We did not have a retirement policy in place. Bill will discuss all of our 2021 guidance in detail, but the takeaway is that our business remains vibrant, and our guidance reflects a return to more normal conditions. So, it jumped from low-teens-percent of goods sold to mid-20s kind of percent of goods sold. We're pleased to have you join us and look forward to … And we have some longer term leases that -- the lease we bought this year is in the seven-year range, which was a good sweet spot for us. On today's call, the Company's prepared remarks and answers to your questions will contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. In closing, let me mention that as part of our continuing focus on various ESG initiatives, we have recently set up the STAG Industrial charitable action fund. And, are you seeing them using the space any differently, i.e., more racking, or are you getting into buildings with more racking as, of course, the floor space utilization? Good morning, guys, and thank you for taking my question. I think that we -- what we said before is that we believe our assets are at or slightly below market. As we begin 2021, there are reasons for optimism as we move forward toward a new normal. We're moving forward to permit the development and we continue to talk to people who are interested in portions of all the building, and at the same time, we're talking to people that are interested in buying any or all in any mix as we move forward. It's insufficient for us to deploy capital there. And then, just the occupancy -- average occupancy, which has been positive for us and downtimes have been improving. Investors are always looking for stocks that are poised to beat at earnings season and STAG Industrial, Inc. STAG may be one such company. But, Ben, does that imply any change in plan or succession or retirement in the near future? Subsequent to quarter end, on February 5th, we refinanced our $300 million term loan G, which is scheduled to mature in April of this year, subject to one-year extension option. We're still trying to drive that G&A number as a percentage of NOI down, and we've continued to do that over the years. Again, this is a credit we're very comfortable with, and I think they're an important tenant to the Company going forward. Short-term leasing has been a part of our business and our leasing efforts for a long time. The next question comes from the line of Michael Carroll with RBC Capital Markets. But as Bill pointed out, we are investing in larger acquisition totals, more intelligent acquisition totals, more efficient processing of transactions that are growth vehicles and have a return -- have well-defined and we think very healthy return on investment. Yes. Please go ahead. Not surprisingly, there are more and less fortunate industries during the pandemic. Retention was 72.1% for the quarter and an 81.4% for the year, both of which include the impact of the 1 million square foot Solo Cup non-renewal, which is backfilled with zero downtime. David G. King -- Executive Vice President and Director of Real Estate Operations. It's probably closer to 10 years, Elvis, without having the exact number. We expect to run leverage between 4.5 and 5.25 times for the year. Good morning everybody and welcome to the third quarter earnings call for STAG Industrial. That was driven by really one lease and that was one of the leases that rolled down. Stag Industrial (STAG) Surpasses Q4 FFO and Revenue Estimates. There are similar examples in the California markets we're investing in. Again, we thank you for your time this morning and look forward to continue to provide good results for our shareholders. This compares to … Press Release | 1/4/2021 STAG Industrial, Inc. today announced that the Company will release its fourth quarter and full year 2020 operating and financial results after market close on Wednesday, February 10, 2021. Seeking Alpha 34d. The building leads to a substantial credit for over five years with minimal tenant improvement work and 3% annual rental escalators. Get the latest Stag Industrial (STAG) stock price quote with real-time news, financials, charts and other important investing information. We expect straight-line cap rates to be 50 basis points higher than cash cap rates. I'll -- I think that we maintain our general philosophy that we'll sell assets when somebody else thinks they worth more than we do as a part of our portfolio. And welcome to STAG Industrial's fourth-quarter 2018 earnings conference call. The pace of acquisitions accelerated in the back half of the year as we and sellers gained confidence in pricing levels and assets return to market. Can you maybe provide some sense as to what you're looking for in the sort of sub three-year left on the maturity, and how that might play, either a larger or bigger role in terms of the portfolio acquisitions over the year? Okay. Hi, good morning. Our next question is from Sheila McGrath with Evercore. Thank you. We certainly don't want to get behind the curve in terms of making investments in the platform. Also here with us are Steve Mecke, our Chief Operating Officer; and Dave King, our Director of Real Estate Operations. Please proceed with your questions. As has been in the case in recent years, the excess supply tends to be concentrated in larger markets is not expected to significantly dampen prospects for rent growth. Yeah. STAG Industrial last issued its quarterly earnings results on February 10th, 2021. In addition to the press release distributed yesterday, we posted an unaudited quarterly supplemental information presentation on the Company's website at stagindustrial.com under the Investor Relations section. Yeah. Zacks 34d. And indeed, we're, because of Amazon's position in the market, positioned within the overall demand structure by tenants, tenant relations with Amazon are important. Obviously, it was a great result for us and consistent, probably, with returns we've gotten from leasing the building. In particular, when we buy build-to-suit transactions, these are very clean from a capital required perspective, the longer lease terms, etc. Okay. There has been certainly a trend toward larger tenant demand. Of the remaining 2.5% of uncollected base rental billings, 1% has been deferred and 1.5% is associated with smaller tenants that have been impacted by the pandemic. Thank you. STAG Industrial, Inc. 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