Q3 2022 CTO Realty Growth Inc Earnings Call
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Good day, and thank you for standing by and welcome to CTO Realty growth, Inc. Q3, 2020, 2022 earnings call. At this time all participants are in a listen only mode. After the speaker's presentation there'll be a question and answer session.
To ask a question during the session you will need to press star one on your telephone. Please be advised that today's conference is being recorded I would now like to hand, the conference over to your speaker today, Matt Partridge, Chief Financial Officer. Please go ahead.
Good morning, everyone and thank you for joining us today for the CTO Realty growth third quarter 2022 operating results conference call with me today is our CEO and President John Albright.
Before we begin I'd like to remind everyone that many of our comments today are considered forward looking statements under federal Securities law. The company's actual future results may differ significantly from the matters discussed in these forward looking statements and we undertake no duty to update these statements.
Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the company's Form 10-K Form 10-Q, and other SEC filings.
You can find our SEC reports earnings release supplemental and most recent investor presentation on our website at <unk> Dot com with that I'll now turn the call over to John .
Thanks, Matt and good morning, everyone I'm very pleased with our team's strong execution during the third quarter across all phases of our business.
We opportunistically sold several legacy properties.
<unk> are multi tenanted office property and as we discussed during our last earnings call. We invested it into our first publix anchored asset massing yards in Atlanta, Georgia. We also completed a number of capital markets transactions that fortified our balance sheet continued to have good success with our leasing initiatives and draw.
More than 36% year over year <unk> growth during the quarter on top of it all we had a nice start to the fourth quarter with our acquisition of West broad village in Richmond, Virginia, which is a very high quality property that we believe has great long term upside.
If you look at our transaction activities over the past four months, we found some excellent grocery anchor opportunities as we continue our portfolio repositioning efforts by taking advantage of the disruption in the market.
Executing on strategic asset recycling.
During the quarter, we sold 240 fiber side, our loan remaining office property in Jacksonville, Florida, and we also sold two single tenant assets in our master lease property outside of Miami and.
Florida for a total disposition volume of $57 million at a six 3% blended exit cap rate.
These dispositions proceeds and the proceeds from our asset sales during the first half of the year effectively match funded our purchase of masks and yards as we've highlighted in the past the 162500 square foot property set on a great infill location, along the beltline, Atlanta, Georgia, and with an opportunity to enhance our poor.
Folios tenant quality, while also improving our geographic exposure by further investing in Atlanta, which we believe is one of the best markets in the country.
<unk> has excellent stable cash flow, a terrific customer draw and Publix and represents a great core property that is set to benefit from the rapid pace of growth of the England Park in rental sub market and the long term prospects of the broader Atlanta area.
West broad village, which is our most recent acquisition that we acquired two weeks ago spans more than 392000 square feet on 33 acres and has some similar characteristics, including a very strong grocer and whole foods as well as a great complementary retail tenants and Rei, Dave and Busters and Homegoods.
We acquired this property meaningfully below replacement cost with 17% vacancy, which we believe provides us upside as we emphasize value added leasing and look to reposition the asset as dominant lifestyle property and the high end short pump Submarket of Richmond, Virginia.
Overall, if we take a step back and look at how our portfolio has evolved since the beginning of the year, we've been able to trade out of office and single tenant assets and reinvest in the property is anchored by tenants such as whole foods Homegoods Publix Rei Ross dress for less and best buy while further diversify.
Buying our overall tenant exposure and given our portfolio more long term upside through lease up of acquired vacancy and re tenant in unit that currently have below market rents as they become available.
We've been able to drive attractive net investment spreads while also more than doubling our grocery anchored asset exposure to nearly 30% of the portfolio and increasing our overall retail and mixed use portfolio make up nearly 90%.
While we are excited about these new investments were also highly focused on maximizing the value of our existing portfolio through active asset management leasing and our capital investment program.
We're starting to see the benefits of the leases we signed over the past few quarters with new leases beginning to open a number of our properties. The most notable gains have occurred at Ashford Lane, where nearly a dozen new tenants have opened or will open over the next few months. The property is currently 78% occupied and more than 85% leased.
The progress we've made on the line, we have a strong tailwind to fill the remaining on leaf vacancy to drive additional revenue in the next 12 to 24 months.
The operational gains.
Not just through revenue growth, we're also finding ways to operate properties more efficiently.
The combination of the two resulted in year over year store NOI growth of 12% in the quarter and is up more than 20% year to date.
From a leasing perspective, we signed seven new leases in the quarter totaling 43000 square feet at an average rent of over $36 per square foot more than half of this lease square footage is for existing vacancy acquired when we purchased the property and the largest of the new leases signed at our property.
In Winter Park, Florida, where we now lease the entire top floor.
Two of the new leases were in locations, where the tenant either vacated the property are relocated them to a previously vacant units in these instances we grew expiry rent by 47%.
Of our nine renewals and extensions during the quarter, we experienced nearly 8% growth in comparable new per square foot lease rates as we continue to benefit from meaningful tenant demand for our high quality locations.
Within our structured investments portfolio, we anticipate the borrower of water star loan to <unk>.
Fully repay the outstanding balance before the end of the year, which will allow us to pay down debt.
Till we find new additional opportunities for reinvestment.
All of our successes are not without some challenges we have been notified that the we work location at our shops at legacy property in Plano, Texas, we will be going dark before the end of the year we.
We have a corporate guarantee in place that should take the anticipated client needed to find a replacement tenant while we recognize it will take some time and effort to find the right tenant. We believe we can find a productive backfill that will benefit the property given the strength of the market.
Additionally, we do have one Regal theater in the portfolio at our Beaver Creek crossing property outside of Raleigh, North Carolina, we've been in dialogue with their representatives and they're currently no indications that our lease will be rejected in bankruptcy. However, given that the boxes separately parceled in the Raleigh market is one of the fastest growing.
Most in demand markets in the country. We believe we have an attractive set of alternatives available to us should they decided to vacate that space.
Finally on the capital investment side of things the lawn at Ashford Lane is largely complete and we expect that the space to be fully operational in activated as we head towards the holiday season.
I will now pass it over to Matt to talk about our performance in the quarter capital market activities increased guidance.
Thanks, John but the inclusion of west broad village. Our income property portfolio consists of 19 properties comprising approximately $3 1 million square feet of rentable space across 15 markets.
Our largest markets are now Atlanta, Georgia, Dallas, Texas, Richmond, Virginia, and Raleigh, North Carolina, where we've seen strong tenant demand excellent population growth and above average wage growth.
<unk> continues to be our largest tenant exposure, but with the shift in portfolio makeup that John talked about we've added a number of high quality retail tenants to our top 20 tenant list and we have nearly finalized our transition to retail and mixed use asset.
At quarter end, our portfolio was 92% occupied and we reported leased occupancy of more than 94%.
Total revenues for the third quarter increased nearly 40% to $23 million and year to date total revenues have increased by 31% to $60 million.
The $6 $5 million of year over year increase in quarterly revenues $4 $5 million was driven by income property and structured investment revenue gains while the other $2 million was from mitigation credit and subsurface sale.
Our year over year same property NOI growth for the quarter was 12% with Crossroads Towne Center in Chandler, Arizona, the strand in Jacksonville, Florida, and our restaurants in Daytona Beach, representing the largest contributions to growth.
Our same property NOI statistics only include assets owned for the entirety of the measurement period in both 2022 and 2021. So the effects of the properties. We acquired in the fourth quarter of 2021 and year to date 2022 did not impact these results for the quarter.
Third quarter 2022 core <unk> was <unk> 47 per share representing a 38% increase compared to the third quarter of 2021 in third quarter 2020 to <unk> 49 per share representing a 36% increase over the third quarter of 2021.
Year to date core <unk> with $1 41 per share and <unk> was $1 47 per share representing a year over year per share growth of 55% and 41% respectively when compared to the first nine months of 2021.
The third quarter was the first quarter our convertible note on an if converted basis under accounting standards update 2020 that show effects resulted in a diluted impact to our earnings per share as a result, adjusted net income per share and NAREIT defined <unk> per share to remove the interest expense associated with our convertible notes and we added approximately $3 1 million shares.
So our diluted weighted average share count to reflect the impact of our convertible notes as if they were converted at the current conversion ratio as of the end of the third quarter.
We reverse these adjustments for our calculation of core <unk> per share and <unk> per share in order to reflect the actual incurred interest expense and current basic share count as reflected on the face of our P&L.
We did not make this adjustment for our year to date net income per share and NAREIT defined <unk> per share because of the effects of the adjustments would be anti dilutive.
We will continue to evaluate whether or not the adjustments required under ASU 2026 will be dilutive or anti dilutive and each subsequent quarter and will adjust our net income per share and NAREIT defined <unk> per share accordingly.
Because we remove the effects from our core <unk> per share and <unk> per share the impact does not influence our guidance or the comparability of those quarterly and year to date results to our guidance.
As previously announced the company paid a third quarter regular cash dividend of <unk> 38 per share on September 30 to shareholders of record on September 12.
Our quarterly dividend represents a 14% year over year increase over the Companys Q3, 2021 cash dividend and a one 8% increase over our Q2 2022 quarterly cash dividend and our current annualized yield of approximately seven 6%.
This represents a Q3 2022 <unk> per share cash payout ratio of 78%.
On the capital markets front. It was an active quarter as we previously discussed in July we completed our three for one stock split effective July one.
Within the quarter, we issued approximately 566000 shares of common stock through our ATM program for total net proceeds of $12 3 million at an average issuance price of $22 <unk> per share we refinanced our credit facility extending the maturity date of our revolver to January 2027, and increased the commitments by $90 million to a total <unk>.
<unk> $300 million.
Also entered into a new $100 million term loan with exploration date of January 2028, and we fully swapped the term loan effectively fixing so far for the life of the loan.
We have terrific support from the bank market. During these two transactions so I'd like to acknowledge and thank all of our banking partners for their commitment to our strategy and our team.
And finally, we repurchased approximately 86000 shares of common stock for $1 6 million at a weighted average gross price of $19 17 per share.
We ended the quarter with approximately $47 million of cash and restricted cash and approximately $262 million of undrawn commitments under our revolving credit facility.
Net debt total enterprise value at quarter end was approximately 43% and our net debt to EBITDA was six four times.
Looking at the balance of the year, we revised our full year 2022 guidance to account for our Q3 2022 results and revised expectations for transaction and leasing activity.
Current capital markets environment, the steepening yield curve and other influential assumption.
Our new core <unk> per share guidance range of $1 71 to $1 74 per share, which is an increase of <unk> 13 per share at the low end and <unk> 10 per share at the high end.
Our new <unk> per share guidance range of $1 79, $2 82 per share, which is an increase of <unk> <unk> per share at the low end and <unk> <unk> per share at the high end.
Our revised guidance assumes no additional acquisitions are structured investments for the balance of the year. Furthermore, we have revised our disposition guidance to a range of $81 million to $83 million of property sales at an exit cap rate of six 2% with that I'll turn the call back over to John for his closing remarks.
Thanks, Matt.
This was a great quarter of execution, regardless of some of the challenges at hand, we believe our rock solid balance sheet strong markets high quality portfolio and embedded same store NOI growth from our year to date and future leasing activity have us well positioned to continue delivering outsized earnings and cash flow growth.
Through the end of the year for the foreseeable future.
We appreciate all of our teams hard work and I want to thank our investors and partners for their continued support with that we will open it up for questions operator.
And thank you as a reminder to ask a question you will need to press star one on your telephone please standby as we compile the Q&A roster.
And one moment for our first question.
And our first question comes from Gaurav Mehta from <unk>. Your line is now open.
Hi, good morning, Thanks for taking my question.
Hoping if you could provide some color on what you guys are seeing in the transaction market as far as cap rate.
Yes so.
It's kind of interesting there's there's not a lot of activity going on right now with regards to transactions because there is a little bit of a standoff between buyers and sellers.
And people that obviously it is a challenging environment, if youre looking to sell a property because theres really no debt market for secured debt. So if youre out in the market trying to sell something.
Probably have to sell something.
And I would say that roughly on those sort of situations kind of like us.
People only want a really good deal. So I'd say cap rates are out like 100 basis points.
Or more depending on the kind of quality of the property but.
So right now theres not a lot of transactions happening, they're affiliated less inventory out there being sold because.
People are determining that is not a great time to be selling an asset.
Okay.
Maybe second question I think in New York.
Prepared remarks, you mentioned, a few times about the strong tenant demand.
Was hoping if you could maybe provide some color on.
Have you seen any sign of weakness or softness from your tenants are demand continues to remain trial.
All your properties.
Yes, we keep on we.
Expect it to soften up it hasn't softened up the softness we've seen and heard about is really from local tenants in <unk> and <unk>.
Markets, where our properties are located but no.
The more national regional tenants the demand is still strong.
Okay. Thank you.
Sure.
And thank you.
And one moment our next question.
And our next question comes from Rob Stevenson from Janney Montgomery Scott. Your line is now open.
Good morning, guys. John can you talk a little bit about where the rent is on the we work space versus market and how much term is left on that lease.
Yes, so roughly there's definitely eight or nine years left on term and the rent is probably $2 above market.
So the opportunity there will be.
Getting going after the guarantee and what's owed and then.
And another another tenant and there has been.
The words already kind of gone out in the market, even though they haven't really done any sort of.
Official notice and there is we've had.
A bunch of.
Operators that want to take over the space.
Sort of similar co working type of thing correct.
Okay.
And then given your comments on.
Regal at your rally location I mean, do you want them to stay is it better for you longer term if they go if it turned back in the lease and you could do something else with the space I mean, how far down the road have you guys gotten in terms of game planning what winds up happening if Regal Leafs.
Yes, I mean, I would say that look I think regal in that location is a really nice use because its a very.
Neighborhood kind of.
Our community Center is very activated for <unk>.
Families that live around there so I think it's a nice complement but.
If they decide that has done work for them, we do have great alternatives.
So.
There's a lot more work to make that happen because it's not going to be using the theater box our lease we wouldnt pursue another theater, we'd pursue an alternate use which has better credit.
And that sort of thing so which those those uses would be nice complement as well, but I just think the theater actually works pretty well for the center.
Okay, and then how is AMC doing and the new Atlanta asset and any of the other.
Movie theaters that you guys have are you.
Concerned about at this point.
Yes, so AMC.
As in yards I mean that that's one of our newest theaters probably in the country opened up right before pandemic and is not super large and they've been they've been very consistent lease when the.
The new shows like top gun and everything came around it was very strong.
I suspect without any kind of banner sort of.
Movies coming out right now, it's probably slipped off a little bit but.
<unk> so <unk>.
<unk> with people that if there is if there is a good theater and so many people live around our good show and there's a lot of people around there.
It would be a hassle to go to a movie somewhere else just because of.
The traffic in Atlanta, So so it has a nice captured audience, there and again, it's only eight screens. So it is not.
Enormous project.
Okay, and then Matt.
Is there any material delay in terms of some of the leases that you signed and when they start flowing through the top line just trying to reconcile a little bit the difference between third quarter <unk>.
<unk> in the fourth quarter implied guidance.
Yes, there is I mean, there is about $2.3 million to $4 million of rent that's been signed that Hasnt commenced and thats all on space. That's currently not cash flowing.
So there is some pretty good tailwind heading into next year that will come online probably late fourth quarter, whereas maybe originally we thought it was early fourth quarter. So there's been some timing delays on certain things we had a few pull up into the third quarter as well so.
They are constantly moving around.
Okay. Thanks, guys I appreciate the time.
Thank you Sir and thank you.
And one moment for our next question.
And our next question comes from Matthew <unk> from Jones trading your line is now open.
Yes. This is Matthew on for Jason Congrats on the good quarter could you provide an update of the leasing efforts at Ashford Glenn.
Yes, Ashford Lane has been.
Incredibly busy.
Sure.
We're in a great situation, there and that we have.
Signed.
Restaurant tenant for the last remaining space.
At the lawn.
And we will be moving that tenant that's there now to the second floor office space. So we kind of we've upgraded that use and a much higher paying tenants and then we're getting anywhere leasing the office vacancy with.
Relocating the existing tenant and then.
We've had another lease signed this week.
Smaller tenants, so and we have two or three other leases in the works right now.
So it feels really good.
This one is going to be kind of fully stabilized by the end of the year or first quarter next year, but there could be it could be a situation, where we're just kind of wait for the right tenant on some of the some of the spaces that are left but yes.
Everything has been very strong there.
Yes, that's awesome and then in terms of asking rents what are the expectations on increases I guess, there and then for next year. If you guys have any coming online.
Matt.
When you say expectations of increases are you talking about relative to replacing existing.
Right.
Yes, yes, I mean in the quarter, we only had two leased new leases that we signed that were replacing existing tenants and those were up 47%.
That's probably not a good expectation for next year, but that gives you a sense of the strength of the market and the quality of the assets.
And where.
Where rents are headed.
There are some that are doubles because the tenants are have been there have been there for a while in that Submarket is.
Just gotten so much denser so.
Is anything that has a tenant thats been there a while.
Uplift on it is pretty strong.
Awesome. Thank you guys.
Thank you.
And thank you.
One moment our next question.
And our next question comes from Craig Kucera from B Riley Securities. Your line is now open.
Yes, thanks, good morning, guys.
John given the challenges that developers are finding in the debt markets. In particular are you seeing more opportunities that you might move forward on.
Construction investment portfolio.
The answer is yes, Craig I mean, there are some good opportunities that seem to starting to percolate and.
We can earn equity like yields.
And our first mortgage or Mezz.
Situation.
Don't have anything kind of.
Right in front of us that we're going to be.
Printing a ticket anytime soon but I will say that that area should be very active.
For the rest of the year.
Got it and Matt.
G&A expense was a little higher this quarter I think higher than it's been in some time and I'm just curious where there were there any onetime expenses affiliated with the corporate move to Orlando or should.
Should we expect that to be more of a recurring level due to some staffing increases and maybe some additional office expense.
Yes, no no one time items just.
<unk> to build out the team as we were.
We bring on more managed assets.
And.
Build out about their infrastructure.
Got it and.
Can you give me some color on the I think you have about a 350 basis point delta between what you've leased and economic occupancy how are you thinking about.
The pace of when those leases will.
We will take occupancy and start paying cash over the next year or so.
Yes, I think.
Theres a handful of them that will come online between now and the end of the year and then there is another handful that will come online in the first quarter, but some of these will take a little bit longer.
And to the I'll call. It the middle of next year to come online just because of the tenants have to do their build out. So there is a free rent period and things like that.
Got it and just one more for me I'd be curious you had some success selling.
Mitigation credits and monetizing some of those types of non core assets.
Were those utilized by standard developers and can you talk about sort of.
The market for sales right now in that piece.
Piece of your business.
Yes.
Was for.
Basically development projects that are still going forward.
And we expect some additional sales to happen probably at the very end of the year or maybe slip over into January it seems like everything's kind of slipping but.
Projects, we haven't heard of projects being shelved because of the environment I think Florida.
Has that unique kind of.
Tailwind for needs for the further development so.
So far so good.
Okay. Thanks.
Thank you and thank you.
And one moment our next question.
And our next question comes from RJ Milligan from Raymond James Your line is now open.
Hey, Good morning, guys. This is Jon Kaufman on for RJ.
So you guys did 47 of core <unk>, which comes out to around $1 88 annualized.
Which is above consensus for 2023, just curious are there any onetime items in that <unk> number and how we should think about the run rate going forward.
Yes.
Good to hear from me John Paul.
Thank.
In Q3, we had the interest expense from some of the structured investments that will get paid off this.
This quarter and then as we head into the first quarter of next year and so either of those proceeds will get used to pay down debt or to John's point, we might find some other opportunities.
On the financing side to put that capital back to work. So it's a little uncertain on.
On the redeployment part for that capital and then we had some accrual true ups and some percentage rent in the third quarter, which we will hopeful we're hopeful the percentage rent will continue but it will obviously be performance driven by the tenant.
So I think we're not in a position yet to provide formal guidance for next year.
But the $1 88 run rate certainly seems appropriate.
As a starting point.
Got it that's helpful. Thank you Matt and then addition to my other question was on leverage.
It ticks down to six four times this quarter I'm just wondering if you could remind us of your leverage targets and how you expect to kind of manage the balance sheet moving into next year.
Yes, it did tick down, but I'll remind everybody that we did bring it back up a little bit to fund a portion of the west broad acquisition in October .
I think you can expect us to run it in that 6% to seven times range, but we could end up below or above it just given the.
The size of the company it doesn't it doesn't take a lot to move it. The other thing I would highlight is that with the convertible note. The conversion price is below the stock price today, and so that's $50 million of debt that will likely convert to equity in 2025.
Our pro forma leverage perspective accounting for that we're pretty under levered relative to our long term targets.
Thanks, that's it for me I'll turn it over.
Thank you.
And one moment our next question.
And our next question comes from Michael Gorman from <unk>. Your line is now open.
Yes. Thanks, Good morning, John I was wondering sorry, if I missed it but you talked about the pause in the acquisition markets, which certainly makes sense.
Something we're seeing across property types I wonder what your sense is for where the market would clear right now versus maybe 90 days ago or even six months ago, because we keep hearing there is a ton of dry powder on the private side re balance sheets are in pretty good shape, certainly yours as well and are looking for opportunities. So.
I'm kind of curious to your thoughts on what it would take for the market to start clearing in terms of price adjustments.
Yes.
Yes, so I think that again, it's probably 100 basis points.
If youre talking about like a power center it could be higher it could be 120 550 basis points to clear.
But if you're talking about high quality grocer.
Anchored you're probably talking about 50 basis points to 75 basis points.
Got back from <unk> and that was kind of discussion around with a lot of different sort of owners and buyers and capital.
That was a consensus of that if you have a really high quality grocer deal.
You're probably seeing 50 to 75 basis points, but but if you're kind of power center.
<unk> 150 basis points, something like that so so in this environment.
We're definitely kind of looking for those really good opportunities, where you can take advantage of the dislocation.
You don't want to buy something Thats, just marginally you really want something Thats high.
High quality kind of like what we just bought in west broad.
Okay, Great. That's helpful that makes sense, and then either John or Matt just talking about the share repurchases in the quarter I understand it was relatively small amount and it was below where the sockets today, which is always a good sign.
But I'm just curious how you balance that out versus the longer term growth trajectory of the company and the liquidity in the shares balancing taking advantage of an opportunity where the stock is clearly mispriced versus that long term liquidity and long term capital base.
Yes, I mean look we.
As we have been very active in share repurchases when it makes sense.
At the time I've been here and so we're always.
Really looking about always driving.
Accretion to NAV.
So we don't worry about so much.
Liquidity and growth of the company so much where it is really about driving NAV and value and so but we hope that we will get those opportunities to grow the company.
And given given the growth we have on these results and what we have kind of a tailwind as we have with our portfolio, we feel pretty good about where the company is going to be next year. So why not take advantage of the stock market for CTO has always been a bit of a lagger from just because where it is.
Not as well covered so.
Yes.
We feel like we're even though we've been around 115 years, we feel like we're still a new company because people. Some people haven't heard of us and they are starting to learn more about us and as we continue to upgrade our portfolio. So I know im giving you a really full winded answer but.
So we will always take advantage of dislocations in the market. When there is volatility and people are seeking liquidity and panicking, but we will as you saw in the quarter also we did issue some some share so.
Just taking advantage of dislocations when as and when it presents itself.
Great. Thanks, I appreciate the time guys.
Thank you.
Thank you.
And I am showing no further questions I would now like to turn the call back over to John Albright for closing remarks.
Thank you very much for attending the call and look forward to talking with you during the quarter. Thank you.
Thank you.
This concludes today's conference call. Thank you for participating you may now disconnect.
Okay.
Okay.
The conference will begin shortly to raise your hand during Q&A you can dial one one.
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Yes.
[music].
Okay.
Okay.
Okay.
Okay.
Thanks.
Yes.
Okay.
[music].
Yes.
Great.
[music].
Yes.
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Yes.
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[music].
Great.
Okay.
Sure.
Thanks.
Yes.
Yes.
Yes.
Yes.
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Yes.
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Yes.
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Yes.
Yes.
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Yes.
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Yes.
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Yes.
[music].
Thanks.
Yes.
Okay.
[music].
Yes.
Yes.
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Yes.
Sure.
Yes.
Yes.
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Yes.
Yes.
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[music].
Okay.
Okay.
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Yes.
[music].
Okay.
Yes.
Great.
Sure.
Yes.
[music].
Yes.
Yes.
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Thanks.
Okay.
Sure.
Sure.
[music].
Yes.
<unk>.
Sure.
Yes.
Yes.
Okay.
Okay.
Sure.
Okay.
Sure.
Sure.
Yes.
Yes.
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Yes.
Okay.
<unk>.
Sure.
Okay.
Yes.
Yes.
Yes.
[music].
Sure.
Sure.
Okay.
Okay.
Yes.
Thanks.
Yes.
Sure.
Okay.
Yes.
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Yes.
[music].
Yes.
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Yes.
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Yes.
Yes.
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Yes.
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Yes.
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Sure.
Yes.
Yes.
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Yeah.
Yes.
Yes.
[music].
Yes.
Yes.
[music].
Okay.