American Healthcare REIT, Inc. (AHR) September 2026 Conference Transcript

Thank you. Welcome, everyone, to the B of A 2026 Global Real Estate Conference. My name is Carol Grinness, and I am lead coverage for the Healthcare REITs on our B of A U.S.

REITs team.

I also, in the audience, have Jeff Spector, head of U.S. REITs, and my associate over here, Julieta. We are joined here today with Jeff Hansen, the CEO of American Healthcare REITs, as well as Gabe Wilhite, COO, and Alan Peterson, VP of IR and Finance. So at first we'll turn it over for opening remarks and then we can open it up for Q and A. I definitely encourage everyone to interject. If you have any questions, feel free to have an open conversation. So Jeff, turn it over to you.

Thank you, Farrell, great to be here with everybody. And in addition to the gentleman on my right and on my left, we also have our lead independent director on my left in the back, Scott Estes, who many of you probably know served as Welltower's CFO for 12 years. So he's been an incredible value add being on our board for the past four and a half years. So in terms of AHR, those of you who may be less familiar with the company, we're a dedicated healthcare REIT that's essentially focused exclusively in our Rodea vertical, which is obviously the high growth sector of the healthcare industry and the real estate industry in general these days. it represents well over 80% of our NOI growing rapidly. That's by design. And it's been an incredible year for the company. We continue to post industry-leading internal as well as external growth. And we've managed this year particularly to scale the operating platform meaningfully, both ahead of and in conjunction with robust and disciplined external growth. In terms of performance, many of you are probably aware in Q2, we did increase guidance yet again. This time it was over 5%, and that translates at the midpoint into NFFO per share growth this year over last year of 26%, which leads the entire industry sector by fairly wide margin. I think that the next closest peer is 21%, and we've been able to do so, and this is what we're very proud of, while deleveraging materially at the same time. So we took three times net debt to EBITDA at the end of Q1, down to two and a half times, and continuing to drop again while we're driving robust external growth. I think the last thing that we would mention is the performance of the company and all the same-store NOI metrics that continue in most respects to lead the industry. They're largely driven and continue to be driven by increasing revenue, expanding margins, and increasingly widening operating spreads. So the business is incredible, and we're really grateful for the way AHR is positioned.

Thank you. And I think to kick this off, we've obviously seen a lot of press releases coming out, updated in news. Can we first start with your updated year-to-date acquisitions? We've now seen over $2 billion worth of investment flows for year-to-date. Can you touch on, one, what those acquisitions maybe make up of larger acquisitions as well as some of the smaller ones, and maybe how that has changed your framework of how you buy, or at least is in line with how you buy?

You want to lead off, Gabe?

Thank you for hitting that, Carol. So, what we saw so far in 2026 is an expanding opportunity set of really great assets and unique operating partnerships that are going to take us to the next level. So, of that $2 billion, the average vintage 2019, they're all very new, continuum of care assets that are larger, meaning you have AL, IL, memory care all under one roof. It's easier to cross-sell between those sectors, and it drives occupancies higher and margins wider. Our main strategy for growth, because of our size, we're about a $13 billion market cap company, is to do 1Z, 2Z acquisitions that bolt on to existing operator relationships in the markets we're already in. The hardest part of this entire business is finding the right operators, actually having access to them, and making them better than they would be if they weren't a part of your platform. That is the key to success in senior housing in a nutshell. So, if you pair the right operator with the right asset, you get outsized performance. Once you've already identified the right operator, build a regional concentration, adding one or two buildings to their existing platform is very easy, and it's a low-risk way to grow their scale and to grow our business. In certain rare circumstances, there are operators who are new to us from a financial relationship, but known to us for probably decades. We have a asset management team that's been in the business for, in some cases, you know, three decades, and they know everybody in the industry. So, when a rare opportunity to partner with like a Kensington comes up, who has never had a REIT capital partner before, and they have options on who they pick, we stand out because we're the preferred capital partner for an operator like that, because we're focused on the quality of care first, the resident experience, the employee experience and we're aligned on what matters most so we saw kensington is that by the way that's a 873 million dollar deal super infill locations that are incredibly hard to replicate with a typical entitlement process in a land assemblage process that took five to eight years that's that's us playing offense and defense at the same time right you're growing a portfolio with a great asset but you're also buying assets that are going to have a long runway for growth and have a wide competitive mode, just really hard to compete. So that Kensington deal, I think, is a great example of how we're going to execute. And like I said, $873 million, of which about $570 million is closed. The remainder is supposed to close at the end of the year. It's not just a one-time transaction. Kensington has developed seven of the eight assets that we bought. They have three more that are in the pipeline. We would love to be a partner with them on future developments one way or another, and we look for that in every operator relationship, not just a one-time transaction where it's getting the assets and growing. For growth's sake, it's building a strategic relationship that can add value to AHR's platform over time.

And, you know, I've had the The LCB or the Berkshire, that's an anonymous portfolio that we took down in early August, that an LCB manages. They built five of the eight. They managed seven of the eight for us. And there are a lot of commonalities between both the Kensington and the Berkshire deal. A, in terms of the process, relationships, longstanding, decades-long relationships, went not just up to the senior management team in both those deals but actually up to our board and we were outbid on both those deals but we were deemed not the highest price but the best partner um and uh dave vader at uh kensington's on the public record uh stating that so we appreciate that the second thing is it's not just kensington that's in fortress or high barrier to entry markets. This is some of the best shop asset quality that I've seen in a 32-year career. So is the LCB product or the Berkshire product. Those were all built either in 2020, 2022, or 2023. And LCB also has, as Kensington does, very deep core Class A luxury senior housing development capability that we would love to grow with as well.

Well, before we dive in a lot deeper on the development and acquisition side, I also wanted to touch on other recent press releases and news updates, namely in your leadership transition as well as recent hires. Can you just give us an overview of some of the moving pieces that we've seen be announced as well as future plans for AHR's leadership?

Yeah, look, there's a lot of exciting things happening. A lot has been compressed into a compressed period of time over the last several weeks, but the reality is it was work in progress since the beginning of the year. So strategy doesn't change at all. The strategy was right. What changes is our ability as a company to execute at much higher scale, at much broader scale, okay? Okay. So, Gabe was appointed president and chief operating officer. He already held the COO role. I came back in as the chairman and CEO, a role that I filled for 16 of the last 21 years as Danny retired after his health issue. We recently announced that we brought Eric Chang in. He starts October 1st from public storage. Many of you will know that's an S&P 500 operating REIT. So it was important to us to pull our next generation CFO, not from a traditional property REIT configuration because we're too dynamic of an operating business. So Eric is going to be a phenomenal next-gen CFO for the company. Again, he starts October 1st. And Danny hasn't gone anywhere, by the way. He's still a very highly valued advisor to the management team, and he remains on the board as one of the co-founders of the company. We also hired two very important division heads, both of whom report to Gabe. They started on the same day two weeks ago. One is Ann Lacey from Artemis. she built their shop asset management platform. She heads up as our EVP of shop strategic asset management, the same function. Importantly, she came with deep financial acumen from seven or eight years with one of the best performing shop investors in the country. But as importantly, she was in critical operating roles for 11 years with Sunrise Senior Living before that. So she has the perfect blend that we've actually built our entire asset management vertical around. which represents one of our competitive advantages with operators, both new and existing. And the last, do you want to go into our new CTO?

Yeah, so our CTO, John Crozier, comes from Kilroy. Before that, the Irvine company has deep experience across real estate asset classes, which I think is pretty important to the story today. So I don't think I'm going out on a limb here by saying a lot of people have commented on the lack of sophistication from the senior housing investment community and the lack of resources maybe from a tech stack side for the operators. We're trying to bridge that gap better than anybody has done before, not just on investments, although that tech and that data is important to make better investment decisions. Utilize data that's not just available to everybody through a subscription to NCMAPS, which is not a very high barrier to entry. Focus on different data that if everybody's focused on one data set and you have better, more accurate, more real-time data that's coming from somewhere else, you have a competitive advantage in investment selection, but also going much further than what just the initiation of the transaction with an operator is, which is actually finding the deal and closing the deal. It's now what do you do? Now how do you outperform operationally? And our focus is a little bit different than most. We don't think one national operator that has great resources is the best way to play in the space. We think the regional operators, headquarters, basically drivable to all the assets they manage for you, is a better way to do it. They drive the culture in the building. They care about it. It's easier for them to recruit. They provide advancement opportunities for their best employees within their buildings, just moving to different locations in that regional density. That's a lesson learned from owning Trilogy for almost 11 years, right? What has really worked at Trilogy? How did they outperform? How do we copy that playbook throughout our shop playbook? So what do the regional operators, that's all the good stuff they give you. What's the cost associated with that? Otherwise, everybody would be doing it. One, they're smaller. They don't have the resources to have their own CTO to build out their data and analytics platform. And two, They might not even know what to do with that data once you give it to them or have the resources to do something about it. So two ways that we're fixing that. One is John Crozier, our CTO, who's going to draw on a far broader background than just senior housing to deliver the competitive advantage we need. But two, we've got the Trilogy platform supporting the whole thing. And that's absolutely unique in this space to have alignment like we have with Trilogy at their scale. they operate 150 buildings for us. One of the things that they're really good at is innovation and not having pride that right now this is the best it's going to get. And that innovative idea can come from literally anywhere in Trilogy, and they'll test it out in one building, three buildings, and then roll it out to 150 within their ecosystem. But what if we roll that to 250 within our ecosystem at AHR more globally? That's a real platform value advantage. So we've created financial alignment with the Trilogy management team to do just that. So, we have probably the best-in-class alignment to NOI growth for the management company, and that's the LTIP that they have is based on real NOI, not just top-line revenue, which I think is table stakes at this point if you're in seniors. If people are not talking about real NOI incentives, then I think it's borderline on investable. But the way that we pay that NOI-based LTIP is in AHR currency. So, we created the first management incentive plan that's equity based with our equity. They participate in the value creation from Growing Trilogy's NOI, which is great for all of us. It's the right incentive. But two, they have this real financial incentive for our other shop operators to outperform. So if they need help implementing a software that Trilogy's developed, like their revenue management software, the operator might not have somebody to do that. a Trilogy employee can actually work with them and help them integrate their system so that they can leverage Trilogy's tech and also accomplish the mission of doing something with the data that you already have.

Yeah, and I've got one brief thing. The same SOAR metrics that I'm sure most of you are familiar with as it relates to AHR, they're good numbers, but they're not just good numbers. They're a deep signal to us that the synergistic operating ecosystem that we've created that is AHR is actually working and it's firing on cylinders. And the reality is we're still at the very early stages, and you've got an operator that's as good as Trilogy over the past 30-some-odd years, and they're really an operating laboratory at scale for us. And the real value proposition, they're not just an investment. They're probably one of our most strategic assets. Those of you that are familiar with the company understand just how true this is. the real goal is to take what we know works well through that operating laboratory and propagating it across the other 11 operators that we have. And we've got a thin operator base in terms of total number by design.

So just to dive in a little bit deeper, I think Trilogy is such a unique product. And so I was hoping that you can go through, and you were already alluding to what I was going to ask, but when thinking about your initial relationship with the IPO, the next steps when you were able to buy out your full ownership, and then also with that potential of doing future development on Trilogy campuses and then the rollout through your shop platform as well. Can you walk us through either where you are in different stages of that process and where, as you were already speaking about, the Trilogy platform, but even on the development side, what you see as the future for Trilogy?

Yeah, their development capabilities are exceptional, Gabe. I'll take a certain part of that at a time level.

Yeah, the vast majority of their 150 that they operate for us will actually develop themselves because it's a unique asset type with unique requirements, so they're purpose-built, right? The prototype we're on now, I think, is prototype four, maybe five, depending on who you ask. It's value engineered so that, one, the costs are not too high, of course, right? But it's also value engineered operationally. So, a lot of times, if you're doing a development deal, it's designed by somebody who is designing without senior housing in mind, or they like the idea of senior housing, but they don't understand, hey, if I put too many units on a straight hallway to nowhere, it's going to screw up my staffing ratios, and now it's going to be less profitable because of a physical plant design issue. So, Trilogy has solved that because they're true operators' operators. So, how do we tap into that and go beyond just Trilogy, I think, is an interesting question that just put a pin in for right now. Within Trilogy, we're developing three to five new campuses a year. In the states that they're in, those new campuses have expansion opportunities after they're already up and running. It de-risks the entire development proposition when you don't build so big and guess what the demand is going to be. you build potentially a little bit smaller and have excess land to develop product where the need dictates the product should be. So, you can add independent living villas, which will be on the tour. You should sign up for it if you haven't already. Or you could expand memory care. You could expand AL. You could expand SNF. You have optionality on where the demand is showing up and what you want to do with it. So, that expansion opportunity is the part that's probably the most interesting right now. So, we did a deep dive across our entire shop portfolio. Most of those operators are not focused on development expansions, right? But where we have very high demand, meaning high occupancies, we have high rates, and we have excess land, that's an opportunity to expand the existing shop portfolio. So we've identified several of those opportunities that we're pursuing right now, and Trilogy's development team is managing those developments for us, actually working with the architect techs to optimize for operations. So they come back, we got the design, and Trilogy's like, not this one, not this one, do it this way, can you go over here, like real valuable feedback to make them more profitable and make the developments make sense. That's something that I think we can continue to look at and expand on beyond the first start was the low-hanging fruit. It's where we actually owned land. Step two is let's see where we can buy adjacent land and do even more expansions and get even more benefit out of Trilogy's development capabilities.

So general rule of thumb is $150 million to $200 million in new development amendments annually within the Trilogy ecosystem. And the one thing that Gabe didn't mention that I will mention briefly is not only wing expansions or general expansions of existing shop assets, but they're also running all of our CapEx, which they're extremely sophisticated capabilities for all of our shop portfolio. So we're really extracting synergies. And the way that Gabe structured their incentives with our stock, our stock is the currency through an LTIP, is deeply incentivizing them to do so. They're sharing everything with our operators.

Yeah. And can we unpack that for a minute? Why is that important? Right. So at some point, your building is going to become so dated that you're going to be at a competitive disadvantage. And what we saw Trilogy doing over and over and over again was this five-year and even longer plan of here's the ones that need X, Y, and Z update. Here's the pacing of how those updates should be done. A lot of times in the industry, you'll see the buildings that are performing the best get no CapEx because they say, oh, you don't need it. So, they become dated. The employees there feel slighted, like, oh, our reward for success is that we have the 1990s yellow walls and maroon carpets and stuff like that. It doesn't make any sense. I get why people end up there, but if you're thinking long-term growth and long-term value and how do we keep our best employees engaged and performing at a high level, that's all part of what they do. So, Trilogy now can do that for our entire shop portfolio, have regular refresh plans, but also identify the opportunities where you might be able to have a rate, a big rate increase opportunity by putting some capex into the building and kind of repositioning it as well. That's probably the next frontier for good value add investments as well.

Can you break down the returns expected on the ground up versus the expansions?

Yeah, I can jump on that one. So most of – and this is all in our supplemental, by the way, if you want to look at – we actually disclose every single project that's going on. So if you look at the independent living villas, those have a little bit of a lower cash yield, like call it high single digits, but they get to operational profitability far faster. So the great part about those villas is you don't build them unless the buildings really ripping and doing well, you've got the excess land and you can pre-lease them. You build a model home and you pre-lease them so you don't have the operational drag that you would have a typical senior housing development where you're going to lose some money before you actually start to make some money. You already have the staff there. You already have the sales team there. It's ready to go. So, those are from a path to profitability, returns on investment perspective, probably the best opportunities. In Trilogy, not to mention from a quality of life perspective, the people that are in that product love it. It's like, you know, I don't know. It's kind of like a fraternity or sorority row for old people. Excuse me. That's a new one. So, they, yeah, except, well, they probably start drinking the same time of the day, three o'clock. So, it's, you know, that social aspect of it is interesting and good for them. The occupancies there are frequently the highest in our portfolio in the mid-90s. The expansion projects have the highest ROI, but there's just not that many of them, and they're kind of inexpensive. So, a typical wing expansion could be a million dollars or a couple million dollars. It's hard to get a lot of value deployed that way, a lot of capital deployed that way. The main campuses are, call it low double-digit returns, still really strong. How are they doing that? Well, they're playing in markets that others couldn't because of what we talked about earlier from a size perspective and efficiency perspective. They also, like we said, have financial engineered the building, and they're just good at it. They also are their own GC on projects now, which further takes the cost down. It's just a machine that's been evolving over 25 to 30 years of development gets really efficient.

I think the most important takeaway there at a high level is the risk-adjusted return reality. It's already good development returns relative to any other asset class where you develop, but it's de-risked because they have got this down to like a franchise level, cookie cutter, 30-year tried and true approach where they've got SWAT teams of, I don't know, what do they call them? Opening teams that descend on new communities that are open. and they stabilize it.

Yeah, and the most important part of that, the success of the new development, right, is who's the CEO of that building, the executive director, and how do you ensure that they're going to be good if they're coming in from nowhere? Well, in Trilogy, you ensure they're good because you take somebody who's already crushing it in one of your other buildings, and they feel like that's a reward, like, man, this is amazing that the company has that amount of faith in me to let me operate a brand new building and look at how beautiful this thing is, that's a real accomplishment for them. So, you backfill that ED with somebody who's been brought up through Trilogy's administrator and training program. So, you're filling with people who are already a cultural fit, who you've already tested out, who you know are good, and that de-risks the whole proposition as well. That's where the regional densification really starts to show its value, is in the human capital side of the equation.

How long does it take to stabilize, and is that happening faster now?

A little faster, yeah. So what would you say? I mean, two years, full stabilization before, now probably 18 months, closer to 18 months.

That's what we're assuming is a two-year lease-up period. Can be faster on the AL side, and the IL side is definitely seeming to be faster than what we predicted. And then the interesting thing about Trilogy and its development, and I'm sure, Farrell, you have 100 other questions. I know because I've seen some of them. But there's, you know, if you think that this world is headed towards disruption from new supply, right, if you think that's what causes the music to stop on seniors, the skilled nursing business is not going to be impacted by that. There's no development in skilled nursing. If you look at the NIC data, there might be like three, and it's us. It's Trilogy, right? Three buildings, I mean. The number of units that are online in America in skilled nursing are actually decreasing. So, yeah, you've got a little bit of the government risk and reimbursement, which you have to factor into the whole risk-adjusted equation. And we can dive into how Trilogy manages that through MedAdvantage plans and others. then they're capturing a much higher rate of growth and inflationary on the rate side there. But if you're really worried about new supply, Trilogy's model has the most durable competitive advantage of probably any product in America in seniors because of the way that they build both different acuity levels under one roof.

And as you've said many times, all skilled is not created equal. This is high-quality post-acute. 20% of their total post-acute revenue is coming from private pay. And as many of you know that are familiar with Trilogy and have done the tours previously, a full 40% of all their AL campus new move-ins are right out of their post-acute. So the synergistic ecosystem in Trilogy can't be overstated, and that's why they're driving same-store NOI growth that's exceeding most shop portfolios.

Yeah, it's over 16%. I mean, I think most shop owners would be happy.

I think you're reading my mind. I was about to dive into especially the skilled side of Trilogy and why that makes it a unique product type. But also, if you screen against some of the larger peers who are more pure play shop, your margins are at different levels. And I would say I wanted to point out the Trilogy same-store margin reaching post-pandemic highs at 21.1%. Can you break down what can I drive the margin to compare to maybe peers who are in the 30s? What does the portfolio mix do to a margin? But what is also the opportunity outside of that margin, what we're seeing today?

Yeah. Maybe I'll start and you can add in. And so, like Jeff said, not all skilled nursing is created equal, not all senior housing is created equal either. I think people are not diving in enough on the difference in kind of that continuum care within definitionally senior housing. So if you start at active adult on one end, very discretionary, no care being delivered, the independent living, which is mainly activities and meals being a part of the equation to assisted living, which now you actually need help with an activity of daily living, bathing, eating, using the bathroom, those sorts of things. It's a real needs-based decision, and memory care even more so. It's a safety issue if you're on your own, right? So we live in the highest acuity level of the spectrum within SHOP, and Trilogy the same. Trilogy adds this other layer of skilled nursing onto the whole thing. Because you're in a higher acuity level, your spending money on employees to actually take care of the people, you necessarily have a lower margin than somebody who's just providing housing. So, if your sole focus is, I think highest margin is the best senior housing, what you're really saying is, I think the most discretionary senior housing is the best senior housing, and that has risks associated with it that not everybody is appreciated. What happened during the global financial crisis to the most discretionary side of the senior housing continuum of care? Well, it was the most impacted by occupancy losses. Because if somebody can't sell their house for as much as they thought it was worth six months ago, they're going to wait to sell their house until they think it's more valuable. With assisted living, yeah, you have a lower margin. So, I think an assisted living margin in the 20 to 30 range is a good target for that. And the independent living margin in maybe over 40 or 35 to 40, maybe even a little bit above in some areas is a good range for that. But what you get with the assisted living and trilogy higher acuity is more defensive assets that are more durable through recessionary times and potentially could be more valuable. Now, if you think that that pricing power is going to be here for a long time because we're supply constrained, then you probably want to be invested in the product whose demand is the strongest and the most inelastic, and that's the higher acuity of senior housing, right? Otherwise, you kind of top out where the prices go because now you start making a different decision. Maybe I should just go live in an apartment. Maybe I should just stay at my house. On the need-based side, you don't have quite that luxury. It's more a requirement that I move into here. So, that's why our portfolio leans that way. That's why we're willing to accept that lower margin. I think margins are still growing from here. It's not like we're happy. Oh, yeah, great. Read the supplemental. It's a great margin. That's what it's going to be for the next five years. They're getting better and better and better. Revenue growth is outpacing expense growth. So, that trend is going to continue, but we like playing offense and defense at the same time. So, buying these assets that are going to have the longest runway, have the most durability, I think I'm pretty confident our portfolio will not be the first to show cracks.

Sorry, on the margins, is that going to be mostly revenue-driven?

Yeah, I think that's right. I think it's mainly rate-driven, although when you have a certain amount of fixed costs to run the building. As occupancy grows, you're spreading it across a wider base. So your export, your expense per occupied room, it could actually be negative in some cases, like the growth rate, I mean.

But our margin expansion in our shop portfolio was just over 240 basis points, Q2 over Q2 of last year, and Trilogy was just under 180 basis points. So, really strong margin, 330 basis point spread between, you know, revenue and OPEX in shop. And I think Trilogy was somewhere in the low twos, low to mid twos.

And then now when we're thinking about, well, we started the conversation about the $2 billion worth of investments that you've pretty much put to work year to date. Thinking about now the universe that you're evaluating, especially with this new hire of a CTO. and really focus when we continue to hear this theme of data-driven decision-making. And also now with your desification, regional operators, what is the opportunity set, especially on the investment landscape? Has this continued to expand? Are you getting more efficient in your ability to evaluate opportunities or more coming to you versus you going out and seeking?

Yeah, look, I mean, the opportunity set has expanded significantly for everybody. To say that velocity in terms of acquisition opportunity and deals this year over last year is 2x is probably a material understatement. So the opportunity set is expanding for everybody. And the interesting thing is we started seeing, you didn't ask about pricing, but we originally started seeing cap rates compress materially in Q3 and Q4 of last year, a little spilled over into Q1. One, we were very concerned that that would continue throughout the year and having serious discussions internally about external growth if, quote-unquote, and we've been pleasantly surprised to see that cap rates and pricing have held pretty static for many months this year, and we're still doing the entire $2.7 billion in deals that we're doing this year is right in line with initial yields that we've been quoting to everybody, stabilized yields, and so forth. So the opportunity set's great. As Gabe said, I think at the front end, everything that we've acquired in that $2.7 billion that includes pipeline is vintage 2019. So this is newer state-of-the-art product. Not all of it, but a lot of it, particularly Kensington, is in fortress markets in terms of barrier to entry because there isn't developable land. You've got to assemble it and then take it through entitlement. LCB was another highly strategic, larger $700 million transaction we did this year that I mentioned in northeastern markets. All 2020, 22, 23 vintage, high barrier to entry markets, high ref, poor.

Continues to be your focus. Entering into those spaces. Well, I know we've just reached the end of time, so I have three rapid-fire questions to conclude the meeting. The first one is, if long-term rates stay higher for longer, which has the biggest impact on your sector? Higher refinancing costs, lower transaction activity, or less new supply?

What do you think, Chase? For us, we don't use a lot of debt right now. We have a really strong balance sheet. I think the big takeaway is less new supply. So that's nice. And I would add less competition from leveraged buyers.

Over the next three years, will third-party capital become a more important source of growth for public REITs than balance sheet capital? Yes or no?

Not for us.

Or just for your public REITs in general? No, that's fine. For your sector, will 2027 same-store NOI growth be higher, the same, or lower than 26? For the sector, not AHR.

Yeah, for the sector, I think it would be pretty similar.

Wonderful. Thank you very much.

Thanks, Beryl. Appreciate it, everybody.