ACRES Commercial Realty Corp. Q1 2023 Earnings Call
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They paid for and expects and similar.
Expressions are intended to identify forward looking statements.
Although the company believes that these forward looking statements are based on reasonable assumptions.
Such statements are based on management's current expectations and beliefs and are subject to several trends risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements.
These risks and uncertainties are discussed in the company's reports filed with the SEC, including its reports.
On forms 8-K, 10-Q, and 10-K and in particular, the risk factors section of its Form 10-K.
Listeners are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date hereof.
The company undertakes no obligation to update any of these forward looking statements.
Furthermore, certain non-GAAP financial measures.
May be discussed on this conference call. Our presentation of this information is not intended to be considered in isolation or a substitute to the financial information presented in accordance with GAAP reconciliations of non-GAAP financial measures to the most comparable measures prepared in accordance with generally accepted accounting principles are contained in the earnings presentation.
<unk> for the past quarter.
With me on the call today are Mark Vogel, President and CEO and Dave Bryant ACR CFO also available for Q&A is Andrew Fentress Chairman of ACR I will now turn the call over to Mark.
Good afternoon, everyone and thank you for joining our call today I will provide an overview of our loan originations real estate investments and the health of the investment portfolio, while they Brian will discuss the financial statements liquidity condition book value and operating results for the first quarter of course, we look forward to your questions at the end of our prepay.
<unk> remarks.
The Akers team continues to execute on our business plan by selectively originating high quality investments actively managing the portfolio and continuing to focus on growing earnings and book value for our shareholders.
We originated $1 $16 million, new self storage loan commitment in the first quarter.
Loan payoffs during the period were $94 $1 million and net funded commitments during the quarter were $13 $7 million producing a net decrease to the portfolio of $64 $4 million.
For our shareholders.
We originated $1 $16 million, new self storage loan commitment in the first quarter.
Loan payoffs during the period were at $94 1 million and net funded commitments during the quarter were $13 7 million producing a net decrease to the portfolio of $64 4 million.
The newly originated loan pays coupon interest at one month, so for plus a spread of five 5%.
The weighted average spread of the floating rate loans in our $2 billion of commercial real estate loan portfolio increased to 389% over the one month benchmark rates.
The newly originated loan pays coupon interest at one month, so for plus a spread of five 5%.
We expect to maintain our commercial real estate investment portfolio, including our loan book and real estate properties of $2 billion to $2 $3 billion throughout 2023.
The weighted average spread of the floating rate loans in our $2 billion commercial real estate loan portfolio increased to 389% over the one month benchmark rates.
During the quarter, we executed the sale of a hotel in the northeast region that we foreclosed on during July 2022.
We expect to maintain our commercial real estate investment portfolio, including our loan book and real estate properties of 2 billion to $2 3 billion throughout 2023.
The loan had a basis of $14 million prior to foreclosure and we were able to exit the property with a $745000 gain during the period that benefited both GAAP and earnings available for distribution or E D.
During the quarter, we executed the sale of a hotel in the northeast region that we foreclosed on during July 2022.
Alone had a basis of $14 million prior to foreclosure and we were able to exit the property with $745000 gain during the period that benefited both GAAP and earnings available for distribution or <unk>.
This was an excellent job by our asset management team to work through the asset in a short window and maximize value in a challenging marketplace.
The portfolio generally continues to perform demonstrating sound and consistent underwriting and proactive asset management.
This was an excellent job by our asset management team to work through the asset in a short window and maximize value in a challenging marketplace.
We ended the quarter with $2 billion of commercial real estate loans across 79 individual investments.
As of March 31, 2023, there were five loans rated four or five including four loans not current on contractual payments representing 5% of the portfolio.
The portfolio generally continues to perform demonstrating sound and consistent underwriting and proactive asset management.
We ended the quarter with $2 billion of commercial real estate loans across 79 individual investments.
This represents a slight decrease from December 31, 2022 at which they were also five loans rated four or five but represented five 4% of the portfolio.
As of March 31, 2023, there were five loans rated four or five including four loans not current on contractual payments representing 5% of the portfolio.
In January 2023, one watch list loan from December 31, 2022 on our hotel portfolio in the southwest region with a par value of $56 5 million was paid off in full.
This represents a slight decrease from December 31 2022.
At which they were also five loans rated four or five but represented five 4% of the portfolio in.
In January 2023, one watch list loan from December 31, 2022 on our hotel portfolio in the southwest region with a par value of $56 5 million was paid off in full.
We continue to hold several investments in real estate that we expect to monetize it gains in the future. These anticipated gains will be offset by NOL carryforwards, and we expect to retain the equity and reinvest potential gains into our loan portfolio.
We continue to hold several investments in real estate that we expect to monetize our gains in the future. These anticipated gains will be offset by NOL carryforwards, and we expect to retain the equity and reinvest potential gains into our loan portfolio.
In summary, the acres team is pleased with the quality of the investment portfolio, including investments in real estate, along with the improved balance sheet profile and the prospects for new originations and capital appreciation going forward.
We will now have Acr's CFO , Dave Brian discuss the financial statements and operating results during the first quarter of 2023.
In summary, the acres team is pleased with the quality of the investment portfolio, including investments in real estate, along with the improved balance sheet profile and the prospects for new originations and capital appreciation going forward.
Thank you and good afternoon.
Net loss allocable to common shares in the first quarter was $2 4 million or <unk> 28 per share.
We will now have Acr's CFO Bryan discuss the financial statements and operating results during the first quarter of 2023.
Included in that net loss is an increased <unk> reserves of $5 1 million or <unk> 60 per share.
Thank you and good afternoon.
Net loss allocable to common shares in the first quarter was $2 4 million or <unk> 28 per share.
The increased Ashish reserves was primarily attributable to modeled increases in expected general portfolio credit risk.
Included in that net loss as an increased <unk> reserves of $5 1 million or <unk> 60 per share.
To a lesser extent remaining incretion Ashish reserves resulted from the expected negative impact of macro economic factors on the general economy.
The increased <unk> is primarily attributable to modeled increases in expected general portfolio credit risk.
The total allowance for credit losses at March 31 was $23 not 20.
To a lesser extent the remaining increase in Ashish reserves resulted from the expected negative impact of macroeconomic factors on the general economy.
$23 9 million.
Which represents 119%.
<unk> 119 basis points of the 2.0 billion dollar loan portfolio at par.
The total allowance for credit losses at March 31 was $23 20.
$23 9 million.
Earnings available for distribution or <unk> for the first quarter or <unk> 52 per share.
Which represents $1 one 9%.
<unk> 119 basis points of the 2.0 billion dollar loan portfolio at par.
GAAP book value per share decreased to $24 51.
Earnings available for distribution or <unk> for the first quarter or <unk> 52 per share.
On March 30 <unk>.
From $24 54 shots on December 31.
Available liquidity at March 31, 2023 was $130 million, which comprised $87 million of unrestricted cash $10 million of projected financing available on unlevered assets and $33 million of reinvestment cash available in our two <unk>.
GAAP book value per share decreased to $24 51.
On March 31.
From $24 54 shots on December 31.
Available liquidity at March 31, 2023 was $130 million, which comprised $87 million of unrestricted cash $10 million of projected financing available on unlevered assets and $33 million of reinvestment cash available in our two <unk>.
Sorry Securitizations.
GAAP debt to equity leverage ratio decreased marginally to four one times on March 31, 2023 from four two times on December 31 2022.
Sorry Securitizations.
GAAP debt to equity leverage ratio decreased marginally to four one times on March 31, 2023 from four two times on December 31 2022.
Our recourse debt leverage ratio also decreased to one three times on March 31st from one four times on December 31.
The decrease due to the leverage and recourse debt leverage ratios were primarily due to decreased borrowings on our bank term facilities.
Our recourse debt leverage ratio also decreased to one three times on March 31 from one four times on December 31.
As a result of net loan pay offs during the period.
The decrease due to the leverage and recourse debt leverage ratios were primarily due to decreased borrowings on our bank term facilities.
Turning to results from our real estate investments.
Net loss from real estate investments increased from 369000 in the fourth quarter of 2022 to $1 8 million in the first quarter of 2023.
As a result of net loan pay offs during the period.
Turning to results from our real estate investments.
Due primarily to the seasonality of hotel operations.
Net loss from real estate investments increased from 369000 in the fourth quarter of 2022 to $1 8 million in the first quarter of 2023.
Currently there are two hotels in the portfolio, both of which experienced some natural seasonality in our revenue and earnings.
Due primarily to the seasonality of hotel operations.
Included in the first quarter property operating loss was approximately 946000 of non cash depreciation and amortization.
Currently there are two hotels in the portfolio, both of which experienced some natural seasonality in our revenue and earnings.
Focusing on G&A, the first quarter of 2020, we expense of $3 million.
Included in the first quarter property operating loss was approximately 946000 of non cash depreciation and amortization.
<unk> fourth quarter expense of $2 6 million reflects some seasonality and quarterly G&A.
Focusing on G&A, the first quarter of 2023 expense of $3 million.
Primarily due to the incurrence of the yearend audit expense, which amounted to approximately 600000.
<unk> fourth quarter expense of $2 6 million reflects some seasonality and quarterly G&A.
In the first quarter.
Our annual G&A expense projection remains unchanged.
Primarily due to the incurrence of the yearend audit expense, which amounted to approximately 600000.
Regarding share repurchases during the first quarter, we used 755000.
In the first quarter.
The share repurchase plan to redeem 80000 shares at an approximate 61% discount to book value per share on March 31.
Our annual G&A expense projection remains unchanged.
Regarding share repurchases during the first quarter, we used 755000.
There was approximately $6 $5 million remaining on the board approved program at quarter end.
The share repurchase plan to redeem 80000 shares at an approximate 61% discount to book value per share on March 31.
With respect to full year 2023 guidance, we still expect EAA D of $1 75 to $2 25.
There was approximately $6 5 million remaining on the board approved program at quarter end.
Which if paid as a cash dividend with <unk>.
With respect to full year 2023 guidance, we still expect <unk> of $1 75 to $2 25.
7% to 9% of book value.
<unk> in line with the peer group.
Given the difficulty in projecting house, how the seasonal model will adjust over the year.
Which if paid as a cash dividend would represent 7% to 9% of book value approximately in line with the peer group.
Reducing GAAP EPS guidance by <unk> 50 per share to a new range of 75 to $1 25 per share.
Given the difficulty in projecting house, how the seasonal model will adjust over the year, we are reducing GAAP EPS guidance by <unk> 50 per share to a new range of 75 to $1 25 per share.
Now I will turn the call to Andrew <unk> for closing remarks.
Thank you Dave we appreciate the challenging environment, our industry is facing here today.
We're focused on the assets in our portfolio and helping our sponsor source the most efficient financing for their properties.
Now I will turn the call to Andrew <unk> for closing remarks.
As assets repay we'll be making new loans into an attractive environment characterized by lower leverage and wider spreads.
Yeah.
Thank you Dave we appreciate the challenging environment, our industry is facing here today.
We're focused on the assets in our portfolio and helping our sponsor source the most efficient financing for their properties.
Our long run mission remains unchanged, namely to deliver value to our shareholders through increasing earnings and book value over time.
As assets repay we'll be making new loans into an attractive environment characterized by lower leverage and wider spreads.
This concludes our opening remarks, and I'll turn the call back over to the operator and look forward to your questions.
Our long run mission remains unchanged, namely to deliver value to our shareholders through increasing earnings and book value overtime.
We will now begin the question and answer session to ask a question you May Press Star then one on your Touchtone phone.
This concludes our opening remarks, and I'll turn the call back over to the operator and look forward to your questions.
If youre using a speakerphone please pick up your handset before pressing the keys.
We will now begin the question and answer session to ask a question you May Press Star then one on your Touchtone phone.
Is it any time your question has been addressed and you would like to withdraw your question. Please press Star then two.
If youre using a speakerphone please pick up your handset before pressing the keys is that anytime Youre question has been addressed and you would like to withdraw your question. Please press Star then two.
At this time, we will pause momentarily to assemble our roster.
Our first question comes from Steve Delaney from JMP Securities Steve.
Steve. Please go ahead. Thanks.
At this time, we will pause momentarily to assemble our roster.
Thanks, Good morning, everyone nice to be with you today.
I'm looking at slide 17, the properties and I was wondering if you talked about the seasonality of the hotels.
Our first question comes from Steve Delaney from JMP Securities Steve.
Steve. Please go ahead. Thanks.
Im looking at the description of the multifamily and student housing and I'm getting the sense, while I see that the student housing project. We just started construction here recently and the multifamily indicated that it was land to be developed can you just comment on the <unk>.
Thanks, Good morning, everyone nice to be with you today.
I'm looking at slide 17, the properties and I was wondering if you talked about the seasonality of the hotels.
Im looking at the description of the multifamily and student housing and I'm getting the sense, while I see that the student housing project, which just started construction here recently and the multifamily indicated that it was land to be developed can you just comment.
<unk> family and.
Explain what level of development has been made there I'm trying to get a sense of when those two multifamily and student will possibly start cash flowing for you. Thanks.
Comment on the multifamily and.
Hey, Steve It's Mark Thanks for the question Mark.
Explain what level of development has been made there I'm trying to get a sense of when those two multifamily and student will possibly start cash flowing for you. Thanks.
Sure that multifamily property has been sort of in the pre development stage, we have been working with a general contractor too.
Get the best possible price for construction and right.
Hey, Steve It's Mark Thanks for the question Mark.
Likely to start.
Sure that multifamily property has been sort of in the pre development stage, we have been working with a general contractor too.
Construction, probably in the next 60 to 90 days.
Okay.
It would be an 18 month construction process, yes.
Get the best possible price for construction and right we're likely to start.
And it'll take some time okay.
Supported by the clinical glad the way Steve is to sell that sell the property upon completion.
<unk>.
Construction, probably in the next 60 to 90 days.
Okay, thats likely to be an 18 month construction process.
Got it got it so it's not really up you want to get a complete so youre not looking for hold for several years and roll up the rents I could I get it.
Yes.
And it will take some time okay.
Thank you Sir.
The plant, we're glad the way Steve is to sell that sell the property upon completion.
Youre looking at it as a development.
Got it got it so it's not really up you want to get a complete sold youre not looking for hold for several years and roll up the rents.
Highest used for you or let your investment in the land it sounds like.
Yeah, well the other part of the equation was to take advantage of the Nols that we had so the idea is correct all the capital the prop and offset the gain with the Nols.
Get it.
Youre looking at it as a development.
Highest used for you or your investment in the land it sounds like.
Got it and of course that makes sense. The students the same thing on the students.
Yes, well the other part of the equation was to take advantage of the Nols that we had so the idea is that correct.
They all do things.
Yeah, we're looking to open that.
Spring of next year and and sell at that same point in time.
Zelda and offset the gain with the Nols.
Got it and of course that makes sense the student the same thing on the students.
So as you as you look here today I mean your.
They hold anything salad.
Youre not.
Doesn't seem to be totally concerned with the portfolio and if it runs off a little bit and be very selective on new loans.
Yes, we're looking to open that.
Spring of next year.
And sell at that same point in time.
Okay. So as you as you look here today.
As you look at the balance of where you would allocate capital.
Youre not it doesn't seem to be totally concerned with the portfolio and if it runs off a little bit and be very selective on new loans.
Do you see yourself, putting more given the need to create capital gains going forward.
Could we expect some additional investments in.
As you look at the balance of where you would allocate capital.
Early stage real estate with with valuation.
Do you see yourself, putting more given the need to create capital gains going forward could we expect some additional investments in.
Appreciation.
No that's not the plan.
The plan is just regular way origination.
Okay. So stick with the real estate, you've got now and any additional capital would go into the loan portfolio.
Early stage real estate with with valuation appreciation.
No that's not the plan.
Can you talk about at the margin.
Okay.
Just regular way origination.
We're seeing after freezing for a while people are starting to lend a little bit more I don't know whether that has anything to do with expectation for lower rates, but there seems to be a little bit of a pick up in and bridge lending.
Okay. So stick with the real estate, you've got now and any additional capital would go into the loan portfolio.
Can you talk about at the margin.
Can you characterize sort of the return profile of <unk>.
We're seeing after freezing for a while people are starting to lend a little bit more.
An incremental $20 million bridge loan today compared to where we were I guess, what 'twenty. One first half of 'twenty two when money was cheap and there was a lot of competition for those loans.
I don't know whether that has anything to do with expectation for lower rates, but there seems to be a little bit of a pick up in <unk>.
Bridge lending.
Can you characterize sort of the return profile of an incremental $20 million bridge loan today compared to where we were I guess, what 'twenty. One first half of 'twenty two when money was cheap and there was a lot of competition for those loans.
Is it is it a more lucrative business today than it was then.
Yes. This is Andrew.
Hi, Andrew So hey, thanks for the questions.
Short answer is yes, so our first quarter call on new loans in this environment is lower leverage.
Is it a more lucrative business today than it was then.
Quality and sponsorship.
Yes. This is Andrew.
And the third is return so we're able to adjust all three of those and a more favorable.
Hi, Andrew so.
Thanks for the questions.
Short answer is yes, so our first quarter call on new loans in this environment is lower leverage.
Our favorable outcome, so lower leverage higher quality sponsorship.
Quality and sponsorship.
And the third is return so we're able to adjust all three of those and a more favorable to a more favorable outcome, so lower leverage higher quality sponsorship.
And wider spreads yep from where we were certainly 18 months ago, and even 24 months ago.
We've got as you can appreciate we've got some reinvestment left on our two <unk>. The first one it closes this quarter the reinvest period.
And wider spreads yes from.
From where we were certainly 18 months ago.
Second one closes in the fourth quarter towards the very end of the fourth quarter of this year.
24 months ago.
We've got as you can appreciate we've got some reinvestment left.
And with those liabilities anything that we can replace from from there with today's spread is highly accretive to our shareholders interesting, okay, but not be do you have cash and theyre now Andrew that could be reinvested as well or is it just anticipating payoffs and reinvesting payoffs.
On our <unk> the first one closes this quarter the reinvest period.
The second one closes in the fourth quarter towards the very end of the fourth quarter of this year.
And with those liabilities anything that we can replace from from there with today's spread is highly accretive to our shareholders.
Anticipating new any cash that gets created through a payoff is redeployed pretty quickly pretty quickly okay.
Listing.
Okay, but not be do you have cash and Theyre now Andrew that could be reinvested as well or is it just anticipating payoffs and reinvesting pay offs.
Either from assets.
Peter from assets that are recently put on a warehouse facility that we have opened with two banks that you guys know.
Anticipating new any cash that gets created through a payoff is redeployed pretty quickly pretty quickly okay.
And.
<unk> transactions that are in our closing pipeline.
From assets.
Either from assets that are recently put on a warehouse facility that we have opened with two banks that you guys know.
Got it okay.
Okay, well. Thank you both for the comments I appreciate it.
Thanks, Steve.
And let me remind you if you would like to pose a question press star one.
And.
<unk> transactions that are in our closing pipeline.
Our next question comes from Stephen laws from Raymond James.
Got it.
Okay, well. Thank you both for the comments I appreciate it.
Okay.
Stephen Please go ahead.
Thank you.
And let me remind you if you would like to pose a question press star one.
Good morning hubs and be good afternoon, and congrats on a solid quarter.
Our next question comes from Stephen laws from Raymond James.
You know I joined the commentary you provided on Steve <unk> question that touched on a few things I wanted to ask about but now maybe a couple of specifics.
Stephen Please go ahead.
Thank you.
Good morning hubs and be good afternoon, and congrats on a solid quarter.
One on the model, Dave with regards to expenses in Q1, I think there's some one time expenses there I'm not sure in the G&A line, but can you talk about the run rate going forward as we think about.
The commentary you provided on Steve <unk> question that touched on a few things I wanted to ask about but maybe a couple of specifics.
Noninterest expense.
One of the model, Dave with regards to expenses in Q1, I think there is some one time expenses there I'm not sure in the G&A line, but can you talk about the run rate going forward as we think about.
Sure Steve.
I would tell you that.
We have that seasonality in G&A that I referred to.
But also.
Noninterest expense.
In terms of your question the run rate going forward.
Sure Steve.
I would tell you that.
<unk> in the two four to two five range when we remove that seasonality.
Yes.
We have that seasonality in G&A that I referred to.
So.
But also.
That would lead you to about a 10 to 10 five somewhere in that range I know that's kind of a.
In terms of your question the run rate going forward.
<unk> in the two 4% to two five range when we remove that seasonality.
5%.
The range there for.
For the year.
And so.
Great.
That would lead you to.
That's helpful.
<unk> 10 to 10 five.
I am so that's good to hear.
Somewhere in that range I know that's kind of a.
Bigger picture question I was impressed with the LIBOR floor of four 5% on the new loan certainly if you look at the forward curve that could be really attractive.
5%.
The range there for.
For the year.
Great.
That's helpful.
To have in your loans, Unfortunately, with where how quickly rates may turn not a lot of your capital is going to turnover up here at a five month LIBOR. So.
I am so that's good to hear.
Bigger picture question I was impressed with the LIBOR floor of four 5% on the new loan certainly if you look at the forward curve that could be really attractive.
Would you consider buying your own floors, how do you think.
To have in your loans, Unfortunately, with where how quickly rates may turn not a lot of your capital is going to turnover up here at 500 to LIBOR. So.
Think about.
Trying to take advantage of kind of where the market is today and do things to protect future earnings.
He probably aren't going to have a lot of capital on over here.
Would you consider buying your own floors, how do you think.
It's a good thought we have not considered that so thanks for giving us something to think about.
Think about.
Trying to take advantage of kind of where the market is today and do think to protect future earnings.
And as you point out as assets do turn.
Since you probably aren't going to have a lot of capital turnover here.
We are.
Putting new loans on at todays prevailing sofa rate as the base rate and that rate is Florida at the time of close.
It's a good thought we have not considered that so thanks for giving us something to think about.
And as you point out as assets do turn.
So as assets do turn that average floor does rise at today's levels.
Our.
Putting new loans on at todays prevailing sofa rate as the base rate and that rate is Florida at the time of close.
And I would also say that.
And this is somewhat of an exception, but to the extent that there are any negotiations in the portfolio on any credit terms Mas et cetera, increasing base rate is always one of the items that we try to focus on with the sponsors as part of an overall package.
So as assets do turn that average floor does rise at today's levels.
And I would also say that.
And this is somewhat of an exception, but to the extent that there are any negotiations in the portfolio on any credit terms mods et cetera, increasing base rate is always one of the items that we try to focus on with the sponsors as part of an overall package.
Okay.
Great and then one last question just out of curiosity kind of on the.
You know different uses of potential.
Of capital for investments, but outside of loans in ore.
Or buying back your own stock, obviously, which you have limits around.
Great and then one last question just out of curiosity kind of on the.
The amount you can buy liquidity et cetera.
Different uses of potential.
Leverage and its retiring capital you look at anything else like buying stock and other mortgage REIT.
Of.
Capital for investments, but outside of loans.
Or buying back your own stock, obviously, which you have limits around.
It's something where you probably have as good of an understanding of loan books with giving you underwrote and competed for many of those loans.
The amount you can buy liquidity et cetera.
Leverage and its retiring capital.
You know it would not reduce your leverage its good REIT income. It's good REIT assets you could sell it when you need it to fund new investments I mean is that something you guys would consider.
Look at anything else like buying stock and other mortgage Reits.
It's something where you probably have as good of an understanding of loan books.
Or are there reasons that you look at that and just say that it really doesn't make sense.
Given you underwrote and competed for many of those loans.
It would not reduce your leverage as good REIT income. It's good REIT assets you could sell it when you need it to fund new investments I mean is that something you guys would consider.
The short answer is it's not something we've done and are doing.
I think what you're saying makes sense and I think we do have a reasonable perspective on what's happening across the landscape but.
Are there reasons that you look at that and just say that it really doesn't make sense.
We just don't consider that to be part of our mission.
The short answer is it's not something we've done or are planning on doing.
Right, Yeah, no fair enough Im just curious to get your thoughts there.
What you're saying makes sense and I think if you have a reasonable perspective on what's happening across the landscape but.
Okay. I think you covered my other stuff with.
Steve joins question. Thank you I appreciate the comments, Andrew and David Thank you.
We just don't consider that to be part of our mission.
Right Yeah, no fair enough just curious to get your thoughts there.
So again, if you would like to pose a question press star one.
Okay. Thank you covered my other stuff with Steve <unk> question. Thank you I appreciate the comments on drilling and Dave. Thank you.
If there are no further questions. We will conclude the question and answer session.
Again, if you would like to pose a question press star one.
And I would like to turn the conference back over to Andrew Fentress for any closing remarks. Thank you.
If there are no further questions. We will conclude the question and answer session.
Thank you operator, and thank you everybody for joining the call. We appreciate everybody's time and interest in acres in please.
And I would like to turn the conference back over to Andrew Fentress for any closing remarks. Thank you.
Please follow up if you have any questions or comments that you'd like to speak to any one of the management team on in the coming days weeks and months much appreciated talk soon.
Thank you operator, and thank you everybody for joining the call. We appreciate everybody's time and interest in acres in please.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Please follow up if you have any questions or comments that you'd like to speak to any one of the management team on in the coming days weeks and months much appreciated talk soon.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.