Global Net Lease (GNL) 8 Nov 232023 Q3 Earnings call transcript

Good afternoon, and welcome to the Global Net Lease Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Jordyn Schoenfeld, associate at Global Net Lease. Please, go ahead.

Thank you. thank Earnings joining Call. and Third for everyone, XXXX Quarter afternoon, you us for GNL's Good

and Chief Joining Mike Nelson, Officer; Weil today and Masterson, me on Jim GNL's the Co-Chief Officer. Financial call are Chris GNL's Executive

to the filings, Form on ended XX, are filings the all materially SEC detailed December The and the to factors XX, that or from XXXX, other of discussion year our risks those for the more uncertainties. statements, risk actual of after that including XX-K materialize, all by for more SEC risks XXXX, February or or expressed with subject uncertainties following could a of forward-looking one differences. results date forward-looking refer cause information these filed contains the and you statements. which these We Should may implied differ

call during the provided statements date forward-looking this this call. of of Any only conference made as are

Retail merger subsequent and defined obligation functions As an internalization stated effect or to recently are GNL and SEC the disclaims REIT The RTL the forward-looking and forward-looking as filings, future revise as statements any GNL in any adjustments the well as completed with intent advisory including and merger potential any our in internalization following success Necessity to GNL except both management of Inc. of required value Any by RTL's to the these referring property projections law. update investment statements, as giving or statements. any about also

the realize other internalization anticipated to, time our or may the operations within integrate anticipated the and in including, of with not or the merger of other benefits limited frame. the a not the acquired the number merger We merger are There so and to entities do internalization. internalization, synergies our of risks RTL and associated ability but

These available Please results release directly in to measures call, or of supplement, website. substitute believe in in today's we considered to the should we GAAP GAAP. the performance. isolation we our our with can A our non-GAAP not financial as will also our evaluating which will measure implied earnings prepared more Also, financial company's accordance during and useful we reconciliation be refer posted consider financial be throughout are in information today's discuss about a measures, to use investment-grade earnings measures which most these a release be for to tenants, call. what term comparable for is

call turn now Mike I'll the Mike? over our to Weil. Co-CEO,

good everyone. and Jordyn, afternoon, Thanks,

the following internalization created third success, demonstrated value investors well corresponding the merger our merger success publicly Necessity Welcome to we and merger a REIT our We the based net in first are our as recognize of of support REIT The The and and in has lease call the governance the largest Retail with and great conviction peers. with appreciate gross vital earnings our with to internalization asset as line continued transaction. internalized corporate shareholders presence how traded global internalization. our on

is focus presence value. long-term high-quality gives flexibility tenants, opportunities the us portfolio on a global of The to shareholder to markets diversified multiple our foundation contribute will in of that attractive which

average than to basis quality the clearly undervalued merger path compared are an GNL we creates REITs, substantially the multiples. though and even for of to lease multiple income rental investment our our grade-worthy internalized up completed recently tenants other higher internalization to Our peer believe the the trade in net industry. are We on and our AFFO

of reflect to XX XX savings pre-merger days The internalization. currently annualized is conjunction and We the track internalized $XX RTL we GNL closed financial the post-merger merger the Accordingly, only of and stand-alone results. transaction merger million and internalization anticipated with on third quarter on GNL and company September the cost days XX. of in achieve results the

To based on synergies of synergies track by the the G&A $XX million to lower-than-expected with of million capture X% XX $X operating projected remain has million, worth synergies, exceeded GNL expenses, of a on QX days total G&A we XXXX. expense annualized this projected and point, by capturing $XX

any of reduced leasing, share Together, payout disposition on the addition, quarterly to the GNL $XX including In acquisitions reduce XXXX. to million external of current by basis its reducing strategic its or $X.XX business premerger initiatives. $X.XXX on the as GNL fund an the of its per per merger, share as dividends without of dividend expects and to to renewals from growth, approximately execute part needed incremental amount and annualized September XX, plan, ratio assumption continue cash

The rent over comes navigate of a square ahead. is lease to value in North portfolio X.X spans over leased is feet, of end. portfolio unmatched, from industry, had tenant asset a average and of billion earned million straight-line macro net at XX as makeup we is while weighted properties X,XXX quarter term challenges measured diverse well portfolio leading Our lease type, $X.X of we GNL nearly of The America, Geographically, asset or by geography, gross XX% remaining our positions which external with our whether move Europe. years. XX% XX%

or an portfolio of average an features industry-leading includes rent The with increase an receiving investment-grade annual rating. stable also rental tenant a base X.X%. the contractual implied investment-grade XX% credit Additionally, portfolio with increases

spreads to the continuing renewal and portfolio. I renewal with strong feet renewals activity. management higher expiring while our we highlight included were quarter leasing to activity rent. third than the leasing the X.X square demonstrated also want entire and succeed Leasing asset on X% particular, million In across capabilities

average square weighted X-year lease in with portfolio with span positioning rent. rental an contributed X.X%, straight-line properties favorable Our while feet annual and to segment million leases increase rent rental annual term. include XXX annualized that to distribution $XXX over benefit and of income escalations average of industrial the portfolio XX.X XX% the is largest from million this having

rated over feet average and property square Our and XXX that implied is contributed single-tenant retail largest span to features million million single-tenant an retail tenants $XXX The XX% investment-grade the straight-line year rent. lease X.X weighted investment-grade by segment properties term. annualized X.X comprises or count segment with

straight-line favorable segment multi-tenant tailwinds. a XX.X is leasing coming $XXX this XX.X% This average properties predominantly attractive which grocery-anchored of feet which retail that of rent. has X.X XXX incremental from in of with portfolio straight-line million The The have grow square lease-up the rent and continue span Sunbelt segment are portfolio demographic includes with leased. triple-net in leases comprised contributed lease spreads, the and XX% term markets, potential to million and XX% suburban remaining includes weighted and over annualized years of centers,

lease single-tenant that feet, X.X straight-line properties rent Our XX a includes weighted million term. annualized million segment, smallest to office X.X-year has square span contributed average $XXX and

that feature of implied R&D differentiates lab which that believe default XX% portfolio metrics XX% or facilities the is of we we consists the office rent risk. investment-grade of or it mission-critical and low facilities, single-tenant investment-grade One as headquarters, define provides which tenants, level and stability

Given strategy concentration renewals, GNL's the near-term risk the office includes record portfolio track hallmark mitigation single-tenant risk. An our the limited also segment lease total of of additional of is lease of successful vacancy. maturities, minimizing

largest for our on tenants which to only tenant rental with durability roster portfolio. a tenant XX% future predictable of stability build as Our rent highly provides our top account annual to our This total tenants XX income our provide our X.X% accounting high-quality of base and collectively for business. only straight-line of

assets X% results and environment. leasing leasing even driving while demand to mission-critical spread, of renewal showcased adding and continue current X net quality positive our Our illustrate higher assets, million leasing single-tenant segment a in our rent. renewals completed the rates $X the the renewal to leases straight-line demonstrating strong The new for

The experiencing completed at which the consistent a in increased our renewals, demand straight-line by we're million. XX X.X% multi-tenant new renewal suburban resulting shopping segment spread, high net rent and leases $XX.X with positive centers,

leasing the June Our combined at our end to quarter will as at November leases third XXXX, XXXX, in of of X, our of XX, raise XX.X% the at occupancy portfolio pipeline of the XX.X%, executed actual occupancy up multi-tenant XXXX, from end RTL. with

balance the to Turning sheet.

temporarily to increase we're the currently treasury a to the $X.XX debt through our million of experiencing XXX we increase facility is accordion, not credit does swapped. point interest Although rate XX% the billion. variable, volatile the in secured of our that our portion XX-year rate $XXX or only September, debt impact bringing facility since Prior fixed basis environment to is our the

increased XX-year of completion We're our utilizing These the loan our transactions further capital multi-tenant term properties XX%. rate The the has in a to a balance pleased merger. this $XXX flexibility. is an only mortgage-backed weighted and prior able merger. to achieve while security as lock increasing This X.XX%. merger, at of maturity CMBS loan X.XX% RTL debt prior RTL rate the further closing SOFR fixed commercial contributes swap of cost our million put the interest a by loan encumbered the over to assumed enhanced part of Additionally, sheet to place by of before attractive be the to percentage completed average of that XX and have lowering loan that we to

contractual opportunities that NOI to strategic be lease-up us help in organically and near to embedded achieve use continue intended through include a financial dispositions our strategic will dispositions of as which goals, balance increasing will and and leasing reducing has currently delever also growth. activity. X.X%. accomplished debt management intend blended asset of The We'll focus on through rate the EBITDA adjusted pay our rent that This to term the sheet continued variable additional proceeds average the down rate to platforms, success we our renewal be and will to net debt

the more market strategic can and risk-adjusted portfolio help to accomplish our returns us our GNL We'll but for incremental near-term monitoring continue goals. reviewing company financial we believe will acquisitions, the be accretive to evaluate to that improve dispositions continue create need for for to active. proceeds current

are prove we competitive of we than or will of to on where us transact Europe the X U.S. portfolio the properties opportunities will and our average global increased and allowing value, require take advantage expertise lease years. assets successful one more mission-critical believe in asset move speak own, ahead, in global lease as that that term remaining our advantage Our continue and a that renewals weighted the diversification to is mispriced nature to We or the class. be deliver to

on the line net superior and GNL investment an peers we managed that tenants expect our to quality with AFFO in our basis, internally internalized lease income multiple diversification, in of an trade grade-worthy given portfolio. Now is more REIT,

more call to in walk turn Chris through over financial the to the results detail. Chris? I'll

Thanks, Mike.

reminder Before the the a results GNL quarter and getting detail, third of days reflect combined into only XX that RTL the portfolio.

XX, said, September internalized of completion the the prior $XX.X the $XXX.X common we the Core reflect merger. of many $XX.X and merger legacy the the couple management of and quarter last and a and related structure. stockholders to external for internalization X-month period $XXX.X management attributable million million. That X- was savings, expenses FFO net was $X.XX of third ended results weeks cost million XXXX, to recorded of share. nonrecurring structure and $X.XX to XXXX, for Outside AFFO the and Our or transaction, the or per results per share million GNL loss of revenue

we comparison. Typically, a provide year-over-year

quarter upcoming this not that transparency of and meaningful XX-K, given XX financial time investors the regarding our provide company. RTL will the results reflects increased combined and with be around XXXX projections. GNL of However, only guidance to our provide quarter goals an internalized We intend formal would which days as of

related internalization items settlement back AFFO. compensation $XX.X of that FFO onetime in million and costs third of equity-based including was merger million and the As impacted to the expected, transaction of costs, to many transaction, million added $XX.X quarter $XX.X are by

in is GAAP the our income reconciliation As to website. be of our earnings which posted net found measures non-GAAP release, always, a on can

some the Given of balance also fully the the timing not metrics merger. do the benefit of transaction, sheet reflect

reflect Specifically, meaningful EBITDA full reflects of from this of the for internalization, quarter and to the RTL adjusted quarter. ratio the this quarter benefit our but ratio our adjusted the not the EBITDA impact not net does debt debt total making full transaction,

it to debt of fourth adjusted disclosure, net approximately and will ratio X.Xx. we to this be forward, anticipate quarter part be EBITDA Moving the

net rate X.X% under X.X XXXX. had in with of XXXX debt third availability million $XXX.X facility. weighted billion credit of with weighted of due average and interest and of liquidity maturity was the quarter a including cash average maturity the debt of cash revolving at the $XXX of million The debt end ended We at $X.X $XXX.X and years equivalents quarter million, company's minimal the

$X senior billion credit mortgage Our the debt billion on billion of comprises and multicurrency facility revolving in $X.X outstanding $X.X debt. notes, gross

X.Xx. swaps, rate in-place Our rate ratio rate, debt includes interest was was XX% coverage interest fixed floating and debt which our with

XX, GNL. are of outstanding, As XX the on pre-merger XXX.X XXXX, million On common based there which is post-merger days of XX September stand-alone a had average approximately million shares we calculated shares outstanding. weighted and approximately XXX.X days GNL basis,

any have now available turn call. answer quarter the As the I'll for Mike on always, to I'm closing to remarks. back questions call may this you some after

Chris. Thanks,

diversified of the hired NOI the about leased global is distribution strong the that excited competitive and Lease. and properties X/X of the of owning employees, Net We're largest, long-term industrial remain our future newly of to internalized We most retention advantage lease with the one with tenants the in creditworthy net portfolios leases. nearly fact growth derived portfolio's country on from Global almost GNL's trajectory of with rate XXX% combined a

our gap trading our all unlock continue significant become allow of as GNL company relative to our that believe tenants. managed given the This portfolio to preeminent internally close quality and value the of to peers, the coming we for work attractiveness is we Now in an our future. the creditworthy in quarters will the us the REIT, lease net shareholders we'll

want any filed that investor management being to deck and better follow-ups. publicly I utilized course, deck, data gain for want to GNL's the of a in growth a available that lot to is exciting mention there's And understanding of the is Lastly, prospects. of valuable ensure we

Operator, open the for questions. please line

Instructions] [Operator

B. And our comes first Bryan question Riley. Maher from from

But maybe be pretty on from on maybe bit? as historical Chris, questions that we little a data XX, standpoint. see by able get that breakout guys out A helpful it quick. couple fine tune provided, annualized of kind the segment. quick broken That's not to a stuff you do The modeling you we'll models suspect to so for a there for historical basis me, of our Slide

pro We to you. that regard get don't put that have we've other to formas but back to anything in that back the we'll on have one. out, We'll to you have than get

for Mike. It's be you? What easiest Bryan, would

Yes. It segments the tell of to guys each it feet see, for to But know would kind per, I what is of and be interesting data. take see annualized is to look us what would helpful impacted interesting see time. useless you SLR square by were the this if would that models, we to downs see, if up back to at in divided it's it be much the been outstanding not trouble. these and what history and we it's have too to be ups kind our this the of It unless we When and see and trends point build those.

together I Chris will what see with. we Well, up and get and can come

when differences the about is those escalators different for X there each? sectors, And think in Okay. then rent meaningful we

it you slightly of that in When all They're think X.X% averages, not. there's annualized of no, in that the the but different, vicinity. portfolio terms

Okay. that going or then there And about others? we into more than sales geographies when particular sectors asset you're think forward, are leaning

that we benefit we of will we the deepest be the other buyer overall where the to analysis see portfolio. geography to will pools, impact number go-forward see at, including be where It and biggest be won't a driven. the It looking

debt could it there is for So maximize lot asset result. redevelopment are if valuable to or of and an it is repositioning will upcoming factors into that we that that go be the maturity there an it's think a

retail out between you're XX, power, strength where Can leased And most Slide maybe when the Okay. grocery. rank, Michael, you I segments? in those then and multi-tenant you each break how in the at of look anchored seeing

our retail and are very communities X the all just suburban And the they're those multi-tenant Bryan, strength fact in clearly to critical renewal. that of to we new X in all these based. fits really where similar equal They highlight buckets. wanted segments, leasing So have the

of the we Many them have. what of leases anchors strip investment are along have really to the grade. importantly, national We power tend sure it's investment-grade tenants. be investment-grade anchors. net tend There the large they make implied these tend to rating. everybody So on or wanted And have don't grocery side lease be to most centers highway. anchor centers They centers, to that and These no clear. centers, was the

this where deeper communities basis. regular where the have this So of we have to a people This clear just greatest looks wanted might value. is shop on the dive. any questions portfolio up on how found we is that And a

one me. last one just And quick for

I sure this right. think, I fourth Chris, say to you to X.Xx? want EBITDA, it's but make said the you that Did for net used third the debt I quarter, we the know quarter, got for

is X.Xx what been projected amount. Yes. as we've disclosing the

And like that XX And next you to over months? the the how would to see where compare does XX to estimate? premerger go that Michael,

Well, that just in improvement. the premerger, terms of is

would to EBITDA. adjusted Yes. debt lower net it the So

deleveraging So as to target merger was Chris EBITDA. net debt in the says, at X.Xx

that's investment-grade just to know have in to give right It's So we about midterm file that little the to where happen drive have we but and in Bryan, focus. now, without say net We give focused it's goal. EBITDA hard down. to that I being to the bit we it conversation continued a kind a I think can like. look a a we really to that couple good is position guidance under start. to we need But that be X.Xx continue continue K. a of sheet to are intend an will And don't we of balance think would what debt that a quarters, we when

question next Mitch Germain comes our Securities. JMP from And from

are the I'd they're dated prior gain X that under deals assumption around think that out. falling right insight. enhanced There acquisitions It Or the of that was was no I highlighted disclosure. a that both contract? appreciate closing it some longer the were -- September It really just to seems or in filing, safe love helpful. I really like were Is transaction.

Wash retail and was was Carl ] I [ Tyler a one portfolio. think one bigger

Mitch, we diligence thank acquisitions. the in question. were as you made move to with forward for that the we decision Yes, those due want didn't we

in And the we we that didn't the markets commentary risk-adjusted cost are matched cetera. quite see before don't et of returns, the in with the said think the up meaningful forward. As yet Q&A, we benefit moving debt,

that the we terminating. So would notified sellers be we

Great.

That's super helpful. Okay.

$XXX asset done was quarter, just done million how the quarter. a of know the stems side, Can guys you third in year-to-date. was remind me activity I please? obviously, much the $XX deal On million to sales that there

X, yes the I'll X roughly give -- you, quarter. million $XX third in --

Okay.

X the West dispositions in that Is about So were to Coast. just -- the on third way asset think quarter it? the

to I That is referring million. you're to expect Mitch, think property the $XX one in the under... we vacant XXXX. That for close one

was The contract. okay. just press release under Is that that it says --

correct. in contract, we close one That is That and is XXXX. under to expect

Okay.

third -- I then little much was I to million it $XXX a the just please? broken -- bit the How of stems but will the much So quarter, answer, think of how up. Mike

little It's $XX about $XX million. less A million. than

confused. $XX apologize. million. XX me got and I XX

Very we get -- XXXX. quarter right but of it, for details as fourth we're to in the now very that as million $XXX the into don't confident far want

includes that about the the $XXX under is to so million or other that So think contract. way Is it? that

That is correct.

XXXX? to that, include -- that does follow-up million though, that's building in XXX... That going contract $XX under includes One be the office Michael, sold on the

things. think Yes, I'm confusing sorry. I'm I

me let break So down. it just

I think confusing. we are

Is built the on So by sometime think Coast year-end $XXX sounds in million about like to it? -- asset like $XXX the that way other hopefully other it total that West it and assets million 'XX. sounds around probably

Yes. it The year-end. else everything be $XX Chris, and the in will any million majority will -- closed of XXXX, to in say close scheduled is close would differently? you

is correct. Yes, that

additional wanted That's clarification just a talked I that last about. about super to And the helpful. you synergies get me. for one

XX-month million time that I'm said And with So or $XX another a realized over off be million you I if little a apologize to $XX originally period. XX- on frame.

exactly right. that's No,

Great. Okay.

So now $XX about you're talking million.

We achieved a -- yes.

million. is that still excess end? Was realized. of understand just of So accelerated how or saying Okay. the really kind left your over back there's trying $XX synergies to I'm million time? that it million and left? which in stated. originally there be $XX from much you just $XX million left, Or But you're would to -- are the $X only mean and is million is $XX million million guys Or -- $XX $XX

So go Chris. yes, ahead,

Sure.

is going should So $XX million $XX referenced, to comparable I way say, the the you to look that the million. that is at Mitch, was it we that

day effectively than coming days, lower our took XX that X, for a annualize had actual from So we bit up able estimated. little and to results our And those we them. ended we is were expenses in

to you're other next that XX will be that that is So the and The legal, $XX to that, now. over million, we impacted in that's project things $XX like this mentioned costs, where something realizing million relates whether some million seeing the separate that months, that the is point. $XX not we at as it's audit, inflective

you at and $XX the million million. the So $XX look

So that million. was $XX

Correct.

Okay. Not $XX million.

to a Thomas And from now Todd take question we going are Markets. from Capital KeyBanc

ratable Just that up of sort cost next to basis a that the from little XX the achieved Maybe about savings. on actually lumpy? the realize can expected just on $XX merger. will the you synergies be of Or be million over following those side. months? that more bit talk timeline a to The synergies on Is

Sure.

get effectively, realize it place time. of would And were if numbers, towards as something the annualize say synergies be would able there. reflected the I of over would you those 'XX, we we quarter we be to So where have all third that would in in should

next few quarters. going not the it's ratable over to Todd, be And

will it by be of of event. some it is lumpy Some and

So that's...

could you on synergies Okay. I quarter When merger, on wondering the about initially an here. you're AFFO in the comment accretion on I an the X% on basis. you that achieve annualized to track fourth basis. updates the if appreciate And talked And was you whether of the then some color just on announced and

was any we considerations think are as And first for if to relative us quarter. there it I the look ahead? additional

our addressed anticipated to Yes, And well. that X% going been guidance that executing. be gone very is to -- We've have results is that further The are, that in what synergies merger will is giving. be going we're -- accretion. the that

slightly that see markets. thing the cost the So the with We're to from come interest the in back increase merger time is of different that the starting is down. change in

I'm So now. that at right looking changed will that what significant, sure is impact be not that but we're

for end was of XX-Q. can didn't pleased could of and And transfer. we imagine, penalties, the -- were And the it period very lot to saw, there par, of quarter until get everything very together the work the have with right was of one and all that a paid the at the important that able XX of you and Chris days the to so quarter the also this team the as debt accounting and over reissued. be things third RTL as It was, of be the you done from up no close to no merger, that off through with needed came

was that important period. part a was very So of accomplished what in this

that to there? think the little about to sort range of should at then go sub-X.Xx debt-to-EBITDA to a be look still you from in mentioned X.Xx How outlined like leverage further? expect ratchet sort target of It's maybe the And timeline leverage road the you to you've a fourth X.Xx, And the long-term that? get Okay. for on down What's quarter. in that ways we the basis. lastly, map the what

to as know, we you steps important us let for you that is will that ask a an has it company yet basis. to going And lay continue and one with we am be on focused next achieve, quarter that not that been the out... guidance, It to and Todd. timeline address taking and on step disclosed I

Instructions] question And our Oxford Colliers. Barry [Operator from next comes from

rate a you achieve, do below debt. I'm towards you going the be go When was dilutive? that's in that that I'm your you at X.X%. at might think When around rates is you and looking assuming little look come Or the variable that X.X% the to little mentioned bit can cap you your dispositions to And that have dispositions, with a accretive? debt be going bit it

be to accretive. expect We it

Okay.

maybe push then, another And push Mike, 'XX, can on you Perfect. you the XX.X% look out on you points? that Or you maybe can you think XXX portfolio? at Okay. percentage do that that? -- the the out the when out of think of how multi-tenant, could range another -- we're feel Do basis we're feel like top you you much get you end into do

XX% will like the that and thought the which always we XX% drive multi-tenant, occupancy pieces always optimizing GNL this between XX% the I've than in is a already. overall it moving be on portfolio should There estate that to higher this. So are portfolio real today

it's much a of type But have above this XX% basis centers. get the in max on for challenging very So portfolio. interest yes, obviously to the The XX%, markets multi-tenant been strong.

number the expand have national brands enjoying We of presence being a our portfolio, in continue to results in overall of that their our centers.

portfolio a management in very a in up. in short team optimistic. the So we I'm multi-tenant as to close We're XX% portfolio. occupancy do since work driven this asset getting continues to that very they've acquired I'm really pleased the with time the increase

kind a here. a look, I bit there's how you're No, go great job. was look, -- have No. saying, to guys there left saying, you you're little probably to there's more juice much of done Right. figure trying and out probably was more just

am. I am. I Yes,

Yes. like then deal? lastly what debt And CMBS me, about did when at for a looking guys doing you the you market were

Well, question. it's a thoughtful very

the very profile. look market we side. on gone And since, We money -- pretty attractive nice has debt is when where on the this thanks. XX-year first IO, CMBF at all, it's So a frankly, portfolio. of

we're -- the is this a to while. going for debt some close think see to I where

time, in out we But So we of very wanted strategic in the come that to timing line the merger. pleased to favor. it us for very at on our were sure was the because worked capacity after we also closing the much had there. We thought make the very Barry,

It another our things. -- weighted we it extended So of steps. upcoming different the on year remaining a take our it piece It as flexibility rate for term debt. was couple and accomplished of us fixed the debt, gave

any for to session. I conference our would remarks, back management concludes this to closing like And the turn question-and-answer please. over

and Great. for Well, thank I call. to the spending time echo my as an we line. earnings the you I'm have sorry. always, on listening

have We to why to course, me to from will wanted Jim are. today. And him calls. were you side. follow-ups excited look savings on this pass benefits most some the we execute And so the of to of already and of The we're any what XXX% that's and And over again we forward with guidance. forward under that to if you end he operational But from the talking along very in course, you to a we'll continuing any questions, structure. weather, future and internalized we're time. any didn't hear you about, retention. follow-ups take team have, forward year meantime, starting on the he's to available your to for there join of us benefits you that with And results came importantly, again the be seeing looking thank look see

And and you for this Thank you concludes may disconnect. the conference. very today's attending now much presentation,