Our real estate investments own irreplaceable real assets in attractive end markets. Douglas Emmett, Inc. is the largest commercial landlord in West Los Angeles, a market with such strict zoning regulations that the buildings can literally not be rebuilt, while Alexander's, Inc. owns the iconic Bloomberg Building in Manhattan. Our gaming investments, such as Red Rock Resorts, Inc. and Penn National Gaming, Inc., possess scarce gaming licenses granting the right to operate in their jurisdictions, as well as, in the case of Red Rock, certain parcels of entitled land giving it the right for future footprint expansion in local Las Vegas markets. Further entitlements in such local markets are restricted by legislation. Vail Resorts, Inc. is perhaps the apotheosis of sustainable competitive advantage, with the right to operate resorts on such irreplaceable mountains including Vail, Whistler, Beaver Creek, and Park City.