Why are we now seeing this increased interest in manufacturing net lease?

Well, there's a whole host of reasons.

And actually, I've been on the road a lot recently talking about this particular trend.

I've been in Canada the last two days talking about what's going on in the broader market with all our big pension fund clients in Canada.

And a couple of the themes is one is power and what's occurring there and also the manufacturing space.

And They are, I would say, closely adjacent to each other in a couple of ways.

So manufacturing, we have onshoring in the U.S. And what investors have seen, and it's been proven out over a substantial amount of time, is the fact that these are very sticky tenants.

Will, how would you compare and contrast multi-tenant versus single-tenant in the manufacturing segment?

I think that's

where there's interesting parallels between the issues that you guys are looking to tackle and address and some of the stuff that I'm focused on as an activist, which I think is quite a lofty term.

I've made a film.

I've done some stalks.

There's some really bona fide activists out there doing some really core stuff.

But look, I made a film, it was meaningful, it drew attention to an issue and was on behalf of a marginalized demographic that for me personally was something of a unique experience to represent.

But very much the concept of barriers preventing participation.

What has your experience taught you about why it's important to have those voices in the room?

How do you see it, Will?

Let's break industrial into a couple buckets, right? So light industrial can be, you know, all over the country, obviously.

But industrial, you know, um, due to nimbyism and others, is frankly pushed further out when you're talking about wide-scale distribution.

I'm talking about buildings five, 700,000, a million-plus square feet, and those are obviously going to be underwritten based on weighted average lease term, basis, clear height, et cetera.

And that's kind of on the light industrial and then more bulk.

Okay, so then manufacturing, to me, that's a totally different subset, right? Not as quite as, uh, focused on location.

There's a, a whole host of reasons.

Where are we going here? Uh, Will, five years from now, we look back on IOS, where do you see the space going?

That's creepy.

It was super creepy.

Like we're in the bath, there's a sort of lull in the bombings, the explosions, gunfire, and the phone starts ringing, and you're like, "What?" And we're in the bath, my partner's in the bathroom there, and the phone is there, and it's just like, what's going on? And it stopped ringing.

And then it started ringing again, [telephone ringing] and I, and I answered it.

I don't know why I did.

I just, I kinda needed to know, and I answered it, and there was a female voice, and she sort of asserted that she was hotel staff on reception.

And I kind of remember her saying that everything was kind of in hand and been taken and, and, and they had control of the situation.

Mm-hmm

Yeah.

And that was probably the most stupidest thing I coulda done because university in London ain't like you'd be in university in a campus around the country.

It's fragmented.

There's no...

It's all very decentralized.

The students don't live together.

You, you, you get none of the benefits of living on campus.

They heard some commotion, but at the time could not have known what exactly was in store.

But what happens when you head off to another country overseas for a relaxing holiday, only to find yourself caught up in a terror attack?

So we were in the bathroom.

The door opens that way.

We were behind the door.

My girlfriend's crouched down.

I'm holding a fork.

We've, we've pulled the curtain across the bath so it looks like we're in the bathroom hiding, and they were gonna come in, think we're in the bath, lean forward or to go there, and I was gonna come in from behind door and stab them in the neck with the fork.

One of those was Will Pike, whose life will be changed forever.