Volledige transcriptie van Commission Impossible: Bet on This

They were. 00:02:07.439 --> 00:02:22.400 I remember this distinctly because I was leaving the office to try to get home to catch the jazz playing Minnesota, and I turned it on on the radio, and it was David Locke talking, and he said, and it was essentially alluding to we don't know what's going on. 00:02:22.560 --> 00:02:26.240 They were set for the tip off, and everybody has now gone into the locker room. 00:02:26.479 --> 00:02:29.680 Yeah, I think that was the night Rudy Gobert caused COVID. 00:02:30.080 --> 00:02:30.960 That's exactly right. 00:02:32.960 --> 00:02:33.280 Yeah. 00:02:33.599 --> 00:02:38.080 Two days later, he was diagnosed with COVID. 00:02:38.240 --> 00:02:38.400 Right. 00:02:39.199 --> 00:02:42.080 That was my last day in the office for 11 months. 00:02:42.240 --> 00:02:42.479 All right. 00:02:42.719 --> 00:02:43.759 Two days later. 00:02:44.240 --> 00:02:50.080 So if you were to think back on the um the other things that kind of occurred during that time. 00:02:50.240 --> 00:02:56.000 So March 11th, the uh World Health Organization stated that we were in a global pandemic. 00:02:56.479 --> 00:03:00.639 Also the day that Rudy was found to have you know tested positive for COVID. 00:03:01.120 --> 00:03:08.960 On March 13th, um, the United States government acknowledged we got a problem, right? 00:03:09.360 --> 00:03:18.719 And on March 18th, March 18th, something crazy happened in Salt Lake City. 00:03:18.879 --> 00:03:24.159 Many of us were probably, you know, shopping for toilet paper that day as we were preparing for this pandemic. 00:03:24.560 --> 00:03:25.039 Most likely. 00:03:25.280 --> 00:03:28.639 On March 18th, there was a 5.7 magnitude earthquake. 00:03:28.960 --> 00:03:29.759 That was that was magical. 00:03:29.919 --> 00:03:31.919 That's completely remember that. 00:03:32.240 --> 00:03:35.360 And that day, Moroni dropped his trunk. 00:03:36.719 --> 00:03:37.360 You remember this? 00:03:37.520 --> 00:03:51.759 I remember that because I I was awoken by it, and my daughter at the time was like 16, and I have no idea how she got this information, but like 38 seconds after the earthquake, she said the angel Moroni just fell off the temple. 00:03:51.919 --> 00:03:54.080 I was like, I don't even what are you talking about? 00:03:54.560 --> 00:03:56.000 Like, there's no way that's real. 00:03:56.159 --> 00:03:57.360 There's no way that happened. 00:03:57.439 --> 00:03:58.879 But it was partially true. 00:03:59.039 --> 00:04:01.039 So the trumpet fell. 00:04:01.360 --> 00:04:17.279 And um, and so when I think back on, and and my topic is the is the temple renovation and and the celebration that's coming up, but when I think back on that, I I had always kind of imagined that that's when the uh church decided to do the renovation. 00:04:17.519 --> 00:04:24.240 But you're correct, they actually started the construction in December of 2019. 00:04:24.560 --> 00:04:24.800 Okay. 00:04:24.959 --> 00:04:25.279 Yeah. 00:04:25.439 --> 00:04:29.040 So it was it was under construction when the trumpet fell. 00:04:29.279 --> 00:04:29.680 Got it. 00:04:29.920 --> 00:04:31.199 Early stages, right? 00:04:31.439 --> 00:04:34.240 So uh so anyway, so Jonathan's like cool. 00:04:34.399 --> 00:04:34.879 Yeah, he's super. 00:04:35.759 --> 00:04:40.879 A lot is lost on me, but I can intimate that it is that was an ominous thing to have happen. 00:04:41.120 --> 00:04:42.480 That was those were crazy times. 00:04:42.639 --> 00:04:42.879 Sure. 00:04:42.959 --> 00:04:43.120 Yeah. 00:04:43.279 --> 00:04:44.639 Where were you when the earthquake hit? 00:04:44.879 --> 00:04:46.480 I was in bed by myself. 00:04:46.639 --> 00:04:52.160 My wife and daughter were at my mother-in-law's, and I was by myself, and it woke me up. 00:04:52.240 --> 00:04:58.560 And I remember thinking, I gotta climb up on my roof and look to see if the pit of hell has opened up somewhere nearby. 00:04:58.720 --> 00:05:01.279 Because the look that was grumbling. 00:05:01.360 --> 00:05:02.879 It's crazy times, right? 00:05:03.279 --> 00:05:04.079 Where were you? 00:05:04.319 --> 00:05:05.279 I was in bed, yeah. 00:05:05.439 --> 00:05:06.560 It woke me up. 00:05:06.879 --> 00:05:08.959 So I was shopping for toilet paper. 00:05:09.040 --> 00:05:11.279 I was at dance at Foothill Village. 00:05:11.360 --> 00:05:11.519 Yep. 00:05:11.839 --> 00:05:13.279 And like 7:30 in the morning? 00:05:13.519 --> 00:05:14.000 No, no, no. 00:05:14.079 --> 00:05:15.439 It was the one that it was an aftershock. 00:05:15.519 --> 00:05:16.240 It was like later that morning. 00:05:16.480 --> 00:05:17.199 First one was the 7.30. 00:05:17.360 --> 00:05:18.000 Yeah, first one was early. 00:05:18.560 --> 00:05:19.199 First one was early. 00:05:19.360 --> 00:05:24.319 The aftershock was later, and I remember watching all the like all the aisles, like groceries were falling off. 00:05:24.639 --> 00:05:26.000 It was just crazy, right? 00:05:26.240 --> 00:05:30.959 We none of us knew what was happening, and we had this thing with the pandemic, and anyway. 00:05:31.279 --> 00:05:34.319 So that's when the church started construction. 00:05:36.000 --> 00:05:37.199 Here's some stats now. 00:05:37.279 --> 00:05:38.560 I gotta read this off my phone. 00:05:39.120 --> 00:05:41.759 1,000, this is from Jacobson construction. 00:05:41.920 --> 00:05:48.480 1,000 workers a day, 20 hours per day, over a million man hours later. 00:05:49.519 --> 00:05:50.879 Billions and billions of dollars. 00:05:51.199 --> 00:05:52.720 That's not that's not the point. 00:05:52.959 --> 00:05:53.519 No, but it is. 00:05:53.839 --> 00:05:54.480 No, it is, it is. 00:05:54.639 --> 00:05:55.839 Yeah, billions and billions. 00:05:56.319 --> 00:05:57.839 I was actually thinking about this the other day. 00:05:58.079 --> 00:06:10.879 Somebody was talking about this subject, and I I mean, I don't know what the number is, nobody does, but I would I would guesstimate that the church has

probably spent ten billion dollars in the last 10 years in downtown Salt Lake. 00:06:10.959 --> 00:06:11.360 Oh, for sure. 00:06:11.680 --> 00:06:13.600 City Creek and all the different assets the temple. 00:06:14.000 --> 00:06:15.360 Well, yeah, City Creek. 00:06:15.439 --> 00:06:21.920 I mean, when that was built, it was the only mall in the country being built, and the official numbers on that were two and a half billion dollars. 00:06:22.240 --> 00:06:25.680 Yeah, and a similar number was attributed to the temple, around two and a half billion dollars. 00:06:25.920 --> 00:06:34.079 This is an incredible investment, like just objectively, irrespective of religion and all that stuff, like it's isn't an incredible investment into downtown Salt Lake. 00:06:34.319 --> 00:06:35.839 Yeah, no question. 00:06:36.079 --> 00:06:46.079 Um, and along those lines, how does that investment kind of impact the city over the course of the next six months, or I guess, well, six plus couple, so 10 months. 00:06:46.480 --> 00:06:48.639 Let me give you guys some more stats. 00:06:48.959 --> 00:06:52.720 So right now, um, we're currently well, let's go pre-pandemic. 00:06:52.800 --> 00:07:08.240 So, pre-pandemic, um, we had on average about 46,000 um well, let's see, okay, so 36,000 daily office visits downtown pre-pandemic, so 2019. 00:07:08.480 --> 00:07:11.680 And um, and then non-office visits totaled 46,000. 00:07:11.759 --> 00:07:16.639 So there were almost 80,000 people a day in downtown Salt Lake City back in 2019. 00:07:16.800 --> 00:07:22.800 Uh, forward to today, we're at about 60,000 people per day and the 38,000 on the weekends. 00:07:22.959 --> 00:07:25.040 So the office is down about 30%. 00:07:25.600 --> 00:07:38.319 Um, what they're estimating with this new um celebration is an additional 22 to 30,000 people a day, um, which gets us back to about 90,000 on the weekdays and 70,000 on the on the weekends. 00:07:38.560 --> 00:07:39.360 Big numbers. 00:07:39.439 --> 00:07:44.959 They're estimating 5 million people will visit downtown Salt Lake City between uh April and October. 00:07:45.120 --> 00:07:50.000 Um, they'll have shuttles from the airport downtown, they're closing South Temple. 00:07:50.079 --> 00:07:52.639 I mean, this is this is going to be a pretty momentous occasion. 00:07:52.720 --> 00:08:00.240 Uh it's been 130 years or something since people have been able to be inside this this the temple who aren't members of the LDS Church. 00:08:00.319 --> 00:08:01.600 So I'm really excited about it. 00:08:01.680 --> 00:08:03.759 I'm excited for what it'll do for downtown business. 00:08:03.839 --> 00:08:05.680 I I do feel like it'll have a positive impact. 00:08:06.000 --> 00:08:06.879 I may have missed it. 00:08:07.040 --> 00:08:07.759 When is this? 00:08:07.920 --> 00:08:09.439 When's the date, the official date? 00:08:09.839 --> 00:08:12.399 We've already gotten tickets for you. 00:08:12.560 --> 00:08:12.720 Okay. 00:08:14.079 --> 00:08:14.800

I just need the date. 00:08:15.199 --> 00:08:17.199 Let me know when I can schedule it out-of-the-art. 00:08:17.839 --> 00:08:21.519 Uh it starts April 7th and it ends October 7th. 00:08:21.759 --> 00:08:22.079 Okay. 00:08:22.480 --> 00:08:26.319 So um I'm sure someone's earmarked some tickets for you. 00:08:26.560 --> 00:08:29.120 And then it gets resealed, and I'm no longer allowed back to it. 00:08:29.360 --> 00:08:32.240 And then you just have to jump through some hoops and you can get right back in. 00:08:34.320 --> 00:08:45.039 I yeah, I think uh look, hey, as a resident of Salt Lake City, and we're officed, one of our offices uh is our headquarters are in downtown Salt Lake. 00:08:45.200 --> 00:08:46.240 It's fabulous. 00:08:46.480 --> 00:08:47.919 More bodies downtown or better. 00:08:48.000 --> 00:08:51.360 It restores us to levels that we were pre-pandemic. 00:08:51.600 --> 00:08:54.639 Um, those people that are coming in spend dollars. 00:08:54.720 --> 00:08:56.000 Yeah, lots of dollars. 00:08:56.159 --> 00:09:00.159 So and we've talked about the restaurants that have closed in downtown Salt Lake. 00:09:00.240 --> 00:09:07.600 We've talked about some of the retail struggles and the rising lease rates and and all these, you know, things that have kind of contributed to to some challenges downtown. 00:09:07.759 --> 00:09:10.320 Well, hopefully this provides a little bit of relief. 00:09:10.639 --> 00:09:22.320 And we did a white paper a couple of uh weeks ago, which we can link in the bio of this pod, but um, it really showed the downtown Salt Lake, especially the nightlife, has really boosted the last couple of years. 00:09:22.559 --> 00:09:28.879 And I think um, if I'm paraphrasing the report, nightlife is better than it's ever been in downtown Salt Lake. 00:09:29.039 --> 00:09:33.919 I don't mean like I just mean like the amount of people in downtown Salt Lake is more than it's ever been. 00:09:34.080 --> 00:09:34.879 I'm doing my best. 00:09:34.960 --> 00:09:39.120 You know, I should have been down at about 8:30, but I'm going hard till then. 00:09:39.200 --> 00:09:39.440 Yeah. 00:09:39.600 --> 00:09:39.919 Every day. 00:09:40.240 --> 00:09:40.480 Thank you. 00:09:40.639 --> 00:09:41.440 I think it's incredible. 00:09:41.519 --> 00:09:47.600 I think about the first apartment I had post-college, so it would have been 2010, 11. 00:09:47.919 --> 00:09:50.159 Salt Lake City, I mean, it was a ghost town. 00:09:50.240 --> 00:09:58.559 I was a few blocks from O'Shucks, and that was essentially the only bar in Salt Lake, and you'd see the same 12 people every time you went, whether you were with friends or not. 00:09:58.799 --> 00:09:59.600 Just Irish people? 00:10:01.039 --> 00:10:02.399 No, none of those either. 00:10:02.639 --> 00:10:13.440 Um, but what it is now, I don't get down as often as I I used to, but it's an it's not a recognizable place for what I used to live down here, which I think is incredible. 00:10:13.679 --> 00:10:32.720

In addition, it from a real estate perspective, whenever I have clients in town, bar none, every single time, we always take a lap through downtown, and everybody wants to see Temple Square and they want to hear about the history of it and everything else, and all the investment and the time spent on these city blocks. 00:10:33.039 --> 00:10:51.679 And everybody's always really impressed by it, not only because of the history and everything else, but that we have this driving engine that really I don't want to say artificially props up our downtown, but it has forced it to grow up in a way that I don't think we would have grown up without that kind of investment. 00:10:51.840 --> 00:10:54.320 So I think it's a boon for the city to have it back home. 00:10:54.879 --> 00:10:55.519 No question. 00:10:56.320 --> 00:10:56.799 No doubt. 00:10:56.960 --> 00:10:58.080 Yeah, I'm excited for it. 00:10:58.159 --> 00:11:01.759 I think next year 2027 is gonna be crazy bringing that many people downtown. 00:11:01.919 --> 00:11:09.120 I think parking, like if you start to think about the the logistics of it, parking is gonna be incredibly challenging. 00:11:09.200 --> 00:11:09.519 Yeah. 00:11:09.679 --> 00:11:12.720 I mean, the church actually owns tons of parking all over downtown. 00:11:12.799 --> 00:11:16.000 I'm sure they'll absorb all of that and then some. 00:11:16.159 --> 00:11:20.960 And then layer on top of all of that, jazz games, mammoth games. 00:11:21.279 --> 00:11:24.399 Well, we're not gonna, I mean, are we playing with your playoff team this year? 00:11:24.480 --> 00:11:26.080 So maybe maybe there will be some jazz games. 00:11:26.480 --> 00:11:26.960 Don't be like that. 00:11:27.279 --> 00:11:28.480 Okay, yeah, we'll get there later. 00:11:29.200 --> 00:11:31.039 Long, long run, deep into the playoffs. 00:11:31.200 --> 00:11:31.759 Yeah. 00:11:32.080 --> 00:11:33.200 Yeah, it's it's cool. 00:11:33.279 --> 00:11:33.840 It's exciting. 00:11:33.919 --> 00:11:34.960 I mean, it's been a long time. 00:11:35.039 --> 00:11:35.919 I'm I'm excited. 00:11:36.240 --> 00:11:37.120 It'll be fun. 00:11:37.919 --> 00:11:38.240 Thanks. 00:11:38.480 --> 00:11:39.360 We'll get your tickets. 00:11:39.759 --> 00:11:40.320 I can't wait. 00:11:40.399 --> 00:11:41.360 I've never been in one. 00:11:41.679 --> 00:11:42.480 Let's get it. 00:11:43.039 --> 00:11:46.159 Alright, let me jump into uh something that I've been thinking about. 00:11:46.639 --> 00:11:48.559 It's a really exciting subject. 00:11:49.440 --> 00:11:50.399 Malls. 00:11:50.879 --> 00:11:51.759 Malls. 00:11:52.639 --> 00:11:54.320 Shopping malls. 00:11:55.120 --> 00:11:59.919 So what if I told you guys malls are better than they've ever been? 00:12:01.120 --> 00:12:02.080 Would you believe me? 00:12:02.240 --> 00:12:02.559 Ever? 00:12:02.960 --> 00:12:04.320 I'd ask you to qualify that as well. 00:12:04.399 --> 00:12:07.440 Ever in our lifetime, which is essentially ever. 00:12:08.639 --> 00:12:10.559 I

would have a hard time believing that. 00:12:11.039 --> 00:12:11.759 That's fair. 00:12:12.320 --> 00:12:14.240 Are you D malls or malls? 00:12:14.559 --> 00:12:15.039 Malls. 00:12:15.440 --> 00:12:16.000 No way. 00:12:16.320 --> 00:12:16.879 Alright. 00:12:17.279 --> 00:12:18.720 Let me challenge this. 00:12:18.960 --> 00:12:26.480 How many malls were in America in 2010 in the middle of the Great Recession? 00:12:27.519 --> 00:12:30.320 I would expect you guys to know the answer to this, obviously. 00:12:30.639 --> 00:12:31.840 350. 00:12:32.879 --> 00:12:34.080 1,200. 00:12:34.799 --> 00:12:37.679 I don't know how you guessed 1,200, because that's actually what the number was. 00:12:38.000 --> 00:12:38.799 Get out of here, really? 00:12:40.399 --> 00:12:41.200 It's a mall guy. 00:12:42.559 --> 00:12:45.600 I've found the only guy in America that knows mall stats. 00:12:45.840 --> 00:12:47.120 Is there really 1,200? 00:12:47.279 --> 00:12:49.840 There were 1,200 malls in America in 2010. 00:12:50.080 --> 00:12:52.240 Today, how many malls are there? 00:12:52.559 --> 00:12:53.519 350. 00:12:53.759 --> 00:12:54.720 750. 00:12:55.279 --> 00:12:56.559 There's 700 malls. 00:12:56.799 --> 00:12:58.639 You never decided malls. 00:12:59.039 --> 00:12:59.759 Off the top of my head. 00:13:00.399 --> 00:13:01.360 No, that's not true. 00:13:01.519 --> 00:13:02.480 Did you guys meet before that? 00:13:02.720 --> 00:13:03.840 No, I felt like we should have. 00:13:04.000 --> 00:13:05.279 But there are 700 malls. 00:13:05.360 --> 00:13:07.039 So obviously, significantly less. 00:13:07.200 --> 00:13:09.440 And why are there significantly less? 00:13:09.600 --> 00:13:11.759 We know the answer, but I think it's a really interesting thing. 00:13:11.919 --> 00:13:13.279 I don't answer why. 00:13:14.000 --> 00:13:18.000 The answer is the same issue that's that's been happening with retail overall. 00:13:18.159 --> 00:13:22.000 In in the Great Recession, we were over-retailed in many ways. 00:13:22.159 --> 00:13:22.480 Right. 00:13:22.639 --> 00:13:24.799 And we were building a ton of retail. 00:13:24.879 --> 00:13:32.159 We had a ton of retail that had been delivered, and there was heavy vacancy, and malls were pretty much at the forefront of that. 00:13:32.320 --> 00:13:38.240 You had Class A, Class B, Class C malls, and there were malls everywhere. 00:13:38.559 --> 00:13:40.399 And they were garbage. 00:13:40.559 --> 00:13:44.960 Like of so many malls were just garbage malls that probably should have never been built. 00:13:45.120 --> 00:13:48.480 It was in a time where you know everyone had a department store. 00:13:48.559 --> 00:13:50.559 Remember how many department stores there used to be? 00:13:51.039 --> 00:13:54.240 There are far fewer department stores now than there used to be. 00:13:54.559 --> 00:14:03.440 And vacancy rates in 2010 on malls and retail in general was 10 to 15 percent. 00:14:03.679 --> 00:14:03.919 Right. 00:14:04.480 --> 00:14:09.279 Vacancy rates today on malls are around 3 to 5%. 00:14:10.159 --> 00:14:12.080 So far fewer malls. 00:14:12.399 --> 00:14:27.440 Everyone has has basically flown to class A assets, and most of the malls that were class B, class C have been demuled, sold, redeveloped, scraped, or they're just literally standing vacant today. 00:14:28.240 --> 00:14:32.639 So the absorption sort of happened by deduction. 00:14:32.799 --> 00:14:33.120 Yeah. 00:14:33.440 --> 00:14:37.679 Um and so I I think malls have never been better. 00:14:40.080 --> 00:14:40.879 Well, it's interesting. 00:14:40.960 --> 00:14:50.000 If you take the ones here, it's interesting because the malls that still do really, really well were just great real estate, right? 00:14:50.240 --> 00:14:56.799 Fashion Place, Leyton Hills, even though it's it's kind of a tired old thing, it's still great real estate. 00:14:57.120 --> 00:14:59.519 It's right off there, right off Hillfeld Road. 00:14:59.840 --> 00:15:04.480 Southtown Mall, it's gone through its own trials and tribulations, but it's great real estate. 00:15:04.559 --> 00:15:10.480 And then you even look at one like Cottonwood Mall, which well, I think was the first indoor mall west of the Mississippi. 00:15:10.799 --> 00:15:12.879 But became a class B, Class C. 00:15:13.360 --> 00:15:19.279 Terrible real estate for a mall, but ultimately in the fullness of time, has become good real estate again. 00:15:19.440 --> 00:15:21.200 It's had to be reimagined. 00:15:21.519 --> 00:15:26.320 Cash Valley Mall in Logan, similarly, not good for them all, but good real estate. 00:15:26.559 --> 00:15:27.120 Great real estate. 00:15:27.279 --> 00:15:30.879 And ultimately got devalued to the point where it could be repurposed. 00:15:31.039 --> 00:15:44.240 And I think we're seeing this, you know, when we're looking for bigger box tenants, there is a real overabundance of demand for the boxes that exist in these malls, and there's just not enough of it anywhere. 00:15:44.399 --> 00:15:44.879 That's right. 00:15:45.120 --> 00:15:50.559 Every hey, we have Wayfair looking for 120,000 feet up and down the Wasatch front. 00:15:50.639 --> 00:15:56.480 We would love yeah, we'd love to peel any of that off from any existing mall, and none of it exists. 00:15:56.799 --> 00:16:04.320 But to that point, in 2010, 11, 12, if you said I have Wayfair looking for 120,000 square feet, you would have developers at your house tonight. 00:16:04.480 --> 00:16:05.120 Yes, exactly. 00:16:05.440 --> 00:16:07.519 Knocking on your windows, serious boxes for you. 00:16:07.679 --> 00:16:07.840 Yeah. 00:16:08.000 --> 00:16:18.399 It's interesting though, like the the malls that you're describing that had that are that are situated in in you know really great locations, I think I think the real estate has certainly been part of their success. 00:16:18.639 --> 00:16:36.320 But every one of these mall owners has had a very proactive approach to maximizing, you know, building pads, um,

making their mall outward-facing, um, you know, taking advantage of those big vacant boxes and and potentially adding multifamily to the mall. 00:16:36.559 --> 00:16:39.360 I mean, I'm I'm working on a Provo Town Center right now. 00:16:39.440 --> 00:16:44.320 I've worked on the Gateway for 10 plus years, uh, worked on Valley Fair for a period of time. 00:16:44.399 --> 00:16:49.360 And and one thing that that uh Valley Fair and Gateway have in common is this is a resume or is this a public? 00:16:49.840 --> 00:16:51.360 He got to talk about all the Tennessee representations. 00:16:51.519 --> 00:16:52.879 No, he's bitching his face right now. 00:16:53.279 --> 00:16:57.120 I never even get an opportunity to like, hi, I'm Troy Hardy, commercial real estate. 00:16:57.600 --> 00:16:59.039 Um, don't lead with that. 00:16:59.120 --> 00:17:01.279 I don't, I know it's tempting. 00:17:01.519 --> 00:17:17.039 Um but but the reality is they all have this in common in that they're all adding multifamily, they're adding office, they're adding these other components so they can kind of generate more daytime captive traffic, and that that's helping with the overall productivity of these malls. 00:17:17.200 --> 00:17:20.240 I do think though, like I look at fashion place, that's an outlier. 00:17:20.319 --> 00:17:22.319 I mean, that is that is such incredible real estate. 00:17:22.400 --> 00:17:23.519 But Southtown, perfect reason. 00:17:23.680 --> 00:17:25.200 Why is Southtown successful? 00:17:25.440 --> 00:17:26.960 Because it's being demuled. 00:17:27.279 --> 00:17:30.400 So while we're talking about Fashion Place, what do you guys think? 00:17:30.799 --> 00:17:36.559 The world of malls are generally judged by their sales per square foot, right? 00:17:36.799 --> 00:17:37.039 Right. 00:17:37.200 --> 00:17:48.000 Um, so fashion place, let's start actually with the number one mall in America of sales per square foot, which I'll just say what it is because I it's it's Ball Harbor in Miami. 00:17:48.319 --> 00:17:48.960 Would not have gone. 00:17:49.200 --> 00:17:50.319 Yeah, I go there all the time. 00:17:51.440 --> 00:17:53.839 That does$3,000 a square foot. 00:17:54.079 --> 00:17:55.200 Big number. 00:17:55.920 --> 00:17:59.279 The next one is Ala Moana, which is what I thought the number one was. 00:17:59.440 --> 00:17:59.599 Right. 00:17:59.759 --> 00:18:00.480 But that's pretty close. 00:18:00.559 --> 00:18:03.839 It's$2,500 square feet or$2,500 a square foot. 00:18:04.079 --> 00:18:07.200 And we visited that recently during a horrific storm. 00:18:07.519 --> 00:18:08.319 I contributed$12,000. 00:18:08.640 --> 00:18:10.640 When I say we, it's the three of us. 00:18:10.880 --> 00:18:11.680 What an experience. 00:18:12.000 --> 00:18:13.119 The food court was incredible. 00:18:13.359 --> 00:18:13.680 Epic. 00:18:13.920 --> 00:18:16.400 That food court actually is like 100,000 square feet. 00:18:16.480 --> 00:18:16.960 It's unbelievable. 00:18:17.119 --> 00:18:18.319 How about the food court in the garage? 00:18:18.559 --> 00:18:20.559 Yeah, so where do you find that? 00:18:20.880 --> 00:18:22.960 Forum shops in Vegas is another one. 00:18:23.039 --> 00:18:25.119 So those are kind of the high water mark. 00:18:25.200 --> 00:18:29.680 Now, Fashion Place is the number one mall in Utah, as you guys mentioned. 00:18:29.839 --> 00:18:31.680 What does that do per square foot? 00:18:32.000 --> 00:18:32.960 1,200. 00:18:33.119 --> 00:18:36.400 I'm going no, I'm not even going to try to do that. 00:18:36.559 --> 00:18:38.160 800 to 1,000 bucks a square foot. 00:18:38.400 --> 00:18:38.640 All right. 00:18:38.720 --> 00:18:39.680 So it's still pretty strong. 00:18:39.759 --> 00:18:47.759 I remember when I started in uh commercial real estate however many decades ago, people would throw around Fashion Place like breaking 400 bucks. 00:18:48.079 --> 00:18:50.880 I was gonna say 450 was a big number. 00:18:51.200 --> 00:18:55.039 I remember that number being quoted by GGP back in the day. 00:18:55.279 --> 00:18:58.240 Yeah, if you strip out inflation, I don't even know what the growth is. 00:18:58.319 --> 00:19:00.000 But look at Fashion Place. 00:19:00.079 --> 00:19:01.680 Like Fashion Place has come so far. 00:19:01.759 --> 00:19:05.680 It's always been the greatest real estate, it's always been the number one mall in the in the state. 00:19:05.839 --> 00:19:08.319 But even then, like they've done an incredible job. 00:19:08.400 --> 00:19:08.640 Yeah. 00:19:08.799 --> 00:19:11.759 And it's it's pretty much 100% occupied. 00:19:11.920 --> 00:19:12.720 Yeah, for sure. 00:19:13.039 --> 00:19:18.160 Do we count the little pop-up type retailers in our mall occupancy? 00:19:18.400 --> 00:19:18.799 I don't know. 00:19:18.960 --> 00:19:20.640 Because it's always a little bit of a mystery. 00:19:20.720 --> 00:19:23.839 You know, you walk through a mall and everything looks full. 00:19:24.000 --> 00:19:26.640 And you wonder, are these real tenants? 00:19:27.440 --> 00:19:28.000 What's going on? 00:19:28.880 --> 00:19:29.920 That's the interesting part about it. 00:19:30.640 --> 00:19:43.359 Because I go to fashion place every once in a while, and there's still it feels a little like walking back in time, even though it has been, you know, it's got plenty of facelifts and it is indoor-outdoor facing, and they've got all the new tenants. 00:19:43.519 --> 00:19:47.680 But there is a certain aspect of it where I feel like I'm 15 years old again walking now. 00:19:48.000 --> 00:19:48.799 Kind of feels the same. 00:19:49.039 --> 00:19:50.160 Yes, it really does. 00:19:50.559 --> 00:19:54.799 Like it no matter how many times they do the facelift, sometimes it still just feels tired. 00:19:54.880 --> 00:19:55.920 It feels like a mall. 00:19:57.039 --> 00:19:59.039 And like wildly therapeutic. 00:19:59.279 --> 00:19:59.519 Yes. 00:20:01.200 --> 00:20:02.160 Let's go pierce our yeah. 00:20:02.319 --> 00:20:03.279 Yeah, exactly.

00:20:03.599 --> 00:20:06.400 Simon Property Group is the number one mall owner in America. 00:20:06.480 --> 00:20:11.119 They own 200 plus malls, most of them class A, 180 million square feet. 00:20:11.279 --> 00:20:12.480 Brookfield, number two. 00:20:12.559 --> 00:20:14.160 They own 130 malls. 00:20:14.319 --> 00:20:18.400 So it's been a lot of consolidation in that, those two companies. 00:20:18.640 --> 00:20:20.799 Um, you guys touched on City Creek before. 00:20:21.039 --> 00:20:24.240 City Creek is a very, very successful mall. 00:20:24.559 --> 00:20:32.799 Many of those retailers are not open on Sunday, which probably hurts its per square foot sales, but it's an incredible mall, beautiful. 00:20:33.039 --> 00:20:37.200 Um if you haven't been there, obviously one to take a look at. 00:20:37.440 --> 00:20:44.000 But that's my mall pitch on why malls are better than they've been in many, many decades. 00:20:44.319 --> 00:20:45.200 That's a pretty good pitch. 00:20:45.440 --> 00:20:47.119 Do we ever see a new mall? 00:20:47.440 --> 00:20:48.720 In the traditional sense. 00:20:48.880 --> 00:20:50.960 I'm not talking a lifestyle center or anything like that. 00:20:51.200 --> 00:20:51.920 That's my question. 00:20:52.240 --> 00:20:53.279 Does that ever happen again? 00:20:53.519 --> 00:20:54.000 I don't know. 00:20:54.319 --> 00:21:01.440 Like a fully enclosed three anchors and everything in between. 00:21:02.000 --> 00:21:08.960 So I think the problem, the answer is probably not, but I'm trying to think of why the answer is probably not. 00:21:09.039 --> 00:21:26.319 And it's because by the time growth happens in today's world, like on the fringes, say Saratoga Springs or wherever, so many power centers have been built before the mall can even come out of the ground that it's just they strip all of the major tenants away from a mall potential. 00:21:26.400 --> 00:21:27.039 That's my opinion. 00:21:27.119 --> 00:21:27.440 I don't know. 00:21:27.680 --> 00:21:32.319 What if Seg comes to us and and the proposal for the entertainment district is all enclosed? 00:21:32.480 --> 00:21:35.599 It's just like a mall attached to the Delta Center. 00:21:35.839 --> 00:21:43.119 We're gonna bring back David Busters, or not David Busters, what was the tenant that went bankrupt with TIs back in the day? 00:21:43.359 --> 00:21:47.119 Oh uh um they're they're out, they were at Southtown. 00:21:47.200 --> 00:21:47.279 Yeah. 00:21:47.440 --> 00:21:48.160 Oh no, no, no, no. 00:21:48.240 --> 00:21:51.200 You're thinking of uh oh, so that's Stephen Berry's? 00:21:51.359 --> 00:21:52.000 Yeah, Stephen Berry. 00:21:52.160 --> 00:21:53.519 We're gonna bring out Stephen Berry's. 00:21:53.759 --> 00:21:54.559 Yeah, yeah. 00:21:54.880 --> 00:21:59.359 Um no, I I think that I think the days of them all are are behind us, hopefully. 00:22:00.000 --> 00:22:02.559 But I do remember uh Tiff Tiffany. 00:22:02.720 --> 00:22:03.759 I think we're alone now. 00:22:03.839 --> 00:22:07.440 I think I think she performed in uh in a mall in Utah. 00:22:07.519 --> 00:22:09.039 It was one of her first live performances. 00:22:09.359 --> 00:22:10.079 And you were there. 00:22:10.319 --> 00:22:12.000 I think I I think I was there. 00:22:12.799 --> 00:22:14.400 I think we're alone now. 00:22:14.559 --> 00:22:15.119 Anyway. 00:22:15.440 --> 00:22:15.759 Thank you. 00:22:16.000 --> 00:22:16.640 Take us back. 00:22:16.960 --> 00:22:17.519 Alrighty. 00:22:17.680 --> 00:22:20.000 This is non-real estate topic. 00:22:20.160 --> 00:22:22.240 And let me lay out for a second here. 00:22:22.480 --> 00:22:27.599 So sports betting has become synonymous with sports. 00:22:28.079 --> 00:22:30.960 They do not, it it no longer is a separate topic, right? 00:22:31.519 --> 00:22:32.400 Can we name this real quick? 00:22:32.559 --> 00:22:33.920 This is Jonathan's Picks. 00:22:34.079 --> 00:22:34.960 This is Jonathan's picks. 00:22:35.359 --> 00:22:35.920 I will get to my books. 00:22:36.240 --> 00:22:37.279 Welcome to Jonathan's Picks. 00:22:37.519 --> 00:22:38.720 This is first Jonathan's recording. 00:22:38.880 --> 00:22:41.440 You've listened this far in, now you get Jonathan's picks. 00:22:41.680 --> 00:22:42.559 Jonathan's locks. 00:22:42.880 --> 00:22:43.839 So it's pervasive. 00:22:44.000 --> 00:22:45.440 You can't listen to a talk show. 00:22:45.519 --> 00:22:46.640 You can't watch a game. 00:22:46.799 --> 00:22:48.079 You can't go to an arena. 00:22:48.240 --> 00:22:52.559 You can't do anything without sports betting being either the advertiser. 00:22:54.400 --> 00:22:58.400 Every sports show talks about it, the line, how does this affect the line? 00:22:58.559 --> 00:22:58.960 Everything else. 00:22:59.200 --> 00:22:59.680 Right. 00:23:00.079 --> 00:23:04.799 And with that, there have been a lot of really negative, unintended consequences. 00:23:04.960 --> 00:23:05.519 We've seen them. 00:23:05.599 --> 00:23:14.480 We've seen three separate occasions in the NBA of what are now being treated in the federal courts as insider trading, guys betting on themselves. 00:23:14.720 --> 00:23:17.680 We've seen it in NCAA football. 00:23:17.839 --> 00:23:20.240 We've seen it in golf. 00:23:20.640 --> 00:23:27.440 And we've seen it across the board a really, really negative impact on sports. 00:23:27.599 --> 00:23:30.640 And I think we all are relatively big sports fans here. 00:23:30.799 --> 00:23:33.200 And it is hard to separate the two. 00:23:34.559 --> 00:23:53.440 And the reason I bring it up is there are now these uh market groups out there, polymarket and calci, where you can do sports betting on it, but it's not considered sports betting because it's essentially futures trading, which I I would argue a sports betting is a futures trade. 00:23:53.680 --> 00:24:03.920 But you can now we've invited it into every aspect of our life, whether it be politics, entertainment, geopolitical conflicts. 00:24:04.160 --> 00:24:04.400 Right. 00:24:04.720

--> 00:24:07.200 You can set a market for anything you want. 00:24:07.839 --> 00:24:14.640 And the problem is, is the negativity it's brought to sports, now question the integrity of events. 00:24:14.880 --> 00:24:22.160 I don't know if you guys watched the President's Cup, but a guy shouted in the back swing of the opponent of Scotty Scheffler. 00:24:22.480 --> 00:24:32.079 And there have been many documented cases where golf is particularly susceptible to fan interaction affecting the outcome of the events. 00:24:32.319 --> 00:24:34.480 Yeah, Troy yelled at me once in my in his back seat. 00:24:34.799 --> 00:24:35.039 Exactly. 00:24:35.119 --> 00:24:38.240 We do it with our buddies on a$5 nine-hole bet. 00:24:38.400 --> 00:24:41.359 But we've now invited this into every aspect of our life. 00:24:41.519 --> 00:24:44.079 And my question is, why have we done this? 00:24:44.240 --> 00:24:45.759 Who is asking for this? 00:24:46.079 --> 00:24:47.440 I genuinely am curious. 00:24:48.480 --> 00:24:51.839 It's at the touch of your finger at all times. 00:24:52.799 --> 00:24:56.559 Sports betting addiction is already a huge, huge problem. 00:24:56.880 --> 00:24:59.519 And we've now just invited it to every aspect of our life. 00:24:59.759 --> 00:25:01.920 You don't have to wait for a game to start anymore. 00:25:02.079 --> 00:25:07.759 You can bet on the over-under of a rotten tomato score of a movie you and I will never watch. 00:25:08.000 --> 00:25:09.519 And I'm talking volumes. 00:25:09.599 --> 00:25:12.240 You can look it up on Calcian's in the millions. 00:25:12.960 --> 00:25:17.039 People are betting over and under a score of 85 on a movie that's going to come out. 00:25:17.440 --> 00:25:19.440 Are you a are you a sports better or I don't know? 00:25:19.519 --> 00:25:19.920 Not at all. 00:25:20.160 --> 00:25:20.400 Yeah. 00:25:20.559 --> 00:25:26.400 I mean, this is this is a giant issue right now that is so hard for me to understand. 00:25:26.559 --> 00:25:27.759 I understand betting. 00:25:27.920 --> 00:25:34.240 That's fine, but it's I was at a at a Utah football game with a guy, a younger guy who we all know. 00:25:34.319 --> 00:25:35.519 I'm not gonna say his name. 00:25:35.759 --> 00:25:36.880 And I'll say it. 00:25:36.960 --> 00:25:38.720 And he was like, Do you use sports better? 00:25:38.799 --> 00:25:40.160 I was like, I don't even know what you're saying. 00:25:40.319 --> 00:25:42.559 And he's like, Weird, we'll use mine. 00:25:42.799 --> 00:25:46.960 And I can't even remember what the one was, but whatever it was. 00:25:47.200 --> 00:25:47.920 DraftKings. 00:25:48.000 --> 00:25:48.960 It was DraftKings or something. 00:25:49.279 --> 00:25:50.000 I can't remember. 00:25:50.160 --> 00:25:53.440 But anyway, we he puts$300 in. 00:25:53.599 --> 00:26:02.720 He does like this weird parlay bet where it's like, if Utah wins by four and this guy has 12 rushing yards more than like it was like five string bets. 00:26:02.960 --> 00:26:07.440 He's

like, look, dude, if we win this, we're gonna make$43,000. 00:26:08.079 --> 00:26:11.759 I was like, dude, you're not gonna win five bets in a row. 00:26:11.920 --> 00:26:15.119 I know enough about betting to know that is a 0% chance. 00:26:15.359 --> 00:26:16.160 But he did win. 00:26:16.400 --> 00:26:17.519 No, we did not win. 00:26:17.839 --> 00:26:18.720 He did not win. 00:26:19.039 --> 00:26:20.880 There was no good moral to the story. 00:26:21.119 --> 00:26:27.920 And in addition, now betters take out their vitriol on the athletes on who they're betting, right? 00:26:28.079 --> 00:26:36.319 It just creates all that more negativity, more incentive to be more raucous at the game, say worse things at the game. 00:26:36.480 --> 00:26:42.480 We have plenty of experience with that in the jazz arena with um Russell Westbrook. 00:26:43.440 --> 00:26:48.400 He had multiple issues with fans, but it gets worse and worse and worse. 00:26:48.720 --> 00:26:53.039 And again, to your point, it's live game betting in the game. 00:26:53.680 --> 00:26:55.440 And that's just sports betting. 00:26:55.680 --> 00:26:57.119 It's now every aspect of life. 00:26:57.440 --> 00:26:58.880 You can set a market right now. 00:27:00.160 --> 00:27:03.519 By the way, you could then influence the outcome of the market ideas right now. 00:27:03.599 --> 00:27:04.799 I'm gonna set a market for this podcast. 00:27:05.119 --> 00:27:09.680 How much will Troy Hardy make in gross commission dollars between now and the I'm on the under. 00:27:09.839 --> 00:27:11.279 Whatever the market is, I'm on the under. 00:27:11.440 --> 00:27:12.319 No, here's the deal. 00:27:12.400 --> 00:27:22.799 I the the thing that I kind of like see through all this is this idea that things are more enjoyable when you have a little skin in the game, right? 00:27:22.960 --> 00:27:32.480 And what it's done is it's taken, it's sucked out the joy of everything for a certain segment of our population. 00:27:32.640 --> 00:27:38.720 There, there are there are individuals I know who don't want to watch a sporting event unless they have money on the game. 00:27:38.880 --> 00:27:40.799 There's just there's no there's they're not interested in it. 00:27:41.039 --> 00:27:42.400 There's like no adrenaline anymore. 00:27:42.720 --> 00:27:48.319 So so as you address, like this, this now leaves sports and it goes into the into life, right? 00:27:48.480 --> 00:27:48.799 Right. 00:27:48.960 --> 00:27:52.640 So at what point are we betting on everything? 00:27:52.799 --> 00:27:53.279 We're there now. 00:27:53.519 --> 00:27:54.319 I think he's saying we're there. 00:27:54.960 --> 00:27:55.519 We are there. 00:27:55.680 --> 00:27:56.240 We are there now. 00:27:56.480 --> 00:27:57.039 This is crazy. 00:27:57.200 --> 00:28:03.759 So so then it's okay, so so I can see how it would affect an adult person, man or woman. 00:28:03.839 --> 00:28:07.920 I'm sure there are many very addicted women out there in sports betting. 00:28:08.160

--> 00:28:14.319 But imagine the impact this has on a 13-year-old kid who has access to this app. 00:28:14.559 --> 00:28:15.759 I know this is happening. 00:28:15.920 --> 00:28:17.279 He's betting on games. 00:28:17.440 --> 00:28:19.359 Maybe it's$5,$10, whatever. 00:28:19.440 --> 00:28:26.000 But but when you were 12 or 13 years old, you went to you went to a sporting event because it was fun to be at the event. 00:28:26.079 --> 00:28:27.200 It was fun to be at the game. 00:28:27.279 --> 00:28:27.440 Yeah. 00:28:27.599 --> 00:28:29.039 It was fun to cheer at the game. 00:28:29.200 --> 00:28:31.440 It's not because you had$20 on the game. 00:28:31.680 --> 00:28:36.079 And so, what does this do to the future of all athletics? 00:28:36.240 --> 00:28:38.079 Like professional, amateur, right? 00:28:38.160 --> 00:28:39.519 I mean, you can you can bet on anything. 00:28:39.839 --> 00:28:40.640 Anything you want. 00:28:40.799 --> 00:28:45.119 I mean, I could make a market for my son's six-year-old soccer game. 00:28:45.359 --> 00:28:49.359 Which we should do just in the interest of the money over. 00:28:49.440 --> 00:28:49.920 He's a demon. 00:28:50.079 --> 00:28:50.559 But isn't it? 00:28:50.640 --> 00:28:51.680 It's it's really sad. 00:28:51.839 --> 00:28:57.599 Like I think about the impact this will have on just individuals' ability to just enjoy things, right? 00:28:57.759 --> 00:29:03.440 I mean, I I have I I'll I'll I'll admit it, I've I've bet on a game and it didn't work out. 00:29:03.519 --> 00:29:07.359 And I was grumpy for a very long period of time after that game. 00:29:07.680 --> 00:29:11.359 But his second bet that he made that cured me of it. 00:29:11.759 --> 00:29:12.480 I was in college. 00:29:12.720 --> 00:29:14.079 Yeah, I mean, it's it's happened, right? 00:29:14.160 --> 00:29:19.599 And I remember though, like learning that lesson, like I'm not a nice person when I when I bet on sports. 00:29:19.680 --> 00:29:22.240 It actually changes it's almost like the best thing that happened to you. 00:29:22.319 --> 00:29:24.400 Imagine if you had gone on a win streak. 00:29:24.960 --> 00:29:26.640 Betters never lose, Chad. 00:29:26.720 --> 00:29:27.839 They never lose. 00:29:28.319 --> 00:29:28.799 That is true. 00:29:28.880 --> 00:29:29.599 We know a lot of those. 00:29:29.839 --> 00:29:30.480 I'm kidding. 00:29:30.640 --> 00:29:34.559 Um, but yeah, imagine if it had made me a a a happier person. 00:29:34.720 --> 00:29:36.079 Maybe I should try again. 00:29:36.240 --> 00:29:37.599 No, I'm not, I'm out. 00:29:37.759 --> 00:29:38.160 I'm out. 00:29:38.400 --> 00:29:40.960 Yeah, I just don't think you can put the genie back in the bottle. 00:29:41.039 --> 00:29:46.000 It's sad, but it's a real, I think, negative on society. 00:29:46.319 --> 00:29:58.319 And I think, especially with younger people, younger uh men, they're just almost everyone I know that's in that 15 to 30 year old demographic sports bets. 00:29:58.720 --> 00:30:00.160 They have the app on their phones. 00:30:00.640 --> 00:30:03.119 It's it's it's being shoved down their throat. 00:30:03.440 --> 00:30:05.359 Yeah, and it's impossible. 00:30:05.440 --> 00:30:08.880 It's like a bunch of people who are prone to alcoholism. 00:30:09.039 --> 00:30:15.279 Let's get a full bar in the public library and at their kids' school, and everywhere you walk, there's a bar right there. 00:30:15.599 --> 00:30:15.920 Yeah. 00:30:16.319 --> 00:30:17.759 There's a sign on to your point. 00:30:18.000 --> 00:30:19.200 I don't know how we ever put it back in. 00:30:21.039 --> 00:30:21.599 But it's hard. 00:30:21.759 --> 00:30:31.039 The the cow she's of the world are hard because they do they do slide in under the sports betting as a futures commodities trading as well. 00:30:31.279 --> 00:30:35.359 What's the difference between that and actually trading like futures on the stock market or something? 00:30:35.759 --> 00:30:36.559 They're technicalities. 00:30:36.640 --> 00:30:44.559 You're basically buying a position as opposed to placing a bet, but because then you can then sell or buy additional positions. 00:30:44.880 --> 00:30:50.480 I'm just saying, like, if I'm arguing, like what how I would say, well, you're out there buying options on stocks. 00:30:50.640 --> 00:30:50.880 Right. 00:30:51.039 --> 00:30:51.920 What's the difference? 00:30:52.160 --> 00:30:52.720 Exactly. 00:30:52.880 --> 00:30:53.279 Yeah. 00:30:53.519 --> 00:30:56.240 But the SEC agreed that it is not sports betting. 00:30:56.319 --> 00:30:56.720 Yeah, it's really. 00:30:56.960 --> 00:30:58.880 Even though it's on sporting events. 00:30:59.200 --> 00:31:02.000 I just think it has such a horrific impact on kids. 00:31:02.319 --> 00:31:02.720 Agreed. 00:31:03.039 --> 00:31:04.960 It will create problems. 00:31:05.279 --> 00:31:10.160 But it'll give us the ability to set lines for younger and younger age groups, which is, I guess, the positive. 00:31:10.559 --> 00:31:13.759 So anyway, I like the Jazz's over win total this year. 00:31:14.079 --> 00:31:14.559 I do like that. 00:31:14.720 --> 00:31:16.720 So what's the win win-loss total for the Jazz? 00:31:16.880 --> 00:31:17.359 You're on the over? 00:31:17.599 --> 00:31:18.079 I'm on the O. 00:31:18.319 --> 00:31:18.400 Okay. 00:31:18.480 --> 00:31:18.880 I like the O. 00:31:19.039 --> 00:31:19.200 All right. 00:31:19.680 --> 00:31:20.480 Playing to win. 00:31:20.720 --> 00:31:22.319 How many games do we win this year? 00:31:22.559 --> 00:31:23.119 Jazz. 00:31:24.319 --> 00:31:25.440 46. 00:31:25.680 --> 00:31:26.319 Oh, okay. 00:31:26.480 --> 00:31:28.319 So we're going 500 plus. 00:31:28.400 --> 00:31:29.440 No, what are you? 00:31:29.599 --> 00:31:30.720 What's your what's your pick? 00:31:31.039 --> 00:31:33.680 I'm gonna, yeah, I think that's is this a 50-win team? 00:31:33.839 --> 00:31:37.839 I mean, it's injury dependent, but injury if we're healthy, I think it's 45 plus. 00:31:37.920 --> 00:31:38.160 Yeah. 00:31:38.400 --> 00:31:39.759 Feels that feels that way. 00:31:40.319 --> 00:31:45.279 Well, we'll uh we'll put a bookmark on this and we'll check back in in uh in a few months. 00:31:45.440 --> 00:31:46.640 Yeah, if we remember. 00:31:46.880 --> 00:31:48.079 We might be too interested. 00:31:48.319 --> 00:31:48.640 That's true. 00:31:48.799 --> 00:31:50.640 We're distracted by the sports betting. 00:31:51.200 --> 00:31:52.160 Already am. 00:31:52.559 --> 00:31:54.559 Guys, thank you for your time. 00:31:54.720 --> 00:31:58.240 Thank you for swinging by for the Commission Impossible. 00:31:58.319 --> 00:32:04.319 Thank you, everybody, for listening to Commission Impossible and uh hope to see you on the next one. 00:32:04.480 --> 00:32:04.799 Thanks. 00:32:05.039 --> 00:32:06.240 Thanks for having me.