Welcome to Between Two Chairs,
Demystifying Commercial Real Estate,
the podcast that brings you the latest insights and
trends on the South Florida commercial real estate market.
With your hosts, Fernando Adonisibia Jr. and Jennifer Wallman.
In each episode, we dive into the world of
commercial real estate and break down
complex concepts to make them accessible for everyone.
Whether you're a real estate professional,
a curious investor, or just interested in
the South Florida market in general,
Between Two Chairs is the podcast for you.
So pull up a chair and join us.
Welcome everybody to another episode of Between Two Chairs.
My name is Fernando Adonisibia Jr.
And with me is the always cold,
just because she loves warm weather.
Jennifer Wallman. Hi Jennifer.
Hello, hello. Yes, I am always freezing.
You see how I corrected that?
Yes, yes. Thank you.
I didn't say like cold of heart.
I said cold just because you prefer warm weather.
Correct. I wouldn't be freezing if people would just
adapt to South Florida weather and lay off the AC.
I don't know man. AC is a very important.
Yeah, we probably wouldn't have as many people here
if we didn't have AC.
So yes, I'll just wear my jackets and park us.
It's really interesting.
I didn't intend it to be a transition,
but actually it's a very good transition because, you know,
it's really interesting as a commercial broker
when you're negotiating a commercial lease
that the topic of AC and who controls the AC
and from what time to what time the AC is on
and is the AC on in the weekends.
Those are all legitimate important things
to hammer out in a lease for a commercial lease.
And it's very appropriate because the theme today
is we wanted to do a dive into the tenant improvement credit
component of the negotiations of a commercial lease.
Right. So tenant improvements also referred to as TI or TIA
for tenant improvement allowance
or leasehold improvement allowance is a huge part
of negotiations in any lease.
And a lot of landlords that I know don't like
tenant improvements, but most tenants need them,
especially if they're, you know, really having to redo a space,
for example, for a restaurant space or medical office, etc.
And those usually have much larger TI's or if it's new,
if it's new construction and you're only taking possession
of something that's built out to vanilla shell,
which sorry, vanilla shell is just space with the dry wall up
and probably the AC ducks.
And that's about it.
And it speaks to the convertibility or the flexibility
of commercial space in general, right?
And that every company, every business is going to have
a different set of requirements for how they want their space
to be laid out and what their needs are.
And we thought that we would kind of break down
some of the key considerations in the negotiations
and look at it from both the tenant and the landlord side.
Let's dive in a little bit here.
One of the considerations is the scope of the improvements,
right? You know, some spaces, you might have a tenant
that has very low requirements.
They might do a little in regards to the scope of the work
of the space.
And then there are tenants that have some very, very big
requirements.
One of them you mentioned is if you have a 30,000 square foot
space in a retail location and you have a tenant
that is looking to open up a clothing store, for example,
a boutique clothing store, their scope of the work
is going to be very different than the scope of the work
of a restaurant operator that is going to utilize
the 30,000 square feet, right?
Because the restaurant operator has to contend
with grease straps, hood, there is a lot of infrastructure
that has to be built.
Aside from the actual cosmetic building of the interior
of the space.
And so the scope of the improvements
is going to be one of the most important considerations.
Well, and I think there's two different types of TI's, right?
So there's the TI that adds value to the building itself.
And then there's the TI that's just
personalizing the space for your particular brand.
So for example, in your example of the clothing store,
if they need a rack system, if they need special lighting,
if they need a certain type of paint,
that doesn't really add a ton of value that's
going to stay with the building, right?
It doesn't really stay with the space.
And in a lot of cases, the landlord might say, look,
I know you're improving this for your particular brand.
But when you leave, we want you to take out the racks.
We want to have you take out that stuff.
And that happens a lot, like especially
an industrial warehouse, right?
With refrigeration, sometimes the landlord
will actually say, OK, you're going
to put in the refrigeration system.
But when you leave, we want it taken out,
because it narrows who can actually use their space.
So I think it's the type of what goes in, whereas in a restaurant
space, that gets value, right?
Because second generation space of a restaurant is easier to lease.
So a tenant might be more willing in that case.
Those are definitely capital improvements
that can be depreciated over time.
They're faramortized over time, so they might be more willing.
So it's super important whether you're representing the tenant
or you're representing the landlord,
that you are really clear on what the improvements are.
Are they really capital improvements to the space?
Right.
Somebody putting in a gym and putting in special flooring,
may or may not be.
A lot of times, I've seen the landlord say,
no, you have to take that stuff out when you leave.
But again, to our point on medical space or something
like that, also with a capital improvement,
and I'm thinking of the medical spaces that we've done,
a dentist is less likely to leave because of the expense
and the amount of work that goes into a TI.
It's a lot harder to move that equipment than it is to move
clothing racks and shelving when a tenant leaves.
So it's more likely that a landlord would be willing to help
with tenant improvements for one of those capital improvements,
and somebody staying kind of tying a tenant to a space
beyond the initial term of the lease.
Yeah, and when you're looking at the scope of the improvements,
of course, the tenant is looking to ensure
that all of those improvements are
going to align with their business needs.
But they also ideally would like for the tenant improvement
credit to be sufficient to cover all of those customizations.
On the landlord side, to your point,
they may want to limit the scope of those improvements
either because they want to maintain the building's
integrity, which is going to be important,
but also they want to make sure that all those improvements
are adding value, ultimately.
And so the landlord is not only thinking
about the tenant and the use of that specific tenant
and those improvements, but what's
going to happen once the tenant is no longer there?
Is it going to be easy to release the space
if the tenant leaves?
So you're always looking for that flexibility.
And then it naturally leads to the next consideration,
which is the amount of the allowance.
And so obviously, the tenant is going
to push for the maximum allowance,
but the landlord is going to take into consideration
a set of factors to consider how much TI credits are
going to be given out for this lease.
And they're going to look at the term of the lease,
the length of the lease.
They're going to look at the tenant's credit worthiness,
how the improvements might increase the property's
marketability.
And so those TI allowances, like in anything in real estate,
but specifically in commercial leasing,
everything is negotiable.
But the negotiations are based on so many different factors.
What we often have running to this scenario in which you
may have a tenant that has more leverage based
on the number of units that they have already opened up
based on their credit worthiness,
based on their status on the marketplace.
And then you have some people that are
brand new starting a brand new endeavor.
They don't have a lot of experience.
And so that is also going to be part
of the consideration of the landlord,
because ultimately the landlord is going
to put up that money upfront.
So the landlord is thinking, how likely,
when I amortize this expense, am I
to recoup it and actually have a tenant that
is going to see the lease through all the way to the end?
Right.
And it all depends on the terms of the lease.
I mean, don't come in asking for TI when your lease is
a year or two years.
Right.
So forget.
Don't even bother.
You might be able to get some free rent.
You might be able to get a month off of or two weeks off
of rent to paint and do whatever,
but you're not going to get TI.
Longer lease, to your point, credit-worthy tenant.
That's right.
Better chance of getting more in.
And TI is done on a price per square foot.
So that's negotiated in the lease on a price per square foot.
And to your point again, the landlord
isn't going to give you 100% of what you want as a tenant.
They're going to only really be willing, to the extent
that they're willing to do any.
I know a couple that are like vets or says she's allergic to TI.
So it's all going to depend on the value
that the landlord thinks they're going
to get not only out of the term of the lease
and you as a tenant, but that equipment
after you leave those improvements,
after you vacate the space.
Yeah, for sure.
And timing is very important.
The length of the lease and the likelihood
or the confidence that the landlord has
that the tenant is going to see it through to the end
of that lease term.
And for example, it's very different when
you do a 10-year lease than if you do a five-year lease
with a five-year option to renew.
The five-year option means that the tenant, usually
within six months before the end of the lease,
would have to let the landlord know
that they want to renew for another five years.
From the landlord's side, when they're
looking at the scope of the work and the amount of money
that it has to be invested, they're
going to evaluate it based on those five years.
They can't count on the other five
because the only one that has the option to renew
is the tenant at that point, whereby
when you have a 10-year lease, then the landlord
can look at amortizing that cost over a longer period of time.
And usually, the landlord will say, well,
I'm going to recoup my loss after X amount of months
of the lease.
And then after that, then I'm going
to start to see the money coming in.
That becomes a part of the consideration.
Another thing is, which a lot of people
don't think about, is the responsibility of construction
management, which is something that also is negotiated
as part of the TI.
And there are some landlords that are especially
institutional landlords, buildings that are owned by REIT,
for example.
They have a very clear structure as to how they are going
to execute their TI.
And they would prefer to have their construction group
execute on the build-up, because they have a lot more control
over that expense.
The tenant, you have some tenants
that want to have total control, and they rather handle it
themselves.
They feel that they could do it better.
They could do it faster.
In my experience, when you have a landlord that, for example,
has a 100,000 square foot office building,
they have the building in great shape.
They have a solid team.
Usually, it works better when the landlord
handles the construction management.
That, obviously, is going to come at a cost that
is deducted from the tenant improvement credit.
But if you have the right team, they can save you on time.
So that ultimately saves money for everyone involved.
Right.
And usually, even if the tenant's doing improvements
on their own, depending on how the lease is written,
and we'll get into some of the clauses in a little bit,
but the landlord isn't going to say, well,
here's a check for 100 grand.
They're going to say, OK, you're
going to have certain timelines in which you
need to complete certain tasks.
You're going to show me the receipts.
I'm going to pay the receipts as they come due.
It's not like you're going to get a check up front from the landlord
to handle the improvements.
And you're going to be on the timeline,
and those improvements are going to have
to be clearly specified for when you use them.
It's not like you're going to get the TI,
and you get to spread it over the life of the lease.
Correct.
I mean, there's usually an addendum to the lease that
has to do with scope of work.
And it's usually titled scope of work.
And in there, it lays out who's going to do what,
and it also lays out how that payment is going to be made.
Sometimes the tenant is actually carrying the cost,
and then they're getting reimbursed
as they hit certain construction milestones.
And sometimes the landlord says, we
don't have to worry about that if you let me manage it.
And I'm going to have my construction crew do it.
And then, of course, I'm going to pay it out
as they finish the work.
There is a, again, everything is negotiable.
So that's all part of the negotiations.
I work with a group that it's funny,
because we just had a meeting about two, three months ago.
They have a great reputation in the marketplace.
They have about nine locations.
And I think they have come to the realization
that they're great at doing what they do,
but they're not great in building and construction.
They realize that they don't have the team.
They've jumped from architect to architect,
from general contractor to general contractor,
because for one reason or another,
in one space, the build-out didn't work out.
And in the other one, they took forever.
They just realized that it's far easier for me
to have a landlord that wants me in their space that
is willing to do the work and to my specs,
but I don't have to manage that work,
because they will do it faster, better,
because this is what they do all day.
And so that's part of the consideration here
when you're making that decision as to who's
going to manage the construction.
Another item that I have here is cost overruns.
And then this is, again, one of those things
where I find that in every aspect of the negotiation,
this is where experience matters,
because you kind of want to lay out the expectations
to the tenant if you're representing the tenant.
And to the landlord as to who's responsible for what
and what happens if you overrun the cost of construction.
And this comes up, especially after the pandemic.
There was such a precipitous increase
due to inflation of construction costs
that the landlords had to kind of stop and recalibrate
their numbers, because the amount of TI and the price
per square foot on TI just skyrocketed, right?
Something where they may have spent $50 a square foot
to build out a really nice class A office space.
All of a sudden, it was close to $100.
It doubled.
And so those things become points of contention later on
as you're finishing construction.
So you kind of want to make sure that that is laid out
and ironed out in the lease.
Usually landlords want to cap their TI,
and they want to make it clear that anything that goes above
that allowance is the responsibility of the tenant.
And of course, the tenant is always
concerned about that price cost overrun.
And another thing that I think is important,
if you're a tenant that is looking for commercial space
and you are entering into this, is
to consider that there's usually language about what
they consider tenant delays.
And I think that that's another important component,
because that might run into your tenant improvement credit.
Your rent commencement date.
All of that becomes very, because then there
is usually a back and forth about,
well, I didn't consider that a tenant delay
because I gave the architect my information,
and then the architect took another week to come back.
And then when they came back, they
realized that they couldn't do what we were asking them to do,
because the zoning had changed.
And so that provided a delay.
Because now, especially when you're working with big companies,
that it's not one individual making the decision.
It's a group of people at a corporate level
that is making those decisions.
So that becomes an important component.
Agreed.
And again, it comes down to the clauses in the lease.
And that's why you need to pay really, really close attention
to all of the different items that go into TI,
because it's more than the price per square foot.
It's way more than just the credit and the price per square
foot, because it can be a domino effect.
And to your point, we saw that a lot with that lease,
again, with leases that we did during COVID,
and that got stuck in that.
So we've already gone over, you're
going to look at how much the landlord is
willing to give.
It's either a price per square foot or a lump sum figure.
It's going to specify within the lease
what eligible improvements are allowed.
And they might allow a lot of eligible improvements,
but only certain ones are going to fall under the landlord's TI.
So the scope of the work might be a lot larger
than what the TI covers, because again, to our original point,
anything that doesn't materially improve
the value of the real estate, and that's more branding
and more personalizing the space is going to fall on the tenant.
The disbursement process, we talked about how and when
that TI is going to be paid out, the time restrictions,
as to when the payouts are going to happen.
And usually that comes with something, right?
It's not just the bill.
It's the invoice.
It's they've met a certain metric, et cetera.
And then you have to make sure that all of the timing
within your TI coincides with the various times
within the lease between lease commencement, rent
commencement, et cetera.
The reversionary term, so it's going to state
what part of those TI's stay with the property
once the lease ends, and which ones the tenant needs
to remove and put back.
So that's going to be very specific.
And then obviously all of the compliance wording,
that any TI's, especially if the tenant is responsible,
are going to have insurance requirements.
The contractors are going to have special requirements
if they're hiring code compliance, zoning, obviously,
all that kind of stuff.
Within the TI section, there's usually
several very specific clauses within that portion that
relate only to the TI.
Yeah, absolutely.
Because it's probably the one thing
that is going to require the most focus and energy
once the lease is executed.
And so it becomes a really important thing
to make sure everything is ironed out prior to signing
that lease.
One thing that also happens is that the way that the TI is
dispersed, which we discussed, also works in the way
that you may negotiate with a landlord x amount per square
foot of TI credit.
But obviously, if it costs 20% less to do the buildout,
the tenant doesn't keep the other 20%.
It's not a set amount of money that the tenant can count on.
Sometimes I've spoken to tenants that didn't really
understand that part.
I wasn't part of representing them in the lease.
But after the fact, I had a group that came to me and asked
me, we had this issue with the lease.
Now we're looking to renew, but this issue was never resolved.
This is five years after they had already moved in.
Everything was ready.
And they were still, in their mind,
they felt that the landlord still owe us a credit for that 20%.
And I said, well, first of all, that's something you would have
had to negotiate.
In the lease.
And interestingly, I had a situation in which we did
negotiate that the full amount of the credit
will go to the landlord.
And the way that it was negotiated
was that the tenant felt that we could probably
do all the work that we want to do based
on the amount of tenant improvement credit.
There might be some money left over.
We don't want to give up on that money.
And so the way we negotiated is that the landlord agreed
that if there was money left over,
that the tenant can use it for FF&E.
So that was really interesting.
Also because the landlord is aware that whatever things that
are affixed to the space, they were going to keep.
But it had to be negotiated.
One thing that you mentioned that I think it's also important
to understand, because sometimes you don't realize it
until you go through it, is the importance of permitted uses
and code compliance.
Companies that haven't leased out a lot of space for office,
for example, they are surprised to know,
as they're going through it, that the layout of the office
furniture is a big component of how many people can be there.
And whether they're going to be able to achieve having
the density that they're looking for for their employees.
Sometimes there are code changes that happen
that it's impossible for the landlord to really be up
to date, because it all depends on how you lay out the space.
And so I had a situation where the way that the space was laid
out required them to build another firewall.
Just because of the fact that it was a very elongated,
rectangular space, and the way that it was laid out,
there are fire codes that were not going to be met.
The other thing that happened is that they
had three conference rooms.
Well, one of the conference rooms was huge.
And the dynamics of having the three
was triggering that firewall, which
was going to be prohibitively expensive to do.
But if they would have removed, which is, I think,
what they eventually did, one of those spaces,
then they wouldn't have had to build a firewall.
Now, obviously, all of that created a lot of delays,
because people had to make decisions.
But ultimately, those places that one of the conference rooms
was no longer a conference room, it
became a meeting room of max four people, for example.
So then what does that mean?
Well, now they had to change the furniture that
was going to go into the place, because you don't get
your certificate of occupancy until you have certificate
of use, until you actually have all the furniture in the place
and you have your final inspection.
So again, those are little things that happen that sometimes
you're like, well, I got the TI to do this
and I wanted to build this.
But those are considerations that, and usually,
in the least, there's language to say, look,
we're going to abide by the building codes and the zoning
laws, right?
And there are certain things that we just
don't have total control over.
So I will say that one of the things
that you mentioned that is about who owns the improvements.
You want to dive into a little bit more of that.
Is that always negotiable, or is everything that is built out
owned by the landlord?
I think it depends.
It depends on a lot of things we've talked about it before.
What good does it do for a landlord
to pay and own a brand, right?
Something that's related to a company's brand,
whereas an AC or a grease trap or a hood makes sense.
At the end, I'm thinking of medical space, right?
I'm thinking of a deal that we're doing.
So if you have an x-ray room or you have an MRI room,
a lot of times those rooms are built around the equipment
because of the width of the doors and everything else.
So when that medical tenant.
And the thickness required.
Right, exactly.
And whether it's leaded, et cetera.
So you're building a room.
And I'm thinking a bank is another thing, right,
when you have a safe built in, right?
So there are certain things that are done that are actually,
they seem like they're going to be great for the landlord.
But at the end of the day, they're
a headache because how do you remove a bank safe?
You know how expensive it is to remove a bank safe from a bank?
That's why most landlords and owners who buy a bank
try to think of creative ways to incorporate that safe.
So even though to a bank, it's like, no, but look,
I mean, it's got so much value.
This is expensive.
It's this or something with doctor's equipment.
At the end of, let's say you've got a 10-year lease
with three five-year renewals.
So now you're in the space 25 years.
Is that space, is that equipment still relevant?
I'm sure there's something newer.
So now if that tenant leaves, now it's
that landlord's responsibility to remove it and the cost.
So now you're almost paying for it twice, right?
You're paying for the improvement
to the building during the lease.
And when the lease is over, if it's not the tenant's
responsibility or the tenant goes bankrupt or leaves
or whatever, now you're paying to take apart that room
to remove that equipment.
So either new equipment can go in or a different use
can go into that space.
So I think that's why it really depends on whose side
you're representing.
And you need to understand both sides, right?
Yeah, I think that is an incredibly valid point.
I remember working on a space in Wilton Manors that had,
it was an end cap.
But the operator was basically mining crypto very early on.
This is many, many years ago.
This is at the onset of it.
And they had left towers of all the data towers
where they would put all the servers, right?
Obviously minus the servers.
Well, the problem was that, first of all,
to find another operator that is going to utilize that.
And the landlord then looked into, well,
because they had not negotiated in the lease
that they would have to remove the towers or remove
anything inside.
It was a very poorly done lease at that time.
And the landlord said, well, let me see if I could sell the towers.
Well, the problem is that the towers were obsolete
because they were not conducive to distributing
the heat that is created within those things.
So nobody wanted the towers.
So they ended up in a landfill.
But he had to pay to have somebody come in here
and basically take out 25 of those towers.
And so, yeah, I think that that's definitely the case.
I would say that the other thing to consider when you're looking
at, well, how much TI and how much tenant improvement can
be negotiated, that we have to look at market conditions.
Those things are extremely important, right?
Everybody knows how office is doing nationwide.
Well, in South Florida, we have the healthiest office market
in the country, right?
It's still double digits vacancy factor.
But it's very different in Class A than it is Class C.
Class A buildings usually will offer,
will be more generous with TI on a 10-year lease
because they usually have already earmarked a marketing
budget and an expense budget for getting a quality credit,
tenant-worthy tenant in there.
Also, rents are better, right, than in a Class C building.
And so retail is going to have a different consideration.
And even within a retail center, having an end cap
or having a freestanding corner building
within the shopping center is going
to have different considerations than if you
are in an inline space that is 1,000 square feet.
So there are a lot of factors that go into whether you're
going to get six months worth of TI or 12 months or 18 months.
It all depends on the way they negotiated or no months.
You know, we did a lease with a landlord that basically
did not believe in TI.
But they were willing to give a lot of free months,
you know, months of free rent.
Well, and I think that's why, right?
So rent abatement, which is the free rent,
is so much easier to negotiate because it's basically
time-specific, right?
Whereas all of these issues that we've brought up,
who's going to pay for what, who's going to deduct what,
how are things going to be repaid,
it's easier to just say, we understand
you don't have the money up front,
but you'd be paying for the lease to start anyway.
So we're just going to give you free rent.
And I was negotiating a deal that required almost them
rebuilding the space.
And it was going to be for a five-year lease with a five-year
option for a restaurant space.
And we got them to agree to 18 months free rent.
So, and people were like, how'd you get 18 months?
I mean, the restaurant market was booming.
And it was basically because they were
going to have to rebuild the entire space.
At the end of the day, my tenant didn't go through with it
because there were just too many other issues with the space.
Right.
But depending on what you're going to do,
the landlord recognized the value, and not only in this tenant,
but in this tenant basically building out the space for them.
That then, whether the tenant succeeded or not,
wasn't going to matter because the landlord was going to be,
it was going to be very easy for the landlord
to release the space based on the improvements
that they were going to do because of the lack of improvements
that had been done to that space.
The tenant has to consider that, OK,
so I'm going to get 18 months of free rent.
I'm going to do the build out.
But part of the consideration of the tenant
is obviously, how quickly can I get this build out
so that I can actually take advantage of those months
of free rent to recuperate my initial investment
in this tenant improvement.
Right.
And this is where I think it's important for tenants
to realize whether do you really have the right team
and are you going to be efficient in the way
that you do this build out?
And are you taking into consideration
time to get permitting, code compliance, zoning laws,
all those things into account to be able to do that?
And even the best operators in their business
are not necessarily great at doing the constructions.
You've got to have a good team around you
to be able to execute.
Not only that, but when you get into all of that,
my first, when we use the TI calculator,
so there are tenant improvement calculators.
You input the lease information, the tenant improvement
details, any additional factors in terms
of what you think construction costs are going to be, et cetera.
And it helps you come up with a final price and decision
and to make sure that the numbers align with the wording
and the lease.
But before you do that, and a lot of tenants don't do that,
they're just looking again to our point, the price per square
foot that they're getting.
Is there a comparable property nearby that maybe
is more price per square foot but doesn't require
the tenant improvements?
Because when you add in everything all together
into the pie and the time and the potential overruns
and everything, oftentimes the cheapest option
isn't really one the cheapest.
It's often not always the best option.
So all of those need to be taken into account more so
than just how much is the landlord charging me for rent,
how much are they giving me in rent abatement,
and how much are they giving me in TI?
Yeah, and sometimes people lose sight of that.
And I think it's so great that you mentioned it in that way
because a good operator knows, especially if they have
experience and they have multiple locations,
they know I can generate X amount of money per square foot
in my location, the moment that it opens.
And so they have to say, if I can save,
if I have to spend more money on a price per square foot
of lease, but I can be open eight to 10 months sooner,
the revenue and the profit margin that I'm going to gain
on those eight or 10 months is well going to surpass
the few bucks per square foot that I'm trying to save.
Correct.
And sometimes that, when you're negotiating,
especially if you're a tenant, you fail to look at that part
of it because you're just looking at,
you're thinking you're comparing apples to apples.
There's a space, they're asking for this,
this space, they're asking for this,
this is the amount of TI, this is the amount of TI.
And so now it becomes a negotiation,
well, I could get the space for less
because I need to do the work, I'll do the work,
but they don't take into account,
well, how about once I move into the space,
how much can I generate and what gets me there sooner
so that I can actually start to make money?
And so, yeah, I think that's very good.
So I hope this helped out in our goal
to demystify commercial real estate.
We've done a few of these where we go deep
into certain aspects of it.
One, because I think it's infinitely interesting,
definitely to us, but also because,
when you sometimes dive into the details,
that's where you sometimes get like an aha moment
to have a full understanding
of what commercial real estate is about
and what negotiating a commercial release is really about.
Correct.
And it's just this issue alone
is why there are no standard leases, right?
So that's why your attorney,
your team of people to support your landlord
or your tenant are so important
because you need a really good lease writing attorney.
You need somebody who understands
who gets to write off the TI,
who gets to depreciate it,
who, you know, it all depends on how that lease is written
and the wording in it.
So that is another reason why we like doing these deep dives.
And that's one of the reasons why commercial real estate,
you're always learning because no two deal,
no two leases, no two wordings,
no two clauses are ever the same,
even though they might be dealing with the same issue
in the lease.
So you have a fun fact.
Yes, I do.
All right, my fun fact is that Jennifer
is gonna share a fun fact with us.
So my fun fact is that Miami gets its name from a tribe
who used to lived here called the Miami.
They lived here in the 16th and 17th century.
They were actually closer to Lake Okeechobee.
And according to study.com,
they were coastal mound builders versus Northern tribes
who tend to be more in the mountains.
So the Miami were coastal mound builders
who built large-mounted villages
near modern-day Lake Okeechobee.
They were one of the longest lasting Native American tribes.
And Christian missionaries reported
that the last surviving Miami fled to Cuba
after Spain lost Florida in 1763.
Look at that.
And then it became...
Miami.
Then it became in reverse.
Well, at that time it was Miami.
Miami.
If you look in old school,
Miami resident, they'll say Miami.
And that's probably how you pronounce that tribe's name.
There you go.
Ha ha ha ha.
Well, thank you everybody for joining us.
We appreciate it.
And I hope you have a great, great rest of your day.
Bye.
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