National Retail Properties (NNN) 31 Oct 192019 Q3 Earnings call transcript

Good day, ladies and gentlemen and welcome to the National Retail Properties' Third Quarter 2019 Earnings Call. After today's presentation, there will be a question-and-answer session. [Operator Instructions]

At this time, it's my pleasure to turn the floor over to Mr. Jay Whitehurst, CEO, Sir, the floor is yours.

Tom. you, Thank welcome XXXX and National Properties Retail Good call. to quarter earnings third morning the

Joining call I'll on on After over me this Kevin our some Kevin Financial to brief Habicht. results. Officer, opening more remarks, for turn call is the detail our Chief

to that third Since is NNN not for the Halloween delivered of let and this I'm by saying me treats, today all open pleased quarter year. XX, Happy October you to report tricks

details increasing of core our portfolio strengthening which stock to balance to $XXX those the third in our consecutive highlights sheet $X.XX our over and model guidance include XXth I of treats Some $X.XX to steady today that performance for raise XXXX over common $X.XX continue acquisitions this quarter and on Kevin raising FFO will healthy together range share long-term greatest guidance share focus strategically, per of creates believe more consistent our $X.XX with share equity, shareholder dividend a dispositions per multi-year year introduce and consistent value. our approach per us for execution our million and a to per business basis; remind our of by positions you share. FFO to like the to core on guidance, and and we XXXX growth provide we would but

consistent that the track X.X% regards steady dividend a with XXXX enviable a on for of feat to ratio consistent thus Moreover, dividend the and the into remains per And over of of guidance safe core increased to only increased a steady of XX% Our I midpoint our basis. XX want public with other with growth rate very of of matched perpetuate XXXX reflects FFO multi-year of REITs share share by positioning of emphasize increase, which recent growth our US. our companies our per years us goal future. the dividend only dividend in growth record our is AFFO, to XX coverage dividends guidance, a record less than two is

broadly XX Delving X,XXX to occupancy up points properties diversified XX.X%. portfolio into our remained results; rate quarterly healthy very retail basis picked as the single-tenant our of

us As long-term or remain minus XX% heard say range. many you've rate that at is our and occupancy top-end times, X% of plus the we

consumer portfolio primarily national consists Our restaurants, stores, tenants focused large shopping businesses, fast-food convenient apparel. remain largely as tire diversified tenants and by We washes of resistant car sell broadly the and disruption based mall operating stores. regional necessities of on unaffected customer primarily and e-commerce such services and that center

almost In invested new and cash average the yield million of retail now an we investment of with of properties duration X.X%. to of $XXX properties under and an years. acquire XXX yield Year-to-date, X.X% lease quarter, million XX single-tenant XX single-tenant retail we've just an acquired $XXX with cash an initial at at third initial

been relationship with focus portfolio business fruit. relationship portfolio bear Our have in executing of tenants Almost our of continues invested our our tenants. repeat on with programmatic XX% XXXX dollars to broad of

and locations hard maintain and it's effort perspective. a to to management but us all tailored these senior that's estate deep acquisitions our team, relationships, management before, document favorable that work and with acquire consuming lease our asset lease long-term said to we've As our time build real stronger for tenant team our enables terms

the you our is we that increasing are acquisitions. acquisitions guidance on establishing our $XXX never we on me our XXXX million volume and $XXX of XXXX Based to But acquisition $XXX focus million million let $XXX guidance acquisition pipeline, to to our of million. are for remind

reasonable long-term leases rents. real regional and and Our with national quality to leased reasonable locations high is under estate focus on operators strong prices acquiring at

by market makes are our confident while numerous these selective deep that relationships penetration in Our remaining underwriting. our highly goals bolstered achievable us investment tenant

which sold almost acknowledge our $XXX a we Retail utilized sale shares in Accretive in redeem of peers. dispositions highly oversubscribed of rate equity quarter, offering, share. position these of growth but Kevin National will a remains at the common has per of we generating us the third XX we've per our proceeds REITs, recycling do Properties and the an many of available when one beyond. metrics also us million Then want offering from continued capital During it's at sheet $XX.X few accretively detail, In E million for I significant between for our of and preferred balance XX quarter. preferred X.X%. early a ever we equity very that Kudos his cap share equity. issuance raised Series stock, properties properties Kevin of in of third to $XX X.X% in almost XXXX average capital raised million and differentiator million proceeds. $XXX capital the redeemed compelling $XX.XX almost a our discuss strengthen and with financial balance more million of well-priced accessing price sheet making to team and well-timed overnight quarter, utilizing from X to fourth to Year-to-date, our and

on focus reiterate characterized a long-term that share consistent run basis. we multi-year In closing, growth business per me with a let by our

Our indicates that beat. guidance we to for to consistent that XXXX XXXX and march continue

his comments. the Kevin turn now over call to additional for I'll

securities press reflect company's morning's we statements may changes release. this from Thanks, in that may filings the not matters to from in that results differ forward-looking make their in discussed time expectations results law. Jay. after to risks from significantly under considered these are made. were cause statements detail I'll and statements with statements materially time and be to revisions and future differ forward-looking to release usual, Factors the statements certain SEC will with greater the actual start could disclosed we the in be these company's that may actual And cautionary as The federal statement to forward-looking

headlines Occupancy which and a months ratio than balance along strong of XXXX, a for and with all the XXth AFFO guidance dividend our raise fourth dividend that, while increased is year quarter third first per XXXX maintaining for that's consecutive core share projections. of for XX FFO year of our this expense liquid our up producing versus higher results core sheet. revenues points release and September press share to months X% growth the XXXX. $X.XX We report results With XXXX XXXX level we to quarter consistent and and quarter at allowed FFO the These third results prior third quarter. was X.X% XXth annual morning's us the of versus basis X.X% and from per quarterly was the in G&A with full of our of our the nine payout the the results for do nine of view XX.X% current quarter our year for to prior first the XX.X%. was this X.X% midpoint

purposes timing and of of modeling projections future results, that of making you of the base September work million for or start out and of October some XXXX. purposes to place estimation leases take guess was For annual X $XXX.X of of QX acquisitions the dispositions as XXXX all allows rent XX this for in

opted $XXX opportunity environments been favorable. of both As debt and the in take for third equity quarter. common raise the to to have market you We of all know, advantage the equity million capital

nine XXXX, per $XX first raised the a million share. at $XXX months For price equity net of we of just over

million. totaled million totaled first dispositions $XX.X $XX dispositions quarter and nine-month Third

million So retained million the the $XXX million approximately nine of and months common this XXXX, $XX of notably that's operating of of plus proceeds flow raised cash first of the plus of which capital dividend after that all $XX $XXX disposition acquisition million our equity-like guidance. payments, XXXX totals midpoint equity raise in totaled

decades, As past consistent we've over-time, remain allow which expect active leverage relatively behave past the and to in a very manner in in acquisition XXXX. will of leverage us and position, maintain into with neutral we to good we an but noted liquidity effort the a couple

of FFO raising to guidance lower per by raise As Jay top-end end the we range by XXXX share. by penny mentioned, and $X.XX revised $X.XX did our the a a to $X.XX core

$XXX $XXX But largely the our to million. otherwise, underlying are acquisition Additionally, by unchanged. to million increased we $XXX million assumptions guidance

$XX of report I XXXX year expense G&A up $XX to $X.X end that taxes, and revenues separate full release. item. press know expect in We preferred get REITs This about million the line XXXX connection excludes which million million the at guidance that million note includes preferred will details FFO page number income or to of estimated redemption a of X.X% seven you guidance of on quarter the our that, in X.X% October. for of of of in on the redemption stock And fourth show-up $X.X our core today's with can of stock a charge

and morning growth $X.XX this we results, core $X.XX in in we XXXX Likewise, to guidance share share, which per AFFO to introduced guidance for XXXX. guidance $X.XX started with of growth is to where implies FFO X% X% which per $X.XX consistent of

million. increase but be net change for largely $XXX to bit a market which on headcount five, plans, consistent don't $XXX approximate well at expenses acquisitions Assumptions reimbursement XXXX $XX growth of give is in past I'll expect well-priced, and G&A the our the will $XX million remain property we of our with occupancy; when X.X% of year the include you company for million $X to range; get of dispositions connected years, the behavior million with cap expense here mid-X million, multi-year of the to to expense and little and stock-based a to $XXX expense compensation should all the managing revenues; no property two, a to one, guidance of it's with four, We in guidance we $X million as million million balance as $XX in of of XX leverage capital three, note capital G&A sheet. conservative view meaning that profile maintain available NNN.

line cash quarter-end. cash. million $XXX stock We in million We with preferred quarter and amounts of to our that redeem $XXX.X ended bank right did use on outstanding X.X% $XXX no our after October the million of

mentioned, Jay continuing line on on coupon happen several was million, modest we very a of nine outstanding the balance the able strong. equity with to and notably, years remain with X.X% very of our were Leverage liquidity. preferred. common bank metrics basis, weighted equity on preferred line usage this maintaining XXXX bank significant first As often average for accretive The does $X which redeem not months an

in debt next years. our average is maturity Our October X.X now debt weighted maturity is and XXXX

sheet future acquisitions economic and So good in turmoil. potential our market remains capital to weather and balance position fund

September manage net haven't leverage to around those. know were cap you leverage basis metrics as charge and was million. higher Looking metrics; -- the at nine our coverage of metrics properties to briefly months. was Only times were for don't at based and X,XXX totaling mortgages of debt XXXX. particularly times not times relevant X.X XX.X% market by book debt assets X.X was Net points XXth. quarter-end than were XX we five EBITDA year-end gross Interest found X.X fixed coverage encumbered those $XX was Both

work deploy to it's capital we returns accretive well-priced. can when we per available that a to when capital work source basis. So on adjusted We and are risk share sufficiently get

Sometimes separated and the not paying capital Well-priced for decisions makes certainly to above and somewhat market capital our deploying minds. always. We the simultaneously, validate raising capital our sense attempt capital raising nearly but doesn't capital property. deploying in keep

the share a solid street doesn't helped Our make many the $X share worth years. down more. over has property produce This price returns up approach going

more be XXXX XXXX and and prior solid to same. the operating has the multiple the in growth results easy be another of for of opportunity are years looks to year not comps

strategy in many of consistent tenant and Our have been our sheet balance type terms investment property very type years. strategy and for

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

from take Citibank. Christine Instructions] question [Operator We'll first our with Mc

front-end McConnell Katy exactly pre-funded just already what the you about is market would loaded maybe to Could on some the the XXXX And to talk on seeing all pace do color you is Christy. you're arrived provide extent? pipeline This you at how acquisition on for morning. range. expect the be today, given in at based Good an or guidance

good Katy, morning.

primary solid tenant from Our or business with that our way of XXXX. tenant of relationships we acquisition source those view be volume relationships that have through a and our timing, our total but acquisitions in never the have relationships there come you clear confidence will will is can

we where for XXXX for consistent guidance guidance Our is with XXXX. very started our

front-end timing, out feels loaded conservative whether pipeline or in out as Our really properties like available adequate supply mentioned, are it's the you good. market our question we there's of the that market, The a historically of plenty back-end and seems it's in guidance. with properties loaded,

to our consistent what But back-end we the minds little and a would it's started said in do loaded. it's number are we we more with when XXXX. so confident And with we

then to be lower little far than said as you great. on you pricing Okay, phase like you're as bit can sounds And cap rates It just expectations. a more a year-to-date elaborate the little bit [ph]? expecting what

the Cap a are trending quality rates in lower high out market Yes. properties. flat little to bit for

rent We our about our -- based now that right have in yields in on are anticipated about is we and the cap when of an expectation ballpark, We to bumps. year that way may get our is XXX going to XX basis do are it, a a point little approximately we XX acquisitions, when so that the XX you with structure into one other so is basis that XXXX. want investments. bumps annual always points talk we not X.X% yield. leases the lease to bumps initial they be get and straight structure to we X.X% additional points rates, basis to on out a I And with but cash about talking thing XX year our points you line straight-lining X% additional not lease X% additional lower

lined. talk bumps close And we'll anticipated that growth in we XXX points XX of in additional so about we're a is on yields points cash And basis get that's straight being there being on confident X% when additional range, basis the based initial so our to or yield. upper the occupancy, to minus rent X%, based XX% those not or plus highly leases that another

anticipated an X% yield high to out is given capital. cost for our accretive, our investments, -- long-term upper the works it well in So of which range

for the Thanks great. Okay, color.

Malhotra We'll next with question Vikram from Morgan take our Stanley.

guys. question Thanks the for taking

occupancy the the of of break lease-up kind sort and Just nice maybe be just call down vacant pick-up move change, occupancy one it selling two over the on you Can assets? last, quarters. may then between

some have re-lease comments but Kevin, additional us good this, Job may vacant morning. to for you properties. on hey one is Vikram,

retail a real estate are We company.

department where new once re-leasing and we risk and once we quickly. vacant stay to those carrying adjusted and that So investments of we've may concluded a we've efficient vacancies vacant properties and put has hold active tenant interest on been proceeds costs. -- not our to we focused properties that on also in better at in somewhat the is those return can is moment longer been What have so very tenant and selling harvest great long-term properties the have costs looked leasing new ahead we've in at where carrying have more reinvest continuing instead don't some of to going the

sales XX% of course kind and be vacancy we're the year the of in over XX% think change would I the Kevin, -- of re-leases. the

Vikram, in ballpark. it's that

Yes. That's right.

for one And maybe question that's bigger guys. you helpful. then picture Okay, just

base the tenant the or your your of the seeing kind your suggest both are economy, economy where -- would that questions you're around innings of tenant hearing and or base we of a anything all in diversity in of more diversity base any or are wait the Given the and approach? geography slowing of sort from specific watch taking and maybe that segments

store to their hearing primarily count slowing not share. particularly deal indications with we then them who market we And are large down and operators their are national their continuing regional of grow and business. Vikram, grow from

shouldn't surprise. not companies -- be We are a focused intending that's and are that grow so big to on that

bringing hear focus a business still from their coming. they continuing but new is in are retailers continuing our add hard, are lot are continuing employees customers, customers but that finding their do and that they're -- also hearing We to We of on otherwise are their to customers stores. grow

on to of bit think as add credit into or is watch. I'd And a -- maybe a This we that. about segue

their struggles not minds issues, rent in recent ability notably Our and our retailers credit have Clearly in changed. hasn't but pay us to watch-list changed, really quarters. has

from on been. credit it's not seeing fairly the anything watch-list where static we're new that So is and that really there front

just put start maybe levels. this just versus us clarify that you the And sorry, watches, I know in where not book to that just, coverage but can out, levels update watch-list of the but coverage you year? remind at you the or lastly your on are the

They're notably the of course -- over fairly compared look if those the you averages of year to the don't moved numbers year be this start of has not -- in have and front I It weighted to for at portfolio. honest. our averages the me,

you. Thank great. Okay,

take our Capital. And RBC from Hawthorne Brian next with we'll question

me. from one Just

a seen blip able kind you some you to take your debt cost lower that of X%. or guys with we've re-traits be would out point? of any at guys [ph] So of this Can replacement

counter an got refinance XX at think that that rates penalties, quarters is the XX Definitely. that accretion have still augurs to refi, duration and inclined all duration. beyond year To yes. tailwind. years ticked some margin, gotten with A mean, whatever or years. or in three-year We new debt, saw to being might value is to what but that I by to then on two not ago, about as for probably there we end, and particularly to be. there in refinance you a call but was I balance recent But etcetera; the coming could there has so to push We life lower. prepayment that it longer that. get you balance taking obviously the accretive We're maturity de-risk always think sheet

you. thank Great,

We'll of go America. with Bank Joshua next [ph] to

few maybe years stepping expect that your you're areas industry types or we For of one targeting next a targeting? to buckets, maybe assets And do next hold expect year, for bucket any the to steady you're you which at percentage overall the and is when what maybe as then a grow bit, industry back or trim you portfolio? disposition look your that over

good Yes. morning. Josh,

I different. think of With of our our look make-up make-up trade end to our it portfolio look very at acquisitions pipeline, you be will portfolio. that will XXXX, pretty our if at overall when now, lines closely back we XXXX reflect the the you of expected -- not

So primarily it make-up categories trade, of along tire stores properties and car will and be that washes the convenient our well-traffic lines top box and small roads. located stores

strategic our us opportunities to relates then And of philosophy the it particular that good sell advantage portfolio long-term looking for that barbell still properties management bright-line is or where to our property. those barbell and there instances that test. are or properties whether some we maybe other we of vacant of haven't we rates other by analysis. are can kind some to It's maximize of of kind the The any that across come knock some not is other with property tenant not debt in offers XXXX or property the of we either of figuratively socks property had and of low cap the are but think trade with with the have shareholder the asset cap approach. take real folks kind group acquisitions holds are lines on at of as will people in to leasing dispositions expect. any rate in every hold us. that value some way a properties low is to dispositions are want for that whether other As our properties There maybe estate, our we selling off issues a to they or done broadly always is we've lease these And end at that tried long-term so

than one for So is more I just there really property that tell any by those anything one dispositions. can't analysis you

today? you. World about thank portfolio how on Gander maybe feel Got color Gander Mountain Camping are you then just it, acquisition one And do any of more those their properties Mountain, in performing assets how and

rent locations business the happy our of been happy World, of that all Camping we properties levels in long-term those their the of happy RV the write-down Gander See, those leases very XX-year a and and to we're with properties Then the to significant Gander on rent those them are rent with to regard Camping assets, bumps performance always own properties when dealership those assets. leased properties. to Properties those we those Outdoor took properties, with we're with World, core with leases. primarily We're we Camping on leased that Camping the still has World leased World on regular

in rent have level now. the levels We those on very And comfortable on numbers World we're those performance but so properties specific the Camping yet, very those comfortable. from similarly with is rent properties don't

you. it Thank That's from me.

Street Instructions] to Green next [Operator We'll go Advisors. Allaway with Spenser

occupied metrics. back during looking occupancy how in provide on these to color some your Can quarter? Thank same-property moved Vikram's that NOI dispositions versus the you do were question enhanced you. so the going and changed I on how Maybe just vacant provide the in maybe just quarter? know some same-property color quarter, you context on at but annually,

probably don't do vacancies it our precisely it Yes, numbers it we wise per think changed we once as way issues the that's is anything, versus that don't be in about talked, year, be, sample quarter. credit of think know just there's it year the to full We it's may model of there have somewhere. set of where activity we've credit-loss much reductions We X% is, annual We any. they we don't assume or going whatever etcetera be will -- the a up, rent assume level basis. but that's think disposition there show frequently kind some given or But to pain of internal won't way we an we hasn't any better as on a publish you quarter. not

-- that reduction year-end But in out terms issue tenant is rent we or like get going to So year vacancy consumed that we'll sort, an X% detail a having is of then. don't a assume about always our we little some minds, results try at yes, in some say, give results in sort of or in a occupancy to some rent same-store negotiation. I that and there of our even a put in of given

guys Very kind understand Is color. mean some of -- any your walk helpful, understand those perhaps components even there the annual made that breakthrough thought is sort of enhanced and you you I helpful even or process I color. that just disclosure? for rationale in plans that through just that the just But very the conveyed -- disclosure I you

a take that's We'll that. will there We at something simple fair if relatively look see is what mean, point. I yet.

As sometimes Jay that, said, each happening, of these a what's communicate simply we so definitely properties have story a so but bit and will to yes. difficult of it's revisit

the of new acquisitions, X-cap acquisitions rent metric and from annually, million you to we so almost refined possible. I especially And But to I $XXX driver remiss $XX their say if a didn't the watch would million rent as appreciate for and real and of growth the trying over new be folks at get real big is other model as is driver. that's

our part said It's like Yes, you just of model. understood. obviously [indiscernible] refining

I understand.

your for So, okay. you Well, thank time.

question Jason [ph] next our take with We'll from Wells Fargo.

more could, dispositions I One please. if on

Just you quarter, lease And a then of this? a average give could you wondering maybe on what sold kind cap if what remaining saw on rates terms of XX in in little also term the kind was detail more us range. the properties of you

sample size. I'll on -- at give properties, good Hey, very morning. quarter good it's The the But XX a little quarter. bit not really Yes, you a Jason.

more I is bit things were a a on makes little I the you accurate. of gives you talked defensive bit -- more -- the In little about that seem information a dispositions. barbell primarily year-to-date they quarter, that give approach. I'll little So think bit

property a a was was higher rate. at leased leased much cap that a of dispositions X% a And bank kind and not rate, average so for owner in quarters but there there of branch then the properties was sold a was low, cap that's to a sub-X were there that long-term an There of subset. small another did be that we want one-leased

XX XX% rate low were X% there a cap you at range year-to-date around of that properties, if sales cap is think dispositions as rates. the few the from look defensive to I around as again

into a sales our we're buckets. at it's low mind, is But rates offensive broad distinct So cap others. very these two range. breaking the and in then it There

concerned We it's are less defensive rate a sale. cap when about

I the think under the for nine just is selling average And months X-cap. on at so number we're

Yes. period. the X.X% for nine-month

some minds because to should So that's as back our is you a why X-cap of on the is X.X%. quarterly is, to think particularly -- the great those my one of they average last not point, in of a neither Jay representative from, what a X-cap swing maybe answer it can said, data question data goes from and about last as is

more So that's more we why better sample focused presents be size. we've tended to we representative this information on of annual it some a because think a Yes. little just published

But us would this one grade focus for is? big guys. your to update it, on you tenant Got thank know isn't you. mix mind I please. And then just you more if I investment a what could,

grade right virtue XX% we're we right grade around of by non-investment got of rated there Yes, terms everyone, grade. investment tenants now investment tenants. Reminder become to in having

of think in if in Our grade properties. try detrimental our we we but around so anything or with year our it big relates things hundreds just tenants number. just on to this do who focus But or If to we deal We years heavily our is, stores point know XX% as we goes pretty a or credit not last our of which XX approach. be always so to investment business of come our It's our approach job operate thousands focus been any large We there part and and sufficiently the tenant in that's it acquiring sufficient or sub-investment think grade from it's good don't worthiness, important on are is a is suggest hard has frequently at some has guess underwriting. more way number credit. it. that was now find will. don't Well, it tenant that wouldn't prudent a manage at year, to kind the XX% think occupancy going we don't as less and you I XX% Look, of And we've avoid, retailer a not. credit. and the company be to reality on that to we really the to too got that to honest, along

because stay metrics. estate focused we merits and to And of that, particularly real so on want

much. so Thanks

We'll John take Thalmann. Ladenburg question our next Massocca with from

Good morning.

guys nine mean, last may big for So to XQ. expenses, based the left real unchanged what's guidance you be color months reimbursements you in imply provide pretty you some can did I that? XXXX what of in a and seem that on cost estate driving on net would the that in step-down

mean a I been guidance same elevated. if you year example, mean item, this I you our decrease on well. for that XXXX look at as little a see Yes. bit has line

And tenants mean lower consistent it's property net appropriate. the guidance scheme will it's -- but higher that's what I not expenses, the that's and change we particular happens don't think and of maybe be our will our so end can like view. on think is properties, number view on our say I end guidance and so things I but big with it I and in think drifting generally it with our of always see dependent so we current it a at Look, them of XXXX XXXX,

sale specific So, this or late… XQ that coming a not like is in was

of our most vacant comes from properties generally. Yes, No. property-level expense

property if tends of they you so have and a down. as leased will from so vacancy tick don't leakage a number around that push vacancy to are our expense line that bit. because will goes really that it's triple-net expense properties We down item lot And

anything there, that you I as completed industry wholesale that big clubs Okay. in or else quarter, of look you were just was that but at in list? couple there mix they're in don't top see kind And terms really the of kind of know of because acquisitions a then the the within in tenant we tenants not

it as regional and No, was with properties bunch properties is And discount with a transactions just not whole then two our a there of of one tenants. There really noted, restaurant that small John. other you portfolio club relationship was operator. the than

XX last restaurants specifically, say Okay. deals? in within all, I maybe And changed view terms months. mean at franchisee then of your restaurant the has in on

Yes, our view hasn't changed.

and our We the the security a ago, reasonable reasonable mentioned most -- tenant take our good at locations is what on quality few is estate. getting is real of view at credit. analyze important rents. we But Kevin As focus prices good minutes and day, tenant end our swap credit

or much the you on do so restaurant And that then you comfortable we do with take That making that's we dealing that on got ups their we're operators. focus to with franchisee restaurant to with tenants you're withstand focused business, relationships with are business. estate and real focus, they -- the said, to underwriting in full real staff the operator with unquote and estate. on time when want when some operators, tenants regardless larger and your where more a fat downs be able type of other create operate they've We sure spend whether deals the any body quote deal and particular of

much. me. for you it that's Thank Okay, very

at the questions this call to appear over for be there closing comments. back to Whitehurst, further time. no turn like to any Mr. I'd you And

All right. we'll us thank you day. weeks. of Tom NAREIT at all few you, see and Good for we in the and joining many you next Thank

This does conclude We appreciate your participation. today's teleconference.

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