Title: I Exposed My Entire REIT Portfolio… Then Asked an Expert to Roast It Show: Dividend Stockpile (host Jeremy) Guest: David Auerbach (Hoya Capital Real Estate — REIT research, RIET / HOMZ ETFs) Date: 2026-SEP-16 URL: https://youtu.be/N5Q0i7VMNT8 Length: 31:28 Note: Auto-transcript, timestamps mm:ss. Fillers (um/uh/you know interjections) removed; stutters collapsed; split-word caption glitches joined (ebb, conversation, high-flyer, healthcare); wording otherwise verbatim — auto-transcript name mangles kept as spoken (Hourback=Auerbach, Agri Realy=Agree Realty, realy income=Realty Income, RIT=RIET, LMR Lemore=LAMR Lamar, PLLD prologus/prologous/prolodes/Prologologist=PLD Prologis, REGG=REG Regency, Kimos=Kimco, Bricksores=Brixmor, Picos=PECO, Eastg Groupoup=EastGroup, Equinex=Equinix, Diana Olle=Diana Olick, Hoya.com=Hoya Capital sites, rebeat.com=The REIT Beat). Saved for personal study.
00:00 Hey everybody, welcome back to Dividend Stockpile. So today we're joined again by our favorite REIT expert, David Hourback from Hoya Capital, and we're going to be doing something a little different today. I'm going to disclose for the first time all of my personal REIT investments. And I'm going to ask David to provide his assessment of my holdings, maybe some recommendations of what I'm missing, and maybe a little bit of roasting.
00:21 So David, welcome back to the channel. This should be fun. >> Jeremy, great to see you again. Thanks for having me. >> Absolutely. always enjoy our conversations and I love hearing your opinions and your strategies. So thought this would be fun to talk about what my holdings are and let you go after me saying how bad I am.
00:39 So we'll see how this all goes. Before we dig into my REIT portfolio, I want to just get your thoughts on the overall REIT market and why now might be a good time to invest in REITs. Well, obviously we're going to be a little bit biased since we are pro- REIT sector here, but I think the numbers speak for themselves.
01:01 When you look at the performance of the REIT sector this year versus the S&P or some of the broader indices, the REITs have held up very well in a rising 10-year interest rate environment. It used to be rates up, reats down, and it seems like things are moving more lock step with each other.
01:20 So when you look at the core level though fundamentals remain pretty solid across the board, excuse me dividend coverage is pretty healthy. The construction slowdown helps improve the future supply demand conditions and so we feel that investors are being rewarded for earnings and asset quality versus it just being a bond proxy right now.
01:45 >> Okay. Yeah. I've definitely seen in my portfolio. Obviously, I've held these REITs for quite some time now, but just lately the REITs I do hold have been going up pretty strong, especially compared to overall market >> at this point. 18 of the 20 plus subsectors are in the green this year. And it's also talk about breadth.
02:04 It's across all of these different types of sectors. It's not just focused on a couple of unique. It's really broadbased here. So there are frankly real winners across the board looking at all of these different sectors and companies that are out there. >> It's really interesting how to your point, all the different sectors within the REITs are doing well.
02:27 It's not just data centers, it's not just cell phone towers, it's medical, it's hotels, like there's a wide breath of results that we're seeing in the RE marketplace. I think a lot of people are neglecting. So obviously you're in the business of researching REITs. This is what you do all day.
02:44 You talk to management companies. You do media like this. When you're building out your own portfolio or your suggested portfolios, how do you go about that process? What do you look for when it comes to diversification or quality? How do you guys build out a portfolio? >> So remember, everybody is different. No two investors are alike.
03:06 No two stories are alike. So this is just one example. You have to understand with so many publicly traded REITs that are out there, it's almost like at some points throwing darts at the board because we have so many companies to choose from. From a very high level, as you mentioned, you've got to start with diversification.
03:24 You want to be diversified across multiple property sectors that are out there. Find the companies that have the best asset quality, balance sheet strength, organic growth opportunities, dividend coverage, valuation, the management team, the capital allocation discipline. There's a whole list of things that go into it. Your portfolio should just not be who pays us the highest yield because again, you're going to walk into trouble with that.
03:50 We kind of approach it from a threebucket framework to use your portfolio as an example. Talk about let's say the core compounders. These would be like frankly the highest quality platforms, strong balance sheets, durable demand, a lot of growth levers that are out there. The second bucket might be more focused towards income and value, the well-covered dividend, attractive current income, but might have a little bit more exposure to the cost of capital cycle.
04:20 And then lastly, frankly, it's almost like the high-flyer, the risk side, the contrarian, the special opportunities that are out there. So almost like a call it a 652510 60 2020 20 that again that's kind of the allocation we're thinking about here. But I think you need to again look at it from every single company's perspective.
04:44 Are the assets missionritical? Are they scarce? Are they markets with durable demand? How does the balance sheet handle higher interest rates? Or can they fund debt maturities without issuing distressed equity? How does the dividend covered by FFO or AFO or frankly their earnings? Where does the internal growth come from? Is it through rising rents, occupancy, development, redevelopment, operating efficiencies? There's just a whole list.
05:15 I think clearly though [clears throat] you want to have a very broad-based portfolio. We like to say don't be more exposed to 20 to 25% in one property group and then for an individual position assume somewhere between 8 to 12% of a waiting but remember we cover the entire universe at Hoya Capital. So we are looking at property fundamentals, dividends, leverage, valuation, capital markets, supply, demand, management, macro factors, all of these different things to try to formulate both a sector view and then kind of create a short
05:51 list balanced portfolio view. >> Absolutely. And over Capital, you guys have lots of research that you've done on these different sectors and on these different companies. So people can definitely go check out your work to see if it can help you identify those companies that you were talking about, those quality companies or those ones that you have high potential but might be a little bit risky.
06:13 You can get all those details over at Hoya Capital. One question I have for you and I didn't really talk about this ahead of time is your opinion on individual REIT holdings compared to an ETF. So I know obviously you guys run a couple ETFs. I have a small position in one of yours, but what is your overall opinion on people, retail investors going for REIT ETFs compared to individual REIT companies? >> I mean, we could frankly spend a whole hour on that topic alone.
06:40 It's again, it's whole about diversification and putting all your eggs into one basket, trusting that one REIT is going to be the anchor for that income side of your portfolio versus diversified basket. So a perfect example of a company that falls on this radar is like realy income. Meaning if you go talk to any typical financial advisor frankly coast to coast and say name a REIT they're going to say realy income.
07:09 So, I'm not saying that that's the answer to do that, but you are leaving a lot on the table in terms of sector exposure, market exposure, geographic exposure, all those different things by putting all your eggs in one basket. Again, not to sell our ETFs necessarily, but with RIT as the example, it's a hundred names.
07:34 It's diversified coast to coast across all of these different subsectors and you're really kind of playing the ebbs and flows of the real estate cycle because as I stated with you in previous interviews with 20 plus subsectors that are out there each of those subsectors are in a different stage of the real estate cycle and frankly inside of that each of those companies might be at a different point of the real estate cycle.
08:00 So it's really again what kind of separates Hoya is being handson top down bottom up looking at it from macro micro to try to figure out what and where is that ebb and flow and how does it relate to the end investor. Perfect example data centers AI hot in vogue right now we see the valuations but what people forget is buddy we're using a data center right now to have this conversation.
08:30 We're using data centers every single day, not just for AI, but to get that Amazon package delivered to your doorstep, to watch that YouTube video with your kids at night, whatever it is. We're using these properties across, frankly, all of these different subsectors every single day, not thinking about what the Fed is doing, where the 10-year Treasury is at right now, or things like that.
08:56 >> Absolutely. Well, as with any investment, if you're going to buy individual stocks, just like individual reads, you're going to want to have to do your research. You want to be able to stay up on it, at least on a quarterly basis, just check in and make sure that they're doing what they say they're going to be doing, that it still fits your risk profile.
09:10 But if you're not willing or able to do that, then a REIT ETF like RIT or one of the other ones out there could be a really good avenue for people to get exposure to REITs without having to do all the homework. Letting a company like Hoya Capital do all the research could go a long way to helping you get that diversification you're looking for.
09:28 I personally have decided to invest in individual REITs. That's my main focus. I feel like I am capable and willing to do the research and hopefully I picked really good ones. You'll tell me if not after today's episode. But I wanted to go and dig into my Reed Holdings and get your feedback.
09:44 Obviously, we don't have a ton of time, so it'd be a quick overview, but just get your opinion on the company, the sector maybe, and then a pros and cons, if you will, quickly. So, I have 11 REITs on my portfolio between all my different accounts, and they're all about equal weighted, but I'm just going to talk about them in alphabetical order just to make it easy.
10:03 So, the first one is ADC, Agri Realy. So, I've had them on the channel. I know you've had them on your channel before. What is it about Agri that's good, bad, or do you like this holding or not? >> So we do like the holding. We think it's one of the stronger net lease platforms that's out there. A high quality retail tenant mix, disciplined underwriter, monthly dividend payer, credible acquisition engine machine, and Joey we trust as I like to say.
10:36 Quarterly earnings were up 7%. They've raised their guidance, investment guidance for this year. Things to be under watch list though, cost of capital, the acquisition spreads, tenant concentration by industry, and potentially the risk of overpaying for growth. But Joey runs a pretty clean operation as you know that we favor them over let's say some of the lower quality peers that are out there in that sector.
11:07 >> Absolutely. So way back in the day, I used to have realy income and I decided to switch that one out for ADC because of the growth ability that they had and the quality of the holdings. But one thing is definitely on my mind is the fact that they are retail centric.
11:24 They do have those standalone rectangles as he likes to call them. And so that's a very concentrated type of tenant they can fit into those. So that's my only concern with them. But so far so good and to your point the quality seems to be really excellent. So, I'm happy with this holding. It's probably one of my favorite.
11:41 But it's nice to get your viewpoint on it as well. The next one in my portfolio is AMT, American Tower. So, I have that one in one of my retirement accounts. Can you talk about the pros and cons of that one? This would probably be that contrarian pick that we were talking about earlier as cell towers are one of those negative performing sectors this year.
12:06 AMT is like the 800 pound gorilla in the space. A global tower franchise. Recurring tenant demand, strong operating margins, quarterly revenue and earnings were up, but it is a sector that's kind of out of favor right now. Things to watch for because they're global that international currency and political exposure is obviously always going to be at the top of the list there.
12:30 potential carrier consolidation and churn leverage the timing of a return to faster organic growth, but we do think that this is a good holding because you might be taking advantage of an opportunity of something that might be out of favor that hopefully will come back. >> Absolutely. Yeah, it's definitely one of the ones that I'm down on since purchased.
12:52 So hopefully we can get to see that capital appreciation over time. One of my biggest concerns with this is the potential of there being satellite cell phone and it wouldn't be called cell phone at that point but satellite phones instead of having the towers. Do you see that as a risk American tower? >> Yeah, but I think there's more important things to focus on first before the satellites taking over.
13:14 >> Okay, fair enough. All right, the next one and this might be a controversial one, but I've actually really enjoyed holding this one is APLE or Apple Hospitality REIT. they do hotels and so obviously that's a more discretionary and fluctuating market. But what are your opinion on Apple Hospitality RE? >> Well, let me just clarify.
13:35 They don't just do hotels. They do select service hotels. They're doing the hotels that we use every single day. You've heard me use the analogy if you're going to go take the kids to see grandma and grandpa, you're not staying at the Four Seasons or the Peninsula. you're going to stay at a courtyard by Marriott or a select service type of hotel.
13:54 We like Apple. It's one of our picks actually at Hoya as well. Diversified rooms focus portfolio, conservative balance sheet. Their earnings grew. Their occupancy is growing. They have a very low leverage for the lodging sector. Things to watch for. As we said before, when you talk about risk, long-term lease nature of REITs and stuff, hotel sector in general is the riskiest sector that's out there because it's a one night lease.
14:25 So, everything reprices every single day. But obviously other things, labor, insurance, cost of renovation, brand capital requirements, if they run a Marriott flag, what do they have to do to support Marriott? That could potentially lean on margins, but all in all, it's a name that we do like. >> Absolutely.
14:47 A lot of people did away with hotel re during the co era and I know Apple had to cut their dividend at that point, but they've defrown it and >> take a step back. Pretty much every hotel re cut their guidance back then. Coming out of this quarter, out of second quarter earnings, every hotel REIT raised their guidance.
15:08 [snorts] So this is a business that's still coming back from COVID, but we are seeing the signs from all of these companies, growing travel business, group business, conventions, weekday traveler, all of these things are picking back up again. So this could be a sector that's finally moving into the right position going into 27.
15:30 Oh, by the way, we just had this World Cup soccer tournament that came through and some of these players did see a little bit of a bump in their numbers because of that World Cup exposure. So, these big events, college football starting a big thing for Apple's college football because of the location of college campuses.
15:50 It should be really good timing to be looking at these stories. >> Yeah, that's awesome. Last time I traveled for work, I ended up staying at a Marriott and I made sure that it was an Apple Hospitality Marriott. I went on their website ahead of time to figure out where they were in the city that I was going to and made sure I booked it.
16:03 So, it was really nice to be able to see that physical property and know that you're a small owner of the land in the building that that one's operating on. >> All right, so let's move over to the next one just for interest of time as EGP East Group Properties. Now, I think that one's probably one of your best portfolio.
16:20 >> Probably one of your best holdings that you have. >> great to hear. Okay. infill shallow bay distribution, high growth markets. The platform combines scarcity, strong leasing, a very experienced development team, a very conservative culture, and oh by the way, they just raised their dividend by almost 13% very very recently.
16:46 Things to watch for, it is rich, so you are kind of trading at a premium valuation right now. There is development and lease up risk, industrial demand sensitivity, but the real risk there, it probably is sunb belt focus. If this sunb belt exposure starts to turn, they're probably going to face it more than anybody else, but we think it should be a core holding.
17:07 >> That's great. Yeah, a lot of people go with some of the ones like Prologologist or something like that. They're more wellknown, but I really like Eastg Groupoup. And to your point, their dividend increase, they just did almost 13% was really nice to see. So, it's a good addition to my portfolio.
17:20 I'm glad to hear you have a similar mindset. All right, the next one is Equinex, EQIX, the big data center company. What are your thoughts on that one? >> Been a lot in the news in the past couple of days. Actually, a lot of different headlines that came out. They had an investor day yesterday early September.
17:43 The keynote speaker was Jensen Huang from Nvidia. So they have this relationship in place with Nvidia missionritical global internet connection platform very powerful network revenues were up earnings were up it's supported by cloud network AI demand obviously things to be concerned about power that's the one thing we concern for every data center reach where's the power coming from premium valuation again because of that sector being so hot the intense capital nature of data centers can they execute on development, concentration
18:17 with their customers. How do you round out the tenant base? And frankly, it's valuation as I mentioned. That's probably the biggest drawback right now is because these guys have just been on a tear. >> Yeah. Yeah. Luckily, I've had some good capital appreciation on that one. But yeah, it is getting quite expensive when it comes to valuation right now.
18:34 So, definitely one to maybe add to your watch list, but may not be the right time to purchase that one at this point. But the future is data centers. We talked about at the beginning. Everything runs through a data center. So, if you're going to be exposed, that's probably one of the better ones to be exposed to because they are so large.
18:50 All right, so this one might be controversial and I would love to get your opinion on it. I know a lot of people hate this one is INVH, Invitation Homes. They own and rent out single family homes and I know that's been huge in the news over the last couple years. What are your thoughts on Invitation Homes and that whole sector, if you will? >> Again, we're a little biased.
19:08 We have a housing ETF, HOMZ, so we definitely own the name. There is a housing scarcity issue that's out there. Supply demand, elevated mortgage rates, all we know the stories that are out there. Invitation Homes is one of those solutions to bring home affordability out there. They are the largest, the leading scaled single family rental platform.
19:32 High occupancy, long runway for operating efficiencies, their partnerships and the acquisition strategy. Earnings are up. They're basically at 97% occupied. So, they're pretty full up. Things to watch for just like any other home builder or homeowner, taxes, insurance, repair, the regulatory scrutiny, which they were finally on the other side of that.
19:57 And potentially maybe let's say slower near-term rent growth in a handful of markets. Not to plug one of your competitors, the CEO, Dallas Tanner, does very little media, but he did a very good interview with Diana Olle from CNBC just a couple of weeks ago, a 30 minute sitdown that you could find on YouTube or another channel.
20:16 And Dallas is one of those guys that he wears his opinions and his emotions on his sleeve. He's very happy to tell you what his thoughts are. We like the name. >> That's awesome. Okay, good to hear. Let's move on to LMR Lemore Advertising. Probably about as boring as you can get. They do billboards and outdoor advertising.
20:38 So, what are your thoughts? >> A formal holding of Berkshire Hathaway, if that gives you any sense of boring, how boring is good. It's one of those income type of plays. It is one of the two dominant outdoor advertising franchises. Think about it. It's not like you can just build a new outdoor billboard.
20:55 You know what I mean? So they've got this strong local position. This trend to go more towards digital is in their favor. So this is a name that we like. Revenues are up, earnings are up. Evbid was up. Things to watch though. If the economy goes in the tank, that means companies are cutting back on spending.
21:16 So that means they could potentially take a hit there. Leverage is a little bit higher than ongoing than other REITs. And again, that digital conversion is capital intensive. So again, that costs a little bit more. So just some things to like but to watch, but again, name that we like. You're doing good so far. >> Yeah, I really enjoy that one.
21:36 It's a sleeper, if you will. All right. So this one is probably my worst performing of all my REIT holdings. It's MAA, Mid America Apartment Communities. So I know that there's been an over supply of apartments especially in the Sun Belt region, but from our previous discussions, you're saying that's kind of being worked through, but what is your opinion on Mid America and should I hold on to this one? >> Yeah, you basically said it.
22:00 They're working through it. It is part of those core apartment names. We would be holding it. They run one of the highest quality Sunbell portfolios that's out there. an investment grade rated balance sheet, deep management team, strong dividend record. Their Q2 blended re lease growth improved sequentially first Q to 2Q NOI remained a little bit negative because again they're getting all that supply absorbed.
22:28 So the commentary from a lot of these department guys is the worst is behind us. There's greener pastures ahead. So we think that next going into the tail end of this year into next year should finally provide those tailwinds that the apartment players have been looking for. Things to watch Sunb Belt obviously that's the number one issue.
22:50 New lease pricing the operating expenses side of the equation and potentially the pace at which these completions roll over. But MAA again, it's like the 800 lb gorilla of Sunb Belt apartment that we like that name. We hold it. >> Awesome. Yeah. So, for those who don't know, I live in Florida and there's MAA communities all around my town.
23:13 So, it's really neat to drive by and see an MAA property and be able to see what they look like and the quality and the upscalenness of it and all. So the next one I have is very similar to East Group. It's a PLLD prologus. same basic line of business. Obviously, they're huge.
23:32 Any thoughts on them? >> Love them. It's prologous. You know what I mean? Like there's just nothing else to say. They are the benchmark of industrial rates. A-rated balance sheet, global, always embedded rent growth in their portfolio, development expertise, moving a lot, growing this data center platform.
23:54 They're pulling all the levers and prologus. trust things to be concerned about though again international FX all that stuff we mentioned before like with Equinex development exposure that intense capital requirement that's needed valuation they're probably trading at a premium right now but I mean it's prolodes absolutely a core holding >> I love to hear it all right next up is REGG Regency centers they do grocery anchored shopping centers so thoughts good bad and different.
24:27 >> Same. I mean, may as well be Prologes. The premier grocery anchor shopping center pretty much in everybody's backyard. Great properties, great development platform, a rated B, a minus rated balance sheet. NOI was up, their occupancy is just under 97%. Cash leasing spreads up over 10%. So, pretty strong numbers.
24:51 Things to watch though, remember, they're exposed to their tenants. So retail slowdown impacts their tenants impacts the consumer. Redevelopment execution. Any potential consumer weakness, one of those that's trading at a premium right now. So probably something to put on a watch list, but core holding. >> Yeah, that's great.
25:11 I think when one of our previous discussions, you had talked about if the anchor leaves, it might be hard to get a new tenant in there. Is that a big concern with Regency in general? I no but all of these grocery anchor shopping center reach the Kimos the Regencies the Bricksores the Picos of the world Philips Edison's they're always dealing with that who do we backfill into this 20 30 40 foot space so it's always going to be a concern but we're not hearing those echoes right now versus what you might have heard in the
25:44 mall space or some of these other sectors in the past couple of years. >> Okay, good to hear. All right, last up but not least is SUI, Sun Communities. So, it's probably a lesser known one, but they do manufactured housing and RV communities across North America. What are your thoughts on those? I know there's been a lot of changes in that business lately.
26:03 >> Yeah, might be a little controversial. We do pretty much, we this is one to watch, but we do like it. They are going more manufactured housing focused. They left the UK. They're going back to the US solely. So by cleaning up that story, it makes it more digestible. NOI was up, the net debt to EBA just under four, four times give or take, but things to watch again, slow down impacts the traveler, not taking as many road trips because of the cost of gas.
26:33 I don't need to go into that. So RV cyclicality, closing the UK deal, capital allocation credibility. They've gone through a seauite turnover. They just hired the former CFO of Equity Residential when they closed the deal with Avalon Bay. And basically if they could simplify that story and actually translate into per earnings per share growth.
26:57 >> Okay. Yeah, it's definitely one to watch. It's one of my newer holdings. But I like the fact that it's so diversified from some of the other things. I mean, manufacturing homes and RVs is very different than a retail center or an industrial things like that. So, I thought it would be an interesting addition to the portfolio, but it definitely is one of the more risky ones I have to watch out for.
27:18 >> On a whole, overall, your portfolio is very soft. You're diversified. You're passing that 25% waiting in some of those subsectors. So, if I was going to nitpick anything, it might be diversifying a little bit away from your residential and industrial exposure and maybe bringing in some like senior housing or healthcare exposure.
27:41 Maybe like a ventas or a well tower or even consider self storage as a complement to the residential holdings and maybe something like an extra space EXR or a public storage PSA. But for individual holdings, you're getting everything there. Monthly income, geographic exposure, coast to coast, you're operating in a lot of different sectors.
28:08 You're able to navigate both the macro and micro stories that are out there that really it is a good diversified portfolio that there really isn't much you need to turn upside down there. >> That's really good to hear and I appreciate that feedback. Obviously, you do this work every single day. I'm just a retail investor doing my best.
28:25 So, I felt like I got pretty good quality REITs here, but it's always nice to get someone else's viewpoint and opinion. To your point, I definitely see that I'm a little heavy on the housing sector. I have single family homes, I have apartments, and I have these manufacturing homes and RV parks.
28:40 So, that might be a little too much weight, but diversifying into healthcare is definitely something I've been thinking about. It was just so hard to identify which part of the healthcare sector I wanted to go into. To your point, senior housing, hospitals, managed care. There's so many different avenues, but I'll definitely have to look in to see where I can go.
28:57 And in the past, I had a self- storage read, but I got rid of it. But I definitely need to look back into that sector to diversify a little bit more. But I really appreciate all the feedback that you given. It's really hard as an individual investor to know if you're picking the right companies and doing the right thing.
29:13 Obviously, I can do my own research and I did my best, but it's nice to get that reinforcement, if you will, from someone who does this every day for our profession. So, I really appreciate it. We talked about a little bit earlier, but tell everyone else where they can get more information on Hoya and what you guys have going on over there.
29:27 >> Sure. Our research platform is at Hoya.com. We also have Hoya.com. It's our ETFs, RE and homes. If you want to read about the daily headlines in the REIT industry, I have a newsletter the rebeat.com. I have the REIT TV channel, REITtv.com. We're everywhere. We're on LinkedIn. We're on Twitter. We're on Instagram.
29:50 We're on Tik Tok and Facebook and your favorite social media channel. Our job is to educate. I don't, as I've told you many times, and I'll say it again, I don't care if people buy our ETFs or not. Don't lose sleep over that. What I care about is making sure that every investor understands why they should be investing in REITs because there's a great story that's out there that will resonate with every single person's portfolio, whether it be an individual stockholding or an ETF issuer that's out there. If it's not Hoya, we're happy to
30:18 connect you to the other REIT ETF issuers that are out there because I know that some of these funds will resonate with every single investor. >> I love it. Yeah, REITs have always been a big part of my income portfolio. I plan on maintaining REIT exposure for the entire lifetime of my investing career.
30:34 So, definitely recommend everyone at least go look into the sector and see if it makes sense to an small allocation. Go ahead. >> But what about your kids, Jeremy? Have you exposed your kids to REITs yet? only through my portfolio that they're going to inherit later on, but right now they're in ETFs themselves. >> Maybe we should do a separate conversation talking about why you should put your kids into REITs at the age that they're in now.
30:55 >> Yeah, that makes sense because 50 years, 60 years from now, that compounding that the REITs are going to be able to provide is going to be a huge money maker for them. So, definitely something to consider. All right, David, really appreciate your time again. Thanks for coming on, giving me your feedback on my portfolio.
31:09 I'm glad I passed the test mostly. But we'll talk again real soon. Thanks, Jeremy. It's great seeing you. >> Absolutely. Same to you. >> Thanks for watching. While you're here, check out this next video to learn more about dividends, income investing, and option selling. And while you're here, make sure you subscribe, click the like button. It really does help. Thanks.