With a well-located portfolio and 80% of its centers having a grocery component offering essential goods and services, FRT is poised to experience an improving leasing environment. We estimate year-over-year growth of 5.9%, 4.7% and 3.9% in the company's rental income in 2024, 2025 and 2026, respectively. Also, exploring the mixed-use development option, which has gained immense popularity in recent years, will enable the company to tap into growth opportunities in areas where people prefer to live, work and play. Federal Realty focuses on maintaining a decent balance sheet position with ample liquidity. The company exited the third quarter of 2024 with $1.35 billion of total liquidity in cash and credit facility. The annualized net debt-to-EBITDA ratio was 5.5 as of Sept. 30. The company has no material maturities until 2026. Solid dividend payouts are arguably the biggest enticement for REIT shareholders and Federal Realty remains committed.