Bluerock Residential Growth REIT (BRG) 5 Nov 192019 Q3 Earnings call transcript

Good morning, ladies and gentlemen, and welcome to Bluerock Residential Growth REIT's Third Quarter 2019 Earnings Conference Call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note, this event is being recorded. I would now like to introduce your host for today's call, Christopher Vohs, Chief Financial Officer of Bluerock Residential. Mr. ahead. go please Vohs,

The welcome Relations Conference Residential to Call. our Bluerockresidential.com earnings we and on be Quarter website our market REIT's XXXX issued at supplement. and release Earnings This the press release to you can Growth found Investor Bluerock under third open press tab. Thank morning, prior

addition, anticipate filing we our week. In XX-Q later this

questions conclusions you we'll answer be the pleased remarks, of prepared have. may any our Following to

as a statements are this Act associated call risks actual Before the those differ and may Securities defined and results we statements begin, note Private from forward-looking under set please of that contain XXXX. variety uncertainties they Litigation in Reform forth statements. may forward-looking There with are of such

of the risks should as earnings these in the well you uncertainties, forward-looking filings. release SEC disclosure discussion we this review press and as For issued morning statements a our

in earnings earnings GAAP call CEO Residential please reasons the Ramin non-GAAP with respect to call, non-GAAP measures our with refer we assumptions to turn I'll that, and reconciliation And this over Kamfar, a in Growth used our of use respect to REIT and his uses for remarks. Chairman for these to With measures guidance. Bluerock management to the the supplement

Thank everyone. Chris you, and good morning

Chris, our McDonald, Difranco, and Operating Ryan Officer; Chief Officer; to several key our including President our Investment EVP members Acquisitions today Officer; our addition with In are Operations. and team Jim me Ruddy, of our of Jordan executive Chief Chief Mike Babb,

assets provide report, quarter delivered in close commentary. NOI pleased and quarter in from reinforcing multifamily platform markets. focus guidance balance growth key investing accomplishments same-store highlights our thesis financial for and our Afterwards, the growth you with at we of operational remarks to executing value sheet transactional capital and I'm on and recycling some asset Year-over-year to with rent strong while revenue highly was renovation plan. X.X% going operational detail. growth markets strategic sustained creation another knowledge my Ryan and amenitized economy will I'm the organic level strategic further

capital $XX of consisting portfolio seven were terms the sale of in of for of a gain million. quarter a estimated closed executed two In at is we the X.X% $XXX of The of economic during quality reflection million, seven substantial assets place of portfolio. cap our an dispositions allocation, delivering high assets which the rate

with and with in renovation equity During to the quarter, detail acquire to substantially his returns utilized section. will profiles preferred we two provide assets solid our longer-term risk-adjusted two high fund proceeds in communities additional operating in invest growth Ryan to return wholly-owned stronger investments program.

figures $X.XX the net income per year a share numbers, for onto quarter, prior was loss for as the respectively. the expenses included quarter of share current and depreciation including per the prior quarters non-cash GAAP Moving and amortization year compared of share for and net per $X.XX $X.XX to common $X.XX

our $XX.X significant $XX.X our healthy the same-store front, the prior-year up year-to-date by was to which million addition a On we period, in XX% investment strong million, the produced in third to quarter from driven growth activity in revenue performance.

for Same-store X.X% property growth from to compares prior to to portfolios. up the both the $XX.X XX% the quarter, favorably year million on in million continue compared Moving with the year quality prior results, solid, delivering property to which remain quarter we grew REITs $XX level period. in and to NOI in similar revenue categories NOI

performance. NAREIT which CFFO, representative front, is the the funds measure of non-operating On core we operating of believe our non-cash, with add-back most operations items is FFO from the our

of FFO quarter, $X.XX During per core share. the we achieved

impacted was number This quarter's two items. by

available to particular, purposes. for had dispositions asset and in in since third reinvest our to were and segregated they of down the subsequently to funds our in XXXX pay fourth the not line be quarters, because the was First the needed the credit timeframe interim, funds

that our benefited and impact that cadence CFFO pushed the should FFO expense in of expectations are the we timing with seeing we Second, per quarter. got reversal second a from share. controllable quarter note Year-to-date, by the quarter our expenses of which at $X.XX of line some this was

dividend Our XX% year-to-date quarter payout with remains XX% coverage the strong ratios and of and for respectively.

and figure grow the we complete we continue We assets gross to to to of disposition prior the proceeds. grow $X.X reinvestment from asset expect our for base, the quarter continue over year XX% this are period up as to billion the

million At record raised and quarterly minor convertible high XX% some the Series selling quarter. B features we of called during of This run similar its markets, the for figure series other preferred preferred year, for $XX.X a Moving the to of quarter, beneficial capital our us stock. retains the terms. third watermark stop by fourth to T B expect the and with expect end Series sales Tom alterations for B of to rate exceeding which prior [ph] through we new a a the we is the transition our to Series the

As future equity unique we've with at advantage a raise price. flexibility into convert common external allows noted at our to accretive before, stock to date, to capital the because at the it us the growth future common and for preferred BRG fund provides a option

to believe we positioned multiple we're delivering continue look with ahead, levers growth we value. as shareholder Finally, uniquely

same-store selection top markets and right live right communities deliver NOI highly-amenitized we First, year-to-date. the in strong play asset organic revenue believe and the allow us growth as well-located and in economy work our of to growth knowledge will terms growth our assembling quartile market seen

which enhance delivering with provides continue From units approximately XX%. upgrade to-date, is through attractive ROI our returns. growth average inception meaningful XXXX us program embedded growth opportunity. of have we a value-add renovated organic Second, very an with to solid This we

$X.XX units We which date $X.XX future share. NAV identified on by XXXX experience based per to our could have upgrades, share our approximately for grow per to

last capital with analysis our Bluerock And believe least, and that we're us the accretive the we market index number getting growth and external for would we allocation preferred small sourcing Fourth, fund of significant through during close Company, reinvestment to happened upside based issuance not to on inclusion attractive driver of unique through able decisions our which we've cap the to which additional demonstrated float believe were make a equity we was up for inclusion, we've for eligible prudent make our last appropriate. the years. potential of index multifamily over to accretive when that but peers three network. an ability seen, period, couple Third, leading acquisitions of pricing dispositions while

pleased alongside like be delivering we guidance, to our are for BRG which So driving against at call our over the Ryan. value equity the the turn I'd With grow of NAV continuing is to and approximately underlying to as ahead, to investors ownership of management on we XX% that fully largest and a diluted look shareholders basis.

down Thank BRG's topline strong multi-quarter you everyone. gains Eight assets, was the asset. continued The continued MSAs portfolio momentum across and of Austin operating positive outperformance our morning in our third X%, majority the average XX assets. quarter, in and basis good in across of posted XX.X% same-store acceleration a posting approximately highlighted Portfolio-wide, occupancy by our Orlando exceeding through than occupancy year increased the compared at the in XXXX. by rental point to XX.X%. the XX revenue decline prior higher over of quarter X.X% X.X% average third last Overall, driven rates to XX% quarter a slightly a of and comp normal the in increase period, year third strong of growth of

exceeding average increases in XX XX pool of note, of in XX X%. quarter and year-over-year yielded the the rental increases properties properties recognized in the Of rates XX

continue the to rates quarter, the X.X% X.X%. We of of quarter. with growth this push basis X.X%, Lease year. quarter Renewals last XX higher new than leases for which rate growth aggressively averaged was averaged points achieving third

for year. and X.X%. at revenue On by basis, X.X% increased become is same-store are maintenance for quarter with the NOI a half year-over-year the our of the the insurance, and and On expenses in which turnover the increase. seasonal line expense favorable and year-to-date expenses majority Same-store basis, in with expectations a of front, up on more repairs X.X% tougher accounting as back comps the year-over-year grew

quarter. was positive the and a up points XX driven On income Occupancy a variety up was basis, was XX categories. prior basis contributed other rates basis points. growth rental same-store a basis by revenue of Average income sequential XXX points over fee

our program, has renovation We results. value-add delivered which be with pleased continue healthy to

To average quarter completed at date, unit. third have portfolio, roughly of through the XXXX, the we across renovations approximately unit per $XXXX of cost existing XXXX an

a $XXX per of increases resulting in average XX%. rental unit, monthly ROI yielded of weighted have efforts Our

estimate CFFO be units approximately the are the be accretive with NAV. comparable and to there for both portfolio Accounting renovated reinvestment, remaining disposition and in economics, which would we current to XXXX

to us capital of markets seven value-add of with to the strategically in capital opportunity. sale allowed allocation, new assets immediate terms recycle assets renovation the In

were rates reserves and executed rate year and into proceeds a an profile replacement stronger of economic stabilized the X.X% year at reinvested the By achieved of unit based one throughout growth X% Lease X.X% XX.X%. reinvestments completed growth a asset with estimates assets buyers update, quarters to cap exceeding ranging economic were one the and $XXX of tax with accelerated rate cap each lease in quarter are way X%. the rate approximately quarter. dispositions budget second X.X%, September The four rate per and on of projected third in between the and X% ahead at all the and third growth from cap

on which Charlotte and Atlanta, new on first while Moving in-town insulated to Nashville, to and we Dallas supply to continue remaining favor like be more from growth ranked suburban MSA Las Vegas impacted Orlando, are by that continue markets, the supply. locations and cautious Phoenix

our in Turning million asset the net equity assets in our approximately opportunities to $XXX returns additional sale million equity. XX%. on in two are disposition preferred and in cash capital yielded million pay into completed yielding cash investment development BRG investment these a profiles, projected $XX investments Antonio front, BRG sheet, the five totaling our while equity BRG lastly two $XX in balance acquisitions total solid approximately made yield quarter yielded risk-adjusted to The seven investments existing With separate investors. to preferred equity. quarter into approximately in and investments $XX the investments deliver million The X% flow mezzanine equity We the the assets proceeds, view current portfolio two solid during we the for behind invested transactions $XX equity approximately totaling in million of $XX preferred we also And San program. common with BRG approximately and as assets, and strong during operating two returns annual completed million. quarter, BRG flow significant approaching BRG of the

investment million across development $XXX loans at XX, in September projects. total As preferred of XX stood the BRG mezzanine and equity

through a sheet, availability BRG balance of has T our grow the offerings. on plus $XXXX Finally continue facilities cash Series available B end investment and combination credit the October, revolving and we of through as for our Series approximately capacity million on to preferred our of

we We actively robust investment of are to attractive close have pipeline year opportunities end. a prior that to working

result that revised CFFO CFFO year conclude, full our the To guidance. to note used is will refer per share $X.XX. earnings $X.XX and our assumptions performing with we to I respect supplement Please are reaffirming well our of for our as portfolio a guidance to

it that, with open will up to And Q&A. Operator? we

will We Mehta with first question Pardon question-and-answer Riley, Craig our Gaurav from Securities. Our with comes session. [Operator the begin Kucera first question me now comes FBR. from B. actually, Instructions] National

guys. good morning Hey,

now. $XXX quarter fourth million Just a that you've acquisition the should in of elevated we How third of think little dispositions about volume? quarter a and given got right were availability sort

Good Craig. is This morning. Ryan. Sure,

of I to volume be of for would the the at $XXX million the year. think year we acquisition said million we beginning $XXX about

have range the pretty I think done million I to-date, of be us towards by think the of pipeline and end the you'll we we've that a end robust see about $XXX year. top

comment cadence on that? And in reversing by about dispositions elaborate fourth quarter what you the expenses with here the a mean of results far as Ramin, it. affiliated as, a quarter. maybe you bit the and made impacting third of Got you sort Can

There that for were from to pushed QX. QX has expenses issue some timing got controllable

run we is which of rate, just at statement didn't the it property indicative primarily our with at see, that apparent forward R&M you rate run our the run and mentioned items to think that I expenditures guidance, of go whole looked if you that think through was do year which we was and QX think level. the necessarily obviously -- income kind I and had

pushed get that QX So, we to impact. some we saw and of the from QX saw

up pushed core QX. itself it then QX FFO it in So in and reversed

or fourth we the stop in got slower Are D quarter so. uptake kind pace think next about after the $XX the of I preferred, or with a roll-out year the new with Series here maybe it, another how product? of that And should of or Series, million the basically somewhat you okay. of you'll selling anticipating

-- yes. will yes, but get -- answer It's an get always of you, closer more we and take we for clarity the to have uptake. give is as the in we end obviously number the it will when you I exact of guidance don't terms year to

when and done a already, and up firms you we've XX, right process and all know, take firms about and through selling that's three and just get XX we it you and we time. with As go times registration takes a that's have sell the it to back agreements that we it down now

very think year getting going in good--it's the will the warrant, to would I market -- I complications structure by all exceed going very we're But has acceptance there of slowdown we over. heading, in think -- we're the QX and a good which simplifying that a for QX. preferred, I quick, uptake we're we're be and eliminating relatively little the think in reception see to getting to -- the this have being projected that our number see -- similar is going it's the going So terms this our in but I bit to the expect we're number

does One it, of assets of money mentioned just steer more markets those were less Got Dallas sense. you sort selling -- likely for that those you're makes on I towards some that Charlotte you cautious know were and those out maybe you markets? the put of to out -- MSA, in-town you more or me. that into

portfolio. sell we the Well, on Dallas, did as two of deals part

see don't invest sums think, us the in Dallas future. certainly I I So of you'll near significant think in capital

challenges, it, need the South developers. Charlotte's Charlotte, a you as cognizant pockets We and to in-town lot off legs I have has I'll case-by-case we actually Charlotte the opportunities overall think in of it think going to basis. present we're certain, a call be for supply think but pick that's near-term, a of deals but long-term basis, that may I of on from like but whole, to concessions some potential able may is a that the in it, some -- some there on

a play. Charlotte call it, bit but say can't -- more at -- look than, that I but So we're that just cautious we won't I'll in-town market little a

Okay, thanks guys.

Our from Mehta Gaurav question comes National Securities. next with

wanted to for comment quarter. I up follow your morning. good the on thanks, Yes, on acquisition fourth volume

of I think of you million you've and million mentioned million you expect as $XXX to be on to the XQ. done upper $XXX end range $XXX

of I if additional $XXX to we the preferred you're first So the And some opportunities. funding stock debt? hoping and on second, was seeing you should by where provide color the million million expect then, like $XXX could

Sure, Gaurav. Ryan. This is

close now right by opportunities. opportunities we're end, about hoping about think I tracking six to year six

Phoenix year, more it, Coast-driven we've favoring, I beginning I first markets this the think, of large investment that markets are us think on year. executing Vegas and this call been the West markets were

of to particular of in side, see a But $XXX really scale. available those lines credit. preferred us Series B today million funding we like on You our markets I add that through capital and and think have we one of may a

in So us if there plus or the that the should them about -- the end -- the you that's year. way towards to get the minus to all the lever XX% XX% of million $XXX up it pipeline

question, contribute And same-store the number could much quarter? second then Okay. how third renovations for us your revenue to you tell

Sure.

average. about it quarter It's XX-XXX been XX basis about This points. was on

XX. was quarter This

Okay, thank you.

line I Barry like next it again, Oxford Barry, the DA apologize, Davidson. dropped. from looks question with Our comes And

Babin rejoin with So Baird. you a question could We'll take from the Drew queue. if

exterior little the just impactful A you've vintage older the was going larger morning. just minor a good acquisitions lobby the in properties this doing just with kind and most refreshes. maybe, I little into CapEx, the baths to more or that made exceed And throughout couple of scope? kitchen a you are and anything of happen than kind Hey, of needed years. might of there that maybe just unit bought the curious Is

Drew. Good Sure. morning

is older I'll tremendous main -- vintage old the amenities The location. redone segregate it's it -- town, acquisitions main and location a prior done, by actually but on were of the effectively so that we've larger So, which one owner. Scottsdale

opportunity be going is to were we there what going our not be primarily first So ahead to bumps it's unit significant there, of renovations significant renovation and we and CapEx there started just interior actually saw underwriting.

the the prior executed opportunity, well. -- Vegas owners as had -- Las again on the amenity on an the refresh On

in So unit primarily it's just renovations.

make an inclusive replacement year we cap a replacement but a the think five quoted to belt closing sure number. cap still these is with economic reserves of that rate, comparison newer getting reasons that of assets higher I into in reserves built so versus one deal you're apples-to-apples on one which

that capitalized a So of function comfortable adequately I you location. can't but should locations. feel mean if these they replicate are they're really

So felt capital an both in and assets invest XXX% into go opportunity cases opportunity. out older it for we a upside in to us interesting was locations with

on of or of side, appreciate are I would talk the a guess I of kind what those on supply Atlanta then markets helpful you two and dynamics that excites markets color next the about if excited and markets about the I those little the know be Orlando you there. maybe And would kind side you're just more could demand about color it Great, for help. year. more And

pretty think, the our an we new then see again continues on lease X.X% year-over-year at and rate Orlando we generate I still across growth. to board job Sure. but portfolio exceptional trends be positive job look

us. On Atlanta, market. it's be we're So to decision that a for continuing about excited submarket-to-submarket

and you northern Georgia been those which stayed jobs institutional I call a first technology, the on the drive us. very substantial up where focused, way. of healthcare-driven well have are, midtown etcetera, ring been we've I'll in away of come side heavy think sub-markets, -- lot we've in demand in, on have supply and we've that Buckhead seen for they It's suburbs jobs and historically performed XXX it, of a and corridor northern lot the have that that from

in think tremendous a supply So suburbs be insulated there to Atlanta, from and see it's I going continue execute northern us that has potential up is lack us rent pressure. of where to [indiscernible] you if in any the

that. on of next capital of could kind quantify Great. One the stock Appreciate outstanding, opportunity guess year when but I be of kind year, be kind can on next the your the it's from potentially of B investment of more just front. price that color the you Series look the based Obviously, anywhere like? allocation what preferred convertible, just might does that what to converted timing on are lag

us. you'll -- in and October redeem just given that it's and in was of of $XXX that B -- at as is it's number, That expensive, Series to convertible kind terms bet on the that's good think think a number convertible, what which what a that given million-ish XX got In for quarter institutional would is I question, year conversion. expensive, of the question of for QX be see which is end if the you at us the a is or two-year accretive it on should because up preferred the is should was I also -- quarterly which you've basis the also count significantly that's We -- our by next Series goes higher we so for -- there, redemption end obviously, up then comes that by a -- than the and the year. and it'll of it's a be a the that low a A, first that

color. the all all That's you. appreciate Thank I from me. Great.

Barry Oxford D.A. with next be will Our Davidson. question

or than the is guys. so, can warrants, run it's the but you what Ramin, back Thanks the won't think T, a same running have Series you do around rate to you paper B better will B, of Getting substantially Series as better the it the at? therefore piece do

points, around -- etcetera, going No, this individual as price -- want or the from our you run warrant worth, that's and around you you be cost, B, about as as Series so, as access what investor Monte done market stuff Series there Series etcetera; if sold the all model a it the where is at I to we a warrant of be it's Shoals you to if to -- you look and where it's Black is -- all-in think be kind the same going that. look XX the floor, an run Carlo, this really it's X-ish if should we've at B basis if

So, Q because to Schwab sorry, the rep a it's of Trade, in terms for we platforms want level, at warrant. Fidelity the the but separate hold the level, separate separate is of, a then trying one for don't creates investor have and level, it close to issuance complexity every process each and level it sales, is and the -- every -- and American -- all the every tremendous due deal for BD two a with the at to level diligence example, we're that secure at they weeks at this throughout they two it's sales preferred, complexity one years, the I'm two explain --

all security year with -- the yield We're XX that for there and who stock bumped won't up accretively assuming out basis grow to terms the the structure. it's BRG. slightly So [ph], other to they're still being years complexity, dividend, did reasons in for it, so away we to X.XX% people takes we it's takes keeping able -- five point you then from beneficial a a and have so sheltered, and up X.XX% so handle per good of have that all the in you the conversion it because the they all-in why held that's participate the can't to X% -- up we've but bumped we so added want we've warrant,

do just markets differently to where you have are that handle another you time? at No, October. capital or Right. redemption great. maybe plan piece it we'll sounds then that replace And see with Will particular or to that preferred on in the

question. a Barry Well, good that's

capital me tell You where are. markets

done You tell where me stock has our hey, price -- listen, well.

the XX and months year-to-date. think last I over

outperformance I I to to think it. put We had on inclusion versus we've the continue to general the multifamily close and table. that on continue peers our got that, some RMC that for in to think additional we're levers index

the of that to and we common always were with closer assuming been issuance we what NAV, Is given time. are today much has for -- it us conversion with at -- at it think level, than accretive, this respect I we're to respect the So where to a year ago

we're So -- and goal equity would can and which hoping to that have outperformance we our benefits. multitude is grow would base common -- continues the and of which

Okay, sense. Thanks. that of makes a lot

question Instructions] Janney. [Operator next with Rob comes from Our Stevenson

you additional The is guys. one come What morning was one. A late then and you couple the from these Austin, a any owner and helpful, the an to anything other purchase income is or is expect producing I of on Do investments more your good use equity Series options assets said recent one guys in me, like the does thanks. preferred those the it with circa T that to of Hi, do? color XX's think ? capital type

generator. of of we part with capital generate opportunity good value-add as to than of capital older different They return asset total they it, strategy generate like older significant return of a of on come for don't a, them -- options, and here, more generator capital cost cost the bit little the a the purchase It's different their significant them improve a at the total different so are looking looking structure. we're They at to a on return Rob. with as profile capital allocation call income a assets view return. the our Whereas,

that. So than nothing more

Okay.

like asset. We the like in, a last -- the dollar to we it's way We the -- Rob, participate. We so us We is vintage or this asset, like may a may the so for we not not like like we the Ramin. like market.

Page gap, of quarter look Naples, the -- XX.X, and supplemental, during Page and as Plantation abnormal to There in I the quarter? XX the it like the assume on if September And anything different at the a then, wasn't XX.X%. Is big. is asset average, there Okay. XX.X%. was Gulf were on Park occupancy in occupancy there on I supplemental, your the going X ending so was shore of was but also at quite average anything But going why was XX as the is with there the the

Rob. question, Good

we approaching an So move XX was that corporate I our occupancy shore on we're had out Gulf unexpected corporate of say units, down. capped XX%. about units will

Florida. the better that a early I'd of profile across whereas the you is different seasonal profile the in it's the has location, given summer portfolio, profile say, than, traditional in like months asset So assets leasing our asset, particular, in better just seasonal which into the the actually Southwest profile multifamily see leasing a fall, here heading in winter months,

of about, an XX% rectified expect number corporate we're end that of had first sometime the that again units quarter. of and of towards move brought the unexpected in it corporate we've down. August, think, out it, kind I stabilize today backfilled we we've units approaching we September So to XX-plus that and Again,

on than close being Park it to And Plantation basis anything big, ending XXX but occupancy at the going quite the as wasn't similar Okay. average? points because difference

Yes, I driven think staff that and was that rectified. one more got we've turnover

little below call we're low, run approaching with today think it. a rate 'XXs XXs, I I'll and a low XX-day

relative the the is it where So going is think and the rent mid to I 'XXs, we're versus -- question, is just going pretty profile comfortable low that to where asset start to though. comps so 'XXs run given the in Good is today.

range? like the Ramin, Barry's or you or out sitting for take sort what of is sort plus I preferred would the proceeds remains is T use your, there in one today, or me, I Okay. equally capital preferred be eight that percent out X.XX% that additional to to be would of long mean, seen guess, to Series even question, as your other common disposition expectation to October, then take And priced of the is with in Series preferred reason last that some any X%, but as markets here issuance it of look

And again, Yes. final -- to going the numbers. think we're Series issue, I also, we if don't I have think

when -- guess in year out T it year. we that is my this to of -- issue we So when we're comparable terms Series of what amount B doing pencil a Series we're similar going could to next

of think take our take with the we'll have of Series opportunity The I plenty out -- -- AXX XXX plenty -- [ph]. So that with to

we to is, at would our like would would grow -- at, obviously we and where would look we the common look Now, we common. look see

so don't call to for be -- to NAV from -- lock to and saying appropriately, and common -- grow -- will I accretive it time. put because and hands and we'd if the druthers, at base it take put away. to issue the impact to common impacts that our want firm -- that to the what's had pricing, in ourselves. that our that we're by But etcetera. don't going ties want lock ties out, was I want our and the have common make and FFO investors I priced don't absolutely common the use I And most balancing my that

that's pay multiple -- got option. we an asset So we're down, best, levers, we've always always do could to an going to sell always the that's

assets. think we've I of [indiscernible] that attractive at got plenty dispositions the

Okay, and profiles. assets trading with by seeing assets -- better the we up, way, add that were better investment were these were we because

was reverse. we -- rather, our jewels, the So selling crown they weren't weren't It

and fit. options. going picking us think last pick in big we of which are investors as to of at answer the we're terms of going thoughtful obviously plenty truck best I the big, -- in look we've We're best to seen few the years, you've So a got it for -- be

it. Appreciate Okay, thanks guys.

our concludes question-and-answer conference any to for closing Ramin I the This back Kamfar like over session. remarks. to turn would

you and report us thank to operator you, joining We forward in coming quarters. Thank look Goodbye. everyone you to for the to our today. continuing progress on

conference concluded. today's attending now you has for The Thank presentation.

now disconnect. You may