Simon Property (SPG) 1 Nov 222022 Q3 Earnings call transcript

Greetings. Welcome to the Simon Property Group's Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

pleasure, your my Tom now is to host, introduce Ward. It you. Thank Mr. may Ward, you begin.

and for Reuille, Chairman, you, morning. you, Financial the thank Thank Larry, McDade, Brian all, Officer. and also today's Chief is call are Officer and Presenting call joining Accounting David Executive Simon, Adam Chief Officer; President; on Chief on this us

variety due to release risks, materially for the forward-looking factors. other We SEC Private Act relating of our this you forward-looking a statements deemed XXXX, quick a press A of today's the harbor results factors uncertainties may safe call discussion may reminder of those Reform that statements risk be and to Securities of actual detailed filings and the refer the of made meaning Litigation during differ to and within statements.

within Please date. and the note of directly measures investors.simon.com. as that that the measures information IR today's press the to are on website Form financial supplemental included filing. includes our press this accurate GAAP Both most at release available X-K may only be the supplemental information call the Reconciliations comparable release in non-GAAP information and of today's are

will to be this hour. [Operator one Instructions] Our call conference morning limited

introduce Simon. to pleased I'm David

report Good results. our morning. Pleased I am to quarter third

billion Third fair in value to $X.X funds loss quarter from share from operations securities. a mark-to-market of or prior of per $X.XX were a held $X.XX non-cash unrealized publicly

driven and for higher the of quarter income. had $X.XX XXXX, of Let to you very domestic variances the a contributed some me by quarter through walk growth, rental operations our compared good QX

XXXX new platform other to Integration brands, Reebok of our of brands. and beauty $X.XX from These by associated two contribution launch sales contributions oriented investments, $X.XX some the $X.XX, quarter the in were partially the in negative which compared dollar. results increased positive strong softening from value posted strength the operations costs currency lower of impact, the International costs JCPenney despite given an offset with Our reflects and our

the growth for for operating the points NOI outstanding approximately filing. was upon year. the of bankruptcy quarter quarter, property, net light off basis nine-months and X.X% by income X.X% from increased Theaters for its Regal XXX Domestic to due impacted the of the first receivables negatively

international an Portfolio compared and which quarter year, currency average basis X.X% increase quarter, constant X.X% XXX our rent the was the to includes months and the points, ended was for to prior properties row first TRG grew of XX minimum at third year NOI, and increase in an second X.X% nine base a $XX.XX, XX.X%, increase an quarter occupancy points for fourth of compared the for XX.X%, of quarter. of basis the increase year-over-year. the

remains X XXXX continued, feet more than Leasing square And to the XXX continue we per leases sales for shopper resilient. year. or pipeline. in and square have the through a rate increased we year, has have significant feet quarter, leases signed momentum lease, the leases XX% last leases million in signed roughly million of nearly momentum over continued, our nine XX new The our $X retail than first since more for on reported opening our of months number

was of quarter foot, a We've the XX% square which increase, increased. per per $XXXX Mills record for malls $XXX $XXX foot, the XX% reported at and an foot of per up in square was another outlets, ended increase XX% third TRG year-over-year.

not which is level cost occupancy at early a seen is Our XXXX. XX% since

and significant XXth Premium started opened South at on We Korea. construction Busan and expansion Japan our in outlet a

pipeline creative redevelopment with is forward Our projects. moving more

and other compared period. in net platform million to per approximately within distributions ABG other $X.XX the investment $XXX RGG. to cents Turning of In FFO platform year the prior had an received, as our investments. in cash our quarter contributing After third we investments share, primarily $X.XX

value billion. We real approximately investment is this We math investment. opportunity investments from a believe million the firm. investment Jamestown, $XXX return over XX% FFO investment management the OPI global expect that on announced our generate to for capitalize We estate of is to like you of OPI, $X strategic in see management in those great our a and asset partnership We've with on businesses. growing and with recently is

property their business this We use our anticipate accelerate The Jamestown managers, this best-in-class experienced, our and expect platform densification close with transaction year. our to operator this of team, grow pleased the we're end asset and mixed investment prior asset developers, operators, management managers expand to we opportunities. accretive to and to

the mortgages average months nine an interest $X.X Turning to X.XX%. completed we sheet, balance of XX property first for the of year, a at rate billion, of refinancing of the during the total

sheet $X.X Net with is is liquidity. is X.X debt-to-EBITDA charge times approximately at our balance billion Our and over times. strong, of coverage five fixed

X.X% quarter. price The announced increase share Since $XX.XX pay December common average XXth. share. payable a our our and of the have an at X.X in for fourth purchased we May, is dividend million Today dividend, of $X.XX per per we we stock common shares on stock will

per we last current year compared to comparable full to per our per guidance the XXXX increasing share, year. for remainder Given FFO view, $XX.XX from $XX.XX $XX.XX share, are of the $XX.XX year, share to to our $XX.XX

and dollar, of the midpoint the compared the midpoint at $X.XX a increase an the year. of range our of U.S. strong pressures. an guidance bottom increase interest at of and rates guidance $X.XX the and in This end the face for comes $X.XX increase rising to at inflationary that's So initial

get thoughts And to you. Now, would saying I just with another to by like before some impressive share conclude let me questions, quarter. we we had

many and and physical years like kill case Many astute significant to our with and have enclosed within and a industry. public our challenges, have more in allocators. operators nearly In and retail dealt company, shifts real XX tried particular thoughtful capital embrace companies off better industries, we new For as estate we are malls.

forever. was retail that when closed physical you, the in remind gone not COVID, retail need naysayers saying was all I And physical

strong paid in become billion ecommerce mortar strong this and and dividends are and stronger over to brick retail and brick shareholders, flat $XX mortar time, -- is profitable. we more And as have out lining. However, we importantly, of period is have

And hopefully this this why mall narrative end the you pay constantly? an dividends business. without negative to because bring as put strong those will do can't I called Well, so up a underlying

ready Now, questions. operator, we're for

Please [Operator is first from ISI. question Evercore Sakwa Instructions] Our Steve of ahead. go

climb continue are in Thanks. new the nice X.X%. your rents Good to see base mention morning, that envision and David. minimum I of Just know to how you early on you were It's up did And that up comments Can occupancy rates kind any lease leasing do color back perhaps year? bringing thoughts metric around foot. you provide that? per just any next X% are spreads and trending

space comparable they positive. -- they're Yes, wildly when are you do

Can color? you just any more provide

that just Well, don't report -- when focus spreads they're but wildly we positive, comparable space. on you

Goldfarb go is ahead. of question Alexander Piper next from Sandler, please Our

David. Good morning. there, out morning Good

help leasing? one, or translates, so, or is just is, the continued continued us down, the when given contribution a the if having inflation, Hey, obviously energy the about like Clay, your of appreciate How brand different retailers But more International, my grown core, read of platforms, retailer question to the and just at earning that see disclosure you brands. can their we PR all, we issues? concern, different hear understand

doesn't be negative is, one retailers case hey, Because to for print, oh, I But that's of, that landlord's. think comes have the certain a certainly maybe seem accepted, the of up, questions circumstances. bad the that

if understand So, all what a leasing that that print, can is the a us bad you bad at insight there or retailers impact the a general help see that have the you on when quarter side?

stores renewals. we something good monitor pullback in I new times, times, this yet we every opening Sure, see say, any have single times, is mediocre bad would day, to in, or

conditions. absolutely based to deal have impact. that there apart reasons. going always And But So, different you're the a all here upon for nothing no there's or sorts of falls macro been

they're And the I most where of tell business. ecommerce that you, would -- in the is Alex, pressure seeing

that So the toward want sustained. and ecommerce mortar because grow, everybody if the quite real, the aren't on it's stores. talks retail And it's they're And to in simple, is and flight going business, to returns going they're what about. they open to bricks just be

you've a they going to But bricks seen in we always retailer, anybody business, so also at have bricks. the see that, we've and and there's no in not is that be the we year growing And ecommerce is. whatsoever, think Highest here where ecommerce as they're money difficult if the action there. slowdown a because understand brands And, put as or ABG, to deal with we well I just it's RGG. return seen investment, been the Penney it, for but own on and

you. Thank

is question Johnston Derek Deutsche ahead. Our go from Bank, next please of

How doing been this Good everybody. Hi, David, a do time. you… morning. long you've

that. about you're that, right about right you're Yes,

we're and okay. how high certainly But team consumer holiday? The sir. Yes, do headed rates. facing a you feel it's inflation, the seems slowdown, into hitting interest But

keeps what your really the on I So on you season? then and and solid being holiday it mean, a overall also retail optimistic investments

you're macro me the we is, I gives is Well, into the you, retail. unbelievable that years don't environment. macro realization But, tell the that as CEO, you're have been going look, about any the -- kind saying what always worried always next physical what of will underestimate confidence few

is. That's kind I'll on reinforce because And where is where of good but feel earlier, what repetitive retail physical its return is. I action we really investment said just the the

or year the -- we because is if think to into deals so And down though slow may holiday even demand there. I going slow our space for down new growth and don't next is the even existing business from season the

want we've the is is people huge of to deal On want trying an investment. unbelievable made one -- I to I don't it. we're understand retail side, I make -- Two, to out a

our a there. net So investment return we're XX% getting on

to going for goes what volatility, is. goes to of takes be future to of for to XX% have thing So are great to being retailers hell but it's a if it not we the to it's still where it only but kind an understand it investment, still -- the but do, successful, or us XX,

volatility really our Lucky So like Brooks in in Brothers, doing well. Monica, better but brands that, there there be will Jeans,

also the belt said investment we're investments the businesses said, lower we on and And tightened after return affected have tax making do brands an in are we that I -- from But to with that off. even their call, that that throw those in the those last earnings income is by have consumer unbelievable few businesses. on a you that.

investments be. going feel pay concerning, earnings macro impact impact an mortars that expect will demand growth. like and year. But I So, the But direct most rates probably but still is action have is next I look, to for and the future where the bricks is have those to we'll

is question Ronald go ahead. next Please Morgan Stanley. from Our Kamdem of

sneak I in. could if ones, Quick them

on first The this quarter. pretty just is the gain is impressive occupancy

XXXX. I think by you talked pre-COVID maybe getting to about occupancy

upside the portfolio at occupancy of sort about thinking you on in are how Just this point? this

The helpful variable. disclosure was in just new on second is the one fixed supplemental versus the the really on

How Just be color converting or leases look fix? How to any left any like? variable is you're comments is much going? that go? these Would What's as you. the economics Thank helpful. to

Sure.

garner last to average and lease to -- rent time roll leases the rent one. over. me mean, they is term I'll these but a Let expect lot probably I as X take our of minimum we take the to percentage roll, years. overage And

So to me over happen remind question? will your time. overnight, but not it's happen going And it first

you. Thank Occupancy.

to since occupancy -- think an increasing So our still flow track I Look, done the our I mean, achieve I in and think cash we've -- our increasing goal job on shutdowns. unbelievable I frankly, we're

we'll 'XX, to get in hopefully, pre-COVID So back levels.

Tibone question Please Street. next Vince Green from ahead. go Our is of

partner you good Management or minority to business? being stake how expect vehicles, morning. and investment? elaborate or Asset platform Simon's that U.S. on how see acquisition grow And malls Jamestown's Could in operating you you the could fund the Hi,

in the It's really business. asset management

in relationships -- opportunities So lot the malls we, working platform in circumstance. account I great a and see real do But any we'll I estate. kind together, see in we to institutional they estate. it don't real able as exist They're money of buying under be don't that have think, separate that place-making our buying invest of to

opportunities. So there'll be those of some

big a historically operator. also German fund are They

continue not our business, in and estate. real internationally for We in domestically, but that both of and expect they them to opportunities look other core forms

have They business I essentially in plus of that owning account premier German of then their think fund So terms kind adding the fund, business. the platform to XX% business. between of historical separate and our their

potentially estate be it real investors, not Jamestown estate retail attractive institutional I form. want but will and real invest investors think to retail investors, have for to retail in

That's really Thank color. helpful you.

question Next Point. Floris from Dijkum Compass is Van of

those. your physical over Thanks. perspective is e-commerce, valued to the David, hear talk estate always I much was you on about benefits heartening of real

better Is remains have question the the achieve SNO leases last that is, you I on guess on sales And basis? XX industry. you than when records, have I XXX I was quarter, points. stores? able to call Because think case? do around still insight same-store then sales strong. You leasing And you're that for the as obviously, well think tenant basis your you levels be anybody a records, pipeline new you're opening said NOI of signing going as to in

it I we're look, -- the Floris, open. getting are lot say and retailers really us takes time achieve a pipeline just them. to year. Well, them that with to And pushing really to be and these good issue build next you would our group And biggest I year open the stores, next will for good of

to our year's get challenge will That challenge. our next reach to to be will that levels. back be 'XX So primary

can that It's it, question I much ahead I and hopeful do that to pretty do we very single ask that, good are very fair that is, pushing of schedule. every I'm day. we which because to think, But and hard a ask

on you and I the So page. same are

pipe. the On

points. we're running and Yes, We're out is about Floris, XXX this basis we've but added as We've still opened, stuff around taken we points stuff XXX running basis Brian. consistently.

the outlets malls the and In unchanged? relatively

Yes. Very consistent.

Thanks.

Next of from Craig ahead. Please Citi. question is go Mailman

here Joseph Nick is with This Craig.

become? partnership. that the more valuation price And on the so, strategic was asset then deal? expect could Jamestown do to for large What management? you the Just if And into move platform how and

When sure. -- broke you you -- The would first the not How big I'm up there. did part what was what?

your you Can repeat question?

deal. the Jamestown For

and Yes company, -- both chose we we're disclose it. disclosing the not private not to

their that you asked. They reason expertise platform what across asset you're estate. funds. real think is and we bigger roughly there various think I but our quality funds management involved, can't to players additional that's combined, hopeful but there's expertise no deal. we attractive just I'm And So of be Craig, asked guessing why turn an not it's the that billion reputation combined, the sorry, in size time, will their of of up invest manage are raise reputation I'm you've breaking their with we the into $XX some. one and over it quantity, assets our to

it there, be And because not time can assets am their we And number given more than under pretty didn't we the existing I to think grow double grow We to that I'm flat. a but hopeful we it. out it significantly. size, going do management. we we put to can did with expect it

JPMorgan. Our of next Please Mike question from ahead. go is Mueller

wildly your Yes, recent where is I hi wildly as David, about positive guess, being would, leasing describe on that I spreads, of a comment you positive? them dynamic guess, how

of say would beginning the started I this year. it really at

rent So in look, -- ultimately, -- we it you again, base see minimum our growth. spreads

So -- -- that's but that's a everything. huge

So it takes time.

leases flow mentioned. to don't space, growth with same space that to and But obsessed we per again, wildly don't comparable then on if But to if either. it cash would the that $X But you be spreads. positive, focus foot were than -- you like you I as we more be we want we track to want to opposed space,

to the So, occupancy, NOI. itself It's the just we're we've of our it where rent we income what on X-K, manifests the contractual you get focus get in trying outlined focus in income. want all variable minimum to that's everyone and growth, we we all where kind And on.

that's overall. But damn it's take which And subset, impressive. space to pretty if for our positive were renewals you are is the space like

to to certainly itself report that growth. those new feel you're generally wildly am next -- and pipeline, new renewals That we last ending over we positive happened But COVID so during comp our right, and manifesting I the show up And were and renewals happy is COVID. and you in to that's space with space changed. deals tough in that that's good NOI Then year. the add about why that's got

want have next getting looking, we're year see negative look XXX to operate. type proper that basis point the have open are takes the store. be because proper unfortunately, stores in pleased business But time we the story that getting And change. the with want a and to But spread to they only doing open will retailers this very and

David. thanks, Okay,

is Our of ahead. from Bank of Please Craig Schmidt question go next America.

Great. grow investment you. redevelopments Thank developments and in in total in events Will Simon's recession or might cause macro XXXX a a projects? potential pause like new

-- projects than a from counterintuitive, but standpoint now, a That's to run benefit. into if higher Yes. we actually, construction is Right They recession, we new question, want good think a the what see. we new of projects, pricing the sound for Chris. see actually, slight we do

So which move want to demonstrate will reduce we will slowdown more like will forward aggressively. construction, I'm any new that cost hopeful of then

So it's kind of counterintuitive.

I cyclicality redevelopment again, of the forward. there's we one recession. we to recession, from not and be of but can may actually cost not counter side actually a development, of take that want don't the I But looking benefits I'm of the construction of. -- hope advantage standpoint new

is Our Please Markets. from of BMO next question go Capital Juan ahead. Sanabria

morning. your the just lease was it XX basis good seems year-over-year, NOI looking in was properties. points up And disclosed domestic at was the the income supplemental like I X.X%. up consolidated Hi, but for that

lease same down -- at it So modestly that – the time, was and income I'm just was sequentially.

reported? disparity bit that or little income more lease So lease of just the And any NOI? then sense of growth it income kind guess, controls other is as to explanation, hoping between drove that and difference of NOI lose items the tying for kind of or between an I cost and a the to the unusual course

Yes.

one reduction a in overage the had had I less would we rent, be think reasons. you of -- right,

to the can in well for that a trend. don't you as that line Juan, item mentioned charge certainly legal write-off through we current we took have the So And see the as and P&L. that's do cost quarter. then we reduce another containment, forget,

drove higher mixed NOI to growth. levers all the So of that together

you. Thank

Our is next of question from Scotiabank. Greg McGinniss

morning. good Hey,

of If and of please is touch much on leases you sales that being year next maybe expect the rent that again reduced XX% see despite of by, and into more to kind otherwise, the conversion driven then of then just we much kind to tenant reduction how of year? could this up year-over-year? fixed overage and in one, sales And how pandemic back conversion

mean I convert look, Well, minimum we try into to we always overage rent. -- strategy-wise, rent our

the associated obviously, on certainly, And cases, -- pretty was certain with 'XX, much percent very sales sales reduction just slower are still And in where say, purely the showing results. have the then rent. tenants you of pleased rent So rent, since that's not some had -- overage usually But percent percent we 'XX, so it. the -- and is strong. with some They've in it's we're we that up numbers.

to those as percent So kind I picture. reduce leases the continue overage are think roll We'll in big over. of rent

consumer for shows cash rising sales the up as spend, hand, On in it us the other flow. and to our on focused that's and retailers our are continue good the higher-income

next Please UBS. of go ahead. Goldsmith Our Michael is question from

lot points, like Thanks from property X.X%. taking portfolio basis deceleration Good That's XXX increased about Regal increased of a but my The XXX, offset it the for an the sounds XXX morning. basis X.X% last question. points from quarter quarter. in there's write-off. The domestic NOI a

a So slowdown. maybe to point basis XX XX like

going expect this kind of is is, kind guess I of that of like moderate there Or an rate we the NOI portfolio forward? that should to here? so from is question right quarter, last the from So expectation the -- continue things growth

in it's highly numbers itself out. is other There rent too like material important manifest but that on focus wouldn't overage which would our layoff I it again, unusual of and quarter-over-quarter. point because factors, in to Well, a number, volatility is much Regal,

well. in I it's what strong, to beginning and estimate grow a be really NOI year go our comp where NOI think of we we really So you back our We're to as quarter expect the -- very brings. fourth look, of But have number. because conservative next the year, see the and X%. it going we year growth blowing through comp is that thought to We'll continue to banner was 'XX to were

over of that opposed So a results And back to tremendous are this to running is you've number amount or industries and the of pre-pandemic, we're look and got a kind period producing shutdown, up at were literally X- as progress the very making see. few one that of even and quarter-over-quarter mandated year-over-year. we X-year were to good we're which or

in And the we'll NOI potential to comp expect see growth a of year even next face recession.

luck much. very you quarter. Good the fourth Thank in

Our go Linda is Jefferies. question from ahead. Tsai next Please of

good Hi, morning.

of Regal, for rent reductions your the And or from write-off all this Regals? terms leases? is are they In rejected

reserve This a our of took is all outstanding against Regal. receivables. We

it's -- happen ... operate Regal going still or would to as what So

Well, have the some We're my they'll out you're its come bankruptcy reward -- but pre-petitioned. they're of we don't and and we as bankruptcy, business, experts an but to imagine it's know. come I'm as debt. is in see. wait I ongoing of sure to bankruptcies, restructure this may would going mean we guess understanding I back they'll in

for order up to They to in rent. clear lease. So pre-petition the have to assume a them

very There's we'll So just this to it gets point. trade-offs, at complicated. see bankruptcy goes it through have and technical how

I a our theater of but -- continue to be operate. to portfolio. closures expect could And in There them couple

-- we financing is, a about but I -- I think that have of or was approved And fine. approved. think, will yet to have debt be and just Some their

going it's process through have hundreds to seen times. So of go -- that we we've a

Next Truist question of Please is from Securities. ahead. go Bin Ki Kim

morning. Good Thanks.

your back lease to pretty go quarter. about to comments want just positive looking the spreads this So

look it like look you going like to looking on you and lease is about step the the do what basis, And back spread of income positive? regardless benefit you're it forward? think looks made deals, or rent net you net If signing does from meaning versus a new how a the economic deals, economic comments that of as percentage kind at minimum take look at

you can little Stephen, up your repeat You question? bit. are a breaking

Sure.

[indiscernible]. sorry really, was It Yes.

better? this Is Yes.

Yes. Yes. Thank you.

Yes.

renewals positive of the of economic new benefit I'm economic the just some convert net leases spreads, talking spreads this So as lease were quarter. pretty into as or net curious as just you the the you good deals the looking spreads guys is comments pretty impact you getting positive? about about fixed, made percentage mentioned meaning about the that the you're

income we rent. go Well, obviously have we account X% we because we're mean it expect our I take which but are stream and to tends That's be it's that assumption to And stream sure. kind the on And to do spreads increase whatever why average from -- it. you into space, income look -- up. if coding chose it of yes, in includes be. rent to not totality we total existing at rent That's overage. minimum some -- we whatever you want why

So minimum historically, had against example, everything. disclosed We rent. factor did an overage. we included -- when not we minimum We as in it rent our

so did Well, when some beneficial. cash in like, when -- to hey, to to it or they so their flow, NOI. Well, they their example, rent the assumption see up flow rent as an spreads, the the all me, not on mean, it's see Taubman disclosed is man, overage. it I cash that included they shows spreads, beneficial you

manufactured guys you rent you not assumptions why That's be. want with take that's cases, rather assumptions in spreads. should careful So, or very They're they and have whether not, assumptions. some why they're we'd be than more

see you our the math. we Minimum So see overage, NOI the here's question. just next right, say,

see is the total tenant down of what stream when and new after income but when at or we before -- look in the telling renewal to looking a -- whether the we're go trend it's we by lease at case you up I'm space. And or flat. is straightforwardly. the pretty our going or up So space We're

like head that next XXXX a that I quarter-over-quarter. And XXX looking also guys lease much that that, year, expirations couple you at Great. quarters ago? noticed all your mentioned the And picture is I'm points maybe your that as pipeline about look what lease at curious if just of does leasing of basis really to deals tied budge higher look the didn't compared than portfolio that for to we forward into you percentage Okay. XX.X. new you're

role? Just thoughts like preliminary any kind on that of

and close do Yes. The the paper takes stuff renewals, out stuff. to to time very there, just of accounts we're that larger some all

real not concerns all that's Go moving no there. So Brian. ahead,

And XXX Ki, there about you points. said basis the

Let in is within That me paying leasing level. hasn't the has the commenced included occupancy is done space but current been just clarify. It that rent.

next year effectively is partially next that be will growth. So year's

you. Thank

from is Our Haendel last St. question

of ahead. Mizuho. Please Juste go

Good leasing. occupancy the up a for up to 'XX the of is income points. you about a question but follow-up we have in see question, XXX when is points morning. XX on I the basis basis lease only be going thinking is, levels are of The next that part getting of year cautious year-over-year, occupancy your embedded Is that that to your gain. XXXX a impact and that full back optimism at impact? for for hopes more year your or My

it. seen Well, you'll continue and see I it, think to you've

the growth months is X.X%. first NOI comp our X So

the that have open future And And it for for leases the start the even have pipeline I Brian comp call, basically other seen first continue recessionary why growth throughout and to paying X.X% that's is mentioned and then months, you've we had So rent earlier, the this X will of growth. as mentioned okay? commencing about in environment, year, positive NOI we're next face feeling that's we'll in XXXX. potential that

Fair next and as with year up your on of we can year? if have I operating what's and expectation NOI it fourth you to is assume between go quarter personnel, going that, the given grow inflation middle that enough. guess to a expenses follow-on And expenses,

we next comp -- what obviously, we that side yes, That's Absolutely. well. year. said expect NOI And growth I includes as the expense

but you could it's But one and What's maturing more quarters. Maybe thinking X And X squeeze of unsecured thinking do where issue unsecured June, than if Right, a early there? X in for months. Brian. think I nevertheless, today? more interest in XX-year $XXX I right. the bearing the was million you bit next could follow-up,

actively we monitor react maturity. times, and times maturities Look, us Sure. numerous of at ahead markets or all at you've seen

for X% of to So on to continue us. the Unsecured our market. pulse keep finger expect approximately we is the would today

you. Thank Great.

All right.

can You extra there. questions a sneak in few

think question that on it the I side. was

morning, pace have did to So And It's that we hopefully, great thank a home the a Halloween. you or to change treat. in of you trick it it in early enough hopes you. but got

So you thank you, and we'll talk soon. to

Ladies conference. joining and gentlemen, that you for Thank today's concludes us.

lines. disconnect now your may You