.