Ladies and gentlemen, thank you for standing by. Welcome to the first quarter 2021 Welltower Inc. earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone. If you require any further assistance, please press star zero. It is now my pleasure to introduce General Counsel, Matt McQueen. Thank you, good morning. As a reminder, certain statements made during this call may be deemed forward-looking statements in the meaning of the Private Securities Litigation Reform Act. Although Welltower believes any forward-looking statements are based on reasonable assumptions, the company can give no assurances that its projected results will be attained. Factors that could cause actual results to differ materially from those in the forward-looking statements are detailed in the company's filings with the SEC. With that, I'll hand the call over to Shankh for his remarks. Shankh. Thank you, Matt. Good morning, everyone. I hope that all of you and your families are safe and healthy during this extraordinary time. I'll make some introductory comments on the state of senior housing business, our ongoing alignment efforts with our operating partners, and will also provide a detailed perspective on our current thoughts related to capital allocation. Tim will get into detailed operating and financial results. We are cautiously optimistic on the senior housing business with green shoots emerging in U.S. and U.K. It is too early to raise an all-clear flag as another COVID resurgence can never be ruled out, we're delighted to report an occupancy increase of 120 basis points in U.K. and 90 basis points in U.S. over past six weeks. Despite growing optimism in U.S. and U.K., performance in Canada has remained somewhat weak due to an increased COVID cases across many regions. While most residents within our Canadian senior housing properties have been vaccinated, the rollout to the broader population has lagged meaningfully. Due to lockdown in certain areas within Ontario and Quebec, move-in tours and visitation have been highly restricted, which has ultimately led to an occupancy loss of 50 basis points since mid-March. This trend has improved in April. In addition, despite the drag from Canada, the move-in activity in March is higher than the last non-COVID-impacted month of February of 2020. As I have described in past quarters, rates continue to hold. As adjusted for 2020 leap year, AL rates are up 1.6%, IL rates are up 0.7%, mostly dragged down by the Canadian business. Senior apartments and wellness housing rates are up 6.3%. Our operators across the board are seeing broad momentum that continue to build. Irrespective of product type, geography, acuity, this is the most optimistic tone I've heard from our operating partners in a long time. We're even seeing the lifestyle-driven customers are starting to come back, which frankly surprised me in a positive way. Fundamental results have exceeded our expectations in Q1, and we're anticipating strong momentum in Q2. While we continue to avoid speculation on what the arc of the recovery may look like, we have provided additional disclosure on the additional NOI and earnings power of our portfolio, assuming a return to 2019 level of NOI for our stable portfolio and adding incremental NOI from our fill-up portfolio. We believe this would result in additional $480 million of NOI. Remember, this assumes a return to 2019 level of occupancy and margin, and it does not assume a return to frictional vacancy or any rate growth since Q4 of 2019. We're seeing something similar happening in the private market. While current cash flow multiples of what we are buying might be high as compared to what we're willing to pay 2- 3 years ago, this is a moot point. We're paying a much lower multiple on a stabilized cash flow as evidenced by a much lower price per unit. While in most other asset classes, this could be a matter of opinion, I believe in real estate is a simple business where you can obtain a very granular view of price per unit and how this compares to replacement cost. While we can sit here and debate how different assets and portfolios prices compared to prices by unit two-three years ago, replacement costs are shooting upwards with a white-hot housing market driving construction costs exponentially higher in recent quarters. This phenomenon is now spilling into other material costs due to a $2 trillion infrastructure plan announced by the Biden administration. As costs continue to rise, the market clearing rent to achieve minimum acceptable return is also ratcheting up. Those returns are not going to be easy to achieve today as much of the senior housing industry effectively remains in lease- up mode given the impact of COVID on occupancy. If this was not enough, now the interest rate curve is backing up, creating further pressure on developers pro forma. This backdrop clearly is unique to the current cycle, which we believe will result meaningfully lower new starts in near to medium term. The supply outlook, along with already rising demographic growth in the first half of the decade, gives us confidence that we'll achieve the level of asset performance that we provided. Although I have nothing to add in terms of the timing and or the trajectory of the recovery, our analysis was done one asset at a time, and I hope you will find this new disclosure useful. During the first quarter, we continued our effort to create greater alignment of interest with our operating partners by restructuring several relationship constructs. As we mentioned on our last call, we have made structural changes to several senior housing agreements. I would also like to highlight some recently announced strategic transactions with Genesis and ProMedica, with elements of both deals reflect our approach to value creation for our shareholders. First, Genesis. As we announced last month, after 10 years, we have substantially exited our Genesis real estate relationship through a series of transactions, which meaningfully de-risked our cash flow stream going forward. Effectuating this nearly $900 million of transaction wasn't easy. It involved a skilled nursing operator deeply impacted by COVID-19 pandemic, the transition of assets to local and regional operators, working through our outstanding loans to Genesis, at the same time, creating opportunity for Welltower to participate in the post-COVID recovery in post-acute fundamentals. Ultimately, we executed a mutually beneficial transaction for Genesis and Welltower shareholders. For Genesis, the transaction resulted in a meaningful de-leveraging of its balance sheet, which will help it to reposition the company post-COVID-19. For Welltower, we're able to execute the transaction at a par debt value of $144,000 and generated an 8.5% unlevered return over the full term of Genesis relationship. Upon the repayment of the outstanding debt, that return will rise to 9% with even further upside potential from participating preferred and the equity position. We believe that this represents a very favorable outcome for Welltower shareholders, particularly in light of challenging environment that we have faced in the post-acute sector, and then COVID-related pandemic-induced downside we have seen. While transactions will result in some near-term earnings dilution for Welltower, we expect to create significant value for our shareholders following the deployment of the $745 million of anticipated proceeds over a range of high-quality opportunity that I'll discuss shortly. Since our announcement last month, Genesis has received an infusion of equity capital and named a turnaround specialist in Harry Wilson as CEO. We wish the team of Genesis much success in the future. As we have substantially exited a challenging legacy structure with Genesis, I hope our shareholders appreciate the favorable ultimate outcome. As we have done with several operating relationship over the last few years and discussed on various calls, our team embrace complexity, seeks creative solutions, doesn't run away from the problems and situations where the choices may be imperfect, and ultimately work tirelessly to fulfill our commitment to our owners, operating partners, and employees. Second, ProMedica. We announced two transactions to strengthen and extend our relationship with ProMedica, which will enhance the quality of our joint venture position and continued growth. The first transaction involved a $265 million sale of 25 skilled nursing assets with an average age of 41 years, which will result in an immediate improvement to the quality of the portfolio. At the same time, we also crystallized a 22% unlevered IRR over two and a half years of ownership of the assets, which is a true reflection of the power of our value-oriented investment philosophy. We at Welltower firmly believe that basis, not yield or cap rate, determines investment success. Through a separate transaction, we're pleased to maintain an 80% stake in our state-of-the-art PowerBack assets, which has been contributed to our 80/20 joint venture with ProMedica. ProMedica has already assumed the operations of these assets, which have been rebranded as ProMedica Senior Care. This successful transaction is yet another example of our focus on improving quality and growth profile of our portfolio, while doing so at favorable economic terms to all stakeholders. ProMedica team is making progress in developing new relationship with other health system as a provider of choice, as ProMedica represents the premium not-for-profit provider at the leading edge of healthcare evolution. We're hopeful that we'll be able to deploy further accretive capital with this innovative partner of ours. Speaking of accretive capital deployment, we are pleased to share with you that we have closed in excess of $1.3 billion of acquisitions year to date with very attractive unlevered IRRs. In particular, extremely happy to announce that we have partnered with the Safanad-led investment group to recapitalize HC-One, the largest and most reputable operator of care homes communities in U.K. Our investment in excess of $800 million comes in form of first mortgage debt on HC-One's real estate and equity in recapitalization. We also received significant warrants that would further allow us to participate in the post-COVID upside that we are confident their management in process of executing. HC-One will add a value option to our high-end focused U.K. platform. There is significant opportunity to upgrade the asset base, operating platform, and people in this portfolio, and we have tremendous confidence in James and David to fulfill their mission to deliver the highest quality care, along with the resident and employee satisfaction. In recent weeks, HC-One has experienced the same positive occupancy momentum as our broader U.K. portfolio, gaining 90 basis points of occupancy from the March 2021 trough. Our debt investment represents the largest pound exposure of just GBP 40,000 per unit, an important statistic given our unrelenting focus on basis. This basis also represents a significant discount to replacement costs, in addition to the upside from equity and warrants. We think this is an extraordinary risk-adjusted return story. We believe we'll be able to generate low to mid-teens unlevered IRR from this transaction while adding a highly strategic partner to fill a gap that we have in our portfolio in U.K. With acquisitions, patience is a virtue, and so is occasional boldness. Since we mentioned in our October call, the moment of boldness is here, we have closed in excess of $1.8 billion of acquisitions. The initial yield of this whole tranche is 6.8%, but we expect it will stabilize at a significantly higher number. While the environment was very uncertain then and we didn't give in to institutional imperative or headline pressures, and we relied on independent thinking and resilience of our team. We remain very bullish on acquisition opportunities and have several attractive deals under contract currently and a highly visible pipeline, which we think we'll be able to execute through year-end. While our focus continues to be on the right asset with the right basis and with the right operator, I'm hopeful that our 2021 class of acquisition will be immediately accretive to 2022 earnings and will be significantly accretive to 2023 and beyond. Lastly, I will address a very interesting question I received from an investor post our last call. I was asked why we have such an emphasis on partner selection and whether we'd be better off vertically integrating. We think this is an excellent question that deserves some reflecting for a moment. Notwithstanding with the RIDEA in senior housing, we believe we're better off in this ecosystem of partners than implementing an industrial view of vertical integration. That view is rooted in our belief that the combination of centralized capital allocation and decentralized execution creates the best long-term return. We believe this strategy of decentralized execution releases the entrepreneurial energy and keeps politics and costs at bay. This is especially important in real estate, which is profoundly a local business. Overall, we're happy with our execution so far in the year to create partial value for our shareholders. By no means, we are satisfied. We are cautiously optimistic about the fundamental environment and excited about our opportunity to acquire assets, create new relationships, and attract quality talent. With that, I'll pass it over to Tim. Tim? Thank you, Shankh. My comments today will focus on our first quarter 2021 results, the performance of our investment segments in the quarter, our capital activity, and finally, a balance sheet and liquidity update in addition to an outlook for the second quarter. After a year defined by infection protocols, move-in restrictions, and incredible operating challenges for our partners, we started 2021 in arguably the most challenging environment yet. With case counts hitting new highs across all three of our geographies and operating restrictions moving up in lockstep. Towards the end of February, the vaccine rollout hit its stride and nearly 80% of our facilities had their second vaccine clinic. Case counts across the portfolio dropped precipitously, and we started to see the early signs of stabilization. The effectiveness and rapid deployment of vaccines within our communities are just starting to be felt across our resident population. While we are encouraged by the last six weeks of recovery from the U.S. and U.K., significant uncertainty remains with respect to the prevalence of the virus amongst the general population, the timing of the reopening of the economy, and the timing of further rollbacks of operating restrictions, especially with respect to our Canadian portfolio. The result is a near-term operating environment that, although notably improved, remains highly unpredictable in the short term. As a result of this uncertainty, like last quarter, we provided a one-quarter outlook with our results last night. As we have done over the past 14-plus months, we will continue to disclose and update information on a frequent basis with the intention of providing a more complete outlook as soon as the virus-related variables moderate to a level that allows for more reliable forecasting. Now, turning to the quarter. Welltower reported net income attributable to common stockholders of $0.17 per diluted share and normalized funds from operations of $0.80 per diluted share versus guidance of $0.71-$0.76 per share. In providing guidance last quarter, we also provided expectations for $31 million of HHS provider relief funds to be received in the quarter. We ended up recognizing approximately $34.7 million of HHS funds, along with $2.5 million of out-of-period payments for similar programs in Canada. Removing the impact of these funds, along with a $3.5 million termination fee that was received in one of our senior housing management company investments, which was not contemplated in guidance, our normalized FFO moves to $0.70 per share. On an apples-to-apples basis, we came out a $0.01 above the top end of our HHS-adjusted prior guidance of $0.64-$0.69 per share. Now, turning to our individual portfolio components. First, our triple net lease portfolios. As a reminder, our triple net lease portfolio coverage and occupancy stats are reported a quarter in arrears. These statistics reflect the trailing 12 months ending 12/31/2020. Importantly, our collection rates for rent remained high in the first quarter, having collected 96% of triple net contractual rent due in the period. Starting with our senior housing triple net portfolio, same store declined 2% year-over-year as leases that were moved to cash recognition in prior quarters continue to comp against prior year full contractual rent received. EBITDAR coverage decreased 0.01 x in a sequential basis in the portfolio to 1.00x. During the quarter, we transitioned the remaining five Capital Senior assets, moving one to a triple net structure under a new operator and the other four to a REO structure with CSU until transition. We also completed the transition of four properties leased by Hearth Management to StoryPoint under a new lease agreement. These transitions had a net positive impact of 0.02 x in total portfolio coverage. Our long-term post-acute portfolio generated positive 0.2% year-over-year same-store growth and EBITDAR coverage increased 0.37 x sequentially to 1.37 x, as 51 of the 79 Genesis assets began operator transitions. 23 assets have already transitioned as of this call, including nine former PowerBack properties, which moved to ProMedica Senior Care. Pro forma for the already completed ProMedica JV, Genesis HealthCare represents less than 90 basis points of our total in-place NOI, and long-term post-acute will be reduced to 6% of total NOI. Lastly, Health Systems, which is comprised of our ProMedica Senior Care joint venture with the ProMedica Health System. We had same-store NOI growth of positive 2.8% year-over-year and trailing 12 EBITDAR coverage was 1.9 x. Before turning to outpatient medical, I want to highlight a disclosure change we made to our presentation of occupancy in our supplemental disclosure. Historically, we've reported occupancy at 100% ownership, but going forward, we will present both at Welltower's pro rata share to better reflect Welltower's ownership economics. This has no impact on NOI, which has always been presented at Welltower's share. We have footnoted the occupancy levels, if presented at 100% ownership, in both the senior housing operating and medical office portion of our supplement. Now, turning to our outpatient medical portfolio, which delivered positive 3.1% year-over-year same-store growth as cash rent growth and higher platform profitability combined to produce an acceleration in NOI growth. Tenant retention continued to be strong at 87.7% in the quarter as we executed renewals on more than 540,000 square feet of space in the quarter, our highest amount ever reported. Additionally, we've also seen the length of term on executed renewals increase as compared to last year. Also in the quarter, we completed our second joint venture with Invesco Real Estate for a portfolio of outpatient medical assets and completed our first with Wafra. Our ability to form joint ventures with best-in-class capital partners over the last two years has allowed us to maintain scale and more importantly, the tenant relationships generated from our in-house asset management platform. In the same time, we diversified our access to capital during a period of significant capital market turbulence. We look forward to growing these relationships further going forward. Now turning to our senior housing operating portfolio. Before getting into this quarter's results, I want to point out that we received approximately $35 million from our Department of Health and Human Services' CARES Act Provider Relief Fund. As we have done in the past quarters, the funds are recognized on a cash basis, and as such, will flow through financials the quarter they are received. We're normalizing these HHS funds on a same-store metrics, however, along with any other government funds received that are not matched to expenses incurred in the period they are received. In the first quarter, there were approximately $33.8 million of reimbursement normalized out of our same-store senior housing operating results, mainly tied to the HHS program in the U.S. Turning to results for the quarter. Same-store NOI decreased 44% as compared to first quarter 2020 and decreased 15.6% sequentially from the fourth quarter. Sequential same-store revenue was down 3.6% in Q1, driven primarily by a 310 basis point drop in average occupancy versus our guidance midpoint of 325 basis points. Turning to RevPAR in the quarter. SHO portfolio RevPAR was down 1.5% year-over-year, but mix shift and an extra day of rent in the comparable leap year quarter are distorting the true picture of rent growth metrics, as over 40% of our revenue is derived on a per diem basis. When adjusting for the leap year, total portfolio RevPAR growth moves to - 1%, and breaking out our individual segments, our active adult, independent living, and assisted living segments reported year-over-year growth of positive 6.3%, positive 0.7%, and positive 1.6%, respectively. As I've mentioned the past few quarters, the combined total portfolio metric is being impacted by considerable change in the composition of occupied units in the year-over-year portfolio. Our lower acuity properties, comprised of Independent Living and seniors apartments, held up considerably better on the occupancy front since the start of COVID. This has the mathematical impact of having a higher portion of our total portfolio occupied units being lower acuity and therefore lower rent-paying units. In conclusion, rental rates are proving more resilient across our portfolio than would appear in our aggregated reported statistics. Lastly, expenses. Total same-store expenses declined 2.6% year-over-year and decreased 20 basis points sequentially. I will focus on sequential since the changes are more relevant to trends in the current operating environment. The 20 basis point sequential decline in operating costs was driven mainly by lower COVID costs as case counts dropped dramatically in March. The meaningful decline in our top line combined with these expense pressures had a significant impact to our operating margins, which declined 280 basis points sequentially to 19.4%. As I noted earlier in the call, we did not include government reimbursement that was not tied to the period expenses, and therefore, COVID expenses negatively impacted same store by $14.8 million. We are not factoring any HHS funds into our second quarter outlook. Looking forward to the second quarter and starting with the April quarter-to-date data we've already observed, we've experienced a 20-basis point increase in occupancy through April 23rd, with the U.S. and U.K. up 40 and 90 basis points, respectively, while Canada is down 20 basis points. While we are encouraged by the recovery in the U.S. and U.K. and are hopeful that the effectiveness of the vaccines has put a floor underneath operating results, we remain cautious on projecting acceleration in recent trends given the lack of historical precedence and uncertainty of reopening trends, particularly in Canada. On a spot basis, we are currently projecting a 130-basis point increase in occupancy from March 31st through June 30th. We expect monthly RevPAR to be +1.2% sequentially, although adjusting for the extra day in 2Q versus 1Q is reduced to +70 basis points sequentially. Lastly, we expect total expenses to be effectively flat, as increases in operating costs from higher occupancy should be offset by a reduction in COVID-related expenses. Turning to capital market activity. We continue to execute on our strategy of maximizing balance sheet stability or maintaining flexibility to position us to take advantage of attractive capital deployment opportunities. In March, we issued $750 million in senior unsecured notes through June 2031, bearing an interest rate of 2.8%, and used these proceeds to redeem all remaining senior unsecured notes due 2023. As a result, we were able to extend all senior unsecured debt maturities to 2024 and beyond and extend our weighted average maturity profile to nearly eight years. We also extinguished $42 million of secured debt at a blended average interest rate of 7.6% in the quarter. In February, we highlighted a robust pipeline of capital deployment opportunities. As these transactions have materialized and the pipeline has grown, we've utilized our forward ATM program, selling 3.7 million shares of common stock to date at an initial average weighted price of $73.43 per share. These shares will generate future gross proceeds of approximately $272 million. Along with $1 billion of cash on our balance sheet, will enable us to efficiently capitalize our highly visible pipeline of capital deployment opportunities. Moving on to leverage. We ended the quarter at 6.59 x net debt to adjusted EBITDA, a 31 basis point increase over the previous quarter, as underlying cash flows continue to be pressured by the impact from COVID. While transactions closed in the second quarter will result in a slight increase in leverage after adjusting for expected proceeds from assets held for sale and $272 million in proceeds from the forward sale of common stock, we expect leverage to settle in the high sixes before the ramp in senior housing cash flows begin to naturally drive leverage lower in the coming quarters. Speaking of recovery, Shankh spoke earlier about the magnitude of potential cash flow growth from just returning to pre-COVID levels of margins and occupancy in our senior housing operating portfolio. This will have a significantly positive impact on cash flow-based leverage metrics. Although the duration of this recovery remains highly uncertain, the inflection point this quarter leaves us optimistic that it has begun. Our demonstrated ability to access significant equity proceeds through asset sales, even in the most difficult times, along with our return to the equity markets this last quarter, leaves us confident that we'll be able to keep the balance sheet in a position of strength as the natural deleveraging from the senior housing recovery returns us to well within our historical target levels in the not too distant future. Lastly, moving to our second quarter outlook. Last night, we provided an outlook for the 2Q of net income attributable to common stockholders per diluted share of $0.31-$0.36 and normalized FFO per diluted share of $0.72-$0.77 per share. As I noted earlier, this guidance does not take into consideration any further HHS funds or similar government programs in the U.K. and Canada. When comparing it sequentially to our 1Q normalized FFO per share, it's better to use the $0.70 per share number I mentioned earlier in my comments, which excludes the benefits of these programs as well. On this comparison, the midpoint of our 2Q guidance of $0.745 per share represents a $0.045 sequential increase from 1Q. The $0.045 increase is composed of a $0.02 increase per share increase from our Senior Housing Operating Portfolio, driven by an increase in sequential average occupancy and expected reduction in COVID-19 costs. A $0.025 per share increase in net investment activity as strong post-quarter investments is offsetting the initial dilution from loan reductions and operator transitions related to Genesis HealthCare. A $0.01 increase in NOI from triple net and outpatient medical segments, this is offset by an expected $0.01 increase in sequential G&A, driven mainly by new hires. With that, I'll turn the call back over to Shankh. Thank you, Tim. Despite the challenges posed by the pandemic on our business, we have remained resolute in our commitment to ESG initiatives. In fact, our efforts on this front have only grown over the past year, and we're pleased to report significant progress, not just in terms of numerous awards and accolades we have received, but also by our action to strengthen and expand our ESG platform, which we believe will bear fruit in many years to come. We have recently received the ENERGY STAR Partner of the Year award for the third consecutive year and elevated to the level of Sustained Excellence, the EPA's highest recognition within the ENERGY STAR program. We have also been honored that our social initiatives, we are recognized with a quality score of 1 by ISS, the highest ranking in their social category. Last but not least, we continue to receive an A rating from MSCI, one of the most widely well-respected global organization for our broader ESG practices and disclosure. I'm extremely proud to be working with our board of directors, one of the most diverse in corporate America, in this commitment to create long-term and sustainable shareholder value per share through our ESG initiatives. With that, operator, we can open it up for questions. Thank you. As a reminder, to ask a question, you will need to press star one on your telephone. To withdraw your question, press the pound key. Due to time constraints, we ask that you please limit yourself to one question. If time permits, you may re-enter the queue with any additional questions. Our first question comes from the line of Rich Anderson with SMBC. Hey, thanks. Good morning. I got up at 6:00 A.M. this morning to be first in line. Good morning, Rich. The disclosure on the recovery is great. I appreciate that you can't comment or know what the trajectory is going to be, it is question number one in every one of my conversations because right now, we have to deal with an elevated multiple because of trough earnings, people want to know what the snapback's going to look like. My estimates are down 30% versus pre-COVID-19 because of all this noise. I guess the way I would ask the question is, if you can't give trajectory, what would disappoint you in terms of getting back to square one? Would you say, boy, if we're not there in two years, that would be quite a disappointment? Can you kind of triangulate at least a range of expectations as opposed to committing to one? Yeah. Thank you very much, Rich. I hope you don't have to wake up at 6:00 A.M. to be first in line. I'll just address the question is any definitive answer from our end is as much of a guess from us that is it is from you, right? Just understand there's no historical precedence to what's going on. We're simply telling you if we go back asset by asset to where the NOI of these assets were. It's an important exercise because we have sold a lot of assets, bought a lot of assets. It's very hard for you to figure out from our supplement what the number looks like. We try to answer that question if we just went back for the stabilized pool of assets to Q4 of 2019, what will the NOI look like? We add the fill-up portfolio and stabilize that. What is that combined look like? I cannot answer the question whether it's two years or four years. You've got to really put that in your context and your expectation. However, I will say this, and it's a very important point. It is to a Q4 of 2019 rent level, AKA that if you assume that this will be expanded out, let's just say it will take four years from today to get to that stabilized level of NOI. It's going to stabilize in 2026. You have to assume the rent of the business remains flat to achieve that NOI, right? Which we don't think obviously is happening. We have continued to say that we expect that rent growth will hold up, right? You might get it later, but you will get X number of years of rent growth to get added to that. Obviously, that rent growth has a contribution margin that's very high, and it falls to the bottom line. On the other hand, if you say, okay, we're going to get that earlier, you are not going to get as much rent growth. You will only get, let's say that you decide that you're going to get that in two years, right? I'm making this up. two years or so. You will only get the rent growth from 2019-2023 instead of 2019-2026. I'm pointing out that there are many levers here that you have to think through. The longer gestation period will bring you ultimately a higher number because of the rent growth aspect that I'm talking about versus the shorter. That's all I'm willing to say right now. I can guess, but it is a guess. We're underwriting assets in a way that frankly speaking, we don't need to know. That's why we're so focused on basis. If you look at our stock, it's a real estate company. You can look at what the basis looks like on a price per unit basis, and then go and think about what it takes to build that portfolio. You will see that portfolio trades at a significant discount to what it takes to build it today. Thank you. Thank you. Our next question comes from the line of Jordan Sadler with KeyBanc. Good morning. Good morning. Wanted to hone in on a little bit of a different question, which is really the pacing of move-ins and move-outs. It's something, Tim, that you addressed on the last call, and I couldn't help but notice that indexed move-ins are now above what seemed to be pre-pandemic levels, or at least in March they were 103.1 on slide 14 of your deck. That's pretty interesting, and I know it's probably, and you just addressed, Shankh, you don't really want to speak to the potential trajectory of move-ins. I totally get that. Can you just maybe talk to us about move-outs? They're at 91.1 in March, so their indexes, they're below. Why would they remain sort of below pre-pandemic levels going forward? How would your operators be able to keep them below pre-pandemic levels for a sustained period that would sort of maintain or improve even this net absorption pace that we've recently seen? Yeah. Good question, Jordan. It's mainly due to just lower occupancy in the building. Right now we're sitting 1,400 basis points below where we were pre-COVID on occupancy front. You've just got substantially lower number of residents in the building. If you run a kind of historical churn levels, this obviously changes occupancy builds and then move-outs start to kind of match historical levels. As historical churn levels, you should be running at around 80% of kind of indexed historical levels of move-outs. If that gets elevated a bit, we've talked about this from a higher acuity resident moving in during COVID. That probably moves to mid to upper 80s, but that can stay, I think, pretty consistent through a recovery. It is tough looking at the last kind of six months, picking through what has been natural move-outs and what's been really certainly a spike we've seen from COVID in the December, January, February period. I think what you're starting to see in March is a return to that kind of 80% level that we would expect, again, giving historical type of churn. It's certainly something we're watching pretty closely. Kind of the comment I made last quarter was from a level of occupancy in the buildings that move-out percentage getting back to historical levels or 2019 levels of move-ins, you can drive 80, 90 basis points a month in occupancy by just getting back there because the move-out is going to be lower purely mathematically based off the occupancy level. Thank you. Our next question comes from the line of Nick Joseph with Citi. Thanks. Good morning. I was hoping to get a few more details on the HC-One transaction in terms of the rate on the loan and the strike price and amount of the warrants. What happened to the previous mezz investment with them? Thank you, Nick. The previous mezz investments was paid off at par. We are seeing HC-One as a three-part investment. One is a combination of first mortgage, equity, and warrants. We think that combination will generate low to mid double digit type IRR. We also give you the basis which we invested in majority of that capital. The equity basis is slightly higher, but it's a substantial discount to replacement cost as well. To hit those IRRs, you don't really need much of a expansion of multiple. What you need is the EBITDA to come back, which we think the management is already executing, and we've noted that the occupancy is already moving in the right direction. I'm not going to break out the specific parts. You know that we do not believe in yields and cap rates determining investment success. We believe basis and IRRs get to the investment success, and are consistent with that, and that's what we are willing to provide. Thank you. Our next question comes from the line of Vikram Malhotra with Morgan Stanley. Thanks so much. Good morning, everyone. Shankh and Tim, maybe if you can describe just the acquisition opportunity set as it's evolved over the last three or four months since your last call. You talked about potentially a $10 billion opportunity over time. HC-One obviously expands your opportunity set in the U.K. If you could just talk about the opportunity set in terms of assets returns, and also just in terms of underwriting. I think you referenced your underwriting, if I'm correct, differently or not to a set timeline, you don't need it because of the basis. I just ask that because your math that you described here obviously talks about pre-COVID levels. We all know, obviously, before pre-COVID, we still had a five-year period of occupancy loss because of supply. Theoretically, there's even more upside. If you can talk about the opportunity set and underwriting from that perspective, it'll be helpful. Yeah. Okay. Thank you, Vikram. First is, the $10 billion number that I mentioned, I mentioned obviously as a multi-year opportunity, not a one-year opportunity, right? I just want to clarify that. You're right in that expansion with obviously expanding with HC-One, this transaction expand that opportunity. I want you to understand, as I've said in my prepared remarks, that this investment is not just a financial investment, it's a strategic investment. We looked at the company, its footprint, its management, and we see an opportunity that fills a big hole that we have in our portfolio. Our portfolio in U.K. is very focused on high-end, and we didn't have a value option. There is a tremendous opportunity to grow in that value option, which we think we'll be able to execute through the HC-One platform. We structured the investment in these three tranches that we talked about. We don't go into an investment thinking we'll do debt, we'll do equity, we'll do mezz or participating equity or pref. That's not how we think about it. We just look at an opportunity first, think about what is the first asset opportunity and the strategic opportunity, then think about how we get to invest capital so that we can be aligned with our partners. That's a very different approach than it's an asset and we got to buy it or we got to lend to it. That's just not how we think. It is a right risk-adjusted return. You look at an asset or a collection of assets or portfolio, and you think about what way in the capital structure you have the best risk-adjusted return for your investors. Remember, there are different investors in the, obviously, the spectrum of this transaction. There's $235 million of equity on top of us, which obviously Safanad- led investment group that includes Safanad and others. They're obviously bringing in, and they think there's an extraordinary opportunity to create value for their capital, right? That's a very important point. Now, going back to the pipeline. The pipeline is primarily, today is senior housing, and the pipeline is very much what we talked about. It's significant, it's very robust, it's large, and it reflects a very significant discount to replacement cost. We're not going to sit here and tell you that we believe that every deal we'll do will have this kind of return that we have described in HC-One. I've said before that we think we can hit a high single digit to low double digit IRR, and that environment is still here. We don't necessarily, given our cost of capital, need to hit that, but we're still seeing many opportunities that we have under contract today that will get you to that kind of return, which is high single digit, low double digit type of IRR. Hope that helps. Thank you. Our next question comes from the line of Derek Johnston with Deutsche Bank. Hi, everyone. Good morning, and thank you. On leading demand indicators and community details, it's certainly encouraging to see visitation and communal dining almost back to historic levels. One missing component is the current quarantine requirement for new residents. Is it still the two weeks quarantine or perhaps longer if not vaccinated? Secondly, the lower level of in-person tours, is that being negatively impacted by restrictions in Canada versus other markets? Any geographic context is welcome. Yeah, thanks, Derek. I'll start with the question on quarantining. Part of my opening comments, part of the uncertainty around this is that it's local from a lot of the regulations around scaling back COVID-19, the regulations from last year, restrictions from last year. We're seeing it kind of unfold state to state. Largely, the U.S. now quarantining restrictions are gone if you come in vaccinated. If you don't come in vaccinated, then you do have a quarantining. You've seen through the success of the vaccination of the over 65 population in the U.S., that largely, majority of move-ins now that we're seeing, come in vaccinated, and you're eliminating that quarantine period. Then the second question on tours, you're correct. Canada is dragging down statistics. You've seen a vast improvement in the U.K. The U.S. is a little different state to state. Now largely all states are allowing in-person tours, and Canada is still in a bit more of a restricted state. Thank you. Our next question comes from the line of Michael Carroll with RBC Capital Markets. Yeah, thanks. I wanted to jump on the HC-One transaction. I think, Shankh, you kind of already answered this a little bit. When you think about that deal, should we think of more of a strategic type investment and ability for you to continue to grow in the U.K. with that operator? Was it more of an opportunistic type deal? Since this is a debt investment, I guess it's a little confusing on the strategic nature of it. Yeah. Mike, it's a great question. It is not a debt investment. It is structured as a lot of counter capital deployed is debt investment, but it also comes with a very significant equity ownership through a warrant or future ownership through a warrant and current ownership through the equity stake. That's how we thought about it. This is not an opportunistic investment. This is a strategic investment. If you look at our portfolio, you will see majority of our U.K. portfolio is kind of in that GBP 1,400, GBP 1,350, GBP 1,400 per week to GBP 1,600+ per week kind of. That's our sweet spot, and we think there is a real value option needed in U.K., where, for the private pay side, there's a tremendous depth of need in, let's call it, the GBP 900-GBP 1,000 per week. This fills a true strategic hole that we have in our portfolio, which we have been looking for a long time, not just last 12 months, to fill that hole. We think this will be our platform. As we have talked to our partners here, Safanad, we have always seen it as a strategic investment. That's what we have talked to James and David who run HC-One, and we think you will see further capital deployment activity coming through it in that segment. We're not going to go. I don't want to speak for the management. I do not believe suddenly they're pivoting the business going from GBP 1,000 a week to a GBP 1,600 per week. That's not the vision of the company. Their vision is to grab that demand that's in that segment, and there's not a lot of quality provider in that segment. That's what we see here. Thank you. Your next question comes from the line of Jonathan Hughes with Raymond James. I understand the potential for your SHOP operators, senior housing operating partners to raise rents going forward. When I look at costs, of which 60% is labor, do your operators have an expectation of increases to staff these properties? Labor costs were up 67% over the past couple quarters, and given wage increases across the country, it seems like labor costs could inflate just as fast or even faster than rates. Any color on labor cost expectations and how you incorporated that on slide 13 would be great. Thank you. Jonathan, there's no question that you will have labor cost inflation. I do not believe that problem will be as acute as you have seen last five years when, frankly speaking, all of our portfolios, given where the locations are, regardless of local regulations, have sort of moved at or above that $15 type of numbers. You have seen a very significant increase of labor cost. Will you see labor cost inflation? Absolutely. I think you will also see margin expansion from, as Tim talked about previously, we believe that you will see the margin expansion going back to the historic margins level. It is yin and the yang. I will tell you one thing, though. I would highly encourage you not to look at one quarter or one month of labor costs and projecting that. There's a lot of noise and volatility around the fact that a lot of people have received their stimulus check, and that has impacted short term. We do not believe that will be sustained as this sort of, this dries up. You are right that labor cost inflation will remain, but it will not be what you see in other sectors, because what you are seeing in other sectors, such as lodging and all those sectors, they have laid off all their employees. They shut down, right? That was the case. For us, our communities have never shut down. They continue to employ our, obviously, because to take care of our residents, and that continues. Is there no issues? Absolutely not. Will remain so. I will also encourage you to think about the potential immigration changes that we're hearing about. Obviously, I know it probably less than you do, but that also has an offsetting impact. It's a long-term problem, but just understanding the demand-supply of labor as relates to demand supply of people and also how that impacts people's other choices at home, this will all come into play. We'll talk about it as we go through. Thank you. Our next question comes from the line of Mike Mueller with JPMorgan. Yeah, hi. Just wondering, how are the occupancy trends trending at the new development, say, fill-up properties compared to the more established properties that you have? Right now, there's not much of a difference. I'd say we're seeing pretty uniform recovery across the board. Likely we'll start to see that start to change as you see some of the fill-up properties accelerate just purely by their current occupancy level. Right now we're seeing pretty uniform recovery across the board. Thank you. Our next question comes from the line of Juan Sanabria with BMO Capital Markets. Just hoping to spend a little time on the triple net seniors housing business that hasn't had the same amount of focus. If you could just try to help us understand kind of what has been done to date to rectify some of the low coverage. Presumably some of the 2% decrease in same-store NOI in the first quarter was driven by some restructurings or adjustments. You had, I think it looks like some straight line rent write-offs in the quarter as per some of your supplemental slides. If you could just help us think through what you've done to date and maybe what's left to do, because I think that's a big piece of the recovery once that bottoms about what that portfolio could look like going forward with more clarity on the SHOP side. Yeah, Juan. I think the right way to think about it is, it has been a main focus point for us, and it seems to be for investors as well. I think within the triple net senior housing portfolio, around 20% of that in-place rent is now cash, so it pretty much reflects the underlying economics of those buildings. We have been pretty quick to move to cash when we have tenants that are not paying rent. I think looking at our in-place, looking at our coverage metrics, those are tenants that are current on rent paying us and very much are doing so because of their long-term belief in their business. If anything, I think what we've seen in the first quarter from the start of a recovery enhances that belief that there won't be much impairment here. I think the other key here is I think the difference between cash flow and value. The underlying assets, I think you're seeing this across the board, are holding value. The impairment to cash flow, I think, is short-term. That speaks to the view there's a recovery. I don't think about this being a value problem at Welltower, and if anything, kind of a short-term liquidity problem with operators. I'll just add, as I've said, probably every call we discussed this, I'm not sure why you think there's not been a focus. Majority of these leases that we have, you should see that in our RIDEA portfolio as well. Usually the assets are owned and the PropCo is jointly owned by the operator and us. The operator's PropCo interest backs our lease, AKA, what you see adjust from the rent does not reflect the collateral behind the lease. As you will see, these things get restructured. You will notice that value of operators that they own the real estate, their PropCo interest, will really back this rent and will create substantial protection of downsides for our shareholders. I don't want to get into too much of details before everything is done. As I've said before, that you will continue to be surprised how much rent we continue to get from this portfolio. Will there be dilution of short-term cash flow? Absolutely will, and you're seeing that flowing through. Do we think there will be diminution of value? Absolutely not. That's a general average statement, but that's we continue to believe and that's what you have seen through a once in 100-year flood, which is this pandemic, that held up, will continue to hold up. Thank you. Our next question comes from the line of Connor Siversky with Berenberg. Good morning, everybody. Thanks for having me on the call. Just to follow up on Juan's question. I'm wondering if this straight line write-down was at all related to some of the movement we've seen in the top tenants, and if so, could you maybe provide some color on what we're seeing there, what we could expect going forward? No, we will not, Connor. We do not talk about specific operators on this call, and that's not relevant. As I said, that this lease that we restructured, you're only seeing one side of that. You haven't seen the other side. The operator has substantial amount of ownership in the PropCo, and that ownership backs the rent. This operator, it's an extraordinarily highly respected operator, and we think we'll get to a point that works for our shareholders and their ownership. You are only seeing one part of it. Just give us time, and you will see it will result into a mutually beneficial arrangement where we will be able to protect all of our value. Thank you. Our next question comes from the line of Steven Valiquette with Barclays. Thanks. Good morning, everybody. One other debate point to add into the mix on the $480 million of embedded NOI, and that's really the slide 10 as far as the construction versus inventory. As we look at your NOI margins in your SHOP portfolio, went from 32% to 30%, let's call it, from, I don't know, 2015, 2016 to 2019. A lot of that was that big increase in construction. That slide shows that's coming way down, which should alleviate some of the pressure as well. I want to just talk about that on the plus side. To the extent that you have some visibility, maybe just in your just overall strategic review of the industry, do you think that number goes lower from here on that chart on the bottom of slide 10 as far as construction versus inventory? Thanks. Steve, that's an extremely important question. I tried to address that in my prepared remarks. Look, we're all guessing, right? We have to assume that people will do things that is economically beneficial to them. If you look at how much the costs have changed, let's just talk about cost in last three years. You have places in the coast, costs are probably up 20-plus%, low 20%. If you look at some of the locations in take Dallas, Charlotte, Nashville, cost is up between 30% and 35%. The housing market is very significantly impacting not just the cost of lumber, which is everybody's talking about, but the cost and availability of labor, right? That's sort of one big impact. A development model is a highly leveraged model, right? If you thought you're going to make 7% on costs and suddenly now it looks like 5%, you're in trouble. On the other hand, if you see what's going on, interest rate is backing up in a highly leveraged model. By definition, development is a highly leveraged model, with construction loans, et cetera, what you have is now interest rates is backing up. It's further eating into your pro forma. Those two combination, assuming people don't develop for fun, they want to develop to make money, that proposition is increasingly becoming very difficult. This is an industry-wide comment. I'm not suggesting, Steve, you can go and develop a building in a given location and can't make money. That's not the point. As an industry-wide, it is becoming much more difficult. Assuming people want to develop to make money, that proposition is getting much, much harder. I'm not even talking about availability of debt capital, et cetera. The attractiveness of the model has been meaningfully hit in the last, call it three years, particularly last 12 months, as housing has just gone parabolic. In that context, we think there will be obviously a lot less supply than it has been in call it between 2015-2019. The 2015-2019, sort of the supply boom frankly, was created by a lot of the players, including our company, was paid $1.20, $1.50 on the dollar on the basis I do not see those participants in the industry anymore, right? People who are involved in buying assets today, they're very focused on the right basis, and a lot of the sort of the takeout premium is meaningfully gone from the industry as well. If you put all of those things together, we think that it is reasonable to expect, you can never accurately forecast what the future will look like. It is reasonable to expect that supply in next five years will be a lot less than last five years. It is guess nonetheless. We do think that will impact the rent growth, which is the point I was trying to make on the 480. That is the beauty of basis. I highly encourage all of you to look at what is the implied per-basis value of Welltower, and if you have to make at that basis a number, what rent do you need versus what it takes to build and to make some minimum acceptable return, call it 7%, whatever you think is the development yield should be and what is the rent. You will see what it takes to build today in our company, there's a huge gap between that potential rent, what's potential to bring new supply versus what you can get. That's not just a Welltower problem. I'm saying existing inventory versus the new inventory, that will give you a much more insight into what the rent growth may or may not be. Thank you. Our next question comes from the line of Omotayo Okusanya with Mizuho. Yes, hi. I just wanted to go back to Juan and Connor's question about some of the restructured leases. Shankh, you made a point that again, you're working on structures to help you kind of recover some of the kind of initial rent breaks or whatever benefits you're kind of giving these tenants in the short term. Could you just talk a little bit about what some of those kind of lease terms would be to kind of make sure, again, you kind of get those benefits back in when ultimately, this tenant starts to recover? Yep, that's a very good percentile. There are many ways you can do this. If you keep the asset under a lease, you can give people, obviously, short-term breaks. You can create two years out, three years out, depending on the level of EBITDA. You can do all bells and whistles to recoup that rent as cash flow comes back. That's the point Tim was trying to make. Remember, cash flow is now starting to come back, right? That sort of, if you re-retain it, obviously in the lease. Remember, there's nothing behind the leases. There's a proper interest sits behind the leases, so you have a value protection. If you go to RIDEA, right? We are not afraid, Tayo, just to take a rent cut. If that is what is the sustainable level of rent from the sustainable level of production, right? You saw that we bought a bunch of new assets in the quarter, reported quarter, where we did a triple net lease with a highly respected operator. In that particular case, you would say, "Why didn't they do a RIDEA?" If you look at in that portfolio, what we bought, the rent before us was substantially higher, right? 50% higher that they were paying to the previous landlord. Our rent is much lower. We set it in a way, but then we have some sort of a catch up. Our rent goes up not by 3%, but as the EBITDA comes back significantly and the EBITDA is already moving in that direction, we have a provision to get some more rent. It is also for the operator, at some point, they were paying 50% higher rent, and they will end up probably paying from the current rent level 10% more, 15% more, but they will keep rest of the cash flow, right? It works out on both sides. Why does it work out on both sides? Because the basis is lower. The issue is not a lease is fundamentally a form of a leverage, and if you put the basis in the asset so much higher, and then you put a high LTV loan or a high LTV credit, call a lease, you are kind of creating problems from two ends. In this case, it's a very low basis that helps both parties, the owner, as well as the operators, to make money going forward. Going back to your specific question, there's a lot of collateral that sits behind these leases from this specific issue that Juan and Connor and now you are asking about. This particular operator, which is one of the most respected operator in our space, has a substantial amount of PropCo-interest that they have created through a very significant development machine through 1990s. That PropCo-interest sits behind that lease. Let's just say you can do it from a lease. This is just a generic statement, or you can go to a RIDEA, right? If you go to a RIDEA, the ownership will change and will reflect the fact that their future liability is lower, AKA, we lost an asset, and we have asset that backs that lease, and we have an opportunity in that restructuring to own more of the real estate, not the same amount. That's the way to think about it. Thank you. Our next question comes from the line of Nick Yulico with Scotiabank. Thank you. Looking at a couple of different slides you guys have, and just trying to put this all together. You have this slide that's showing the future NOI potential getting back to pre-COVID occupancy. Yet at the same time, you're not providing full year guidance for this year. On one hand, you're implying a lot of optimism about getting back to a occupancy number, which is much higher than where you are right now. Yet, you're not really willing to commit to an occupancy range on the year. I guess I'm just wondering, what is giving you confidence that you're gonna get back to a higher occupancy level? I mean, the 20 basis points of April occupancy benefit seems like it's a smaller number than what you were talking about with your weekly benefit when you put out a presentation earlier this month. I'm just wondering if there's something that you can point to. Do you have a backlog of pent-up demand that you're learning from prospective residents that's gonna increase move-ins as you get into the third quarter and beyond? What else can we sort of point to here that you think it should give us confidence that you're gonna get back to pre-COVID occupancy? Nowhere on that slide, if you go back and see that we said we will. We just said, if we do go back to that occupancy, this is what the numbers looks like under this assumption of no rent growth and at the margin that it was at that point in time. You will decide whether we will go back or not go back. That's a matter of opinion. What we have stated on that slide is a matter of fact. That's sort of number one point. Number two point, we are nowhere implying that you will get to that number within a specific timeframe. Full year guidance that you have raised, that is a specific timeframe. We're not committing to a specific timeframe on that $480 million, which is on slide 13 of the presentation, because frankly, we have no clue, right? I mentioned on my presentation or prepared remarks that this is probably the most optimistic I've heard all of our operating partners from an industry momentum perspective. We're yet to see it on in our occupancy. Hopefully, we'll see it. We're not sort of counting on it. We're not giving you an occupancy guidance per se. We're giving you an FFO guidance, and we're simply telling you what underlies that FFO guidance, which is basically straight lining what we have seen so far. Hopefully, that answers your question. Thank you. Our next question comes from the line of Lukas Hartwich with Green Street. You said bottom on SHOP occupancy. It kind of looks steady based on some of the numbers you put in your release. I'm just hoping you can talk a little bit more about the cadence of the increase in occupancy over the past six weeks. Is it steady or is it bumpier? Just kind of curious what that looks like. Six weeks is not a long enough timeframe, Lukas, to give you a trend. If you insist, I can tell you if it is 60 basis points over six weeks, the weeks that are closer to us today have seen higher than the 10, and the weeks that are farther from us have seen lower than the 10. Six weeks is not a good enough timeframe for you to project. At least we don't have confidence to project that. I can tell you the tone of our operating partners is a lot more positive than what you're seeing. I want to see first in the numbers and then talk about it. This is a highly uncertain environment. We're just not gonna sit here and try to guess how things might or might not play out. Remember, there is a possibility things can get much worse. If we have significant resurgence of COVID-19, it can get worse, right? We're just telling you what we are seeing. We're telling you things, obviously, seasonally, we're seeing things improving, but we're not ready to go out and tell you that things will successively be better every week, and we have some sort of a secret sauce to see that. It's just a highly uncertain environment. Thank you. Our next question comes from the line of Daniel Bernstein with Capital One. Hi, good morning. I just wanted to go back to the idea of pricing power within seniors housing. I haven't fully run the numbers, but my guess is with home prices rising significantly, rent prices rising significantly, seniors housing is probably about as affordable as it's been in the last 20 years. I don't know if you've had discussions or thought about it with your operators, but maybe does that change the equation of what occupancy levels need to be for the industry to have pricing power? Traditionally, you think about 85% or better occupancy for pricing power, but maybe the equation's changed some. Yeah. I'm happy to. Dan, very good question. I'm happy to start sort of engage in a guesswork with you. It is a guesswork nonetheless. I can tell you historically speaking, HPA or House Price Appreciation Index, has a very strong correlation with obviously rent growth. This is a very interesting market, right? It's unprecedented in many ways. You haven't seen this kind of housing shortage combined with demand. You haven't seen this kind of escalation of rent, I mean, cost that makes it very difficult to build something. Reasonably speaking, you would say if all of those are together, you should see rent growth. At the same time, you have to acknowledge the fact that entire industry is in lease-up, right? I am not comfortable underwriting a lot of rent growth, but I also believe that you will see modest rent growth like you are seeing. Now, do I think that two years from now, the rent growth will be better than what we are seeing today? That's reasonable to expect. Do I know for sure? No, but I think that's reasonable to expect. Thank you. Do we have a follow-up question from Lukas Hartwich with Green Street? Thanks. On the HC-One loan, I'm just curious if you could provide the debt service coverage, what that looks like on pre-COVID NOI from that portfolio or that company? Lukas, can I get back to you on that? I don't have that on top of my mind. I'll get back to you on that. I can tell you on an LTV basis, if you ascribe no value to the actual business which backs the loan, not just the real estate, the overall fee in that LTV is extremely low. It's a substantial discount to replacement cost. I don't have the debt service coverage ratio pre-COVID basis in my head. I will call you offline and give you that number. Thank you. We have a follow-up question from the line of Omotayo Okusanya with Mizuho. Yes. Just a quick one for Tim. Tim, I noticed that there was a little bit of equity issuance this quarter, about $270 million. Can you just talk a little bit about why that decision was made when, again, you guys have so much cash on balance sheet? Yes. Great question, and it really has to do with our confidence in our pipeline. We've got between our development spend and the external opportunities we're seeing, it's got less to do, and it's why you're seeing it done in a forward structure is it'll fund activity when it occurs, but it's highly visible activity. Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for participating, and you may now disconnect.