Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

[Session 4] PANEL: Current Trends in Alternative Investments by Benjamin Yan

38 views

Published on

APAFS 2019
19th PRIC

Published in: Economy & Finance
  • Be the first to comment

  • Be the first to like this

[Session 4] PANEL: Current Trends in Alternative Investments by Benjamin Yan

  1. 1. Real Estate Investment Trusts (REITs) November 22, 2019 Benjamin Yang, CFA Senior Vice President Adelante Capital Management LLC 555 12th Street, Suite 2100 Oakland, CA 94607 Tel: (510) 986-2100 Fax: (510) 268-0663 www.adelante.com Trends in Alternative Investments Asia Pacific Association for Fiduciary Studies
  2. 2. Discussion Topics • REITs as an asset class • Portfolio construction benefits • Current developments • Market environment 2
  3. 3. REITs as an asset class 3
  4. 4. What is a REIT? • REITs own, manage, lease and finance investment-grade commercial real estate. • At least 75% of assets must be real property and 75% of gross income must come from real estate. • Dividends - at least 90% of taxable income must be distributed to shareholders in the form of a dividend. • Equity REITs derive revenues primarily from rental income. 4
  5. 5. Listed Equity REIT Advantages • Efficient access to quality commercial real estate • Attractive relative long-term investment performance • Source of dividend income • Transparency and simplicity • Diversification benefits • Liquidity • Strong, investor-aligned corporate governance • Inflation hedge (real assets) 5
  6. 6. Historical US Equity Market Capitalization, 1972 - 2019 6Sources: NAREIT, FTSE NAREIT Equity REITs December 31, 1971 through September 30, 2019. #EquityREITs Avg.MarketCap.($Bn) $0 $250 $500 $750 $1,000 $1,250 0 40 80 120 160 200 1971197319751977197919811983198519871989199119931995199719992001200320052007200920112013201520172019 Market Capitalization ($Bn) # Equity REITs 1986: Tax Reform Act Permits Internal Management 1991: Kimco IPO Modern REIT Era Begins 2007: Equity Office Properties LBO 1989: Collapse of Real Estate Market 1992: Taubman Centers IPO (First UPREIT) 1993: Relaxation of the “Five or Fewer” Rule for Pension Funds 2008-2009: Great Financial Crisis 2016: REIT MCAP surpasses $1 Trillion 2016: GICS added Real Estate Sector U.S. REITs were established by Congress in 1960 to give all investors, especially small investors, access to income-producing real estate. Since then, the U.S. REIT approach has flourished and served as the model for more than 35 countries around the world.
  7. 7. Average Age & Market Capitalization By Company 7Sources: FTSE NAREIT All REIT, Citi Research, REIT.com, SNL, Factset. $0.3 $7.0 6.6 15.9 $0.0 $3.0 $6.0 $9.0 0.0 6.0 12.0 18.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Avg. Market Capitalization ($Bn) Avg. Age (Years) Avg.Age(Years) Avg.MarketCap.($Bn)
  8. 8. REITs House The Economy 15 8 • Refrigerated storage2018 • Electronic transmission lines2015 • Outdoor advertising2014 • Farmland & Casinos2013 • Single family rental housing2012 • Data centers, Military housing, & Student housing2004 • Bank branches2003 • Gas stations2001 • Senior housing, Telecommunication towers, & Timber1999 • Movie theaters & Prisons1997 • Life science buildings1994 • Factory outlets, Golf courses, & Manufactured homes1993 • Net leased properties1990 Source: NAREIT, 2018.
  9. 9. Source: S&P Dow Jones as of September 30, 2019. S&P Total Market Index GICS Sector Weightings 9 In August 2016, stock-exchange listed real estate companies (including REITs) became the 11th sector under the S&P Dow Jones/MSCI’s Global Industry Classification Standards (GICS), the first new headline sector since GICS was created in 1999. 21.4% 13.7% 13.4% 10.3% 10.1% 9.4% 6.8% 4.3% 4.2% 3.5% 2.9%
  10. 10. Commercial Real Estate $16 Trillion U.S. Equities $43 Trillion U.S. Bonds $43 Trillion Sources: NAREIT “Estimating the Size of the Commercial Real Estate Market” July 2019, excludes billboards, single family home rental, timber and infrastructure;. SIFMA Capital Markets Fact Book 2019; U.S. Department of Treasury, Federal Reserve System, Federal Agencies, Refinitiv, Bloomberg, . Commercial Real Estate is a Large Investment Market 10
  11. 11. Source: Preqin, February 2019. Real Estate in Institutional Portfolios 11 Real estate has been recognized as a core asset class by institutional investors for decades • Real estate provides: – Stable, consistent income & opportunity for capital appreciation – Investment grade real property provides a measure of inflation protection • Diversification – Real estate cycle does not coincide with the overall economic cycle – Moderate correlation with other assets over time provides potential diversification 93% 81% 78% 62% Public Pension Funds Endowment Plans Private Pension Funds Foundation Percent Active in Real Estate
  12. 12. Listed Equity REIT Industry Snapshot – US Only • Market Capitalization: $1,250B - Largest $98B - Smallest $13M • 179 Components • US REITs own ~10% of all institutionally owned CRE • Diversification by geography and property type • Dividend Yield: 3.8% 12Source: FTSE NAREIT Equity REIT Index as of September 30, 2019. Infrastructure 15% Apartments 11% Health Care 10% Industrial 9% Office 8% Data Centers 7% Self Storage 6% Diversified 5% Shopping Centers 5% Regional Malls 5% Free Standing 5% Specialty 4% Lodging/Resorts 4% Timber 2% Manufactured Homes 2% Single Family Homes 2% Property Sector Exposure
  13. 13. Source: BofAML Global Research Lease Duration, by Property Type 13 REITs derive the majority of their revenue from rental income. Property Type Lease Duration Range Hotel/Lodging daily Self Storage monthly Apartments annual Manufactured Housing annual Single Family Rental annual Student Housing annual Retail – Inline (Strips) 3-5 years Industrial 3-5 years Office – Suburban 5-7 years Retail – Inline (Malls) 5-7 years Retail – Anchor 10+ years Office – Central Business District 10-12 years Health Care – triple net leased 10-20 years Retail – triple net leased 15-20 years
  14. 14. Sources: FactSet and Wilshire US REIT Index as of September 30, 2019. Property Sector Total Return Divergence 14 -2.4 -1.0 -0.3 5.3 5.5 6.4 6.8 7.9 9.2 9.3 9.8 11.4 13.4 13.6 Factory Outlets Regional Malls Hotel/Lodging Diversified Office Self Storage Industrial REIT Total Single Family Rental Shopping Centers Apartments Health Care Industrial - Mixed Manufactured Housing 3Q19 REIT Sector Total Return -27.4 -12.5 -11.0 8.1 12.9 13.5 18.4 26.1 28.0 28.2 28.3 28.9 33.5 45.7 Factory Outlets Regional Malls Hotel/Lodging Office Diversified Shopping Centers REIT Total Single Family Rental Industrial Apartments Self Storage Industrial - Mixed Health Care Manufactured Housing 1-Year REIT Sector Total Return
  15. 15. Global REITs Provide Access to Many Markets 15 Other Europe 6.6% France 1.4% Germany 4.2% United Kingdom 4.3% Japan 12.0% Australia 3.5% New Zealand 0.1% Hong Kong 6.1% Singapore 2.7% United States 55.9% Canada 3.1% Source: FTSE EPRA/NAREIT Developed Index as of September 30, 2019.
  16. 16. Source: FTSE EPRA/NAREIT Global, Developed and Emerging Indices as of September 30, 2019. The FTSE EPRA/Nareit Global Real Estate Index 16 Global 476 companies $1,822 billion Americas 171 companies $991 billion (54%) Asia Pacific 175 companies $542 billion (30%) EMEA 130 companies $289 billion (16%) Developed Market 336 companies $1,642 billion Americas 147 companies $969 billion (59%) Asia Pacific 84 companies $401 billion (24%) Europe 105 companies $272 billion (17%) Emerging Market 140 companies $180 billion Americas 24 companies $22 billion (12%) Asia Pacific 91 companies $141 billion (78%) EMEA 25 companies $17 billion (9%)
  17. 17. Portfolio Construction Benefits 17
  18. 18. Long Term Performance by Major Asset Class- 12/31/18 18 US REITS Foreign REITs Large Cap US Stocks Small Cap US Stocks Foreign Stocks US Bonds Foreign Bonds 1 year (4.04%) (5.79%) (4.78%) (11.01%) (14.09%) 0.01% (2.15%) 3 year 4.2% 5.09% 9.09% 7.36% 3.11% 2.06% 3.15% 5 year 8.32% 3.00% 8.21% 4.41% 0.34% 2.52% (0.01%) 10 year 12.53% 9.24% 13.28% 11.97% 6.24% 3.48% 1.74% 15 year 8.52% 7.22% 7.93% 7.50% 4.78% 3.87% 2.88% 20 year 9.95% 8.17% 5.85% 7.40% 3.68% 4.55% 3.22% 25 year 9.92% 6.29% 9.14% 8.28% 4.76% 5.09% 4.39% Source: Nareit analysis of monthly total returns through December 2018. US REITs- FTSE Nareit All Equity REIT index Foreign REITs- FTSE EPRA Nareit Developed ex US Index Large Cap US Stocks- Russell 1000 Index Small Cap US Stocks- Russell 2000 Index Foreign stocks- MSCI World ex US Index US Bonds- Barclays US Aggregate Bond Index Foreign Bonds- Barclays Global Aggregate Bond ex US Index
  19. 19. Correlations- 12/31/18 19 US REITs Foreign REITs Large Cap US Stocks Small Cap US Stocks Foreign Stocks US Bonds Foreign Bonds US REITs 1.00 0.60 0.47 0.58 0.34 0.26 0.22 Foreign REITs 1.00 0.68 0.59 0.82 0.25 0.61 Large Cap Stocks 1.00 0.87 0.79 0.09 0.17 Small Cap Stocks 1.00 0.66 (0.02) 0.10 Foreign Stocks 1.00 0.07 0.37 US Bonds 1.00 0.48 Foreign Bonds 1.00 Source: Nareit analysis based on a DCC-GARCH (Dynamic Conditional Correlation – Generalized Autoregressive Conditional Heteroskedasticity: Engle 2002) model using monthly total returns through December 2018. US REITs (FTSE Nareit All U.S. Equity REIT), and U.S. large-cap stocks (Russell 1000) from January 1972; Foreign REITs (FTSE EPRA/Nareit Developed x-US) from January 1990; small-cap US stocks (Russell 2000) from January 1979; Foreign stocks (MSCI AC World ex-US) from January 1988; RE; U.S. bonds (Bloomberg Barclays US Aggregate) from January 1976; Foreign bonds (Bloomberg Barclays Global Aggregate x-USD) from January 1990.
  20. 20. REITs and Interest Rates 20Sources: Bloomberg and FactSet January 1, 1996 through June 19, 2019. Total Returns during and after a Rate Cycle (%) Start / End 06/29/1999 - 05/16/2000 06/29/2004 - 06/29/2006 12/14/2016 - 12/20/2018 Rate Cycle Move 1.75 4.25 2.00 TotalReturnDuringCycle REITs 3.3 59.5 4.5 S&P 500 9.7 16.2 14 REITs +/- -6.4 43.3 -9.5 US Bonds 2.0 6.1 3.8 REITs +/- 1.3 53.4 0.7 TotalReturnintheYear FollowingaRateCycle REITs 15.0 16.1 NA S&P 500 -11.1 21.6 NA REITs +/- 26.1 -5.5 NA US Bonds 13.8 6.7 NA REITs +/- 1.2 9.4 NA
  21. 21. Dividend and Price Returns For REITs and Equities 21Sources: FactSet and Wilshire US REIT Index as of September 30, 2019. 2.1% 2.1% 2.1% 2.1% 2.0% 2.1% 8.6% 10.9% 6.8% 4.3% 4.0% 3.9% 3.9% 4.2% 5.0% 13.9% 6.0% 8.9% 4.5% 6.2% S&P 500 Index Dividend Return S&P 500 Index Price Return Wilshire US REIT Index Dividend Return Wilshire US REIT Index Price Return 5-Year 10-Year 15-Year1-Year 20-Year
  22. 22. Allocations to Real Estate in Mixed Asset Portfolios 22 Note: Allocations to any asset class will depend on the optimization methodology employed, the time period covered by the analysis, the assets included in the opportunity set, and the expected return assumptions. Different researchers, methodologies, and time periods Morningstar Mean Variance Optimization 1990-2010 Morningstar Fat Tail Optimization 1990-2009 15% Real Estate Wilshire Surplus Optimization 1990-2018 15% Real Estate 20% Real Estate Real Estate Real Estate Real Estate
  23. 23. U.S. Pension Fund Investments Net Total Return & Expense 23Source: CEM Benchmarking, 2018. -4 -2 0 2 4 6 8 10 12 14 U.S. Other Bonds Hedge Funds / TAA U.S. Broad Bonds Non-U.S. Bonds Other Real Assets Non-U.S. Equities U.S. Long Bonds Private Real Estate U.S. Large Cap U.S. Small Cap REITs Private Equity Annual Net Total Return and Expense by Asset Class U.S. Defined Benefit Pension Funds 1998 - 2016 Net Total Return Expenses Expense Impact (%) Average Annual Total Return Net of Fees (%)
  24. 24. Risk Adjusted Returns by Asset Class 24Source: CEM Benchmarking, 2018. 0 5 10 15 20 25 30 35 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 U.S. Broad Bonds U.S. Long Bonds REITs Non-U.S. Bonds U.S. Small Cap Private Equity U.S. Large Cap Private Real Estate U.S. Other Bonds Other Real Assets Non-U.S. Equities Hedge Funds / TAA Volatility SharpeRatio Sharpe Ratio Volatility Asset Class Volatility and Risk Adjusted Returns for U.S. Defined Benefit Pension Funds 1998 - 2016  On a risk adjusted basis, REITs had the highest Sharpe Ratio of all the non-fixed income investments  REITs had a materially higher Sharpe ratio of 0.43 compared to 0.33 for private real estate.
  25. 25. Diversification Matters 25 Wilshire US REIT Index, annual returns ranked by property sectors (%) Sources: Adelante Capital Management, Wilshire Associates, and FactSet as of September 30, 2019. 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 28.6 9.2 17.6 1.9 31.8 4.2 7.3 4.2 -4.8 27.21 Apartments Storage Industrial Hotels Mfd. Homes Storage Industrial Mfd. Homes Mfd. Homes Indu. Mixed 46.8 35.4 31.7 26.8 47.4 40.7 31.1 25.7 12.3 45.0 Hotels Regional Mall Regional Mall Diversified Apartments Mfd. Homes Indu. Mixed Industrial Health Care Industrial 40.0 22.1 28.0 12.7 39.9 27.0 28.7 22.8 7.6 44.4 Outlet Mfd. Homes Local Retail Mfd. Homes Health Care Apartments Hotels Indu. Mixed Apartments Mfd. Homes 36.0 21.6 26.2 11.2 33.3 16.5 23.5 10.4 4.0 44.1 Regional Mall Outlet Outlet Storage Regional Mall Industrial Single Family Hotels Storage Single Family 34.2 18.0 19.8 9.6 32.4 8.7 14.4 6.6 2.9 41.0 Local Retail Health Care Health Care Industrial Hotels Local Retail Outlet Diversified Industrial Apartments 30.1 15.4 19.1 6.9 32.2 6.2 13.4 4.1 -4.1 29.9 Storage Apartments Storage Office Indu. Mixed Regional Mall Mfd. Homes Storage Regional Mall Health Care 29.2 15.0 19.0 5.9 31.9 4.3 13.1 3.7 -6.1 29.2 Mfd. Homes Indu. Mixed Office Local Retail Storage Office Office Single Family Diversified Local Retail 26.5 13.7 14.4 5.8 31.5 0.8 12.2 3.7 -7.8 27.5 Diversified Office Indu. Mixed Single Family Local Retail Indu. Mixed Diversified Apartments Single Family Storage 24.7 -0.3 13.1 0.0 30.7 -0.9 8.2 3.6 -10.7 25.7 Office Local Retail Hotels Regional Mall Diversified Single Family Health Care Office Indu. Mixed Diversified 19.5 -2.6 12.4 -1.0 29.8 -1.5 6.8 3.0 -10.8 22.5 Health Care Diversified Diversified Outlet Office Diversified Apartments Health Care Hotels Office 19.1 -3.5 10.6 -4.0 26.7 -1.9 3.8 -0.4 -13.7 22.5 Industrial Industrial Apartments Indu. Mixed Industrial Health Care Local Retail Regional Mall Local Retail Hotels 18.2 -4.7 7.1 -4.7 20.9 -7.5 2.2 -2.4 -14.2 11.5 Indu. Mixed Hotels Mfd. Homes Apartments Outlet Outlet Regional Mall Local Retail Office Regional Mall 8.9 13.4 6.3 -6.3 18.6 -8.2 -5.0 -10.7 -14.2 -5.1 Health Care Single Family Hotels Storage Outlet Outlet Outlet -9.1 5.7 -24.6 -8.2 -22.3 -19.1 -19.1
  26. 26. Current Developments 26
  27. 27. Sector Weightings Within the Index – 1998 to Current 2019 27Sources: Citi Research, REIT.com, SNL, Factset. Note – Other Residential includes Student Housing, Manufactured Housing, and Single Family Homes. Office 21% Office 10% Retail 19% Retail 9% Multifamily 17% Multifamily 11% Industrial 11% Industrial 8% Lodging 9% Lodging 4% Diversified 7% Diversified 1% Health Care 6% Health Care 10% Storage 4% Storage 6% Net Lease 2% Net Lease 7% Other Residential 2% Other Residential 4% Specialty 1% Specialty 4% Infrastructure 16% Data Centers 7% Timber 2% 1998 2019 77% 42% 0% Weight: Infrastructure, Data Centers, Timber
  28. 28. REIT Market Evolution - $1.2 Trillion Market Cap 28 Health Care, 24% Specialized Property, 22% Specialty Retail, 15% Data Centers, 14% Self Storage, 10% Manufactured Homes, 7% Single Family Rental, 4% Specialty Other, 3% Student Housing, 2% Apartments, 22% Office, 21% Industrial, 12% Strip Centers, 13% Hotels, 10% Diversified, 8% Regional Malls, 8% Mixed Industrial/Office, 6% Adelante NEXTGen Property Securities Index Adelante CORE Property Securities Index Sources: Adelante Capital Management and Wilshire Associates as of September 30, 2019.
  29. 29. Data centers are enabling internet of things 29
  30. 30. Traditional vs. e-Commerce Logistics Cycle 30Source: CBRE Research, Q1 2017.
  31. 31. How Are you Shopping? The Impact on Real Estate is Substantial 31
  32. 32. REITs Report on a Variety of Environmental Performance Indicators 32
  33. 33. Market environment 33
  34. 34. 3Q19 Market Environment 34Sources: FactSet and Wilshire US REIT Index as of September 30, 2019. • Performance – the Wilshire US REIT Index advanced 7.9%, up 27.2% YTD. • NEXTGen sectors lead – the Adelante NEXTGen Property Securities Index outperforms the Adelante CORE Property Securities Index by 417 bps, up 31.7% YTD. • Manufactured home sector – advances 13.6%, while regional malls slip 1.0%. • September “Value” snap back – factory outlets up 9.5% and hotels up 6.8%. • WeCompany/WeWork – global debate between new technology or just real estate. • Dividends – REITs yield 3.8%; dividends are protected and growing in a negative yield world.
  35. 35. REIT Returns – Q3 vs Trailing 1yr. 35Source: FactSet as of September 30, 2019. Apartments Office Health Care Industrial Mixed Regional Malls Industrial Storage Retail-Local Hotels Diversified SF Rental Wilshire REIT Index Factory Outlets -30% -20% -10% 0% 10% 20% 30% 40% -5% 0% 5% 10% 15% Trailing1yr.TotalReturn 3Q 2019 Total Return
  36. 36. Where are Public Real Estate Market Valuations? 36Source: Green Street Advisors December 31, 1998 through September 30, 2019. -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% Premium/Discount to NAV
  37. 37. NAV premiums following 2019 REIT Rally -16.6% -14.3% -10.8% -4.6% 1.3% 6.5% 6.7% 7.0% 10.0% 16.5% 32.9% 34.8% 37.7% 62.1% Hotels Office Malls StudentHousing ShoppingCenters Apartments REITAverage SingleFamilyHousing SelfStorage Industrial DataCenters Mfd.Homes HealthCare NetLease Discount/Premium to NAV Source: Green Street Advisors – Weekly Pricing Update – September 27, 2019. 37
  38. 38. Outlook Remains Favorable – Leverage is Falling, Supply in Check Source: Citi Research, CBRE and Factset. 38 5.0x 5.5x 6.0x 6.5x 7.0x 7.5x 8.0x Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May-18 Oct-18 Mar-19 Aug-19 Historical Net Debt to NTM EBITDA Avg. 6.3x 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Mar-84 Apr-86 May-88 Jun-90 Jul-92 Aug-94 Sep-96 Oct-98 Nov-00 Dec-02 Jan-05 Feb-07 Mar-09 Apr-11 May-13 Jun-15 Jul-17 Aug-19 Aggregate Construction Starts (MSF) % of Total Stock Hist. Avg. Avg. 1.7%
  39. 39. Record Levels of Capital on the Sidelines Source: Citi Research and Preqin. 39 $164 $136 $201 $195 $228 $238 $249 $295 $327 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Mar-19 Closed-End Private Real Estate Dry Powder ($Bn) $136 $166 $156 $172 $164 $174 $177 $191 $253 439 461 466 475 478 492 525 573 797 0 300 600 900 $100 $200 $300 Closed-End Private Real Estate Funds in Market Over Time Aggregate Capital Targeted ($Bn) Number of Funds Raising
  40. 40. Key Takeaways for REITs 40 • REITs are an investment in real estate • REITs are a strategic asset class • A significant share of total REIT returns comes from dividends • Publicly traded REITs diversify an investment portfolio
  41. 41. Adelante Capital Management Presenter Presenter Name Benjamin Yang, CFA Title Senior Vice President Phone Number (510) 986-2152 Email Address byang@adelante.com Benjamin Yang, CFA, is a Senior Vice President responsible for company-specific research on public real estate securities. Prior to joining Adelante Capital Management in 2014, Mr. Yang covered the REIT sector at Evercore Partners, KBW and Green Street Advisors. With over 23 years of experience he also authored capital markets research in the Investment Research Group at Wilshire Associates and was a pension actuary/consultant at Mercer. Mr. Yang is Emeritus member of the International Council of Shopping Centers North American Research Task Force and a Chartered Financial Analyst charterholder. He received his B.A. in Economics and Mathematics from Boston University and M.B.A. in Finance and Accounting from the University of Chicago Graduate School of Business. 41
  42. 42. Thank You 42
  43. 43. 43 Adelante Capital Management, LLC (“Adelante”) is a registered investment adviser with the SEC. This report is for informational and professional purposes only, cannot be distributed without express written consent, and does not constitute advice, an offer to sell, or a solicitation of an offer to buy any securities and may not be relied upon in connection with any offer or sale of securities. The contents of this report should not be relied upon in making investment decisions. The information and statistical data contained herein have been obtained from sources that we believe to be reliable but in no way are warranted by us as to accuracy or completeness. The accompanying performance statistics are based upon historical performance and are not indicative of future performance. The types of investments discussed do not represent all the securities purchased, sold, or recommended for clients. You should not assume that investments in the securities or strategies identified and discussed were or will be profitable. While many of the thoughts expressed in this report are stated in a factual manner, the discussion reflects only Adelante’s beliefs about the financial markets in which it invests portfolio assets. The descriptions herein are in summary form, are incomplete and do not include all the information necessary to evaluate an investment in any investment or strategy.

×