National Retail Properties (NNN) 1 May 182018 Q1 Earnings call transcript

Greetings, and welcome to the National Retail Properties First Quarter 2018 Operating Results. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jay Whitehurst, Chief Executive Officer for National Retail Properties. Mr. you Thank begin. may Whitehurst, you

Thanks Doug. Properties the Retail welcome morning quarter XXXX and first to earnings National Good release call.

start business. per equates this our $X.XX. year, Based some Retail impressive per of to first aspect I'll I am actual Joining Kevin Properties our strong for FFO financial to the posted midpoint, to on increasing this call Core to share every more Chief discuss over results. increase of share XXXX guidance our quarter our me this detail. in in X% Financial Kevin Habicht. to At the After to we're the the report FFO on brief results turn Core remarks, pleased share $X.XX for results opening almost XXXX to XXXX call over is $X.XX by Officer, that per National

on our managing to and want X% most we the almost property. and our dispositions legal mid-single-digits that rate. portfolio exemplifies each at actively transaction together quarter's rate the particularly call a our As a of our per all execution weighted as real model to cap with of acquisition other dedication sales are is This National management of our good transaction, is important average the validates the capital Investment and our to of that the and source by address in acknowledge plan their totaling property maximize the value maintain Disposition. track ample in Director Paul I we've to designed and outstanding focus first quarter growth equity disposition at our and business our teams utilize $XX alluded roughly efforts from in at for multi-year cap highlight sale capital then Officer; of our well single Retail quarter dispositions business retained pace a this opportunities sheet, asset estate it work X%, Nelson, to This Eric the our challenges continue record we said first hard in and plus last to on $XX leverage any for XXXX. of Bayer, we produce provided consistent of is Chief the including many or property we're on a Perhaps of executed notable anticipated encounter. may Properties the million markets to dispositions basis positioned balance low powder times, our share when otherwise earnings is our believe and choppy. Combining dry million acquiring

our their e-commerce broadly tenants in resistant count. with XXXX, healthy first getting based more the well mall grow perform concepts or in that to top consumer our continue and trade and our with necessities an The retail single little struggling primary headlines. other on portfolio tenant and XX%. Moreover, exposure services, customer negative diversified respective lines store focus apparel their are businesses quarter During customer experiences of properties occupancy of X,XXX of above rate remained portfolio to

were out its total across spread business. of which initially regional During units five X.X% now quality I high retail point we states operators with comprising acquisition the to our quarter, sale completed our that XXX basis X-Eleven top X-Eleven with least X-Eleven of our recurring tenant properties and to want rent. did and is leaseback Sunoco's annual stores

have transaction X company. credit better ultimately a consolidation than tenant we've acquired up original worthy tenets a possible with X-Eleven our with to Eleven. by and in materially on grew were through been Our leases direct stores grade expansion an would That ended and investment such terms

at an cap million $XXX On with under quarter, retail rate property X.X% first an years. average the of in duration just single in initial XX lease the invested of cash we front, tenet acquisition and XX

recurring was and to well-priced our for our dollars a the doing a access a consistent acquisition basis. to first usual, and per positioned accounted remains Retail portfolio invested focus in solid on business Properties of National relationship sheet tenants strategic on primary continue a quarter. balance capital, direct multi-year market healthy off producing Core FFO mid-single-digits with well relationship growth pipeline, With share XX% that over strong As and business

comments Let me now Kevin call on our turn additional to for results. the over his

And forward-looking report in from are as forward-looking release laws. certain materially in be will the future usual differ off this and securities to make statements year greater disclosed that a The I'll we with federal the changes of Factors Company's over after differ cause from made. quarter preceding start the the from and record reflect this forward-looking from expectations not XX.X% actual cautionary under the may these fourth XXXX. be headlines that release. to X.X% may quarterly that we press per revisions and significantly statements, Thanks, share to matters were results prior morning's results could results these Jay. statements considered morning's that statements which with increase actual of risks discussed over for statement may release increase statements results With and to in first represent quarter SEC XXXX, the time-to-time Company's $X.XX filings immediately press in of detail the

balance and/or to floating strong start while optimistic, amounts We're FFO will growth X% mid-single-digit continuation of and over XXXX XXXX debt. a short solid $X.XX per the Core by per maintaining for be is year, of on share our per a a share not results. guidance term which XXXX positioned to increase large which to $X.XX our $X.XX a goal, reliant to So liquid and sheet increase multiyear share

XX kick as March into the bit also on down quarter, ratio note XX.X% basis to expected Our guidance. I'll AFFO our in we payout SunTrust up April the dividend but baked leases point was expire quarter XX.X% the to X, occupancy a that's for is at properties occupancy XX. the picked XX first second

We to ago XXXX compared X.X% X.X% additional of decreasing first preceding with compared immediately to year with efficiencies drive continue G&A that's the quarter. quarter X.X% in fourth and a for to operating expense revenues the of and

For allows purposes million. for about and annual $XXX result, of to March the place acquisitions take some projections. think out of you timing This basis rent XX, the in you or XXXX leases all the of XXXX of XXXX's modeling QX estimation as disposition as of guess

six I volume $XXX for $X.XX to As $XXX increase year. was growth share change in in our results implying XXXX the the page did the $XX our by to press in disposition that Core million mentioned, FFO release on million annual increase per guidance of million assumptions X% only we

During issue the program. equity via any XXXX, our we first of quarter equity did ATM not common

debt of position exception from invested capital $XXX that variable acquisitions, maintain the million that million a outstanding all they short $XXX We been us $XX.X $XX.X leverage with plus dividend remained result. $XXX well our and versus in neutral position on bank users of However, million of our very fixed is ended growing the part not of years. quarter quarter first allowing bank our line term combination AFFO line big the results the We after of for with rate. to perspective disposition fourth liquidity a many proceeds a stag new the payments, our We've still of of million our of million rate outstanding all leaving while quarter of availability. posture, provided only retained XXXX leverage XX$% first

position Our balance to and sheet acquisitions remains turmoil. good capital market potential, future whether in fund economic and

was book leverage quarter members. debt the end, assets gross at metrics XX.X% to XX, XX XX, Looking unchanged from nearly

compares on market X XXXX first cap dead X.X fourth As quarter. X.X quarter you X.X know, the coverage around Interest that we've growth times minds not in was When to based XXXX first side. at well. believe forefront increase will sheet XX and of results mortgages for year be investment that the XXXX, results. per balance times I'll operating as relevant growth. March that per quarter driving solid are of Core leverage capital never In another multi-year X% fixed And we X.X is XXXX, the clothing, of and more share metrics, charge managed of we our times EBITDA X,XXX of with FFO was capital times coverage on note the by lying our properties a encumbered for making allocation $XX only result in XXXX sourcing believe and decisions totaling X% basis Only million. was for follows is share

So Doug. with for that any up we will open questions, it

session. Thank be with a [Operator Instructions] we will conducting Nick from question question-and-answer Our Please proceed Joseph with first line and Citi. your of comes you. question. Ladies gentlemen, not

just the Could your Thanks. update properties? you for plans SunTrust on

morning. good hey, Nick,

think the or years, future We remain those any didn't pending. eleven chickens question quarter, resolved fodder as If don't properties don't Nick this mentioned, we've all about been XX SunTrust The got for make own vacant count excellent timely that of another I we for XX have now leases the have disposition up, SunTrust to working capital your renewed SunTrust disclosed They acquisitions. you're were that those into quarter's the dispositions, through very those of in first talking was good the properties - yet, - properties, they SunTrust ten are bigger just are are that and marketing redeploy Kevin fodder are we they're and we and new those the about properties a of them, sell accretive but want properties some but those our perhaps vacated headline we've to renewed very to recycling. capital way or fashion.

resolution what's timing Thanks. the And then of ten? the for potential

are don't properties. SunTrust, month to there's try lot SunTrust then X Job will one just we sell these Our in time do properties feel if of and the vacancies vacancy We've we release and to XX always to is like of good already. had there a marketing to the typical with fit kind range. a

but So by point. be units, our timing resolved. really last will to what it's numbers all this be them not at hard probably material, I say the expect almost immaterial end would of on it's it's to And the these XXXX will of very

and in hear you've to Thanks. the last transaction seen given rates, interest X the thoughts over And changes curious to months? that just your the X on then rise market any

Nick, for have types cap of the rates we all upward at moved not that are pursuing. properties

good real us a for large environment good non-investment business working also we it's and low estate. positive is our the That on So know for think environment with out low you and still dispositions. good the there is cap rate with grade said, operators cap rate side regional of national what

cap allows So marketed low to environment. opposed lowest rate sell which as rate acquisitions relationships that competitive the driven lowest are to us assets the our market bidder from that it being redeploy bidder, tax the bidder, and into highest a our primarily in into

the color. Appreciate Thanks.

Thanks Nick.

the Capital question Markets. RBC next proceed Our your from with comes Hawthorne Brian line question. Please with of

selling change a are guys property, have you any Hi. number of you the potential When buyers? seen in

is Brian, question. the that short answer no to

Our hit typically average aggressive. properties for and million sale $X are on tenet We we're $X is those $X of million, $X that one very properties $X to selling but million. million, $X buyers retail single and million, universe the huge small properties big million very

think very So right, market now we that off hot. still one is

of And buy would then specific any to there or that lines more trying you like trade into? are you're

primary now got recurring on our We've and retailers. building a these through acquisitions with right our relationships is broadly diversified growing portfolio focus

on focus regardless business. then is been operator and trade good that good a line operated line has and less of of the real trade our of more So on in on estate it

strong industry our And the the at and is that is the end a question, convenience with we store it's We've portfolio. estate if got fungible well in think very and located industry. you take good in great that best price. safest operators So good business. of other a relationships real It's of very your good some the

that on then focus like way to the operators. And underlies our as red the we that industry real relationships we the stores, particular of kind with like opposed acquisitions So line we build kind estate of of convenience good trade. and any lining we

you. thank Okay,

Our next Please the comes with with question from proceed Baird. your Milligan question. Robert W. line RJ of

of industry the guys. $XX give a little can and that Jay, sort background more morning, on behind that? the disposition, good what Hey bit type was you color

the some land had encumbered We as that of color. overall And has of can of trend, that to leased a of the adjacent with overall variety that amount property lease. give part adjacent of restrictions. was land one our was part I tenants Sure. a as

the get And the spent the unencumbered. so into a all buyer. one that talked vacant got a the sold involving the we and was cleaned There then in sold money to up parcel so I and can't piece to that. we agreements quarter's lot to more vacant that on confidentiality the previous are we we vacant bunch And than whole then of adjacent one But leased about that last property property, buyer. a go whole RJ, quarter property the call that property this entire detail property

Okay. That's helpful.

with that lower you a buying. able assets you Do cap possibility $XX guys than that where And to so forward rate one-off were sell think that going disposition, at even million removing still opportunity? that's were you that a

not There's that Yes, if to been trade our SunTrust vein that XXXs property X,XXXs yields. branches our that cap tenants very two particular Bank much rates portfolio our properties, so. would for than properties are of lower in renewed. types average acquisition The and talk about in have

the a it were ago market. And SunTrust renewed too with branches trades cap one-off the SunTrust. rate and XX around in in call around XX long have that those We not for terms, X% years X%

in So and well. bigger trade we're properties they're doing market. we've becoming buyout X-Eleven X-Eleven at properties sell lower a opportunities lot the the Sunoco talked and cap our I properties the opening us. about find relationship, rates other two, portfolio recycling my Also that opportunities tenant great cap low in But a convenience recycle also so as the to and with comments, those of for capital. properties very into retailers to business fodder got there acquiring in got other we've rates store for and that we beyond for

noticed if sale you're average space guess lease significantly in for durations? you've are was net there. been is sign the a that Jay helpful. shorter anything this and term know shorter in XX leaseback years, seeing I don't lease leases some I that's general question your my out to We've net if curious, Obviously, acquisition That's lease tenants duration question, quarter push looking longer a if on more lease. negotiations just lease hearing last

the would some to are important to It we term business, is not it us what a overall have range we the to relationship other discussion trade not things like there seeing our I people say a so to get think But the of are push as we I as think seeing, always we a to greater us lease you're that we're tenants term longer lease. can hearing to I when possible. important lease Yeah. with broad try you're keep RJ is when of than what kind with allows will are significantly longer when in get have. is term, with market relationship to retailer retailers negotiating is the trying It more to is have. that lot we and leases are a other why longer which inconsistent their limited or XX years too negotiating

Thanks helpful. That's guys.

Okay.

of James. line your Our Raymond next Mings from from with question comes Please question. Collin proceed

Hey, good morning, guys.

Good morning.

to back RJ's going dispositions. Just questions part as

but of kind opportunities embedded portfolio other the think Just there some you count about achieved on the XQ? any curious that things when unique hidden or are of in you

sure properties, there good be got I That to think too X,XXX are with hidden some morning. we've just hidden. opportunities, I'm other but facetious Collin,

our buying good so that focus and great, having improves things of happen our like real located have occasionally. this is odds We well on good estate

Okay. Fair enough.

disposition that's So future, your of this as itself other look you have fair? think at pipeline but opportunities that in the again in think you currently, lend strategy that kind is it to like if will about the

to to continue be cap back to our acquisition. some You lower should definitely into expect us selling rate and recycle marketing of properties

maybe exposure at acquisition an far broadly up as mean looking here then And you've again you as the maybe about talk more you opportunity exposed Can less how been the your there and that's little package just competition the comments opportunities, as automotive sourcing a generally in at I year-over-year that example bit recognizing to viewed Okay. as just sequentially just category again about just just e-commerce? and that but being there. look service given

of trade those this where build relationships returns have trying all in and us. uptick of operators lines good been areas the trade. the to lines case, our for we've resistant trying this some more good those higher grow that e-commerce auto in relationships with just with stores generated to service we're that has adjusted and competition And good In in of Correct. lot got a business we're of risk some

Okay. And then…

Go ahead.

that just whether Oh, or relationships the it important relates sources did lot a sellers as in more just course of deals, acquisition you of of rates kind just to of that terms the seen certainty but no. guys being you cap it current new recognizing potentially the you strategy I haven't acquisition change a just are, the again you relationship certainty based as How of the in environment environment, why acquisition is in curious offer? be drawn of close. have seen

we've retailer, we say to allows that the seen, ownership drawn those often is don't very certainty is of those and dealing some have And end markets, value in close and that the of great at well operators long being In to of time can't we us National but line we to don't part the able to of more it, I close. term those components sellers have absolutely. folks are any Properties, operators valuable of do and of have relationships financing choppy Well, partners with the the close contingencies be certainly up with with is property. given certainty this with forming things in resonate our all on it term that we that Retail credit sheets, proposition our for any the

Okay. the Thanks. color. I appreciate

your lost. with line proceed comes question with Stanley. Vikram, is line Malhotra of next from questions. the Please Morgan Our Vikram your

mute. You on have us

comes of your Merrill Please America of Bank line Our next question. the with from Lynch. Joshua proceed Dennerlein with question

just about thoughts out line any guys. you looking credit, to timing at morning, of think on at what good I that? level would am yet or your Hey, start that

mean on that and in Hey, disclosures or in term we quarter to where signaled that's Yeah. Josh, radar some is our place we of issuance XXXX I later put in the Kevin. with in XXXX. starting it's of Yeah in in potential last we've quarter's debt our which long connection two that fourth definitely noted degree forward swaps XX-K

reliant to been on digit a get line is So that definitely still somewhat We've a and starts ourselves in less first of our I of others radar. to think that's line of balance, XX% compared over But usage prided are using on permanent nervous. than the Kevin lack that more as bank with starts form two a capital. benchmark when my of the a line little our

XXXX. a I in think basis. drive leverage that on most a So don't to importantly, much share is change our result continue goal to And will for neutral

so dispositions make someone working yeah But will to cetera line. that And et we're the to down happen. bank at pay

weighted last $XXX back the the years, big not six operated average million very credit facility cheap. years, point balance the For that's we're and that drive fact and with we've to to results underline just of been line so available consecutive my we've despite of users that

the of maybe ATM you end using equity Got it. the how on of bonds? source opposite potentially And do reactivating the the spectrum of there, about out think on

many give as used it's it mean it for market great relates guidance I don't to long, capital program, a Yeah a specific we've years. We for activity.

be creative, $X.XX just still had sense I is we could ATM, the has investors XXXX. capital say we did was you average this with a we've a we will not of we decisions first price any equity issues this understand, share, accretive, do sufficiently call, to not you equity to don't tell the to but issued many discussions when on I over need be issue there. We many years accretive in issue year, make our just of quarter at it and creative, think So last on a lot the to sufficiently our right and of that have that. at

$X.XX creates were quarter good fourth through in able equity, the rate the a selling issue of an to equivalent stock at I'm X% the numbers. pencil is which we share if in make math cap sorry news so to round about you And dispositions

we've environment in of a slightly think do continue will period that time. to it so attacked we And angle different at able for a this and be to

Thank Got you. it.

with Our Massocca next question. your question line comes Please of from Ladenburg Thalmann. proceed from John the

Good Julian. morning,

Good morning, John.

that your exposures last it So quarter if balance plus that to XXX was structure the that forming ended many look and the X-Eleven properties. Texas? ended X-Eleven Sunoco West of in XXX, how Sunoco of What agent in commission you at at properties, now up them exposure happened end up

that or the something percent or Sunoco a around remained market XX so that from stores it's West part rent. Texas little we've our the John, the rest stores think of rent, acquisition operated Sunoco, balance The our of bunch since of that of out I a stores Sunoco. commission of a got Yeah, are dozen our And Sunoco take are give or in under X.X of became of like about properties X% stores.

Okay.

let good we're are out. say me what both and properties just those are that reasonable we own good to There also, John, we rents. really both, credit they are and think And that how they're good all as operators, prices agnostic comes

so And matter good how came out. it feel no it about we

still line with those to agent of up the credit Okay. in transferred are there are properties? that last is so taking structure, or is is that that guess Sunoco doesn't whoever Any commission I ended that those, over or

No, Sunoco on all of for those. liability remained lease, the

you the drove sense. had Okay. kind XX, from and you then quarter-over-quarter had to of of that? Makes it And World, of XX a amount Camping in went decline what

World existing Gander still that We our has a World. stores. of someone former getting are had but - We just the were of these that sell and of Gander we outdoor did not about our not, Those stores World ramped portfolio to sold a just Camping small Camping Mountain we location. existing kind from ask opportunity small sell any might up stores over thought Camping of perhaps taken portfolio the

XXXX. business of would the once expect about next in the acquisitions there's volume end in be out. visibility more less in XX% did couple you always your reason than robust XQ, coin, quarter? guidance some terms top the get acquisition then your maybe Understanding there you this to of quarters quarters the of versus limited other of Is a And guys you what completed you kind Okay. three of side

Well, John.

worries two. starts there's Just concerned when We're line environment that unforeseeable dry in with the concern the credit always for would always up. the of volume particular kind like that the raise nothing Kevin of us. said, acquisition might in that he But in future

You of any Notwithstanding, know see can't tenants, just be very in have the relationship feel do volume our particular there far still what ahead a high on year. volume. with even your their acquisition we we will –don't that level acquisitions don't for great

this terms have quarter But there's robust portfolio or closing particularly to that specific made some would this quarter? that nothing a think of like like in

No, timing. particular, nothing it's just

me. you Thank very That's much. it guys, for

Thanks, John.

Our line next your with of from question. comes with the question Todd Wells Please Stender proceed Fargo.

Thanks.

for Just Kevin. one a quick

have the full-year disposition you cash the we QX. and free the at model equity flow for looking no be a from as Do proceeds cash just maybe from estimate raised flow? You cash potential just ATM spoke retained about flow to for your free out

be year that's an so as $XXX their million and It'll plus for dispositions. the $XXX Yeah. source estimate and million to important around

or could that could from potentially dispositions, mortgages are clear? on sell the And then assets really you any those that's there

portfolio mortgage free going himself. at clear. have our any is barely Yeah, in now mortgages everything's only at We five X,XXX really and all, properties

all whatever So we your sell. it's proceeds pure

you. Thank Okay.

Todd. Thanks

Green Advisors. from Our Please proceed of Michael with the with your Street Knott comes line next question. question

to mid-X want range. it guys. how your Hey, quite you're capital, looks of cost cap and about thinking type and rate I ask about trade mean like I kind you you of just

in allocating and year? looking of about your you degree that are curious, are Just you today capital that's rest the thinking at the the guidance for of

equity where Yeah. capital a Thanks, our be that rate or I that burden fact we because Michael. question employee to and It's of we for And think really - think don't cap of of changed equity, cost we thought hasn't deploying higher share what our process X% at you we in a trading. said kind the may mid-Xs an cost despite tend trading today. regardless materially price low-Xs our important and the

think layer tend cost equity of of cost And is causing of long And long our decisions. we in so those we and X making percent something closer us to plus then term, to a purposes the of term they capital debt for as we average of and cost to up stack decisions in weighted the our making kind range. investment capital X% well getting low of end in preferred it's really

and And you've much so And than as I sub and shareholders any are that accretion that so how and frankly, sub capital and sure we to accretive. we've are sufficient earlier so we. be but that sufficiently understand expecting acquisitions make us our works. just part seen getting in think of transactions important the deploy. I driving to We not we accretive an cap could we do philosophy X.X%, more X%. I'm view below X still math is done not But back where we don't it think alluded

we how average our cost is for think we view cost and capital I terms debt today, so of X% weighted in including preferred. in kind being think of And of capital range it of low of

always it's Right. so sounds accretive you to capital appreciate you're Certainly like the a I about that way Thanks. today. value and your think sufficient investments still guys cost spread seeing make over of

Absolutely.

curious something the more on a it net it it you low the what looked just cap on of Kevin, like a can sale, was specifically the else, drove little for going income sort was per down, bit, share it was up to then maybe you what depreciation cause and little comment the rate going And bit guidance was increase just contribution that?

the visibility versus first cap a the the well where a at clearly into was probable of in rate three XXXX, in dispositions more four just visibility a the the million low more Nothing, pack Yeah. were increasing disposition, so as ago. guidance for quarter, we the months piece little $XX quarter

guidance. really fairly felt just So in felt that, not assumptions assumptions better drive terms changes of the behind being the that to the modest comfortable all about so notable in but increase

And have lease seeing duration bit okay, just you more a changes with just more thanks. of side on effect me there, the little are question. a last color? sort accounting are that you Right, to little color accounting year, Does earlier answer that the would next maybe on pending be bit a gave do one lease for taking I what think to

Yeah, it That would number our despite in be think would you and come adventurously we up execution really conversation transactions. don't mind on our and then it fact does the it think of of the of so not. topic

the have change any pending including not it beyond the the this and of And leases customers change change ones of most - year seen lease And retailers real so any estate. assets conversation all I next doubt we States to with the do honest many properties be in for accounting business many at our will United we I don't point. behavior or

so And this they're with and will make notable sheet. it have balance accounting differences deal to going change their to to

the to going think, don't material in to rules to if they change decided is allow their sheet allow in I going to accounting all them don't even you're scape a and forward. their I them I the that to already going it's some behavior, think do of unlikely leases think So structure loophole see to baked so of changes. change change the they're balance

at So see that the we accounting lease any don't from moment, change change.

Thank Okay. you.

Capital Please questions. your comes One Instructions] next question with Chris the from [Operator Securities. Lucas proceed of line Our with

curious been on those you already, sell that the asked look do as Most Hi, and present in to what but just to of I over you that to year? look questions follow-up those with sort of dispositions Mountain you about to think the characteristics others particular next were what there in that good Gander the kind of Jay, made selling pool would the want on morning, have assets are guys.

good Chris, morning. Sure.

Just saw any property. World did what to the some sell clarify we Camping were dealership, not we Gander of outdoor

So I if I apologize have…

I'm No. mistake. my

us considered small for an do. to like right And has that the felt just portfolio - that to sell this opportunity thing was

or worthy strategic So there that wasn't to - disposition. nothing in about really trend talk

opportunity do to thoughts this XXXX you any a about Thanks. you're as And relates the on I what only think I kind term of think you there stack, costs curious the but as Kevin, make of how with the - know that just about about call know to debt your it Okay. to I are potentially that? your debt curious later hole related then do out would long sort there what think savings it's you debt, interest just year, issuing on about how to

that XXXX, today very the sidelines you're to for calls checks effectively early expense. paying large forward pulling expensive in that we've bit hole just number yesterday write interest seen we and Yeah, so with is an I on opted that and the on kind But May anything the that been make a companies understand we've and on of not of do essence a regard. the

like expensive unfolds, as but the think year-end to felt today to we I we continue the just that. a about that, little trigger on think too pull

Great. Thank you. That's all I morning. had this

Chris. thanks, Yeah,

in comments. There the further queue. to for hand closing call I questions like to are no back management

many conferences seeing to we this morning Have this and We forward summer. a for joining thank look upcoming at day. of the you good you us

Ladies this your gentlemen, does conclude participation. Thank today's teleconference. you for and

this have lines a time day. wonderful disconnect may and You your at