Q4 2021 Alexander & Baldwin Inc (Hawaii) Earnings Call
Good day, and welcome to the fourth quarter and full year 2021, Alexander <unk> Baldwin earnings Conference call.
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Thank you Hello, and welcome to our call to discuss Alexander <unk>, Baldwin's fourth quarter and full year 2021 earnings with.
With me today for our earnings call. Our A&P is president and Chief Executive Officer, Chris Benjamin Our Chief operating Officer, Lance Parker, and our Chief Financial Officer, Brett Brown.
Clayton Chun Chief Accounting Officer is also present and will be available for the Q&A portion of the call.
Before we commence please note that statements in this call and presentation that are not historical facts are forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995.
They involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward looking statements.
These forward looking statements include but are not limited to statements regarding possible or assumed future results of operations business strategies growth opportunities and competitive positions as well as the rapidly changing challenges with the companys plans and responses to the novel Coronavirus COVID-19 pandemic.
Related economic disruptions.
Such forward looking statements speak only as of the date. The statements were made and are not guarantees of future performance forward looking statements are subject to a number of risks uncertainties assumptions and other factors that could cause actual results and the timing of certain events to differ materially from those expressed in or implied by the forward looking statements.
These factors include but are not limited to prevailing market conditions and other factors related to the company's REIT status and the company's business risks associated with the COVID-19 pandemic and its impacts on the company's business results of operations liquidity and financial condition and the evaluation of alternatives by the company related to its materials <unk> construction business as well as other factors.
Just in the Companys most recent Form 10-K Form 10-Q , and other filings with the SEC.
The information in this call and presentation should be evaluated in light of these important risk factors, we do not undertake any obligation to update the company's forward looking statements.
Management will be referring to non-GAAP financial measures during our call today included in the appendix of today's presentation slides is a statement regarding our use of these non-GAAP measures reconciliations.
Slides from this presentation are available for download at the Investor section of our website at Www Dot Alexander Baldwin Dot Com Chris.
Chris will open up today's presentation with a strategic update he will then turn the presentation over to Lance for an update on real estate operations, and then Brett will discuss financial matters, Chris will return for some closing remarks, and then we will open up the call for your questions.
With that let me turn the call over to Chris.
Thanks, Steve and good afternoon to our listeners.
2021 was a very strong year for our company and it has positioned us to increase our focus on commercial real estate growth in 2022, as we strive to complete our simplification.
In commercial real estate, we began the year cautious, but optimistic still facing uncertainty regarding the path of COVID-19 , but with strong occupancy and a relatively healthy tenant base, considering what our tenants had weather in 2020.
As the year progressed, Hawaii's recovery accelerated and our high quality portfolio of well located retail industrial and ground lease properties demonstrated its strength.
Our collaborative engagement with our tenants through Covid bore fruit as our occupancy remains strong throughout and positioned us to capture upside from the economies reopening during 2021.
Some highlights of our full year performance include CRE.
CRE revenue <unk>.
Increasing more than 15%.
Total CRE portfolio, NOI and same store NOI, both up more than 17%.
And core <unk> up by more than 26% or 26%.
This growth was driven primarily by our retail segment, which achieved a nearly 24% improvement in same store NOI.
Our retail properties had been most severely impacted by 2020 COVID-19 related effects, and therefore had a significant rebound.
We also reported solid growth in our industrial and ground lease segment, which generated same store NOI growth of more than 8%.
The surgeon and deployment in employment levels and retail spending in Hawaii throughout 2021 provided a strong boost to our portfolio.
These effects were largely the result of the state's reopening for tourism with passenger arrivals for the peak summer and winter holiday travel season at approximately 89% and 80% respectively.
2019 levels.
Even with the lingering uncertainty caused by the Delta in <unk>.
As we've said before our portfolio is generally community based and less dependent on tourist activity, but the resurgence in Hawaii tourism is providing a broad benefit the economic activity as evidenced by the drop in the unemployment rate from 10, 3% at the start of 2021 to five 7% at the.
End of the year.
It is important to note that the state's tourism levels in 2021 continue to reflect essentially no international travelers, which had comprised about 28% of visitors in 2019.
As Covid case count trend in the right direction, we expect to see a continued reduction in travel restrictions.
Our results of course are not due only to these broad economic trends.
Own great assets in great locations we.
We ended 2021 at 94, 3% leased occupancy.
And our portfolio occupancy has remained consistent with year end 2019 levels.
Occupancy was aided by the record leasing volumes in 2021 with over 270 leases signed during the year.
For more than 650000 square feet and with comparable leasing spreads of four 6%.
We advanced a number of redevelopment during the year totaling about $17 million of capital with strong projected returns between high single digits and low double digits.
We expect to invest another $15 million to $20 million in redevelopment projects in 2022 with similar projected returns.
All of this capital is going to refresh reposition and re tenant are well located properties demonstrated.
Demonstrating the embedded growth opportunities within our portfolio.
Looking beyond our existing portfolio, we pivoted our investments team back to acquisition efforts in the fourth quarter, we closed on our first acquisition since mid 2019.
Well located industrial property in Honolulu, along with two industrial lots for development in West Oahu.
Our team is actively working to source additional opportunities and we are diligently building our pipeline.
Turning to our simplification efforts 2021 was a big year as the strong demand for Hawaii real estate and the large amount of capital in the market enabled us to monetize more than $200 million.
Non core land.
Activity for the year included the fourth quarter sale of our <unk> ULA joint venture.
Lots at Maui business Park, and other agricultural and urban parcels on Maui.
The proceeds we further strengthened our balance sheet.
At year end leverage was three three times net debt to adjusted EBITDA.
And we now have nearly $519 million of total liquidity, allowing us to go on offense as opportunities arise.
This progress in monetization of noncore assets and Delevering, our balance sheet is encouraging and gets us significantly closer to our goal of being a pure commercial real estate company.
But we fully acknowledge the remaining important step of exiting the materials and construction segment.
<unk> had a challenging year financially in 2021 and took an impairment in the fourth quarter that Brett will described but is far better positioned for profitability in 2022.
I want to commend the <unk> team for the outstanding work they have done to reposition the business in many ways they've had to reinvent the company to respond to a fundamental and permanent shift in the industry.
With more players buying for less business in the paving market than when we bought the business they've had to reduce overhead significantly increased operating efficiency establish new bidding processes and discipline and expand their focus on the materials segment of the business.
Because of their efforts and the strongest book of business Grace's had in four years, we expect to launch another marketing effort. This spring against a favorable backdrop of an infrastructure bill that promises to inject up to $1 5 billion.
Into Hawaii for road and bridge projects.
Now I will turn the call over to Lance to review, our recent CRE highlights and land sales activity.
Thank you, Chris and Aloha everyone.
Beginning with operations in the fourth quarter of 2021, our CRE portfolio continued to perform very well.
Same store NOI was up 33% year over year, reflecting greatly improved tenant performance and collections.
We executed 65 leases for approximately 162000 square feet during the fourth quarter.
<unk> average spreads of 10, 1% for new leases and spreads of four 8% on renewal leases.
Overall leased occupancy at year end was 94, 3% unchanged from 12 months earlier.
Same store leased occupancy was 94, 2% compared with 94, 3% at the end of 2020.
Turning to acquisitions with ample liquidity, including cash and capacity on our line of credit we are positioned to pursue an active growth strategy going forward in.
In the fourth quarter, we acquired an industrial property located within the urban core of Honolulu immediately adjacent to the port in minutes from the airport plus two lots for development in West Oahu, where most new industrial product is being developed.
Our team is active across our target markets on Oahu, Maui, Hawaii Island and <unk>.
And we are earmarking $50 million to $75 million or more as an annual pace.
As we shift to rebuilding our acquisition pipeline, we believe our strategic advantages of deep market knowledge and long standing relationships will enable us to uncover the best value in the market and are busily engaging potential sellers.
With regards to key redevelopment activity.
<unk> Park shopping center REIT located full service Veterinary hospital opened in the fourth quarter and east shops work is advancing on pace.
Additional refresh work is also underway to upgrade and expand this well located center in Kailua.
We have said, we realized incremental NOI here in 2021 and will receive additional income in 2022 as leasing is completed.
With anticipated incremental annual NOI uplift of one five to $1 7 million, which represents a projected return of 8% to 9%.
At manure marketplace, our plans to improve the shopping experience of this grocery anchored neighborhood center are underway and we have selected a contractor for the work.
This is an extremely well located community center, the flagship University of Hawaii campus and within a few miles of Waikiki in Ala Moana.
For this repositioning project, we expect to invest approximately $8 million and anticipate a stabilized return on cost at project completion of eight to eight 5%.
At Pearl Highlands Center, we commenced construction of a $1 three megawatt rooftop photovoltaic system as part of a broader clean energy initiative across our CRE portfolio.
The system size to offset 100% of common area energy usage and also will provide energy to select tenants, resulting in approximately $300000 in anticipated incremental annual NOI uplift.
Turning to our land sales, we had a very successful fourth quarter capping off a record year.
In the fourth quarter, we sold our joint venture.
Several parcels at Maui business Park, and other noncore land on Maui.
For the full year, we generated total sales proceeds of $203 million.
Which were used to reduce our leverage and fund our real estate investment activities.
We expect further simplification progress in 2022, as we continue to capitalize on the robust demand for Hawaii real estate.
I'll now turn the call over to Brett for financial details right.
Thanks, Lance and good afternoon, everyone.
Starting with our financial results for the fourth quarter. We recorded net income of $6 1 million or <unk> <unk> per share <unk> $13 million or <unk> 18 per share and core <unk> of $17 5 million or.
<unk> 24 per share.
For the full year 2021, we recorded net income of $35 1 million or <unk> 48 per share.
<unk> hundred $70 million or <unk> 96 per share and core <unk> of $69 4 million.
Or <unk> 96 per share as well.
For additional details on our results, including comparisons to the fourth quarter of 2024 to the full year 2020, Please see our earnings release and supplemental information package.
Of note each of these metrics for 2021 benefited from reserve reversals of approximately $900000 or a penny per share in the fourth quarter, and $4 3 million or <unk> <unk> per share for the full year.
Let me now turn to our commercial real estate segment for the fourth quarter CRB revenues increased by nearly 25% or $9 1 million over the prior year quarter to $46 million and NOI increased by 33% or $7 2 million to $28 8 million compared to the same period.
Last year.
This increase from the year ago quarter again reflects the overall recovery of our tenants, which resulted in improved rent collections, including both current and prior period rents.
As I noted earlier revenue included a reversal of $900000 related to the recovery of previously reserved 2020 rent balances.
Fourth quarter same store NOI increased 33%.
Or $6 $9 million over the prior year quarter to $28 million.
Our land operations business produced revenue of $41 4 million and generated EBITDA of $33 4 million in the fourth quarter of 2021.
Included in the quarter results are the positive onetime impacts from the cooler project sale.
And other land sales.
For the full year land operations revenue was nearly $80 million and EBITDA was $56 5 billion.
Our materials and construction segment had some noise in the fourth quarter of 2021 with a $29 million noncash impairment of goodwill and long lived assets as a result of our review of strategic alternatives for the business along with a onetime noncash charge in an equity method investment of which $3 $5 million is attributable to us.
And that resulted in adjusted EBITDA of negative $2 7 million for the quarter compared to positive $700000 in the same quarter of the prior year.
For the full year, adjusted EBITDA was negative $1 $1 million compared to positive $6 3 million in 2020.
For the full year 2021, G&A was $51 $9 million, which was at the low end of our expected range and below our 2019 G&A year end total of $58 9 million reflecting.
Reflecting the steady progress we've been making in our streamlining efforts.
For the fourth quarter 2021, G&A expenses were $14 7 million.
Compared to $11 6 million in the fourth quarter of 2020.
The increase was due to a combination of the very low G&A levels experienced at the height of the pandemic and the 2021 costs related to ERP conversion and higher performance based incentive compensation.
Turning to our balance sheet and liquidity metrics during the quarter, we used proceeds from land sales to pay down $92 million on our revolving credit facility.
At December 31, 2021, our total debt to us.
Total debt outstanding was $533 million, and we had total liquidity of $519 million, including approximately $70 million of cash and $449 million of remaining capacity on our credit facility.
At quarter end net debt to trailing 12 months consolidated adjusted EBITDA was three three times down from six seven times one year ago.
Excluding the one time non core monetization income in MMC impairment impacts net debt to consolidated adjusted EBITDA would be in the low to mid five times range.
And our debt to total market capitalization stood at 22, 6% at quarter end.
With respect to the dividend our board declared a fourth quarter dividend of <unk> 18 per share that was paid on January six 2022 to shareholders of record as of the close of business on December 23 2021.
Our board recently declared a first quarter of 2022 dividend of <unk> 19 per share or <unk> or five 6% increase from the fourth quarter of 2021 dividend and back to our pre pandemic quarterly rate.
The first quarter dividend is payable on April five 2022 to shareholders of record as of the close of business on March 18 2022.
Finally, turning to guidance, we are providing initial 2022 guidance for core <unk> per share within a range of 94 to $1 per share.
Rent Commencements and uncollectible rents are the biggest potential impact to full year results and where we end up in the range.
This guidance is based on same store NOI growth within a range of zero to 2%. Please.
Please bear in mind the growth over 2021 is impacted by the onetime recoveries of Covid related reserve reversals. Excluding these are same store NOI growth for 2022 would be 2% to 4%.
Additionally, 2022 same store guidance implies comparable property NOI will be ahead of 2019 levels highlighting the strength of the recovery of our properties and recent and forecast rent commencement.
And while we expect 2022 G&A expenses.
Decreased marginally from 2021 due to our ongoing simplification efforts, we do expect to see the benefits of those efforts reflected in our year end run rate several million dollars below full year 2022.
Finally, I'll note that while not included or a part of our guidance as it is not a part of <unk>, we expect to incur at $80 to $95 million noncash settlement charge related to the defeasance of our pension plan plus additional cash contributions ranging between $34 million to $48 million.
With that I'll turn the call over to Chris for his closing remarks, Chris.
Thanks, Brett I used the word pivot a lot. These days because I believe that conveys what we're doing as a company as we shift our focus back to the growth of our commercial real estate portfolio.
You're still shedding some legacy assets and liabilities, but we've made enough progress and strengthened our balance sheet sufficiently that we pivoted our investments team to focus on building our acquisition pipeline.
They did a great job of selling assets like <unk> and now that they've returned to a primary focus on growth of our Hawaii commercial real estate portfolio.
Sorry, now they've returned to focus on.
An extra word in there.
It won't be easy because theres a lot of capital chasing deals, but I continue to believe in the basic premise upon which our entire strategic transformation was base.
That we are uniquely positioned to be successful in acquiring developing redeveloped in leasing and managing commercial real estate in Hawaii, a compelling market, we know better than anyone.
We're excited to be that much closer to that focus.
Yes, we still have some simplification tasks to complete but with a healthy balance sheet and lance's entire CRE team focused on growth I anticipate great things for the company.
As we complete our transformation into a focused commercial real estate company, we intend to continue our long standing commitment to Hawaii and the principles now known as ESG.
In 2021, we published our second annual corporate responsibility report emphasizing our commitment to protect our environment support our employees and our communities and operate with strong governance.
In 2022, we're expanding this commitment with employee council's focused on environmental and social stewardship, which will engage a broader and more diverse group of employee perspective, and defining and pursuing our commitment to each other and the community.
With that we'll now open the call for your questions.
We will now begin the question and answer session.
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The first question comes from Alexander Goldfarb with Piper Sandler. Please go ahead.
Okay.
Hey, good morning, good morning out there or maybe it's mid day.
So.
A few questions here first.
Looking to the 'twenty two guidance obviously, the the guidance looks ahead of where consensus is.
How much of the reinvestment from the.
Land sales et cetera that you did this year is baked into that number so simply put the 94 to $1 is that all just core AMB or is that assuming some level of reinvestment using proceeds from this year.
But well.
The first of all the vast majority of the 200 plus million dollars of land sales that we did last year were assets that were held in the Trs and so there is really not a lot of 10 31 exchange capital.
From those sales we did have a modest amount.
1031 proceeds at the end of the year and that was all at $10 31 in 2033 that was all reinvested in those two assets.
Actually for assets, but the collection of industrial.
Properties and land that we bought in the fourth quarter.
But beyond that we do have the acquisition aspirations this year and but were factor in our plan their fourth quarter acquisitions, and theyre not driving significant amount of NOI. So I think the short answer to your question would have been this is this is pretty much core performance in core growth.
Okay, So I mean, regardless, whether its trs or or in the REIT. It doesn't matter, it's still $200 million of capital, but what youre, saying, Chris is that the $200 million that you got you used a little bit of it but basically we shouldnt think about that coming back in as a recycling to invest in new properties until the end of <unk>.
This year so okay. So.
The 94 to one dollar is really based on the core which yes that's.
That's solid.
That's the right interpretation I just wanted to make the point that we don't have.
Clock ticking on the reinvestment of those proceeds because theyre not 10 31.
We were able to yes, so we basically used it to pay down debt and then as soon as we find investments and by the way, we hope to be making investments earlier than the fourth quarter, but we were conservative in our planning as far as any NOI generation.
Okay.
Speaking of ticking clocks Grace what was the write down in the fourth quarter and my recollection is you guys had already taken a pretty significant write down our multiple write downs on this business over the years. So what was it in the fourth quarter and then last year you spoke about it being.
Often a good place and getting ready to market, it and having the pipeline of projects.
Deep enough that you could market at some sort of curious how we reconcile the write down couple offset with hey, there is this infrastructure bill or legislation that should provide a dream of projects to do and therefore, we should be in a better spot or are you guys should be at a better spot too.
To be selling this I'm just trying to reconcile the two and that understanding what drove the write down.
Yes, let me well really good question and very appropriate question, let me take most of it and then maybe Clayton will jump in with a little bit of the technicalities on the write down but.
Let me first say that Youre right a year ago, we thought we were relatively well positioned for a better year.
We expected better profitability in 2021, we had two things happen one essentially that the biggest one was that we lost.
A significant job that had already been awarded to us and we thought it was going to be executed last year. There was a lawsuit by another company that had bid on it.
Prevailed in that lawsuit against the state and we lost that job. So a big part of our book of business.
It was lost the big difference for this year and the reason that we are more confident that we're really going to achieve better performance. This year is the fact that whereas last year, we had backlog, which means jobs that had been one they had they were not yet contracted this year going into the year, we have the vast majority.
40 of the work that we have in our plan and the plan we already have contracts for so that means that work is almost certain to be executed. This year, so that puts us in a better.
Position to predict how things will be and Thats why we are more confident but look I fully understand that my credibility on forecasting <unk> financial performance is not high in recent years. So.
I'll take that and it's a fair comment.
Having said that we believe that we want to try to market. The business. We think that it's important to our simplification that we do that we are not dead set on selling it at any price. This year, but we are going to take it back to market. We think the fact that we're.
We're off to a good start this year, we think that we will have better performance and the infrastructure Bill we think all of that should set us up for a better.
Marketing.
The effort.
But where the businesses held for sale, we haven't declared that definitively at any price, we're going to sell it but we're hopeful that we will get a price that is.
Appropriate and that we can.
Hand, the business off to more strategic owner who can.
Take it to the next level.
Additional write down though.
Yes, so the additional write down do you want to kind of talk about what triggered that.
The write down it was pertaining to long lived assets by and large and what that was reflective of the company's shortening our intended holding period for Grace and as Chris mentioned, our desire to market the business in the near term.
As a result, all of that led to us having a reduction in the carrying value on the balance sheet.
Okay and then just final question you mentioned in 2022, there to sort of non core items 80 million relating to <unk>.
Widening out of the pension plan, but you also mentioned $30 million related to something else. So my question is what is that something else and as you guys look at the books are there any other charges that you are thinking about taking or because I mean.
Britain down a lot of stuff. So just curious how much if theres anything beyond what you've already outlined.
Hey, Alex it's Brett both were related to the pension, it's the $80 million to $95 million noncash.
The settlement charge and then there is a cash funding portion and that was the 34 to <unk> 43, or whatever the number was but just to be clear. They are not additive theyre not great. It's not additive.
The noncash impact on the books is bigger than the cash impact correct.
Okay and anything else that you guys.
Written off in general or is this at the end of the <unk>.
So it's cleaning between pension Grace.
<unk>.
Nothing additional.
Yes.
Okay.
I would say I would just add that a big focus for us is trying to clean up as many of these final sort of legacy obligations that we have the pension is the biggest single one I would say that most everything else that we have is generally pretty well reserved on the on the balance sheet.
So I don't think there should be any other surprises okay. Okay.
Thank you.
Thanks, Alex.
The next question comes from Sheila Mcgrath with Evercore. Please go ahead.
Hi, yes, good afternoon.
The same store.
The same store NOI was impressive that up 33% I just want to make sure I understand how much of that is from the reversal of reserves. If you could just like strip that out and then also when we project forward for 'twenty two with your guidance how should.
Should we think about the impact from.
Are there more reversals of reserves in the guidance.
Hey, Sheila its Brent so in the fourth quarter, we had about $900000 related to reserve reversals.
For the full year was $4 $3 million in 2021.
We expect.
Less opportunity as we've collected more in 'twenty, one than we anticipated so it'll be a smaller pool and we believe as time goes by that.
Collectibility becomes muted but in guidance at the midpoint, we're looking at about $2 million that we may be able to collect in 2022.
Okay, great and that just comes through in revenue.
That's correct.
Okay.
And then and then May redefined SSO.
I just wanted to clarify that.
Was 18%, but that includes the.
Is that impacted by the 29 million of noncash write off or what is the grease write down impact on that Andy Chang.
$29 million correct.
Okay and what is the other three five that you mentioned with Grace what is that exactly $3 5 million.
That was some inventory write down and equipment write down at one of our joint venture investment materials joint venture joint.
<unk> venture.
Okay, Great and then where is grace carried on the books at this point.
Should we consider that.
The fair value.
Just help us understand where it's carried it at right now.
So the carrying value of Grace as of year end was 103 two.
And that is reflecting the.
Adjustments that we were just talking about.
With respect to the.
The fair value itself that does not.
Reflect fair value and we are planning on taking it through the marketing process and so we'll just have to see what with that process yields.
Okay.
And then.
Just on the acquisition pipeline and how is that looking and.
Is it skewed to <unk>.
Industrial or just give us a little bit in <unk>.
I don't know how thats going.
Hi, Sheila this is Lance we made a couple of remarks about pivoting the team.
And our ability for growth and I will say that we are actively pursuing acquisitions and I'm pleased by the level of engagement that we've been seeing.
No generally market conditions here are still tight there is very few listed opportunities.
But we are evaluating a number of off market transactions and Thats really where we sort of earned our stripes in the past with our relationships and market knowledge.
We are focusing on our existing asset classes, so retail industrial as well as ground leases, but I would say that we would be willing to consider complementary asset classes through either a joint venture structure or a ground lease structure.
So we're casting a wide net.
And.
Yeah, feeling feeling good about our prospects, but as Chris indicated from a plan perspective, being a little bit more conservative pushing back the impact of that until fourth quarter.
Okay great.
AD.
While our appetite remains strong externally we continue to also look for internal growth investment opportunities.
I mentioned in my remarks updates on <unk> Park shopping center, Minoa marketplace as well as Pearl Highlands.
But we also continued discussions for industrial build to suits at Maui business Park as well as some build to suit discussions and spec development evaluation on the two parcels that we purchased in the fourth quarter, the industrial locks housing Copley.
Okay, Great and then I think we all agree that Chris just noncore.
I just wanted to get a sense of what else.
<unk> is in that bucket for sale.
Going forward I think it's good news if you are developing at Maui business park, rather than sale, but what or what else can you monetize that you might consider as noncore.
Essentially it would be the remainder of our agricultural lands.
Which do generate some income both through some renewable energy assets.
Some leases to farm operations.
But.
But we still consider them.
Non core so those would be opportunities and then there are some small development parcels on both Maui and Hawaii that.
Would be opt.
Optimal for residential development, which really isn't in our and our plans any longer.
Those are relatively modest.
Value parcels, but those also would be.
Things that we'd be looking to monetize.
And then you mentioned in your Investor deck something about.
So one of the properties.
Just curious is that.
Something that.
Many of your properties would be suitable for that you would consider.
That's the goal so Pearl Highlands, we were purposeful in having that being the first project that we kick off it is our largest asset by GLA and so we have good growth space to deploy solar panels and looking forward to.
Hopefully well certainly we started but to hopefully getting that done this year.
And then we are under active evaluation to be able to try to scale that more broadly within our portfolio.
Okay, great. Thank you.
Thanks Sheila.
This concludes our question and answer session I would like to turn the conference back over to Steve <unk> for any closing remarks.
Thank you operator, and thank you all for joining US today. If you have any follow up questions. Please feel free to call us at 8085 to five eight for seven five or E Mail us at Investor Relations at <unk>.
<unk> dot com Aloha and have a great day.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Yeah.