You know, which provides us a strong balance sheet for growth. So, Mike, turn it over to you-
Yeah
- for Q&A.
Yeah, great. So I'll start off with one, but we have a nice-sized room here, so please jump in, ask your questions. Let's keep it interactive. Maybe first to start off, consumer health has been a big focus these days. Can you talk about what you're seeing on the ground as it relates to the consumers at your shopping centers, their spending, how it's translating into tenant demand, and just anything we should be thinking out there with the consumer?
Well, first of all, thank you so much for hosting us today. This is, it's great to have the opportunity to sit and interact, and I'm looking forward to, you know, any questions that the audience has to certainly jump in. As far as consumer health right now, you know, fortunately for us, we're in the outlet business, and I think a lot of the consumers are pivoting to where can they get the best brands at the best value, and in many instances, that happens in our shopping centers. I still think that there's a consumer out there that sees the opportunity to go shopping as entertainment, something to do. You know, we compete with a lot of folks who are on the couch, much like the NFL does.
So we have to be just as crafty as they are in order to get people to get off the couch and actually come out into the physical environment. How do you do that? So what we've done is we've added great amenities for our customers, so there's more things for them to do when they get there. We've added better food and beverage. You know, nobody ever went to an outlet center before for the food, and now that's actually something that's becoming quite a destination in a lot of our shopping centers as we add better food and beverage services. We have a loyalty program, so we're rewarding our customers for shopping with us with more frequency, and we're doing so by rewarding them with deeper discounts.
So again, a lot of the brands that you love, you can get them the most, the best possible price in our environment, but now as part of our loyalty program, you can even get them better. So we're doing a lot of really creative things in order to entice the customer to come out and shop with us. And I think one of the more important things is, it's the brands. So yesterday, we just announced 5 new Sephora deals that will join our company, in varying geographies across our portfolio. Brand new to the outlet center, we'll have the first Sephora in an outlet environment. What they've recognized is that there's a consumer that shops that channel, pretty much that's where they interact with most of the brands.
They're not going to shop streets. They're not shopping in full-price malls. So that 120 million people that come through Tanger shopping centers on an annual basis will now have their first interaction, perhaps with a Sephora store, at least in the bricks-and-mortar environment, and, you know, then you leave it up to Sephora to trade them up through their ecosystem.
Interesting. Maybe a quick follow-up on that. Will the Sephora location be a full-price store in an outlet?
Yeah. So, you know, a number of the brands that have opened up recently in outlet centers are full-price brands that have consolidation product or, you know, far more promotional inventory in that store. You know, the way a lot of the retail brands work across the country, in my experience, working with Gap is a good example of this, where, you know, you'll have the high rent-paying stores in some of the higher-end malls or, some of the streets, and their, their job is to move out that high-margin inventory as quickly as they can. So what Gap has typically done is had, a number of, consolidation stores in their fleet, where they would move the, the products that don't sell into a consolidation environment. Outlet has really become the consolidation environment for a lot of these brands.
So some of the brands, Old Navy being one, that sells full-price merchandise in an outlet environment but also will have a lot of consolidation product in that store, keeps the margins clean in their full-price environment in their street stores and in our environments, they're able to move through a lot of excess inventory and merchandise and turn it into cash.
Got it. Maybe, maybe one other, follow-up on traffic. You disclosed traffic and sales when you put out earnings, but what about Tanger Club members and sign-ups? I mean, what's the momentum been like there?
Yeah, I mean, you know, I think the Tanger Club is a great program. You know what was interesting and back in the days, you know, if you recall, you know, the coupon books that they used to give out to shoppers when they would shop, it would say right on the cover of the book, "$5,000 worth of value inside this coupon book" because it was 30% off at a Levi's or 20% off at a Nike or another 10% off at Ralph Lauren, and if you used every coupon in the book, and you spent $100 in each one of the stores, yeah, you could probably save about $5,000. But a lot of people would pay $20 in order to buy that book because, you know, if you're gonna...
You know, it's you get 20% off at Ralph Lauren, and you go out and spend that $100, you get the payback right there and, you know, basically, the rest of the day, you get the benefit of that coupon. What we've done is we've digitized coupon. We've digitized our loyalty program. We have two sets of programs. We have one where, you know, everything is free, so you can be a member. It's great. We get the benefit of your information. You can link your credit card. So when you go in and you do a sale, you'll get points added instantly to your account just by virtue of linking your credit card. You don't have to pay with your credit card. We don't get any additional information other than we know that somebody shopped and bought this product at this store.
The retailers who are contributing to our loyalty program, because they're funding it, are getting the benefit of a lot of that data. So there's two tiers. There's the free tier, and now and there's a paid tier, and that paid tier, you get extra bonus, extra discounts. So we think that's a really important part to a lot of our consumer who's looking not only... You know, it's like the art of the deal when you come and you shop in an outlet center is to get the best product at the best possible price. I think people come back and talk about what they bought and how little they spent, more importantly than the actual item and the brand that they bought.
Yeah.
So...
Got it. Anything from the audience?... Okay. Maybe as it relates to Nashville, and you touched on introducing food and beverage to extend stay, convenience for the shoppers. Can you talk a little bit about, number 1, what the mix of that center looks like? And then, number 2, if we're thinking about the balance of the portfolio-
Mm-hmm.
How far are you in implementing and curating the mix for the rest of the portfolio?
The Nashville Shopping Center, which came out of the ground, fourth quarter of last year, 300,000 sq ft, opened at over 96.5% occupied, which is pretty amazing for a brand-new center. It just goes to show you how much interest there is for great brands to be in outlet centers. And Nashville, being a hot market, it was a pretty easy product to lease. 20% of that center is food and beverage, which is pretty high considering for that particular, for that particular marketplace and for our portfolio.
That being said, I think that there's a lot of opportunity for us to continue to add food and beverage to a lot of our centers, and if we can't do so in the center itself, we're doing it on the peripheral land that surrounds the center. So where we have a 30- or 40-acre, 300,000- or 400,000-sq-ft shopping center, the Tangers were smart enough to buy 50, 60, 70 acres back in the day, which we are now taking advantage of the opportunity to monetize. So in markets like Daytona Beach and Hilton Head, South Carolina, Westgate in Arizona, where the shopping centers are almost 100% occupied, we now have the opportunity to go ahead and get peripheral uses on that exterior product.
Got it. What about how far through the rest of the portfolio are you?
Yeah, I mean, we're going pretty deep. You know, we just signed off a handful of deals with Shake Shack. They went to San Marcos, Texas, as well as the center that they did with us in Nashville. Texas Roadhouse is under construction in our shopping center right now on a piece of peripheral land. In Westgate, we've done several Dave & Buster's, one in Savannah and one in Atlantic City, so we're doing entertainment uses as well. And there's a number of other exciting uses that are popping up on our peripheral land around the country.
But more interestingly, you know, when we built—when we bought our 30, 40, 50 acres years ago in many instances on a 100-, 200-, 300-acre mega pads, those master developers are starting to add a lot of uses to these centers now as well. And what we're finding is, Tiger Woods PopStroke is coming to a lot of the markets where we have centers, and Topgolf. So we're seeing a lot of great uses that extend the stay of the consumer. We open, you know, we're 9:00 A.M. to 9:00 P.M. in many of our markets. Some of these uses open up as early as 8:00 A.M. and stay open after midnight.
So it really extends the stay of the customer, and we're seeing a lot more evening business because a lot of that synergy that's happening on those, on those parcels.
Got it. And probably more during the week as well, as opposed to-
Yeah, and, you know, I think that that's really what's feeding the food and beverage business. You know, I said earlier that nobody ever went to an outlet center for food because it really wasn't sustainable. But now that a lot of the folks are moving to the geographies where our shopping centers are, we're finding our weekday business is far more interesting than it's ever been before. And I think what, what's happening in the case of, you know, Hilton Head, South Carolina, where we've taken a gourmet grocer from Nantucket, Nantucket Meat and Fish, they opened up in a Nike peripheral box. Nike went in-line in the shopping center.
Not only are we seeing people coming now Monday through Friday at a frequency that we've never seen in that center before, but we're also seeing a quality of customer coming to shop because the price points at Nantucket Meat and Fish, as you can probably imagine, are pretty high. That being said, we're seeing people come from as far as Bluffton and Beaufort and places like that, where we hadn't seen customers before. So our data is showing that as we vary our uses and we, you know, we change and we, and we increase our quality, we increase our catchment area as well.
Got it. And we have one.
Hi, I'm Rob Lawrence from FS Investments. Thank you very much. Quick question about the impact of retail theft and how Tanger is going about dealing with that problem.
Yeah, you know, it's obviously a big problem. And, you know, for us, fortunately, you know, there is no silver bullet that you can, you know, sort of mitigate it. You know, we're open-air shopping centers. There's great organizations out there, organized crime out there is tough. But what we've done in the last 3 or 4 years is we've really insourced a lot of our security. So we now have a security lead that works for our company, ex-FBI, and through that, that connection that they have, you get a lot of information up front. You know, so you're not just, you're not just reacting to things that happen. You could be a lot more proactive. You know, we have drones on a number of our shopping centers that we fly fairly regularly now.
If you're gonna fly a drone and get lucky and catch something in the act... But what we can do is we have a SOC. We have a security office in our corporate headquarters in Greensboro, North Carolina, monitored 24/7. If there's a problem, if there's an alarm, we can fly a drone, and we can follow the perpetrators into the getaway vehicle, and we can tag their license plate, and we've done a really good job of cleaning up after. So there's a lot-- technology has really helped us in that regard. And, you know, obviously, it's something that we, you know, we think about every day.
Much better answer than I expected. That's great, thanks.
I noticed one of your core, core values is your commitment to our planet. I was wondering if you can discuss any sustainability initiatives that impacts operational performance and cost savings?
Wow! Thank you for, thank you for asking that question. And, you know, obviously, we're doing a lot of these things for your generation and the generation beyond you. You know, the sustainability—the things that we do from a sustainability point of view, not only are they important for the planet, but they're also important for how our customers view us. You know, it's a relationship that we have with them. You know, a lot of people are driving electric cars right now, so every one of our shopping centers has electric car charging. We don't charge to charge.... So that's something that we do as an amenity to the customers that come and shop in our centers through a partnership that we have with a company called Volta. So they're able to provide that.
We also solar energy is something that's incredibly important to us. In fact, you know, a lot of our shopping centers, obviously, we've got a lot of roof space, 300,000 sq ft, have 300,000 sq ft of roof. We're able to install a lot of that solar infrastructure on top of our roofs. And what makes it even more important is that there's a number of different cities and number of municipalities and states that will actually give us incentive to go ahead and do that work. So, we're taking advantage of doing that anywhere that there's an opportunity for us to work in partnership with those communities. I think it's important to them as well, and we're thinking about other ways of attacking these things, too.
But those are just two big ones that, you know, we invest a lot of capital in, and it comes with a return. I mean, obviously, when you do a solar infrastructure, there, you know, you're—the benefit is either, you know, what you're contributing to the grid or savings that you have in your center itself. So, you know, it's, they're great ideas. They're great for the planet. They'll be great for the generations that follow you, and, you know, we're also figuring out a way to make sure that, we get a return on our invested capital.
Thank you, sir.
Thanks for the question.
Can you speak a little bit to the white space opportunity? Obviously, you've been active in some developments or recent acquisition, but if you look at the map, you guys are pretty focused in the Southeast, the Midwest, and the West Coast, not the West. Just wondering, what's the opportunity landscape look like out there for outlets? Are there acquisition opportunities? Is it more broad development that could take time? Just how do you guys think about expanding your geographical footprint, and is that something that your retailers also looking for?
Great. So I... You know, I'd step back from just Tanger's overall growth, right? We really have three pieces of that growth. It's our internal growth and everything that we're doing to drive rents, mitigate expenses. We talked a lot about the peripheral land and intensifying our real estate. You know, that's the core of our growth. From an external perspective, we're gonna be disciplined and prudent in what we're gonna go out and do, and it's really gonna be opportunistic to where we can take this platform and create value in the assets that we would acquire or develop. And from an external growth perspective, we're really focused on the outlet channel, which we've had a very long history in and a leading presence.
We're spending time looking at assets that literally are adjacent to our existing centers or where there's land adjacent to our centers that we can expand. Then that third part, which has really enlarged the addressable market that we can go after, is looking at open-air lifestyle centers. So full price, where we believe that we can leverage our marketing, the way we operate and the way we lease to the same exact tenants that occupy our outlets. As you know, our view is it's much tougher to get into the outlet business than for us to use the same platform and go into open-air lifestyle. You know, we're trying to go deeper into the markets that we operate in. You know, Huntsville was a new market, but we already had an asset in Alabama, in Foley.
And so, you know, to us, it's deepening where we already are in our presence and then evaluating new markets depending on if there's a white space opportunity. At this juncture, even though we did deliver Nashville last year, we think the opportunity to buy is greater than the opportunity to develop just because of the replacement cost discount that we can get in buying existing product than developing new. At our size, at $5 billion, we don't need a lot. We have to do the right transactions for the enterprise.
Maybe as a follow-up to that, can you size up, as it relates to the outparcel and adjacent opportunities, what portion... You mentioned 40 centers. What portion of your centers have adjacent land next to it, where it could be plug-and-play if you see opportunities to develop, or... Yeah, just maybe start there.
Yeah. I mean, we look at all of our assets for those opportunities.
Yeah.
For the existing land that we have, we think at least half of our assets today provide some sort of expansion possibility that can be acted upon. And what's really interesting is if you just, you know, go to Google Earth, and you can go in the history, you know, go back all the years, the explosion of population growth in a lot of the key markets that we operate in, just over the last decade, pre- and post-COVID, has really allowed the land value to go up and also to lease out to a lot of uses, where it's benefiting from a larger, built population as well as, you know, given a lot of the markets we're in, you know, the tourism has always been a big aspect of it.
But just given the growth in population, you know, a lot of our markets are in that top 30, either on a 5- or 10-year trailing basis, and that's what we're constantly looking at. And right now, I would say just, you know, you step back from a retail perspective overall, demand is greater than supply.
Okay.
Right? You know, so new supply starts in retail today are running at 0.5% of existing stock. There's more obsolescence going on in retail than there is new construction, and you listen to all the retailer calls, all of them are looking for new stores. And so we just got back from ICSC, where we met with, you know, all of our tenants as well as new tenants to the channel, new tenants to Tanger, and that demand has been very strong, which is what's fueling our record leasing activity. We came out of this past quarter, 2.3 million sq ft on a 15 million sq ft portfolio on a trailing 12-month basis.
... emulates what's going on from a demand, for retail today.
Got it. We have another.
Sure.
Sure.
Is there a risk to overexposure to some of the super luxury brands? Like, do they have a cap, like for instance, Loro Piana or, you know, is there a limit to how much you can expand with those types of brands?
In the outlet space?
Yeah.
You know-
Even, would you repeat the question?
Sure. The question was, is there a cap to the exposure of the luxury brands in the outlet space? And used Loro Piana as an example, which is a good example, because, you know, you can go to the Loro Piana store in Woodbury Common, and you, you know, you can get a men's cashmere sweater, and it's $6,500. And unless you understand what the value of that is, you get... You know, you'd be like: "Wait a second, dude, where, where's the value here?" But if you know that on Madison Avenue, that thing is worth $15,000, all of a sudden, you're getting a big bargain. I don't think there's a lot of markets in the United States that could support that kind of, you know. So maybe three or four, I think that's as many as there are.
There's probably a couple in Europe, but, you know, the luxury brands are actually thinking about outlet a lot differently lately. In fact, I think they're consolidating their footprints, not growing their footprints. Louis Vuitton, completely out of the outlet business in the United States. They had a Chanel store, they closed it. I think you know, they have found if they manufacture fewer goods and, keep their product really... Dear me! Look, there's a waiting list for the Hermès Birkin bag. You can't get one, right? So and, I don't know. I think Arnault knows what he's doing. I guess he's, you know, he's the richest man in the world right now, right? So I think, we'll see a lot more contraction than we will expansion in that space, for sure.
Hi, Ethan Gomez, Kearney Internet with APA Realty Trust. I was kind of curious on what was the best method of introducing and then retaining members in the Tanger Club?
Oh. Value, number 1, 2, and 3. I mean, people want stuff cheap, right? They want the best possible price. If you can go and buy a pair of Nikes for $100 someplace, and then you come to a Tanger Outlet and buy it every day, 20% discount, it's now $80. And then the Tanger Club, because you're a gold member and you paid the $20, will give you another 20% on top of that. It's called stacking your offers. Stacking your offers is a pretty amazing thing. So now you can get that price down to $64, you're winning all day long. So I think once you convince a Tanger Club member that they can get this unbelievable value by stacking their offers, one on top of another and get points on top of that.
So if you buy with your American Express card, you get your American Express points. We'll also give you your Tanger points. So now you just made the deal of the century. You got a $100 pair of Nikes, cost you $64. I gave you 64 Tanger Club points. American Express gave you whatever it is they give you. You're coming away with boatloads. They're almost paying you to take the Nikes. So I think that's how that's worked.
That's a good sales pitch.
I'm good at that, right?
That's a good-
That's why I'm in charge of selling the Tanger Club. By the way, I'm going to bring the applications over to you guys afterwards.
Yeah.
It's fine. Interns are fine, you know. We'll sign you right up.
Maybe just something real quick on leasing. You've had the insightful comments about customers don't know the difference between a temp tenant and a full-price tenant. That said, there tends to be a rent difference between the two.
Sure.
Can you talk about a couple things? One, what's the opportunity to increase permanent occupancy? And then, number two, I know you use temp tenancy to test. It's a testing ground for rent. What's the buffer like? How many hundreds of basis points do you need for a buffer to adequately test new concepts?
So, you know, temp tenancy for us, you know, comes in five or six different containers, right? You got the mom-and-pop stores that come in, and they keep the lights on in a center. You know, we said post-COVID that, you know, when we lost 1 million sq ft of tenants because a lot of these companies that were on our watch list finally went bankrupt, and they closed their stores, and we were able to, you know, replace them with tenants, but it takes a while. You got to identify the tenants, and, you know, there's build-out and gestation period to put a new tenant in.
What we did was we empowered all the general managers of each one of our shopping centers, 36 at the time, and said, "You're now in charge of temp leasing." So where we typically had a portfolio average of 5% that was running as temp, all of a sudden, you get 36 new reps out there, hungry to go out and find, you know, tenants to fill those vacancies in their shopping centers. We took that number up to 10%. So that 10% was kind of a number that had been floating around on temp. Now, the temp tenants make up a bunch of different sort. They're, they come in all different shapes and sizes.
I mean, there are great local retailers that come from the geographies where we have centers that had never been invited into a pure-play outlet center before because there hadn't been space, and we've been a little bit more sort of, you know, pure-play was really where we wanted to be. So if you're not an outlet, we're not going to put you in our center. We got a lot more pragmatic following COVID and said: You know what? We're going to take the best tenants in the geography, and that's who we're going to fill our space with, whether they're food and beverage, entertainment uses, amenities that bring... You ever, you know, the selfie, you know, little selfie stores, you walked in and you took your own picture? We did those.
We did whatever it took to keep lights on in a shopping center at a time when we were searching for uses. And we said in our earnings calls, you know, the customer doesn't know the difference between a temp tenant and a permanent tenant, but they do know the difference between a closed store and an open store. And there's something about when you walk into a shopping center that's 80% occupied, you can feel it. You know, it kind of feels like it's heading in the wrong direction. We wanted to make sure we kept the vibrancy. What else did we do? You know, you take a tenant like Lululemon or Vineyard Vines or UGG, and these are tenants that were like: "Well, I don't know if I really want to be in, you know, Myrtle Beach, South Carolina.
That's really not on my list."... and what we would say to them is, "Let's try before you buy." You know, a lot of retailers, particularly those who are pure-play outlet that only have excess inventory, don't know if they have 10 years of excess inventory and not ready to sign up for a new 10-year lease. So what we would do with these retailers is say, "Come on in, we'll do a 10-year, we'll do a month-to-month deal with you. 3 months, 6 months, 9 months. Sell out your excess inventory. We'll do a deal on a percentage rent basis, and if it works, you know, we'll figure out how to get you to stay. And if it doesn't work, well, you know what?
Honestly, you know, it's, I'm not I don't wanna sit there and go after you for a 10-year lease because you didn't have enough enough product in your store. It's better for me to go ahead and refill that space." In a lot of those instances, particularly the ones that I just shared with you, Tory Burch, and UGG, and Vineyard Vines, and Lululemon all started out as pop-ups in our portfolio. I would say that we probably have 15 Tory Burches now, 30 UGGs now, 25 Vineyard Vines, so the strategy works. Now, we also did a Mack Weldon deal. Mack, it didn't work because people didn't understand the price-value relationship of a $100 pair of underwear. So it I mean, you know, so they couldn't get out of their...
They would have needed to price their product down to $10, $15, or $20 in order to have a successful run. The economics didn't work for them. Mickey Drexler, former CEO of J.Crew and Gap, Alex Mill, that's his brand. He came into our shopping center out in Hampton, Riverhead. He came to Riverhead, built a brand-new store, called us up and said, "Hey, I wanna do Alex Mill in Riverhead. I think I got three months' worth of inventory." Sold out after a month. "So what am I gonna do? Thanks, Mickey," and we put somebody else in the space. So, you know, it's, you know, it's an entrepreneurial way for us to do business. We give the retailers an opportunity to be successful.
If they are successful, we can take them throughout the rest of the portfolio, which I think is a pretty good trade. If they're not successful, you know, let them fail fast, and let's replace them with somebody who will do better business.
So we got less than a minute here.
Speed round.
There's two questions right here.
Okay.
... Capital Advisors. New to covering your company, I was wondering if you are comfortable with where you are in terms of the top line growth last quarter, down and loss whether it is or whether... Second point being, do you expect to return to unsecured debt market anytime soon? Looks like only three tranches have been asked, and-
Yep.
Just curious in terms of refinancing these or, and other comments on that?
Yeah, so, leverage, we've communicated externally 5-6 times. We're at towards the low end of that range, and between EBITDA growth and free cash flow generation, you know, we're able to de-lever, you know, pretty materially each year, from those two sources. From an unsecured perspective, our next bond maturity is September of 2026. And so we don't have a need to come back. We are committed to an unsecured strategy. We're an unsecured borrower. We recently just redid our line of credit this past quarter, where, we were able to upsize our line of credit, which is different than I think most in the REIT industry. We brought another bank into the equation. We extended maturity and, unfortunately for the banks, we also reduced our pricing, by 15 basis points.
But, you know, as we go forward between now and September of 2026, depending on what external growth opportunities come about, we have our line of credit, and we'll have the ability to term that out through a variety of different structures, one of which could be the unsecured market.
I'm gonna steal 2 minutes of the buffer here-
Okay, yeah.
With this, so I apologize in advance. You opened Nashville 6, 7, 8 months ago, bought two centers 6, 7, 8 months ago. With Nashville, sounds like it's opened a success. What can you flag that didn't work out as you expected, that you kind of learned from? And then number two, for the two acquisitions that you've made, can you just talk about what has been implemented to onboard them to the Tanger platform?
All right, so I'll talk about Nashville real quick. Nashville's 300,000 sq ft and 65 stores. Bicester Village, which is the most successful outlet center on the planet in, in London, England, is 300,000 sq ft and 150 stores. Their sales per sq ft are 2x what our sales per sq ft are in Nashville. Biggest mistake we made was I didn't do 130 stores, I did 65. So I wish I would've had the discipline to do smaller stores for each one of the brands, so I can push their sales performance on a per sq ft basis up twice, because when you charge rent, you're thinking about occupancy cost ratio, sales as a percentage of rent. The smaller the store, the better, more productive we could've gotten them. The more productive, I could've charged more rent.
I probably could cash flow a lot better. So what'd we learn? That's what we're doing now. We're pushing a lot of our retailers to be a lot smaller in their footprints.
I'm gonna give you the-
Uh-
... I'm gonna give you the second question because I forgot about it.
Right, so and our average, yeah, I should've said, we're 15.6 million sq ft. Our average size store in our portfolio is 4,500 sq ft. We don't have big anchors, right? And so it's very malleable in terms of that space, in terms of the way our product is built. In terms of Asheville and Huntsville, we welcome both of those management teams to the company. And, you know, in the case of Asheville, we branded it, Tanger Asheville, plugged it into all of our programs in terms from an operating perspective, and have had at least some early success from a leasing perspective. You know, we have one closure that we just negotiated. We're gonna bring Columbia into that space.
And again, it works really well from an Asheville perspective, and we have a lot of plans for that center going forward in a market that's growing very strongly. In the case of Huntsville, we announced on our conference call, we brought Warby Parker to the center. Apple's under expansion at the center as well. And, you know, I'd say coming off of ICSC, there's a lot of discussions with that tenant base to continue to elevate what is already the market-dominant center in Huntsville, Alabama, which, for those in the REIT industry, COPT, OFC owns the Redstone Arsenal, which is the significant demand driver in the Huntsville market overall.
Great. Thank you.
Thank you.
Thank you, everyone.
Thank you.