Cap rates for Medical Office Properties are continuing a trend of compressing during the past several years. Updated 2nd quarter, 2021 Revista data reveals the median MOB cap rate was 5.8%. This was down from 6% in 1Q21 and 6.3% one year ago. The 75th percentile cap rate, which we liken to institutional quality trades was 5.2% and is also 50 basis points lower than one year ago. Even the 25th percentile, which we liken to value add MOBs was 6.5% and down 30 basis points from one year ago. All in all the compression across the board is consistent with heightened investor demand aimed at the sector. Stay tuned to Revista for updates to these trends.