cathy wagoner from the san francisco international airport. the airport is seeking your approval for a new lease with federal express corporation for approximately 58,000 square feet of office in the warehouse space as well as, skew me, .151 acres of ramp space at sfo. [speaker not understood] one term for an option to extend for an additional 5 years. it carries a base rent of approximately $1.3 million per year for a minimum rent amount of $6.8 million over the entire term of the lease. as the budget analyst report does point out, the lease before you has less square footage than federal express's current lease at the airport. we understand from the tenant that they are reevaluating some of their own business practices and incorporating technology that allows them to have the goods spend less time in the warehouse. so, that in addition to them consolidating some of their region alpha sitsv explains why they are requesting less square footage than they currently have. that being said, airport is happy to keep federal express as a tenant at th