“Our outlook assumes a 52% margin on this business, which is very consistent with what we saw in 2024.”

In context

“affected by activity timing. And when you think about the cadence of services versus the property revenue, if they're not part of a comprehensive agreement, there is a little bit of a lag time from when you see the services revenue to when you see those commence. And that varies a lot by customer. So, I would think about that as being somewhere in the neighborhood of 60 days to 180 days, depending on the customer and the type of transaction, and the geography on that. Rod Smith: Hey, Nick. I'll just add one additional point when it comes to services. The margin that we see in that business this year, notwithstanding the increase in revenue and what's in the way Steve talked about the shift towards a little bit more construction management, we are consistently seeing north of 50% margins. Our outlook assumes a 52% margin on this business, which is very consistent with what we saw in 2024. Nick Del Deo: Okay. Great. Thanks, guys. Operator: Thank you. One moment for our next question. Our next question comes from Batya Levi from UBS. Please go ahead. Batya Levi: Great. Thank you. One question on LATAM. I think you mentioned that you are seeing a bit of more activity showing up. We haven't really seen that in the results yet. So, can you talk to the cadence of incremental leasing in LATAM? And I think churn came in a bit lower. Was that just timing? And how should we think about the escalator? I think that was better as well. Steve Vondran: Sure. So, we are seeing pockets of increased activity, in particular in Brazil, we have some of the carriers who made some public statements about starting to enhance their 5G offerings. So, we continue to see some new business from that.”