Q4 2019 Earnings Call
Thank you for joining us today for the 2019 fourth quarter and year-end earnings call joining me today are Glenn rufrano our chief executive officer and Mike Bartolotta our Chief Financial Officer. Today's call is being webcast on our website at the investor relations section. There will be a replay of the call beginning at approximately 2:30 p.m. Eastern time today dial in for the office is 177-344-7529 with a confirmation code of 10138 to before I turn off call over to Glenn. I would like to remind everyone that certain statements in this earnings call which are not historical facts will be forward-looking brief actual results. May differ materially from these forward-looking statements and factors that could cause these in the south of France is are detailed in our SEC filings, including the annual report filed today in addition as stated more fully in our SEC reports for each disclaims any intent or obligation to update these forward-looking stay off.
except as expressly
fired by law
Let me quickly review the format of today's call First Glen will Begin by providing a business and operational update followed by Mike presenting. Our financial results. Glen will then wrap up with closing remarks. We will conclude today's call by opening the line for questions where we'll where we will be joined by our chief investment officer Tom Roberts and our chief operating officer Paul McDowell Glen. Let me turn the call over to you. Thanks Bonnie and thanks for joining us a call over the last five years. We've resolved the Legacy issues found in front of us always focussing on growth and share price through reporting transparency company stability and transformation to a netacquire major components of the transformation include settling all outstanding litigation which includes an agreement with the SEC.
Building a quality portfolio enhancing the strength of our balance sheet and maintaining continuity in an experienced management team in 2019. We improved diversification and office exposure continues to decrease we reduced net debt to normalized ebitda below our original Guidance Do to net dispositions along with ratm usage. The result was achieving a triple B flat rating from Fitch with an upgraded Outlook to positive for Moody's as you will see we met them guidance while settling the litigation
Talk to a specific financial and operational performance ffo per diluted share for 2019 with 69 cents Acquisitions total $426 million and disposition 1.1 billion including 326 million from our industrial partnership.
The global litigation settlement at a cost to the company of 765.5 million was financed with an equity offering of 887 million.
We used to be at $129 million under the company's ATM program and six hundred million ten years senior notes at 3.1%
Yeah, that's a normal like even with reduced from 5.9 times to 5.7 times and we redeemed 300 million of preferred stock. We have access to Capital markets not only for debt reduction, but to extend our maturities with the exception of our remaining 2020 converts. We have no unsecured Bond maturities until 2024.
Leading to the air was very active with 3.7 main screen million square feet least an occupancy ending at a healthy 99.1%
For Renewal leases, we recaptured approximately 97% of Prior rents and same-store rent was up 1.2%
3.7 million square feet of leasing activity represented 289 leases with three million square feet renewed of which nine hundred seventy eight thousand square feet were early renewals off.
Leasing included 1.7 million square feet of retail 727000 square feet of industrial 687000 square feet of office and $558,000 worth of restaurants.
Diversification is one of the most important ways to protect and provide income stability. Not only do we reduce Red Lobster from 5.5% to 4.7% But our top ten ten across the top ten ten concentration continue to improve we were able to also take down exposure to Walgreens from over for two number of our on our tenant list and Citizens Bank for 1.3% 2.8 percent of income.
47 tenants individually represent 5% or greater of a RI comprising 56% of the total portfolio while the remaining 572 pennants comprise 44%
We are introducing a new performance index for a retail in restaurant portfolio for Q4 Heap and our coverage was 2.63 times which can be found on page thirty-six of our supplemental.
Turn the capital markets commercial real estate sales volume excluding them a increase in 2019. We once again took advantage of this activity in pruning the portfolio page.
2019 portfolio dispositions total 740 million and which centered around portfolio diversify tires. We sold 191 million a flat leases 675 million of office hundred thirty-six million of Red Lobster and $228 million of non-core which included $66 million of Bank branches.
positions total 426 million comprised of approximately 90% retail and 10% Industrial
Retail included. Our preferred merchandise categories convenience entertainment Fitness specialty grocer and discount.
We are all also very focused on adding least as evidenced by the Walt on Acquisitions on sixteen years and dispositions nine years before Mike reviews are wage actual results. Let me provide my last summary on litigation on September 9th. We announce our global settlement for both the class action and derivative lawsuits, which the court gave final approval on January 21st of this year.
In addition on November 18th 2019. We announced an agreement with the SEC which is subject to documentation and approval to settle. The SEC investigation for eight billion dollars has a civil penalty. Let me now turn over the call tonight. Thanks a lot. And thank you all for joining us today. We had a very active year and as I mentioned resolved a final Legacy litigation and nevertheless, we're still able to achieve the midpoint of our ffo guidance range of $0.69 in the fourth quarter rental Revenue increased 2.4 million or 1% off 305.4 million primarily due to higher reimbursement income that income increased by 812.7 million from a net loss of 741 million to an income of 71.2 million for an early do the lower litigation or non-routine cost of 723.4 million due to the impact of recording of the litigation settlement in Q3 and log.
legal expense in Q4
Ffo per diluted share increased $0.80 from a negative of 66 cents to a positive or 14 times mostly due to the lower litigation and non-routine cost discussed above partially offset by a greater two for loss on the extension of debt and the looters impact of the late Q3 Equity issuance that have surrendered units on the Q4 weighted average shares outstanding m a f f o per share decreased approximately $0.02 from $18.16 Mostly due to the increase in the cube for weighted average shares outstanding that I just mentioned combined with slightly higher G&A home and property operating expenses.
GNA increased two point five million quarter-over-quarter 217 million primarily due to global Q for year-end compensation and payroll taxes cool developments.
GNA for the year ended at 60 2.7 million below our guidance range of 66 to $69 billion a year in part due to slightly lower than anticipated cost for most operating expenses and a continuation of the cold transition Services agreement that was still in effect in q1. Our guidance for 2020 GNA is estimated to be 64 month to 66 million Capital expenditures for the year.
And then at approximately 36 million net of insurance proceeds compared with our guidance of approximately Thirty million primarily due to earlier than anticipated leasing commissions which 2020 we took Catholics to be in the range of thirty to forty million.
Litigation related expenses for the quarter was $659,000 bringing the year-to-date spend the seventy point two million in line with our bags milk the litigation and other non-routine costs lineup income statements also included eight million of the accrual for the settlement of the pending SEC investigation. Thankfully. This will be the last time we speak of his life line item as we do not expect meaningful amounts going on September 9th. We announced that we had entered into agreements to settle the remaining civil litigation at a cost to the company has approximately 765.5 million pursuing a class action settlement certain defendants agreed to pay a total of 1025000000 made up of $225 million from the company's former external manager and its principles 12.5 off from the company's former CFO $49 million from the company's former order and the balance of 738.5 billion from the company in addition. We settled the remaining two opt-outs wage.
Play seven million, which brings our total?
The 765 million in October refunded 966.3 million for the class which included the cash value of the units and dividends surrendered by the floor manager and off right now on 99.9% up from 97.6% of the operating partnership, which reflects all units around the back to us by the phone managers and Pharmacy turning to our fourth quarter real estate activities a company purchase 26 properties for $142 million at a weighted average gas cap rate of 7.3% subsequent to the cost of the company purchase twenty three properties 128 million during the quarter. We also disposed of 94 properties for 226 million of this amount two hundred and ten million was used in the total weighted average cash calculator calculation of 6.5% The gain of the fourth quarter sales is approximately 42 million during the total for the year to $294 and subsequent to the court of law.
When is it supposed to 11 properties but 30-20?
In addition, we formed an office partnership with Arch Street Capital Advisors, which will include three very office assets, totaling 137.5 million and a capitalization at 7.8% partnership has a traditional 80/20 Equity structure and we swarmed with Arch Street institutional client Gatehouse Capital two of the three properties are contributed at the time of the birth control and 87.7 billion with the last property expected to be added to the partnership in the first half of 2024 49.8 also the office partnership closed on an extreme position of a headquarters facilities, which is least to an investment-grade tenant under your lease for $33.
As Glenn discussed we had another very active year in capital markets with over four billion of debt and Equity transactions in February 2019. We repaid 750 million having related to the 2019 senior notes that came to you utilizing our nine hundred million unsecured Term Loan as planned during the first half of 2019. We also were able to use the issue five million shares of our ATM for those proceeds and forty two point five million and a weighted average gross price of $8.42 and in July 2019. We redeemed a half-million of our 6.7% series at preferred stock using proceeds from the industrial partnership van settlement of our remaining shareholder litigation. We found a good Market reception and were able to permanently Finance the liability with $887 Equity offering subsequently. The rating agencies used this as a positive development. It's upgrading us from Triple D - 2 triple D and wage
using the Outlook
From stable to positive this resulted in Savings in our credit facility of twenty-five discs on the term loan twenty bits on the revolver and 5s reduction and the facility fee.
Then in November 2019 we were able to take advantage of the current market conditions and price 600 million aggregate principal amount of 3.1% senior notes due in 2029 Dodge Jeep from leasing it out the borrowings from the credit revolving credit facility in cash on hand. We used to fund the Redemption of all of the four hundred million 4.125 senior notes due in 2051. We purchased 80.7 billion of the 3.75% convertible senior notes due in 2020 an additional Redemption is 200 million of a 6.7% wage in stock and the prepayment of 185.6 million aboard ships. In addition. We issued nine million shares under our ATM for gross proceeds of 86.7 billion weighted average gross price of 9.6 $9.60.
with all of this activity
We were able to extend or duration for the ladder or maturity schedule lower our debt costs and prudently manage our net debt and more likely the ratio below our original guidance. Our balance sheet remains in a very healthy spot with plenty of liquidity our net debt and normalized ebit are handed it 5.7 times for 2020. We expect the range of 5.5 times the six times which gives us flexibility and optionality to achieve our net acquisition Target. However will always be cognizant of moving to the lower end of the range by over exercising our program. I'll fix yards coverage ratio remain healthy and free time and our net debt to gross real estate investment ratio was 39% unencumbered assets ratio down to 9% and the weighted average duration of our debt was 4.8 Years, and we're currently 97.2% fixed.
And with that, I'll turn the call back to return to the guidance for a 2026 Ford Edge.
To normalized ebitda of 5.526 times real estate operations with average occupancy above 98% and same-store Rental Grove ranging from 3.8% acquisition telling a billion to one point three billion an average cap rate of 6 and 1/2 to 7 and 1/2 dispositions, totaling 250 to 350 million an average cap rate of 6 and 1/2 to 7 and 1/2 targeting our diversification categories office restaurants and non-core.
Additionally a program will continue to reduce leases which have been providing an efficient form of internal equity. For instance. We sold 55.4 million a flat Walmart Sam's properties at 5.6% in the fourth quarter dispositions of a hundred and ten million contributed to the office partnership the companies pro-rata share dead.
And we expect Acquisitions for the industrial Partnership of four hundred million to 600 million and Acquisitions for the office Partnership of a hundred million to two hundred million will continue to focus on reducing our office concentration to at least the bottom of our 15 or 20% range as well as reducing casual dining. We have given thought to increasing our sourcing opportunities by property types are the other than in our existing portfolio or geographies outside the US at this point our life cycle. We believe believe using our current business model is the best way to secure appropriate Investments wage.
These Avenues include discount.
Details Quick Service restaurants and non-investment grade industrial for the balance sheet. We have expanded off-balance-sheet with our Partnerships to fit our core competencies for investment great single-tenant industrial and long-term single-tenant office.
We positioned ourselves for off-balance-sheet Investments always with three criteria in mind full transparency and Reporting assets. We would not buy on the balance sheet down on exclusivity there by not encumbering the Enterprise with the options open to us that Acquisitions will not only provide growth for quality product.
We expect our deal pipeline of approximately twenty-five billion a year offered to us to expand at least by 20%
As you can see we have a great start to the year with a hundred twenty-eight million acquired on balance sheet and 280 million clothes and under contract in the Partnerships.
Now open the line for questions. Thank you. We will now begin the question-and-answer session to ask a question. You may press star one on your touchtone phone to phone. Please pick up your handset before pressing the keys you have at any time. Your question has been addressed and you would like to withdraw your question, please press star then to our first question will come from Jeremy minutes with BMO Capital markets, please go ahead.
Hey guys.
I just wanted to talk about the partnership angle a little bit for the industrial Partnerships or these existing from what you did last year. They knew how much money will you be contributing out of the four hundred to six hundred million and then can you talk about the potential opportunities Within These?
Yeah, you know I'll I'll start and then as body manager in both Tom and polar here, so I'll I'll take this over to Tom but telling me to start with the fees we have that confidentiality in the Partnerships, but I can give you a good sense of about how the fees will work for both Partnerships both the industrial and the office the the the asset management fee is approximately a half a point on Equity. The acquisition fee on new assets would be a half a point following gross asset.
The property management fee approximates 1% of revenues and then we have disproportionate sharing of equity of promote but that's down the road, you know, and that's a little odd for each one. But those three fees would approximate what we be getting from from the Partnerships and in terms of the industrial partnership and and what we've been looking at Jeeps supposed existing and uh to be built and I'll let Tom billion on that. Yeah, a lot of the assets are going to be newer state-of-the-art distribution facilities. It has you know, its investment-grade appetite for industrial and in generally either build a suit assets that are in some cases of forward commitment that allow us to get a little higher yield bye-bye training to those running those six to nine months out. So as you know, we did contribute 6s adds up to a balance sheet about 407 million dollars about for Thursday.
million square feet and that was like
At the end of a 6 cab. So one thing you know we have noticed is our pipeline of sourced assets has increased that's obviously an area we couldn't compete in the past on the bank because of pricing. So with this new form of equity we're seeing, you know, tremendous activity in that industrial investment-grade, you know, like I said, state-of-the-art distribution warehouse Tech facility that we're very excited about the activity go ahead and mention we have two hundred eighty million or 248 million non-industrial front that's under contract scheduled to close here late first early second-quarter.
And sorry for the hundred million, is that your share or is that the gross value and you'll have a a percentage of that?
That's the gross value generating Jeremy and it's an 80/20 deal so that we have 20% of the equity in our partner would have 80% and we're dead. Excuse me. We're expecting somewhere about sixty to 65% financing.
Oh, yeah, okay, and then in terms of the office partnership Acquisitions just go and how do you you know weigh your desire you guys talked about, you know longer-term goal of getting office down to the lower end 15% So is this just part of what it took to get that off his transaction to happen and therefore, you know buying a few additional deals with something you had to agree to even at you know, 20% or whatever. The the equity is. I forget is that part of it or is it contributions from you in to that partnership is how this acquisition is hundred or two hundred how we should be thinking about it any color think sure. It's a good question first, you know, I in terms of the office showed up by saying we're selling the three offices three office properties and there aren't thirty seven million eighty page.
can't get sold in so we
Reduce office concentration and that you'll see in the first and second quarter of this year as the assets go in there, which is an important part of this. The second is it's a much smaller acquisition vehicle as you can see, it's we're projecting a hundred to two hundred million versus four to six hundred million in the industrial and and it's again, it's an eighty-twenty transaction page with approximately 60 to 65% leverage. So the amount of capital we put in is very small relative to our balance sheet. So we don't intend to increase our office concentrate by this partnership to any great extent. It will also have in there though long-term corporate campus type properties. So it's a different form of of office and some of what we have today at shorter-term leases. So it's intended to be long-term not that large compared to the industrial and not add a lot to our percentage. We are still committed to taking the office concentrate wage.
Turn down to Italy.
The 15% as we've mentioned.
Got it. And and just the last question for us here. Just given where you've raised Equity where the stock is. You know, how should we think about further taking down the wrong even maybe more broadly just talk about your desire to deliver further from here just in terms of the guy and to just doesn't look like there's much in there necessarily at the outset phone number for further deleveraging here, but I assume that's part of the plan going forward. Yeah. I'll also with the big question then I'll hand it over to Mike on the press and we've given a range of five 5 to 6. And obviously we're at five 7 and deleveraging would be taking it below five seconds. So we put a a bottom number on there that we could try to achieve if we can create some over Equalization for some of our transactions, but want to make sure we have enough room in the leverage to commit and complete our program for Acquisitions in terms of the press might dead.
I think in terms of the I could just
Jeremy will continue to look at them as we have all along and we'll look at everything will look at whether or not it's there's any logic to a 10 year 30 year whether it makes any sense put a new prep out. We we are working with our bank all the time to make sure we understand what the market is on all of these items and we'll be opportunistic about doing it leaves an opportunistic on the two that we've done so far the hundred million head of the National Partnership. And then when we had some Capital available with the good refinancing that we did in the fourth quarter and other 200 as the agency say we're we're nibbling away at them. So I think we'll continue to do that as opportunities and Jeremy in your part of your question that I just oh just conclude with it is the arms and legs. We're using here to provide growth and and a big part of our business office now is to not have to focus on any one property type but to use our infrastructure costs the property types that we know and understand well and and take on the balance sheet.
Where we feel there's a an adequate.
The capital relative to about adequate return relative to our cost of capital and take assets like the industrial partnership that we cannot buy because right now we're Tom talking about in the low five for a bunch of the assets. We're looking at we like those assets. We don't mind having a small piece of those assets and being able to get these because of the infrastructure in the in the office is there because we can provide some fee income on long-term leases. So we're the big issue that we think we have in trying to meet all our requirements wage is looking for opportunities, so we don't get caught in any one property type at any given time for the time goes
Our next question will come from Sheila McGrath with evercore, please go ahead. Yes. Good afternoon. Glenda shares your Shares are still trading at a big discount to get the larger cat necklace net Lee Spears, and it could be in part because of that office exposure. So I just wondering how you're approaching the asset management and disposition strategy for those assets. And would you consider sale of those assets more quickly?
It we agree with you or or multiple is lower than we think our competition is and when you know, I just would break it up in in office could be a component package. So just as Jeremy asked about leverage we have people will ask about our leverage. I don't think I Leverage is high but in terms of loading the guns so you can buy more assets people would say our leverage could be a little high. Maybe I'll page ratio is a little high because of the litigation settlements. So we we we think there are a few reasons that we're very focused on on why are multiple maybe a bit lower than others and needs to be corrected over time. And in terms of the office, we we started out about twenty-three twenty-four percent if you remember it office and we set a a guideline of 15 to 20% to bring it down to wage never bought an office building on balance sheet and or willing we have sold a a hundred and thirty million dollars of office billion dollars of this and Ed.
and have tried to make sure we
Do that at reasonable pricing. We we have 12 million square feet in 79 properties and office left on the balance sheet and we will what we we expect to show you is proper Asset Management with our office portfolio, if if we can have a larger transaction that has an n a v
Number that we can agree with we're not immune to that but this is this is not a giveaway. We're not going to give her assets away. We know how to manage them. And so we will rock. Oh use your words. We will use proper Asset Management to move towards that lower number, but if we could do something below that number that makes sense. We're certainly open to it.
Okay, great. And then on the tenant watchlist it just wondered if you could update us on you know, the typical tenants we're hearing about these days aren't van et cetera. Just how your tenant watchlist looks in historic context. You're what I think with Paul here. I'm going to throw that over to him Paul. Hi Sheila home I watch with you know has remained reasonably stable over the past few years. So we haven't seen you know, large impact to our watch list over the past few years. And in fact remained pretty stable over the past few quarters, you know on a weighted least adjusted basis of around two to two and half percent. So the stuff that you're seeing in the marketplace today, you know, it's not that unusual the first quarter to see tenants throwing in the towel and we've seen that a little bit and there's some high-profile tenants in the market now that people are talking about like art van wage.
Crystal we're lucky that we're very Diversified and we have very limited.
Exposure to either 1 or Art Van exposure is eight properties at 6% of Grants and Crystal is 37 properties that point 4 p.m. So we don't have a lot of exposure to the means you're hearing from today.
Okay, great. Thank you.
Our next question will come from answering with JPMorgan, please go ahead.
Thank you on the on on that point. I guess the watch list and credit your same-store in the Rye Grill. It's expected to decelerate and 20/20. Can you talk about what's what's behind that song?
Sure, I'll call back. If actually if you go through our same-store, you'll notice that we break it down by each of the four components the major component. This year was awful actually of the 1.2 is it was almost half of it. And the reason for that was that we had an office in 2018. We did a blend and extend and we actually gave him free rental period of time and eighteen and so are eighteen same-store suffered because of that and this year they came back they have always in the pool. They had zero last year or put us this year. They started paying rent after the free rent. Was over so we had a higher number at 1.2% We we believe it'll be more stabilized next year wage are always aware of that these blend and extends at any given time can reduce same-store. It doesn't mean we're not going to do it because we do them to get more term and we get more in so we're we're we're not going to hurt. Yep.
TV for the sake of same-store
Just explained it as it comes through.
I understand. So then is there anything in the The 20/20 guidance or same-store stats that you're counting for this point around saying art van or Crystal or or anything else on the watch wage?
We we would hope everything's in there. We've taken that into consideration.
All right, and then on on the office exposure, if I look over the next three years, it looks like 6% of Revenue expires in office long are those assets with with you know, we're coming up on the expiration or those things that could be sold to help with your weighted average lease term or as you reduce office exposure. You have to go for the longer-duration stuff and like and and are there any large known move-outs in that mix?
You also a big picture answer and then I'm going to hand it over to Paul. I mean, the the office has a weighted average. We spend four point six years and and in fact selling selling shorter-term office is difficult in terms of maintaining value. We have been working through the assets on an asset management basis to see if we could blend and extend it could cost us some rented callback he is but we think as of now that has been the better way to minimize our exposure when we cancel an asset. For instance. We sold an asset last year Northrop Grumman which was which is actually was a asset to be vacant pretty quickly but it was in a very good location in at $130 million. We got a very good price. So we're going to take advantage of any situation we can an office but we do recognize wage at lower Walt. It is more difficult all is there anything you know, I think that covers are pretty well I say, you know over the next few years, you know, we see Power expressions or about 130.
Office 100
L and 1/3 restaurant and Industrial put together and and you know, obviously we focus very carefully on that and is Glen said we look to extend tenants in place and when we extend the time and place that hopefully gives us an ability to sell that aspect into the open market and we also had mentioned we have some good office buildings that are very valuable without a pending in place. He mentioned the one in California. We have another one outside Seattle, which we're getting ready to which we hope to dispose of during the course of this year. So it's just a sort of a classic blocking attacking blocking and tackling Asset Management.
And what what they told you that, you know similar to Sheila's question, if if we could find a method for a larger transaction that we felt maintain value. We're certainly open to it.
Okay. Thank you.
As a reminder. If you have a question, please press * then 1 hour. Next question will come from Spencer all the way with Green Street advisors, please go ahead. Thank you bought a 2019 was obviously a very robust year just in terms of dispositions. But as you look at the portfolio today, what portion of the remaining portfolio would you say is kind of subject to strategic divestment or maybe differently how much more pruning would you ideally like to do?
You know in the in the 250 to 350 now that that that's the portfolio disposition outside of that would be the disposition Spencer for the office partnership so long, so when that's outside of it that hundred and ten so that would automatically take down some of our office. So then we have 250 and 350 and in that 250 to 350. It would be primarily office and casual dining and non-core. Those are the three categories that are our strategic like that how how we'd like to strategically position the portfolio?
Okay, so 2020 guidance kind of captures everything that you guys would kind of bucket into that strategic development and nothing beyond that.
No, not at this point. Now we to be fair. We've had strategic Investments so far and it's been five billion from 4 last five years. So he's been a very big program and and you can see last year. It was a billion one. So we you know, we we hope we're minimizing the Strategic requirements here and and part of it is you can see this year. We we sold 5/60 million a bank branches. So when we say non-core within non-core, there may be small strategies that were looking at.
Okay, and then just in regards to the expected capex spend I think you mentioned somewhere between Thirty and forty million for the year. Just curious how this fair is relative to spend in recent years. And then also realizing you can provide commentary probably on each line item, but can you just provide a little color on how you would expect that to be broken out between TI's or maintenance capex?
You're the hand over the world but on the big picture and we were thirty-six million this year a bit about the 30 million we expected and the range of Thursday. 2:40 is our projection for next year to pull just yeah, I think it's important to recognize that we've been under guidance over the past several years in 2019. We had a variety of positive events that drove capex primarily in the form of leasing commissions from backfilling some bacon spam like a Toys R Us box from a shift in Tennessee from one of our office buildings from a blow investment-grade tenant to an investment-grade tenant at higher rents. All these things we did as I mentioned before increased net asset value. So, you know, we're willing to spend capex if we think that we can increase nav. The twenty guidance is driven off of Trends we
So nineteen with an eye toward.
It's our expiration schedule over the next several years a significant portion of which his office and I would say to your question as maintenance as compared to maintenance capex for new life activity an improvement or else. He's the majority of what we would see expect for capex in 2020 would be for TI's and else associated with new leaking activities that are possible. Okay. That's very helpful. Thank you.
Thank you. This will conclude our question-and-answer session. I would like to turn the conference back over to Glenn rufrano for any closing remarks. Thanks everybody for joining us home like this format. We're going to keep falling come around to help us as we we talked through the year, and we look forward to seeing many of you at Citibank next week. Thank you.
Conference has now concluded. Thank you for attending today's presentation and you may now disconnect.
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