National Retail Properties (NNN) 2 Nov 222022 Q3 Earnings call transcript

Good morning, ladies and gentlemen and welcome to the National Retail Properties Third Quarter 2022 Earnings Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Mr. Steve Horn, Chief Executive Officer. Sir, the floor is yours.

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

the Financial is me call Joining on Chief Officer, Habicht. Kevin

continues morning’s and collections this driven performance including press reflects high to XXXX continued National results, produce relationships. impressive a our solid As occupancy, strong tenants’ Retail release by in rent Properties acquisition

$XX discipline the core valuable range XX% We properties Entertainment, and acquisition end capital X,XXX are to Country on to into conditions, the Healthcare price in occupancy year-to-date of of continue the or Elizabeth $X.XX National the in XXXX. At of We minus. we results, drawn In SeaWorld solid performance, longstanding third continue will macroeconomic the of the grow the perform X XXXX credit like great we our joined Ernst the maintained of XX.X%, during with our of per and highlights time NNN company. the our a further plus million long-term bring exceedingly triple Shifting under uncertainty raising heading after our the reasonable share. of increase on line phase, of continue which Board. opportunistic a discovery to our Gulacsy freestanding Castro year. of Cross years/decades well. NNN’s through to quarter deploying announced as the today’s million in performance place through perspective while position FFO insight guidance has to $X.XX average sheet to the remains being Properties over currently completing single-tenant first volume quarter, Her has portfolio of of levels is selective high announce in volume $XXX above of NNN’s announced through. working we balance of Retail and months Young experience NNN over put to and $X.X capital Based the does maintaining good handle fourth net billion to had strategy and a & a Also quarter. a fresh pleased market quarter, shape we

also XX.X% quarter. rent the We for due of collected third

focus, tenants portfolio strategy repayment is COVID has on rent current end as XX.X% levels back, This to multiyear and deferral rent track selectivity that and is the the luxury built On due a $XX.X trend industries, the occupancy collection front, current original of time our of paid over the formed by portfolio stood with through $XX.X rents At GFC deferred and million continues continue. that third multiple the test we the million our and expected. conservative which time. professionals. COVID. levels, the levels of across current been underwriting or quarter, being Based It’s XXX% our the by is is NNN’s at of or performing high that the to at expect the decades dialogue

Turning acquisitions. to

market Through $XXX which properties of XXXX new lease million were we relationship invested of with XX.X from triple tenants, an we thoughtful cap invested of continue company’s north With During programmatic our is $XXX tenants. XX than see approach. volume tops the have price roughly an showing a XX and landlord-friendly of which spread relationship at deals market is which we through net average NNN XX XXX. with continues months, volume X.XX%, deals. repeat bid/ask and stable emphasize the years. quarter, the our just properties, first of do in initial million rate X we business. duration of the XXXX XXX adjusting form sale-leaseback more will do but our and in discovery long-duration our to underwriting disciplined our we acquisition Currently, signs period, lease the transactions

During we from raising the the vacant. new the XX reinvested vacancies, non-performing to million properties, sale $XX now timeframe. we clear is re-lease of X acquisitions. in proceeds to Year-to-date, but a one a not within path $XX be generating sell always proceeds XX we including of raised sold to properties of continue approximately of the income million quarter, Job we rental see do if will assets reasonable have

the remains strongest sheet balance in one our of Our sector.

balance mentioned earlier, facility credit under capacity, Our plenty of a of million. $XX with has I as only

let acquisition maturities also more detail no guidance. XXXX. numbers to turn mid We positioned our the With for on the NNN that, me call have debt over and quarterly well and guidance. XXXX until material Kevin fund remaining updated is to color

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

rent quarter $X.XX $X.XX XX.X% for that’s per $X.XX We morning’s year per and of results. this did year quarter the of share was release X% without Okay. core XX.X% results. third quarter the of months Today, results FFO footnote first ago adjustment third income third over per have increase we over XXXX. our which increase adjustment, for produced the of X-month or report over included AFFO in up prepayment income results third the that up results deferred of X share million per FFO have prior for the year XXXX, that that’s AFFO quarter. in core similarly Likewise, per over share XX.X% deferred and of $X.XX included XXXX, a would accrued adjusted months and $X.XX rent share. quarter which for XXXX produced X million our The results also $X.X of With $X.XX that’s for reported AFFO for $X.X $X.XX $X.XX were the share ago without of represents year-to-date rental $X.XX that, per share share AFFO and an share would per per the press headlines quarterly of AFFO from accrued or rental repayments

from these results scheduled peak quarters kicking over to repayments acquisitions taper are So and in our the from as years. to levels recent improved rent see recent off starting we XXXX, deferred continue in

and for rent of and after months $XXX our suggests deferred the free for full the payout of XXXX all flow XXXX. cash approximately we XX% X was repayments, Excluding AFFO payment first year create the that approximately will ratio of dividends expenses the dividend million

share. increase midpoints of range And increase $X.XX a we per similarly, both increased per with guidance are in release the of and guidance and range that’s per of $X.XXX or rent and for the mentioned, today Steve leases of range of was $X.XX FFO a to X and expense base million on the was per did annual are at quarter $XX.X compared levels. supporting to the $XXX today’s core and G&A from guidance, The press ended place share new As increased midpoint. time share third quarter by year. ago million that’s points $X.XX to our to Today, for the we $X.XX XXXX We The X.X% of as XX.X% end, year all guidance. volume for core our assumptions to for quarter our we AFFO down a guidance $XX.X from FFO September prior million. modestly reported over Page to quarter share. last our from $XXX.X were occupancy for AFFO guidance million $XX first acquisition $X.XX quarter XXXX $X.XX up including that’s XX the fine-tuned the basis million XX, XXXX

usual, which single-digits from per we This long-term, the I of not target fairly good was year call some over Admittedly, mid in line markets XXXX. XXXX the a that refinancing less we is approximately would in a the long-term. what as stock, which except grow trend XXXX most results the As cash in general of million well FFO leverage-neutral increase assumptions going per guidance important to XXXX us give manner. assumption rent capital did we most over by are of growth a for the to position, we prior $X.X really, about deferred share on core $X.XX in saved But tailwinds, X% activities, share share expect or some one all is to our for increase that XXXX G&A the us, takeaway for repayments very about our midpoint. our in basis any do guidance the some preferred above this to generated aided per savings X.X% behave including did as notably, executive in redeeming year. share we And additionally, $X.XX by compared have our new

always volume that the rates, it results, helped results. will capital a rising been acquisition pushing in transition projection in challenge more our the those make cost, than of cap in seemingly of Like to XXXX February difficult tailwinds. It’s today XXXX publish and cap But of to period rates. project up our it’s that has this majority end all report somewhat when year we early So, vast guidance REITs, we past.

despite bar sheet price said continuing XXXX publish from capital created well to in basis as continue will press important cash as growth million can year X% early million $X.X So, support release. position tenant on to to XX the are cap of and element we from as which to us of headwind our results continued in Page February able scheduled $X.X discovery decline liquidity. deferred in ‘XX sans for on the to of guidance. in balance share to rent repayments, growth costs results our high that, we in are has be XXXX be the One shifting schedule wait by XXXX the the the XXXX seen rates results optimistic grow to that still our acquisition until is next the compelled Having reduction expectation and our today’s per our plus

that the line in in increase in fairly level. $XX unsecured the and million active over decision. issue ATM the But with were quarter markets and our quarter share that’s the the billion properties $X.X ended $XXX million $XXX of despite in million acquiring months we of on third prior with quarter small million outstanding. bank quarter’s outstanding a was X million in and year, executing of capital third the and of $XX.X just only activity. We not of $XX first We the quarter $XX quiet terms equity active did per trades markets third fairly The unhappy the debt XXXX in around very

So is in excellent our liquidity shape.

debt weighted years. now is XX maturity Our average approximately

relatively was quarters. charge and Our coverage in our September is the was next XX.X% A and X.Xx book our exception of of year. prior debt for that’s quarter. with maturity our coupon small $XXX from to been couple line, rate points bank outstanding down mid-XXXX. leverage And basis assets book the flat the X.Xx our that’s with balance again, of X.X% all a debt. at net flat stats, recent third outstanding on fixed fixed debt-to-EBITDA quarter. that’s is gross XX of debt relatively the Interest XX And for million, Net and with

FFO had X% of good above despite absence FFO about growth we continue in strong in with core our should to guidance XXXX that produce typical So to per shape some put tailwinds the of are is suggesting XXXX tailwinds rate, us core those growth. XXXX. we growth share the growth very midpoint that some that Current

materially will so, market on to growing quarters content results We to adjust focus asset has be remains environment per the balance But seeks downshifted appears on focus think volume our on the share years think disciplined in over and many over the long-term. focus price. sheets to and time recent accrue to will marketplace Our new a the acquisition the sectors results share growth past as and more managing per little benefit. tell. we getting If renewed investor

is uncertainty, of think we level we’re currently there capital While an increased economic reasonably increased well and positioned market such. for

open will questions. any that, Session it to only So Question-and-Answer up we with

Citi. Our is ahead. Joseph go you. [Operator with Thank Nick coming Instructions] first question from Please

the of seeing you Thanks. versus a expansion of acquisition trying What are of get of those rates leasebacks sale the each sense terms of flow to categories? just of kind movement cap for in

the Nick, role. new congrats on

Thank you.

quarter, quarter, where the noticed rates the late second rates, early seen increasing noticed rates. move a point quarter and the So last pricing, our they we’ve little hike. cap kind the a basis bit of a XX, cap in cap really still velocity rates. third Fed of were fairly kind third low in early, I’ve second pricing of cap XX we’ve the to first Late quarter of

in So move what first a is basis, risk-adjusted to for fourth I kind equal. acquisition the quarter, our going quarter, albeit there definitely have on pipeline of a

the XX ask feel It’s today at seeing movement. on a be, like higher isn’t find of ago currently. estate On and still rate the bid the owners did as tight rates market is you and have cap definitely I it willing they are we sell XXXX moved days sale feel and leaseback – as of I cap interest rate to real I kind side up the but not moved what have the the than spread. understand step. But sophisticated they that the side, to we’re better

then doesn’t activity. And helpful. recognize assume I guidance capital markets That’s

accretively You quarter. third some the were able to equity in issue

as spreads, cost about acquisitions, cost debt equity today, these and thinking those given how currently? of you just look to are So you of investment

Yes.

want you burden at that free deploying have we Nick, typical, little on. Like flow it that As that know, a flow. return a spread said, I We $XXX of of our we cash goes adequately to wouldn’t discussion our purposes at million the cash And compensates of about equity free we we shareholders. think think, than burdened for differently capital, think the have common annually moment. kind I it about includes

as a well. It carries not cost. And free. so we that burdened It’s

creates us to of for in some terms the some that that equity. opportunity alleviate issue is lifting – so heavy And meeting

a if have acquisition of typical equity solving year million it, way year call $XXX free long flow you the a So and you of for goes to a us. volume if need, in proceeds, million cash given for $XXX that disposition will,

way communicated, that. really several to the used get we not don’t we’ve bank in meaningful we for – so we’ve credit years. have facility debt our on And And front, any

average pointed X the million. like last years I X think been has the or $XX outstanding balance $XX million, for

on and into going we lean more so use to the And that likely. XXXX, in past, had than will we it more facility

front. that’s next debt And – on the plan quarters the meaning in for five so short-term, the the

will what reasonably or Now we outlined. when a as be change I’ve will try that all of to think said do in it our get unfolds. is current what something it world respond it’s we that But available market to capital, and We different. opportunistic the will in we totally thinking And do the well-priced is raising just priced. I’ve

Thank Thant’s very you helpful. very much.

Thank you.

Allaway is Our next Green Street. from go Spenser Please question coming with ahead.

you. Thank

compressing just segments your Can you you’re rate that on walk more one thinking last high end for about contract quarter, like. driven in lack your us quarters. it’s the revised Obviously, on growth you through $XXX in Just by a conservative, million recent being with would but just even external this? about particular provided million sellers that spreads, if the range wondering of a $XXX imply that of the so growth in run – so

your thoughts are? curious what Just

No.

we lumpy in earnings, recall, slightly, you – a quarter-to-quarter acquisition fourth fairly albeit second few volume get you the I we’ve wouldn’t quarters, past a robust mean our know, updated If – the acquisition had up I we’re caught acquisition as quarter, – activity. value a quarter

to But debt the our are our closed, could be yes, we just of guidance they And until until as the feels your weren’t equity in remaining now. the But the the markets market, really guidance. they we good just or transaction feel capital don’t expand volatility are pipeline market. chickens count But about Our acquisition willing given update especially you know, right XXXX. good in market it timing. closed, and through

would mentioned I prepared And your Okay. some properties. necessary, remarks really that in you if then sell you

the you So I’m looking just disposition divestment wondering any that if earmarked identifying are or currently for are assets? – have assets that you’re for what like when criteria

are the question or always it asset I the portfolio. remember assets that discussions Yes. had saying sell is And could the tenant Spenser sell high-risk don’t mean analysis strengthen renewal. when just property we upon we I But would it’s the properties. with sell because offensively that we’ve be a though level looking and assets, to we

sell a Don’t sell vacant we the we try in cap finding quarter, we then the sold because at year-to-date, a the assets So sell X.X% do. we many At anybody our can’t value the XXXX them, because than of re-lease also I for just third of assets after that taking asset sold, end lot X.X% somebody a too finds will much not assets that it. have of it sell cap. market. it’s the assets the that tell think day, otherwise, we’ve and a We we the to too income-producing And long. – we’re we that portfolio was we

the our are So capital recycling strengthening and the dispositions same portfolio we with some time. at

very Thank helpful. you. It’s

Thank you.

Our Golladay ahead. go next question with is Wes coming from Baird. Please

everyone. morning, expectations? relationships I your are seeing you wanted may are older you good longer left relationships got this exceeding some And finding when on also you pricing come aggressive, get you’ve of that that no those then Are update established year. now Hey, new out to people and just an have partners available? are they back, your

new they group acquisition track relationships over kind The to task develop That’s right we of a new good are year. the our where on question. relationships,

but it’s So a no in XXXX, different lot XXXX. better XXXX than than

we’d cost we’re it. So falling same of going it relationships the to cadence meaning balance cost because strengthens them us their provide I to dropped cheaper find outgrew call cheer than willing capital the like off, lower forward, they And sheet. than We that. of expect we same what us cadence. And their

that relationships still our back discovery of amount mode. in because We’re not finding coming a price material we’re

find of way for were lick – XX say, cheaper because certainty I plate, to back or basis their our would we one in they reliability XX a landlord, bit. and of or may we work us think to they’ll a kind two would. little because the us we But than of back points will weren’t I looking come

looks major we XXXX Got it motion. And lot relationships to maybe a of and your out plans then XXXX, it. when look like in have

point. You be a natural economy really moderate, sale-leaseback expand yield cap that if like of can’t call rates thing an there Is are? slows, may would and when this XXXX at when more lag they between transactions a elevated stay this

Yes.

in don’t still am M&A it transaction, many was robust to volume a it’s our thing seeing I hearing there. market new fielding appetite ago. real we development of process on is we’re permitting as take months external growth market the also noticing just But it if is does and One slowing property Our And QSRs. development. as any we pipeline rely estate fair hit not calls we’re But amount not as is the last down, on we’re to year, numbers. activity the not a X M&A a There M&A is because it’s the today and far get slowdown as as time slowdown definitely out activity alone were as the starting.

one we’re it. cost one for that I X% what you going one charge, give million get last looking do cash at? is If Kevin, that Got of of just flow, equity that free back to $XXX to

Yes, yes.

I I was free what company is that, sometimes that’s equity if So you will. think that’s suggesting thinks yes,

capital, that that to how but we try flow, care hurdle to on charge we put why of for for we no that make we deploying equity source sure deploying capital. taking matter including are they might of I on adequately down that return a cash shareholders accretive. what And shareholders want think free you And were or it, go new really that a we’re compensating to – path, so really understand anything is all earn purposes

everyone. Thanks, Great.

Wes. Thanks,

Thank you.

Dennerlein Bank Our next go of ahead. from question Joshua coming is America. Please with

Hi, guys.

be one Just something right into we fill of as to thinking have a of the kind another kind that question role should about? you How on – thinking quick head Is do next of kind G&A, position you this about are is want run now. rate or you obviously, set of filled year? you G&A

I have I filling can not the the – another executive. kind foresee about future in year, executive I could second and I we the four in But the of executives Yes. executive rest role. talk handle. half role. of can let probably is And G&A, filling an Kevin immediate Currently, of

mean, line inflation price there going that. there Obviously, yes, bit else is environment, I going G&A notable given item. a more Yes. within G&A, the nothing on little in on just is notable pressure but happening nothing our

Awesome. me, for it you. Thank That’s Okay. guys.

Kevin. Thanks,

you. Thank

question next coming Ronald Kamdem Morgan ahead. Our with from go Stanley. is Please

quick of couple ones me. a for Hey,

Just bad then into debt just maybe us anybody you what or sort we looking the now you theaters update where just – tenant do Thanks. you looking give are risk, topical or an in starting stand making is guidance some and with are on like, could the what else there? what that of at, of more maybe

changed watch from our Yes. It doesn’t you credit you lot mind it’s feel if kind of a will. are, the like the in profile, list, credit of terms if

discussions, tend what property. you kind pencil names know than we are will, any given this, typically that But assumed of in. We of And usually loss – so where times, for if still XXX everybody in have have – basis that a at Theaters, we mind rent we as we experience frequently loss. much future of did the loss. points It’s that points our think is normal XXX conservative, do the the that’s in to think says of potential we be really that that. really don’t We about And like a and the moment, pencil we rent kind that’s little one. credit and rent prevalent but Regal year, we and the in but basis only we most less I

in low. so and location are good the a And rents it’s

Bed, an & three odds And we It have only that increasingly is our appears, Bath Beyond rent. again, on so our struggling. we kind stores, X.X% of one. like of

good. big our a per square not and So, foot again, are number it’s rents

are we so about that. not And worried

tenant feeling changed our about the assumption are has of our rent changing concerns not say, loss around generally, we portfolio not our and would kind I there. any profile and So,

right, higher of question I of costs, Great. And think some is guys higher sheet, to debt second or peer why I In about sort this time really are about next as just then of peer thinking of sort is, to strategy your the costs, of be balance guess cash or are rest of differentiated financing putting of versus better I good XXXX. are mean see relative set? you you if and flow. the think NNN sort lot the I think a the and as numbers, signing the I messaging this environment and everybody you like about free lot guys ways, show debt else, set, how the a should acquisitions funded great question year the positioned internally you than a the with thinking up forward, of is you do out thinking sort as

relatively we that is else I don’t you we that But much exactly what sometimes if think had may than yes, changing where too Yes, on no, bright. – strategy what without for have seemingly don’t that everybody the X much fair referred focus as doing. it huge the we I question. think we brighter, our mean contest us shine shined we acquisition I to will, years, last

that’s time sense, tell, – like a in better coming to I said, per is we potentially in share growth, typically your doing some think I but think having and executing you environment and will mean look for us I relative think focus where the per relatively but we if kind and share I some of environment, I will. to just And quarters. that an results way entering post to the question, better dry will trying others. driving executed are relate this, powder

And so would that. probably we agree with

will out. maintain they who really plays tomorrow, positioned, how or tomorrow, knows, afternoon, I may But Fed decide new they to I totally we are. we are found mean But may – well going we and a I this it they think religion. We maybe not change its I assuming down don’t to see guess, the am decide are is different saying. go think track. later to what is

sneak And Great. could in. quick one I if then a

acquisition guidance. raised guys You the

to it the guys You talked put Like cap basis XX that? around there about see way XX months next continue XX over we And months? points, cap a rates of of you programmatic could sort of XX to XX rate Is over basis given up. months some be fair to volumes points is healthy going that rising? the for next to months a sort the XX relationships, numbers assumption

are with Yes. on days, as I mean of comfortable our And line out. you of XX is we days pipeline where XX always feel know, relationships. acquisitions sight, we sitting our and

As I mentioned the points, earlier, basis XX basis have so. in jump that I seen or points, XX month last

as and sustain, as X.XX, seeing which can. can of volume, But into start as and feels do go comfortable touched maybe going volume. I year. deals of at comfortable it the that as overall, we on We as If much our the it relationships if points fourth in quarter. the And far focus think acquisition wanted for first could XX cap that So, problem. going increased the into where XXXX. sitting I that I of kind focus growth, least by I far grow to, I our Cap focus I basis rate potential quarter, next as amount are you has feel second FFO Kevin at basis they on going rates second XX the quarter. And we so with see like rate as level continuing settled issue. are it feel yes, results. it we our much never we where don’t to Volume an per is can buy is half But share points,

Great. so Thanks much.

Thanks.

you. Thank

go Our is John Ladenburg. next from Massocca with question ahead. coming Please

Good morning.

Good morning John.

it if or are like but missed the sorry, quarter-over-quarter? Is your price in driving looked disposition am in today? down there I question, just environment to anything that, specific Spenser’s of we guidance came I discovery this it response is kind

little a couple anything to mean to had re-trade we currently. price. a got the need I we rocky that don’t and Yes. of they wanted sell And deals

to willing that. weren’t we So, do

So, we the out don’t here going in they have John, to quarter you close numbers, not And quarter. fourth or Not going if then fourth as it’s reasons. timing hit really know transaction small another the are I know. large for to first quarter. really, there

am I too it. on not really So, focused

the on has different makes debt unsecured of about side, of an maybe thoughts debt issuer, there? how so term the been debt in That unsecured widened funding have debt? you sense. think I months, versus kind think like types forward, balance recent but know pricing on And Okay. about it any needs you loan just as we of a your then those going kind should get seems sheet historically, lot differential can you

moment, as those for time game – in doing quarters. I is so need Yes. of term materially foreclose mean unsecured it. decision to a be when appropriate coming different what not to we bond we doesn’t tap we are loan the if feel either that it the – we we But respects, deal. not At markets than would us a just need many ourselves in like that to don’t would

viable will we decision then. bank game appetite, a lot decisions. XX time a a the bond we So, out But good and to just months shake X investor market wait enjoy But for next and both to make then the very will will alternatives in game we appetite community. us. banking things and market, lending on over are We appetite time X investor support months, time versus the depend make see how go at months, want

I you – make have unsecured mind other, is a there given one, more historical know the preference between the maybe in that issuance? I the two spread attractive think would than specific for just

No.

all-in people, rate We one absolute the we and of other. are the that’s the against what cost of what’s will debt, evaluate kind

a we so variable fixed loan, term to And versus relates sensitive rate debt. it as to that anything debt are rate

So, I don’t that to rate think magic of there. protection is But we we and I more mind. of down something a the kind if went with and in there some no, the have want get no to lock spread variable –

That’s it Thank much. me. very you Okay. for

John. Thanks

is with next Our Instructions] go coming Please Linda [Operator question from Jefferies. Tsai ahead.

tenant occupancy expect how support in economy, gone wondering know slowdown a would fall? more But were much there if it’s to just I you durable a If that never morning. Good higher? below base the help XX.X%. would Hi.

is substantial are Yes. retail creditworthiness but slows base. they They the macro been to down, base we would grade thousands per economy are I diverse. be Industry-wise, our diverse. tenant we are so geographically, happen have credit locations. are pops. and given They event. But the occupancy in operators. the our tenant retail, we And a within operate I investment mean regional not highly of a don’t change have large But rated, There mom highly in retail. drastic of quality, see if pretty have to level our things the

couple I Yes. meaning a not I answering And over long-term, and about. and of this. Kevin, really implying it’s the But directly Linda, question, your this am not funny is really nobody which thinks decades, it’s over know

And in or we We X%, just have always top that’s kind that end plus have of is are now. said for range years. that XX%, of ZIP occupancy many code of our lived right the and at we minus kind the

have said, from our so reduced see spent in pressing even the loss of not it some changed we that’s some earlier years. no, And the rent goes to I time all, vacancies and last like vacancies of couple the years, recent us. about in don’t that’s my comment portfolio. assumption number We resolving has anything But at

like don’t And ahead of are have exposed feel issue and particularly we material us. occupancy so a we

Great. Thank you.

Thank you.

Steve comments. be any will As queue, no Mr. End further questions Q&A hand Horn there to closing on I appear the back to for it of

look your or free give you. you, in I appreciate energy person West the feel myself to of Coast. a time are forward you National and seeing call. Any upcoming questions, on many in the We guess NAREIT Thank to Kevin conference Retail. on I spending

Thank and you, ladies today’s does gentlemen. And call. conclude this conference

may day. And thank You lines this your your wonderful time, disconnect and you for participation. have at a