Greetings, and welcome to the RPT Realty third quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Craig Benigno, Senior Analyst, Investor Relations. Please go ahead, sir. Good morning, and thank you for joining us for RPT's third quarter 2022 earnings conference call. At this time, management would like me to inform you that certain statements made during this conference call, which are not historical, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Additionally, statements made during the call are made as of the date of this call. Listeners to any replay should understand that the passage of time by itself will diminish the quality of the statements made. Although we believe that the expectations reflected in any forward-looking statements are based on reasonable assumptions, factors and risks could cause actual results to differ from expectations. Certain of these factors are described as risk factors in our annual report on Form 10-K for the fiscal year ended December 31, 2021, and in our earnings release for the third quarter of 2022. Certain of these statements made on today's call also involve non-GAAP financial measures. Listeners are directed to our third quarter 2022 press release, which includes definitions of those non-GAAP measures and reconciliations to the nearest GAAP measures, and which is available on our website in the Investors section. I would now like to turn the call over to President and CEO Brian Harper and CFO Mike Titsworth for their opening remarks, after which we will open the call for questions. Thanks, Craig. Good morning, and thank you for joining our call today. We are happy to report another solid quarter across all elements of our business. Overall, we are operating from a position of strength. Our capital recycling efforts for the year are now complete. We have closed on about $225 million of acquisitions located primarily in Boston and Miami that were funded on a largely leverage and earnings neutral basis with asset sales into Chicago, Detroit, and Columbus. The balance sheet is in great shape. Today, we have no debt maturing until 2025. Roughly 95% of our debt is fixed, and we have a clear pathway to leverage in the low sixes as our sign not open or SNO commences. Our SNO balance jumped 60% since last quarter to a record high of $14 million, led by another strong quarter of leasing volume that pushed our lease rate to 94%. SNO represents about 8% of annualized third quarter NOI, giving us strong visibility on healthy organic growth into 2023 and beyond. In the quarter, we closed on the transformational acquisition of Mary Brickell Village in the heart of downtown Miami. We have been actively integrating this asset into our portfolio through our in-house design studio, as well as with Gensler, a leading architectural firm. We have developed placemaking and modernization plans that will help drive our significant mark-to-market opportunity at MBV. To date, we are thrilled with the tenant demand at this asset and are experiencing unsolicited strong interest from world-class operators. Recent lease comps are over 50% above our underwriting, and we are currently in negotiations with several first-to-market tenants at rents in the $130 per sq ft range. As a result, we are being extremely measured in how we strategically curate the ideal mix of tenancy. Our goal is to deliver the best possible customer experience that results in optimal foot traffic, sales productivity, and rents. Longer term, Gensler is also helping us envision the future at Mary Brickell, which will include significant densification. Our site is zoned for up to 4.1 million sq ft of residential, office, or hotel use, which gives us great optionality for future value creation. Simply put, Mary Brickell is stronger and has significantly more upside than we originally thought. Turning to our value-enhancing remerchandising, redevelopment, and outlet expansion pipeline, today we have roughly 14 active projects totaling $57 million that are expected to generate a weighted average return on cost of about 10%. Due to the demand at our centers and our hands-on asset management approach, this set of opportunities has increased from effectively zero at year-end 2020. Last week, we closed on the contributions of two mid-Midwest assets into the grocery anchor joint venture. These sales provided earnings neutral funding for Mary Brickell after factoring in management fees and signed leases scheduled to open next year. This is on the heels of selling two assets located in Chicago and Detroit during the third quarter. Before turning the call over to Mike, I wanted to provide some additional color on two retailers that have been in the news as of late. It's Regal and Bed Bath & Beyond. We have a proven track record of proactively recapturing space and re-leasing to higher quality tenants at double-digit returns. These opportunities are no different. We are playing offense given the robust demand at our centers, and the leasing team is firing on all cylinders. At the end of the quarter, we had three leases with Regal that are paying us $25 per sq ft and account for 2.4% of ABR. All three are freestanding, making them easier to backfill or repurpose if needed. By way of example, during the third quarter, we proactively recaptured a Regal at River City Marketplace in Jacksonville that we released to BJ's Wholesale Club. Not only will this trade significantly improve the credit of the asset when the BJ's lease starts in early 2024, but it will also more than double the cash flow we are getting from Regal. Additionally, we expect cap rate compression for the overall center given the upgrade in tenancy. This is a great example of how the pandemic created an opportunity for us as we were able to obtain a recapture rate as part of our deferral negotiations with Regal. Our remaining locations are at Deerfield Town Center in Cincinnati, Providence Marketplace in Nashville, and The Crossings in Newington, New Hampshire, with expirations in 2026 and 2027. Each of our remaining Regals are strong performers that are well situated within their respective markets and have experienced strong improvements in traffic since 2020 and year-over-year. In the case of The Crossings, the closest national theater is over 35 miles away. Regarding Bed Bath & Beyond, we have 8 Bed Bath & Beyond and 4 buybuy Baby stores in the portfolio that account for 2.4% of our ABR. Our stores have a low average ABR per sq ft of $1,159, which is about the lowest rent among our peers. We believe replacement rents would be in the mid-teens, providing a strong mark to market opportunity. We have seen good demand for each of our locations from a wide range of tenant types, including grocers, discount apparel, home furnishings, and sporting goods. Given the overall supply, demand, and balance for high-quality retail real estate in strong markets and our below average in-place rents, we see this as an opportunity to drive earnings and improve tenant quality over time. With that, I'll turn the call over to Mike. Thanks, Brian. Good morning, everyone. Our balance sheet is in great shape and puts us on strong footing to thrive in today's environment. Liquidity is high, and we expect it to be about $435 million at the end of the year. Liabilities are low as we have no debt maturing until 2025. Leverage is getting better. We ticked down to 7.0x this quarter, including our S&O balance of $14 million, this week's revolver paydown of $80 million, and undrawn forward equity of $16 million, our net debt to adjusted EBITDA would be 6.0x. This puts us squarely at the midpoint of our long-term range. Lastly, today, we only have roughly 5% floating rate debt, limiting our downside risk to a rising rate environment. Financial results are coming in just above plan. Operating FFO per diluted share of $0.27 was flat versus last quarter, despite the outsized bad debt expense related to Regal's bankruptcy filing in September. Of the $576 thousand of bad debt that we recognized during the quarter, $557 thousand was due to Regal. Of note, same property NOI was 1.6% for the quarter, putting us at 5.4% year to date. We continue to opportunistically take advantage of the strong leasing environment. We signed 85 leases totaling about 700,000 sq ft in the quarter. This brings our year-to-date leasing volume to 1.7 million sq ft, putting us on track to hit our highest yearly leasing volume since 2014. We generated renewal lease spreads of 8.5% and 7.0% during the third quarter of 2022 and on a trailing-twelve-month basis, respectively. These spreads demonstrate that a limited supply of new retail construction over the last several years is allowing us to drive rent on renewed deals with less CapEx and no downtime. Absent the purposeful recapture of spaces that we expect to remerchandise, our retention rate for 2022 is expected to be about 88%, well above historical rates. The robust leasing activity drove our signed net commence balance to $14 million, an increase of $5.2 million or 60% over last quarter. To be clear, our S&O represents rent and recovery income for spaces that are currently vacant. Over 50% of this record level S&O comes from essential tenants as well as leases with best-in-class retailers such as Sierra Trading Post, Burlington, BJ's Wholesale Club, Publix, GIANT/Ahold, Sephora, and Ferguson Bath, Kitchen & Lighting Gallery. Our S&O backlog will provide earnings tailwinds through 2025, with a total incremental benefit to operating FFO expected to be about $0.15 per share, up from $0.09 per share last quarter. We expect $0.01 to come online in the fourth quarter of 2022, $0.08 in 2023, $0.05 in 2024, and $0.01 in 2025. Our leasing success resulted in a sequential uptick in our lease rate to 94%, up 70 basis points and 150 basis points year-over-year. This pushed our leased occupied spread to 510 basis points, the widest spread since we began tracking this stat. Our occupancy did tick lower this quarter, due in large part to the proactive recapture of two anchor spaces. Regal at River City Marketplace and Pottery Barn Outlet at Northborough Crossing, which have already been released through BJ's Wholesale Club, Marshalls, and HomeGoods. These proactive and planned recaptures reflect our long-term mindset of improving sustainable cash flow, credit quality, and merchandising mix. Turning to guidance, given the better-than-expected performance in the quarter, we are raising our operating FFO per share guidance to $1.02-$1.05, up from $1.01-$1.05, a half penny increase at the midpoint. Additionally, we are raising our same property NOI growth assumption range, 3.75%-4.25%, a 50 basis point increase at the midpoint. We do expect operating FFO to decelerate in the fourth quarter due to previously discussed asset sales in Detroit and Columbus. Also, our incentive compensation is not finalized until the fourth quarter, which could result in an uptick in G&A expense in the fourth quarter, similar to what we experienced in 2021. With that, I will turn the call back to the operator to open the line for questions. Thank you. At this time, we will be conducting our question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. We have a first question from the line of Derek Johnston with Deutsche Bank. Please go ahead. Hi, everybody. Good morning. J ust wondering, you know, how Mary Brickell is tracking, you know, versus the initial underwriting versus the initial plan. You do still have some vacancy there. Besides that, you know, what type of merchandising mix or what does the center need in your opinion? Yeah. Thanks, Derek. You know, with Mary Brickell, we knew we had something special when we bought the asset. As I said in my prepared remarks, now our opinion is even much greater. I think it's pointed out, given the zero supply of space in the Brickell market, which is considered one of the hottest submarkets in the country, the demand is astonishing. The sales coming from this trade area rival both Manhattan and Vegas. Food and beverage alone in Brickell does $ half a billion in sales, and international American retailers want a presence in this submarket. Brickell, really in the last two years, has now a desired location similar to areas such as Design District and Aventura, and we see that even improving. We need to keep in mind that the center is only 200,000 sq ft, so this coupled with the zero supply of space, the top-tier sales, and it allows for extremely favorable pricing power for landlords. In my prepared remarks, I mentioned $130 bucks triple net for rent. We see this even gaining higher when we proactively recapture the space. As tenants expire, we will see significant mark-to-market in this $45 ABR center. Right now, we're really laser focused, Derek, on like the design phase one with Gensler and the placemaking of the center. We are negotiating a few deals with first-to-market, even really first-to-U.S. concepts. To say the least, this center will deliver significant NAV for our shareholders even prior to any densification. Just really to sum this up, we see this as double-digit unlevered returns before we go vertical. It is much stronger than any of us thought when we underwrote this at $76 a sq ft. Got it. Thank you. That's helpful. You know, just a little bit on the private market. You know, certainly transaction volumes have really, you know, fallen off a cliff here. You guys were very active this year intelligently to do it at front loading, clearly. You know, what can you tell us about, you know, private markets right now, you know, the bid-ask between buyers and sellers? You know, I thought it was interesting that you said you're most likely done for the year, but, you know, any color there is really appreciated. Thanks, guys. Yeah, I mean, I think this is a wait-and-see approach, as sellers and owners and buyers looking at each other, and who blinks first. It's a price discovery. I think, you know, the smaller, more tangible, maybe grocery or core power, urban infill, call that 50 basis points of widening. The rest is too early to tell. We're sitting and observing right now and really focusing on firing on all cylinders on the operational front, just given the large S&O pipeline that we anticipate even growing even further. Thanks. Derek, do you have any further questions? No. That's it for me. Thanks, guys. Thank you. We have a next question from the line of Todd Thomas with KeyBanc Capital Markets. Please go ahead. Good morning. First question, I guess, Mike, on guidance. So the revised guidance implies fourth quarter OFFO of $0.235. That compares to $0.27 this quarter. You talked about incentive comp, you know, some of the asset sales or dispositions or contributions. You know, can you just provide a little bit more color, I guess, on the step down that you're expecting from $0.27- $0.235 at the midpoint? And also any considerations around 2023 that we should be thinking about for the model. Sure. I think you hit it right on the head. It's really those two elements that are causing the deceleration into the fourth quarter. It's about two cents, Todd, from the sale of Shops at Lane Avenue and Troy, plus about a half quarter from the sales we did in the third quarter or second quarter, sorry, with Mount Prospect and a few more assets in the Midwest part of the country. Then another two cents is gonna come from G&A. That really kind of bridges you from the 27 to the 23. As you think about next year, I mean, at this point in the year, especially in today's environment, there are some knowns and unknowns. The biggest known for us and least amount of risk is our signed not commenced backlog of about $14 million, which is expected to contribute about $0.08 next year, about $0.03 in the first half of 2023 and $0.05 in the second half. If you layer on that to our implied fourth quarter run rate of about $0.23, that puts you right at $1.00, and that's a good place to start. There'll be puts and takes from there, which we'll offer more clarity on on our February call in 2023. Okay, that's helpful. Then yeah, maybe we could just shift to the leasing environment a little bit. Brian, you know, I'm curious if you're seeing, you know, any change at all, any letdown in tenant demand or in the conversations that you're having. You know, sizable increase in the S&O pipeline that you talked about. Can you talk about, I guess the leasing pipeline for what's in, you know, advanced negotiations, what's behind that S&O pipeline, whether you feel that you can continue to build that leasing backlog from here as economic occupancy continues to improve? Yep. Let me tackle the demand. It is as robust as I've ever seen in my career. I think that comes down to a few things. One, supply and demand. Currently there's virtually no new supply, which is incredibly supportive for landlords with, you know, class A product, which we have. Two, retailers are much healthier going into this recession. Our portfolio is much stronger than before, just given the geography changes. I mean, we've sold 1/3 of our portfolio. We now hold core holdings in cities like Boston, Miami, Tampa and Atlanta. A lot of this in that S&O, 62% of our S&O bucket is in Florida and Boston. Another 10% is actually in Detroit, which we have class A product there. Like the final point on just demand, it comes down to occupancy costs and having a low ABR portfolio like us, I mean, that really helps us drive the leading sector-leading spreads, which we've done since we've been here in any environment, you know. In the good times and in any recessionary environment. I feel very. There's been no slowdown. We've been signing leases even yesterday. The demand for future called the shadow. We are in advanced lease negotiations with several grocers and even home improvement. It's as robust as our S&O schedule. We feel very good going into 2023, and certainly a lot of this is gonna hit end of 2023 and well into 2024. Todd, a few things I would add there. I mean, today we're ninety-four percent leased, and we think we can get this portfolio to 95%, 96%, which represents another couple percent of leasing, which is about $4 million-$5 million. 2 million, to Brian's point, we are in active negotiations on the leasing front or in LOI. We're about almost halfway to that 95%, 96% goal. A lot of that's gonna come from a small shop. I mean, today our anchor lease rate is about ninety-six point seven, so we got a little bit of opportunity there to get that closer to 98%. Really it's the small shop, and today we sit at 87.2% Just to kind of give you some math on what that opportunity looks like, for every 1% increase in that rate equates to about $875,000 in rent, which is about a penny. It's pretty material to our portfolio. The trifecta effect you get from small shop is the higher AVR per sq ft. You get the better escalators of 3%-4%, and you also get a higher recovery rate on those expenses. We're pretty excited about the opportunity ahead of us. Thanks, Todd. Thank you. We have next question from the line of Wes Golladay with Baird. Please go ahead. Hey. Good morning, everyone. Just wanna look at this, you know, very highly uncertain economic backdrop. Does this change how you're gonna approach leasing? I get that it's, you know, really strong on the ground what you're seeing, but there is some deterioration going on in the background that may not show up, so probably next year. I'm just wondering, when you do these leases, are you pulling back from any categories? Are you saying, "Hey, let's just target the best risk-adjusted returns, which may be very local village." Any changes in the leasing dynamics over the last few quarters? Sure. I mean, we've always been laser-focused on credit, you know, especially IG credit. When you look at a lot of the S&O, whether that's, you know, the Lululemon's of the world to the TJ Maxxes, to the Publix, to the Aholds, you know, we're very focused on that. I mean, Wes, I look at this leasing and I look at where I can get, you know, the highest return possible. Small shop leasing in our S&O, we roughly average 40% return on costs. Our anchor deals in the S&O roughly average 15% return on cost. That's a total of 20% return on cost. You know, that coupled with our redev remerchandising at a 10, that's a good business. We have a team just you know, analyzing the credits of all of these retailers of which we're doing the leases with, and so we're very, very focused. There will be a more scrutiny, certainly. Right now we're all focused on operation and our organic growth. Got it. When you look at recapture, it's been a big part of the story this year. You got ahead of some of the bad credits. Would you look to continue recapture, or are you just now gonna wait for these things to naturally come to you? Yeah, I think we play active asset management. Almost like we are hands-on, boots on the ground, looking at space by space biweekly with a CRM program that rolls up to me, you know, the status of the local tenants, the status of the regional tenants. I mean, we have knowledge in every space. Whether it's big boxes or whether it's small shop, we have a general idea of how well they're performing. Our goal as landlords is to recapture and drive a merchandising mix that effectuates higher sales, but also grows cash flow. If there's an opportunity to recapture, call it a Bed Bath & Beyond proactively and replace with a grocer, replace with a TJX concept, replace with a Total Wine & More, that's something we'll look at. Generally, we will make these decisions so we have the upper hand. I mean, just look no further than what we did here in 2022. We took back about 300,000 sq ft of space this year from a purposeful perspective, and that's already been leased. We're talking about GIANT/ Ahold, we're talking about Publix, we're talking about Sierra, Marshalls, HomeGoods, BJ's Wholesale Club. That's the recipe, and we're gonna continue that, if it makes sense, as Brian noted. I mean, in summary, Wes, we're on offense on leasing. Okay. Yeah. I guess bigger picture question on that. Is it just easier now to recapture it? Are they harder to negotiate? Do you have to pay less now that you know that some companies are clearly saying, "We're gonna shut down stores." You may be actually helping them out a little bit as to shrink their footprint. I just wonder if it's monetarily a little bit easier for you. It's never easier. Some of the tenants, you know, I wish it was easier, to be honest. I think a couple things. It's always good where the tenant, you can double dip and maybe write you a check to get out, you know, or we have a tenant lease in hand on the other. Two, it's very few tenants in our cash flows are having issues. We actually, I would say 90% of the time, you know, try to recapture space and get turned down. This will be selective, this will be with precision, and this will be using the highest return that we can get, you know, given CapEx is fragile. Okay. Got it. Thanks, everyone. Thanks, Wes. Thank you. We have next question from the line of Linda Tsai with Jefferies. Please go ahead. Hi. Thanks for taking my question. Given the 88% retention ratio, you're at 94% occupancy, do you think you could get to 95% by year-end 2023? Look, I think it's too early to tell on the occupancy front. From a lease perspective, I think there's a shot. But like I was talking to or discussing with Todd, I think there's some knowns right now and there's some unknowns. The best-known item for us right now is that signing not commenced, which is going to absolutely grow our occupancy. As Brian and I both commented on, we have several million of leases in negotiations that should continue to push that lease rate. I think a couple things, Linda, too. If you look at our supplemental and you specifically look at Delray and Broward, you know, these deals are 60% and 70% leased. We have a market-leading anchor grocer for both. These are $17 ABR centers that we see grow into mid-30s. Really two special pieces of real estate that are currently low occupancy that you'll see a big increase in that leased occupancy here short term. Got it. It sounds like that $14 million S&O pipeline really creates a healthy cushion. Against that kind of background, how do you think about bad debt for 2023, and would you create a reserve for Bed Bath & Beyond? I think it's too early to tell with Bed Bath & Beyond at this point. Again, we are very happy with our locations, and I think Brian commented on it in his prepared remarks that those are above average stores. But in the event we do get them back, it's low ABR per square foot present. That's a huge opportunity. As far as the bad debt goes, I mean, this year, you know, the favorable benefit we got from prior period collections, we're on track to meet our 100 basis points of revenue as what our bad debt recognition will be for 2022. You know, I don't expect that to change going into next year absent Bed Bath & Beyond. Got it. Just one final question for Brian. When you talk to retailers, how are they thinking about store opening plans as they look to 2024? You know, is inflation or cost pressure part of their consideration? Yeah, I mean, we're looking at. I mean, certainly that comes up, and I think really having that low ABR portfolio helps. We will be able to still drive rent, still allow them for healthy occupancy costs, you know, given increases in their labor and costs. So it's a meeting of the minds on that. Just given the low ABR and kind of the high quality portfolio we have, I think that's a benefit. We're signing leases for 2024 and maybe even talking on some locations for 2025 right now, Linda. It's really looking outer years too, and there's been no letdown at all. Got it. Thanks. Thank you. Thank you. We have next question from the line of Haendel St. Juste with Mizuho Securities. Please go ahead. Hey there. Good morning. Just a few follow-ups from my end. First, I guess I wanted to get some clarity on Regal and Bed Bath & Beyond. Do they pay rent? I guess said differently, did they not pay the rent in September? Are they current on October? What do you expect for November? Thanks. They did not pay September rents. That's across all their landlords. They did pay us October, and we fully expect them to pay November and December. Okay. Regal. Thanks. That's Bed Bath & Beyond. Bed Bath & Beyond has paid everything and are current. Got it. Okay. On the SNO pipeline, just wanna get a bit of clarity on the big jump here, from $9 million- $14 million this quarter. How much of that is specifically attributable to Mary Brickell Village? Trying to understand, is that part of $1 million of that 14 is Mary Brickell Village, so the rest has been organic. Yeah, you know, I'll give you a bridge from last quarter. Last quarter was about 8.7 million as of the end of the second quarter. We had about 1.5 million commenced during the quarter, which leaves us about 7.2 million. Then we signed 6.8 million of new leases during the quarter, 1 million attributable to MBV, which gets us to that 14. Got it. Very helpful. One more. Just the environment today with transactions clearly has been challenging, but just curious about the remaining capacity in your JVs and your thoughts on deploying capital via the JVs here, and maybe some opportunistic investments. Curious, you know, what you're currently thinking or if there's anything you're actively looking at, what type of IRRs minimum you'd be looking for. Just curious on, you know, your views of deploying some of that JV capital over the next couple quarters. Thanks. Yeah. Thanks, Haendel St. Juste. Let's start with the net lease platform. We have $1.1 billion remaining capital to be deployed. We feel very good on that cash of being patient and waiting for times of stress. Tyler and team are building a great pipeline that we expect even further cap rate widening. We fully think that this is gonna be a great environment to have capital, which we do in that world. Grocery anchored, we have about $759 million remaining capital to be deployed. We talk to GIC all the time. There's a lot of conversations going on positively on that platform. I would say from, you know, from an IRR unlevered, you know, what was call it 7-9, you know, is now double digits. As I said in my prepared remarks, we're really being patient. We're waiting for things to settle. We're waiting to get some confirmation from the Fed. With that said, we still are looking in the universe and just seeing what's trading and trying to apply our data analytics team towards that. Appreciate it. Thank you, guys. Yep. Thanks, Haendel St. Juste. Thank you. We have next question from the line of Mike Mueller with JP Morgan. Please go ahead. Oh, hey, I tried to get out of the queue. My question was on where you thought you could be active on the investment front, but I guess it didn't work out there. I think I'm good. Thank you. Thanks, Mike. Thank you. We have next question from the line of Craig Schmidt with Bank of America. Please go ahead. Thank you. When you think about growing the small shop occupancy, where do you think the opportunity lies, in local tenants or regional and national? I think it's a combination. I think it's probably where we have just some great tailwinds with the regional nationals. And as you know, typical of a deal in St. Louis, where it was more of a power center with Whole Foods, we've added Sephora, we're doing a lululemon deal, and that was primarily a local small shop tenant that we've made about 80% national. We're seeing strong regionals in certain parts of Florida and certainly in Boston. I think it's gonna be a mix, Craig, but I think probably heavier lean towards national and regional tenants. Great. I wonder, are you seeing any softening of sales in the hard good categories? We've seen a number of hard good retailers take down their 2022 guidance and in addition, the U.S. Department of Commerce sales showed a weakness in the hard good categories. We're paying close attention to that. As of now, I think it's too early to tell from what our sales data captures. We haven't seen any significant boost one way or another in hard goods, but we are certainly seeing the same data that you saw, and we're keeping a close eye on that. Okay, thank you. Thank you. Thank you. We have next question from the line of Todd Thomas with KeyBanc Capital Markets. Please go ahead. Yeah. Hi. Thanks. Just wanted to circle back, I guess, to the external growth and the investment platform. Brian, you mentioned that unlevered IRRs of 7%-9% are now double digits. Is that where required returns have moved, or was that comment about something else? Has GIC's appetite also slowed or are they looking to remain offensive here, you know, perhaps take advantage of the decrease in competition? I guess, like, how do you manage that relationship with GIC, just given where, you know, both of your cost of capitals and maybe required return expectations are? Yeah. Really the return isn't a required return. That's really where I'm seeing that, of kind of this unsettled, you know, no man's land today. I think things will settle, where we'll be able to understand, where those yields should be in the next several months or, first quarter. In speaking with GIC, their appetite has not slowed. There are a lot of conversations occurring with them. They're obviously very pleased with the returns that we've provided on both platforms, and the relationship has gotten stronger. I think that is more of a wait and see on how we can align, and really help each other grow the most efficiently and produce the highest returns for our shareholders and them. There's ongoing conversations. Okay. All right. That's helpful. Then, you know, I just had one other question, and apologies if I missed this and you commented. Maybe, Mike, you know, in terms of, you know, sort of the holiday season or post-holiday season in early 2023, are there any known move-outs or any, you know, potential vacates, that you're aware of today? Anything that's anticipated as we, you know, at turning the corner into 2023 at this point? I mean, you're gonna have your normal, you know, seasonal, move-outs probably related to small shops that you experience every year. In terms of any heavy anchor spaces at this point, no. Okay. All right. Great. That's all. Thank you. Thanks, Todd. Thank you. Ladies and gentlemen, we have reached the end of the question and answer session, and I'd like to turn the call back over to Brian Harper, President and CEO, for closing remarks. Over to you, sir. Thank you, operator. Our positive third quarter results are a testament to the investments in our business that we have made over the past few years. Our long-term focus, innovative approach, and investments in people, processes, and our portfolio have led to a more resilient cash flow that we expect will produce consistent results year in and year out. Thank you all for joining our call this morning. Have a wonderful day. Thank you. Ladies and gentlemen, this concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.