Riaz Capital’s Micro-Studio design easily outperforms the competitive market in leasing and market interest. We began pre-leasing The Linden – our latest micro-studio project – on September 1st. The building achieved 70% leased during pre-leasing, and was fully stabilized within 30 days of opening. Additionally, the average residents earned $75,000 and was 33 years old, representing a more stable demographic than is typically considered in the small-format urban housing market. Whereas luxury properties in the Bay Area have high concentrations in tech and finance occupations, our tenant base includes a much larger proportion of sectors, particularly healthcare, education, and government. This demographic difference has corresponded to vastly different performance during the Covid-19 pandemic, with occupancy averaging 98% throughout the Riaz Capital workforce housing portfolio in Oakland.