[00:00:03] Well, hi, my name is Fred Gortner, and I'm co-founder and head of US strategy at Paladin Realty. I want to thank you for your interest in Paladin, and I want to provide a brief introduction to our firm. Paladin was founded by Jim Worms and myself back in 1995. We're a Registered Investment Advisor, Institutional Fund Manager and a boutique real estate investor, focused mainly on workforce housing across the Americas. Our first investor was the family office of former US Treasury Secretary William Simon, who made a fortune as a pioneer in the leveraged buyout business back in the 1980s. And we've since grown our business significantly over the past three decades to over $7 billion of real estate in eight countries across the Americas. We have hundreds of institutional and family office clients, and over 30 employees in five regional offices. We've always been attracted to defensive investment strategies that generate attractive returns in the good times, but also which stay resilient during downturns. And if you look at all the investment themes that we've pursued since 1995, across that $7 billion of real estate, over 80% has been focused on something called workforce housing, namely, this is affordable for sale, and rental housing targeted at working class and middle class households in our target markets. It's a pretty compelling investment theme, and it's underpinned by steady demand drivers, driven by demographics. We focus on supply-constrained markets where there are high barriers to entry for institutional investors like Paladin. In the US, we focus on value-added investments in older, rundown, underperforming Class B and Class C rental apartment buildings. We've made 90 plus investments in that space to date across the US over 30 years, over 15,000 units, nearly $800 million of total cost. Half of these prior investments were located in Southern California, which is one of the most supply-constrained markets in the US.
[00:02:19] Our workforce rental housing assets in SoCal provide an essential need in this market to what has really become a permanent renter class who's been priced out of home ownership. And so as a result, our SoCal Rental Apartment strategy offers a pretty unique, and I'd say asymmetrical risk reward proposition for our investors. In Latin America, we've become one of the largest developers of low and middle income housing - for sale housing across the region. The project level economics in Latin America are among the best in the world - that's what attracted us to the market: very high profit margins and lower leverage compared to similar strategies in the US or other developed markets. And to date, over nearly 30 years we've developed almost 40,000 housing units in seven countries. We just finished investing our fifth pan-regional fund. Investors in that fund include large US pension funds and institutional clients. We've been a leader in bringing environmental, social, and governance, also known as ESG, international best practices to the region for more than 20 years. And more recently, we've become a leading impact investor in the region. We're currently developing the largest affordable net zero carbon housing project in the entire Western Hemisphere, we're very proud of that. So again, I want to thank you for your interest in Paladin Realty. I want to encourage you to check out the Resources section of our website - it contains a wealth of educational articles, videos, and other resources about Paladin and our strategies. And of course, please feel free to reach out to any of us if you have any questions about the firm, or any of the investment themes that we're pursuing.