Q2 2023 Easterly Government Properties Inc Earnings Call
Okay.
Speaker 1: Greetings. Welcome to the Easterly Government Properties second quarter 2023 earnings conference call. At this time all participants are in a listen-only mode. After this presentation there will be a question and answer session between the company's research analysts and Easterly management team.
Yes.
Greetings and welcome to the easterly government properties second quarter 2023 earnings Conference call.
At this time all participants are in a listen only mode.
The speaker's presentation, there will be a question and answer session between the company's research analysts and east to at least match mature.
Speaker 1: To ask a question during the session, analysts will need to press star one one on their telephone. They will then hear an automated message advising their hand is free.
You asked a question during this session analysts will need to press star one one on their telephone.
We'll then hear an automated message advising their hand this phrase.
Speaker 1: Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Lindsay Winterhalter, Head of Investor Relations. Please go ahead.
Please be advised that today's conference is being recorded I would now like to hand, the conference over to your speaker today Lindsay Winterhalter head of Investor Relations. Please go ahead.
Speaker 2: Good morning. Before the call begins, please note that certain statements made during this conference call may include statements that are not historical facts and are considered forward looking statements within the meaning of the private securities litigation Reform Act of 1995.
Good morning before the call begins please note that certain statements made during this conference call may include statements that are not.
Historical facts and are considered forward looking statements within the meaning of the private Securities Litigation Reform Act of 95.
Speaker 2: Although the company believes that its expectations as reflected in any forward-looking statements are reasonable, it can give no assurance that these expectations will be attained or adjusted
Although the company believes that its expectations as reflected in any forward looking statements are reasonable it can give no assurance that these expectations will be attained or achieved.
Speaker 2: Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond the
Furthermore, actual results may differ materially from those described in the forward looking statements that will be affected by a variety of risks and factors that are beyond the company's control, including without limitation those contained in the company's most recent Form 10-K filed with the SEC and then its other SEC filings.
Speaker 2: including, without limitation, those contained in the company's most recent Form 10-K filed with the FCC and in its other FCC files.
Speaker 2: The company assumes no obligation to update publicly any forward-looking
The company assumes no obligation to update publicly any forward looking statements.
Speaker 2: Additionally, on this conference call, the company may refer to certain non-GAAP financial measures such as funds from operations, core funds from operations, funds from operations as adjusted, and cash available for distribution.
Additionally, on this conference call the company may refer to certain non-GAAP financial measures such as funds from operations core funds from operations.
Adjusted and cash available for distribution.
Speaker 2: You can find a tabular reconciliation of these non-gab financial measures to the most comparable current gap numbers in the company's earnings release and supplemental information.
You can find a tabular reconciliation of these non-GAAP financial measures to the most comparable current GAAP numbers in the company's earnings release and separate supplemental information package on the Investor Relations page at the company's website at IR Dot easterly REIT dot com.
Speaker 2: on the investor relations page of the company's website at ir.easterlyread.com.
Speaker 2: I would now like to turn the conference call over to Darrell Crate, chairman of the administration's Startup Act 30uted Governmentjas.
I would now like to turn the conference call over to Darrell Crate chairman of easterly government properties.
Yeah.
Speaker 3: Good morning, everyone, and thank you for joining us for the second quarter conference call. Today, in addition to Lindsay, I'm also joined by Bill Trimble, the company's CEO , and Megan Bevere, the company's CFO and COO.
Good morning, everyone and thank you for joining us for the second quarter Conference call.
Today. In addition to Lindsay I'm also joined by Bill Trimble, the company's CEO and Meghan <unk>, the company's CFO and C O O.
Speaker 3: I'm pleased with the activities at Easterly Government Properties as we work to create value for our shareholders.
I'm pleased with the activities at easterly government properties as we work to create value for our shareholders, we're seeing our pipeline of opportunities grow.
Speaker 3: We're seeing our pipeline of opportunities grow. Cells are adjusting to the current interest rate environment. And accordingly, we're expecting transactions to clear at higher cap rates than we've seen in recent years.
Sellers are adjusting to the current interest rate environment, and accordingly, we're expecting transactions to clear at higher cap rates than we've seen in recent years.
Speaker 3: In addition, our team has been doing good work over the last year to identify property segments that are adjacent to our portfolio that improve our financial profile and add value to shareholders.
In addition, our team that's been doing good work over the last year to identify properties segments that are adjacent to our portfolio that improve our financial profile and add value to shareholders.
Speaker 3: We're seeking adjacencies where we find property profiles that are consistent with our thesis and where we continue to have a definable edge to create value.
We're seeking adjacencies, where we find property profiles that are consistent with our thesis and where we continue to have a definable edge to create value.
Speaker 3: One adjacency that meets these objectives is state and local government leased properties with very strong credit.
One adjacency that meets these objectives is state and local government leased properties with very strong credit.
Speaker 3: Bill will talk more about the specifics. However, I observe this area meaningfully increases our pipeline opportunity set. The complement are already improving federal pipeline.
Bill will talk more about the specifics however, I observed this area meaningfully increases our pipeline opportunity set to complement our already improving federal pipeline.
Speaker 3: We'll continue to look for other similar adjacencies, but we believe state and local government lease properties can allow us to target elevated growth objectives for FFO in 2024. Further, with both the consistency of cash flow from our existing portfolio and the current growth prospects, we look forward to delivering consistent and growing dividends over time to our shareholders.
We'll continue to look for other similar adjacencies. So we believe state and local government lease properties can allow us to target elevated growth objectives for <unk> in 2024.
Further with both the consistency of cash flow from our existing portfolio and our current growth prospects, we look forward to delivering consistent and growing dividend over time to our shareholders.
Speaker 3: Exciting events are happening at Easterly, and we look forward to keeping our shareholders and partners updated in the coming months. With that, I'll turn the call over to Bill to give you further insights into our existing portfolio as well as the future growth opportunities.
Exciting events are happening at easterly and we look forward to keeping our shareholders and partners updated in the coming months with that I'll turn the call over to Bill to give you further insights into our existing portfolio as well as the future growth opportunities.
Speaker 4: Thanks, Darrell, a good morning. Thank you for joining us for our second quarter earnings call. As Darrell mentioned, external growth opportunities have returned. We've observed bid-ass spreads in our market narrowing and easterly is prepared to use our liquidity on hand to a credibly grow the portfolio. Our acquisitions team is actively engaged with potential sellers of assets that meet our strict criteria and that carry longstanding leases with the government. We look forward to providing updates on building specifics in the coming months.
Thanks, Darryl and good morning, Thank you for joining us for our second quarter earnings call.
Daryl mentioned external growth opportunities have returned we've observed bid ask spreads in our market narrowing and east release repair to use our liquidity on hand to accretively grow the portfolio.
Our acquisitions team is actively engaged with potential sellers of assets that meet our strict criteria and that carry long standing leases with the government. We look forward to providing updates on building specifics in the coming months.
Speaker 4: If stepping back, what we have learned during the first half of 2023, and what does that mean for future growth at Easterly? We have always viewed Easterly as the mechanism to buy real estate and sell credit. With that goal to date, we have chosen to center our acquisition universe around US government credit. With the goal of delivering long-term growth to our shareholders, we have spent a large amount of time expanding on that credit analysis.
Stepping back what we've learned during the first half of 2023, and what does that mean for future growth at easterly. We've always viewed easterly is the mechanism to buy real estate and sell credit with that go to date, we have chosen to center our acquisition universe around U S government credit with a goal of delivering long term growth.
As shareholders. We have spent a large amount of time expanding on that credit analysis, we learned that the U S. Government is joined by a number of states with very high credit ratings in fact, some actually carry higher ratings than our U S. Government tenant we learned long term leases renewed post pandemic carry a higher degree of comfort and security.
Speaker 4: We learned that the U.S. government is joined by a number of states with very high credit ratings. In fact, some actually carry higher ratings than our U.S. government tenant. We learned long-term leases renewed post-pandemic carry a higher degree of comfort and security, which is a key component of the strategy we have executed all along.
Which is a key component of the strategy, we have executed all along.
Speaker 4: As we endeavor to expand our investment universe, allow me to elaborate further on the principles that have always guided and will continue to guide our investment strategy. The first is credit. A company is only as strong as the security of the underlying cash flows and easterly will maintain its singular focus on tenants that have and maintain a very high credit rating.
As we endeavor to expand our investment universe allow me to elaborate further on the principles that have always guided and will continue to guide our investment strategy. The first is credit a company is only as strong as the security of the underlying cash flows and easterly will maintain its singular focus on tennis that.
<unk> and maintain a very high credit rating.
Speaker 3: The second is lease term. Easterly intends to remain anchored by its stability of cash flows and will continue to be, as Darryl describes, real estate without the drama. And finally, demonstrated resiliency. This guiding principle has served us well and allowed for strong levels of tenant retention since we started as a private company in 2010.
The second is lease term easterly intends to remain anchored by a stability of cash flows and will continue to be as Daryl described real estate without the drama and finally demonstrated resiliency. This guiding principle has served us well and allowed for strong levels of tenant retention since we started as a private come.
In 2010, we remain committed to allocating capital to buildings, where the tenant is dedicated to the necessity of the real estate in order to fulfill its mission.
Speaker 3: We remain committed to allocating capital to buildings where the tenant is dedicated to the necessity of the real estate in order to fulfill its mission.
Speaker 3: We have endeavored to provide a stable growth rate through positive renewal spreads, aqueous acquisitions, and targeted non-speculative development.
We have endeavored to provide a stable growth rate through positive renewal spreads accretive acquisitions and targeted non speculative development we.
Speaker 3: we are already seeing velocity increasing in our federal bullseye sector, as well as in certain state opportunities.
We're already seeing velocity, increasing and our federal bullseye sector as well as in certain state opportunities. We are targeting acquisitions. This calendar year and expect next year to provide further growing pipeline opportunities to quantify this we believe two to 300 million.
Speaker 3: We are targeting acquisitions this calendar year and expect next year to provide further growing pipeline opportunities.
Speaker 3: We believe $200 to $300 million put to work can drive run rate FFFFFO growth rate in the $200 to $300 basis point range. After thoroughly examining the high degree of similarities between being landlords to the United States government compared to being landlords to a state or local municipality, we are committed to pursuing this new opportunity to once again drive consistent growth in the easterly platform.
Put to work can drive run rate F. F F grow F F O growth rate in the two to 300 basis point range.
After thoroughly examining the high degree of similarity between being landlords to the United States government compared to being landlords to a state or local municipality were committed to pursuing this new opportunity to once again drive consistent growth and easterly platform.
Speaker 3: In closing, we are seeing opportunities on the horizon, and we believe Easterly is well positioned to transact and restart its growth trajectory. With a solid NLI supporting our platform, we hope all listeners today are as excited as we are about this reinvigorated investment strategy and potential for added growth for our shareholders. With that, I thank you for your time this morning, and I'll turn the call over to Megan to discuss the quarterly financial results.
In closing we are seeing opportunities on the horizon, and we believe easterly is well positioned to transact and restart its growth trajectory with a solid NOI supporting our platform. We hope all listeners today are as excited as we are about this reinvigorated investment strategy and potential for added growth for our shareholders with that.
Thank you for your time this morning, and I'll turn the call over to Megan to discuss the quarterly financial results.
Speaker 5: Thank you, Bill. Good morning, everyone. I am pleased to report that Easterly's portfolio performed solidly in the second quarter and our balance sheet today remains strong with leverage at the midpoint of our target range, zero drawn on our revolver, and no current floating rate debt exposure. Our attention and focus is on growing the portfolio.
Thank you Bill good morning, everyone.
I am pleased to report that Easter lease portfolio performed solidly in the second quarter and our balance sheet today remains strong with leverage at the mid point of our target range zero drawn on our revolver and no current floating rate debt exposure.
Our attention and focus is on growing the portfolio.
Speaker 5: Turning to our portfolio for the quarter ended June 30th, we owned 86 operating properties comprising approximately 8.6 million least square feet either wholly owned or through our joint venture. With a weighted average age of 14.4 years and a weighted average remaining lease term of 10.3 years.
Turning to our portfolio for the quarter ended June 30, we owned 86 operating properties, comprising approximately $8 6 million square feet, either wholly owned or through our joint venture with a weighted average age of 14 four years and a weighted average remaining lease term of 10 three years.
Speaker 5: Further, during the quarter, Easterly renewed its lease with the GSA at DOT Lakewood for a 15-year term, which will commence in June 2024.
Other during the quarter easterly renewed its lease with the GSA at D. O T. Lakewood for a 15 year term, which will commence in June 2024.
Speaker 5: For the second quarter, all on a fully diluted basis, net income per share was five cents and core FFO per share with 29 cents. Our cash available for distribution with 24.6 million. At quarter end, the company had total indebtedness of approximately 1.2 billion at a weighted average interest rate of 3.8%, a weighted average maturity of 5.2 years and with 99.8% of all outstanding debt fixed at attractive levels.
For the second quarter, all on a fully diluted basis net income per share was five <unk> and core <unk> per share with 29 our.
Our cash available for distribution was $24 6 million.
At quarter end the company had total indebtedness of approximately $1 2 billion at a weighted average interest rate of three 8% a weighted average maturity of five two years and with 99, 8% of all outstanding debt fixed at attractive levels.
Speaker 5: This represents an adjusted net debt to annualized quarterly EBITDA ratio of 7.1 times.
This represents an adjusted net debt to annualized quarterly EBITDA ratio of seven one times.
Speaker 5: Subsequent to quarter end, we funded the $50 million delayed draw feature on our 2018 term loan facility and used the proceeds, along with cash on hand, to repay all borrowings under our $450 million revolving credit.
Subsequent to quarter end, we funded a $50 million delayed draw feature on our 2018 term loan facility and used the proceeds along with cash on hand to repay all borrowings under our $450 million revolving credit facility.
Speaker 5: Furthermore, given the company's previously announced forward-starting swaps entered into in February of this year, as of today, Easterly carries no floating rate debt on its balance sheet, further insulating our shareholders from...
Furthermore, given the Companys previously announced forward starting swaps and.
Entered into in February of this year as of today easterly carries no floating rate debt on its balance sheet further insulating our shareholders from interest rate volatility.
Speaker 5: Easterly also maintains a healthy balance of unsettled forward equity on our ATM. As of today, we expect to receive aggregate net proceeds of approximately thirty six point seven million dollars from the sale of one point seven million shares of the company's common stock that have not yet been settled. Assuming these forward sales transactions are physically settled in full, using a net weighted average combined initial forward sales price of twenty one dollars and sixty one cents per share.
He's certainly also maintains a healthy balance of unsettled forward equity on our ATM as of today, we expect to receive aggregate net proceeds of approximately $36 $7 million from the sale of one 7 million shares of the company's common stock that have not yet been settled assuming these forward sales transactions are physically settled in full.
Using a weighted average combined initial forward sales price of.
$21 61 per share.
Speaker 5: Turning to the company 2023 guidance, the company is raising the low end of its full year 2023 core FFO per share guidance on a fully diluted basis from a range of $1 12 to $1 15 to a range of $1 13 to $1 15.
Turning to the company's 2023 guidance. The company is raising the low end of its full year 2023 core <unk> per share guidance on a fully diluted basis from a range of $1 12 to $1 15 to a range of $1 13 to $1 15.
Speaker 5: This guidance continues to assume the closing of VA corpus Christi, a property within the VA portfolio, at the company's Pro Rada share of approximately $21 million. Up to $15 million of gross development related investment during 2023, but now also includes a third component of up to $50 million in Holy Owned Acquisitions for the year ended 2020.
This guidance continues to assume the closing of the <unk> Corpus Christi, a property within the VA portfolio at the company's pro rata share of approximately $21 million up to $15 million of gross development related investment during 2023, but now also includes a third component of up to $50 million in wholly owned acquisitions.
For the year ended 2023.
Speaker 5: As Daryl and Bill mentioned, a thawing market is expected to generate opportunities to transact in the second half of 2023. We look forward to offsetting some of the dilution from our 2022 10 property portfolio disposition and keeping our shareholders informed as Easterly resumes its new external growth trajectory.
As Darryl and Bill mentioned.
<unk> market is expected to generate opportunities to transact in the second half of 2023.
We look forward to offsetting some of the dilution from our 22, 2022, 10 property portfolio disposition and keeping our shareholders informed us easterly resumes its new external growth trajectory.
Speaker 5: With that, we thank you for your time this morning and appreciate your partnership. I will now turn the call back to Shannon. Thank you.
With that we thank you for your time this morning and appreciate your partnership.
Now I'll turn the call back to Shannon.
Yeah.
Thank you.
Speaker 1: As a reminder, today analyst, to ask a question, you will need to press star 111 on your telephone. Please send out a wick and pause the Q&A roster.
As a reminder to the analysts to ask a question you will need to press star one on your telephone.
Please stand by what we compile the Q&A roster.
Speaker 1: Our first question comes from the line of Michael Griffin of Citi. Please proceed with your question.
Our first question comes from the line of Michael Griffin.
Of Citi. Please proceed with your question.
Speaker 6: Great, thanks. Maybe going to expected transaction activity for this year, Bill, I think you talked about narrowing bid-ask spreads, kind of acquisition cap rates. Where are you seeing these shake out relative to initial expectations from a cap rate perspective?
Great. Thanks, maybe going to expect the transaction activity for this year Bill I think you've talked about narrowing bid ask spreads kind of acquisition cap rates I mean, where are you seeing that shake out relative to initial expectations from a cap rate perspective.
Speaker 3: Well, I think that we're finally seeing, and good morning, I think we're finally seeing the opportunities squarely where we can purchase these buildings to creatively. So we're looking in the range from 6.75, all the way to the high sevens and some of these opportunities. And I think that it's only gonna get better. I don't know how quickly interest rates are gonna make the turn down, but I think we feel that we're getting some realistic movement in the cap rates overall. And if the seller's understand that this is probably not a short term.
I think that we're finally seeing growth and good morning, I think we're finally seeing the opportunity squarely where we can purchase these buildings to creatively. So we're looking in the range is from 675, all the way to the high Sevens and some of these opportunities and are and I think that it's only going to get better I don't know how quickly interest rates are going to make the turn down.
But I think we feel that we're getting some some realistic movement in the cap rates overall and for sellers to understand that this is probably not a short term situation and and are coming to the party.
Speaker 3: situation and are coming to the party.
Speaker 6: And then just on the State Agency pipeline that you talked about for a bit, are there any differences working with those state agencies relative to the federal government from a leaf perspective? I know we might not be as familiar with this asset class. If you can give some kind of color around that, that would be helpful.
And then just on the state agency pipeline that you talked about for a bit are there any differences working with those state agencies relative to the government federal government from a lease perspective, I know, we might not be as familiar with this asset class. So if you can give us some kind of color around that that would be helpful.
Speaker 3: Absolutely, and it's a huge market and obviously shows the federal space and we are interested in a very small subset of that market as well. So think about missions that have to be handled by agencies that have to be in their buildings and have renewed in place in these buildings since the end of the pandemic.
Absolutely and it's a huge market and obviously so as the federal space and we are interested in a very small subset of that market as well and so think about missions that have to be have to be handled by by agencies that have to be in their buildings that have renewed in place in these buildings since the end of the pandemic.
Speaker 3: But I think that from a standpoint of the size of the market, it is certainly large enough to be able to contribute, I think, substantially to our annual pipeline growth going forward.
But I think that from a standpoint of the size of the market. It is certainly large enough to be able to contribute.
Substantially to our annual pipeline growth going forward.
Speaker 3: I think from a diligence standpoint, we have an incredible team here at Easterly and we're really focusing on those states.
I think from a diligence standpoint, we have an incredible team here at easterly and we're really focusing on those states that have similar credit to the United States Federal government and missions that are the same as well so.
Speaker 3: that have similar credit to the United States federal government and missions that are the same as well.
Speaker 3: So I think you're going to be seeing more and more opportunities there from a lease standpoint. I know you're going to be very upset to hear that these leases actually have bumps.
So I think youre going to be seeing more and more opportunities there from a lease standpoint, I know you're going to be very upset to hear that these leases actually have bumps. So we're going to have the opportunity to see some increasing numbers along and along with those opportunities and also I think in some cases the leases are a lot more modern than the than the fixed fed.
Speaker 3: So we're going to have the opportunity to see some increasing numbers along with those opportunities.
Speaker 3: And also, I think in some cases, the leases are a lot more modern than the fixed federal GSA leases. So, all in all, I think very positive from those different attributes. $2.80, alright.
Oral GSA leases so all in all I think very positive from from those different attributes.
Great. That's it for me thanks for the time.
Speaker 1: Thank you. As a reminder, to ask a question at this time, please press star 1 1 on your telephone.
Thank you as a reminder to ask a question at this time. Please press star one one on your telephone.
Speaker 1: Our next question comes from the line of Peter Abramowitz with Jeffries. Your line is now open.
Our next question comes from the line of Peter Abramowitz with Jefferies. Your line is now open.
Speaker 7: Yes, thank you. You mentioned the $200-300 million number. Is that kind of the size of the overall target market or was that potentially what you would be aiming for on an annual basis?
Yes. Thank you.
You mentioned, the $2 million to $300 million number.
Kind of the size of the overall target market or was that essentially what you would be aiming for on an annual basis.
Speaker 3: That's our, you know, Pete, that is our annual happy zone that we've been on for many years, and we're very excited to get back to it next year. And I think, you know, it's been a frozen situation over the last 18 months in between certainly the federal opportunities, which by far are larger right now. They're coming back to market.
That's fair Pete that as our annual I'm happy zone that we've been on for many years and we're very excited to get back to it next year and I think.
It's been a it's been a frozen situation over the last 18 months in between certainly the federal opportunities, which by far our larger right now they're coming back to market.
Speaker 3: and the increased pipeline with some of these really terrific state opportunities. We look forward to getting back to that 200 to 300 basis point FFO growth rate per year.
The increased pipeline with some of these.
Terrific state opportunities, we look forward to getting back to that two to 300 basis point <unk> growth rate per year.
Speaker 7: Okay, got it. So that's kind of a combination of the new pipeline as well as what you've done in the past. Exactly.
Okay got it so and so that's kind of a combination.
The new pipeline as well as what you've done.
Speaker 7: Okay, got it. And then could you just comment, generally you talked about, you know, it's not every state or agency that you want to be working with, I guess, could you talk about some of the qualitative factors that went into your thinking in terms of other states that you're more or less willing to work with and who those are and why that might be?
Exactly.
Got it.
And then could you just comment generally you you're talking about.
It's not every state or agency that you want to be working with I guess could you talk about some of the qualitative factors.
What went into your thinking in terms of other states that you're more or less willing to work with.
Who those are and why that might be.
Speaker 3: Absolutely, and I think we did, you know, we went through.
Absolutely and I think we did we went through.
Speaker 3: a bit of a civics lesson and went through every state in the United States. We went through a lot of localities and figured out what the inventories were, figured out what the credit ratings of the various states were. Interestingly, a number of the local governments have some of the highest credit ratings in the United States in the world.
A bit of a civics lesson and went through every state in the United States for a lot of localities and figured out what the inventories were figured out with the credit ratings of the various states, where interestingly a number of the local.
Local governments have some of the highest credit ratings in the United in the World actually and so you look at the state, but you also look at the municipality and then after you've gotten satisfied with those two attributes then obviously looking at the importance of the building within the mission of that state and that particular Federal agency and so we've done all of them.
Speaker 3: So you look at the state, but you also look at the municipality. And then after you've gotten satisfied with those two attributes, then obviously looking at the importance of the building within the mission of that state and that particular federal agency. And so we've done all of that.
Speaker 3: and build up, I think, an attractive opportunity set that we will be mining over the coming quarters and coming years.
That in.
And the buildup I think an attractive opportunity set that we will be mining over the coming.
Quarters in coming years, I think that you should view this very much like when we entered the VA space in 2016, I think we've done our homework on that I think it's been very very successful very accretive to our shareholders and has provided another diversification within a I think a very attractive and very safe.
Speaker 3: I think that you should view this very much like when we entered the VA space in 2016. I think we've done our homework on that. I think it's been very, very successful, very creative to our shareholders.
Speaker 3: and just provided another diversification within a, I think, a very attractive and very safe portfolio opportunity.
Portfolio opportunity.
Got it that's it for me thank you.
Speaker 1: Thank you. I would no like to turn the conference back to Darrow Crate, chairman of Easterly Government Properties
Thank you I would now like to turn the conference back to Darrell Crate Chairman of easterly government properties for closing remarks.
Well thanks, everybody.
Uh huh.
Okay.
Speaker 8: So thanks everyone for joining the Easterly Government Properties Conference call for this quarter. We very much look forward to being with you at the end of the year and announcing our results and sharing our growth prospects. All the best.
So thanks, everyone for joining the easterly government properties conference call for this quarter, we very much look forward to being with you at the end of the year and announcing our results and sharing our growth prospects all the best.
Speaker 1: This concludes today's conference call. Thank you for participating. You may now disconnect.
This concludes today's conference call. Thank you for participating you may now disconnect.
Okay.
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Okay.
Yes.
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