Q1 2020 Earnings Call
Good morning, and welcome to the Weingarten Realty Inc. first quarter 2020 earnings calls for me 820, 20, but its spread throughout the year operator for today at this time all participate try to listen only mode. Later, we will conduct a question answer session. During what you could delstar one if the other question. Please note. This conference is being the core.
Yeah, well now turn it over to Michelle Wiggs, Michelle you may begin.
Good morning, and welcome to our first quarter 2020 conference call. Joining me today is Gerard banner, Johnny Hendrix Director Sachet.
As a reminder, certain statements made during the course of all forward looking statements within the meaning of the private Securities Litigation reform.
These statements are based on managements current expectations, there are subject to uncertainty and changes in circumstances actual results could differ materially that's protected in such forward looking statement due to a variety of factors more information about these factors contained in the Companys FCC pilot.
Also during this conference call management May make reference certain non-GAAP financial measures such as funds from operation or Oh, that's ordinary which we believe help analysts investors to better I understand why aren't operating ourselves.
Reconciliation to these non-GAAP financial measures is available in our supplemental information package located under the Investor Relations tab, our website I'll now turn the call ever take your Alexander Thank you Michelle and thanks to all of you for joining us on what has already been for many of you a long day of coal.
We included as much information in our press release and disclosures as with reasonable to limit our prepared remarks and allow more time for questions.
While our efforts at it I want to stress, our first priority safety and well being of our associates.
Stakeholders and the broader community during these challenging time.
Let me also remind you of the forward looking disclosure Michelle just mentioned.
We had great quarter, especially after the adjustments made her collectability issues related to the Corona virus that Steve will address shortly.
But our focus clearly on the future Johnny will get into our efforts to connect with our tenants, but I can assure you that the company is engaged in telecommunications as we do everything we can to assist them in this difficult time, while we have challenges as we move forward the multiyear transformation of our portfolio. That's certainly made the roeder.
Head easier.
Our transformation resulted in a higher percentage of grocery anchored center, a much improved tenant base and most importantly, a stronger balance sheet with little near term debt maturities.
While the timing of the recovery still uncertain, we're confident that we will have more than adequate liquidity to weather the storm.
However out of caution we are reducing our dividend to 18 cents per share for the first quarter. We anticipate is $50 million to $70 million a dividend we heard from 2019 as we talked about in our press release.
We will carefully monitor our cash flow and liquidity as we move into 2021 and further adjusted dividend as appropriate.
All three of our large new developments remain active there's minimal additional investment at central and West Alex NBC and construction is on going up addressable and use wherever you expect occupancy and revenue in mid summer.
Given the small amount of capital required to complete and our strong liquidity position, we do not anticipate that the pandemic will interrupt these projects.
We are reviewing the rental rates that each project, but it's challenging to estimate rents and Lisa timing in this environment. These are good projects and while there may be some short term issues longer term. These are great properties C.
Thanks drew as Rick pointed out we had a great quarter were it not for the impact of our Collectability assessments made at the very end of the of the quarter.
Core FFO for the quarter ended March 31, 2020 was 44 cents per share compared to 52 cents a share for the same quarter of the prior year.
Included in the quarter is $9 million are seven cents per share related to the collectability of receivables due to cobot 19.
Included in the $9 million is $7 million of noncash straight line rents.
At quarter end, we felt that there was going to be issues with many of our tenants and that changes to our collectability assessment where warranted.
Excluding this adjustment same property NOI I would have been a strong 2.6% for the quarter.
Reconciliations of net income to core FFO at the same property NOI are included in our press release.
With respect to our balance sheet, we drew down 497 million under our credit facility during the quarter.
Based on our current projections, we will have more than adequate liquidity after the payment of dividends and new development capex to comfortably sustain operations.
I want to remind everyone that we have no material maturities through October of 2022.
As previously announced we have withdrawn our guidance for 2020, Johnny Thanks, Steve first I would like to express appreciation for those working on that brought lines of despite against the Corona virus.
Doctors nurses and those retail does get you'd been risking illness to provide essential goods and services, while the rest of us Tri state say.
We appreciate all they've done for us.
Late in the first quarter when the realities of the pandemic be game ever that the company took decisive action.
We knew one on one communication with our retailers would be credit.
We listed all our associates property managers lesion executives and accounting professionals as tenant liaison assigning each tenant W.R.I. team member.
I am line, we've been in communication with virtually every tenant since late March.
Our goal is to help our tenants get to the other side of this pandemic in a position not only to survive, but thrive in the month in years ahead.
Overwhelming majority of the economic Hill has come in the way of short term deferrals, such as partial month or two payback over a short period of time.
Let me be clear, we expect national and regional tenants to pay Rick.
Especially those designated as essential.
We have agreed to some sort of deferment were around 700 individual leases that's about $10 million that will be deferred over the next several months. It's important to remember most of these deferred Rex will likely continue to be accrued under GAAP accounting.
As of make there we've collected 64% of the rent bill to tenants in April.
This is cash collected it includes base minimum rent and Escrows for Cam taxes and insurance that is build month.
The details of collections by category are provided in the coded disclosure in the supplemental.
62% of our tenants are designated as essential.
And 76% of those paid April rare.
This accounts for 72% of the overall April collections, and we think of this amount is establishing a floor for collections going forward.
Health clubs in theaters are concerned.
Generally I exposure is small to both.
If one breaks out the large Jones like 24 hour fitness, the combined exposure to those and theaters will be just under 4% of total rent.
We are sensitive to full service restaurants.
These make up 10% of the overall risk and they paid 40% of the Red in April.
You might be helpful to break the full service restaurants down a little more.
60%, our local like next again in Chinese speed.
We collected about 50% eliminate.
Around 30% or the full service restaurants or change like Red lobster in olive garden.
We collected about 45 per se so from the M&A.
The most concern is the high end more expensive restaurants, like Morton's and cheesecake.
Does represent about 20% for the full service group and we collected 20% from the M&A.
Most of the full service restaurant exposure is concentrated at three locations center. So.
However in Scottsdale waterfront.
There are great locations.
In the short term overall rig collections is unclear.
We expect maybe a little less than April we've agreed to deferrals for some tenants who paid April.
And we're hearing that some tenants who paid April will not pay in may.
On the positive side the company still has contractual commitments for $10 million in new lease commencements over the next workforce.
Some of these commitments will get bush.
But together with our tenants we continue to move forward plans and construction of spaces.
The newly pipeline is leaner than in the last several years, but we still have a route 80 leases in 500000 square feet of space with the NOI.
We are negotiating leases for now.
Thus far this year, we renewed 72% of expiring tenants.
The company remains optimistic about the future.
80% of our annual base rent comes from shopping centers with a supermarket component.
That's more important than ever today.
Not only have supermarkets been driving during the fan demand.
They are poised for the future 75% of our supermarkets have some sort of online component offering curbside pickup and or delivery services.
Our highly diversified transform portfolio with mostly supermarket anchors offers the goods and services consumers need today and into the future group.
Thanks, Johnny.
For years Weingarten Realty has been known as a great operator of retail real estate, while our current situation is challenging I'm confident that we will once again rise to the occasion.
A heartfelt thanks goes out to our associates, who are working so very hard right now and a genuine thanks to our board across managers, who will provide a constant quality feedback throughout these difficult time.
Great people, great properties, and a great platform equal of Great result, I. Thank all of you for joining the call today and for your continued interest in Weingarten, operator, we'd now be happy to take questions.
Thanks Drew and we'll now begin the question and answer session. If you had the question. Please press star 100 telephone keypad, if you'd like to be removed from the Q. Please press the pound side or the head.
If you want to speakerphone. Please pick up your headset first before dialing once again if you have a question. Please press star one of your telephone keypad.
And from Citigroup, we have Christy Mcelroy. Please go ahead.
Hi, Thanks, good afternoon, everyone.
Johnny you talked about being in touch with the majority of your Kevin you've got deferrals.
But you expect email or larger national and regional ultimately pay rent. The question I haven't in front of when right and for though is that you don't have executed deferral agreements with.
Maybe just a question for Steve how do you think about evaluating notes for Collectability going forward.
Hey, Christy good afternoon.
One of the things I wanted to to say is we have great empathy for.
Many of the of the retailers and tenants do.
Our really have no making of their owner in potentially catastrophic situation you know, even those who work for large companies or are trying to do the best they can and.
I would say since the middle of April things seem to be loosening up with some of the folks we seem to be having more business like discussions about what we can do going forward I think we're trying to to be opportunistic not only help some of these larger retailers, but maybe get some.
Loosening up some restrictions or maybe some extensions or recapture agreements.
And I think that going forward, we will most of the tenants who can pay will pay.
And I feel pretty pretty comfortable with that.
Chris This is Steve good morning, our afternoon.
The only thing I would follow up on is on the Collectability issue, we obviously.
Did an evaluation as of.
March 31st in terms of where we thought Collectability and took the bad debt reserve that that's reported.
I think it's too early to tell exactly what collectability for some of these retailers look like and I think by the time, we get through Q2, and we report Q2 numbers will have a lot more and better information, but it's something that really trying to get our arms around exactly on a tenant basis are really on a lease basis, what what that looks.
Like is little early.
Okay. Thanks, and then.
Just on the dividend with 70 million satisfies their requirement that you didnt need to pay a special for 2019, you're paying it this year, but just in thinking about that overall 2020 taxable income does what you paid in the first quarter fully cover it just like separate from the dividend our separate.
On the AD, but I guess possessions.
For the cover that or is there are likely to be another charge off at year end, depending on how the year plays out.
No. Good question Christy that we entered 2020 with $121 million of obligation carried over from 2019, we paid 51 million our normal dividend in Q1 that resulted in $70 million that was left to be paid for and.
24, the 19 tax obligation. So we paid what we declared the 18 cents. It's one third of that amount and we anticipate the over the remaining two quarters paying the balance of that $70 million obligation.
Right. So in thinking about your that's covering 2019 right until then thank underground gets your overall 2020 taxable income does what you paid in the first quarter fully sort of cover that right or will you have to pay more to cover 2020 taxable income depending on how that.
Hey data.
Yeah.
That.
It's fully at one week when we paid the 70 million we have satisfied the night team.
We obviously will generate our anticipate generating taxable income during 20, but again under the tax rules, we will be able to borrow entities to 21 distributions to.
Satisfy any amount in 2008 that weve any taxable income that we would generate in 2000.
Okay. Okay got it thank you.
Thank you.
From Bank of America, we have Craig Smith. Please go ahead.
Well thank you.
I also wanted to thank you for the state by state mandates on your website and that that leads to the question is as the mandates are lifting from the non essential retailers and possibly the restaurants for dining room.
What has been the customers acceptance of that.
You know how comfortable are they go into these more discretionary.
Thanks.
Craig Good afternoon.
It has varied I would say I think our initial experienced in Georgia.
It was pretty tepid and.
I think that the citizens of Georgia, we're prepared to fully except it was time to go back.
It has gotten better over time.
No I think the way that Texas.
As.
Staged the comeback is has been a good decision by the governor.
I've personally been to number of restaurants, they seem to have fully 25% occupied.
We've made really good use of creative.
Outdoor dining where the restaurants.
Obviously, they've done a great side, great job with curbside, we're hearing anecdotally, sometimes they're getting 50, maybe 70% of the total business that they would have otherwise got.
And so we're super excited to see the evolution of that and how that that goes for the rest of the rest of the year.
Today is obviously, a big day in Texas as we reopened salons.
Everything we're hearing is they're very busy.
There are a number of lots of people that are here that are there today getting their hair color and so we I would say, it's the acceptance is pretty strong right now and I feel really good about it.
One of our retailers is going to have a big sale over the weekend and we are expecting big proud so.
Again, we're trying to work within creatively and in the make sure we maintained the social distancing rules, but generally I would say it's been it's been pretty good.
Okay, Great and then.
On the deferrals are you able to get.
The change of control issues.
In negotiation for the deferral.
Craig Yes is the answer to that.
It it varies from retailer to retailers the amount of control that they have those that have control have seen that it's in everyone's best interest to help us redevelop some of the shopping centers and so to loosen up on those controls in return for a little bit of deferment.
I think is an in both of our best interest.
Some of the very difficult discussions maybe still occurring.
In terms of some some bigger issues, but yes, we are.
It's been interesting to see how how helpful. The retailers have been and how cooperated they've been giving up some of these control rights.
Okay. Thank you.
Thank you.
From Scotia Bank, we have Greg Davis. Please go ahead.
Hey, good afternoon.
Steve leverage ticked up.
A bit from Q4 and Im just wondering where you expect that leverage number to end up over the next couple quarters, and then how you're thinking about managing leverage throughout the shutdown and then once we get onto the other side of this pandemic.
Yes, good afternoon, Chris I.
The leverage ticked up a little bit because of the bad debt.
Lower.
In a wide number because of the bad debt adjustment and so for us. So I mean that was part of the pickup in leverage they are actually wasn't.
Other than that the debt piece, obviously, if you look at the drawing but if you do it on a net debt basis.
It did not move that much in terms of going forward, we don't see that that we're going to quote unquote lever up that much. When you look at the development that we have left to spend I know the supplemental shows about $90 million on the new development. The actual cash piece of that we we estimate today to be about 65 that we.
We have to fund through the balance of the year are really through the completion of those projects, but most of that is through the balance of this year.
And then a brown $10 million ourself for new developments. When you think about that we only have $75 million a capital we have up Capex. We have no maturities. We do as we talked about have the $70 million to fund on the on the dividend piece, but.
From a practical standpoint, a couple hundred million dollars is not significant in terms of of the balance sheet. So we don't see our leverage really shifting that much from where we are today.
Okay. Thanks, and then Johnny reports on potential fallout from retailers through the pandemic are not super encouraging, especially in parallel in restaurants Im just curious how your watch list of evolves.
For the coming through the pandemic and what steps are trying to take to mitigate any potential fallout.
Hey, good afternoon, Greg we.
We're concerned about it and I think you can look and see where we collected obviously.
Theaters.
Hi in restaurants.
Large Jim that.
They had some issues.
Well you can see reflection of what are what we did with after the coded experienced with the.
The bad debt. So we are aware of it. It is it is something that we are watching every day, we are in continual contact with our retailers and we're trying to adjust for at the best that we can.
Okay, maybe just one quick follow up have you noticed any differences.
In your markets that may have had a strong correlation with.
Oil markets than others in terms of leasing interest or foot traffic.
No not not really most of the difference that we saw in the collection of Red was was more focused on tenant type.
The essential tenants, obviously paid more quickly.
And in by individual retailer.
Not not so much.
That but I will say, our our transform Houston portfolio is incredibly strong it's held up very nicely over the last several downturn in oil prices the.
The household incomes in in these trade areas are $128000 and three mile radius got a 146000 people.
And 70% of all.
The the rent is within five miles of the gallery, so thats really strong.
April collections in Houston were about 58%.
And that kind of makes sense. When you think about what I said earlier about the higher in restaurants at post Oak in River Oaks.
Excluding those properties the portfolio in Houston would have been right in line with the balance of the of the portfolio.
Alright, thank you.
From Suntrust, we have Ki bin Kim. Please go ahead.
Afternoon.
Just going back to the leverage piece.
The disclose leverage went up to 6.1 time from 5.2 I'm just curious.
Did you annualize the straight line rent straight line right off or the bad debt reserve.
Just trying to get to pro forma leverage number minus accounting noise.
Yes.
I.
To me I believe that is annualized.
It's in the supplemental.
I think it's that the the last quarter annualized.
So maybe Q1 and I like your leverage.
I'm sorry.
What does that include one time.
Accounting write off for charges that would've caused threex EBITDA to be lower when you calculate the leverage but I would kind of hard to imagine that your leverage went up.
Economically by one parent and a quarter.
Yes.
Well, but that that's what caused it is the annualization of that of the write off them, which created a lower in NOI.
The earnings and earnings with.
Bad debt or the.
The adjustment made the $9 million write off was included so yes, that's that's getting annualized thats what caused the full one turn.
Okay got it.
And do you have into larger thoughts about the grocery business, obviously growth ecommerce is.
Been accelerated adoption by all different types of people, who have would have never use that nuffer. Please.
How do you can that impacts your business.
Longer term.
Good afternoon keep as drew I'll give you some high level thoughts and then John I can give you a little more color.
Yes, it's something that.
I've often said, yes, a lot of people have tried it I still think there some issues around the cost of it that we've seen so I think over time the.
What I see as a menu of choices, where sometimes people will use.
Hey for delivery or equipping.
But they will also go to store so our locations.
Very convenient with that last mile something we've been in touch with our retailers about and we feel really good about it so.
Yes, I think we've seen that so John NHS more pay TV and I just wanted to add that I found it incredibly interesting to think about what's going on I don't think theres any question. The evolution is moving forward.
But it's the evolution of the entire Omnichannel and I think it is it is unbelievable to see the number of people who flocked to the supermarkets, even in the base of Rs. Because that's what they wanted to do they had the option to do curbside to have the auction do deliveries and.
They flocked to the supermarket and cells.
The supermarkets learned a lot very quickly.
They learn to better how to do curbside theyve are better how to do delivery and they really positioning themselves to be competitive going into into the future.
So I think.
I'm really encouraged that the supermarket anchored shopping centers will continue to do well.
Okay. Thank you guys.
Acute.
From Jpmorgan, we have Mike Mueller. Please go ahead.
Hi, just wondering from a big picture perspective, do you think there's a high profitability that the deferral strategy is going to workouts intended.
You don't see significant.
At run rate and alike diminution in a year so from now.
Hi, Mike It's drew I'll give you some high level thoughts and then Johnny can opine I think it is one of those things that I know the phrase too early to tell us reviews the law.
Today I think it is one of those saying.
We are very very happy with the transformation that we undertook years ago and the quality of our locations the reduction of watch list tenants.
And Thats, where while it is early we have some comfort.
That in most cases.
We will get paid for the deferral.
Concerns around theaters and some other things the full service restaurants pretty manageable.
We have great empathy for all the tenants and everybody that's going through this.
Certainly when it comes to our mom and Pops some of our service tenants.
We do feel good about the transformation, but we know we'll have some things to work through Johnny anything a fair, Yes, Hey, Mike I think debt.
Most of the money, we've deferred and I would say, even the great majority of the money we've deferred to date.
I would also say that.
A lot of the money and I don't know epitaph or around half is more opportunistic in a way where we're we're getting something for the deferral from a tenant.
Who is highly likely to pay us so I think that benefit when you combine the repayment of those deferrals with the benefit that we will we will be able to see a year two years down the road I think that you could say you will get all of that all of the value.
Back.
As we go forward.
We may do some deferrals with some folks who may not be able to pay.
Lets say a gym or.
Larger restaurant in it will just try to have to assess on an individual by location by tenant basis. You know if there is any value in in that so I think that answer that I gave you may change.
Next quarter.
Got it.
Okay. Thank you.
Thanks, Mike.
From Jefferies, We have Linda Tsai. Please go ahead.
Hi in terms of the higher end restaurant chains are paying like margins are cheap cake, how those conversations preceded.
As it relates to to Hermine and what's their stance on paying rent in may.
Hey, good afternoon Linda.
I would say these discussions are very professional.
These are.
Professional real estate people involved into discussions.
I've been very very pleased with them and I think that will will work something out whether or not we get any money in may and I'm uncertain I.
I think with these guys Cheesecake factory will be able to figure something out and in.
And I think we will get reimbursed for the money that we differ.
Thanks, and then the proactive streamlining of your portfolio has enabled you to be less impacted by retailer store closures versus your peers is more retailers start piling and restructuring would you consider calling your portfolio further to manage risk.
Yes limits certainly it's drew good afternoon, it's certainly something we'd look at.
We have improved a lot of things with the transformation over.
A number of years, but it's certainly something that we would continue to we've had some inquiries there seems to be perhaps a little bit of of market fill out there, but if things stabilize and people can lot of what has slowed down transaction activity is just the.
The.
Physical nature of inspections independent visits and surveys et cetera.
As as things loosen up it is certainly something that that we would look at so made a lot of improvements, but would obviously always keep us a fresh API.
As we get to the other side of the pandemic.
Thank you.
[music].
From capital one we ask Chris Lucas. Please go ahead.
Good afternoon, everybody Hey, Johnny on the.
Renewal rate number you you provided the 72% for first quarter, how was that compared to a year ago on how is that compared to what you were budgeting. When you came into 2020.
Good afternoon, Chris I would say it's about the same we are I would say always very proactive trying to get renewals done as quickly as as possible.
The environment with leverage with the landlord negotiating renewals has been pretty good both up until now.
We do have about 30% of our renewals completed for 2021.
So, we'll we'll find out how that goes on down the road.
Okay, and then on the deferrals debt I appreciate the some of the context I guess I'm just trying to figure out.
With uncollected, 64% around how much this deferral roughly represent and then what sort of the uncollected non deferral.
Percentage look like.
Hi, My recollection in Michele can help me on this I think we deferred a total of about $4 million in the month of of April.
Right.
Okay.
And then I guess as it relates to the.
Column.
Well.
Go ahead.
Okay, and then as it relates to the 64% that was collected where their security deposits that reply to that or is that growth interest for payment.
No we did not apply any security positives to any.
Any of the rent we collected.
Okay, great. Thanks, that's going on.
Thank you.
And once again, if you do you asked a question. Please tell star one done your telephone keypad.
And from Compass point, we have Floris van Dijkum. Please go ahead.
Thanks for taking my question guys.
Steve could you remind me what your your cash rent breakeven is.
Before capex and after your leasing costs.
Good morning scheme and good morning floors.
Based upon our projections that we have done we're sitting at about a 50% cash collection Thats and I guess, sometimes you have to define what that really means but thats for us thats paying all of operating expenses. The normal debt service that we may have including all interest and then GM.
Our actual DNA costs so.
That that number is that is exclusive of capex. So the capital that I talked about earlier relative to the new development et cetera that would be an addition to that.
I think this is right Steve that's at current DNA current expenses.
Et cetera.
And that kind of world would be trend.
That's correct.
Great.
And then in terms of as you guys I know, it's I know it's very early.
But.
Where do you see.
Opportunities.
As you.
Obviously, you came into this crisis with a very strong balance sheet, where do you think youre going to see some of the best opportunities is going to be market specific is going to be property specific or or.
How do you how do you look at the at the worlds.
As far as good afternoon.
Say it is quite early we have had some conversations around that I would say are.
Some of our growth guide her chomping at the bit to get back to it as Johnny said they've been very helpful.
In terms of the collections efforts and reaching out tenants. So yes, we would certainly be open to.
Lots of different things, we do like our geographic footprint, the southern and Western United States I would say our main focus.
And would be to continue to infill.
Densely populated suburban markets that where we are from from Washington, DC to Seattle, Washington, and become even more of a player in those markets that said if the right opportunity came along too.
Expand our geographic footprint, we'd look at it but we.
There are very comfortable with it certainly like the supermarket anchored center you want to stick with that.
Significantly.
It is something that we would certainly consider when the time is right, but as you said, it's a little a little early to be.
Spending too much time on specifics there.
Andrew maybe just a quick follow up on that obviously, you've had some some very strong institutional partners in the past as well or you sounding them out a bit about appetite or what are you hearing from them about appetite potentially.
Take advantage of some of the distressed situations.
Something that we would look at case by case, we do have you say great relationships with lots of different.
The two shinall flow. So it's certainly something that we would consider.
But as we said it is it's early so been very very general conversations at this point.
Thanks Dara.
Yeah.
In from Wells Fargo, we have Tammi Fique. Please go ahead.
Hi, good afternoon.
Just wondering if you had a sense for the success of your tenants in the government assistance program and I guess, you see weingarten stepping in at any point to extend loans to tenant.
Hi, Jamie good afternoon.
Like I say, we've been talking to a lot I would say.
It's been pretty good.
I wouldn't say, it's been a 100% a lot of folks have initially had some trouble getting connected with the right bank and they had to be at a new bank and so they kind of got pushed into that second wave. So a lot of that money as steel coming in.
We did get paid today by by tenant who received theirs and we had deferred some rent. They said that's okay. We'll go ahead, Paul you now.
So I would say it's been mostly a really good story.
And what was the second partly the loans.
We are not anticipating doing any loans other than if you would call a deferral alone.
That's not something we're moving forward on today.
Okay, great. Thank you and then.
Tim collections trended similar to rent collection.
In April.
Yes, yes, I would say that the tenants who pay monthly cam or about the same so net the national tenants generally will pay some monthly can but a lot of their cam is paid at the end of the year also so.
From that perspective.
It it might be a little bit different.
Okay. Thanks, and then my last question.
Are you seeing any opportunity to trend property level expenses. At this point are you running pretty means you have at the same yet that thats. Great question. We looked at at every property and we look to where we could reduce the sweeping security trash pick up.
Most of our shopping centers are anchored by supermarkets to.
Our very busy and we still need to maintain landscaping. So there was not a big number.
But we are laser focused on being able to do that we did look at reducing capital costs and maybe we'll put a painting off till next year and see how things are going anything that needed to get done roofs.
Sidewalks that kind of work, we definitely continue to to work through.
Okay, great. Thank you.
Thanks, David.
Thank you and what else well now turn it back to drew for closing remarks. Thank.
Thank you Brandon I really appreciate everybody's time and attention I know it was very busy day in the cycle and very busy.
For all of you. So thanks, so much for your interest we are around it the other question.
Yes, I want to wish everybody on the call in all their families.
And friends best with this and every all the best wishes to our associates tenant.
Consumers the broader communities. This is a very tough crisis.
Heart goes out Im empathetic to everybody having to deal with it. So thanks again for your interest in Weingarten, we appreciated and have a great day have a great weekend and thanks so much.
Okay. Thank you ladies and gentlemen. This concludes today's conference. Thank you for joining you may now disconnect.