National Retail Properties (NNN) 3 Aug 212021 Q2 Earnings call transcript

Good day, ladies and gentlemen, and welcome to the National Retail Properties Second Quarter 2021 Operating Results Call. [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 Second morning, the

Joining call on Chief me this Operating Habicht; Officer, Officer, and Kevin Steve Horn. is Chief Financial

month, announced enhancing Properties press relationships. to beyond. reflects, produce morning's We're our impressive per core guidance results, performance, to continue high solid X increases. strong collections XX have effective of we thus continued impressive Based of only shareholder including XXXX our roughly we announced per year acquisitions Properties the XXXX In other of this achieved of As driven FFO our to public strong National positioned Retail by select record. continues we annual performance release consecutive share dividend to range rent ahead companies, this a and value including occupancy, in well our company look for in increase and REITs, proprietary National increase U.S. making balance which a XXXX $X.XX July, only dividend stock our track is in a XXXX X% XXnd as common on Retail further today this in share. later to the $X.XX tenant

is year. long-term of on guidance second pandemic strategy and value store reflected and a long-standing related this the the designed consistent caused is growth generate this the by Our is in multiyear executed increase as per share to disruption basis. And approach closures our easing,

Retail highlights financial the results. National of quarter second to Turning Properties

remains our was consistent XX%. to continue retail long-term at Occupancy average X,XXX with XX.X%, well. of of quarter portfolio Our single-tenant exceedingly properties freestanding the above prior which perform

property of investment-grade rents These favorably percentage we with cost regional topic of that Car we're tenants, of that tenants. and forgave no our the collection one entire estate during while percentage announced the results Moreover, John XX rent with remained and its Mister initial years on Congratulations Wash at our pleased companies per Retail our quarter. Mister relationship role for doing has played rent recently almost to Properties transactions the in compare real due these rents. of operators other results impressive proud validate the to Lai national low National Collection for I'm of Car first impressive a to high of at and management we including strategy also equally completed team large estate significantly collection reasonable that one And the an and of ago, very large success. We top quarter. of offering. those tenants tenants, public leaseback at retail previously and Wash, this deferred company. that very we're believe was growth of and second report parcels higher XX% well-located company's real sale direct

acquisitions. to Turning

our relationship an of X.X% lease at During tenants under at relationship $XXX invested of duration our conversations of and with via those ability $XXX portfolio long XXXX invested initial tenants. of on near an cap lows, average X.X% in be business. cash all-time relationship of repeat to will rate over properties duration we guidance years. and the over acquisitions all leases. years. lease XX with and and new initial pipeline properties new we in XX with meet relationship cash to programmatic our we've remain million million transactions different to direct with XX do exceed XX tenants leased with tenants, Year-to-date, to cap which sale-leaseback primarily average In $XXX continue our thoughtful in million an from rates primarily quarter, environment Based an of with $XXX our pursue million, of cap comfortable transactions rate remain sale-leaseback we duration XX.X we hopefully Almost our were just and where an acquisition very underwriting

During million proceeds we've in And million reinvested of raising now be $XX the raised over of we sold new XX including acquisitions. also XX almost to the XX second properties, $XX properties, vacant from properties. sale year-to-date, quarter,

reasonable X to path continue if job job Although is leasing a clear don't within nonperforming re-lease it. vacancies an to assets our rental and does income of we We'll sell see always excellent time a period. team generating to

the from one Kevin $X.X the facility strongest the in remains our to In of billion. sector. recast of led capacity increasing our sheet balance $XXX June, our million Our of line credit, of unsecured

credit been quarterly our XXXX without to positioned with color guidance let intro, numbers we remains guidance. line turn updated cash material ended no fund we me capital approximately $XXX and over remain our to that until to With X, hand. tap of the same, the with has million maturities our markets. quarter acquisition outstanding Although upsized, Kevin well needing on for and more balance debt XXXX, the call And on the the

we rent results that headlines this be the in we and Thanks, after these $X.XX statement quarterly materially from and federal up statements includes $X.XX. also with from and statements differ first the per our these risks will year's forward-looking Jay. to that did $X.XX I'll the preceding adjustment Today, start in the the quarter that of morning's statements could we AFFO under that certain matters With accrued may number. the share discussed in company's that's securities quarter, time with forward-looking The for differ laws. income first statements second are actual was $X.XX from and SEC it's to FFO $X.XX the from $X.XX. statements, release. of $X.XX may XXXX. from results to $X.XX the the release as second detail morning's changes press revisions per greater rental results release That's actual core And were be make the future in not from to per filings time significantly cautionary in company's this usual, and share made. may considered deferred quarter quarter cause this preceding expectations Factors forward-looking prior reported reflect We disclosed amount up report and press share, that, share per from for of quarter AFFO million up also repayments footnote the second $X.X to

that, we without $X.XX So share. of per produced would have AFFO

the months first levels. So quarter fairly for prior dividend excluding flat XX.X%, those that's X with compared XX.X% as ratio AFFO at deferral year's Jay Occupancy, end. been mentioned, payout repayments, was the That's X G&A fairly by was our and the consistent compensation. was months the quarters. the remain for recent increase largely Rent driven second in was million expense quarter. $XX.X to for continue incentive second to quarter. collections The quarter strong

reported base approximately we approximately quarter Collections previously of the quarter rent that of the from As to in rent collections from of rent. second Jay for our XX% cohort cash improved and basis our total X% the second quarter first reported about mentioned, for XX% represent annual XX% tenants, today, XXXX. rent, which up for that's

first XXXX. collections $X.XX As to of Jay $X.XX per and noted, per FFO This range the incorporates better-than-expected results rent we $X.XX range increased the new a share. our XXXX share of $X.XX half actual the per in to of from share a core to guidance

which Some our driver in year quarter's unchanged the in for guidance. press guidance collection Page are collection rates. full assumptions from rent largely assumed supporting guidance our The this line the are on the increase noted higher rate X of with last release, more is of today's current

about rent, facility. loss. potential million million to to base cash we bank with the are recast extended for prior that's size remainder So again, ended the XX% was of on And cash from basis outstanding million quarter $X.X bank amounts from tenant on $X rent assuming interest reduced newly annual previously guidance. assumed the annual We line, Jay amounts no that assume points The $XXX XX an tenants, maturity June $XX with rate points billion. our we to $X.X we to and was billion while XX of plus million basis. of of XXXX. XX% our basis rent credit on collections increased $XXX hand rent and continue basis as in of XX% LIBOR This collection to now noted, X% And incremental consistent our

is our liquidity maturity debt XX weighted X.X% average average a excellent with is weighted fixed years now Our in shape, rate. interest

properties as coupon raise are the Our million X.X% with next XX%. Only leverage of Interest gross EBITDA positioned coverage, by to June charge in numbers. we very debt coverage X mortgages. forward book meet and for The At X.Xx X.Xx well X.Xx XXXX. fixed look and good quarter additional guidance, to acquisition any position net a to Net couple quarter. assets X,XXX-plus liquidity and mid-XXXX. to need XX. at to XXXX is our maturity debt $XXX of no we're real second A debt was was encumbered capital have end,

to up solid shaping and very is XXXX. tailwinds XXXX economy be like as have in us the it feels stimulus, retailers government So will which capture the year a some for

Tom, opportunity and, with term coming open to we years endeavor share will up in continue succeed over as that, it remains focus the the NNN And to any long we to Our give per best results. importantly, the to questions. growing

from Instructions]. question McConnell take with [Operator first Katy our We'll Citi.

improved I the wondering you actually the I noticed Katy. if asset dynamics about think just long-term rent the just collections, industry of guys there. during sort the bought you guys, Parker I is a Jay, Decraene, and you that This on basis, -- just on more a And given theater for quarter. changing was how

-- a not another the spun of there. but remained been I let AMC theater, off And guarantor that me of did guarantor We a something theaters theater. some lease. Right. had clarify buy they

tenant as with AMC that struggling. took over theater the And other restructuring, that a a of workout was part so

not exposure the out the buy certainly our another reasonable we've theater, we That continue should at that an did of We're a with about traded our quite transactions on. in portfolio. to challenged the we we say, of that line and the of years it most time. concern passed number that of have We for price theater theaters than a period of that -- just years the has with pandemic. some So became or been acquired the that AMC have lower property we last in per that I still ago the happy have. theater coming few trade -- business comfortable, is more said, rents But didn't

And theaters any been we exposure anytime we'll now. to transactions be that soon. unlikely that of expand be so might looking there for a to about theater any have see thoughtful And continue us buy to very you'd in looking movie our theater out It's years world number at. not the going we are

second Got my restaurants. just figured. And just it. rent on question Yes, then I full-service that's for is collections what

or just sort tenants they of think bit. there? specific what's color that Is sort the just I lagged a to tied of

you the And is of forgiveness full or may XX% of both a But for have to bit think later continuing rent down color. where we rents everybody road. deferrals second that movie theaters, I even disputes they're for running just below to or tenants. tenants were little the higher. else rent Kevin, for and as tenants service It's be X those categories, get rent it's for kind repaid to expect the later deferred opposed quarter with both

take We'll with Bank America. Elvis question next Rodriguez our from of

of the update exceed on likelihood And your an will today? How that call, that. I you pipeline? exceed on looking know commented end the share you to it having range? opportunity your an is what's the you Can high acquisition

this. call. Nice to the about Elvis, level, But Steve about to a talk macro I'll -- Horn little remind Yes. bit. let folks at the pipeline talk kind we put the of way just let to the you. at welcome look me

relationships cap strategy mid-single-digits it just go is large with certainly and mid-single-digits is a calculation consistent share a do consistent And rate duration, impactful. one-off in we Our lease of an into better to But inputs get do would about. XX- advantages regional going needs market. a the we better XXXX most get with get per market into of And growth doesn't multiyear market, we than achieving per what goal, real the And to us is in basis. us of you all because this tailored national the long worried acquisitions important. to over the that input to we slightly a our strategic with And build goal open that of basis. a is are achieving that out generate do think can -- strategic estate we get there's a that If on into open and the repeat business growth. share whom that, business. and lot long-term is really market, the And one-off is the tenants lease. programmatic we it a relates is acquiring that our as sell goal retailer those these operators portfolio repeat to slightly acquisitions XX-year our exchange We to retailer properties document relationship property the to a get

So strategy the our what that acquisition the behind strategy efforts. that's -- drives

macro that the And of and talk kind intro, that so, Steve, all about with pipeline how want you stands? to

year Yes. didn't a grow through have as have relationship What last XXXX. our I tenants at this time, makes continuing But started as a they're and sat the growing difference far to here a we pipeline. pipeline. year

over pretty is million. So little our Year-to-date, a bit closed $XXX now. pipeline solid right we've

to Our $XXX $XXX question, to guidance, was your million million.

with very I'm today, as that guidance. sit So here I comfortable

we just out -- we that the could buy just rate long duration lease hit X% window on our low we the lease whatever Our But to mind, for pipeline always we're still rate. go wanted Keep very relationships. relying term, for in and cap and cap we're throw is looking number robust. if with

As would convenience you and what expect, industries as the volume of a in would QSR significant amount those statures, service There's auto restaurants. currently. be far it industry stores,

good feeling today. about sit as So yes, the we pipeline here

just that. up on Great. And to follow

leaseback it? not peers that to the your chasing the just activity. Is leaseback an in right sale sale opportunities. lower you're have quality assuming seeing the of you're Some the same, categorize increase way mentioned I'm but

in being just peers a done, mind, the auto assets No. in in I of market. space. focus there's been buy has and sale a on lot private equity peers open and that's volume based QSR keep don't just yes, our on the space market an the activity leaseback. completely of our service sale-leaseback the there definitely mean the in increase But and But XXXX, lot

been in the has an sale market. increase So there leaseback

they they Elvis, businesses Yes. of middle last kind tenants through own while business rate. our sector. in and every and the and bounced our figure took out across reflected And that's to how both sorted our year been did of see all occupancy out kind of relationship a figured They've pause out. pandemic, the all rate how that their back got you can in collections do

And businesses. their struggled they're that trade pandemic. the of particular I trade having of the think so the looking M&A growth them they mode for and with the good tenants to expand now their lines lot of companies conversations there's we're are more in for of And that in to a in some opportunities lines our pick up smaller

in the feels of and as to feels the the So good end distant pipeline the more well. us future good pipeline the future, wide longer

Street. our Green take we'll from Allaway question next with And Spenser

acquisitions just I on mix think provide you color on quarter? don't for can yet, little touched you a this the guys but industry your in overall the made

one that you more time? say can quite didn't Spenser, hear it. We

acquisitions made mix color you for the little in industry on Can the provide the Yes. a quarter?

for some bit we kind industry there have Buy of QSRs, But most our bit a services kind was typical auto as heavier a it the of rental. looks Steve. But heavier the part, Best The did service, in than equipment little current most Yes, sector. historical. it portfolio. your retailer the general part, like was for auto and But little it's in mix

Yes.

the Car of Second quarter Spenser, Wash. quarter was quarter kind second the -- of the

transaction or opened you the more a has activity? terms then And has more transaction downside cap just really movements? terms surprised either to Okay. rate to the anything positively has upside guys of shocked again, have the up in to just as bit market surprise Or active in little become anything you of and

that the their I'd cap cap step. We might. lot in out not the it estate, going the a that's first like after just pandemic, real we shape, again, felt like shocked thinks years pandemic. situations well We And too. own even felt -- like people It's to the their would the And And that right chasing as high was demand rates sloshing up when demand is one was very nothing's to had take located retailers transactions. we high all and in driven capital were were of business get remain would validated through and we and expected say found we in in the a that our minds into side. experienced really we say, our out felt we lot and the otherwise, good in market. of is other the numbers -- to through felt and -- indicate just I around but what in they rates they by move that's itself pandemic, And us. think our a have. they prior tend there be cash low, they degree -- it I'll large our

So felt to good of just larger 'XX, financial and on great with rents. validated like this it operators crisis strategy seen 'XX, locations the we've dealing and has prices a large degree, our that like pandemic, reasonable of what is low at focusing

more, then And I Great. maybe Okay. if X may. just

the And disposition any of cash how quarter On vacant? sold the tenant? then of the divestment basis were front, many in assets these were

Yes.

X any size. sample in -- split a quarter, the a it's think bit a small of it's little I

Give going in of think are be leased XX% XX% anything. XX%. X% dispositions you general, add I or or to vacant. Kevin, kind our take, and would

in the ballpark And that kind too. are running of proceeds

those. be It the to while I occupier in don't to of That's like not are many -- So be credit year-to-date, have mind, data about our comfortable I feel cash driver The driver. about have front me respond cash on XX-XX note of occupied. and not there's basis, future it. it's We honest. in don't the our moment, how strong to, being might very at not I biggest guess, and That's approval we'd or don't vacant be so... the I decision labeled everybody collection, versus many a think the of basis basis actually X. is process, lease to a signal and just mean,

Wes Baird. take Golladay with We'll next question our from

And just the back your think had get the and expect I the to share a for we'll you leaseback your industry you on levels with sale tenants? relationships? to with XXXX question existing activity. maintain Do do

relationships repeat every to do tenants that what new as pool of the is that them. the going think opportunities continue into back the day. overall I overall, have the volume do with think the building get greater level and or we'll we'll volume question yes. tenants to -- out answer be universe And same short programmatic grow And to each our to is as group to look at Steve volume or additional is Wes, from were we of I pre-pandemic. continue I yes overall growth mode, acquisitions business think And that with. works for equal we whom it's the looking entire in marketplace, what of

split at Okay. of part out how maybe that half think should the guide be year, of did the but activity. second XQ? big the M&A call you Will of and the us, a not And would or us you look guess, I when to back then XQ story? we kind guide we between about And half

it we predict looking want wouldn't going this to to of too there's and never a guess business, precisely. sense lot at know to their our opportunities but I that -- out tenants know there's to there, point. are makes that at be We timing to try us at growing that

back-end generally kind is of guidance Our loaded.

right on this out you now it's slow back-end might have of want lot wouldn't There's to I a where feel Steve, predicting might when that we down. things too to? are talking in get good transactions granular about speed or not the things about But So turns anything occur. year, that up it either make you're loaded. case we folks did

calls not strong. as internally from a lot, No, being the away pipeline we say of as I phone think couple we're a

can as of pipeline So we we kind done out, But X focus usually outlook, months imagine, deals on our kind far as you December of the as focus don't our getting industry fast yet. out, try as on months we as quite timing, don't X to can. a have the for

it pipeline third shortsighted, into the a when bit the more quarter. is some little we about So slide will fourth talk quarter,

next our Kamdem question we'll Stanley. Morgan from And take Ronald with

quarter. good the on Congrats

basis is notable lagging, Just it of to on is tenants two the just that any is to -- theaters Or for X% sort there Is out? quick ones call other me. XX%. that's One say collection, so and that cash movie bucket fair that the still forth?

Not had pandemic. we some really. that No. trade lines big mean had -- impact X the it's I from of the

primary probably our cash so Chuck tenants Tuesday. AMC, of our make cash and Ruby tenant And basis X bucket. XX% Those Frisch's, are Cheese up E. basis

about -- can I arena. to the the So dining it's that collection we've that our call some you primarily. are theaters and and a mix but in in degree, clearly, But most see pressed talked so numbers casual challenged and theaters

Got it. this was earlier, was asked think sure then And I understand. That's just I helpful. making I

cash on basis of the assets was the any So side, tenants. disposition

Sorry, the -- to I I don't that. answer think missed

No. Yes.

decision we really or -- important in in And think kind making to not any sell cash factor tenants a said, fold factor I us sell particular of that's not didn't we be to second basis driving or we're honest. that the I like quarter. concluded

sort question, so I mix about or think you to of you'd or this sort sorry, last sort to gotten other that away over subsector probably other And more from? talked of of that the that more I and car attractive? want that big on if sort then, sort there washes. last is X And Is months of you're subsegments of sort you've get it. X constructive Got any the there may. thinking was any quarter about When of for forth, industry

reason among has flow try properties of all of And you'll do trade relationships located or another. X history lines type build and in high-traffic retail where find transaction will along is with ebb volume we industries due that to to retailers what different What the us taught kind roads. is

to look and process -- ahead is then but equipment particular all sale or and think bottoms store are get on to of trying so, terms leaseback lines the just much And fast operators. if for with after active if up. we've the to very spend what -- want road, be there's estate, with you that, the car So very done number they to the It's deals job acquiring project wash -- relationships operators not -- and we has lots -- we -- down concepts. Steve's at different and done great trade relationships relationships do good with have of do going -- too building what other anything that. of a I are we've right and food what build group want to what's we done It's some a don't about recently, tire of rental and like of the and a operators, then deep with -- real they different that across whole time

being. boxes, for of kind about the pretty people ones and of bigger pandemic. be boxes, more properties that were the with every those down what is right time is look I the I continue it think portfolio bigger is going thoughtful think to whole the like most kind REIT -- gave portfolio road be heartburn the a during And lot prudent doing down looking pretty special-purpose see to really Those and the now. the So should that us you'll will road, will we you the about cautious

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

so I accrual XX%, payment I accounting earnings all of at or for think the about So how many these call, on guess, want months cash making with has before changes? of don't of basis kind again? mean, your see And to or moving of you last but kind those not, obviously, asked I tenants if up I consistent to collections moving some changed if outlook this I quarters do the to know,

labeled what a slow-moving I it think consistent we as our big tenant you just accounting, basis. and process, I meaning collect. view one We'll a as don't with having don't as -- delivered cash it's report sometimes thought bad you again,

And said back to a to be say really more X we certainly to we that a of We cash all before than wasn't might at them we so in it folks time have to year, is, get some we're get interested on the accrual -- before quarters change. going to would to not hurry move moved particular tenants basis, we basis. be going I performance we're be but see from it want back accrual. a in to that those year too worthwhile But making to

like have labeled the big minds, a it as I in In accounting. view meantime, we don't basis. So say, terrible to a not negative cash our it's

be And possibly have -- I before to to sometime say probably of all is so we'll year it start those drift basis. cash some will we next tenants from basis accrual to

be to you was any broad seeing historically close speaking would what rent, prepandemic? there health, helpful. kind that collecting mean brush What XXX% are maybe it have that of terms like looking kind of of now of tenant of like in you color I you're then Do kind Just Understood. yet? And data of Okay. coverages? strokes, what

the mean kind still of coming is I in. data

there's lag. of and -- So somewhat a

get to data, us that feels very we the we annual, that Some of kind of some -- coverage tenants, -- it quarterly our levels vast we're prior but at strong. portfolio, majority they're

lingers is stimulus that always we The so anyway, in X of good question much my feel And related. it mind pretty front. on how

Margins right in it so But get good what seen of feels a And they've and very we this processes we've has will things. lasting once number of our pandemic kinds very of term tenants now that as have environment. long is terms in structures to a profitability coverages how be post-stimulus not and rethought well. and improved only -- all and through is cost held up their

actually and well the so of therefore, terms And coverage. they've the in the rent done profitability

last Just rent what any be thinking specifically quarter? helpful. impairment quick the with collection? would X drove then pretty the high in one. And Okay. the Just color there

I'd say properties On X number it's properties, dispositions going of top X the I vacant that And of up as larger X be or primarily X impaired. quarter, mean, were sold were the for to sold. ended that the impairments or a getting

that driver was really so And that. of the

next go We'll Instructions]. Jefferies. [Operator to Tsai with Linda

little your like G&A color on down looks a some estate went Can It of then you reimbursements on and shifts? guidance expenses more the real just net went give up.

little. move Fair move did whole Yes. lot, They didn't but a they comment. a

loss, expenses somewhat On expenses to mirror property rent will. the -- the vacancy you generally property just we model or if

And extent kind we so improve, projection. to rent our also to tends projections of improve expense property the loss it

difference function comp, just incentive primary at the this is back and levels last margin, more year, of which So largely hopefully. there. on was down we'll a the that normal in And get notably year, to G&A that

so accruals that. related And to just

And the your restaurants. thoughts challenges an and then full-service area now? would right movie theaters you as some industry in you Is on invest talked this are about an further? fitness with of What

At the trade of that about. were when -- struck, we the that Yes. lines we were X concerned -- the pandemic was of

Life using what Fitness feel again. Our the the want to back that get primary fitness and is anecdotally, we pretty both that folks The Fitness the gym. to and working at gym want back Time before customers and companies to is shape. facilities to with do hear get those exposure gotten fitness out LA we're in using pandemic the good of through have And

that And and to very special about more that into the we so that answer boxes fall I questions going fitness properties we're bigger rebound. mentioned the to category. that industry think degree, that, thoughtful some previous long to purpose the be of over in are center haul, will one

would on they fitness about Those tenants we to the thoughtful at. the look was we the do. are be we'll property had that would be wanted portfolio of that. look We out would something so extent and that our But there but transactions centers or cost some focus per that rent, things And relationship to at. a would

Got it.

Just one one. last

you As what's to over preferred out next look X the of XX source financing? months, your

A tough us. one for

So say stock I a at to was share. going $XX

for is go. of marketplace of period capital, mean, The are that best in you news much there time any Yes, opportunity the I frankly, evaluating Yes, what's us. we for don't you constantly kind laid out we the that so good there. need

looking not our usual of to notably. change The that variety. capital a we're be will it mix structure, So

will relatively available try source time Both equity appropriate And we pivot a priced. is at well well so as blend when is it and usual. are opportunities priced. to capital debt be good But and and of capital and the

that, have. And sheet years that need debt about view out and so We we get more or liquidity very tomorrow. the -- to balance X -- don't take -- equity we we and to position and the think more today -- long-term or we thinking to a just about we how we're know

tend the our fairly elusive. X raises don't give So reason and I'm a market we being be little opportunistic bit up that did guidance see we'll we That's because to on for on what front, capital me us.

cap have other per at been we people One year properties of we rates to at. able that so sell capital forget is dispositions, Two historically about million sometimes. sources reinvesting what $XXX below or are

And rates. kind for we flow low very that of cash So hundreds, thousands accretively we've disposition just not to dividends. of and been portfolio sell able capital after business, properties recycle cap other would the through payment if the our have of free is in

We have, around what, million? $XXX Kevin,

because the $XXX this a year that normal actually, we repayments, deferral year, rent notably number of In million higher. were

And repayments deferral so total looking at we're million. around $XX rent of

it be to this So million $XXX closer year. will

well in position positions be to not which All are where deal really a us of our and we guidance out try don't opportunities to need in whatever there. with need order -- to capital fund

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

joining all you thank conference good and many fall morning. day. Tom, to a in We during you, the this person Have Thank you seeing hopefully forward season. right. us look of All for

Ladies this participation. and does your today's We conference. conclude gentlemen, appreciate

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