you have names like simon property, vornado and boston properties down 28% or more this year our next guest says all is not lost joining me is piper sandler's alexander goldfarb alexander, we look at this through residential real estate because we buy homes with mortgages. how bad has it been for commercial real estate >> first, thank you, dom, for having me on here at piper sandler on the reit team, this is the replay of the 1970s. you have stagflation environment and a fed that wants to continue to raise interest rates to arrest inflation when we looked at what happened in the '70s with real estate and today, there are similarities. first, supply is in check. when you look around at the major property types, the availability of apartments and industrial and retail are all very much in check second, the reits have good balance sheets you highlighted names like vornado which is trying on adjust the balance sheet, but wished it probably had a better position going into the pandemic when you look at the fundamentals and retail because you have simon on the screen retail is in the best s