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Meade -- General Counsel and Chief Legal Officer Good morning, everyone. The combination triples infrastructure AUM and doubles private markets run-rate managementfees. This was due to the relative outperformance of lower fee U.S. equity markets and client preferences for lower fee U.S. Christopher J.
For example, 2023 saw strong rollouts for adult-use sales in Missouri and Maryland and Ohio legalized adult-use in November. We have relationships with some of the largest and most experienced operators in the industry, with our leased operating portfolio comprised of 90% multistate operators and 62% leased to publiccompany tenants.
As a result, we've delivered positive total operational returns each year since becoming a publiccompany 30 years ago, successfully navigating a variety of economic environments. And thus, our asset management team that has done a superb job on the public side, both here in the U.S. That's benefit number two.
As we noted then, and I think it's worth repeating here, we are, of course, first and foremost focused on maximizing the value of each of our properties and having tenants with strong teams that can manage their businesses successfully through the inevitable ups and downs of this industry.
Our strategy of acquiring Bitcoin in a manner we believe to be accretive to shareholders, thereby achieving Bitcoin yield, sets us apart from institutional Bitcoin investment options that charge a managementfee, and we therefore achieve a negative Bitcoin yield as we measure it. But we think it's pretty clear.
Looking at state voting results, four states had cannabis legalization matters on their ballots in the election cycle, including adult-use programs for Florida, South Dakota, and North Dakota and medical use for Nebraska. With our leased operating portfolio comprised of 91% multi-state operators, and 62% leased to publiccompany tenants.
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