The AAA Storage Podcast

Welcome to the AAA storage podcast,
your integrated real estate and

development partner, exploring all
things, self storage investing to

bring you diversified success.

Let's dive in.

Brandon Giella: Hello Paul and
welcome back to yet another episode

of the AAA Storage Podcast today.

I'm really excited about this one because,
uh, this is something that we've been

talking a lot about in episodes past
about how self-storage is a hyper-local.

Market where you have supply and
demand at a very hyper-local level.

So I wanna define what that
looks like in a second.

I'll let you take the reins on that.

However, uh, I, I think a great
place to start is for investors

that are listening to this.

When we typically talk about investing
in, let's say, any kind of market, let's

say like public equities or something.

We go to the Wall Street Journal or our
favorite news aggregator, and we see, oh,

this is how the s and p is performing,
or this is what interest rates look like.

And people, uh, create these kind of,
um, outlooks based on these kind of

national broad aggregate statistics.

Same thing can be done in real estate.

You can look at cap rates, you
can look at, you know, other

kind of how certain real estate
classes are performing nationally.

You can look at growth
rates and things like that.

But something you have talked about,
uh, quite a few times before is.

Some of that is helpful, but what
we're really looking at when we think

about self storage and and office
industrial flex properties is what does

it actually look like for that specific
property within a few mile radius?

And you've got some statistics and
data that you guys use when you're

analyzing properties around that.

So one thing that you
said, for example, is.

You need to look at the facility
count and total square footage

within one, three and five miles.

You've talked about square feet of storage
per capita with 10 square feet per capita,

often being a saturation threshold.

You've got these other, the
statistics that I find really

fascinating because, um, it's,
it's almost like surgical precision

you have to have with where these.

These properties are located and what's
going on in that, that local market.

And it's becoming increasingly important
to do that when, uh, looking at or

doing any kind of due diligence on these
kind of deals because you, something

you said before is you can no longer
just open up a map and throw a dart

and be successful in self storage.

Maybe that's, that's still the case
a little bit, but with the increase

of institutional demand and in higher
interest rates, maybe some other

things that are going on in the market.

You have to be very, very precise in
where these properties are located.

So I wanna get into all of that.

But first, what do you mean
when you say hyperlocal and

the supply and demand dynamics

Paul Bennett: it, it, it's, it's
pretty simple, Brandon, but I do

think it's probably helpful, um, if
somebody hadn't heard that term before.

A hyperlocal market is, is simply a small,
well-defined geographic area, and, and it

can be defined differently for different
purposes and in different industries.

As you've already said, in the
storage injury industry, it's

really one, three and five mile
Radius around a given location.

Uh, there are exceptions to that.

If you get into a really rural market,
people may not only be willing to, but

have to drive 10 miles, 12 miles, 15
miles, uh, to get to a storage facility.

Um, but typically in most markets,
you're really generally not gonna

get a customer outside of a five
mile radius from your property.

So we tend to think of, of that
hyper-local market being out to

five miles, uh, radius around.

The location.

Brandon Giella: Yeah,
that makes perfect sense.

So you, you're really looking at, I mean,
diving into like zip codes and real,

and the tracks within that, you know,
and how the demographics are looking.

I mean, how, yeah, how do you guys,
what are you, what are you looking for

when you look at a market like that?

I.

Paul Bennett: Well, uh, we probably,
you, you've mentioned the, the.

Square footage per capita.

That that is certainly a
figure that we look at.

It's an easy piece of data to get.

There are a couple of different sources
in the industry that provide that

data and update it on a regular basis.

Uh, and that's probably the
first metric we looked at.

We look at when we're looking at a site.

Um, however, even that has
some variability to it.

I think we talked about this briefly
last week or the week before.

Um, different markets have different.

Household utilization of storage.

Um, households that tend to be
volatile probably isn't the right uh

word, but maybe more transitional.

Young professionals, renters people like
that tend to use storage more often.

Um, in certain markets, think about
the Florida market where you've got a

high percentage of part-time residents,
people who might live in New York,

um, you know, during the summer months
when it's 110 degrees in Florida.

But come Thanksgiving, they load up the
U-Haul and they are headed to Florida

'cause they have a home down there and
they want to get away from the cold

weather in the Northeast for the winter.

Um.

Those kinds of dynamics
can change the utilization.

So we throw around the 10 square
feet per capita number as sort of

the point at which we start to get
concerned about, uh, saturation.

And what I mean by that is there
exist in a five mile circle, 10 square

feet of self storage for every person
that lives in that five mile circle.

Um.

However, in a market like Florida, uh,
in certain markets in Texas, uh, we see

that those markets can absorb up to 15
to 18 square feet per capita because the

people who live in that area are two or
three times more likely to use storage.

So you kind of have to dig down a
little bit beyond just the surface

numbers, um, to make sure your data's.

Informing you in the right way.

But, uh, but that is a, a key
metric that we absolutely use

is, is square feet per capita.

You, you mentioned the macro.

Uh, economic factors, they are
absolutely, um, a factor at one level.

For example, we've talked about
the fact that moving is about 25%

of the demand in self storage.

One of the reasons why, um, storage
has been resilient in slower economic

times is that when the economy's
tough and people may have lost

their job, they're more apt to move.

To get another job, or they may use
the fact they've been freed from

a job as, as a time to move to an
area they wanted to go to anyway.

So when the economy slows down and
unemployment's a little bit of an issue,

um, actually moving kind of ticks up
often, and that helps self storage, which

is why we swim against the tide in those
kinds of environments At the same time.

Today with mortgage rates over
7%, it has slowed the purchase

of new homes and new and moving.

And so it's actually had a negative
effect on the supply side, or

excuse me, the demand side of
the equation in self storage.

So those demographics matter.

However, when you're talking about a
hyperlocal market, there can be dynamics

at the local market level that absolutely
contradict whatever the higher level

economic, um, metrics may be telling you.

Um, right now in, in, in, uh, CILO
Texas, which is outside San Antonio, we

have a project that's coed in June of.

Of last year, 2024.

It's been in operation nine months.

Our projection showed that it would be
about 41% occupied by the end of March.

We sit here today on the 25th
of March, and as of the 15th.

It was almost 50% occupied, so nine
percentage points ahead in spite of

the rates, in spite of the environment,
in spite of all the conversation

about some markets being overbuilt.

Um, it's performing actually
above budget and you see that.

Because the local market dynamics
have a lot more impact on the

performance of a particular location
than the, the macro dynamics or

even dynamics at the state level.

Um, you know, a regional level.

Um, so at the end of the day, you kinda
look at all those levels, but the, the,

the, what's happening in that local
community ultimately winds up being the

biggest driver of success or failure.

Brandon Giella: How, how do you, how
does this relate to other real estate

investments or asset classes that
maybe investors might be thinking

about, or like, I guess another way
to phrase it are, is commercial,

multifamily, residential, do they
have similar characteristics of this?

Kind of hyperlocal dynamic, or is this
more particular for self storage because

of the dynamics of the actual, you
know, investment, the actual asset type,

Paul Bennett: Yeah, the first of all,
there's, you know, saying in real

estate that everybody has heard a
million times, there are three things

that are important in real estate.

Location, location, location.

Um, but location might be
important for different reasons.

With different asset types.

Um, in, in multifamily, you
typically want a project.

You're, you're attracting
customers not from a five mile

radius around your property.

They may be coming from five states away.

I.

Um, location and multifamily is gonna
be important because it needs to be

close to where people are employed.

It needs to be close to where
people, um, the, the entertainment,

the restaurants, the things they
want to do outside work hours.

It needs to be in an environment
that's safe, you know, with low crime.

Um, location still important, but they
don't really care about what's happening

in terms of their, their ultimate
tenant within a five mile radius.

'cause they're probably not
gonna draw a ton of people from.

Five miles.

They certainly do, but it's not
what drives their business model.

Um, when you look at other
types of commercial real estate,

look at retail, um, absolutely.

Location again is important, but it's
important for a different reason.

And that is you want rooftops around you.

You want, people are gonna shop where
it's convenient, they're gonna shop,

whether it's on their path to and
from work or the places they're going.

Um.

The other thing, uh, would come to
mind is in the commercial product,

we were in a B2B environment.

We build a office,
industrial flex product.

Um, again, location is
important, but those tenants are

probably not coming to us from.

A location within five miles of that site,
they're coming to us because our site

is located within a reasonable different
distance from where they do business.

So if you're a landscaper, you may live
in, you may live two towns over, but

if all your clients are within a five
or eight mile radius of our project,

you want to base your operation there
because it's efficient to get to them.

Um, and, and back at the end of the day.

But in the storage industry,
it's a B2C product.

It's a, it's a consumer, uh,
oriented service or product,

and it's a product that people
expect convenience and efficiency.

And they typically won't
rent a storage facility or a

storage space more than five.

They don't have to.

In today's market, they're oftentimes
three other facilities between

where they live and our facility.

Um, but as long as it's within
that five mile radius, we,

we at least have it at bat.

We at least have a chance
to get them as a customer.

Because they're gonna do a Google search
and they're gonna weed out everything

that's further than five miles away.

Brandon Giella: That's right.

That's right.

That makes sense.

So we've talked about the demand side.

Uh, how, how do you, how do
you approach the supply side?

I mean, I know saturation at 10 square
foot per capita is kind of a, um, you

know, one way to look at that, but I.

Are there other ways that you, you
analyze the supply side or are there

other trends that you see within, like
you said before, like institutional

investors and things like that?

I.

Paul Bennett: the, the data that we have
access to, um, shows us not only current

inventory on the ground, but also the
pipeline that's planned or in progress.

Um, and it's based on permitting activity.

Uh, and, uh, it's not always.

Exactly accurate.

Um, like for example, we had a question
from one of our investors this week about

some numbers on, on a particular project
in terms of the square feet per capita

and the pipeline data that was shown.

And part of the answer is, in this
environment, probably the, the numbers

say that new development's gonna
be down about 25% this year from.

24.

Um, and so, and a lot of projects are
being canceled or delayed because they

don't pencil or they can't get the
debt they needed or, and so when you

look at, so when I look at pipeline
numbers, now you have to kind of

haircut them for the reality that
some of those reported projects have

probably been canceled or delayed.

Um, we certainly don't get aggressive
with that 'cause we don't wanna

make a misstep, but generally
speaking, we can get that data.

It's, it's, it's, it's.

It's accurate in a general sense, but
I don't ever put all my trust into it.

Um, 'cause the other thing that
can happen is a, a a a, a location

that's not in the pipeline.

We build in phases.

It takes us four years to
get a property stabilized.

Um, a property that's four years away is
not showing on a pipeline report today.

Brandon Giella: Right.

Paul Bennett: so we've had instances
where new properties dropped into

the market in year two and a half or
three of a project, and it can create

some, you know, some challenges.

Um, but you have to market around
it and you have to do a great job

and give good customer service and,
um, and connect in that community.

I, I wanna talk about that in a minute.

We, we won't do it right now, but, um,
there, there are things you can do to

establish yourself in that community that.

Certainly help when supply goes up and
competition becomes a little more fierce.

Brandon Giella: That's really helpful.

Yeah, it's, it's good to think if four
years from now there's any number of

things that could happen and whether it's
nationally or at the hyper-local market,

Paul Bennett: Well, hopefully other people
that are developing are not stupid and

they're looking at the data too, right?

I mean, you know, but, but
that's not always the case.

Um, but you know, hopefully when they see
a market where the numbers are sort of.

At a, at an equilibrium and another
80,000 square foot facility would

kind of throw it over the cliff.

Hopefully, either they're smart enough
not to do it, or their bank's smart enough

not to loan them the money to do it.

So.

Brandon Giella: I like that.

Okay, so let's,

Paul Bennett: other protection you
have, I'm sorry, but you don't have

it in, in some states or some markets
you do in others, but zoning becomes a

barrier to entry in a lot of markets.

Um, the ability to get a property
zoned for self storage, um, can also.

Kind of act as a barrier to entry.

Um, Texas is not a heavy zoning
state, so there's not a lot

of that protection in Texas.

But for example, in North Carolina, uh,
most communities have pretty strict zoning

rules, and if it's not already zoned for
a particular use, it can take you a year

and a half to get the proper zoning.

Um, and then, you know, that
extends out when that that product

might deliver into the market.

So,

Brandon Giella: Gosh.

Wow.

Well, I'm from Texas, so I, I like, I
like that we have easy zoning laws here.

Paul Bennett: It is, it is one
of the reasons why I actually

don't love Louisiana as a market.

Um, if, if, if Texas is a little
bit lax on zoning restrictions,

Louisiana is the wild, wild west.

Um, you can ride down a road
in Louisiana and see a single

family home next to a seven 11.

Um, and it's not uncommon.

So yeah, there's absolutely
no zoning in Louisiana.

Brandon Giella: I, I've heard that
about Houston as well, that the reason

Houston Skyline is kind of a, a, a
hodgepodge is because their zoning laws

are different just in the, the city.

Paul Bennett: In the city itself.

Yeah.

Brandon Giella: Yeah.

Interesting.

Okay, so we've talked
about, uh, hyperlocal.

What we mean by that different
decision criteria or ways to analyze.

Those kinds of markets.

And then we've also talked
about the supply side as well.

So what's next?

What else should investors think about?

You mentioned, uh, marketing
to the community because

it is a hyperlocal market.

I'm assuming you mean like you want good
neighbors, you know, if you're gonna be

in that hyperlocal market, you want people
to like that, you're in that in town.

And so tell me a little
bit more about that.

Paul Bennett: so we've
talked at different points.

I think when we had David Lutz, uh,
our property, our VP of property

management on, we talked about the
trend to remote management and how

a lot of the big operators are going
to remotely manage sites where you

can do everything you need to do on
your phone or an iPad, rent a unit.

You know, pay for it, do the whole nine.

Um, and I've said every time we've
talked about that, that we offer that

for customers that wanna do that.

But we also, in all of our sites
have live on site managers.

They don't just, they're just
not there from nine to five.

They literally live on, we build an
apartment and they live on the site.

Here's why we do that.

And it's really, there are a lot
of reasons, but in a hyper-local

market, community engagement.

And building relationships
is, is critical.

So our local managers are doing things
like sponsoring the local little league.

Um, there, we have a referral program.

Our managers are out a part of every week.

We have two people on site, so one
can be gone, uh, that are out visiting

with professionals in the community
and we have a referral program and

they leave them that information.

People sign up for the referral program,
but more than anything else, they're out.

As ambassadors for our site in that
community meeting, every real estate

agent, every closing attorney, every
moving company, every U-Haul, rental

location, um, they're building
relationships, putting a face

with that name, um, and building a
referral network in that community

to, to get us customers over time.

Um, participated in local events.

Um, we, I, I said this.

I think last week, but we're launching
a program where we're gonna host local

events on our site where, where we
have sites that c can accommodate.

It's an idea we stole from an operator,
um, that I ran across out in Las

Vegas at a convention a year ago.

Um, but it's, it's fantastic.

Do a first responders night where you
have the policemen, the firemen, the

EMTs out to your site with their trucks,
invite a food truck and through their

networks in the community, 'cause they're.

Uber connected in the community.

Promote this event.

Let the parents bring their kids out.

Um, climb on the fire truck, see
the fireman, wear the fire hat.

Have a great experience.

You know, eat a taco from the food
truck or a hot dog or a hamburger.

Have a little, uh, a little event.

Um, and it builds goodwill.

It builds relationships
and it builds familiarity.

People have now been on your site, so
they may not need storage for another two

years, but if they came to that event.

Chances are you are gonna be top
of mind with them in two years when

they get ready to move or remodel or
need storage for some other reason.

So, um.

Customizing and personalizing the
offer of what you offer people.

Now that seems hard in self storage
'cause we rent, you know, 10 by 10

or 10 by 20 boxes with a concrete
floor and you know, a metal roof.

There's not a lot to it.

But we have a location in
fund one that's just starting

construction in Lago Vista, Texas.

Longa Vista happens to be on the
shores of, of Lake Travis, which

is just outside the Austin Metro.

When you're in a location

Brandon Giella: a lake view, so

Paul Bennett: No, no, that I don't
think we can get a premium for a

lake view, but what we do on a site
like that is we typically don't

do a ton of boat and RV storage,

Brandon Giella: Oh,

Paul Bennett: but in that market.

We will do more boat in RV storage
because it's a market where that demand is

significantly higher, although it really
exists everywhere, but significantly

higher than it is in most markets.

So thinking a little bit about what's
going on in the local community,

sort of what's important to people.

Um, the other thing that's incredibly
important is word of mouth.

Because we're dealing in a five mile
radius trading area, the chances are if

somebody has a really good experience
with you, they're gonna tell somebody

else that lives in that five mile radius.

Uh, unlike if, if, if your, you know,
if your market is all of Austin.

Um, I, I, I don't know that.

Word of mouth ultimately can be powerful
in that environment, but I don't know

if it's that direct and that powerful
in a, in a larger, in a larger market.

So we focus a ton on customer service.

We want people to have a great experience.

Um.

Because if they do, uh, when their
neighbor says something about needing

storage or, you know, when, when their
buddy that they play golf with says

something about needing storage, they say,
Hey, you know, I, I use AAA down the road.

They were great.

That's the kind of, um, things that
you can do and have to do in a, in a

hyperlocal market to be successful.

Brandon Giella: Yeah.

I love that.

It's, it's great marketing, you
know, it's marketing fundamentals,

but in a, um, slightly different
application or, or slightly different

context that hyper-local market,
I mean, events are always great.

Word of mouth is always, you know,
the most potent form of marketing.

But, but especially like you
said, when people actually know

each other because they're within
this very tight-knit community.

It's really key.

Paul Bennett: Yeah, I, I guess that's a
better way to say it than what I said,

Brandon, which is the, the importance
of those basic marketing fundamentals

is heightened in a hyper-local market.

You're, you're

Brandon Giella: Yeah, that
makes, that makes sense.

That makes

Paul Bennett: Yeah.

Brandon Giella: So what's, what's
something else that, uh, investors might

need to keep in mind thinking about?

A hyper-local market, the
differences between that.

Um, do you have any, like, maybe if
investors are wanting to get started

thinking about these deals, let's
say they're in your, your data room

and they're looking at these deals,
what is one thing that they should

be paying attention to that maybe is
different than traditional real estate

investments because it's so hyperlocal.

Is there anything else that
that comes to mind like that?

Paul Bennett: Um, I think
it's probably worthwhile.

Uh, I, uh, we would welcome
investors to do whatever in

depth due diligence they want.

To do and we try to provide access to
as much of that information as we can.

I think it can be a little dangerous,
um, to try to underwrite the deal

as if you were the developer.

Um, we, we have a, a, an investor
who's gonna be a part of our final

closing, and I think he worked our,
our analyst group harder than I do.

With his due diligence request.

Um, and, uh, and, and today
actually emailed us and said,

I'm in, I'm ready to go.

But, which was great, but I, I think
he overthought it a little bit.

The, the, the, the first thing you do
is pick a good sponsor that you have

confidence knows what they're doing.

At some level, it's just sort
of a trust and verify, right?

Trust them to do the
really deep due diligence.

You just look at it and
make sure it makes sense.

But to your question, if you're
looking at an an individual

property or a fund like ours, I.

I think it's worthwhile to do a
little research on the communities

that those sites are located in.

Um, you're not gonna have, well, we
provide access to our investors, but you

can see the square foot per capita data.

You can see all that.

But what direction is
that community headed in?

How likely is it to swim
against a negative tide?

Um, you know, is, is
that community growing?

What are, are, what's new construction
look like in that community?

One of the things that's driven the Green
Valley project in, in SLO that I talked

about a minute ago is I was just down
there and you ride down the road and there

are literally new housing developments
going up on either side of the road for

the two miles leading up to our facility.

And I, I can tell you that's what's
driving the success we're having, um,

is all of that new construction, all
those families moving into the area,

they're moving from somewhere else.

Maybe they downsized, maybe they didn't,
but everything they had in the old

place doesn't fit in the new place and
now they gotta have a place to put it.

Um, and uh, so I think it, I mean,
if something's in Austin proper,

that's a little harder, um, to, to.

Get any meaningful sort of insight on
Austin's a big city and different parts of

the city have different dynamics, uh, but.

In our case, we tend to
build in city skirt markets.

So we're in Georgetown, outside Austin.

Um, we're in Lag Vista outside Austin.

We're in Cilo outside San Antonio.

Um, and those are smaller communities that
you can, you can get a little bit better

feel for in terms of where they're headed.

And, um, is the, is the economy growing?

Is the population growing?

Are their employers moving into the
area that are gonna offer people

the opportunity to find employment?

Is it trended in the right direction?

That would be one thing.

And then.

The rest of it is look at the data
and, and ultimately, um, but I, I,

I wouldn't encourage people to try
to become a self storage expert.

That's why you invest
passively is basically to hire

someone to do that for you.

Brandon Giella: That's right.

That's right.

Yeah.

And it, it seems like, uh,
almost secondhand data, you

know, if you see a, a bunch of.

Uh, houses, single family houses
going up on a particular highway.

Like you say, like that developer
has seen something as well.

They have data to, to know why
they're gonna invest in that project.

But it also makes me think of
something, um, that when, when I was

in high school, my family moved from
Atlanta to a, a rural town in Georgia.

And the sentiment or culture or whatever
of that town did not like new development.

And so for whatever reason, it was just,
they just liked the way that the town was.

And that would probably be something
hard, harder to see in data.

But if, if you're in a really hyper-local
market, knowing as much as you can

about the community might be really
important, which is another point.

Trust the sponsor because
they're doing the hard work to,

Paul Bennett: Yeah, I, I, I tell you
what an indicator of that, and that

is how strict are the zoning and other
real estate oriented, uh, regulations.

And I, I can give you an example.

Davidson, North Carolina community
outside Charlotte, North Carolina,

and the home of Davidson College.

A, a well known around the world
liberal arts, um, institution.

Um.

Basically.

Has a do not disturb sign out.

And, and, and, and the way you can figure
that out is if you go look at their zoning

regulations or requirements and the hoops
you have to jump through to do anything

in that community, it clearly tells
you that they're really not interested

in a whole lot of new folks moving in.

Um, and so that, that's sort of an
indicator of communities like the one

you're talking about in Georgia, that
if you can get a glimpse of their, um.

Their zoning and permitting regulations,
it'll give you an idea of how

welcoming they are, how hungry they
are to have newcomers in the area.

So.

Brandon Giella: Fascinating.

Yeah, fascinating.

Okay.

That's helpful.

That's helpful.

Okay.

Anything else before
we call this a wrap on

Paul Bennett: I, I think, I
think the only other thing to

say, we kind of skipped over it.

It's, it's obvious at some level.

Um, Google and, and I.

Online searches.

And that type of advertising has become
more and more critically important

in the storage industry over years
because of its ability to drill

down on a super hyper-local basis.

Um, and when you hit, when you hit,
um, enter on a search on Google,

they know exactly where you're
sitting and their algorithms are

gonna feed you information on the.

Self storage sites that are closest to
you, um, you know, nine times outta 10.

Um, and so it, that, that tool has
become really important and companies

like ours spend an awful lot of money
on Google ads and keyword searches

and, uh, the new maps tool, uh, in,
uh, in, in Google where once you enter.

Uh, a search, it'll, on the right
hand side of the page, it'll pop up

a map with all the locations in it
and a list of them and the ability to

click right through to their website.

So, um, that's become a really important
aspect of marketing in self stores.

That's driven by the fact that
it's a hyper-local market.

So,

Brandon Giella: Yeah,
that makes perfect sense.

I do want, this is just.

Me in my world, but maybe I should
talk to David Lutz about this.

But, uh, some people say that they're not
using Google anymore to search things.

They're using Chacha, bt, or Perplexity
or whatever, and it's like, how do you,

how do you, you know, I'm looking for
self storage within five miles of me, and

can AI tools surface that information?

I don't know.

Paul Bennett: I, I, I'm sure I, I'll
give you one quick comment on that,

Brandon, and that is, I'm sure that's
happening, but I'm, I'm old enough to

remember when people said the internet
was gonna kill the Yellow Pages,

and it did, but it took 15 years.

So I'm quite sure that people are shifting
to chat GPT or or other search engines or

AI driven tools, but it'll be a long time
before Google doesn't dominate that space.

Brandon Giella: Fair.

Which is why I love talking to you
because you give me that perspective of

somebody who's been there and done that.

'cause you know, I'm 34.

I don't think I've ever used the
yellow pages before to search anything.

So, you know, I'm just, I have a different
perspective, but I appreciate yours so

much, your expertise and your wisdom.

'cause I, again, you've been doing
this for decades, so it's, it's

always nice to hear how you guys are
refining your processes and what's

become really important to you.

'cause you're experts at
this, this is what you do.

Paul Bennett: Yeah, that's a lot of fun.

We have a lot of fun.

Brandon Giella: Paul, thank you so much.

Uh, I'm excited for next
episode and we'll see you then.

Paul Bennett: Always.

Great, Brandon.

Thank you.

Brandon Giella: Thanks, man.

We'll see you.