Good day, and welcome to the Alexandria Real Estate Equities Third Quarter 2021 Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the call over to Paula Schwartz with Investor Relations. Please go ahead.

Thank you, and good afternoon, everyone. This conference call contains forward-looking statements within the meaning of the federal securities laws. The Company’s actual results may differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in the Company’s periodic reports filed with the Securities and Exchange Commission. And now, I would like to turn the call over to Joel Marcus, Executive Chairman and Founder. Please go ahead, Joel.

Thank you, Paula, and welcome, everyone to Alexandria’s third quarter ’21 earnings call and our seventh consecutive quarter in the COVID-19, which for sure has forever changed our world and our lives in very fundamental ways. With me today are, Jenna Foger, Peter Moglia, Steve Richardson and Dean Shigenaga. In honor of my favorite NCAA Basket Ball Coach and in his final year as Head Coach for Duke men's basketball, Coach K has said imagination has a great deal to do with winning. And I'd like to say to our extraordinary Alexandria family, thank you from the bottom of our hearts for a spectacular third quarter, and operational pace and execution tempo that really defines the terms operational excellence, and for your great imagination as Coach K said in all things big and small. Moving on the keys to Alexandria's stellar third quarter performance by all metrics amid a historic demand environment, I think, and importantly, the best is yet to come. Continuing historic high demand for Alexandria's best-in-class lab space, the niche which we invented, and our mission-critical and operationally excellent lab operations. Year-to-date, and others will talk about this, we've leased 5.4 million square feet and looking for a great fourth quarter to end the year. Alexandria is at the vanguard in the heart of meeting this historic high in an unprecedented immediate lab space demand from many of our over 750 client tenants. Moderna is a prime example, and another one which Dean will talk about, a big tenant in South San Francisco for a full building, as well as critical paths for future growth which is so needed. Thus the need for acquisitions, redevelopment and developments, and has been repeated time and time again, by life science tenants and their brokers, if any other company is…

Thank you so much, Joes, and good afternoon, everyone. As we begin to turn a new corner on this COVID-19 pandemic, which I'll speak to in a moment, life science industry fundamentals as Joes highlighted continue to be very strong, and provide the industry with the unique structural integrity to weather broader market volatility and cyclicality. The confidence of these drivers and key advances in our understanding of biology and next generation modalities will continue to fuel life science demands well into the future. So, as we spoke about last quarter, owing to the expediency at which the industry and our tenants move to protect the country in the world, we now have the tools and a roadmap at our disposal to end this pandemic, while also ushering in a historic new era for biotech and scientific innovation are none. So turning to our COVID-specific updates, by the numbers according to the World Health Organization, there has been a staggering 242 million confirmed cases of COVID-19 worldwide, about 20% of these reported in the U.S. alone, including over 4.9 million cumulative deaths. In the U.S., the incidence of new COVID-19 cases has welcomingly declined over 55% from its recent September peak of over 160,000 new cases to now 70,000 new cases, and we hope to see this trend and decline continue, of course. Three of the most widely distributed vaccines worldwide and authorized by the FDA has been developed by [indiscernible 0:09:36.3], Pfizer, Moderna and Johnson and Johnson. And roughly 67% of the vaccine eligible population in our country that's 12 and over have been fully vaccinated. So this is just over 57% of the total U.S. population. And we hope with boosters and expanding indications that this number of fully vaccinated individuals will continue to rise. As we saw…

Thank you, Jenna. Good afternoon, everyone. Alexandria’s brand power in the market is not only delivering the exceptional results today that you've seen, but also provides clarity for the potential trajectory of the company's future growth and enhanced dominant position in the life science ecosystem. Peter and I just completed an intensive on the ground tour through a few of our cluster markets. And the energy and enthusiasm for Alexandria's entirety of offerings as an integral part of the life science ecosystem was abundantly evident. The Class A plus quality and the mission-critical nature of the facilities that is so important during this time of COVID-19, coupled with the creation of true renaissance, like science centers on our mega campuses, provides for a set of highly desirable and sought after destinations. And the numbers the team are posting bear out this leadership position. The highlights include superb leasing milestones, year-to-date leasing is 5.4 million square feet. The highest annual leasing run rate in the company's history achieved during just these first three quarters of 2021. And as noted earlier by Joel, featuring the largest lease in the company's history to Moderna at 325 Binney Street for their 462,000 square foot state-of-the art headquarters. It's critical to note two important aspects of this leasing activity. One, it is occurring in our core sub-markets where we have high barriers to entry, low vacancy and a first mover advantage. And two, it is also occurring in the development and redevelopment pipeline at an accelerated rate, with the 1 million square foot of leasing in the segment during Q3 reaching the second highest leasing level for development and redevelopment projects, further validating Alexandria’s strategic and robust acquisition activity during 2021. Let's turn to the strategic expansion of our asset base. Q3 was a very…

Thanks, Steve. Hello, everybody. I'm going to update you all on our high value creation development pipeline and construction cost trends. And then I'm going to comment on our recent partial interest sale in Mission Bay, and some market activity that we believe represents overzealous behavior by new entrants in the life science real estate market that should lead to challenges for such groups. As Joel mentioned in his opening, historic demand for our differentiated life science campuses has continued in the third quarter, and we expect this to continue to at least the near to medium-term, as record levels of government, venture capital and biopharma investment continues to disseminate into Alexandria's cluster markets to discover, develop and manufacture new modality, such as cell, gene and RNA and DNA therapies. The resulting growth of our underlying industry gives us high conviction to continue as an elevated pace of development, redevelopment and to acquire assets to backfill the pipeline we're advancing today. This historic demand paired with our long tenure development experience and expertise, resulted in another outstanding quarter for Alexandria. We delivered 238,163 square feet spread over six assets, including Arsenal on the Charles in Watertown, which continues to be one of the hottest markets outside of Cambridge, 3160 Porter drive, which is now materially oversubscribed with tenants looking to tap into this unique partnership we have with Stanford, and our two ground up developments in Research Triangle, which are capitalizing on strong demand for research development, manufacturing space from therapeutic and agricultural technology companies. These deliveries will contribute $14.3 million in NOI over the next year. And as Joel and Steve noted in their comments, during the quarter we were very excited to add 325 Binney Street to our under construction pipeline. This new 462,000 square foot high performance…

All right, thanks, Peter. Dean Shigenaga, here. Good afternoon, everyone. Year-to-date 2021 really has been an exceptional year of financial and operating performance for Alexandria. Our brand trusted partnerships with some of the most innovative Life Science entities combined with operational excellence has allowed our team to generate strong results. Our internal growth has been very strong. Statistics from our pipeline of development and redevelopment projects are record breaking, and provide visibility for growth into the future. Total revenues, net operating income and adjusted EBITDA for the third quarter were very strong, and were up 20%, 21% and 22%, respectively, over the third quarter of 2020. All really amazing and impactful results. And I should point out that these stats exclude the impact of the termination fee that was recognized in the third quarter of 2020. Now internal growth and operating results continue to reflect the strength of our unique and differentiated business model and strength of our brand. Our same property performance represents one of the highest quality growth engines within the REIT industry, of which we are immensely proud. We have one of the highest quality tenant rosters in the REIT industry with 53% of our annual rental revenue from investment grade or large cap publicly traded companies, and an important statistic that should be noticed. And occupancy has been very strong and improving this year to 98.5% about 80 basis points from the beginning of the year, excluding the impact from vacancy and recently acquired properties. Now importantly, 1.4 million rentable square feet of vacancy from recent acquisitions represents about 4.1% of our operating rentable square footage, and is a significant opportunity to increase cash flows. Additionally, 41% of this 1.4 million rentable square feet of vacancy is leased or under lease negotiations. And as Joel has…

So, operator, if we could go to Q&A.

We will now begin the question-and-answer session. [Operator Instructions] Our first question will come from Manny Korchman with Citi. Please go ahead.

Hey, good afternoon, everyone. The topic of labor and materials potentially being an issue has come up, I think a couple of times in this call. I was wondering just from your tenants perspective, is labor an issue there? Certainly, this is a hot spot within the economy. And these companies are doing well. But are there enough scientists and other talented staff members to staff all these up incoming companies?

Yeah. So Manny, welcome. This is Joel. And so, I alluded to that in my comments that there is in fact, truly across the U.S. for many industries kind of a war for talent. And this is true in the life science industry. So far, we haven't seen any egregious shortages. But what I did say is that if somebody is going to not only create a company, but try to scale a company, you've got to be in the critical key existing clusters. You can't wander off and try to scale a company in Chicago or Denver or someplace like that in a way that you could otherwise do say in Boston or San Francisco. It just doesn't work that way. The pool of talent doesn't exist if you look at R&D, commercial, clinical, et cetera. So, at the moment, the existing clusters things seem okay. But there clearly is a war for talent.

Joes, just taking that one step further, it's Michael Bilerman here with Manny. Good afternoon. As you think about sort of just the overall space in the life science facility, outside of people, there's obviously an increased use of robotics and other things that have just gotten smaller over time. I think about our PCs that used to be the hunks on our desk that are now in our pocket. How do you think about sort of just the evolution of what's being done in your labs and life sciences buildings, just from an efficiency standpoint? And could you see that evolve, like the law libraries went out the window? Is that at all a risk? I'm not trying to undermine the demand of the business, I understand that side of it very well. But I'm just trying to think about the use of space and the use of robotics and all that to do more in less space.

I think that trend has been going on for quite a while. There is a whole lot of innovation that have made things that are repetitive, and by nature lend themselves to a more automated approach. But, science is in fact executed by people with pretty sophisticated backgrounds, and so forth. And so the need, not only can't you do science at home, but you can't do science purely robotically. You've got to make a lot of judgments and a lot of insights. And I don't know, Jenna, you've worked at the bench. So maybe you can comment directly.

Yeah, I think on that point, I was just going to say that I think, robotics innovation broadly, I think, allow a lot these companies to build larger and broader and more robust platforms. So companies are working more efficiently, but they're working on kind of parallel streams at once. So I don't really think that that -- I think robotics has enhanced what companies are looking for, but not really change necessarily real space needs, I think just the whole because the track of the entire industry. I don't think that's like a real thing,

A real threat that you're sort of mindful of.

Yeah,

No.

Okay. Thank you.

Yep.

Our next question will come from Rich Anderson with SMBC. Please go ahead.

Hey, thanks. Good afternoon, everyone. So I want to ask my first question on CapEx, and I looked at your supplemental looks like it's a lumpy number, TIs have been running anywhere from $20 million to $50 million in the past five quarters. I'm wondering, when I think about the triple net nature of your portfolio, the relative newness of your portfolio born from your own development largely, and just the strength of life science marketplace, do you feel as though that CapEx which seems to be all over the map, from the sell side perspective too is trending down? Or, relatively speaking to the size of your company?

So, Dean, you want to take on that? Peter, and Steve, you can chime in there.

Hey, Rich, it’s Dean here. I would say there's one overlay to your question, Rich, I think what you're highlighting is the newer assets may have a little longer time before it starts to generate some requirements for capital. But our portfolio has a range of assets generally, much on the newer side. But if you look back over an extended period of time, our CapEx, I'll call it the bad bucket of CapEx, anything except for redevelopment and development CapEx has ranged anywhere from 10% to 13%, maybe just a tad beyond that in a given year. So, I don't think it has generally moved in any one particular direction in the last five or eight years. It's been relatively consistent in that direction, Rich.

Okay. And Dean, while have you the $1.7 billion of dispositions targeted for the fourth quarter is a key variable to getting to your leverage target, I assume. What is the risk that one or some of that can kind of fall off completely or delay into next year, you'll have to sort of explain a little bit higher, at least temporary leverage position until they get done?

Well, I mean, the reality is there's always some risk, but I think we've moved the transactions along in a good fashion and have expressed expectations from both sides really, to bring closure to these transactions this year. So we feel comfortable, Rich, but we need to get them done as you point out.

Okay. And just a quick one maybe for Joel. Dr. Califf, new incoming FDA Commissioner, sort of a friend of the firm. Obviously, he's going to do his job, not play favorites, I'm not suggesting that. But what is his awareness of Alexandria? Is there anything beneficial that can come to you as a result of that relationship that you have? Or, is it just business as usual?

No, I mean, I think that's something we would never even think about or have a mindset about. I think the relationship we have, I mean, Rob, was a practicing cardiologist, he worked at Duke for many years. So he has a wide network across the United States. And I think how we look at him is, he's served in the position before he's well liked. He's a very smart guy, he’s a very compassionate. And I think that nomination -- or if the nomination happens, he seems to be at the top of the administration's list, I think, would be very good for the industry as a whole, not singling us out in any way, shape, or form. Because he's been there, he's been at the FDA, he knows how to get things done, and I think that's the big benefit for the industry as a whole.

Okay. Thanks very much.

Yep. Thanks, Rich.

Our next question will come from Anthony Paolone with JP Morgan. Please go ahead.

Yeah. Thank you. My first question relates to just the mark to market, just listening to Steve's comments about how that's changed and also just looking at your guidance for cash leasing spreads over the last several quarters. It seems like the market rents have been moving the last couple of years high single digits annually. And so, my question is, one, do you think it continues at that pace? And then two, it would seem that we haven't seen your peak mark to market leasing spreads yet. Is that fair?

Yeah. So maybe, Steve, do you want to comment on that, because I think there's some pretty good observations there.

Sure. Yeah, Tony, Steve, here. Look, this is across the entire portfolio. So this, number one is very broad based. I think that's important to emphasize here. And, as we've been seeing, when you see these leasing statistics, and the acquisition work we're doing, it's responding to the industry. So, with that, we'll see what's to come in the future. But, we do have a lot of confidence based upon our network of what the future holds. And, that relates to the mark to market as well, and the potential for further increases.

Okay. And then for Peter, in the past, you've done a nice job going through cap rates. Can you can you maybe touch on that through your markets?

I mean, I guess I’d broadly say that a couple years ago, there were markets like Research Triangle or Maryland, where people thought you're in the 6.5 to 7.5 range. And I would say today, I would doubt that there'd be any asset we would sell on our balance sheet in any market that wouldn't have a cap rate with a handle greater than a 5. So that way, we're going to -- you're going to see sub 4 cap rates, you're going to see nothing really go below -- I mean, until interest rates go up and then all real estate kind of gets hurt by that. I don't think you're going to see anything above a 5 something cap rate, at least in life science for the near future.

Yeah. In the core cluster markets.

Correct.

Got it. Thank you.

Our next question will come from Sheila McGrath with Evercore ISI. Please go ahead.

Yes, good afternoon. Joel, I was wondering if you could give us more detail on your thought process or strategic thinking on which buildings or which markets you're choosing to sell partial interest in. Is it -- are you looking to lighten up in California given the business environment? Just a little more color on that?

Yeah, I want to be real careful there because we have transactions underway. So maybe I would say defer that to the next quarter, where we could come in on the full year. I think the mantra that we have is where we have assets that are -- where we've really maximized value for Alexandria in a sense are ones that we certainly think about and look at. But it's a sophisticated set of issues and thoughts that we go through, but I think I don't want to come in given just pending transactions.

Okay. And then if you could give us some insights on the recent entitlements that you received at Fenway Park, was the timing and square footage in line with your expectation? And will this extra 450,000 square feet be near-term project?

Yeah. So Peter, you could comment on the underwriting?

Yeah, Sheila, we actually underwrote a lower amount of -- more conservative amount FDR [ph] that we get on that additional side. So we're quite pleased with the outcome. And we are already set to design a project on that site. It's underway. The leasing that was done at the current development on the site there has been terrific, as you can see we're in the in the 90% leased and negotiating, and we're just wrapping up any leases that we haven't ramped up so far over the next quarter. So, the Fenway market is exceeding our expectations. The outcome of the entitlements was tremendous and we'll be capitalizing on that in the near future.

Yeah. And you guys, either Steve or Peter, you can comment on the leasing that was done there from when we started early in the year till now, and how we've been able to really bring our client base to that project.

Yeah, I'll start with and then Steve, you can add anything. But, one of the things when we bought that asset, the one that was under developed was 17% leased at the time. And within, I think a quarter, I was looking at the statistics of when we were preparing their supplemental, and I called up our team and I said, guys, like you're making incredible progress here, what is going on. And what they told us was, what they've been -- what they were told by the market was essentially, this is a great project. And the developer was a very, very good developer, but not allowed developer and that the market was waiting to see who was going to acquire it. And once they saw it was us, then people were ready to commit to it. So we went again, from 17% to in the 19%, at least in negotiating in I think within two quarters. And it was all because, our brand was put on the building, and people could trust that we would do an excellent job of not only finishing the development, but operating it down the road.

Okay, great. Thank you.

Thanks, Sheila.

Our next question will come from Jamie Feldman with Bank of America. Please go ahead.

Thank you. Steve, in your remarks, I think you had commented that you and Peter just kind of made the rounds around the markets, and felt very good about supply through ‘22 and ‘23. Can you talk more about some of the details of what gives you that comfort?

Sure, Jamie, Steve here. I think, as we toured through the markets and you drill down on a parcel by parcel or building by building basis, as I did comment, there are a number of single buildings that may be either redeveloped potentially from office to lab, or being advertised for that, or you may see a project or two that has some horizontal work going on, and people are talking about vertical for lab. That timeframe is here and now. So you actually have to see that activity to have a true delivery in ‘22 or ‘23. A lot of what is being talked about, still needs to be entitled, still needs to be permitted, still needs to actually have the horizontal work done before someone's going to make the decision to go vertical, and potentially go vertical without an anchor tenant. So I think it's just important to really bracket the timeframes here. And we just saw that time and time again, and each of these sub-markets really on a specific building and parcel by parcel basis.

Yeah. And I think if you overlay that, Jamie, with what Peter said, about construction issues, it makes it all the more unbelievable that people could maybe broadcast something when in fact, they couldn't accomplish it. So I think that's the reality as well.

It’s Peter. I just would add that, we really didn't see anything that was going to reach the scale that we can provide our tenancy, as Steve mentioned. Lots of projects named, but they're essentially one-off. And, as we've discovered over the past few years, as we've assembled our mega campuses, there's just a lot of power and attraction that tenants have to that aggregation. And what we see in the markets when we were touring on our decent sites, but nothing that would compete with us on that scale. So anyway.

And then, are there certain markets that you'll be watching more than others that maybe -- I mean, sounds like you're talking about 2024 at this point, but just generally, where do you see the most potential supply risk?

We’re tracking each and every one of the markets very closely, Jamie. Certainly, San Diego, San Francisco and Cambridge, tracking those closely, Seattle, Maryland and Research Triangle as well. I don't know that there's any one market right now that is most concerning. Over the others, we're just monitoring it very closely broad based.

Yeah. And I mean, the other thing, Jamie is, that's more than two years out, so we don't know what the macro environment will be or the micro demand environment as well. So, hard to predict.

Okay. And then Joel, just listening to your comments at the outset of the call, couple – it sounds like you're somewhat frustrated with the political environment. Can you…

I think, every -- yeah, that's just not me. I think we're speaking about everybody that days, the old days of bipartisanship are kind of gone. And everybody seems to want to railroad their ideas. I mean, I spoke about the infrastructure package, which is being held up kind of as ransom for this much broader cradle to grave social entitlement thing. And if infrastructure is so important, why isn't it just done, because that is bipartisan. But I've said, I think it's a 20th century infrastructure package, not a 21st century infrastructure package. And if we don't watch out China's going to eat our lunch here over the next decade or two.

Okay. So I guess just to ask the question, I mean, what concerns you the most as it pertains to your business specifically?

Well, I mean, I think the way – I think the folks that are in there, nobody knows who they are that are pushing this 3.5 trillion, but now slimmed down, because of likely Joe Manchin and Kyrsten Sinema to some number that still seems outrageous. It's like going into a store, buying things and then figuring out Gee, I don't have a credit card, I don't have a check, I can't cover this. What am I going to do to pay for this? That's what it seems to me, that's a good analogy. And the items are pretty crazy, too. Certainly, we can do much better in a bipartisan fashion, not just crazy stuff.

Generally, it sounds like you're comfortable with the life science part of things.

Well, I mean, I think early on they're going after all kinds of sources, without any regard to policy. This is maybe the point here, Jamie. It's not a policy decision. It's, oh, where can we try to get $1 trillion or $2 trillion or $3 trillion or $4 trillion or $5 trillion from a bunch of sources without thinking about tax policy or health care policy. It's all about -- let's just steal somewhere and put it somewhere so we can get the goodies we want. That's not how to run a government.

Okay, understood. Thank you.

Yep. Thank you.

Our next question will come from Tom Catherwood with BTIG. Please go ahead.

Thank you so much. Good afternoon, everyone. Great to see the lease with Moderna at 325 Binney. And Dean, thank you for the color on that. In the past, you've worked with the Citi to add more density to your Cambridge sites. With the acquisition of One Rogers and One Charles Park, what’s the opportunity for further densification in Cambridge?

Yeah, so we don't want to give anybody else a roadmap. But I'd say there are unique opportunities we're looking at. And we think given our position in that market and our knowledge of that market, much like three to five, which we were able to substantially up zone, we had actually underwrote that site for something like 200,000 or 250,000 feet, and we're able to do much better. I would say, just wait and see. But there are things that we are doing and we will be doing that are pretty amazing. So, let me leave it at that.

Got it. Thanks, Joel. And then last one for me. We've heard numerous examples of life science companies facing challenges with small molecule manufacturing, and especially products that have short half-lives, like radiology treatments. In the past, you've talked about specialized domestic drug manufacturing as an area of opportunity. And what's your current view on manufacturing up kind of build outs or development for Alexandria? And given the mission-critical nature of these, are tenants looking to own these instead of lease them?

Yeah. So Peter, you've got a whole lot of recent experience on the integration of the R&D with the manufacturing. So maybe just kind of a quick overview of how to kind of think about that.

Yeah, Tom, what you were alluding to more small molecule as -- the issue there's more just onshoring the materials that go into that, and hopefully, eventually manufacturing things there. But that's really not the opportunity we've been touting. The opportunity we've been touting is the next generation manufacturing of cell and gene therapy type, or even DNA and RNA type of drugs like Moderna manufacturers. Those drugs need to be near the research. They're living and breathing biologics that will take constant tweaking until they can be gotten right. And so, the tenants tend to need those facilities within even probably preferably 10, 20, 30 minute drive versus across the country, or in an area where maybe there's cheap labor. So that's the opportunity for us and we've taken advantage of it in acquiring some properties that will do well for manufacturing. There's certain attributes to a building that makes it better for manufacturing. But we've been also very careful in setting ourselves and putting ourselves in a good position to do that, by ensuring that where we're buying this real estate and real estate that we're buying would also work well for R&D. And so it's easy to do, because, as I said, the tenants will want these facilities to be very close to where they're doing the R&D now. And so, down the line, if we have a building or 20 in a market that is being used for manufacturing, and then they become available, they could also easily convert to R&D down the road. Hopefully, that answers your question.

That that was really helpful. Thanks so much, everyone.

Thanks, Tom.

Our next question will come from Michael Carroll with RBC Capital Markets. Please go ahead.

Yeah. There was a sizable increase, I guess, in your staff related projects under construction, or expected to break ground over the next six quarters. I know this stuff was about 57 versus 52 in the prior stuff. I know there's a lot of moving parts within these numbers, though. But I guess, my key or that my question is, how much of that increase is due to new projects who’re planning breaking ground before 2022 versus kind of starting to bleed into maybe the beginning of 2023 into those numbers?

Yeah, so I'll let Dean comment. But I would say keep in mind, the key driver here is immediate demand by our tenants and a path for future growth. So we're trying to kind of juggle both requirements. So Dean, you could comment.

Yeah, Michael, I think what you're trying to understand a little bit is as we look at the full year ‘22 versus something going into ‘23. And I think you'll see us quarter-to-quarter extend that horizon a little bit. It's nothing to do with timing of transactions slipping. You can actually see a number of changes, if you were in supplemental, a supplemental where we had a number of projects across the spectrum from near-term, intermediate to future, get accelerated forward in the timeline. And as we highlighted in our commentary, all of this has been driven by as Joel mentioned, as well, demand for the space and an acceleration of our timing outlook as a result of the requirements that we're dealing with, with our tenant base and other relationships as well.

Okay. So, I guess if I'm understanding correctly, this is more of you're seeing near-term demand, so you're willing to break ground on new projects over the next six quarters, and that's driving the large part of that increase?

Yeah, exactly. And as I mentioned in my commentary, almost all the activity you're seeing has some level of leasing on it. So we're sitting in a pretty nice spot right now.

Okay, great. And then can we talk a little bit more about the fundamental backdrop, I guess, particularly market rent growth? I mean, can you quantify how much market rents have increased this year compared to prior years? And is there any big differences among the top clusters, I guess, particularly Boston, San Fran, or San Diego?

So Steve, maybe give a top side view of that. I want to be careful. We don't benchmark each and every market,

Michael, look, again, it's been broad based. I know, we've said that, but it really is. And, I think you're probably in the mid to single digits in some of the markets and maybe even double digit, low teen growth in some of the markets. We are just going to have Investor Day in a number of weeks here, so why don't we push a little bit of this question to Investor Day?

Okay, great. I appreciate it.

This concludes our question-and-answer session. I would like to turn the conference back over to Joel Marcus for any closing remarks.

Okay. Thank you very much, everybody for your time and attention. And stay safe and god bless.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.