Good afternoon, everyone. Welcome to Citi's 2025 Global Property CEO Conference. I'm Eric Wolfe with Citi Research, and we are pleased to have with us UDR and CEO Tom Toomey. This session is for Citi clients only, and disclosures have been made available at the Corporate Access Desk. To ask a question, you can raise your hand or go to LiveQA.com and enter code GPC25 to submit questions. Tom, I'll turn it over to you to introduce your team, provide any opening remarks, tell the audience the top reasons that investors should buy your stock today, and then we'll go into Q&A. Again, thanks for having us back, Eric, and our congratulations on the 30-year anniversary of this event. It's always a key date for the company and the industry. So with that, let me start off with introductions. To my left is Joe Fisher, who's President, CIO, CFO. I'll figure out a few other C's to call Joe later, but a fabulous partner. And to my right is Mike Lacy, Chief Operating Officer. So we recently posted an updated presentation on our website, which includes both strategic and operational updates that summarize how UDR has outperformed in the past and is in position to continue to perform well in the future. So a brief overview of the UDR business. We're now in our 52nd year. I've been CEO for about half of those. But as a company, UDR is a $22 billion S&P 500 apartment REIT that operates a diversified portfolio in 20 markets with over 60,000 apartment homes. Our primary attributes: diversification across markets, submarkets, urban, suburban, A, B, and price points. The second, I'd say, is operating acumen and focus on innovation that converts our actions to cash flow growth and an investment-grade balance sheet with over $1 billion of liquidity. So with that, what I can point to is our track record as CEO for 24 years. Trent tells me our total stock return on an annual basis is 11%. So that's pretty good compounding math and I feel very proud about that track record. So how do we continue that track record going forward or get better? You asked the question, top three reasons to buy our stock. First is diversification. As we know, we live in a very volatile and challenging world from time to time. One of the best ways to manage that and also grow is to have a diversified portfolio as well as diversified value-creating mechanisms, and we'll get into some of what those are. Second, I believe that long-term, all business models operate best when they are focused on what the customer outcome is, as well as associates. We address that in a world where technology evolves every day through our innovation culture. And we'll talk, Mike will, about that as well as what are we doing on the operational side that is distinct and different. But our operating acumen and focus, supported by our innovation and our culture, drives that. And then I think our goal is our strategies combined, meaning diversified portfolio, innovation, yield, long-term outperformance. So with that, I'll kick it back to you, and we'll get on to the Q&A. And all of you, welcome for this. I appreciate you taking the time to sit here with us and management, so. As do I. So you mentioned the diversified model. It feels like some of your peers perhaps trying to copy you. It wasn't sort of a popular term to talk about diversification. Four years ago, it was more concentration in certain coastal markets. But I guess, is your view that market selection is what's going to generate alpha going forward? Is it going to be the capital allocation, your allocation to markets that's going to generate the alpha? Or is it the sort of margin, the operations in those markets that's going to generate the majority of the outperformance versus your peers? I think it's a combination. First, I'll kick the investment side and market selection and views of that to Joe. And on the margin expansion and operating acumen, I'll kick that to Mike. But what I will tell you is this: my observation, we've all been through a lot the last five years. And I don't think history will repeat itself. My fingers are crossed with that. But for the last five years, it almost didn't matter what you did with your investment. It was where it was. And I think now, as markets start to equalize out and the equilibrium of supply, demand, and balance starts to get mature, if you will, we're going to go back to the days it matters what are your value creators, how can you apply those. And on a diversified portfolio, obviously, you have more horizon of investment opportunities. And so I think we have a track record of being able to pivot on those. And two things you highlighted is, one, our acumen with respect to picking markets, and the second is operations. So I'll kick it to you, Joe. Perfect. Yeah, Eric, I'd say when we think about relative performance or alpha, it's kind of three key pillars between operations, capital allocation, and portfolio exposures. So when it comes down to capital allocation and portfolio exposures, on the capital allocation front, we do have a pretty broad suite of investment options. I think more so than most, we've demonstrated an ability to go across the spectrum, be it on balance sheet acquisitions, going into joint venture acquisitions with our partners, MetLife and LaSalle, going into our DPE book, both within new development DPE as well as recap DPE, going on to development, redevelopment, NOI enhancing, and platform CapEx. So we've demonstrated an ability to kind of pivot, and we have an internal heat map that shows us relative return amongst those various buckets and then the risk profiles with them. So today, on capital allocation, primary focal points are going to be a couple of things. One is the joint venture acquisition front. We were on pause for most of the last year with LaSalle on deploying new capital. We are back in the market with them. So starting to expose new transactions to that team and trying to figure out how to grow that joint venture. We continue to look at OP unit transactions. So that's an area that we've had a lot of success in the past, demonstrated a number of portfolio acquisitions. And Mike can, of course, talk about some of the ops upside we saw on one recently back in 2023. And then the development front, we are spending a lot more time on our development book and looking at the land pipeline. We think we'll probably have three starts this year to get moving forward on those yields on an untrended basis or roughly 6%, and so we'll have a number of starts going forward, and then probably the fourth bucket on capital is just our overall kind of recurring NOI enhancing and redevelopment portfolio of CapEx. It's about $250 million or so per year, and we are utilizing a lot of the data out of our customer experience framework and all the data out of that to help inform better decisions and outcomes on that front to help retain residents and ensure that we get better outcomes there, so we can talk a little bit about that as well. I'd say on the portfolio front, we do have the diversified portfolio. We like where we're at today. We're kind of that 75-25 mix of coastal versus Sunb elt. Got a good mix of A and B, a good mix of urban-suburban. So we're not in a position where we want to go out there and aggressively recycle the portfolio just to get to a certain exposure. So like where we're at, so everything we're doing today is going to be kind of on the margin, incremental, trying to find opportunities, be it markets that we're not as bullish on, maybe submarkets or micro-markets or assets specifically, and then go out there and try to recycle around that and create some accretion. I'll turn it to Mike if you want to take the operations side. Yeah, I'd say specific to operations, I mean, first and foremost, I'm very proud of the team for executing on our strategy. So when you think about what we've been talking about over the last few months is really to drive our occupancy up in the fourth quarter as well as the first quarter when you release expirations over the lowest. They did that. So in the fourth quarter, we ended up with about 96.8% occupancy. Happy to say they pushed it even further to about 97.2%-97.3% to start the year. And they put us in a position of strength to play more offense as we go into a period of time where leasing picks up, we have the demand, we're going to gun time, pushing our lines down. It's happening. We can see it in our market rents moving up at a pretty rapid pace at this point. Our concessions are coming down at the same time, and so we've got a really good stage to continue to drive our total revenue. And that's how we think about it, is what's the total revenue and how do you drive that? So good position from a blocking and tackling standpoint, and in addition to that, we're set to drive our other income, which I think we've shown a history of producing between 5%-10% growth in that line item. We've got the innovation, we've got the culture, and the team is highly focused on driving that line item as well. So when it all shakes out and you see our revenue, proud to say in the fourth quarter, we had the top revenue on a sequential basis against all peers, and it really put us in a position to do what we're doing today. We've got a lot of momentum on our side. Can I just ask, what causes you internally to change that occupancy pivot? Because generally what happens on my end, right, is when you switch to occupancy, everyone says, "Oh, they must be seeing pricing weakness," and then the blends come in a little bit lower than you're talking about. And then people tend to take it as a negative sign when you sort of switch to occupancy. But I imagine it's much more of a revenue management type of decision in terms of maximizing revenue. So maybe talk us through what you kind of look at on a daily basis to decide what you should be doing. And part of that, maybe why you're no longer sort of giving these sort of blended spread updates as a result. I'll take the first part of that. And Eric, I didn't get a very high score in my math exam, but what I figured out is 1% of occupancy is worth about $18 million a year, and 1% on rate is worth about 8. Last time I checked, 18 is bigger than 8. I'll run a heavy occupancy. But it's also a tribute to Mike and his ability. I mean, how can you run a high occupancy number? The truth is you can do exceptional turns quickly, have a strong leasing program, keep it full. But we're not too dissimilar from hotels. And I've noticed kind of people in the hotel renting rooms are as better than empty ones. My sense of humor, apologize. Mike, why don't you help me out? Yeah, I think a couple of things. When you have a lower period of time in terms of lease expirations, that's when you can really hone in on the business. And to Tom's point, it gives you a chance when things are a little bit slower to work with the teams to try to figure out how can you compress the time it takes to turn. So for us, on average, it's between six and seven days to actually physically turn a unit. And then from that period of time, how can you compress the days to move people in? Which those two components alone, they don't actually have anything to do with rents. So if you can get more efficient on those pieces of the equation, you can actually lower your vacant days, you can drive your occupancy up, and set the stage for when demand starts to come through the door and drive your rents. That's how we think about it. Got it. And I'm often getting asked about comparing public peers, one versus the other in terms of how their operations are. But maybe I'll frame it a different way. I guess as you guys think about it internally, what do you see as your biggest operating advantage, maybe first versus the public peers, and then second versus the private side? And maybe help people understand that when you buy an asset at whatever given cap rate, how much NOI uplift do you typically see, how long it takes, and how you factor that into your underwriting. Yeah, we'll divide that and conquer that question a little bit here. First, I'd say the public companies are very well run, and they have a high focus on operating acumen, and I'd say it's a tight race. I think we lead a little bit on the innovation side, the utilization of technology, and we've been at it and focused on it for a very long time, and there's a lot more yet to become on that space. With respect to the privates, you got to realize most of the privates are either small operators with not much scale, sophistication with respect to technology, or they're a fee-managed operation, which doesn't have the same alignment around ownership, and so by the nature of the construct of their companies and their scope, they just aren't focused on this. We find from a private standpoint, our margin on a cash flow basis is 5%-10% margin expansion, which accrues to us over time. Sometimes that's immediately, and sometimes it takes us 18 months to turn the rent roll. Against the publics, again, well-run companies, I think the margin expansion there is 250-350, depending on the market mix. We have to work very hard to keep that and grow that lead. Joe, anything you'd add or Mike? Yeah, I would start with a live example. So we had a portfolio we purchased mid-2023 in Texas. And over that 18-month period of time, we've been able to increase our margin about 400 to 500 basis points. And that has everything to do with the things that we do in-house and nothing to do with the market. As an example, they were running the portfolio with about 40 people. We run it today with 25 people. So far more efficient in terms of how many people are running the property. In addition to that, we have scalability within that market with some of our vendors. So we're able to reduce our R&M, things on the top line. They weren't charging for parking. They didn't have any washer and dryers. They didn't have a pricing system. So many things that we can do and we can do rather quickly that drive that margin. We think we can still drive another two to 400 basis points over the next 12 months or so. So that's a live example of how we do it and when we take over property, what we can produce. I would tell you, in addition to that, the way we think about innovation, the way we're driving the customer experience project, everything that's translated with that success, it's been massive. And so we're starting with these properties. We put them on our portfolio. We put them within the platform, and it makes a significant difference. And I'll give you an example. When we think about the customer and everything we've done to get us to this point today, from Q1 2023 to today, we've had about 350 basis point improvement in turnover on our own numbers, and during that time, about a 200 basis point improvement against the peer group. W e're all benefiting from the affordability piece of the equation today, but we're obviously doing something different, and that's the piece that we drive into to really understand our resident, understand how we can create a better living environment for them and try to retain them for a much longer period of time. That's got us to where we are today. We've got a couple of things we're working on that's going to allow us to continue to drive this, continue to reduce our turnover, and I'll give you a couple of examples. First, our CRM system. We are rolling to Funnel. We're very excited about the efficiencies we're going to be able to gain utilizing the CRM. Previously, we had to use our own internal group. We're not going to have to focus on the back office as much today. We've got a great group that we're rolling out with right now, and we do expect to gain efficiencies throughout the year from that. And in addition, we've gotten better about how we spend our CapEx. This year alone, we've got another $20 million that we've allocated to solve some other issues on the properties, things that we've identified that are pushing people out the door, if you will. And it's things like hot water heaters, HVAC systems, things where our teams love to go in there and repair, but we've identified where it's at a place in time where we just need to get in there, replace it. It's going to make for a better living environment. It's going to allow our turnover to continue to come down. So we are just now scratching the surface as it relates to the customer. We think we've got a long ways to go here, and we're excited about what it's going to do this year. Gotcha. Eric, I'm just going to close the loop on that too. Just because you were talking about ops overall, what we're doing differently, I'd say number one, just from a results perspective, if you look at trailing three-year NOI, and you can go back and look at just about any rolling three-year period of time, our portfolio, in the last three years, we were number two in NOI versus peers. There's roughly seven of us peers, three coastal, three Sunb elt, and one diversified being UDR in the middle. You'd expect us to be number four pretty consistently. We're consistently doing better than that. So the results show up in terms of our performance on a relative basis. Just to summarize what Mike was saying, when you look in our presentation, we've laid out a roadmap in terms of what we have coming through various initiatives. We've got well over $50 million of identified initiatives, being rollout of Wi-Fi, the customer experience, additional bad debt initiatives that are taking place, as well as the typical blocking and tackling that you always see in other income. So $50-plus million on our NOI base. That's another 4%-5% lift in NOI that we believe we'll be able to go capture to continue to drive that better than call it average performance that we've seen over time. Yeah. That's helpful. I guess everything you're talking about would seem to argue for, I guess, asset aggregation. I mean, if you're able to get, I don't know, 400-500 basis points on margin, I guess it depends on where you're starting from and going to, but call it 6%-8% on NOI, and then you layer on all these other things that you're talking about to get even more yield. I guess why haven't we seen UDR and maybe some of the other publics be bigger net acquirers, right? I mean, if you're creating so much value, maybe it's just not enough of a spread from beginning to end and maybe needs to be more on a levered basis through your JV structure. But why haven't we seen the REITs, including yourself, be bigger asset aggregators over time? Yeah, it's a good question. I think what we have shown is that when provided the opportunity, we're very willing to lean into that opportunity. So if you go back to kind of 2019 to 2022, when ourselves and a number of others were trading at premiums to NAV, we did go out there and acquired $3 billion or $4 billion of assets, grew the enterprise pretty materially, and did that in a creative manner. So if given the opportunity from a capital perspective, we're definitely willing to go out and lean into that. Today, I'd say we don't have the cost of equity that justifies that. And we also don't see it as a good economic decision to go lever up the enterprise to go out and acquire on a diluted basis because cost of debt generally is in line to higher than cap rates today. And so we're not getting the signal to be aggressive acquirers. I think where the opportunity lies, though, is kind of where you're going, which is lean into the competitive advantages we have from an operation standpoint or from a market selection or sub-market standpoint. And if we can start to stack up a couple of different value creators, you'll have an opportunity to take assets that Mike has owned and operated for a number of years that they've honestly really tapped out from a margin expansion or initiative perspective. And how do we then sell that dream to somebody else and go buy that margin upside that we typically see on a new acquisition? And so that's one of the things we continue to look at to try to manufacture a little bit more value creation. Got it. And then you mentioned the turnover. I think it's a really interesting area, partly because you've given very specific numbers, which I appreciate. January, I think you said that turnover was down like 500, 600 basis points. I think you said something like sub 30% in January. I was just curious if that sort of continued into February, whether you can sort of see that continuing based on renewal acceptances thus far and sort of how much of it you think is more market-driven versus the specific things you're doing with the customer experience. Yeah, Eric, I'll tell you, through the first, call it 60 days of the year, we're about 300 basis points better than we were from a year prior. And what we had in our business plan this year was about a 100 basis point reduction with everything we're doing with the customer experience project. So we are slightly ahead. And expectations are, as we continue to do our rollout with the CRM, we're placing the CapEx dollars. Ideally, we continue to see 2x to 3x of what we had in the business plan. Let me add to that is how many months, Mike, have you now had sequentially decreasing year-over-year or even sequential? Yeah, we're going on 23 months of continuous improvement on a year-over-year basis. So that's not just the market. That's things that we're doing to bring that down. And your natural next question, Eric, is, well, how far can it go? Mike? Yeah, it's interesting. When you ask most operators, there's kind of a rule of thumb when you think about turnover. And most people would tell you 40% of the residents are going to leave no matter what. 40% are going to stay no matter what. And that leaves only 20% that you can persuade one way or the other. We've actually debunked that, and it's more like 50% is controllable. And we know that because when somebody leaves us, we do have their forwarding address. We understand where they're going. And it's painful to see when they move down the street to another operator. And so that's what we've been focused on over the last couple of years is trying to change that trajectory, understanding what a good experience is, a bad experience. I mean, quite frankly, the difference, there's about a 20% chance you're going to improve that likelihood of somebody staying or going. And so we're focused on the 50% we can control, not 20%. So if turnover over time has been, call it 50%, that's what it's just generally been. Let's just keep the math simple. If you're saying the other 50%, there's half of those are controllable. That means you can get to like 75% retention at some point, or is that not the right math? It is the right math. And the question for us is a couple of things. Where is our failure, either in service or the asset? And how do we solve that? And what I think Mike and the team have done a fabulous job is we've analyzed every customer interaction for eight years, okay, over 800 pieces of data. And we pile up about a million pieces of data every day that are able to tell us where we're doing well and where we're not. We call it a customer sentiment index. And that directs our efforts. And Mike alluded to earlier, where are we failing the customer? How do we turn that around? So if there is on the table 20%-30% improvement in turnover, well, the aggregate dollars for us in a cash flow perspective is somewhere $30 million-$40 million annual cash flow growth. Longer retention means that we have less units to lease, which means we have better pricing power against the marketplace. Means our teams can be more focused on effectiveness and not just volume. So I think if you solve the turnover puzzle, we're on that journey. We're making good progress. We always believe we can accelerate that. Ultimately, that leads to a better customer, a better place to work, and better cash flow. The ceiling, it's a great journey. Why? Because I win every day a little bit more. And I'm more competitive in the marketplace. So for any future acquisitions, I know the program of work to bring that down. And you have an industry that's focused on different aspects, okay? They accept 50% turnover. We do not. And when you say it's controllable. I guess that means at current market prices that you could, that 50% is controllable. Meaning that you're not embedding some kind of rent premium in it to say like, okay, well, we can charge these customers more because it doesn't really matter what they pay. They're going to stay if we control these other factors. It's basically saying at current market prices, we can affect 50% of these outcomes. Because I think when people hear it, they think, well, at some point, people are just going to leave because the price of the renewal just gets too high relative to market. Yeah, there's an element of the marketplace does have a ceiling, so to speak. But there's also the other side of it. How many of us in the room, like where we live, don't want to move? And if it's another percent or another 2% on your renewal, do you really want to jettison all of that for the friction of the unknown? So there's an element of retention. And remind you, our average resident's 37 years old, okay? Not inclined to just pick up and move across the street unless you've failed them, okay? They stay in their community. They have a lot of connectivity to it. They're willing to pay more for that. But time will tell. Joe, you have more thoughts on it? Yeah, I mean, we've pulled tens and tens of thousands of data points in terms of renewal actions and what we were given in terms of percentage increases relative to prior rent or relative to market rent. And you would be surprised by the inelasticity that exists when you're talking about 3%, 4%, 5%, 6%, 7% increases on renewals. There really is not a change in outcomes that's discernible by percentage increase. Where the change in outcomes occurs is change in customer sentiment score. And when you see better scores, you have about a 20% higher probability of renewal for that individual than the lower scores. And we're pulling that through every interaction. So it could be the NPS surveys. It could be their public commentary. It could be service request data and interactions they had at that point. It could be the chats that they're having either directly with our individuals or through some of the AI-based mechanism and pulling in sentiment scoring and keyword analysis on that. And so getting the scores up is where you create that elasticity in actions. It's not the rent component that really drives it. Got it, and I know you're trying to get away from the sort of short-term mentality of talking about blends in a month or a week or a day. But I don't know to whatever extent you can sort of update us on sort of where you are this far, this quarter, that would be helpful, and then maybe sort of more anecdotally, sort of how things are shaping up during the early part of the year, what it's telling you about what's likely to come during the peak leasing season. Yeah, a few things, Eric. I think first, going back to what we talked a little bit about is just having that strategy, getting your occupancy to a place where you can start playing offense. What we've seen on our dashboards is pretty much green across the board. And so when you're starting at a point of 97-plus%, you're starting to go into your leasing season. What we're doing right now is driving our market rents. And just to size it, usually in the first 60 days of the year, kind of those pre-COVID norms, we've seen market rents improve by, call it, 150 basis points. We're above that today. We're right around, call it, 200 basis points. And in addition to our market rents rising, we're also bringing our concessions down. And so today, what we're offering is between, call it, 0.6-0.7 weeks, which compares to about 1.2-1.3, which we experienced in the fourth quarter. So market rents are rising. Concessions are coming down. At the same time, we're doing a really good job with our initiatives. They're off to a great start. We put in our guidance this year, plus or minus 7% growth. Happy to say we're on track with that. And I'd say even in addition to what we're seeing on the top line with all the green, our expenses look pretty good today too. So when you have lower turnover, you're able to drive your rents up higher, but you're also able to reduce your expenses. And so for us, last year, we had about 4.3% expense growth. At the midpoint this year, we're closer to 3.5%. I would tell you the first half of the year is probably doing a little bit better, and so if I had to guess, we're probably closer to 3% in the first half, 4% in the back half, but our expenses look good too, so we've got a lot of green signs today telling us to continue to press the gas a little bit. Every market, every property is a little bit different, but the dashboards are telling us to push today. And maybe for the Sunb elt specifically, it feels sort of consensus at this point that we're going to see things recover throughout the year, back half better than the first half, 2026, 2027, off to the races. It always makes me a little nervous when people talk about the same things. But I guess the question is, what's the risk that this year just ends up being a lot like last year in terms of rent growth? It's sort of a down year, flattish year that we don't absorb the supply as quickly as maybe people think. Just help us frame that risk or if it's just a lower risk based on what you're already seeing in those markets thus far. Yeah, I think the predominant risk is really just the employment picture. Fair enough? And the good news is the gap between us and homeownership is one of its record high. So we're not seeing anything in the customer's experience, their behavior pattern to show any signs of stress at this point. But the wild card on the table, I think for this industry, is always the employment picture. And if you look back, I think last year was a success. We delivered a 50-year high for supply and yet found a way for positive NOI in that environment. We're not going to have that same supply picture in 2025 or 2026. And so the only variable that we cannot control is the employment picture, the general economy, but that looks to be on solid footing. Sentiment can be changed by the hour, as we've all noticed. And then maybe for your coastal markets, it's a pretty interesting backdrop. I mean, you have high wage growth in your markets. I think affordability probably is a bit better, meaning if you look at the rent income ratios of your tenants, I'm guessing that they're probably a bit better than they normally are. You have an incredibly unaffordable housing market. I think supply sort of back to average. I guess the question is, why aren't we seeing better rent growth in the coastal markets specifically this year? We understand Sunb elt 50-year high supply coming off of that. But for the coastal markets, why aren't we seeing a little bit better rent growth this year? It's early. It is early, and I think specifically, maybe to start with the West Coast, I think we are actually seeing some very strong growth, a little bit higher than what we would have expected to start the year. And I think specifically to the Pacific Northwest, when you look at Seattle and San Francisco, for example, we're seeing blends of 3.5%-4% with occupancy around 97%. And so to start the year in a seasonal market like that with growth like that, we are seeing it play out on the West Coast. Specifically to the East Coast as well as the Mid-Atlantic, a lot of questions around DC over the last couple of days. I can tell you DC was one of our stronger markets to end last year, led to a pretty strong earnings, almost 100 basis points higher than our portfolio average. To start the year, we're seeing about 3% blends in that market with 97.5% occupancy. There are some pockets in all of our regions right now that are doing a little bit better than we would have expected to start the year. I would say again, Seattle, San Francisco, DC, Baltimore to some degree. When you go down to the Sunb elt, places like Tampa and Orlando, performing slightly better. All in all, there are some pockets that are doing well. Gotcha. And And Tom, it sounds like you disagreed with my comment. So feel free to add. Well, I think you said something like really, I guess your view is that we are seeing very good rent growth in the coastal markets right now. Yeah, I mean, I take things on a longer-term horizon, okay? And I understand the audience at times wants to use every week's data point and make a decision. The truth is America is underhoused, okay? And we have been for a very long time that we deliver a record year supply and the machine continues to just go north, okay? And up. And so I just see it as a great business model, a necessity. And in a business model that's a necessity, the long-term player wins who's ever the best operating margin capable guy or the one with the cheapest cost of capital. I think the public markets have waves of cost of capital. And in our case, we're focused on operating acumen, and we're going to win that game. And that's an important game. Long-term value creation is not just the assets, it's what you do with the assets. That's what we're focused. So I think Trent already knows the rapid fires. So what will same-store NOI growth be for the apartment sector in 2026? I think the consensus is 3.5, slightly higher for the coast than the Sunb elt, but 3.5 for the sector. Great. Will there be the same, more or less, apartment rates at this time next year, publicly traded? When you say public, I define that as small cap and NTR, so there's fewer. Great. Thank you. Thank you.