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Franklin Street Properties (FSP)

Participants
Scott Carter General Counsel
George Carter CEO
John Demeritt CFO
Jeff Carter President & CIO
John Donahue President, FSP Property Management
Eriel Anchondo COO
Toby Daley EVP, FSP Property Management
Will Friend EVP, FSP Property Management
Dave Rodgers Baird
Rob Stevenson Janney
Joab Dempsey Stifel
John Kim BMO Capital Markets
Call transcript
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Operator

Good morning and welcome to the Franklin Street Properties Corp.

First Quarter 2020 Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. Instructions]. [Operator event this being is note recorded. Please

now Scott Carter, would like ahead. to to over conference the General turn I Counsel. go Please

Scott Carter

Good the XXXX to morning Properties and quarter first Franklin earnings Street call. welcome

Demeritt, Investment morning and are Property Carter, our Officer; Officer; Joining me Donahue, our and President George Management; Financial Chief this Chief President Chief President Management; John Chief Property Carter, Executive morning John Officer; our our Anchondo, FSP Property Will Jeff are of Operating Vice Daley, Executive Management. joining Executive this Eriel also Officer. me Toby FSP FSP Vice and Friend, of of Also President

the XX, in a COVID-XX of year note Please as differ Factors Safe materially under XXXX. XXXX, which these the the remarks for company may quarter make may Form with may updated Reform discussed XX-Q XX-K Report by forward-looking our Actual as SEC. Quarterly on ended in statements the Private constitute of results of March Securities important Harbor December about provision Litigation for result for we Act the future that those forward-looking of from plans the of the with prospects our factors, Form on Risk various expectations, ended indicated various section pandemic Risk for including XXXX, on Report both XX, Annual section of are and the statements a Factors those file that purposes

today, addition, X, In represent statements company's as these forward-looking May only the XXXX. expectations of

relied company's to any views forward-looking statements subsequent any today. of update upon While be the Any to statements, obligation date may do these it forward-looking not the as so. estimates representing as disclaims to elect or company should specifically

refer measures of which Investor GAAP yesterday's this or www.fspreit.com. during release, funds press the website of financial income FFO is At call, operations our may the Relations available and net to section are times in non-GAAP other contained from we at FFO. Reconciliations to on

to over George call the turn will Carter. I Now George?

George Carter

Good quarter Thank Franklin welcome Properties Scott. everyone morning and to Street first you, call. earnings XXXX

call home from a by With this presenting our home working quarter has word of We May our try in been little will Massachusetts by read calls it. as until are to past color personnel Baker State FSP currently differently XX. Governor earnings do office non-essentials business extended night. you closure reality we more itself, that give I to did first our remotely. release last on encourage office written

up property prepared few will operations. a questions. John remarks the call our about After talk give will will we I portfolio Donahue for open and that,

be the our team executive on available of are and questions. call All will to answer

I would people stand like healthcare essential pandemic. They business the all every us keep First, support the the other deemed our of all obviously FSP, responders day on also behalf to but who such on this systems without Black Swan risk workers, at to of of of face in the country first frontlines as post the COVID-XX all include hesitation workers operating. increased of personal thank,

property operating crews, others. FSP managers, properties: personnel, maintenance security and Our cleaning people engineers, many on-site

years. rarer of supportive for pulled and together and important operations is the it world, spot If so common seems and darkness and the Could up is a tough bright brave unselfish communicative, there necessary some have any many future. stood It this engaged, so America thing perspective the for been to be our have of rarer way, and be cause. who for time the in tenants recent Our buildings. in a in

for for into with we time lease XXXX been roll And two, our properties. primarily This one, interest a and activity and larger and XXXX many are objective XXXX. prospective of opportunity February years, in more the upcoming carried have tenants because communicating of making and for a with have over meaningful of have good reasons, we that XXXX had from And for opportunity number rent and have because leasing new roll. absorption lower January tenant XXXX. lease in two, XXXX that excellent started And to and Properties tenant momentum but new add net net i.e. at occupancy. lot roll and a addition, first the beyond the Street Franklin properties in on in right number of paying has we progress lease many that our existed in

the The the changed and March, and most office were first to got off shutdown objectives. for February, ballgame quarter virus owners. But the XXXX particularly on leasing we a strong economic to and country's our full-year January of start really us COVID-XX track in XXXX, achieve obviously and

Leasing with in right cases, progressing. Q are space now? we were where of we have are between have that the our prospects the Q properties are some leases we that were toured that These that many in already year-end. in are done So will prospects form these with, lease now that already of prospects number negotiation new planning. and execute a in And believe still

prospects business has hit getting the new trains, pause planes, automobiles on planning leasing from their be tenant look to representatives doing button. and definitely new space prospects efforts. in that's That coming our buildings reps, companies that with But our at would brand group leasing space brokers,

suspending in effect new coming already and FFO properties. our from it tenants know know to our long precisely impossible to to will precisely shutdown not this impossible their on rent. is And effect and economic on prospects pay business considering to guidance. we're affect space in the the tenant out It ability impossible our how the know Q is business. Consequently, temporarily It COVID-XX is existing

believe, don't. people And half properties. unknown. tremendous know for our unknown with the full what is optimistic glass But value-add can't and to opportunity, a pretend We're we we we

mostly issue. at issue, "if" "whim" timing We this a do believe point Not a issue. this is but that an

turn of With John? those to will Management. President call the comments, I Property Donahue, over John our

John Donahue

Thank you, George. Good morning, everyone.

quarter first a of strong with new off year leases. the started FSP

for majority of new vast the our quarter As those square George feet record scheduled are The second half leases the mentioned, commence in of XXX,XXX first to FSP. XXXX. leases of set

new tracking XXX,XXX communicate FSP execute square and commit prospective need approximately feet In three continue active have the to to we're and to tenants, to regards of prospects buildings within our six pipeline that currently shortlisted months. of

The have reengage and calendar XXXX, part the we beyond, in for likely planned have the summer needs occupancy prospects over we'll most that paused and believe months.

square We majority communicate needs have The not all continue adjusted prospects to prospects. active with footage of downward. FSP their

to many future active architects looking re-plan rethink to of the density prospects space. of uses However, with and those are

discussions space most to expand in to their they of the also also for as paused growth. review tenants part, Existing pace readdress want renew or they use and have how

tenants relief for those Tenants mid-March. information rent of some of to proactive approximately FSP far. thus truly Rent capitalize. closely totaled and inquire April XX% work a not, conditions, collections financial about did numerous and review distinguish with form opportunistically calls, needing that our implemented began to to submittals, between in from phone to relief with approach seeking those order in were

provide much our it for been to FSP and predict relief. beyond, collections some rent have of or too Although May rent estimates is form requested with tenants early has that working

in tenants approximately X% annualized terms with been representing rent have X% rents. these lease we to of regarding deferrals, amended To-date, discussions for

this at time, note not yet. any to FSP executed amendments Importantly has

or full and unique know on financial sort impact to annualized condition the rents cash of through tenants, near-term pandemic we each of the of these situation, each continue flow. we the As don't

Management evidenced outstanding done in teams of and to and as rent be Management have Asset FSP's an engaging Property our strong job encouraging dialogue April tenants them these transparent, by collections.

orders in has are have submarkets timing in will assets Each XX broad continue FSP will submarkets and circumstances. begin different building MSAs. select some manner Re-entry MSAs for few Shelter-in-place and but a multiple these cautious for will underway. a markets or plans re-entry buildings. within

slow conservative. most desire part or The largest expressed take been to have tenants have about the tenants waiting and July. until re-entry Some a talking June for

had their let take the will reassure with of by and take patience There enhanced and be our we're will come safety. revised know ready for are. that is clear cleaning. patterns, normal traffic they them Most critical. all understanding. standing regarding and reconfigured The flexibility, communications spaces, all them FSP to will new tenants open will teamwork, prepared This and be and months that communicating to be and will we employee when needs

please portion Q&A our of call. Thank you. the begin Operator,

Operator

you, Thank sir.

We [Operator Instructions]. session. question-and-answer the now begin will

Dave And Please question with from go will the come Baird. Rodgers ahead. first

Dave Rodgers

you. Yes, with good will morning everyone. Hope I you're all start doing John well. Donahue,

and that's color the in backfilled, leases. renewed, release of I expiration, sense remaining been you square how of is the think expirations, assume I do of kind coming leaves, much some that on of how been a kind where how give anticipated is much of year you from? XXX,XXX and at of have us much you executed are can feet XXX,XXX said to of this press square start XXX,XXX feet this point all XXX,XXX

John Donahue

XXX,XXX it’s square majority Hi John. expected commence you. the year. Thank feet still the are to Dave, Yes, of this

XXX,XXX our IRS as any then feet And some have down on do below renewals. of In expirations remainder, prepared by of believe square we that calendar those in I remaining XXX,XXX an regards day feet paused. we the the we the year. for time we'll renew, slowed know But this will believe and that there down square signed now do will that shortly amendment be knock that for to expirations XXXX, at for this for some exactly or remarks, many don't how mentioned has my

first the one amendment. at since the have quarter We of executed end

don't just how many So there renewals. be We yet. know will some

Dave Rodgers

in Or it's it that done. you the more short-term not sounds push does and XXXX like there? kind out? give And that Is a IRS, beyond time it of push just out some

John Donahue

Yes.

staging I anticipated. or Broadway going has As on call last two, at commented, their slower think had previously Broadway I than the been XXXX

year XXXX. come year So is to the they're out into half expected pushed which until we the in early of this first effect downsizing,

So come that's us back pushed will to that XX,XXX year. not year feet a into square be that'll over or this next little so

Dave Rodgers

they ways Okay. there on next And as I construction a into. but with that's year move from a any well then Day? know to still Jones regard need guess somewhat standpoint, out I thoughts

slowed So discussions or are have those they continuing down?

John Donahue

on the ask Regional some our Toby And is Yes, to Atlanta Day, call. Director Toby? for Toby Daley, you give I'd on color Jones

Toby Daley

the Jones in getting scheduled Day's and that Day despite the to expire Atlanta has at The and construction schedule. continued reports next broker ahead Jones from that of we're end May actually back Dave. the their construction year is is lease Hi, of of is pandemic

surrendering single in we've how in the Jones floors count floors to marketing tenants prospective space continue strong Day interest May and we to we've been had that's and the that and building. on space multiple So in

pleased phone over in could and granted of few bit that's very a we're working and terms with initial slow tours been with we're prospects remotely interest tour weeks So the we still have in the the But what that activity. that last XX-day be a always require new be time Day chance longer Jones But that. time know all is a to could its any more building not today. than accounts to completed. and XX There holdover by for

Dave Rodgers

the assume that thanks that color, next would prospects, of another seen new I have I of feet that guess is months. XXXX for I said three playing a mean Toby. in would I in very how move-in, interest how of the small Great, has kind mean, you but John, you is But of XXX,XXX much XXXX impact. the six for on more executing to you pre-COVID square that one a out?

John Donahue

in a of those think which is the a have The the beyond. some at footage little a the of half they be a or that urgency us or are that general back quarter. looking number that half you're But they the however a of will prospect, rule, as more; about late is in of reason sense of to XXXX apparent sense there large fourth Dave, I there's QX square the probably commencements bit year right, of prospects, probably larger urgency. it with

Dave Rodgers

projects for question in you, is pipeline, the oriented core last versus portfolio? you kind XXX,XXX how just is of three previously of much detailed that then And the redevelopment that John, the

John Donahue

It's spread across country. the

two prospect prospects We particular -- Minneapolis. good have for one in really

for have of do Miami in also One some Charlotte. and Northern prospect have prospect We the have in of activity We XXX for and them would the Virginia South a Marquette we do Eighth. buildings there, both and straddle Richmond. both encouraging another

lot would say a it guess, across So it's the is portfolio. spread of I I

Operator

Janney. Please The next question with ahead. will Rob come Stevenson go from

Rob Stevenson

guys. What into a guys. your of are mailing you on morning, pay versus school tenants Good percentage check old electronic

And month so going your up do basically what are collections when wind being? to you know the in

John Demeritt

that. this answer Jon don't have Rob, on Demeritt. an you is I for

amount But in we a of weeks. come where the that we out generally, have collections have then percentages. ACH, a first I get good we don't have could mail the We via and standard well. as I have few your wire But rent like lockbox quote broken that in

the government be we in arrears ones, later the First so two can weeks rather, pay on that in particularly it tenants and some have month.

Rob Stevenson

Okay.

start guys month to normal, So here? of return to ahead one-off that got be forward monthly earnings each collections things you going is to until thing communicating a or

John Demeritt

I it in next we're be on think month May. -- I we probably press out to putting releases talked and going I collections our think of about cash quarter. wasn't April don't in planning each

Rob Stevenson

Okay. mean the expectation point that this be -- than May I April are point? guess that at the or is anybody's this to is going at materially collections lower

John Demeritt

to be -- in on in We that. we at on the so disclosures busy expecting how that tenant we've clear idea really don't as no got of a trying put point. discussions of have out. works that May a lot will depending these going I'm think very this We I lot

Rob Stevenson

your in Okay. February, and gas where barrel. And given Denver over really that in January existing your point? below XX lesser a any XX bucks and only it rolling at -- extent, tenants seeing from Houston to wise been oil COVID? what that below major a to And demand of and since to were real were pre-COVID plummet is during XX the started you oil looking Or sublet

John Donahue

and markets. fortunate Rob and But to regarding not the very that Toby Friend generally it's monitoring ask John far to respectively. comment been thus both Donahue. the communication Houston oil have seen relief form energy, Denver on closely. we're we in of I'm much rent and speaking, Will from oil, gas going We've and

I'll who's Regional have Director any do start color Will, you for Will with our Denver. Friend, Denver? in

WillFriend

is this Rob, Will. Hey

relief on subletting have John's tenants market even very have for comments I rent think out Denver reached seen the portfolio, are for point. spot oil being no we've this and on had for our for space that few really at gas

of assume them we major type. none smaller our had gas and are haven't the tenants service Let's tend not be any that but oil to

have gas moving, space a but slow But about to demand continue we've do respond. that oil talking been we companies They're COVID and couple even during they of needs. to

not what So our case the ground. as be for seeing in but a that on we're the may portfolio, whole the market that's

Rob Stevenson

Okay.

John Donahue

about Houston? Toby, how are you there,

Toby Daley

I no totaled payments Toby in those I think Rob, approaching April. Yes, here. The payment. Daley of there two And collections tenants amazing, Houston were Houston, that And only we month the think pretty made April for XX% two are $X,XXX.

at tenant base lost of year offices, strong has relief most rest So we're of Petrobras the who requests retailers, end any that the big few from and right strong. feet been the XXX,XXX now suffering of surprisingly have base firms. doctors' we currently last our have our marketing. and We that was square been is we've we not received that lost But tenant at the oil had very small gas coming but and requests for Westchase

So we're continue. this optimistic that will

Rob Stevenson

at in were in industries space demand of Houston the were, the back look looking in incremental market, space Where was looking how characterize go who Houston, groups to and for sort what were and pre-COVID there you February? you that in for would January back if early was the industry out

Toby Daley

financial it mix still few Yes. a I oil that time pause at say part, hit would prospects. and engineering firms service for looking was and a we the but gas firms have most and have that we're of

square for I foot week think next Westchase. XXX,XXX have tour we

Rob Stevenson

or in having most the of a covenants covenants about deferring with And if just debt what had problematic to case? rent. started you start Demeritt, John me, lenders temporary from you amount last conversation And Okay. would waivers if be greater

John Demeritt

work. rules accounting the Well,

there a that lease reason going future that. are then on other or and you're your lease lease have agreement think at to wouldn't repaid and loan write-offs that have do, a collectible, then we with any with collectible, write-offs a we not associated that a point, tenant If be we receivables cash basis rents or where you to have -- deferring you be believe is agreements If that a a is tenant. go of you

were a if treatment happen. accounting would tenant the bankruptcy, filed same Obviously, for

losses handle don't what on need so have. actual now a And I we write-offs have to right would or

have we're issue. write-offs thought to issue, until of we pretty now. I right right of And tenant told covenant out. was loan of a a relief reason to see impacted if issues. based can't I talked with sort don't covenant covenant where have us the most quarter through value for banks going could work them capped but is So the Group be that just by my significant to a have and for have that that's this Bank such have a we hand risk I on an a said, property I But in order we'd ask to NOI I I've raised now in a have to

Operator

Joab be Stifel. Our question go ahead. next Dempsey will from with Please

Joab Dempsey

everyone my questions. good thanks and Hi, taking for morning

dividend. with and if question the peers our any works thoughts start-off our three world, not not your next to Franklin again the this covering by many wanted dividend regarding Just REIT by the post-COVID about In possibly a the for it the is might cutting calculation -- again? currently years, calculations company, dividend are it still for evaluating

George Carter

that Hi as this each the time a that Joab, make decision I George answer decision. that and you at I board quarter this and every and honest the is answer. I'm give look is every asked We question Carter. everything get in

So a it is effort. quarter-by-quarter

Joab Dempsey

anything have you used to great, outstanding it guys great. like a million supplement, the looks a or quarters cover CapEx in that? say do plans And any that few next or payable. $XX fixed to and see just more in money Okay, note the dividend being market income like then the turning you How spend to tap spend

John Demeritt

line the end of March. $XX million our Demeritt. on Joab, $XXX it's of We at million drawn credit John had

draw beginning hand. things the got in little little $XXX I just bit April extra around a some cash hot million of So of a country did availability. on worth have were getting we've down of cash when the

So think around while. today our are $XX which going million are for we a cash balances be fine to

So I have of think we plenty availability.

any time. planning not at this debt on So raising new

availability. that's think And are. got of where We we plenty so we've

Joab Dempsey

company's then just in sales lastly now. from asset office know Okay, And a in Any I great. the it's market the right sales planned me, time challenging future?

Jeff Carter

Street our is portfolio shut has opportunities. and now, always realized is value sales to really Hi, I've as every Carter. at market our said available feels value Right last this quarters, that largely intention Jeff general, the quarter, realize the in down. that in Franklin But investment Joab, a and is that strong month, is mix once of time. value every sale And for potentially assets past that

will assets we so properties the look disposition. that any to and once But this once -- evaluate don't we value. at for considering we've have maximized no portfolio once we're time, And

Joab Dempsey

Okay, guys stay my for again, great. questions you safe, Thanks okay. taking

Jeff Carter

Thanks.

George Carter

Thanks, Joab.

Operator

Instructions]. [Operator

Our next Please Kim question will go Capital be from Markets. BMO ahead. John with

John Kim

new I'm either regulations leasing Thanks. slowed from come visibility George, increasing mentioned when wondering tours tenants brokerage any really physical has from certain Good of place activity if off. getting that morning. the you're you or down. community

George Carter

Hi, John.

over on has color he pass think John? that, got just some that me to Let I John Donahue, question

John Donahue

Hey, John. Yes, days. there certainly new a the XX, for prospects has XX been a pause last slowdown and over

portfolios. that think I across that's universal all

way for of we've has versus As more virtual expect, need their the occupancy you more front been prospects and differentiate you urgent up between out those that. picked of an those would that Really, were needs. in have doing and that need tours

year more large advance. or prospects, material for market the in typically are in we a So out

where growth we're versus a execution, re-planning work the from have and dynamic. seeing home sense getting those what done. Those so for density to of the and progress have luxury that and need it their they don't something and get and certainly of against lease need a up better move towards And hopefully might they're

in there better really expect to and but we expect don't soon get the it regions don't we're and just just that'll Sunbelt to happen. to out Mountain that engage than know are they're occur how West fast going some fare think So do that tilt, others we Northeast, while exactly know and re-entry pick-up, and the we when full in we will

John Kim

space virtual physically the without and seeing at think make tenants you a currently? are decision that go they do tours Can final new impactful into yet? Are space? How level the

John Donahue

in for to times. relying that think these I of it the have these on tenant virtual comes tenants they're a part, when most been reps Their their representation. buildings many tour, majority many, the

a the buildings. they're regional local, country they're physical traveling But major extent XX We've that above in so into last the And not days. across to these the they're tour. square XXX,XXX getting do tours or had to two feet

it So is happening.

I going that it virtual to are you're feeling effective live. and touching and but replace think tours? they're where doesn't I they're amazing How effective, think

it So have and to but I think the to going temporary in moves the field, it's space. down ball the get they're

John Kim

Q belief Okay. economic been structural prospects discussions terms in are pandemic any that Have or changes as still The the leasing in as and clauses in progressing. terms far them? they're of there adding of

John Donahue

question. seen interesting haven't that will not pausing have better time. those to In deal they Yes, have The we extent has finalizing see if The an or out of do LOIs, some either of that want future. majority how commented road the the this and in have they issue falls this luxury to a the get for prospects that gone been re-trading down leases regards and in they're that prospects now deals us at re-trades.

that is So possible. certainly

forefront But minds I versus as categorized on work-from-home. balancing their the of is the density the I think what get

many being guesses assumptions their is active and not prospects We're So seeing much being adjust are our discussed; made. downward. so space

forced might over do fact, to they're three months the In I second to a what's make now. in think part repeat forgot they country right I'm I of the the next opposite because sorry; of as the question. second part? six the happening you Can your actually decision

John Kim

for being are that the If requested there's any leases? pandemic-related clauses

John Donahue

crop already. we that seen have Yes, up

sure. Force on of that now country is have include on over does well the seen for pandemic. clause even there part seeing leases we LION's for probably jump the you're the that of Attorneys we're the aware, And lease not share that Majeure dialogue renewals As the across all that

John Kim

that more may is for for ask any one as there future, concerns interest is is have to other or asked what far spread you it tenants and there generalizations or rent the relief for oil gas in relief provide the is it that could Just as out your sectors? who in,

John Donahue

answer Yes, I that. can

our surprises, rent are answer in expect is pay there and are small delis I that rent. by to near to pay footage retailers, and that assume think question did that John. exactly the including that collections that tenants tenants the in as you of annualized likely cafes April The that best evidenced largest portfolio it's that in in and or not number pay way an the square represents future extremely not are didn't of those represent But FSP's our as would no you know percentage rents the small the April.

I some executive and our another see annualized can by been to categorize for flexible rent suites. and the square small footage which include exposure, out April. the extent, you in that portfolio has percentage obviously relief. again has rents very collections would of Again, industry a our office would That's reaching small Next, very as co-working category FSP for

industry tenants deferred or are include potential last varying rent for that of for et the I global types entertainment in category then And timeshares, some and of the would us those that is time. discussions broadly cetera on and would touch travel vacations, the industry lengths of resorts

we'll monitoring be larger in the closely. We're percentage engaged FSP them for amendments segment represent and with would the rents. very our square annualized footage in them that of discussing So

John Kim

your to co-working? is exposure What

John Donahue

our and Our X% very exposure between is of small. co-working portfolio, to X%

Operator

from follow-up is Dave question Baird. Rodgers next question ahead. with Please a Our go

Dave Rodgers

question portfolio any the and the for what Minneapolis, in are well. But markets would perceived exposure your risk Yes, you. And office Donahue multiple maybe thoughts exposure about you Houston, how years, addressed the in for maybe XX hey, risk exposure energy how perceived be with helpful. the mean outsized on selected confident kind maybe energy you of most exposure asked it I as pressure should Denver, REITs of in was think again in Will both think Thank the positioned there'd as George, I what REIT I under market to John be last that guys And coming energy the you the one and five office think, in the be is a versus leases. Toby about you. times future, to or

George Carter

company We on over years Yes, in name Houston. this Dave. we started and then, XX on different ago but started a

Our FSP, I and estate last exposure example been years. to for before Houston firms' was other with real has for XX Houston in the long

cycles energy these Toby time. he actually who team, well-known for in analyst, in period a example, and so pretty And me are of to for Daley, Houston our to lived

And And because the the understand there's quick energy is oil oil comfortable very biggest the cut-off recent question -- in oil much too -- of past. that saying we're prices. extraordinary uniqueness answer, short your so answer in price cycles. oil an cure is came COVID-XX. of recent in to the situation and sort we're for the markets its markets in old in demand destruction recent the from their big from very The demand really the destruction that lower -- We've the never the patch seen downer energy

demand Then markets one. markets. actually to well. the we will to it And energy starts turned spigots in political of view supply there's energy offer return six the plan to that off next probably those strongly terrific over think this affect months and that is ends going And a XX no opportunity. stay if believe to supply closer on normal put as number to started a and And that because believe pandemic have I the to you there's be you place our that two, things

comfortable we Houston as a vision and we but of If firmer? No, that before expand are today are Denver have there going a certainly you to in well. future, properties our little said with in we very, that's very

Operator

George our any session. Ladies back like would the for closing to to Carter this question-and-answer and gentlemen, turn remarks. I concludes conference

George Carter

tuning everybody quarter. we'll you want very Thank in Just through Talk to days, safe. they're forward And and for coming. to everybody much. stay thank to you like get all brighter to and next look this

Operator

today's attending conference Thank you, now The Thank for presentation. sir. you has concluded.

may now You disconnect.