Q2 2023 Veris Residential Inc Earnings Call
Ladies and gentlemen, greetings and welcome to the Vet is residential Inc. Second quarter 2023.
Conference call.
At this time all participants are in a listen only mode.
A brief question and answer session followed the formal presentation.
If anyone should require upgrade the assistance stealing the confidence police best stop diesel on your telephone keypad.
As a reminder, this conference is being recorded.
It is now my pleasure to introduce you host.
Haddonfield General counsel at both residential.
Go ahead.
Good morning, everyone and welcome to various residential second quarter of 2023 earnings conference call I would like to remind everyone that certain information discussed on this call. They constitute forward looking statements within the meaning at the federal Securities Law.
Although we believe the estimates reflected in these statements are based on reasonable assumptions, we cannot give assurance that the anticipated results will be achieved.
Refer you to the company's press release, an annual and quarterly reports filed with the S. P. C for risk factors that impact of the company.
With that I would like him to call over some Albania various residential the Chief Executive Officer, who was joined by Amanda Lombard Chief Financial Officer, Nevada.
Thank you Sarah and good morning, everyone.
The thought since made during this past quarter menthol strategic transformation temperature Fame multifamily right. We continue to build that all tremendous momentum achieving a number of significant milestones including side of five additional non strategic asset despite an extremely challenging transaction market and negotiate it out of the redemption of Rotten place beside interest in various presidential Trust.
The reinstatement about dividend and continued operational performance, achieving 12% blended net rental growth.
2% the same so I don't like.
Despite the bold a softening of red across the sector.
$260 million the proceeds with eastern side, if all the side, one two and three and April provide us with substantial liquidity, allowing us to call rock points provide interest, which they subsequently decide for 12 months.
Since then we've signed binding agreements with a side of four additional no strategic Latin plus 107, Morgan Street, Publicised, four and two and three campus for $142 million is what it is all besides six so $46 million alongside twenty-three main street, which also remains under contract to $17 million.
Together these transactions enabled us to fund the nutty negotiated redemption, a rough place beside interests of $520 million, which we closed on earlier this week.
Utilizing a new revolving credit facility and Tom known as a bridge, which Amanda will discussing bites of detail.
The I'd eat negotiate the redemption of Rockpoint removes the uncertainty associated with a redemption process under the joint venture agreement substantially simplified the company the girls striped shop, while maximizing all strategic and operational flexibility moving forward.
It was also increase it including a saving of $24 million in annual interest while paving the way for additional expense optimization in 2024.
With the latest accomplishment the board of directors has made the decision to reinstate the payments of an ordinary quarterly dividend, but getting the third quarter on a limited basis, a five cent common shot with potential to raise the I F F I pay out ratio over time.
Looking more closely multifamily operations are highly many sides class a portfolio and pizza performed exceptionally well, reflecting the strength of our platform and hard since we are introduced over the last two years and the dedication of our team.
Despite national class a matter of fact, the rainforest tiny negative across the fact that for the first time since the end of 2020 rental properties increased by 12% off from 11% in the first quarter ball things to occupy the sea remains stable at $95 fixed us that.
We remain cautious how about having recently seen some evidence of a cool down and rental rates as we not high growth months and lost yet and that does it typically slower at least thinks either.
Alcohol say portfolio continues to come on the highest strength in the sector, achieving a 50 per cent premium to office I got that we've seen widen by proclaiming 10% since mid 2022 Ah.
Average revenue behind them increase the $3734. This course up maybe.
17% compared to the same period last yet.
Despite this increase in rent rent to income ratio remained around 15% based on average per unit income, which is about $300000 per household.
The Jersey city important imperial Submarkets, which benefit from that proximity to New York City continue to outperform demand significantly outpaced supply indeed rent in these markets remainder of a 30 per cent below those in Manhattan, and I have a 20% below those in downtown Brooklyn, Swallow for a mall space and a wider range of immediate sees.
This sustained revenue growth coupled with a continued focus on expense management contributes at 222 per cent growth and things, though NOI compared to the second quarter of 2022.
To be a breakdown guidance for the yet to 10% to 12%.
We recently published all 20 twenty-two he asked you report detailing the meaningful steps being taken to fulfill our commitment to creating communities with puppets and stuff.
A recent survey in which 1300 residents responded 20, but then indicated that yeah. So your credentials most significant back then in that decision to lease with various residential.
You started your consumption by 24% over three years and it looks easy S. P. G I validate the Gulf why they had it but once he thought he'd target date.
Additionally house twenty-five recently achieved that sounds such basic details of southern vacation, increasing the percentage off won't forget that is green testified so maybe 70%.
During the call. So we also had vast number of social initiatives recently announcing the various presidential has become the first company globally. So cheap well equity writing portfolio wide. This right thing provide the framework for us to ask them about the bus the equity and inclusion inaccessibility calls.
As well as improve company culture, an employee health boardwalk continued to create longtime shareholder value.
Since the reconstitution about bold three is a guy we've executed over $2 billion, a non strategic asset sales. Despite the extremely challenging market conditions. These include it that's your own office properties, three hotels and 11 nonpartisan, while competing for new development and I think maybe 2000 units 12 multifamily portfolio, resulting in thought cheaper.
Sends Unity Corp.
We also successfully rebound at the various residential and enhance the operational capability is reflected in off continued second eating performance.
[noise] treatments are a testament to the hard work and dedication of an incredible team. So I would like to thank for that pilot that that's.
Looking ahead, we will focus our thoughts on closing the assets under contract repaying the timeline and continuing to enhance operational platform, while working closely with the board of directors. So identify further opportunity to maximize value for shareholders.
With that I'm going to hand, it over it's Amanda he'll provide an update on all financial performance during the quarter.
Thanks Bye bye.
The second quarter of 2023 that lots available the common shareholder.
Hopefully somebody care workers net income 29th.
With a chair in the second quarter of last year.
Exercising our right to call off place for Friday.
President Bush.
Has resulted in a reclassification of Brooklyn.
From the mezzanine equity section of the balance sheet affection.
Well, there's equity to liability is mandatory.
Controlling and chat.
And in different places in the valley.
Brooklyn and fat.
Fortunate out there that's a part of that crap are now included on the income statement.
I caught a mandatory redeemable noncontrolling can trap.
I also wanted to call out at the remain consistent with the tire presentation.
The value of the rock point in fact, I prefer a F about like that.
Well of course, there were fixed in time for the second quarter, an increase of one cents per share compared to the first quarter.
Yeah, that's all perfect with 19 cents.
[laughter].
Sure.
16th Africa. This quarter, one time I got friends, a few times for sure, but maybe it's a real estate taxes and almost three times per se I related to the annual early tax credit.
In Hawaii would that almost 22% quarterly require an almost.
19% you over here to to increase and play France across the portfolio as well as the successful resolution of two ongoing tax appeal in our Turkey City multifamily portfolio.
Oh, thank God.
<unk> my thirties with that.
[noise] higher and lower real estate taxes.
I'd also like to remind everyone that we had.
Who did the early tax credit distribution of $2.6 million from our thing for a matter of fact.
We have done in prior years.
Controllable dropped 2.6% your day as compared to the same period in the prior year, probably in line with our expectations.
The Noncontrollable side real estate taxes, once again resulted in significant albeit favorable the answers in the quarter.
When did shopping thing for otherwise I might impact.
Four resolution of these appeal.
2022 real estate tax increase it.
Oh, why it fell out by 18 per quarter over quarter.
We have added a digital disclosure not supplemental to support these take care.
As far as a general and administrative caught after desperate for one time payment.
They point 8 million for the quarter, which is below the first quarter. Despite.
<unk> often police for our corporate headquarters in harbour temporary.
With the wind up on the <unk> Center, we anticipate cost savings from professionals.
Largely rely 2024 that'd be work to fully integrate the joint venture.
Onto our balance sheet.
Sure, we invested $350 million as opposed to use her powers at one two and three and approximately $4 million and in fact.
We use the puppy along with cats on hand, and the proceeds from our transitional term loan and credit facility.
To complete the negotiated his adopted a rat points for pregnant embarrassed so I didn't have to try.
Four 520 million dollar on July 25th.
The new transitional alone is comprised of $150 million term loan.
50 million dollar revolving credit facility.
We do the full amount on the term home I'm $25 million credit facility.
The facility has a term of up to 18 months.
Mitchell interest rate of 360 basis points over so far.
I'd like to emphasize that transitional nature of this facility, which enabled us to redeem rocklin crap.
I just need to close the approximately 205 million dollar of non strategic assets under binding contract I.
I needed the postings do we pay the outstanding balance.
[noise].
Looking ahead at our upcoming maturity.
Why don't you this year 59 million dollar mortgage I'm one of our stabilize bought the property is underway and expected to be completed in the near term.
June 30th.
All you'll remain well positioned with 99% of our total that fixed and our heads with a weighted average maturity at 3.6 years and a weighted average interest rate of 4.4%.
In addition, our that's under appreciated assets breakdown remained stable during the quarter at $43 cheaper than that.
Turning to our outlook.
Including to raise our same store N y guidance range to 10% to 12% fixed with that.
This is largely to them by higher than expected market Renfro, which we expect to be in the range of 8% to 10%.
We are keeping expenses flat, given our insurance and they'll take taxes or fees that in the latter half of the year and believe that they are still on the appropriate range. We will continue to monitor our portfolio and considering I think I'd have said, we believe it is worth it.
In closing the privacy of maintenance quarters, Samantha grabbed somebody sent to a pure play multifamily b as we delivered another quarter stellar operating sulfur format from our class a multifamily portfolio.
With that you are ready to open the line for a question.
[noise], ladies and check at this time, we will be conducting a question and answer session.
You would like to ask a question Tibet stock and one on your telephone keypad.
[noise] formation, John willing to keep your line isn't a question Q.
You may be shocked and too if you'd like to remove your question from the queue.
All participants using speaker equipment, it may be necessary to pick up your handset.
The stocky.
Ladies and gentlemen, who even wait for a moment, while I pull for questions.
Our first question comes from the line of G basket with Evercore ISI. Please go ahead.
Hey, Good morning, I was wondering if you just just talk about the timing for closing of those non strategic assets and kind of what the the buyer pools like just any worries about the buyer is getting to dancing.
Good morning.
Thank you for the question.
Yeah.
I read a group.
So those are individual transactions that we've announced it's a pretty bad reach group.
But I would say ooh.
Bull parties.
Buy a house.
Pardon me.
Would be too.
Closed his eyes.
<unk>.
Essentially.
Next year.
We've done in the past.
It's now two years, we've been transacting and very challenging transaction markets and the team's been doing a normal job.
Transactions over the line and started consistent with past practice.
We've taken all the steps that we are able to to mitigate the transaction risk by making me in fact, finding and I'm taking half deposits.
Great. That's helpful. Thank you and then just one other one you know clearly very strong right close to the first off the year and you mentioned that it's starting to see some weakness. So just curious if you could talk about higher things out <unk> in the next couple of quarters, and where you're seeing that weakness specifically.
[laughter] it was really more of.
It's.
Obviously, the apartment sector, we've seen a considerable weakening I'll portfolio handheld up given the markets were in the quantity of the outside it's an incredible team we have those extracting maximum value from them.
The comment that we see in motor racing at a lower level than the 12th does that really reflects the fact that.
We are now entering what is typically slower leasing season and the apartment sector.
And we're laughing a period of Ah extremely strong rental growth.
So this is not gross everyone about not gross and I'm, sorry expectation moved to see that somewhat moderate.
Great. Thanks, that's all for me.
Thank you.
Thank you on that.
Question is from Eric Volz, what city. Please go ahead.
Good morning, Thank you for taking my questions for the rock Port redemption can you just talked about how the two sides came up with the with the value there at $540 million, what it implies for the underlying value of the portfolio.
Sure good morning.
Oh, so cute as you've seen over the last three years, She's got a board and the management team, who are pretty proactive and the way we would punish this this transformation and this is really just the latest stat, but ER that reflects that.
I saw a couple of other notes on the commentary round around the valuation quite simply that was.
Peace was provide interest piece was marked at $487 million as of 630.
So you've got to take into consideration, though that by terminating at least a year earlier than we otherwise would have been able to and I would just remind everyone that that was.
The redemption process comes with some uncertainty came with some uncertainty on the polished partnership agreement Bucks in terms of value timing.
So you're taking that all off the table, but even if you assumed redemption 12 months from now that's 24 million of interest on top of that 487, which puts you at $511 million.
You could P D back that interested quite make a meaningful difference to ER why we ended up so we paid a a minor premium of less than two per cent a nominal times.
Oh, well, what we would otherwise the wrong point based on the latest make just redemption value as a 630, but in doing so obviously as I mentioned in the commentary freed the company up to but but the operation needs strategically to operate without the.
[noise] restrictions and Incumbrances that came with.
With that partnership agreement.
I understand and I guess, if we just try to subtract off.
Interest expense because it can I get your point there you know call. It a value sort of $490 million I guess, you just anything you can say about sort.
Sort of how you value the portfolio Caprate that would apply to praise or what was applied to the overall portfolio just trying to understand sort of.
When you're back into that at 490 million what it what it implies for for the rest of the portfolio.
Well the the the 4873 and two this was really just a negotiated agreement, but the bass fish. The 487 is Walter redemption value would have been based on.
<unk> joined estimate of value today, notwithstanding it's difficult fully gauge web value is given a given limited transaction volumes in the market, but that that is our best estimate of where Bobby would have what what the redemption bother you would've been based on valuation today and then as I said, you've got the interest component that we would.
<unk> over the next 12 months, assuming it would've been a 12 months redemption process and wouldn't run on longer and I also remind you that <unk>.
Directions. This could have taken rockpoint, how deep it a cheetah equitize that position, but assuming a redemption 12 months other than 12 24 million. Then then the balance is really just a negotiated some too.
Do you risk this help to to take all the uncertainty off the table and associated with the redemption process and do a transaction today.
I understood. This last question cause I think about your advise seem store and all that goes guidance for the year I'm just trying to understand what it implies for a multifamily and allow time for the rest of the year in the third quarter fourth quarter.
That's definitely what I'm trying to figure out if this quarter represents the peak in terms of in terms of in Hawaii for multifamily here for you would expect to see that kind of grow sequentially, the third and fourth quarter as well.
[laughter], it's it's difficult to tell which is really why you know that's a it's a fully yeah number.
We decided.
It's cool to.
Because what now for six months.
Cool Jones.
The way into the it came out of the gates very strong and tons of performance by our expectations were already but we would see a wrench moderates across the sector given the economic uncertainty and then on the expense side of course, they're still continued uncertainty with inflation, then and I'm in the <unk>.
Noncontrollable expenses those typically come in in the second half of the year and they called this is surprised last year, so now that with.
And.
The reality.
Right across the sector have largely materialized you have seen.
Slowed down considerably and even tried a negative but an awful funny they've held up remarkably well and continue to hold up well, we do see that slowing down into the second half of the.
So.
She associated with particularly the non control both ideas.
And Ah out of that.
My equation.
The.
Right Gotcha.
What we've achieved in the last six months outburst estimate of where it will land in terms of revenue.
Month, but it's difficult to say I will be the next quarter. What the final quote it is a slow leasing period for the whole sector. As I mentioned, so you should assume some moderation of the rental site I.
Basically I said, well I'm not gonna expensive.
Thank you very much time to talk.
So the full yet.
Understood. Thank you.
Thank you.
Next question comes from the line of Josh.
The Bank of America. Please go ahead.
Yeah, Hey, guys. It was just wanted to step back and ask you. Some of the Big picture question, you got the wrong word J D.
Yeah I.
I guess, what are you thinking going forward as far as your main strategic interests like what are you going to really focus your time and energy on.
Well I dropped the management team NATO I missed the focus on.
Closing the assets on the binding contract.
Repaying the Tom learned in the revolving credit facility.
Ah continuing to make progress whereas.
Remaining nonstrategic out that's the largest one being hall beside five.
And reading now with the greater operational flexibility that we have.
As as a company without the encumbrance isn't restrictions that came about joint venture continuing to focus on the operational side to really fully extract value from the portfolio I'm I'm not as a multi pronged approach with various initiatives that seek to Olga.
Actually the fake strikes value within the portfolio some of that may be some equity reallocation.
Could be value added opportunities within the portfolio, but all things that we're looking at now Ah look fault updating you on <unk>.
Awesome and then.
What's the current interest level in Harbourside, five and the remaining nonstrategic land.
[noise] well nothing really to to provide in terms of an update we can with continuing to look at our options with regard to the site of homicides five.
And and potentially Sutherland Ah, but really nothing for I. That's a comment it's not a it's not an easy transaction market for all fast and it's not an easy transaction market for office in Jersey City, but it hasn't been for the last.
Three years and so.
It's challenging and it seems done a phenomenal job of.
Navigating difficult transaction markets over the.
The past two three years to exit so if you want an office properties and $2 billion a month strategic asset. So we're walking on it but nothing's update today.
Thanks for the time.
Thank you.
Our next question comes from the line of Tom Cat.
B B I T. T go ahead.
Thank you. Good morning, everyone, then first off well done on the on the rock point redemption Marbod. The the board with been really transparent and its commitment to a strategic review that is a press release that it put out and then you put out back in January it really spoke to that they talked about doing.
A strategic review in due course, obviously, a big part of that was the rock point redemption.
As we move forward from here are there any other keating <unk>.
That would kind of trigger or or or you know to accelerate the start of that strategic review and what are the thoughts kind of expectations as far as one that could start [noise].
Good morning, Tillman. Thank you for the question.
Like what the boats said Ah and the I believe it was January 18th press release was that as we conclude the transformation and subject to all the relevant factors, including market conditions, the political evaluate Ah Ah.
Potentially strategic process. The reality is your question is really wanted for the board and the strategic Review Committee.
We have an independent board.
A highly focused on that produce your obligations and have and will continue to evaluate all options in that pursuit of maximizing longtime shareholder value.
On behalf of all shareholders.
But but I I don't have any update to provide you on that today.
[noise] understood. Thank you for that and then on the land sales.
You go to the <unk> your land values down a couple of quarters ago, It's important time, either last year or the year before it looks like the sales came in.
Well ahead of of of maybe what you had internally or at least put it all summed up to you know a is that correct, where you you know we're supposedly surprised blend values. There and then what does that mean for the remainder you know I see you're carrying about $210 million of value for the <unk> still have you <unk>.
Did that based on these recent sales or is that still based on the prior methodology.
[laughter].
Good questions. So in relation to the non palaces on the contract Oh, you've done this mock them to actual sales price buses Ah the the <unk>.
But we were assuming for those possible prior to.
Ah signing those contracts so that uplift is just it just reflects why we ended up in those transactions we have not.
Use that as a basis to raise.
The the the value of the remaining lamp households are expected.
Carrying bother you brought on tunnel value of the remaining not impulses, we have not done that.
As for walks Ah.
Tension is with the the remaining not impossible remains to be seen I think this has been.
Another tremendous quarter of progress.
And and greedy transformational for for the company.
With the state of the assets under binding contract when we repay once we repay the time learn.
And I'll see ash it could be something of us there should be something of a surplus that does also as you say equity still tied up in.
Inland and homicide five and so.
We'll be having discussions with the board around.
[noise] strategy in the highest and best use to reallocate.
Equity that's tied up that we may look to release with homicide five that's queer that at some point there'll be an exit that we haven't made a decision with regards to the land.
I appreciate them about thank you for that and then last one for me.
Maybe Amanda.
You mentioned, the the tax appeals and that seemed to carry through your your property tax expenses this quarter.
For the two Q numbers did that include a reimbursement or is that a good run rate going for it and if it's not a good run right.
What what would that Delta look like you know after it burns off.
Yeah. So I think the way to look at it we kind of reconciliation in the supplemental.
At least you we had about three cents worth of.
Redaction and tax expense, it's quite a related to the real estate tax appeal.
And approximately two cents worth of that is related to prior period. So I would think about it like a penny lower.
Court.
Yeah.
Got really helpful. Thanks, everyone.
Thank you so.
Our next question comes from the line of John Polaski, But Green Street. Please go ahead.
Good morning, Thanks for that time.
A few follow up quite a few follow up questions to your prior comments I'm. Just curious if you could how are you reviewing the relative attractiveness in terms of using the capital at this point between paying down more debt acquisitions, some future dividend increases.
[laughter] well Ah John at this point the priority really is to close on the.
Yeah, that's on the binding contract and and ultimately.
Repay the timeline in the <unk> so.
That is the priority. It is repayment of of those facilities be all not Ah. That's a decision to be made at the appropriate time, when we have access to that capital of those transactions close based on the opportunities that are available to us and and ultimate the ball the boards and and we.
Working together just happened to be the highest and best use at that point in time.
Okay, but at this point do you anticipate any type of external grew up through the balance of this year either through acquisitions or a new development starts.
We've got you know six months of this year left so.
I I'm not going to commit to one thing or another no decision has been made but it looks at the nature priority is closing the sales.
105 minutes after that.
I'm trapped.
140 million also of.
<unk> got to repay that's the priority beyond that it's a question of when we release equity.
And how much on both the highest and best use at the time and Ah Foldout equity at that point in time.
Okay.
That's one for me could you give us a sense what type of renewal rate increases your sending out today and what type of new lease Grove, you expect in the second half this year as he lapsed really difficult comps.
Yeah. That's a good question I for both I would say you're you're on a blended basis should you landing in the mid to high single digits, but I just have to the 12% and will be posted last quarter.
Alright, thanks for your time.
Thank you.
Our next question comes from the line of Michael Lewis, but foolish to counties. Please go ahead.
Great. Thank you you were asked and answered most of my questions about rock point, but I just have one more.
You know could you have just waited to redeem the rough point interest. After some of these sales had closed it might not be a big risk that the that the deals will close but you are taking some risk with a relatively expensive a bridge loan I don't see any specific reason to kind of rough it or accelerate it.
You know what why the decision to take a loan and do it rather than just close the assets and do it that.
We could have done that the reality is as I said, the there is value significant value and the operational strategic flexibility that's brings us in the.
Logging on the face of it as expensive and that's reflective of where right saw today in terms of margin I I don't think it is expensive for transitional facility.
And you have to bear in mind that it's repaying what was 6% current.
Provide that will provide.
Provide equity.
But actually could have been up to 11% and so ah depending on the web value would have ended up but yeah from now and who knows actually I would argue that.
The rate the old and wait for the fans and could be below what do you want to write for the provide interest on the rock point, perhaps could have been anyway.
So we think this is a great.
Deal for the company, we think that ultimately Ah having this operational flexibility allows us to be able to explore opportunities within the portfolio to continue and haunting entity value and that's another huge consideration.
And on the whole this is a very accretive in positive transaction for the company.
Thanks, and then I'm the same store revenue guide you know your guidance for the full year almost double could you just talk a little bit more about why that was so unpredictable I guess.
We could be I don't know if there's a one time in there if you were a little bit conservative upon the original guidance or if the market is just that much stronger than you originally expected.
Yeah, as I mentioned that yeah.
Our expectations for the apartment sector and we offend.
Familiar with our markets and expect the top before him, but I suspect patients department effects on the whole I thought it would be challenging this yet and the reality is that we've seen that actually materialize and be the case with friends, even turning negative I don't think anybody.
Notwithstanding the strength of the markets were in particular drug you said the important period I don't think anybody expected at the beginning of the year.
The level of outperformance on the rental site that we've seen relative to the market. So we've come out the gate very strong in Q1 and the reality is we felt the Q1 was a little too early to revise guidance given we still had.
Three quarters of the year remaining.
Considerable economic uncertainty I mentioned, you I'll use on the broad.
Sector, and and how we anticipated rents may.
Play out through the rest of the year and of course the expense side of it. So it was nine months of expense uncertainty and revenue uncertainty felt too soon but now with six months and and the reality is the portfolio, particularly on the revenue side has.
Significantly outperformed.
And continues to be strong relative to the overall sector.
And then if you're looking at it on the NOI side. We've we've also had this tax adjustment from the appeals that help somebody out of Hawaii.
Side of things so.
That is the reason for the raised guidance on that road.
B D six months of actual performance and our best estimate for the remainder of the year.
Okay got it and then lastly.
Lastly from me anything more to say on the decision to bring the dividend back at five cents a quarter. So we knew eventually it would come back with the amount is pretty similar to what we thought it would come back at but you know is there a signal there from the board that you're kind of move it on or anything else you could.
Say about the decision to to do it this quarter.
And maybe maybe that has to do with your taxable income as well I don't know where it.
No. It's not really my taxable income I I think I would see it as a positive signal.
Reflects the progress made in the transformation largely that were on the other side of the transformation.
But.
That is the level of the board is determined appropriate at this time.
We still have some what to chop and closing the remaining and.
Closing the outside Thunder contract in repairing the timeline a revolving credit facility. There are restrictions on our ability to pay dividend under that Ah that specific agenda. This have known facility, which also a consideration, but clearly given the.
Yeah, Yeah, sorry performance. So far you have to date, one would expect that.
Subject to board approval.
That should be time to normalize to a mall.
Normal if you're like well more.
Market level, a if if I pay out ratio every time.
Great. Thank you.
Thank you.
Thank you.
Has that are no further questions I would not have the confidence so looked at the management so closing comments.
Thank you for joining us today, everyone I'd like to thank the team here embarrassed as well everyone, who has had a part to play and Ah the tremendous progress that we've made and that's cool too much really represent a.
[noise].