Q4 2023 Postal Realty Trust Inc Earnings Call
Operator: Greetings and welcome. Trust, 4th Quarter, 2020, and at this time. All participants are in a listening mode.
Greetings and welcome to Boston Realty trusts fourth quarter 2023 earnings call. At this time, all participants are in a listen only mode.
Operator: Question and answer session will follow the prepared remarks. As a reminder, this conference is being held, I would now like to turn the conference over to you, Vice President of FP&A Capital Markets. Welcome. Thank you and good morning, everyone.
A question and answer session will follow the prepared remarks.
A reminder, this conference is being recorded.
Now I'd like to turn the conference over to your host Mr. Jordan Cooperstein life's precedent of F b any capital markets wealth and jobs.
Thank you and good morning, everyone welcome to postal Realty trusts fourth quarter 2023 earnings conference call on.
Speaker: Welcome to Postal Realty Trust's fourth quarter 2023 earnings conference call. On the call with me today are Andrew Spodek, Chief Executive Officer; Jeremy Garber, President; Robert Klein, Chief Financial Officer; and Matt Bramwine, Chief Accounting Officer. Please note that the company may use forward-looking statements on this conference call, which are statements that are not historical facts and are considered forward-looking, are covered by the Safe Harbor Provisions for Forward-Looking Statements. However, 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 company's control, including, but not limited to, those contained in the company's latest The company does not assume, and specifically disclaims, any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
On the call with me today, we have Andrew <unk>, Chief Executive Officer, Jeremy Garber, President, Robert Klein, Chief Financial Officer, and Matt brand Y and Chief Accounting Officer.
Please note the company May use forward looking statements on this conference call, which are statements that are not historical facts and are considered forward looking.
These forward looking statements are covered by the safe Harbor provisions for forward looking statements contained in the private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those described in the forward looking statements and won't be affected by a variety of risks and factors that are beyond the company's control, including but not limited to those contained in the company's latest 10-K and its other securities and Exchange Commission filings.
The company does not assume and specifically disclaims any obligation to update any forward looking statements, whether as a result of new information future events or otherwise.
Speaker: Additionally, on this conference call, the company may refer to certain non-gap financial measures, such as fund flow operations, adjusted fund flow operations, adjusted EBITDA, and net debt. You can find a tabular reconciliation of these non-gap financial measures to the most currently comparable gap measures in the company's earnings release and supplemental materials. With that, I will now turn the call over to Andrew Spodek, Chief Executive Officer of Postal Realty Trust. Good morning, and thank you for joining us today.
Additionally, on this conference call the company may refer to certain non-GAAP financial measures such as funds from operations adjusted funds from operations adjusted EBITDA and net debt you can find a tabular reconciliation of these non-GAAP financial measures to the most currently comparable GAAP measures in the company's earnings release and supplemental materials.
With that I will now turn the call over to Andrew.
<unk> Executive officer of Postal Realty Trust.
Good morning, and thank you for joining us today, the fourth quarter marked another period of strong results and concluded a productive year for postal Realty, We acquired 223 properties for $78 million and came in well above the midpoint of our target weighted average cap rate range at seven 7% for both the fourth quarter and the full year.
Andrew Spodek: The fourth quarter marked another period of strong results and concluded a productive year for Postal Realty. We acquired 223 properties for $78 million and came in well above the midpoint of our target weighted average cap rate range at 7.7% for both the fourth quarter and the full year 2023. The weighted average cap rate for 2023 reflects an almost 100 basis point increase from 2022's cap rate. As a result of the flow-through benefit of acquisitions and lease renewals in prior years, as well as efficient operations, AFFO per share increased 6% year-over-year.
2023.
The weighted average cap rate for 2023 reflects the almost 100 basis point increase from 2020 twos cap rate.
As a result of the flow through benefit of acquisitions and lease renewals in prior years as well as efficient operations <unk> <unk> per share increased 6% year over year.
Andrew Spodek: This was due to the hard work of our dedicated team and is a testament to our ability to be flexible and patient while navigating a challenging interest rate environment. Turning the focus to our capital markets activity during the past year, we were successful in accessing equity through our ATM program and by completing transactions with operating partnership units while also accessing debt through our strong banking relationships. We have significant availability on our revolving credit facility and have maintained conservative leverage with the net debt to annualized adjusted EBITDA at 5.6 times at the end of 2023. Looking at 2024, we have a long runway and are still seeing significant opportunities. Absent changes to the current macroeconomic environment and the capital markets, we anticipate a similar year to 2023, with acquisition volume in the neighborhood of $80 million. We will continue to target a going-in weighted average cap rate at or above 7.5% and will provide further updates as the year progresses. With no near-term debt maturities, a solid balance sheet, and high collections and retention rates, we are confident in the fundamentals of our business. I'll now turn the call over to Jeremy. Thank you, Andrew.
This was due to the hard work of our dedicated team and is a testament to our ability to be flexible and patient while navigating a challenging interest rate environment, turning the focus to our capital markets activity. During the past year, we were successful in accessing equity through our ATM program and by completing transactions with operating partnership unit well.
Also accessing debt through our strong banking relationships.
We have significant availability on our revolving credit facility and have maintained conservative leverage with a net debt to annualized adjusted EBITDA at five six times at the end of 2023.
Looking at 2024, we have a long runway and are still seeing significant opportunities.
Absent changes to the current macroeconomic environment and the capital markets, we anticipate a similar year to 2023 with acquisition volume in the neighborhood of $80 million.
We will continue to target a going in weighted average cap rate at or above seven 5% and we'll provide further updates as the year progresses.
With no near term debt maturities, our solid balance sheet and high collections and retention rates. We are confident in the fundamentals of our business.
I'll now turn the call over to Jeremy.
Thank you Andrew.
Jeremy Garber: In the fourth quarter of 2023, we acquired 75 properties, which added approximately 153,000 net leasable interior square feet to our portfolio, inclusive of 71,000 square feet from 55 last mile post offices and 82,000 square feet from 20 flex properties. The fourth quarter brought our 2023 acquisition total to 223 properties. Subsequent to quarter end and through February 23rd, the company acquired eight properties for $4.5 million and placed an additional 20 properties totaling $13.9 million under definitive contract. We have maintained a 99% historical weighted average lease retention rate over the past 10 plus years, reflecting the strategic importance of these properties to both the Postal Service and the communities they serve. As we have previously shared, our lease negotiations with the Postal Service are progressing, and we are hoping to receive 2023 leases in the coming months. I'll now turn the call over to Rob to discuss our fourth quarter financial results. Thank you, Jeremy, and thank you everyone for joining us on today's call. We are pleased to discuss our fourth quarter financial results. Funds from operations, or FFO, was $0.24 per diluted share, and adjusted funds from operations, or AFFO, was $0.26 per diluted share.
The fourth quarter of 2023, we acquired 75 properties, which added approximately 153000, net leasable and tourist square feet to our portfolio.
<unk> above 71000 square feet from 55 last mile post offices, and 82000 square feet from 'twenty Flex properties. The fourth quarter brought our 'twenty 'twenty through acquisition total to 223 properties.
Subsequent to quarter end and through February 23rd the company acquired eight properties for $4.5 million and placed an additional 20 properties totaling $13 $9 million under definitive contracts.
We have maintained a 99% historical weighted average lease retention rate over the past 10, plus years, reflecting the strategic importance of these properties to both the postal service and the communities they serve.
As we have previously shared our lease negotiations with the postal service are progressing and we are hoping to receive 2023 leases over the coming months.
Now I'll turn the call over to Rob to discuss our fourth quarter financial results.
Thank you Jeremy and thank you everyone for joining us on today's call.
We are pleased to discuss our fourth quarter financial results funds from operations or <unk> was 24 cents per diluted share and adjusted funds from operation or <unk> was 26 cents per diluted share.
Robert Klein: We've continued to manage our balance sheet prudently by maintaining low leverage and minimizing our exposure to variable rate debt. At the end of the fourth quarter, our debt outstanding had a weighted average interest rate of 4.14%, a weighted average maturity of four years, and no significant debt maturities until 2027. As of February 23rd, 2024, our $150 million senior unsecured revolving credit facility had $142 million undrawn, and 97% of all borrowings were set to fixed rates. Net debt to annualized adjusted EBITDA ratio was 5.6 times at the end of the year, well within our target of remaining below seven times. Recurring CapEx for the fourth quarter was $211,000 as we completed additional projects prior to year-end. Looking forward to Q1 2024, we anticipate the figure to be between $125,000 and $175,000, depending on the timing of the projects. Cash G&A expense came in at the bottom of our stated range for the fourth quarter and the full year 2023 due to cost savings and efficiencies achieved throughout the year.
We've continued to manage our balance sheet prudently by maintaining low leverage and minimizing our exposure to variable rate debt.
At the end of the fourth quarter, our debt outstanding at a weighted average interest rate of 4.14% our weighted average maturity of four years and no significant debt maturities until 2027.
As of February 23rd 2024, or $150 million senior unsecured revolving credit facility had $142 million undrawn at 97% of all borrowings were set to fixed rates.
Net debt to annualized adjusted EBITDA ratio was five six times at the end of the year well within our target of remaining below seven times.
Recurring capex for the fourth quarter was $211000 as we completed additional projects prior to year end.
Looking forward to Q1 2024, we anticipate the figure to be between 125000 and $175000 depending on timing of projects.
Cash G&A expense came in at the bottom of our stated range for the fourth quarter and the full year of 2023 due to cost savings and efficiencies achieved throughout the year.
As a percentage of revenue it declined on an annual basis for the full year 2023, and we anticipate this continuing in 'twenty to 'twenty four.
As for Q1, 2024, we expect cash G&A to be between two one and $2 $3 million.
Our board of directors approved a quarterly dividend of <unk> 24 per share representing a one 1% increase from the Q4 2022 dividend.
Our business provides investors with stable cash flows each quarter, we continue to execute on our strategy exhibiting patience with acquisitions and prudence in the capital markets, which should reassure investors that our business will continue to thrive across all economic cycles.
Robert Klein: As a percentage of revenue, it declined on an annual basis for the full year 2023, and we anticipate this continuing in 2024. As for Q1 2024, we expect cash G&A to be between $2.1 and $2.3 million. Our Board of Directors approved a quarterly dividend of $0.24 per share, representing a 1.1% increase from the Q4 2022 dividend.
This concludes our prepared remarks, operator, we'd like to open the call for questions.
Thank you.
We'll now be conducting a question and answer session. If you would like to ask a question. Please press star one on your telephone keypad.
Formation tone will indicate your line is in the question queue.
You May press Star two if you would like to move your questions from the queue for participants using speaker equipment. It may be necessary to pick up your handset before pressing the star keys, one moment, please while we poll for questions.
Speaker: Our business provides investors with stable cash flows each quarter. We continue to execute on our strategy, exhibiting patience with acquisitions and prudence in the capital markets, which should reassure investors that our business will continue to thrive across all economic cycles. This concludes our prepared remarks. Operator, we'd like to open the call for questions. Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. The confirmation tone will indicate your line is busy. You may press start.
The first question comes from the line of Steve two Monsky, but Janney Montgomery Scott. Please go ahead.
Yeah.
Can you. Please talk about the difference between rental rate increases you're seeing go long on recent acquisitions when they come up for renewal versus properties that you've owned for several years also you're still getting a noticeable bump in your first lease negotiation renegotiation with the U P. S. USPS on the newly acquired assets are.
Andrew Spodek: If you would like to remove your questions from the list, participants using speaker-equipped phones, It may be necessary to pick up your handset before pressing the start button. One moment, please, while we poll for questions. The first question comes from the line of... Johnny Montgomery Scott, Thank you. Can you please talk about the difference between rental rate increases you're seeing on recent acquisitions when they come up for renewal versus properties that you have owned for several years? Also, are you still getting a noticeable bump in your first lease renegotiation with the USPS on newly acquired assets, or has that gap closed in the last couple of years? So, we typically get a better bump in rental rates when we're negotiating the lease for the first time.
As that gap closes in the last couple of years.
Okay.
So we typically get a better bumps and.
Rental rates when we're negotiating the lease for the first time, our second bite at the Apple is typically smaller.
But we're still getting.
Good rent increases and we are marketing these leases to market in the current environment. We're very happy to have a five year leases that we can mark to market as quickly as possible.
Thank you can you also please expand on the Golar gaming cap rate differential today between last mile and flex acquisitions.
Okay.
Sure so.
The reason why we've always stated that we buy things within a large range is because not just the different asset classes for last mile Flex and industrial properties, but also the geographies in the individual markets that they serve.
Every asset kind of speaks for itself in every market speaks for itself and so the cap rates while logic.
Andrew Spodek: Our second bite at the apple is typically smaller, but we're still getting good rent increases, and we're marking these leases to market, and in the current environment, we're very happy to have five-year leases that we can mark to market as quickly as possible. Thank you. Can you also please expand on the Gologin cap rate differential today between Last Mile and Flex acquisitions? Sure. So, the reason why we've always stated that we buy things within a large range is because not just the different asset classes for last mile flex and industrial properties, but also the geographies and the individual markets that they serve. Every asset kind of speaks for itself, and every market speaks for itself.
Logically would be higher for last mile than it would be for flex. It really is more more driven by what the underlying rent is in use for the property in that particular market for that particular deal.
Thank you and just one last one in terms of sourcing acquisitions do you projected transact on more industrial opportunities for the new year.
I would like to but it's really a question of the accretion of those of those assets, we've seen the industrial assets.
Very expensive over the past couple of years and so unless the cap rates for those assets right. Those are not assets that were very focused on.
And the player via last mile.
The flex in last mile buildings are really the bread and butter of the business.
Alright, thank you.
Thank you.
Thank you next question comes from the line of Barry, Oxford, but.
Andrew Spodek: And so the cap rates, while logically would be higher for last mile than they would be for flex, it really is more driven by what the underlying rent is and the use of the property in that particular market for that particular day. Thank you. And just one last one.
Please go ahead.
Hey, guys How're you doing just to build on the acquisition.
Yeah, you guys kind of indicated around 80 billion for 'twenty four.
And what type of what what would you need to see in the environment today to maybe move that to 151, what would it take what would it be.
Andrew Spodek: In terms of sourcing acquisitions, do you project to transact on more industrial opportunities for the new year? I would like to, but it's really a question of the accretion of those assets. We've seen industrial assets get very expensive over the past couple of years, and so unless the cap rates for those assets rise, those are not assets that we're very focused on, and the Flex and Last Mile buildings are really the bread and butter of it. Thank you. Thank you. Thank you. The next question comes from the line of Barry O'Connor: call us. Please call us. Hey guys, how are you doing?
Dan would move in the 10 year I mean, what what what would cause you guys to do $1 50 in 'twenty four.
Hey, Barry so yes.
There's a lot of opportunity there, we're still seeing a lot of deals. The problem is we're not really happy with the pricing.
And so either our cost of capital needs to come down or seller's expectation of pricing needs to be adjusted.
We.
Want to and we will continue to buy Accretively.
And that's really what drives our pipeline.
And so unless something changes.
Speaker: Just to build on the acquisition. You guys kind of indicated around $80 million for 24. What would you need to see in the environment today to maybe move that to 150? What would it take?
Neither one of those two fronts, we're going to continue to to by the way, we are and we're going to be patient and wait for the opportunities to present themselves.
Great.
That absolutely makes sense and then on the new leases that you're signing with the post office I think giving any pushback or have you guys kind of settled in on the the new terms and the rates and everything and it's it's moving smoothly.
Speaker: Would it be a downward move into the 10-year? What would cause you guys to do 150? Hey, Barry.
Jeremy Garber: So, yep. There's a lot of opportunity there. We're still seeing a lot of deals. The problem is we're not really happy with the prices. And so either our cost of capital needs to come down, or sellers' expectations of pricing needs to be adjusted, and we want to, and we will continue to buy aggressively, and that's really what drives our pipeline. And so unless something changes in either one of those two fronts, we're going to continue to buy the way we are, and we're going to be patient and wait for the opportunities to present themselves. No, no, no, no, that absolutely not, and then on the new leases that you're signing. Post Office.
Yeah, Hi, Barry this is Jeremy.
So as you can imagine.
The growth of our portfolio over the past five years, both postal USPS recognize that we needed to come to a better process a more efficient process given the volume of leases that we need to negotiate on an annual basis.
That process is still going on.
And we're making great progress were confident that were going to achieve a successful result for the 'twenty threes and beyond.
Right Okay.
That's all I've got guys. Thanks for the time.
Thank you.
Jeremy Garber: Are they giving any pushback, or have you guys kind of settled in on the new terms and the rate and everything, and it's moving smoothly? Yeah, hi Barry, this is Jeremy. As you can imagine, with the growth of our portfolio over the past five years, both Postal and USPS recognized that we needed to come up with a better process, a more efficient process given the volume of leases that we need to negotiate on an annual basis. That process is still going on, and we're making great progress; we're confident that we're going to achieve a successful result for the 23s and beyond. Okay. That's all I've got, guys.
Thank you next question comes from the line off he'd been Kim but Teresa copies. Please go ahead.
Hi, good morning.
Can you guys remind us what your long term lease.
Lease renewal rate Ranger.
The Rangers were and given the more inflationary period that we just went through if you think as you're negotiating renewals are you getting the.
You know the benefit of the inflation.
Inflationary environment.
So I didn't really understand the first part of the question. When you say long term lease renewal rates, what can you give anymore.
Yeah, I thought I might be getting it wrong, but I thought your kind of stated.
Renewal rates were 15% to 20%.
I was just curious if it's worse than landing within that range.
Speaker: Thank you. Thank you. The next question comes from the line of Ki-Bin Kim. Hi, good morning.
You're asking for rent increases on the renewals now yeah.
So what we've been stating what we reported was the same store of 222%.
Speaker: Can you guys remind us what your long-term lease renewal rate ranges were? And given the more inflationary period that we just went through, do you think as you're negotiating renewals, are you getting the benefit of the inflation? In an inflationary environment.
And once we complete the 20 threes will update that that number calling going forward.
In terms of inflation and annual Escalations.
We're we're we're still dealing with an increase in cost operated properties and we're hoping that going forward, we'll be able to get a escalation on our leases yet, but we haven't finalized our negotiation thats all very very fluid.
Andrew Spodek: So I didn't really understand the first part of the question. When you say long-term lease renewal rates, can you be a little more specific? Yeah. I thought, I might be getting it wrong, but I thought you kind of stated lease renewal rates were 15% to 20%. I was just curious if it's worse than landing within that range.
To update you in the coming months.
And.
In terms of G&A are looking ahead.
You know what.
Like to what pace should you any increased looking ahead and if there are any atypical expenses to be aware of coming up.
Andrew Spodek: You're asking for rent increases on the renewals now, I understand. So what we've been stating, what we reported, was the same store of 2.2%. And once we complete the 23s, we'll update that number going forward. In terms of inflation and annual escalations, we're still dealing with an increase in the cost to operate the properties.
Yeah. Thanks This is rob.
There are no atypical expenses that we anticipated this year.
And we believe that we're slowing the growth of G&A and that's reflected.
And the ratio that we keep quoting of cash G&A as a percentage of revenue coming down year over year. We gave the guidance for Q1, what you'll find is quite similar to Q4. So we're very on top of it we're very cognizant of our expenses and were committed to slowing that growth.
Andrew Spodek: And we're hoping that going forward, we'll be able to get a escalation on our leases. But we haven't finalized our negotiations. It's all very, very fluid, but we hope to update you in the coming months. Okay, and um... In terms of GNA, looking ahead, like, at what pace should GNA increase looking ahead and if there are any atypical expenses to be aware of coming up? Yeah, thanks. This is Rob.
Okay. Thank you guys.
Thank you.
Thank you next question comes from the line of John Kim with BMO capital markets. Please go ahead.
Thank you.
Looking at your 24 explorations it looks like leases in holdover, we're at 91 leases.
And that's up from 88 that were scheduled to expire as the third quarter.
Robert Klein: There are no atypical expenses that we anticipate this year, and we believe that we're slowing the growth of G&A, and that's reflected in the ratio we keep quoting of cash G&A as a percentage of revenue coming down year over year. We gave the guidance for Q1, which you'll find is quite similar to Q4. So we're very on top of it. We're very cognizant of our expenses, and we're committed to, you know, slowing that growth.
Just wondering what drove that.
Sequentially.
Sure so yeah.
You're correct there were 88 leases from the 2023 vintage the additional three leases are 24 leases that have now rolled and have not been renewed as of yet.
Okay, and what's the annual rent of those 91 leases.
The annual rent is approximately $4 million.
Okay.
Robert Klein: Okay, thank you guys. Thank you. Thank you. The next question comes from the line of John, "Be among us."
Hum.
I understand that you don't provide guidance necessarily but you did increase the dividend by 1% is that a good indication of where you think earnings will grow next year or this year.
Speaker: Thank you. Looking at your 24 expirations, it looks like leases in hold over, we're at 91 leases, and that's up from 88 that were scheduled to expire as of the third quarter. So I'm just wondering what drove that increase sequentially.
No. So I think while the to go slightly hand in hand in terms of as we grow earnings. We believe we can increase the dividend I don't think the rates will be the same and you know our board does review this on an annual basis.
Speaker: Sure, so you're correct. There were 88 leases from the 2023 vintage. The additional three leases are 24 leases that have now rolled over and have not been renewed as yet. Okay, and what's the annual rent for those 91 leases? The annual rent is approximately $4 million. I understand that you don't necessarily provide guidance, but you did increase the dividend by 1%. Is that a good indication of where you think earnings will grow next year or this year? No, so I think while the two go slightly hand-in-hand in terms of as we grow earnings, we believe we can increase the dividend, I don't think the rates will be the same, and our board does review this on an annual basis, and that is absolutely one of the components they look at is earnings growth.
And that is absolutely one of the components. They look at it the earnings growth, but the two are not completely tied together and we are also.
Committed to be lowering that payout ratio over time as we grow our earnings.
And final question is on the acquisitions. This year you have $80 million guidance I'm just wanted to ask about the timing do you think this will be weighted towards any particular quarter will be about evenly.
It's difficult to tell.
So so early in the year in general just given the way we saw last year play out I would say, there's probably a slightly heavier weighting towards the end of the year.
But I don't think it'll be drastic.
Okay, great. Thank you.
Thank you.
Thank you.
Next question comes from the line of Jon Petersen with Jefferies. Please go ahead.
Great. Thanks, Good morning, guys.
Speaker: But the two are not completely tied together, and we are also committed to lowering that payout ratio over time as we grow our earnings. The final question is on acquisitions this year. You have $80 million in guidance. I just wanted to ask about the timing. Do you think this will be weighted towards any particular quarter, or will it be spread out evenly? It's difficult to tell so early in the year. In general, just given the way we saw last year play out, I would say there's probably a slightly heavier weighting towards the end of the year.
On the I'm curious on the industrial leases, there's only five of them I think it's roughly 10% of your revenue can.
Can you remind us are those kind of typical industrial lease structures or are those more flat lease rent structures like the post offices or most of the post offices are where before your new new lease contracts.
Yeah. Those are those are more typical for postal leases than industrial leases, but well.
One of them does have a cam reimbursement.
That debt is structured more like a typical industrial lease.
Gotcha, Okay and then.
Do any of that do you have any lease maturities on those five properties in the next year or two that we should be aware of that might you know move swing revenue more materially one way or the other.
Speaker: But I don't think it'll be drastic. Okay, great. Thank you. Thank you. Thank you. The next question comes from the line of John Peterson with Jeff.
Yeah, we do have some some lease rolls in the next couple of years.
Speaker: Oh, great. Thanks. Good morning.
A R. R. Two properties will be rolling in and we're hoping to mark those to market.
Speaker: I'm curious about the industrial leases, and there are only five of them. I think it's roughly 10% of your revenue. Can you remind us, are those kind of typical industrial lease structures, or are those more flat lease rent structures like the post office? or most of the post offices are or were before your new lease contract. Yeah, those are more typical for postal leases than industrial leases. But, one of them does have a CAM reimbursement that is structured more like a typical industrial, Gotcha.
So that's going to be good role for us and I think we have another property as well.
But nothing that is terribly significant in terms of change in our and what and what we've spoken to.
Okay, Alright, that's all for me thank you.
Thank you.
Thank you.
Minded to all the participants that in my press Star one to ask a question.
There are no further questions at this time I would now like to turn the floor over to Andrew <unk> for closing comments.
On behalf of the entire team I want to thank you for your continued support and taking the time to join US today, we look forward to connecting with you all over the coming months.
Thank you.
Yeah.
Speaker: Okay, and then, Do you have any lease maturities on those five properties in the next year or two that we should be aware of that might move swing revenue more materially one way or the other? Yeah, we do have some lease rolls in the next couple of years, our two Topeka properties will be rolling, and we're hoping to mark those to market, and that's going to be a good roll for us, and I think we have another property as well, but nothing that is terribly significant in terms of change from what we've spoken about. All right, that's all for me. Thank you. Thank you. Thank you. A reminder to all the participants that you may press star 1 to ask a question.
Thank you. This concludes today's teleconference. You may disconnect. Your lines at this time. Thank you for your participation.
Yeah.
Okay.
Okay.
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Yeah.
Okay.
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Speaker: There are no further questions at this time. I would now like to turn the floor over to Andrew Spodek for questions. On behalf of the entire team, I want to thank you for your continued support and for taking the time to join us today. We look forward to connecting with you all over the coming months. Thank you. Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, www.postalrealty.com and My National Bos Collection and Their Community www.postalrealty.com and www.postalrealty.com
Yes.
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