As we do every year in January, top executives from around the industry gathered in New York City and Big Sky, Montana to discuss industry trends, market fundamentals, and the overall market outlook for 2025. The consensus this year is that the industry continues to feel the effects of a slower housing market, volatile debt markets, downward pressure on unit pricing driven by REIT unit pricing models, and lower occupancies across the board. These current headwinds have kept investor sentiment in check. As we head into 2025, the market outlook remains realistic yet cautiously optimistic. We hope the market has bottomed out and that valuations and fundamentals will improve throughout the year.