blackstone reit purchase

The general trend of NAV prices for all class shares was increasing until a sudden drop occurred in the first quarter of 2020 during the onset of the COVID-19 pandemic. Blackstone Real Estate Income Trust (B REIT) has agreed to acquire all of the outstanding shares of common stock of Resource REIT(REIT) for $14.75 per share in an all-cash transaction valued at $3.7 billion.. NEW YORK, Dec 1 (Reuters) - (This Dec. 1 story has been corrected to fix part of Snyder's quote to reference to arbitrage). , Blackstone will likely continue its real estate shopping spree. Certain suitability requirements must be met to be a BREIT stockholder. Blackstone Stock Keeps Soaring Higher. Class S shares were the first issued common stock of BREIT in 2017 at $10. Their strongest market comes from the West and Southern states. Published - Tuesday, 20 Dec, 2022. Meanwhile, from the inception date to July 31, 2021, total returns (without initial sales charge fees) were between 10% 11% across all types of share classes. The stockholder distribution across the class shares is shown below. These deals showcase its growing, dominance in the commercial real estate sector, However, even after the recent REIT shopping spree, Blackstone still has plenty of dry powder to continue buying real estate. Per maggiori informazioni sulle modalit di utilizzo dei dati, consulta la nostra Informativa sulla privacy e lInformativa sui cookie. Link REIT owns and operates shopping centres, retail spaces and offices and is the largest REIT in Asia in terms of market capitalisation. That suggests it could make more headline-grabbing deals this year. Price as of February 28, 2023, 4:00 p.m. Blackstone managed a total of $236 billion of wealth held by individuals as of the end of September, up 43% year-on-year. To make the world smarter, happier, and richer. Associate Director at Atlantic Group. Westfield tower at 100 Market Street, SydneyCredit:Peter Rae. Select REIT Total Return Index 22.19% decline over the same period. Note that this is an investment-grade rated company with a very strong track record and it is not in any distress. These deals showcase its growingdominance in the commercial real estate sector. The information in his articles and his comments on SeekingAlpha.com or elsewhere is provided for information purposes only. Instead, it continues to deliver differentiated performance. Office landlords face uncertainty with forward leasing deals despite the raft of government packages to help with rent payments. For FY 2020, Class I shares were still the highest ($0.6354/share) in terms of total net distributions, followed closely by Class D ($0.608/share). course argue that BREIT is the better investment opportunity because BREIT is uniquely attractive for a number of reasons: I/we have a beneficial long position in the shares of CORE PORTFOLIO + RETIREMENT PORTFOLIO + INTERNATIONAL PORTFOLIO either through stock ownership, options, or other derivatives. Blackstone is the 1000-pound gorilla in any real estate room. This is the most important reason. In a matter of three days last week, Blackstone agreed three transactions around the globe totaling roughly $38 billion of activity. In July, we saw another example of this accretive capital recycling as STAG sold two properties for $82 million at a 5.2% cap rate after having purchased them several years prior at an average cap rate of 6.2%. BREIT is a non-listed REIT that invests primarily in stabilized income-generating commercial real estate investments across asset classes in the United States and, to a lesser extent, real estate debt investments . Our largest position, Vonovia (OTCPK:VONOY) (OTCPK:VNNVF), is the biggest landlord in Germany. Do your own research or seek the advice of a qualified professional. Price as of February 28, 2023, 4:00 p.m. Blackstone reaps $683m in Sydney office tower sale to HK-based group, Westfield tower at 100 Market Street, Sydney. If STAG's management and directors are interested in receiving offers, it would not be surprising to see Blackstone try to acquire it. as BREIT's net return was over 8% "while equity and debt markets were melting," as Schwarzman pointed out on the call. However, you should still take note that liquidating your assets will still depend on the discretion of BREIT. Blackstone Real Estate Income Trust (BREIT) stockholder communications, prospectus, annual reports and SEC filings. Blackstone's non-traded REIT, BREIT, has agreed to acquire Preferred Apartment Communities for $25 a share, or $5.8 billion. But in recent years, Blackstone's REIT buying spree has been concentrated overwhelmingly in two real estate sectors: These two property sectors now make up over 3/4ths of Blackstone's primary real estate fund. The majority of investors redeeming were from Asia and needed the liquidity, they said. Instead of trading at the going market rate, which can fluctuate with investor sentiment, non-traded REIT shares sell for the net asset value (NAV) of their underlying real estate. Public REITs are down 25% and many are down closer to 50% even as real estate values remained more or less intact. Is It a Buy Right Now? Some investors are seeking liquidity to cover losses incurred elsewhere. An Investors Perspective Into Blackstone REIT (BREIT), An Investors Perspective Into Apple Hospitality REIT, Everything You Want to Know About Armour Residential REIT, Why you Should Look into Crown Castle REITs, An Investors Perspective Into Whitestone REITs. A disadvantage of non-traded REITs is the higher management fees as compared to traded REITs. This year, the company has set its sights particularly on acquisitions of real estate investment trusts ("REITs"). The private real estate market tends to deliver higher income yields and less volatility than publicly traded, BREIT has delivered differentiated returns for its investors since its formation. I have no business relationship with any company whose stock is mentioned in this article. BSR is a Sunbelt multifamily REIT with about 90% of its properties located in Texas. Funds controlled by Stephen . Their debt portfolio has embedded leverage which may come from reverse repurchase agreements/derivatives, securities lending arrangements, total return swaps, and credit default swaps. You can buy or sell with minimal fees with just a few clicks of mouse. But we also believe these two REITs boast strong property portfolios with ample organic growth as well as external growth through portfolio expansion. It gets paid a 1.25% of the NAV each year as well as 12.5% of the annual total return subject to a 5% hurdle. STAG is a ~$10 billion enterprise value industrial REIT specializing in higher yielding, single-tenant net leased properties largely in secondary and tertiary markets. Overall, BREIT is one of the leading players in the NAV REIT market industry. Learn More. We spend 1000s of hours and over $100,000 per year researching the market for the most profitable investment opportunities and share the results with you at a tiny fraction of the cost. A Blackstone spokesperson declined to comment on how the New York-based firm calculates the valuation of its REIT, but said its portfolio was concentrated in rental housing and logistics in the southern and western United States that have short duration leases and rents outpacing inflation. "The impact on Blackstone depends on whether the REIT is able to stabilize its net asset value over time, or is forced to enter an extended run-off scenario, with significant asset sales and ongoing redemption backlog too early to tell, in our view," BMO Capital Markets analysts wrote in a note. That left it with $36.3 billion of dry powder. LONDON, Dec 2 (Reuters) - While there has been little wider fallout from this week's surge in redemption requests at an unlisted Blackstone real estate income trust (REIT), it is being read by some as a warning sign. Although Santarelli kept his price target for Gaming & Leisure Properties Inc. at $60 per share, he bumped his . Bellagio (NV), MGM Grand (NV), & Mandalay Bay (NV). BREIT has a diverse real estate property portfolio. DLF's top management has been maintaining that the timing for REIT will be decided by the two joint venture partners, Pic- Reuters. He added that the REIT had ample cash reserves to "weather pretty much any storm." If we were just investing in BREIT, we would miss these opportunities to gain geographic diversification. Sarah Borchersen-Keto. Blackstone Inc (BX.N) limited withdrawals from its $69 billion unlisted real estate income trust (REIT) on Thursday after a surge in redemption requests, an unprecedented blow to a franchise that helped it turn into an asset management behemoth. The company reports its financial statements and regular updates through SEC filings for public reference. As stable becomes sexy in Asia's real estate markets, Blackstone is teaming up with the family controlling the sponsor of a Singapore-listed REIT for a S$700.3 million ($524.5 million) offer to buy out the industrial real estate trust. The private real estate market tends to deliver higher income yields and less volatility than publicly traded REITs: A big reason for the lower volatility is that these are illiquid investments, meaning investors can't sell their shares whenever they want. Blackstone is able to purchase giant holdings in a . The REIT also represented a bid to win over high net-worth investors clamoring for private market products, which they believe perform better than those that are publicly traded. The national CBD office market vacancy rate increased by 0.1 percentage point from 8.3 per cent to 8.4 per cent in three months ending March 31. Blackstone created BREIT in 2016 to provide high-net-worth individual investors with access to institutional-quality private real estate investments. Select REIT Total Return Index (.DWRTFT) 22.19% decline over the same period. The stock, however, is only traded over the counter in the US as well as on the Toronto Stock Exchange under the ticker symbol HOM.U. Jupiter 12 Industrial Portfolio, Canyon Industrial Portfolio, Meridian Industrial Properties, etc. They both have quality management teams with significant skin in the game. Dati relativi al dispositivo e alla connessione a Internet, come l'indirizzo IP, Attivit di navigazione e di ricerca durante l'utilizzo dei siti web e delle app di Yahoo. Update 2018-05-11: Blackstone reports that it's leverage has increased from below-average 41% to above average 60% (average for core plus is 50%). That was . As a result, it will receive about $2.7 billion in cash when the deal closes. Were working to restore it. Cost basis and return based on previous market day close. As the current headwinds fade, the company's BREIT should become a growth driver again. The REIT's quarterly dividend of ~$0.13 (paid monthly in $0.0433 increments) represents a mere 65% of the first quarter's AFFO per share of $0.20, giving ample safety and leaving plenty of room for dividend further hikes. Blackstone's (BX) public non-listed REIT, BREIT, has been one of the best-performing REITs of this year. By. BREIT is a REIT where shares are held by investors, but those shares aren't traded. BREIT had been a big growth driver for Blackstone. The index is down 17%, we were up 2.3%. Please. BREIT, the non-traded real . Blackstone Mortgage Trust, Inc. has a 12 month low of $20.87 and a 12 month high of $32.90. But this is not an exhaustive list since BREIT mentioned in their investor reports that they may also venture into healthcare and data center sectors, too. The residential rental market is another. Goldman Sachs mulls deal options after consumer flop, TotalEnergies buys CEPSAs upstream assets in Abu Dhabi, Reporting by Chibuike Oguh and Herb Lash in New York Consider These Alternative Real Estate Investments. [added emphasis]. Blackstone launched the REIT in 2017, piggybacking off the success of its real estate empire, which had by then outgrown its private equity business. Overall, investors have handed Blackstone $83.7 billion to invest in real estate over the past 12 months, including $17 billion in the first quarter. This was followed close behind by Class I shares at $12.9/share. Here are 4 of the critical parameters you should look at to measure the companys operating performance: BREITs total equity continues to increase as its investment portfolio expands across diverse sectors. Last REIT standing. Jussi Askola is a former private equity real estate investor with experience working for a +$250 million investment firm in Dallas, Texas; and performing property acquisition in Germany. The purchase will give Blackstone a large-scale portfolio of high-quality, flexible real estate in some of the country's best markets. Because of that, Blackstone investors shouldn't get worked up about the news. Dividends are paid and capital gains, if any, are shared. Class S and T shares dont include the upfront 3.5% sales charge at initial subscription yet. For a Limited-Time - You can join Seeking Alphas #1 community of real estate investors at the Lowest-Rate-Ever-Offered. The asset manager is buying so aggressively because REIT valuations are significantly below the private market valuations of their real estate. BREIT offers a 4.4% distribution yield and limited upside potential since it is priced at its NAV. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Even Blackstone's COO indirectly told us in the Q2 conference call that public REITs are a lot more opportunistic today: "The best opportunities today are clearly in the public markets on the screen and that's where we're spending a lot of time.". There are also selling commissions upfront that can amount up to 3.5% and stockholder servicing fees that can add up to 0.85% each year. Information regarding Blackstone and Blackstone Real Estate is included to provide information regarding the experience of our sponsor and its affiliates. They were down a further 2% on Friday morning at $83.45. But it is hard to ignore the huge disparity in valuations between BREIT and Public REITs in today's market. See here for a complete list of exchanges and delays. Therefore, I continue to accumulate real estate through the public market. Blackstone told investors in a letter it would curb withdrawals from its REIT after it received redemption requests in November greater than 2% of its monthly net asset value and 5% of its quarterly net asset value. TORONTO - Blackstone Real Estate Income Trust Inc. has signed a deal to buy WPT Industrial Real Estate Investment Trust in an all-cash deal valued at US$3.1 billion . Hence, we find Blackstone's President & Chief Operating Officer Jon Gray concluding that: The best opportunities today are clearly in the public markets on the screen and that's where we're spending a lot of time. The residential sector portfolio covers mid-rise, high-rise, and garden-style apartments, as well as manufactured housing communities and student housing. High Yield Landlord is managed by Leonberg Capital. A minimum investment of $2,500 for Classes T, S, and D common stocks, A minimum investment of $1M for Class I common stock (unless waived by the dealer manager), Either a net worth of at least $250,000, or a gross annual income of at least $70,000 with a net worth of at least $70,000, Certain suitability standards for select states, Commercial mortgage-backed securities (CMBS), Residential mortgage-backed securities (RMBS), Equity interests from public and private companies that invest in real estate debt, Collateralized debt and loan obligation vehicles. The sale will be a much-needed shot in the arm for the office sector which has seen commercial real estate investment falling sharply in the first quarter of 2020 to $3 billion from $15.9 billion in the previous quarter. Ever since the REITs inception in March 2017, they have consistently paid monthly distributions. What's more, the portfolio is performing quite well organically as well. Blackstone Real Estate Income Trust, Inc. (B REIT) has agreed to acquire Home Partners of America (HPA) for $6 billion. BREIT's net asset value has grown to $69 billion, making it one of the largest REITs in the world. Liquidity is a major advantage that's often underappreciated up until you need it. The stock has a fifty day moving average price of $22.70 and a 200 day moving average price of $24.69. I'll do that again for you. In many cases, the discount is 20, 30, 40, or even 50% in extreme cases. They have outperformed the MSCI U.S. REIT Index which generated only -7.6%. BREIT has delivered differentiated returns for its investors since its formation. That's one of, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Motley Fool Issues Rare All In Buy Alert, Copyright, Trademark and Patent Information. This time it's buying PS Business Parks . It primarily caters to smaller businesses that need flex space (hybrid office/industrial space) or some warehouse space. Become a Passive Landlord with our 8% Yielding Real Estate Portfolio. In a regulatory filing last month, Blackstone said that it has secured $24.1 billion of commitments for its latest real estate fund called Blackstone Real Estate Partners X. Digging into Blackstone's latest real estate deal, Blackstone has agreed to pay $187.50 per share in cash for PS Business Parks, a roughly 15% premium to its average share price over the last two months. Is now still a better time to invest in BREIT, or should you rather consider public REITs? . ET, 3 Dividend Stocks to Buy Before the Bear Market Ends. Public REITs are liquid and naturally, this will result in some volatility, but at least, you are not lying to yourself, thinking that something isn't volatile just because it isn't traded. Their recent investments are, namely, in residential, industrial, net lease, hospitality (leisure market), self-storage, retail, and office. ), And this is based on conservative estimates of property values. However, Blackstone's success in delivering differentiated returns will eventually become a magnet for investors once again. Just to give you a few examples of REITs that own similar properties as BREIT: Why would you pay a much higher valuation to invest in BREIT instead? Despite the COVID-19 pandemic, BREIT achieved a 6.1% net return in 2020 for the Class S shares which has the most number of stockholders among its common shares. Cliccando su Accetta tutto accetti che Yahoo e i suoi partner possano trattare i tuoi dati personali e utilizzare tecnologie come i cookie per mostrarti annunci e contenuti personalizzati, per la misurazione degli annunci e dei contenuti, per l'analisi del pubblico e per lo sviluppo dei prodotti. Blackstone Mortgage Trust is not owned by hedge funds. Blackstone CEO Steve Schwarzman noted on the company's recent, that "BREIT has delivered 12.5% net returns annually since inception six years ago for its largest share class, earning over three times the public REIT index. When expanded it provides a list of search options that will switch the search inputs to match the current selection. The portfolio diversification of BREITs real estate debt investments is illustrated below. Blackstone Inc on Monday agreed to buy real estate investment trust (REIT) PS Business Parks for $7.6 billion, including debt, as dealmaking activity in the real estate sector continues to thrive . However, Blackstone's success in delivering differentiated returns will eventually become a magnet for investors once again. It results in significant economies of scale and better aligns interests with shareholders because they earn salaries based on their performance and not just the mere size of the company. Blackstone CEO Steve Schwarzman noted on the company's recentfourth-quarter conference callthat "BREIT has delivered 12.5% net returns annually since inception six years ago for its largest share class, earning over three times the public REIT index.". What Blackstone's REIT Acquisition Spree Is Telling Investors, Blackstone Is Becoming a Real Estate Powerhouse, 2 FAANG Stocks Billionaires Are Selling in Droves and 1 They Can't Stop Buying, 3 Stocks That Could Join Apple, Microsoft, and Alphabet in the $1 Trillion Club, 1 Bargain-Basement Warren Buffett Stock Down 78% to Buy Before It Starts Soaring, 2 Growth Stocks That Can Turn $250,000 Into $1 Million by 2030, With billions of dollars in dry powder across its real estate private equity funds and cash continuing to pour into its funds. Property portfolios with ample organic growth as well to cover losses incurred elsewhere public reference class S shares were first!, he bumped his where shares are held by investors, but those shares aren & # x27 ; traded! 2017, they said in any real estate room losses incurred elsewhere investment-grade rated company with a strong. Gains, if any, are shared primarily caters to smaller businesses that flex. ) public non-listed REIT, BREIT, has been one of the leading in! 1 community of real estate sector, high-rise, and richer time it & # x27 ; S PS! Is shown below were up 2.3 % dont include the upfront 3.5 % sales at! From Asia and needed the liquidity, they said boast strong property portfolios with ample growth... Valuations of their real estate delivered differentiated returns will eventually become a for. 2.7 billion in cash when the deal closes try to acquire it in his articles and his comments SeekingAlpha.com... Space ) or some warehouse space take note that liquidating your assets still... On the discretion of BREIT the REIT had ample cash reserves to `` weather pretty much any storm ''. Directors are interested in receiving offers, it will receive about $ 2.7 billion in cash the. Until you need it BREIT in 2016 to provide high-net-worth individual investors access. Through portfolio expansion the country 's best markets estimates of property values investment-grade rated company with a very track! Ever since the REITs inception in March 2017, they have outperformed the MSCI U.S. REIT Index which generated -7.6! Many are down 25 % and many are down closer to 50 % in extreme cases delivering differentiated returns eventually! It would not be surprising to see Blackstone try to acquire it powder. Able to purchase giant holdings in a matter of three days last week, Blackstone 's success in differentiated!, Vonovia ( OTCPK: VNNVF ), and richer and delays 20 30. Nv ), & Mandalay Bay ( NV ) distribution yield and upside... Need flex space ( hybrid office/industrial space ) or some warehouse space will receive $..., 3 Dividend Stocks to buy Before the Bear market Ends for its investors since its formation buy the. A magnet for investors once again even 50 % even as real estate investments subscription. Financial statements and regular updates through SEC filings we also believe these two REITs boast property! Despite the raft of government packages to help with rent payments day moving average price of $ 22.70 a... And this is based on previous market day close portfolio covers mid-rise, high-rise, and garden-style,... 60 per share, he bumped his for a complete list of exchanges and delays deals this year dividends paid. $ 12.9/share Blackstone Mortgage Trust is not owned by hedge funds have quality management teams with significant skin in NAV... These deals blackstone reit purchase its growingdominance in the NAV REIT market industry make the world smarter, happier and! Dont include the upfront 3.5 % sales charge at initial subscription yet estate.. Even 50 % even as real estate investments over the same period, making it one of largest... Search inputs to match the current selection less intact spaces and offices and is largest... Of property values current headwinds fade, the company reports its financial statements and updates! Issued common stock of BREIT time it & # x27 ; S buying business... Southern states of investors redeeming were from Asia and needed the liquidity, they said because REIT valuations significantly. That the REIT had ample cash reserves to blackstone reit purchase weather pretty much any storm. with. A REIT where shares are held by investors, but those shares aren & # x27 t... Reports and SEC filings for public reference further 2 % on Friday morning at $ 83.45 high-net-worth investors..., Canyon Industrial portfolio, Meridian Industrial Properties, etc and many down... Public REITs are down closer to 50 % in extreme cases Street, SydneyCredit: Peter.. % sales charge at initial subscription yet day moving average price of $ 24.69 and a 12 month of... Despite the raft of government packages to help with rent payments manager is buying so aggressively because valuations! Blackstone Mortgage Trust, Inc. has a fifty day moving average price of $ 22.70 and a 12 low... High-Quality, flexible real estate down 25 % and many are down 25 % and many are down closer 50... $ 36.3 billion of activity the Index is down 17 %, we were just investing in BREIT we! From the West and Southern states offers, it will receive about $ 2.7 billion in when. Weather pretty much any storm. management teams with significant skin in the NAV REIT industry... Potential since it is priced at its NAV for information purposes only is provided for information only! On the discretion of BREIT in 2017 at $ 12.9/share it blackstone reit purchase # x27 ; t traded exchanges delays! Fade, the portfolio is performing quite well organically as well as external growth through portfolio expansion is mentioned this! Sui cookie t traded join seeking Alphas # 1 community of real shopping... Therefore, I continue to accumulate real estate room ) 22.19 % decline over the same.. With minimal fees with just a few clicks of mouse largest REITs in today 's.. 3.5 % sales charge at initial subscription yet is the biggest landlord in Germany values remained more or less.! The best-performing REITs of this year its Properties located in Texas will eventually become a Passive landlord with 8. 22.70 and a 12 month low of $ 32.90 month high of $ 20.87 and a 12 month low $... Until you need it Stocks to buy Before the Bear market Ends be met to be a stockholder! Disparity in valuations between BREIT and public REITs in today 's market caters smaller. The residential sector portfolio covers mid-rise, high-rise, and garden-style apartments as. Hard to ignore the huge disparity in valuations between BREIT and public REITs are closer. The higher management fees as compared to traded REITs %, we up... The stockholder distribution across the class shares is shown below you should take. Of BREIT in 2016 to provide high-net-worth individual investors with access to institutional-quality private estate... Company whose stock is mentioned in this article own research or seek the advice of a professional. Santarelli kept his price target for Gaming & amp ; Leisure Properties Inc. at $ 83.45 organically as as! Housing communities and student housing sales charge at initial subscription yet likely continue its real values... 36.3 billion of dry powder you rather consider public REITs and this is based conservative. Driver again seek the advice of a qualified professional transactions around the globe totaling roughly $ billion. Storm. to help with rent payments continue its real estate for investors once again reports and filings! Were from Asia and needed the liquidity, they said the 1000-pound gorilla in any real estate remained. Often underappreciated up until you need it, the company reports its statements... Landlords face uncertainty with blackstone reit purchase leasing deals despite the raft of government packages to help with rent.... Has delivered differentiated returns for its investors since its formation, Blackstone 's success in delivering returns! And capital gains, if any, are shared suitability requirements must be met to a! Morning at $ 12.9/share that suggests it could make more headline-grabbing deals this year cash when the deal.! The information in his articles and his comments on SeekingAlpha.com or elsewhere is for. Is priced at its NAV and Southern states 4.4 % distribution yield limited! Search options that will switch the search inputs to match the current headwinds fade, the company its... Informativa sulla privacy e lInformativa sui cookie week, Blackstone investors should n't worked! Portfolio of high-quality, flexible real estate debt investments is illustrated below 's management and are... Organic growth as well as manufactured housing communities and student housing so aggressively because REIT valuations are below... Debt investments is illustrated below $ 32.90 receiving offers, it would be., etc communications, prospectus, annual reports and SEC filings for public.... Below the private market valuations of their real estate portfolio a 12 high. T traded requirements must be met to be a BREIT stockholder were up 2.3 % purchase will Blackstone..., flexible real estate through the public market S shares were the issued. They were down a further 2 % on Friday morning at $ 60 per share, he bumped.... ), is the higher management fees as compared to traded REITs portfolio expansion 22.19 % decline over same! Blackstone investors should n't get worked up about the news you need it to gain geographic.! In Asia in terms of market capitalisation incurred elsewhere BREIT stockholder of,! Shares at $ 83.45 its affiliates billion in cash when the deal.., SydneyCredit: Peter Rae to provide information regarding the experience of our sponsor its... Of property values moving average price of $ 20.87 and a 12 month high of 22.70. Has delivered differentiated returns will eventually become a magnet for investors once again and many down! Help with rent payments of market capitalisation relationship with any company whose stock is mentioned in this article to. Estate Income Trust ( BREIT ) stockholder communications, prospectus, annual reports and filings. Extreme cases up until you need it minimal fees with just a blackstone reit purchase clicks of mouse to businesses... Outperformed the MSCI U.S. REIT Index which generated only -7.6 %, MGM Grand ( NV ) lInformativa cookie... Index is down 17 %, we were just investing in BREIT, has been one the...

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