“Our guidance reflects the following assumptions, domestic property NOI growth of at least 3%, increased net interest expense compared to 2024 of between $0.25 to $0.30 per share, reflecting current market interest rates and projected cash balances compared to 2024.”

In context

“in senior notes with a 10 year term and a 4.75% interest rate. We recasted our $3.5 billion revolving credit facility with maturity extended to January of 2030 and no change in pricing or terms and completed over $6 billion of secured loan refinancing and extensions. Lastly, we delevered our balance sheet by approximately $1.5 billion in the year and ended the year at 5.2 times net debt to EBITDA. Our A-rated balance sheet provides a distinct advantage with more than $10 billion of liquidity at year-end. Additionally, today, relative to our dividend, we announced a dividend of $2.10 per share for the first quarter, a year-over-year increase of 7.7%. The dividend is payable on March 31st. Now moving on to our 2025 guidance. Our real estate FFO guidance range is $12.40 to $12.65 per share. Our guidance reflects the following assumptions, domestic property NOI growth of at least 3%, increased net interest expense compared to 2024 of between $0.25 to $0.30 per share, reflecting current market interest rates and projected cash balances compared to 2024. Lastly, our diluted share count of approximately 377 million shares and units outstanding, due to the recent Catalyst brands transaction, we will not include Catalyst guidance at this time. We expect there will be significant savings and synergies from the combination that will be coupled with potential restructuring costs. We expect Catalyst will generate positive EBITDA in fiscal 2025 and roughly breakeven FFO as they work through the combination. With that, thank you. And David and I are now available for your questions. Operator: Great. Thank you. We will now be conducting a question-and-answer session. [Operator Instructions] Our first question is from Jeff Spector from Bank of America. Please go ahead. Jeffrey Spector: Great. Thank you. I know you'll get through some of the numbers”