Q1 2020 Earnings Call
Same location as a result. There may be some delays during our question-and-answer session and there is a risk our audio may not be as clear as normal John. Thank you, Olivia. Good morning, and Welcome to our 2020 earnings call.
Okay, thank you. So for me than we expected to grow from there.
This concludes our question-and-answer session. I would now like to turn the conference back over to John Murray for any closing remarks.
Cuz you know, these are extraordinary times fraught with challenges on many levels over the last several weeks. Our priority has been monitoring the developments that the covid-19 pandemic and its effect on our business tenants communities and Families.
Thank you all for joining us on the call today, and we hope to stay well and look forward to talking to you soon.
Dead dead dead dead.
This conference is not included. Thank you for attending today's presentation you may
What today's call will discuss the impact of the pandemic on our business how we are responding to those challenges and our liquidity balance sheet strength and ability to manage through this crisis about what we're seeing an unprecedented negative impact on our economy. We believe that I opt is positioned to whether these disruptions due to the strength of our portfolio in the industrial Logistics sector wage.
Nearly 80% of IOP annualized rent comes from Logistics properties used to warehouse and distribution purposes. This sector has remained in strong demand as we've seen in Accelerated Reader on e-commerce to support retailers and communities as a result of shelter in place measures throughout the country.
Welcome to chorus call, please. Hold an operator will be with you shortly.
Many of our tenants including our largest to tenants Amazon and FedEx are critical to sustaining and resilient supply chain to support essential services and daily consumption wage increased penetration of new users specifically older Generations, a new products such as Grocery and Pantry Foods in the e-commerce sector could have could be significant for Logistics real estate demand may be forward is eCommerce typically requires up to three times more space than brick-and-mortar retail businesses require to store inventory Amazon has reported 30% greater volume during the Panthers and they have during a typical holiday season.
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Thursday
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Depend Emich is also forcing companies to evaluate the challenges of depending on overseas manufacturing due to both the shutdown of production overseas and port and trade disruption. This may lead to an on Shoring of manufacturing and an increase in Warehouse inventories to protect the resilience of the supply chain.
Furthermore possible mandated us manufacturing and targeted stockpiles of certain critical medical equipment and supplies could have a similarly positive impact.
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In the long-term the evolution of the supply chain and consumer demand Dynamics will likely support continued growth in e-commerce as well as increased inventory levels in the future, which we believe will positively impact demand for Real Estate like ours.
Additionally our portfolio possesses several defensive qualities that may help mitigate short-term disruptions in the economy as of March 31st, 2020 total portfolio occupancy was 98.9% and Mainland portfolio occupancy was 99.8% nearly 75% of total annualized red comes from investment-grade rated tenants subsidiaries of investment graduated parent entities or Hawaii land leases.
on the
On the loan 62% of rent comes from investment-grade rated tenants will subsidiaries of investment-grade rated parent enemies further 84% of our Mainland Revenue comes from properties that produce or provide goods or services that are deemed essential following New York State guidelines.
We have a long average remaining lease term of 9.3 years and minimal near-term lease expirations with only 5% of annualized rent expiring over the next twelve months.
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Is Rick will discuss in more detail a liquidity also remains strong and we have minimal near-term debt maturities.
Earlier this month, we maintained our regular quarterly distribution to shareholders, which we hope reinforces to investors. I believe that I opt remains a secure investment in these uncertain market conditions.
Turning to our current business activity as we have previously announced during the first quarter. We formed our first joint venture raising approximately 108 million dollars of proceeds at net asset value wage was used to reduce leverage. We intend to expand this Venture with private Capital to support the continued growth and value enhancement. We are in advanced discussions with another another possible life partner, but Tommy is uncertain as the pandemic locked-down has made it nearly impossible for this investor to complete property due diligence wage has discussed unless quarters call in February. We acquired an eight hundred twenty thousand square foot Class A eCommerce distribution facility located near Phoenix seventy one point six million dollars at a cap rate 5.2%
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Thursday
Amazon has reported 30% greater volume during the pandemic then they have during a typical holiday season.
The property is 100% leased to Amazon bringing our total portfolio concentration with this key tenant to 16.1%
We continue to monitor the transaction market and have selectively submitted offers on certain properties during the past month, but have not been selected as the buyer which indicates to us. That pricing has not yet changed significantly from preap endemic levels.
Depend Emich is also forcing companies to evaluate the challenges of depending on overseas manufacturing due to both the shutdown of production overseas and port and trade disruption office may lead to an on Shoring of manufacturing and an increase in Warehouse inventories to protect the resilience of the supply chain.
Furthermore possible mandated us manufacturing and targeted stockpiles of certain critical medical equipment and supplies could have a similarly positive impact.
I'll now turn the call over to you dial to discuss tenant and leasing activity.
Thanks and good morning everyone. We believe that the nature of aisle PCS business and the strength of our portfolio will allow us to successfully manage the economic disruptions caused by covid-19. April rent collections remain strong and consistent with trans over prior month with 19 of i l t t top 20 tennis or 95% getting paid rent is scheduled for the one hunnit when we had not have not received payment a rental firm. It has been granted. Our Focus has been on identifying tennis experiencing a financial hardship so that we can support their business is long-term success and preserve total cash flows. As of April 27th. We have granted rent referrals to 3737 tennis representing approximately 6.49% of annualized rest.
In the long-term the evolution of the supply chain and consumer demand Dynamics will likely support continued growth and e-commerce as well as increased inventory levels in the future, which we believe will positively impact demand for Real Estate like ours.
Additionally our portfolio possesses several defensive qualities that may help mitigate short-term disruptions in the economy as of March 31st, 2020 total portfolio occupancy was 98.9% and Mainland portfolio. He was 99.8% nearly 75% of total annualized rent comes from investment-grade rated tenants subsidiaries of investment graduated parent entities. Will Hawaii land leases.
the total amount of rent
today is approximately 2.1 million dollars of which approximately 40% is attributable to April thirty percent to May twenty 4% to June and the remainder to July off in aggregate these deferrals represent 2.7% of the contractual cash Revenue over the.
On the mainland alone 62% of bread comes from investment-grade rated tenants or subsidiaries investment-grade rated parent enemies further 84% of our Mainland Revenue comes from home is the produce or provide goods or services that are deemed essential following New York State guideline.
We have a long average remaining lease term of 9.3 years and minimal near-term lease expirations with only 5% of annualized rent expiring over the next twelve months.
We expect meant referral request to continue throughout may be provided the economy slowly reopens and May and June went to subside as we entered the third quarter.
Is Rick will discuss in more detail a liquidity also remain strong and we have minimal near term debt maturity.
Parental for our tennis are intended to provide temporary cash-flow released to those most impacted by covid-19 and generally include the deferral of Base rent which will be paid back pack 12 monthly installments beginning in the fall consistent with the recent accounting guidance related to rent relief requests. We do not expect any of these tenant assistance any of the Senate assistance to a jetpack there Gap revenues is these deferrals are deemed to be payment plans, which assume the rent is collectible. They will only temporarily reduce our cash flows to date know God has been forgiven or abated are most impacted tennis our small businesses in our Hawaii portfolio whose businesses are tied to a local economy and tourism
Earlier this month, we maintained our regular quarterly distribution to shareholders, which we hope reinforces to investors. I believe that I opt remains a secure investment in these uncertain market conditions.
Turning to our current business activity as we have previously announced during the first quarter. We formed our first joint venture raising approximately 108 million dollars of proceeds at net asset value package was used to reduce leverage. We intend to expand this Venture with private Capital to support the continued growth and value enhancement. We are in advanced discussions with another another possible Venture partner, but Tommy is uncertain as the pandemic lockdown has made it nearly impossible for this investor to complete property due diligence.
Considering the speed the speed in which the pandemic has impacted the economy. Our Focus has been on providing these tennis deferment of rent which will give them time to seek assistance from them under the cares act like the paycheck Protection Program as well as other private and public sector relief programs historical data shows that are Hawaii portfolio has been resilient through previous financial downturns, and we expect to maintain strong occupancy and demand as this crisis resolved on the mainland many of our e-commerce distribution building remain open and continue to operate is John mentioned 84% of our Mainland properties meet the New York state definition of essential businesses, which we believe highlights of our portfolio.
Discussed unless quote is call in February. We acquired an eight hundred twenty thousand square foot Class A e-commerce distribution facility located near Phoenix. Seventy one point six million dollars at a cap rate of 5.2%
Property is 100% leased to Amazon bringing our total portfolio concentration with this key tenant to 16.1%
We continue to monitor the transaction market and have selectively submitted offers on certain properties during the past month, but have not been selected as the buyer which indicates to us. That pricing has not yet changed signal from preap endemic level.
I'll now turn the call over to you dial to discuss tenant and leasing activity.
According to this quarter's leasing activity during the first quarter. We entered new and renewal leases and completed rent reset all in Hawaii for approximately 91000 square feet month's rent that were 19% higher than prior rate with an average lease term of 17.4 years in commitment for leasing capital and concessions a $0.52 per square foot per month here. This included one reset for 42,000 square-feet at a 29% roll up in rent.
Please expirations are minimal in the near-term with only 5% of annualized rent expiring over the next twelve months and more than 93% of lease is expiring after 2051. If we have discussed on prior calls, we have been working through a rent reset with a tenant in Hawaii that lease is approximately 1.2 million square feet for one point nine million dollars an annualized rent that was scheduled to reset in 2019. We're able to avoid arbitration in the terms of the settlement were finalized in April resulting in a roll up or rent of approximately 8%
Thanks and good morning everyone. We believe that the nature of aisle PCS business and the strength of our portfolio will allow us to successfully manage the economic disruptions caused by covid-19. April rent collections remain strong and consistent with trans over prior month with 19 of ltte top 20 tennis or 95% having paid rent. It scheduled for the 100 were we had not have not received payment a rental firm. It has been granted. Our Focus has been on identifying tennis experiencing a financial hardship for the weekend support their birthday. This is long-term success and preserve total cash flows. As of April 27th. We have granted rent referrals for 37 37 tennis representing approximately 6.49% of annualized rent.
the total amount of rent a car today is approximately 2.1 million dollars of which approximately 40% is attributable to April 30% to 24% to June and June to July in aggregate these deferrals represent 2.7% of the contractual cash Revenue over the.
In fact my number over to continue throughout may be provided the economy fully reopened in May and June went to subside as we enter the third quarter.
I'm not trying to call.
direct provide details on liquidity and this quarter Financial results
Thanks Al and good morning, everyone.
In addition to the overall stability in our portfolio that John and y'all have discussed. We also remained confident that our current liquidity and capital position supports our ability to operate our business effectively through this challenging marketing.
As of March 31st, we had approximately twenty million dollars of cash on hand and 485 million dollars of availability on our revolving credit facility.
Additionally, we have minimal debt maturities over the next 12 months with just $149 mortgage coming do that. We plan to prepaid tomorrow May 1st.
Earlier this month, we declared our regular quarterly dividend of $0.33 per share unchanged from the prior level. Our dividend is well covered and we have strong liquidity and minimal Capital requirements throughout our portfolio.
For rent the ferals for our tennis are intended to provide temporary cash-flow released to those most impacted by covid-19 and generally include the deferral of Base rent which will be paid back over 12 monthly installments beginning in the fall consistent with the recent accounting guidance related to rent relief requests. We do not expect any of these tenant assistance any of the Senate assistance to contact our Gap revenues. These deferrals are being to be payment plan, which assume the rent is collectible. They will only temporarily reduce our cash flows to date no law has been forgiven or abated are most impacted tenants are small businesses in our Hawaii portfolio whose businesses are tied to a local economy and tourism
We expect to continue to pay our regular quarterly dividend even as we met face short-term cash-flow disruptions.
First quarter normalized ffo was 30.2 million or 46 cents per share up 12% year-over-year. Just the depot. For the quarter was 45.9 million up 35% year-over-year.
Oh rental income for the first quarter of 2020 increased by 18.3 million dollars sixty four point three million dollars representing a 40% increase over prior year results. This sucks primarily reflects our acquisition activity as well as increases from Leasing and rent resets offset by a reduction in percentage rent recognized in Hawaii, which we discussed last quarter as a reminder of historically, we recognized percentage rent of approximately 1 million dollars in the first quarter of each year including 2019.
Considering the speed the speed in which the pandemic has impacted the economy. Our Focus has been on providing these tennis deferment of rent which will give them time to seek assistance from program under the care that like the paycheck Protection Program as well as other private and public sector relief programs historical data shows that are Hawaii portfolio has met through previous financial downturn and we expect to maintain strong occupancy and demand as this crisis resolved on the mainland many of our e-commerce and distribution buildings remain open and continue to operate as John mentioned 84% of our Mainland properties meet the New York state definition of essential businesses, which we believe highlights the strength of our portfolio.
according to this court
We amended this tenants lease in the fourth quarter of 2019 establishing an annual floor for percentage rent of 1 million dollars per year, which after the amendment is recognized ratably throughout the year off with any favorable adjustments recognized in the fourth quarter.
Total portfolio same property Cash basis in a wide decrease slightly by 70 basis points versus the prior-year with a 3.9% decrease in Hawaii and a 3.3% increase on the mainland wage adjusted for the timing change and the Hawaii percentage rent y e same property Cash basis in Hawaii increased 1% and Consolidated same property Cash basis in Hawaii increase 2%
Leasing activity during the first quarter, we entered new and renewal leases and completed rent reset all in Hawaii for approximately 91000 square feet a trench that were 15% higher than prior rate with an average lease term of 17.4 years in commitment for leasing capital and confessions of $0.52 per square foot per lease year off. This included one reset for 42,000 square-feet at a 29% roll up in rent.
General and administrative expenses for the first quarter totaled 4.8 million dollars up 1 million dollars a year over here and depreciation expense Was Eighteen point three million dollars update point seven million dollars a year over your life.
These increases are attributable to our acquisition activity since the beginning of last year.
Interest expense in the first quarter increased by 6.9 million dollars a year over year to 14.5 million dollars primarily due to higher debt balances.
Lease expirations are minimal and the near-term with only 5% of annualized rent expiring over the next twelve months and more than 93% of lease is expiring after 2051 is we have discussed on prior calls. We have been working through a rent reset with a tenant in Hawaii that lease is approximately 1.2 million square feet for 1.9 million month of annualized rent that was scheduled to reset in 2019. We're able to avoid arbitration and the terms of the settlement were finalized in April resulting in a roll up or rent of approximately 8%
I'm not trying to call over to provide details on liquidity and this quarter Financial results.
Finish the quarter with $265 outstanding on our revolving credit facility.
Thanks Al and good morning, everyone.
we were
This Consolidated net debt-to-ebitda from last quarter by approximately six times with this proceeds received from our 680 million dollar joint venture closed during the quarter partially offset by a slight uptick in a position John discussed resulting in Consolidated net debt-to-ebitda of 7.4 times, excluding the debt and even related to the joint venture. The rest of the portfolio was at 6.5 times debt-to-ebitda. We continue to explore opportunities to expand the joint venture to further reduce leverage, but remained confident with our current Financial profile and ability to run our businesses effectively a month early.
In addition to the overall stability in our portfolio that John and y'all have discussed. We also remained confident that our current liquidity and capital position supports our ability to operate our business effectively through this challenging marketing jobs.
As of March 31st, we had approximately twenty million dollars of cash on hand and 485 million dollars of availability on our revolving credit facility.
Additionally, we have minimal debt maturities over the next 12 months with just $149 mortgage coming do that. We plan to prepaid tomorrow May 1st.
That concludes our prepared remarks operator. Please open up the line for questions.
Earlier this month, we declared our regular quarterly dividend of $0.33 per share unchanged from the prior level. Our dividend is well covered and we have strong liquidity and minimal Capital requirements throughout our portfolio.
Thank you. We will now begin the question-and-answer session to ask a question. You may press * then 1 on your touchtone phone. You're using a speakerphone. Please pick up your handset before pressing the keys off to withdraw your question, please press * then two at this time. We will pause momentarily to assemble our roster.
We expect to continue to pay our regular quarterly dividend even as we met face short-term cash-flow disruptions.
First quarter normalized ffo was 30.2 million dollars or forty six cents per share up 12% year-over-year adjusted ebitda for the quarter was 45.9 million dollars up 35% year-over-year.
The first question today comes from Bryan Mayer with B Riley FBR, please go ahead.
Good morning couple of quick questions, and I'm sorry if I missed this but I had a bad connection early in the call John what might be your rent wage expectations for the second quarter. I think I heard you say that you expect it kind of to Abate by the time we get to the third quarter, but given that you had kind of two million issue that you reported. I mean, do you expect it to be like another two or maybe for what are your thoughts there?
Oh rental income for the first quarter of 2020 increased by 18.3 million dollars sixty four point three million dollars representing a 40% increase over prior year results. This is primarily reflects our acquisition activity as well as increases from Leasing and rent resets offset by a reduction in percentage rent recognized in Hawaii, which we discussed last quarter as a reminder of historically, we recognize percentage rent of approximately 1 million dollars in the first quarter of each year including 2019.
We amended this tenants lease in.
I think I'll let you I'll take that question. Hey Brian, so of the two point 1 million that we've granted already a majority vote is for future months May June and July and so we've actually noticed as we've been approaching May that the request have subsided and a lot of the tennis especially in Hawaii has seemed to resend their apps and I think we've had about nine tenants get come to us and say that they've gotten private funding from the paycheck Protection Program. So it's been I think I feel like it should subside as we entered the third quarter, but may might we might still get some more of a bath.
Fourth quarter of 2019 establishing an annual floor for percentage rent of $1 per year, which after the amendment is recognized ratably throughout the year with any favorable adjustments recognized in the fourth quarter.
Total portfolio same property Cash basis in a wide decrease slightly by 70 basis points versus the prior-year with a 3.9% decrease in Hawaii and a 3.3% increase on the mainland own ajusting for the timing change and the Hawaii percentage rent. Why you same property Cash basis in Hawaii increased 1% and Consolidated same property Cash basis in Hawaii increase 2%
Okay, but but in the low single-digit Millions is kind of what you're thinking. I think that's safe.
General and administrative expenses for the first quarter totaled 4.8 million dollars up 1 million dollars a year over here and depreciation expense Was Eighteen point three million dollars update point seven million dollars a year over year with these increases are attributable to our acquisition activity since the beginning of last year.
Okay, and then kind of Shifting Gears, I think you guys mentioned that you're still putting in bids on properties first. I would assume that those are mainly on properties and I think you said that you have not been successful in that bidding. How far off do you think you guys are on a cap rate basis relative to those who are being successful those acquisitions?
Interest expense in the first quarter increased by 6.9 million dollars a year over year to 14.5 million dollars primarily due to higher debt balances.
Finish the quarter with $265 outstanding on our revolving credit facility.
Yeah, Brian, we you're right. Those are those are mainly properties that we have submitted bids for and I'd say we're dead. So somewhere fifty to a hundred basis points off on pricing.
Okay, and can you see where we haven't we haven't seen them close so we don't know if we've we do know that a couple of properties have withdrawn from the market down in in the hopes that they could come back when the when the markets are stronger and the others we were we understand they've moved to a additional rounds or daily accepted accepted a bid, but we haven't seen them closed yet. So it remains to be seen if we're off the Mark or if seller expectations are are off the mark.
We reduced Consolidated net debt-to-ebitda from last quarter by approximately six times with this proceeds received from our $680 joint venture closed during the quarter partially offset by a slow leak due to the acquisition John discussed resulting in Consolidated net debt-to-ebitda of 7.4 times, excluding the debt and even related to the joint venture. The rest of the portfolio wage. Was it 6.5 times debt-to-ebitda, we continue to explore opportunities to expand the joint venture to further reduce leverage, but remained confident with our current Financial profile and ability to run our businesses effectively and securely
That concludes our prepared remarks operator. Please open up the line for questions.
Thank you. We will now begin the question-and-answer session to ask a question. You may press * then 1 on your touchtone phone. You're using a speakerphone. Please pick up your handset before pressing the keys off to withdraw your question, please press * then two at this time. We will pause momentarily to assemble our roster.
Right and and that kind of teased up my other question on on activity volume. I mean has it materially decreased or only kind of modestly decreased, you know relative to say two quarters ago.
The first question today comes from Bryan Mayer with B Riley FBR, please go ahead.
That's a tough one to answer it because I think there's a couple of buildings that we bid on where we felt like the seller the seller had the choice of taking our price or taking the property off the market but we had there were at least one of the property that we bid on where the Brokers told us that they were dead in the magnitude of eight to ten other bidders. So, you know the
I'm good morning couple of quick questions, and I'm sorry if I missed this but I had a bad connection early in the call John what might be your rent deferral expectations for the second quarter. I think I heard you say that you expect it kind of to Abate by the time we get to the third border but given that you had kind of 2 million ish that you reported. I mean, do you expect it to be like another two or maybe for what are your thoughts there?
Where we felt like we were the only bit of that would cause me to think that a lot that there's a lot less demand out there for for this for Acquisitions in the current environment wage. But you know that that's the other case makes me think that there's still there's still Capital out there chasing transactions. So it's hard to say and and then come home and gears to the JV. Can you remind us what the cap rate was on those assets as they went into the JV?
Do you have that number of top of your head? I do it was about a five eight Brian.
I think I'll let you I'll take that question. Hi Brian. So of the two point 1 million that we've granted already a majority of it is for future of May June and July and so we've actually noticed as we've been approaching May that the request have subsided and a lot of the tennis especially in Hawaii has started to resend them asks, and I think we've had about nine tenants get come to us and say that they've gotten private funding from the paycheck Protection Program. So it's been I think I feel like it should subside as we enter the third quarter but may might we might still get some more of a quest for me.
Okay, but but in the low single day.
Okay, and the last me and I might be wrong on this correct me if so, was there a potentially another JV partner kind of planning on coming into that JV bought some point in the future? And do you continue to expect that JV to grow over time? Say over the next six to eighteen months?
Millions of this kind of what you're thinking. I think that's safe.
Yes, we we are in discussions with a second Venture partner due to the timing of of them deciding to Thursday move forward with us. They haven't had the ability to conduct property level diligence because of the pandemic. So we're working on completing documentation. We do expect that. They will that they will join the Venture on the same terms as the initial joint venture partner and that would reduce our ownership to you know, just over 20% And so that's
Okay, and then kind of Shifting Gears, I think you guys mentioned that you're still putting in bids on properties first. I would assume that those are mainly on properties and I think you said that you have not been successful in that fitting how far off do you think you guys are on a cap rate basis relative to those who are being successful to that position.
Yeah, Brian, we you're right. Those are those are mainly properties that we have submitted bids for and I'd say we we're off somewhere fifty to a hundred basis points off on pricing.
that timing
Tell but you know, assuming that the markets start to you know, people are stuck to return to work in May or June then maybe in the third quarter.
that that additional
Okay, and can you can you hear me? We haven't we haven't seen them close. So we don't know if we've we do know that a couple of properties have withdrawn from the market wage in in the hopes. They could come back when the when the markets are stronger and then others we where we understand they've moved to a additional rounds or rejected accepted a bid, but we haven't seen them closed yet. So it remains to be seen if we're off the Mark or if seller expectations are are off the mark.
Right and that kind of teased up my other question on on activity volume. I mean has it materially decreased or only kind of modestly decreased, you know relatives. It does say two quarters ago.
That's a tough one to answer because I I think there's a couple of buildings that we bid on where we felt like.
The seller the seller had the choice of taking our price or taking the property off the market, but we had there were at least one of the property that we bid on where the Brokers told us that they were in the magnitude of eight to ten other bidders. So, you know the
Where we felt like we were the only bidder that would cause me to think that a lot that there's a lot less demand out there for for this for Acquisitions in the current environment. But you know that that's the other case makes me think that there's still there's still Capital out there chasing transactions. So it's hard to say and and then come home and gears to the JV. Can you remind us what the cap rate was on those assets as they went into the JV?
Do you have that number of stuff. I do it was about a five eight Brian.
Okay, and the last name? I might be wrong on this but it correct me. If so, was there a potentially another JV partner kind of planning on coming into that JV off some point in the future? And do you continue to expect that JV to grow over time? Say over the next six to eighteen months?
Yes.
We we are in discussions with a a second Venture partner due to the timing of of them deciding to move forward with us. They haven't had the ability to conduct property level diligence because of the pandemic. So we're working on completing documentation. We do expect that. They will that they will join the Venture on the same terms as the initial joint venture partner and that would reduce our ownership to you know, just over 20% And so that's that time. It's hard to tell but you know, assuming that the black market starts, you know, people are stuck to return to work in May or June then maybe in the third quarter.
That that additional partner would be able to join.
Okay, thank you know we expect it to grow from there.
This concludes our question-and-answer session. I would now like to turn the conference back over to John Murray for any closing remarks.
Thank you all for joining us on the call today, and we hope to stay well and look forward to talking to you soon.
This conference has not concluded. Thank you for attending today's presentation you may