CTO Realty Growth (CTO) 24 Feb 232022 Q4 Earnings call transcript

Thank you for standing by, and welcome to the CTO Realty Growth Fourth Quarter and Year-End 2022 Operating Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today’s conference call is being recorded.

I will now turn the conference to your host, Mr. Officer. Financial Chief Partridge, Matt Please begin.

With morning, thank Albright. today XXXX for our call. us and the Good operating and CTO John conference year-end you for and Realty joining quarter is everyone, Growth President, today me results CEO fourth

and from begin, these to future remind undertake statements. results considered we comments are many our everyone actual forward-looking I'd like we The statements company's under that to the may forward-looking today duty in update federal Before matters statements, significantly discussed of differ no securities law. these

differ that from to Factors cause in Form and risks could greater other in are actual the time results from and to Form XX-K, filings. XX-Q, materially disclosed company's detail expectations SEC time

supplemental our presentation and most find can You recent website ctoreit.com. release, on our SEC earnings at investor reports,

With the now over John. turn to that, I’ll call

Matt, and everyone. good Thanks, morning,

terms capped of share fourth share FFO record during noteworthy per AFFO XX% quarter which activity was of fourth The because core investment growth I'll a off Our year largest it XXXX in per in was accomplishments. the few very our the while first all the history of quarter offering and ever volume resulted of company, growth the and XX%. was across another more especially of year full full the notable year, productive follow-on our quarter business, equity aspects included in of highlight and

retail-focused NOI and our investments by leases, square $XXX feet fourth per of derisk on balance the grew than at rent Excluding Total cash were dividend outpacing million, renewals of We extensions average more out the the of foot. entire and XX%. shareholder XX% REIT including our in quarter record acquisitions, new most signed total return industry, sheet our portfolio meaningfully by our to same-property an we cash year-over-year X% top a fourth total common square quarter debt by maturities $XX the peers. quartile match activity, extending we and XXXX of or beyond, grew delivered $X.XX funding all acquisition our of

year, the long-term and success. Notwithstanding, underlying we've team's as a company part job has the our built we've discuss and our was challenges demographics our believe as us great very invested of value markets long-term properties population execution in we It and XXXX some projected tenant some we'll guidance, growth highest and that near-term that for portfolio creation well-positioned of country. attractive in are to have within the growth with for

million going-in we All through During have three transactions $XXX cash a a weighted the nearly rate for quarter, average of cap costs. and replacement price record fourth combination of life at meaningful at below completed X%. $XXX a These upside of high-quality of quarterly investments per represent real a in less estate square repositioning significantly terrific an opportunity average three foot. invest to leasing than acquisitions

this acquired Our with submarket and is Richmond, through Virginia four upside a acquisition the property XXXX. expect be of as we growth property rent-paying strong will same convert we efforts XXXX, leasing NOI high-quality leasing comes Village that significant the leasing tenants property, team's HomeGoods Broad of demand, excellent West Foods, very the anchored an of property in owned in in and REI vacancy. to we've experienced driver the months our Whole In short

of to parcels the Atlanta. submarket a and The Forsyth beach a from off-market unique history, in Forsyth the near restaurant the the owner quarter district company's set tourist parking The other in at Collection the largest was Our complementary operator. a successful affluent five acquire assemblage in in Daytona two the acquisition acquisitions parcel and County property Beach of Daytona retiring of included Beach opportunity

operator in Beach as significant there interest near-term the properties. in flow cash restaurants, investment existing side is high-performing Daytona confident a our Given opportunity two in we're these

during think our investment a provide about our smallest largest, one property our very and considerable beyond. which we is at to excited year acquisition and Forsyth. will we're XXXX I'll is move This growth collection the from XXXX, and in

We up-tier market asset, foresight go-to long-term was of the property and where over we destination this increase Forsyth and believer County the prospects of continue opportunity of residents in rental mix, really can broader as that leases the similar the area. Atlanta the our quality collection as for to a Ashford in establish the a invest strong and to of roll tenant to Lane rates surrounding be a a terrific property

We've number miles team We've concepts. XX started us conversations leasing our a the to some which road. already have just exciting with is down of engaged who helped Lane, reposition Ashford very

there a for location property will potentially green grocery are Earth believe we grocer be a to former opportunities that vacant Fare the enhance future to hopeful add outparcel overall there Additionally, experience. is and space that, the property, we're

million structured of our of or X.X% acquisitions For these originated for blended Orlando retail year-end a these cash Dallas initial and where income balance supplemented is just average mixed-use at program, the year, with investments development over of or weighted retail funding redevelopment had acquisitions five mixed-use of of we in yield in going properties the completed investments Atlanta, and of we $XX $XXX submarkets $XX a towards The million. rate cap and million X.X%.

sales reinvestment drive opportunistic rate, assets investments. the continue as returns of We cap upside, higher equity through recycle through we attractive dispositions higher-yielding to asset into low look core on to

did X.X%. quarter, six a not multi-tenanted properties, million remaining the fourth cap at any sole a asset we property total for average in we sales office of $XX weighted While sold our of including have exit

volatile average generated redeployment rate, average rate representing cap creation weighted net These weighted a acquisition sales and environment. value disposition our point as we transactions terrific our navigate and subsequent cap investment between XXX basis spread their

getting through we've acquired and our exposure units Dress HomeGoods, as and evaluate and long-term that of Overall, such Ross we further execution tenants currently REI, by as Whole more vacancy Buy, re-tenanting have invest Less portfolio while anchored upside overall high-quality Foods, in rents. to XXXX, below in our Publix, been market our for Best fortunate diversifying properties tenant lease-up

management, existing value While long-term active for portfolio maximizing through focused opportunities our our provide our investments investment we're additional leasing asset capital highly growth, and programs. of on the

leasing XXXX record This cash-based year growth helped for was in and our tenants of in NOI our team, increase cash-based long-term and the of XX% our a opening the of for but XX% muted our team be direct half should back many and the is generated comparable our only versus XXXX This drive rents the the the but same-store of rents. testament new growth, in portfolio. of to assets, markets. properties a of and reflection see a prospects more across not is substantial XXXX quality XXXX from we into properties demographics surrounding XXXX, will in our expiring which

household incomes serve $XXX,XXX X-mile population average and properties XXX,XXX average of than X-mile an base of more Our people. over

in these than is While volatility properties people, are broader do what of very that demand, strong important we are represents as to our portfolio more largest, is the indicate close X especially million which the base economy. in demographics not our continued some proximity is preparing and that a for

employment to future. the properties out markets and years, are of next outside Dallas only supply growth, given and Furthermore, population which as and our tenants the such three the some our over Raleigh should benefit Atlanta, especially as limited foreseeable top anticipating we projected look five for

respective at the a Creek, larger few we provide are Ashford most more Shops detail properties. term, near around Regal tenants outlier, with we instances, WeWork at including specific but Hall our at The will growth The Hall Lane. XX their our issues, note the The underwrote as at dealing Matt in that guidance, being such In to NOI Legacy, following tenants in same-property XXXX vacate I of will acquisition these Beaver

represent or concessions opportunity as presents in during but acquisition to a unique anticipated value underwrote options, gain these near-term evidenced as guidance, each tenants our our The loss process. explore maximizing disruption we of which do longer-term

have WeWork future retenant with existing vacating opportunity the to Legacy, alternative use additional help at drive Shops improve the specifically, performance the and property, traffic strengthen we efforts. with tenant overall the to space that the leasing should More an

addition with taking Raleigh property more rights units. apartments, currently acquisition is Regal separately in viability outside parceled a are apartment location Our Creek traditional XXX shape. at to We're sold we an the and integration approach reevaluating opportunities the for more identified mixed-use outparcel is with take development to Beaver of the potential beginning of property of development the just to than which

build-out, And Hall in relief and thresholds. delays Lane, some The obtain near-term opening as presented provide us their supply to more opportunity has chain finally, Ashford transparency an of attractive which has at tenant percentage rent increasing more we operational to a as costs experienced result disruptions and for a a

mark embedded high-quality rents of continue our majority shareholders believe value Overall, our allocate grow we taken portfolio approach and execute of we our we look market as We've prudent a to capital are substantial we flow. in to as remain our the to there performing cash tenants well, and vast to free and initiatives. benefits for disciplined strategic long-term guidance is our on and

results pass in now XXXX I'll balance to our over and talk about Matt it sheet guidance. to

our activity into transition retail, lifestyle, multiyear Thanks John. Transaction continues John portfolio traditional grocery, and highlighted assets. larger mixed-use

rents XX% this end power assets. of now and of grocery-anchored just center rents coming the portfolio's up majority of those over annualized retail with lifestyle cash-based from time coming year, of mixed-use our are XXXX, from properties, As XX% from the last and

Dress Burlington, XXXX of and our and total Maxx, Best portfolio such Furthermore, a Whole tenant AMC, from our this Buy, Hobby tenant makeup T.J. Academy transaction year-end REI. HomeGoods, by Sports, activity XX% as top Ross includes Darden Lobby, the list has to feet Publix, perspective, compared Foods, well-known Less, retailers increased now Restaurants, for square

our XXXX Occupancy was year-end at XX.X%. occupancy leased XX.X% was and

NOI occupancy Our XXX increasing for by of strong spreads operational and same-property comparable year XX%, very points. overall were of growth portfolio leasing the XX%, basis metrics growth with

leases the options, when cash-based cash-based extensions in renewals, signed rent. notably, the resulted comparable new a increase signed the and X.X% compared year to the when comparable comparable increased rent expiring XX% previous Most year compared to and during during comparable

our leasing were signed vacant exclude Comparable space spreads been leases has since acquisition. that for new that

hall X.X%, increased one-time largely Crossroads same-property is CAM-related lower Restaurants, Legacy, to items to operational the primarily the and active driven percentage at decreased which hurricane debt and NOI Ashford by due the Shops Center Daytona Lane, Beach For at bad related and Towne expense from quarter, season. by the the the rent more at year-over-year

decrease X.X% XXXX the share, compared core over XXXX. per XXXX AFFO quarter share, fourth representing the fourth Fourth $X.XX XX.X% a of quarter and quarter was to per was representing of $X.XX quarter fourth decrease XXXX FFO a

comparisons NOI related Forsyth were timing acquisition. core and QX in of fourth quarter year-over-year quarter, expense, point the the raise higher the equity our time interest primarily and and with by at same-property dilution Collection AFFO associated negatively FFO impacted in The relative decreases

and XX% XX%, year, share, core when XXXX. representing share the was per per compared growth FFO to For respectively, per $X.XX $X.XX was year-over-year of AFFO share and

Full relative was dividend XX% year offset increased year-over-year same-property core NOI fees structured income from income, benefited and investments, growth, interest partially interest by time-related and higher growth AFFO in comparisons and FFO expense. from management

As declared March week, XXst the cash we cash regular share in shareholders to the previously dividend of paid earlier record on share, announced per on stock And December this XXXX first company Xth. a March of which XXth. regular per $X.XX $X.XX fourth will common November, be quarter dividend on company quarter of its paid

XXXX first Our an over the QX than X.X% annualized represents X%. cash more yield dividend of increase dividend quarter and a company's

common we productive of quarter, stock a finish issuance program of sheet to On for average balance our including fourth an net million very had ATM markets issuing per $XX.X share. at and proceeds $XX.XX the front, year, capital through price a XXX,XXX approximately very active shares of total the

offering shares We Forsyth, funding also completed issuing of at anticipation a acquisition in equity our million price fourth of the the share, total during our inaugural public million. net of of $XX.X common per $XX follow-on generating at stock The proceeds X.XX Collection quarter to

forma and total approximately times. end $XXX and excess quarter with EBITDA approximately We cash undrawn cash enterprise net revolving and to of quarter debt X.X ended XX%, million at $XXX of for liquidity Net our of restricted was total debt value commitments the $XX our pro under credit to in was facility million. million

convert our currently notes a will convertible per $XX With to at share, before it's price conversion into respect to over note our notes XXXX or that equity it leverage, making important likely of maturity. have just those

no schedule, a until we debt debt As our remove result, notes convertible maturities from with if maturity XXXX. the

being used $XXX Furthermore, swap fix X.XX%. swap $XXX effectively go-forward seven-year a to revolving million credit SOFR subsequent million entered remaining we This floating interest eliminating facility to currently fix balance, into all outstanding rate our at of rate interest is our year-end, exposure. to of

share diluted $X.XX we yesterday, did the FFO projected $X.XX is and per Core release between diluted guidance. is and As to introduce share be earnings and $X.XX. part XXXX forecasted $X.XX to of per between be AFFO

of X%, occupancy associated same-property or which reflects of growth Our defaults. effect to includes X% forecast guidance for the loss in reserves, bad bankruptcy NOI our related and XXXX tenants debt lease increased to costs

growth Headwinds lease Towne Beaver to at in at Regal modifications, of for with reserves Shops general include historical Crossroads between largely is which at The Party our Center revenue, same-property projections points Hall terminations XX line Ashford Legacy, Lane, level forecast NOI property and WeWork XXX at our Creek lease rate. run or The City basis Crossings, in at

initial between million income-producing weighted a program at into through million assets, X.XX% $XXX invest X%. yield our $XXX to to structured to projecting We're average including investments investment of

cap $XX rate million assumes X% guidance $X sales average X.X%. disposition to and a million at asset between exit of Our weighted

general million between between and average for share the and shares weighted million XX.X expenses XXXX a diluted Other shares. administrative and forecasted include and million for XX.X million year $XX $XX count assumptions

near-term credit leased our guidance, our and do While year-end we XXXX. and headwinds XXXX by year-over-year XX% interest to be issues expense between XX% related forecasted tenant to impact have

The impact XXXX, potential or any from commence have XXXX forecast signed of a XXXX. leases is into dispositions to strong base that lease acquisitions implies property and yet heading before rent year-end occupancy of income,

up that, open questions. it for With we'll now Operator?

first from of Gaurav you. [Operator Our comes Group. Instructions] EF question Hutton Thank Mehta

Your line open. is now

ask acquisition for transaction provide some on Yes. Thanks. you you XXXX. the timing expected on I Good of Can wanted dispositions? color morning. your maybe and to guidance

will assumes of that be the The weighted. back-end acquisitions most guidance Gaurav. Hey,

We some quarter, fourth going here or first be towards second of stuff the of end the but to late most quarter, the of small have it's beginning probably early

side, on and color range? to end looking you on that on million? of can are million upper maybe lower disposition And provide of Okay. you the get range some $X to guys volume the the transaction What on the $XX end for

things. the current in the the transaction capital Given of state of it's volatility causing a side markets, of little bit

So there's a fairly wide bid-ask spread.

reflects And range the so that.

we some have range firms to but up. really wider then some in months, opportunistic small the dispositions materialize the single-tenant certainty if here So few on is the of that disposition next the could related market end

Thank Okay. you.

moment, One you. Thank please.

of the question comes next Janney. Rob line Our of from Stevenson

Your line is open.

whatever it? you have you back happens that Regal’s Good summer at to Regal or morning, Beaver Do guys. the bankruptcy until to have get Creek wait now during the or

Yes.

of bunch because So the know, not interesting originally. kind did of a the us a because Rob, you of told leases. to so surprise to on lease reject reject they it's And Regal whole as a them little of bit then judge basically go

reject And literally before two us so but rejected leases, they they had they paid weeks their week a or rent it. like

they So intending lease. keep to the clearly, are

woodwork interest have come but format surprising theater me, now the XX,XXX It's larger you. actually XX it to some we might square of out we've be more than had other feet surprising users, So to theater operators certainly wanting there. the than other that plus from

is they But the to back the bankruptcy see to great productive. want while to them out to with because answer figure and something on more they we the short-term activity. about to talking there, lights their maybe a interesting and deal come it's are us So keep your question

in So them. with we're negotiations

it's cut right So clear not a now.

to being And mean, guess thinking term? and assume the if that own partner that be with to I up your sell-off that's for did it's something merger about business then would going to wouldn't versus that Okay. developer theater from develop longer-term the that you longer you I question somebody I that standpoint, a in being, you winds apartments

interest, cap theater on options rate of That's for there's a here. us. obviously, that for theater a keep and doesn't residual lot it probably but three a do property tons -- Obviously, so there's as

credit, which of the different ones. have we course, couple is The And those different at property looking better second retail a user, has the apartments. and a of then,

bit because, that to So obviously, an the JV With we definitely that the apartments, do sell open JV be component to would residential net we But the of easy to think really bring or property, a – valuation more a is obviously, operator with. might having whether in the at quite that I obviously, we help mixed-use with regards one. strong on would side.

what's your assumptions terms then, and guidance given the of in what -- disposition And terms Matt, and new XXXX at levels -- in volumes, Okay. point is in acquisition the in this your swap? interest given debt expense

Yeah. of the count causing it's and wide We're the generally well. are to on the towards range broader stay transaction where we back-end given the the pretty assuming the a economic and leverage transaction just range, today share guidance assumed we environment. weighted neutral That's to be market what's wide as of the with the year uncertainty being

lot from equity perspective. in factors there, a a debt timing neutral there's leverage of but So generally and

And WeWork last for Okay. one I point one at for then the the plan at this Legacy? space what's me, mean

we users; complementary think talking the WeWork to we different and a style. property much would several are than be So use with better one, which be very

So that discussions group. negotiations with we're in or

probably which days got going out, route XX figure we've go. at we're So to least to

Thanks Okay. All the Appreciate guys. right. time.

you. Thank

Thank you. One please. moment,

comes Point. Our Dijkum of the of question Floris van Compass next from line

line open. is Your

Thanks. morning good Hi, guys.

morning, Good Floris.

lead exchange, you've is which disruption. prepaid, to maybe loans will some causes loans Obviously, you Hey. that more trying if to know finance part I'm I your -- done, your about lumpiness into the it it talk what you little for a the creates I -- some business. at? earnings acquisitions, lost a of nice but future structured guess, creates bit But wanted it example, -- one the yield, of could I stuff I guys you creates believe that these get comment on maybe

at with bridge And looking I saw this where Gray we're in because -- they're very sure. nice picking deals that week I In short-term cases, yield leaning for John up in where think It's business, obviously in said meaningful a big cases, yield. something risk. the lending loan. some you're there's they less will, risk-adjusted But other it's more

there opportunities, and loan So same other where us looking the we'd we're are actually optionality. that the at but seeing gives project opportunities like to we're own

us probably be more before but balance the going down. you'll don't So think lot paid was grow active I finance what side, got the than a structured see -- that on portfolio we're we it's more to

and great locked environment to it's and/or in on of markets but business are frozen. this hang trying kind financing up So where do acquisitions, a the developers still

we'll those. to So monitor continue

comment maybe internalized guys you has expect could markets. of impact and Atlanta could believe the And that your in we kind strategically? more of that what financially property internalization you management property I the on of -- the also in of management other part -- And

that makes process It market, is, with way what right I'll and But to of lot doing Matt and Yeah. regards on so personnel certainly well forth. of largest that of we're the our identifying sense, impact sort on and our has comment basically a given timing in kind on let now,

Yes year. Floris. It's throughout the process to going be a

Atlanta the would property So of happen back year. I expect half more internalization the of in full management the to for

we come $ really stabilized fully benefit, could in through earnings, it which will the X.XXX $X.XX when between So of think be to XXXX.

if to stabilized? guys expectations. But it Great. repositioning of if helpful be could where about of partly to And the where -- a maybe issues. some more trend of work bit you assets guidance to NOI was where the can partly little there's portfolio – bit tenants in fully try for of stabilized obviously, assess about than it's years' the one obviously years' talk – little three could the once may, in value bit that with you're CTO, a last if because in headwinds of little have helpful you expect that to here might bought investors – assets it share a some is a it's XXXX NOI would think Because could bit is one always sort I some couple to maybe be talk me, you issues to lower for one time? your a little you because But two – well, also and a create of be need you time you current that

more future lease answer and – apartment lease rejecting color years we're either shareholders the but Yeah. let that and built. and the commentary, I'll our highest – or what do doing as maybe than would Dodge having of a value for mean the theater Regal an a give be that with company for short-term probably, Matt bringing number. off them best the they is Basically, that about that's return to of just less would total property deal, had, income come the couple talking until the

– getting lot And what's are so the FFO, measure and growing a we're to are But in done – of seeing regards trying and at like Ashford-Lane. open. best opened and open And total probably seeing sort right just will more It company return. looks May. be Superica tenants the also April. we given with to thing be in – public Grana – traction always in balance that will total in dynamics we the Hawkers

those forever productive So now open. have get get seeing fruits be will of we're tenants going the kind of to, are obviously more which that, that to for But taken and we're summer not at of be XXXX. the lease our tenant – probably will where operational or And yesterday day income next before, until West we just Broad actually signed year. a

these obviously, they is So to fruit the bear the lead going at a of on frustrating, day are tenants the but end – little pretty what the times terrific. be

talk Matt let consequences. about I'll the So

XXXX, into give that from once see but really, expectation should to AFFO an on of will growth. and for not XXXX, pretty above work we're near-term perspective FFO number that Financially, our be a disruption. strong the hard through we XXXX to going this continue we to we Yeah. at end But going for going say I were I'm is what is where NOI, XXXX

in for growth few the single up low meaningful assets years. same-store lease have we XX% digits where can be continue year this we double as to the NOI high So was vacancy, digits, I next these it think

guys. Thanks

Floris. Thanks,

One you. moment, please. Thank

line Matthew next Erdner. Our of the comes from question

open. Your line is

Gwinnett going? of how you at just in Could and guys. supply The little tracking built? construction more is talk about it the Exchange terms things a those Hey, and that's process How and getting

Yes.

we who of do to making the So expect late XXXX in progress. The acquisition of at into the Gwinnett good the first Exchange bought Phase that developer from loan phase is X. We convert

probably board come the months, that on was of and next one to of the smaller few referring assets of stuff questions or or here transact at So will this in the over first of beginning that's smaller that half terms of I assets the will that the set close in the year.

That's then where other construction terms at, loans of Awesome. you that guys guys or looking most? seeing deals you preferred And in helpful. are equity those are

little We're the basis. debt seeing very and coming due a bit where it, at of where have the more tenancy but a a won't happy you're legal lenders there's tenant sort the if basis blows own out, whether the touch type the properties to where that property them on volatile, situation is situations still

fast right that an now. new those we're more of where of a in of a and type sort on and finding can't on transact loan opportunities opportunities through kind pretty sourcing of going of kind those two seeing somebody bridge process, So The acquisition acquisition acquisitions to wants lender wait

Awesome. Thank you guys.

you. Thank

One moment, please.

Michael open. Again, question line next your from of Michael of comes Gorman line Our is the Gorman, BTIG.

think call, deals, you in the just you thinking are if some for is of it, another of when missed I traditional just know it's be whether long-term talked but just about John, but or recently and a market like how maybe you on Good about apologies much weighting assemblage maybe Yes. acquired environment, the maybe can current know you that versus about I transactions, the of you the an fourth maybe we've centers and going asset like Thanks. more the the quarter, it's kind far back-end morning. to contextualize weighted, non-traditional structured did potentially between investments? kind how on unusual of atypical some hold XXXX, I a lot the activity potential investment of so question

the Yes. There's now going a the market of of the without like a pricing be It's is we're sort not going long-term bring clear the end indications the where in the of for definitely year. activity. properties made to primarily to reluctance is of right seeing acquisitions hold at of market we be. What lot to sellers to type

worn. we likely don't participate I large sell. try have and think need that kind on are and the been are want pandemic would something had before on inventory that -- pandemic fairly shop of the a most to buy before like projects to shadow in type the the market, These and holders years -- that's they of there's to not market

trying their to So, they're kind pick of spots.

So, right pretty now, it's quiet.

We expect, some there'll be sure. activity as the in more to that we Matt more where active for alluded year, later to, hope be

friction, which this lot probably market that the cause and going in obviously, will more talk other types is rising, the show by summer. a think product more on I is the the more situation, debt rates activity to with interest

we by that we're in would where do markets over will want opportunities. and And -- so to is look, on I -- the back that's well larger year, But there that's be terrific some summer expect decent the where of projects focus time. half going to that's

helpful. the then acquisition targeting only highest think or That's just best side Okay, side, return disposition side. maybe about you're shareholders. great. you not And but always the the for Understanding as the and also investment maybe

a component a portfolio environment? think, weighted for stable of that's that the the balance, a just demands it of as still of value disposing kind like with of how creation smaller we're you strike do I portfolio single-tenant expecting kind kind towards, of more given out and you assets that's you a more even or How talked market choppy think acquisitions you about that's balance growing, that in about in do on XXXX. public before, As company side

taking understand value Yes. think and it the side a advantage I creation the of of mean opportunities. I our investors lot of

kind the of being I below where it that at we're acquisition. foot, tells was asset think build instance, seeing square that a and us and there way acres per this can The terrific able Collection just is activity you $XXX for to really buy on XX

where want and in buying some are to type some we're we're to of really a future, we the kind value of you of grab the but solution buying with to deals where opportunity. regards vacancy we tenant it. turbulence some That's make more might have want or Those whether there's a to where

sorts would So, going the terrific hopefully these to side, Fe centers acquisition smaller in in that and to side, of the larger-type find locations Santa we're whether is. some of those projects have that dominant focus us in of more West a and on we the disposition at really, the of on where disposition have accelerate where Cliff, it's kind things then allow

Okay, the great. time guys. Thanks for

Thank at you. time. Albright to I'd further for any questions over back turn John remarks. no the this to I'm call showing closing like

Thank attending forward much for with to talking call call. you very post and the look the you

Thank gentlemen, you. Thank conclude Ladies participating. you all and this does for conference. today's

You disconnect. Have may great a now day.