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Getty Realty (GTY)

Participants
Joshua Dicker EVP, General Counsel
Christopher Constant CEO
Mark Olear COO
Danion Fielding CFO
Craig Mailman KeyBanc Capital Markets
Michael Gorman BTIG
Joshua Dennerlein Bank of America
John Massocca Ladenburg Thalmann
Anthony Paolone JPMorgan
Call transcript
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Operator

Good morning everyone, and welcome to Getty Realty's Earnings Conference Call for the Second Quarter of 2020. This call is being recorded. Prior to starting the call, Joshua Dicker, Executive Vice President, General Counsel and Secretary of the company will read a safe harbor statement and provide information about our non-GAAP financial measures. Please go ahead, Mr. Dicker.

Joshua Dicker

Operator. you, Thank to Getty like all joining for I second thank quarter for Realty's earnings us would you conference call. company XX, This quarter the released results financial morning, for ended June XXXX. its the release The Form section our at website available the Investor of are gettyrealty.com. X-K Relations in earnings and statements the this course Certain call on based not made statements. and information in historical may of are constitute forward-looking to to could management's These expectations and results subject based cause are that uncertainties on statements. current materially described trends, are those and statements and events forward-looking from in differ actual beliefs the and forward-looking also in of company's the statements future response the Examples include and redevelopment COVID-XX or our to acquisition remarks statements management to operations, XXXX and financial guidance pandemic, by performance opportunities. response including company regarding company's may and made questions, plans in include their the future our We judgment differ and actual caution events best or to based on statements that could us such currently known that you results reflect factors materially. the on differ other detailed filings from subsequent the the refer on other those today. of and quarterly any XX-Q company's our could and I for implied actual that a Form cause SEC Annual or factors reports XXXX, risks for to made Form the made to ended XX, in Report discussion you filed December year results more XX-K expressed with materially forward-looking statements

our call our of it to from or our Christopher our to earnings. those use Executive no AFFO pleasure for The may undertakes forward-looking the of and please the Chief reflect Constant, that to earnings view our in over that, of company of to including forward-looking definition which adjusted date of reliance statements, funds call. reconciliation You course should of place hereof. on operations my turn With a Officer. release measures Also made net undue to our is not non-GAAP only as update refer be financial discussion the this statements duty any measures

Christopher Constant

are to welcome Officer second provide Danion pandemic, quarterly our With Chief Chief and last me ended everyone, XXXX. and morning in COVID-XX Good Olear, Josh. financial provide Financial Josh Fielding, quarter today Officer. the update Operating call you, Thank and Mark our call our for we the ongoing our and the to on of business also statements. of context our the portfolio customary an quarter, our review and Similar on will

in can that the report I meaningful had pandemic impact date, profound any not has Getty's COVID-XX, though results. impact a negative Regarding economy has financial even general, to on the had it US on

the on our economy, strategic the this performance during the essential company. strong entire quarterly our result in work of shown segment retail our hard portfolio and Our employees the the focus Getty have strength that be to period. have proud for of continue of and efforts stressful team I of resulted

our on on our standards challenging earnings a quarter executing net the $X.XX the share grew compared our within The to quarterly net quarter. by and per of where our increased assets and of portfolio and circumstances. automotive other AFFO as Getty's resilience initiatives efforts another of year's are basis are under X% $X.XX of with leased to was We the company maintaining prior combined and all high gas convenience quality result growth in

quarter. Getty acquisition of Year-to-date, high objectives. for properties the strategic approximately three properties our to $XX including Turning the million, acquired XX quality during

again emerge. see of pause second be the opportunities While to and transaction beginning the to we COVID-XX market continues ways in certain had for taken situation, are most quarter the a restricted by

our the effort. projects two to redevelopment In addition, we more completed projects the quarter, since inception of bringing second in our number completed redevelopment total of XX

performance additional some share me Let on the now during Getty's detail pandemic.

a We strong. and the the deferrals of select In requests these mortgagors, material the our classes impact the most of negative demonstrate tenants other general granted the XX% X.X% back collected were payments XX automotive deferrals who in mortgage over to X of gas and payments. base For the deferrals of particular than depending were to course and and and asset for rent be and able their specifically rent convenience businesses. short-term to and cases, quarter, made mortgage performance portfolio These more payment rent to specific or arrangement. paid on agreed and mortgage following was the of more will months to

to X.X% the to mortgage for of for of as today, third of and rate we payments collections the quarter, XX% the additional agreed our to ahead of increased deferrals rent Looking short-term and also month July, month.

substantially In mortgage impact I to COVID better rent additional July. public travel associated the of some basis our be addition, of will collection. restrictions provide the crisis, discussed now repaid and that the all orders. due in rent Last to related strong deferrals the and collected quarter, perspective we were stay-at-home we health understand

fuel combined have are XX%. of I with challenges. fact our reduced environment and it summer and asset approximately are traffic markets automotive majority for our attributed and it class. vast the are travel than that health and continue this other fuel remained state Again, people XX% the are typically car to the now air from sales tenants almost for our is want to almost avoiding customer gasoline be and the recovery, and face under tenants certain that have of which properties office our vacations and fact being the operational properties reminder, But volumes essential operational. summer reopening. is other tenants reiterate of levels and fared that safety remains down stations challenging Nationally, multiple to and a many volumes, Much properties of related much retail deemed season, down their for including assets during meaning that were all wash convenience stores a our better strong can with pandemic rebounding lowest guidelines, As

tenants gross meaning are making a with to have high overall contrast, continue on certain store profit elevated are a the money margins generally increases new fuel regional fuel historically In of across with ahead that recent performance. the fuel of national slightly tenants stabilized, experiencing remains business be our cents That per slightly of to annual the a the performed said, in side well reporting many declines, highly our they year-over-year net reporting issue, of results board, more gallon has basis. Although average, others and the impact gross year's our prior that tenants profit. on

To particular, of to in the While United the be States, that pandemic stability, a and are our like retail would impacts has and Getty the consumer on there hand and our greater facility. duration touch on $XXX COVID-XX industry risk economic to the additional availability severity that and emphasize number continued for liquidity positives the on on generally there our in and I We Getty's sheet balance of quarter with of ended to financial the exhibit million and of results. revolving position. will therefore $XX greater cash activity million credit

cash capital were well-laddered active committed funds capital. quarter available capital as hand, We a believe efficiently the through we access have here to with we remain and low in sufficient maintaining premium ATM to ATM program our program. placed revolver and on we sit under on flexible today Additionally, and structure. and We the our leverage raised permanent our

be execution this several environment. continue structure uncertain tenants businesses, fluid, to of our we well. us net to our effectively there over situation We grow and will sheet the lease the our believe leases strategic balance to while navigate stable are the to Getty essential the of opportunities Furthermore, our our continue ahead, continuing we position business. of that nature remains years, believe Looking objectives last all its for

approach to in expanding We long-term. leased our automotive are across gas We oriented, of sectors acquisitions our Internet-resistant, the and projects. sectors, portfolio in and Metropolitan targeted over redevelopment related managing to will value net strategy, committed and our the shareholders investment assets, and convenience for selective remain largely other confident gas convenience, focuses portfolio the country in that continue active service our create through auto on an which markets

to in on additional move XXXX successfully over will strategic our to the to value execute these that call Olear our Mark We approach should on are activities. objectives and driving focus as our over we I confident discuss to and through critical turn components long-term. With the beyond. portfolio investment result in ability This shareholder continue and

Mark Olear

Thank Chris. you,

from activities the quarter, were our of previously started in our were for we able the on we three later second reengaging stages investment quarter, terms close the transactions transactions of early asset which put hold during pipeline, were in and the to under pandemic. COVID-XX In which single on contract,

acquired are on York lease quarter, options. these The assets. gas to the $XX.X are triple and their a leased These properties base Speedway. years and For two convenience include lease remaining assets we with high-quality second renewal in multiple to term, X.X New million State, which three in net subject invested

and that acquisition the committed cash initial Wash portfolio on as sector - X.X%. on have Getty's transactions yield automotive was convenience We put our during impact auto-related Car closed an quarter as were Wash. Zips gas their we in a stabilize, we subjects of pipeline. year Ohio. and as operations business centers. in as With well lease Car The Cincinnati, is on triple in quarter highly the on the XX market to the our aggregate subject asset Additionally, other service net increase including and a overall the second COVID-XX second our said, many site for car class focused The acquisitions remain location to our had seen a with transaction parties in growing categories noticable washes our target activity hold. on pandemic transactions conditions core

we able of the acquisition that possible do dismiss result, a activity second we expect XXXX, although our from we transaction COVID-XX be activities developments. resume in the to not continued will half As

through high our real As principles with potential committed on partnering core underwriting strong in of its tenants Getty asset remain classes. acquiring and the we estate to target move will transactions, process quality

Moving to redevelopment platform. our

the we quarter, to invested we and progress. approximately redevelopment two lease sites For quarter back completed million in are projects projects in second returned portfolio. net In the $X.X which our both

was Jersey, net million to on - April, we $X.X where XX%. Paramus, and invested Corporation this we leased Bank project, America in a to expect ATM the This is of location. New returned of investment in return Specifically generate lease in for a portfolio we to the site projects an

lease expect retail this a on multi-tenant was return In of to project invested $X.X local in developer XX%. million and a generate completed for project, location York. we a to our Brooklyn, investment second New a The we

process. includes net to In quarter are have the and the signed as due note, projects, orders, our to to subject the currently impact expect which which terms to or XX leases we impairments social of in redevelopment have certain two three projects we properties of to In we the of with shut intent, $X.X active XXXX. letters All on contractors, experience are which six of triple have signed municipalities yet normal requirements signed deal Again, we redevelopment tenants leases projects and several leasing, other rent continue suppliers to invested million on but and letters current from I functioning. these our additional intent distancing redevelopment ended with XX the down during projects properties. not total, advance and leases, at projects delays in COVID-XX continuing pipeline approximately been of recaptured vacant in pandemic, commencements through

could excess XX total that million in today. in Getty incremental returns On and of these acquisition estimate by where generate of spending projects market we that will the side, these to investment the we require funds company in - the will invest $X.X capital

with to redevelopment a on on portfolio found be to our the and refer please information opportunities five possibly continue years optimizing our anticipate investor website. of Page X% For pipeline, unlevered which presentation, and current greater detailed of redevelopment program XX%. of portfolio, our We redevelopment our involving committed yields than between the remain can XX% over next more to XX targeted

of standards. our to dispositions, estate realizing Turning second approximately sold with current sold was million. the consistent during we $X.X property property quarter, one real not proceeds The

the impact of financial minimal. to expect disposition We this be net

we third-party which during landlord. the addition, from exited quarter, properties we leased previously a three In

and dispose we where properties have determination we does continue we As property not the to made no longer look competitive location selectively that potential. this is at the CNG redevelopment gas ahead, will have -

net redevelopment and a six our As properties, vacant of XXX XX the we result with quarter active ended sites properties. activity, lease

I XX is to occupancy overall to weighted term redevelopments With and lease that excluding is approximately Our call active our over slightly average the years XX.X%. turn Danion.

Danion Fielding

Mark. you, Thank

also interest quarter, reimbursement our total mortgages million. grew and the X% rental the For X% an on prior $XX.X increase tenant excludes were revenues second quarter, year's income, to which and and over million, receivable notes our of $XX.X

recently continues rent plus growth rental rent in additional from be leases, redevelopment by our Our projects. acquisitions to and and income completed driven escalated

by we experienced estate quarter the real and second expenses, in general taxes administrative employee-related and of both property During expenses. XXXX increases primarily reimbursable driven costs and

For more morning's earnings please expense release. on refer to specific information this movements,

Our $XX.X the for million million compared quarter was or or prior year's $XX.X FFO quarter. $X.XX for to per as the share, share per $X.XX

Our per for to the $XX.X million prior was AFFO, the share million $XX.X year's for $X.XX quarter per share, $X.XX compared as quarter. or or

capital Turning to the the million markets fixed agreement includes $XXX long-term $XXX credit XXXX million second balance of sheet total our debt. $XX borrowings, We with and and activities. of quarter ended million under which rate

A remains step and average matures of is average XXXX. X.X%, our weighted the XX% $XXX which rate. million is our maturity fixed Series earlier our weighted cost borrowing February of being X.X Our maturity debt at years in debt And

have million over At our capacity used operations or to XX% of we undrawn debt our net quarter was fund total facility, our debt our end at times. and which today X.X term. near be to capitalization to of for EBITDA asset growth stood on to was XX%, $XXX value can debt credit to As medium revolving the total

program Lastly, average $XX.X fortify balance an $XX.XX we our to our of at quarter issued we capital of the share. per during sheet ATM used price as million

under million We to available our us at-the-market program. $XX have existing

for down year. this Our ended environmental and at liability $X.X quarter $XX.X year million, million the

the was net spending the environmental company's remediation For $X.X approximately million. quarter,

the at in of Chris. to COVID-XX, impact the and will that restrictions continued businesses, per in to call to point. AFFO XXXX related result quarter we guidance this related back I conjunction withdrew US Given the we economic with place uncertainty and the With our turn depth the first given over the uncertainty not share the and and pandemic, length XXXX our to are economy reinstating guidance related COVID-XX showed

Christopher Constant

remarks. prepared our concludes That

ask call the to questions. open operator let So the me for

Operator

of Markets. [Operator with your Instructions] first Your question. question Craig Capital Mailman the comes with line proceed KeyBanc from Please

Craig Mailman

Maybe could have guys in is if some bit pipeline. there. you you auto the little versus a related give good just It pretty a on opportunities? in a drill and more how drill or that acquisition little like C-store kind we other more of bit much out color sounds Car opportunities Wash Could to of

Mark Olear

This Sure. is Mark.

either last bit a few consistent on So with the I over would side. It is pipeline that pipeline say mix. pretty the years is the lumpy on

looking weeks. So portfolio to XX-XX at from that our deviated - we through at last us is in normal, a close haven't we number those to time. we what We're standards. it's good over feel underwriting few continue to transactions of Certainly, filter presented have been our the

year get to and So look underwriting those quickly to and some forward goes on. of of those those continue the through pretty some as the discounted updating advance

Craig Mailman

going that you be sizable, to you small say M&A kind guys that together? the to know, transactions be similar could would did. I kind of are of recently Apple portfolios packs Green these twosies are And portfolio relate more that More to onesies,

Christopher Constant

more talking Mark single we the assets, in we given and look sites at about a small also look portfolio, or handful to packages any at deal. But up large has XX in we right. locations two to XX, If package. minus any sites the pipe, Typically given we in we're that one XX use could as the packages have look than talked past, about when word at of

lease to on underwriting real to tenant. year So transact has buy again, we and we also We we XX portfolio, the I our aspects and to it, like continue the estate the doing our our where sale both still we and like like assets the individual pipeline like our that think and like desire we're leaseback right. unitary to

Craig Mailman

good given powder guys what that you here can of environment. portfolio dry market? you an ATM, are this wide have financing one the with back you were capacity is extent debt thoughts Or the in come And the liquidity the able you equity - to of a to capacity? on to and Do with amount these find transactions, have there additional but larger to

Christopher Constant

in market Depends us, of take we We open the of but ATM Craig, certainly to the are the second the debt should in for were advantage size that think we them. markets the transaction on quarter. need

So a continue and be have been years several desire now capital last we'll to our the fairly has to structure. for balanced

fairly financing. advantage take types think get closed size you'll close whether I we another, us multiple of on be transactions see and that or and some or right. don't both So that conservative But - one transaction prefer of one - far of but too depends debt avenue into would to the on be again any to given core balance, that equity, again, of

Craig Mailman

us, how And - leverage existing you much remind debt thresholds? that targets, given have kind of just of under do your kind capacity those

Danion Fielding

certainly certainly No, use call runway. I in minus it would we continue have that be enough $XXX and think the debt both Yes. to range. somewhere If to million, we equity plus or in

Operator

your Your Michael from BTIG. the Gorman Please with proceed next question. with line of question comes

Michael Gorman

If performance minute with the just we from spend three months. the stick question starts to for you could some C-stores in just ramp the competition as a you over last an seen of stations market and increase gas just given guys acquisition time Can acquisitions the buyers again, other up there. have

Christopher Constant

strength of competition, over growing. at think the and Getty it has been recognized my the I here CNG time certainly the steadily has sector,

then we're are really It's are - of that, for the appealing larger premature but players every is sector and sector growing, institutional estate into and people CNG as competition, its sector, to there is coming underwriting. pause public year across store now new really format well took becoming think starting more a month I into that consolidating. and kind back a funds - of the the Given more two little more getting market to The a The private host whole themselves as investors. significantly of say real some a transaction there dive more right. the and to are

I number the little of that new don't but a it's new say entrants, of So premature do think to the I it's X anything think pandemic. there is during because Mike, performance

Michael Gorman

about be headlines maybe but declining maybe because from And conversations seemingly been in you thinking traffic numbers have perspective. and going grand driven, your with What back, Obviously, and impact then, that? from there mean, your smaller are your recognizing about the you're with you I home, terms on commuter early forward, daily and it tenants some about of the in your works out expect? positioning? work as what flashy from to we're how miles numbers, tenants stepping Again the underwriting that C-store long-term just strategic thinking in sort of just scheme, are maybe hearing they of lately

Christopher Constant

Yes.

the would thing first is regional, think say there I I it is, right. highly

different. is country in the across market each So every situation major

So right, and the have shutdowns the the more immediate more certainly as pandemic the in country, really middle coastal all. the had at when of - tenants you felt our the started in California that of in and tenants way New were York on first, felt we anything you regions, hadn't

my gone said So Right? store that on profitability that tenants remarks, generally quite the will because generally drive. has continue that driving C-store customer year-over-year, standpoint, people C-store I to I as doing they're frankly are has commuting that the amount up more while office will, think purchasing downright, come back, up the for expectation the and at The is right, driving are right? net-net, is, well people are been significantly. the on that very especially towns visits will a

Michael Gorman

Right.

Christopher Constant

more are And that's visit. right? stopping are less, They because, people buying per

Michael Gorman

think tenants. those collections that but for AR Recognizing kind have deferral in small any of agreements because standard you that like changed anything of the maybe deferral in accounting typical agreements And so with the of last Danion. with it's under number is about of that that the has just lines of conversations just Does been terms a as one - been those straight in high, your or tenants or terms agreement? or write-offs one

Danion Fielding

has like do we balance at to see the to enabled collect those on affected today leases No, moment, deferrals, as months We look COVID over us to and here not FASB, hopefully in. we with should that sit increase obviously, leases. recall. the and deferrals XX at that the under the climb X the the hasn't as to next would the treatment it AR you back have in But which those

Operator

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

Joshua Dennerlein

maybe to how think create just your turn the cash Chris, picture. kind acquisitions really worse? outlook certain kind guess, portfolio balancing does case environment for How about know do in I future things I in preserving a versus But, country? of it big this of has fallen well. you the

Christopher Constant

there to from comes an comes overly think earlier. we're the there make the we're our a to Yes. overall to we it sure, the against available that It's normal as to the that funds availability future will that going we aggressive our certainly not And business mean that under having not to it's some Craig's about with certainly that where the we that we certainly I is - going - as But weather balance ourselves available negative I think is revolver, have when to part of way. be impact at measuring back leverage. look not risk on organization and ample equation anything having may are to question hand, put to grow, company. a larger to it be impacts cash we comes - we to sure to in us growth, we are position extent a extent than

Joshua Dennerlein

guess, rates, going trend, maybe it are and there of I And touched for occurrence about like reads of transaction kind the market. when seems lot cap what early rate like your think I it, don't expectations we is we talked the on? on But cap

Christopher Constant

of dial Mark really at the that swings cap back significant pandemic, everyone the sector and it's said, think like start of rates in there that. of view public it's I in well frankly, are that. would in buyers. it's Again dynamic I think see think starting small be the their a thought little if be acquisitions. private I to of personal very there very And terms in don't really you a and there's early. around I terms still won't in - our number see too competitive profitability. The or a across Obviously we EBITDAR, but to assets is movements. underwriting Again, in have just early My anything quite four-wall kind band put meaningful, held may even

Joshua Dennerlein

One last one from me.

You mentioned kind in X% of rent. the all the those that of for normally in time extra of and press that is XX% trickle release you deferred Is this month or? that collected then normal kind X% of July's kind extra later, in

Christopher Constant

we've and frankly, got going we've we've don't That's not abated then over got just which Quite and think collect. we normal and X.X% then for deferred Getty. No. X.X% we're XX% to

through think a management. effective X%, in will deferrals strong Getty don't and or still work I certainly operating I it's either think I right, asset right. through, normal think But something that through environment we're that is

Operator

Instructions] your [Operator Your next the with Thalmann. with proceed line comes from Massocca of question. John Please Ladenburg question

John Massocca

what the was item. due on didn't off your of kind collect of of and So in And that again rent - you line collectability? rent kind written on guess that could XQ through view of revenue kind the touch was numbers quantify then did with kind to you let And any percentage flows collect. that deferral or of what kind what I you me catchment for

Christopher Constant

deferrals, in We collected, more of a deferred as XX% little right, said, than the and of as them QX. some So July. we X.X% month kicked in as those early we

back. we As substantially we received what commented all deferred that July, on of in we

roughly there. So the good our ABR think we're a just we to either And going we of we're - don't which right, is in think or normal spot we balance, collect. abated we're X.X%

of than the for through. quarter, collect think that few think but us to we to and spot good for the going was need right, issue right, small again certainly a we or little rent second that, less a a we're is I at be issue situations, an in work majority to X% albeit of that there it's So

John Massocca

But your that did all into X% X% flow all through numbers? XQ -

Christopher Constant

No.

The The that X.X% yes, did. sorry. Sorry, X.X%, no.

John Massocca

then, flowing little and statement, G&A this of XQ just a was be may Was little through non-cash one-time-ish charges... bit. year-over-year. bit elevated the versus the just those sticking both income with numbers, kind or something And a

Christopher Constant

is yes, reason The it's question. stock based good a the primarily - reason for compensation. increase The for

So - our it's G&A does flow hit but We our up. line into don't AFFO. back flow and through that it non-cash,

John Massocca

XQ kind of in impact XQ of the significant that given coverage from a that but all on And stuff, kind then think from was COVID has forward. of number unit level the first it coverage lastly, about you there going little arrears, was and price... as it's end really kind have XX-month a of, it's trailing be impacts we view, at quarter your will kind know - be of from of bit or I current really debt

Christopher Constant

financial right. right. impact It COVID And we have full of that The summer driving that quarter, because somewhat months the typically in it, When information you behind, And business the number. don't seasonal you it, of it's next is quarter much will see a have publish in movement three typically the and pre-pandemic. lags period. receive

a was were a because the that volumes, right, oil. of by significant but had gallon, of in So dive Again, of margins go $X.XX, to next $X.XX made our tenants situation. that comments the think maybe lot price last I from if and to quarter in how quarter, really see by quarter any $X.XX, to we were back drop the is our fuel up a much, impacted COVID

and they were. So some were of - quite again C-stores that depending offset on themselves the was where some well, are doing

you to I on normally right, more would. it think balance, But number than be So see expect move. a may that I dramatic move it don't

John Massocca

of mean, is the even look have was that of and on may impact those and seeing offset there margin you what the given tail the been portfolio increases pretty And I some of if or Northeast level XQ end. focus of you're like kind Okay. should maybe... kind by it much

Christopher Constant

the earlier in pandemic. were They

I right. when it hit think financial the in things the as of quarter, gets really don't started first it's to the was typically for Given the to again, us impact that see but results much Northeast, kind that, specifically lost get an of hard quarterly mid-March, in of fact presentations. kind to there summer we

Operator

Your proceed next JPMorgan. with question. with Paolone your line of Anthony the question comes from Please

Anthony Paolone

few a small info. Just

to here, clear that's XQ it X.X%, as Dan, we're well. it on in for Just sure you recognize and XQ and clarify like obviously it didn't make out looks that

change you no a of point like there's that view from like now So standpoint? from recognition revenue a anticipate

Danion Fielding

Tony. correct, That's

Anthony Paolone

like expect of give you the you did the pipeline ROI for Danion stuff? to then redevelopment And spend year what CapEx rest on the of sort

Danion Fielding

On the that. Mark has redevelopment,

Mark Olear

I in by life think not we year. the it project, remarks necessarily break the the by of out

Anthony Paolone

I mean much of rest to is Is spend magnitude. the of order year. that this it

Mark Olear

mean, I the really XX we on over the projects XX about on, are to have million three Yes, what projects. in that currently years. another working $X next talked But we about be are invested those Slide those Tony,

So it is out. that is - spread

Anthony Paolone

have I the think ATM - this. then, And missed give I may Did you on quarter? you comment in the did

Mark Olear

which was issuance quarter and an was average price the There in did. we of at million Yes, of $XX.XX. $XX.X

Operator

or we further Mr. back it for have further would I closure Constant no remarks. At questions, any to this time turn like to

Christopher Constant

third your participating Great. look our morning. Well this all October. everyone, close speaking forward appreciate and we when Getty, thank in you we We to with interest for in quarter

Operator

This now concludes our conference call.

time. at may disconnect this You