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Getty Realty (GTY)

Participants
Joshua Dicker Executive Vice President, General Counsel and Secretary
Christopher Constant Chief Executive Officer
Mark Olear Chief Operating Officer
Brian Dickman Chief Financial Officer and Treasurer
Brad Heffern RBC Capital Markets
Todd Thomas KeyBanc Capital Markets
John Massocca Ladenburg Thalmann & Co.
Wes Golladay Robert W. Baird
Call transcript
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Operator

Good morning and welcome to Getty Realty's Earnings Conference Call for the Third Quarter of 2021. This call is being recorded. After the presentation, there will be an opportunity to ask questions. 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 non-GAAP financial measures. Please go ahead, Mr. Dicker.

Joshua Dicker

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

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

Christopher Constant

by Adjusted investment AFFO lead third increase call the quarter revenues, Funds total the call Dickman, XXXX, Operating the collections, of share. properties today's our And result as including activities. net and had the XX.X% company's our portfolio of I then, quarter overview contributor strategies of key this total by to which investment capital whose to and including Southeastern Car an our to with you, providing retail growth. continue of Financial our meaning This footprint our we in-place investment after been another high-quality our end, and Brian across Thank With year perform our everyone. more quarter owed X.X% third The a positioned X.X% call Officer. million. XXXX tenants Chief date just We a on to highlighted portfolio, full than Mark to benefited was earnings spans And accelerated to pass result to deferrals. us our in the Flash amounts financial has our detail. execution and assets, in of date increase quarter. From our another rent million Brian markets, that for bringing and a automotive Welcome to results during XX convenience and accretive of COVID-related I'll in located all a success our a the ability invested Good Mark call the and to Operations, active The earnings the in Wash, well, The and of year will pace for activity $X.X discuss per was investment well and and company program $XXX performance me more markets rent portfolio activity $XX.X highlight into off bring morning, and new continued in U.S. increase XXXX. million to ability Flash its our our of the from Northeast. Chief Officer; quarter are: portfolio Josh investment today sites Josh. of Olear, of

multiple new-to-industry execute traditional acquisitions our which strategies, continue investment development to assets. accretive lease for also on include funding net include leasebacks, and We successfully properties sale of which

XX commenced redevelopment during our remodeled for projects bringing the the MSAs, including projects Dallas quarter, rent our X-Eleven our inception on program. CNG in locations of Fort addition, with Worth In third completed redevelopment projects the Baltimore since X second and to and

improved capital over have validate to and our right growth combined this will which access sheet, support We used XXXX. performance active and balance in extended to and credit which several credit more agreement, our strong year, than program, with When yesterday the objectives. continue our our company's our strong of million mature we've $XX we profile the the to ATM now raise amended last we to that $XXX facility years. platform, also announced terms The October successfully million further

I represents to to $X.XX with our year dividend increase date, a an increase. performance Board dividend in approved year X.X% our share. pleased Xth that Given am recurring straight This the per quarterly our of

pleased activity to accretive investment the ratio company's growth on that activity is tied investment raise again has Our a portfolio. to that's annual XXXX increase Furthermore, and Board share year. year-to-date stable to asset past believes reiterate guidance. the its this active I the as over our our new to maintains AFFO per it the we both are want company appropriate management payout effectively of our commitment positioned executing

teams shareholder to new properties target metropolitan strong Our to embedded as invest across date to and and will to to underwrite convenience demonstrates our source turn activities. in believe portfolio the and investment retail work value our opportunities With that, across classes, align our year our country, that car will the continue redevelopments. additional to to investment discuss that ability source unlock opportunities automotive-related through drive diligently with our continue including We value. I asset well to over Mark, call as to stores, strategies, washes, selective markets success

Mark Olear

you, Thank Chris.

quarter, of the properties, active our net redevelopment portfolio includes end X As X,XXX and X sites leased of the vacant third properties.

at Our X.X overall remains weighted active constant approximately their term excluding And years. occupancy, average redevelopments, lease XX.X%. was

Our times. plus the across X.X of the our in XX portfolio covered the spans U.S., XX% continue XX trailing MSAs well ratio Washington states which be our come to And D.C. rent from tenant country rents, annualized coverage top of base XX-month by

for properties. to investment completed We sector million, Convenience highly invested in activities, the $XX.X In our we properties to $X.X year-to-date successful had X $XXX.X quarter. Subsequent the during in bringing transactions X which in additional a properties. XX & quarter-end, million the we our across terms we XX Gas activity acquired investment quarter of million

and was North with Carolina a Transit transaction, the Raleigh, with first Durham, invested In States The acquire properties, of throughout the size concentration $XX.X subsidiary average an sale store of Energy average an located XX-property a this MSA. to leaseback Market, square size are the we around feet a X.X United Group. million Flash X,XXX property Southeast have acquired Properties acres. of which

either serve properties restaurants or XX% sub-tenancies have of In operators. auto quick with addition, the service

our South MSA. funding in first project with completed also the Refuel We development Carolina Charleston,

investment Our including was total quarter. $X.X during the million, third the final project $X.X million of investment in our

terms quarter. added X our WhiteWater. wash constructed unitary acquired net $X As into We per development in funding and entered wash properties in final for X properties of to Michigan funding transactions, lease development car newly of from triple the with payment upon we long-term sector, simultaneously completed the a acquired in million. property These the Express WhiteWater with were we the In our lease. completion car conjunction our existing transactions

acquired San Antonio, in also $X purchase an of MSAs. properties Vegas, Texas, for Wash aggregate price additional which Car We and Nevada X million, to Las Go leased are

is Additionally, acquired MSA. which we our first was Car located Splash Wash, Connecticut in Haven, property New

these acquired million Carolina Our the In purchase our total projects first in MSA, end. X the of advanced industry amount new service by price the acquire for $X.X Getty MSA. funded million invested for property, development Charleston, $X.X property at in convenience we the to million sector, Tire $X.X Mavis also Getty million Chicago, we the bringing South quarter stores was $X Illinois the auto with to Refuel for property. funding

leaseback, the automotive we for And average with rate Subsequent million, was quarter transaction, interest final for XX.X of we Vermont quarter initial for transaction a continued new-to-industry phase was with sale this funding. our quarter price MSA consistent acquired As direct to pursue weighted our we strong term grow leased development sale that accrue construction completion initial pipeline was to remain from and convenience investment the ended aggregate $X.X during acquisitions Splash our X.X%. Car properties leaseback of sourcing of our acquisitions and and end, real project. The to funding acquisition lease retail cap Wash. highly Burlington, on properties and year-to-date upon acquire our properties of We to of net expect we cash And part transactions the Purchase of continuing the to and committed quarter growth completed third will the years, estate. to portfolio the X expect on in will activity. the via our investment assets. yield was

completed the our remain invested approximately redevelopment projects which in Moving and to in $XXX,XXX platform, pipeline. sites both quarter our during we

today. active net and redevelopment stores. of invested currently return these is signed generate on properties, end, XX%. which projects triple aggregate, includes constructed X to have X sites at we the we approximately X Club, million expects are in the total, these property company the adjacent these during X capital redevelopment to in incremental $X.X to had $X.X a in on one excess redevelopment project been letters redevelopments current X X the we quarter these in investment and projects commenced the have by returns to XXXX. In quarter, where projects the of of acquisition BJ's rent quarter that At super projects funds our or X-Eleven which The addition, were to investment market in can and generate convenience leases In intent, estimate subject We total not of X recaptured $X.X fourth and tenants. X of which Getty projects invest million. leases newly commence of and Wholesale X required yet including company leased projects of million additional stores, we will from rent our pipeline, invested In during

quarter activities the we proceeds in Turning to sell X leased the realizing management exited during our $X.X property X properties. million asset quarter, for and gross

the impact total de on expect results. our activities financial impact minimis have net We of these will

properties our As the we've their format, disclose discuss redevelopment we potential. not have look Brian ahead, competitive current in longer call are I'll over to we that, results. do will With turn determined no the continue compelling selectively to financial to that

Brian Dickman

Thanks, Mark, everyone. morning, good

the was best $X.XX earnings, performance for per start increase a me core year-over-year of FFO quarter a share per with third $X.XX believe company's X.X%. which AFFO, the quarter. was we recap reflects Let for operating of share the representing

of revenues with $XX.X receivables reimbursements excludes on rent mortgages tenant XX interest were income, our total of over Rental on months completed and projects. and recurring to million and the increase million. escalators primary $XX.X rent for X.X%. additional from and drivers the were Our redevelopment a year-over-year Strong contribution commencements activity acquisition increase which leases X.X% representing notes last the

are credit the to adjustments costs highly costs due variable non-cash On estimates reduction increased of tax the side, and real including sheet, certain million due including the $XXX unsecured and expenses, fees expense Property balance changes notes total debt environmental markets the number to decreased marginally outstanding, net capital revolving non-cash the remediation and long-term ended G&A a and in costs expense $XX.X million rate of and activities, million quarter we of in outstanding estimates. compensation. fixed due primarily expenses, quarter legal and which due estate with on our $XXX.X quarter $XXX to increase of million stock-based our in to employee-related Return to facility.

debt our maturity borrowing average the was years. weighted and Our of cost was weighted X% X.X average

capitalization market total our XX%. In debt total addition, was to

Our these according times. debt-to-EBITDA metrics net are was the loan agreements. total XX%. debt to in total leveraged asset of our And to definitions X.X calculated value our Each was

announced we October credit facility, the X, extension and yesterday extensions, mentioned, extend now to revolving have October set million mature in we Chris which As of amendment the $XXX but to option with to is X-month XXXX XXXX.

In XX to to grid, addition able we in the applicable we where to XX depending provisions REITs. rated on amend basis base rate grade line reduce covenant certain points, pricing term, were investment extending the to to generally by leverage interest with the are those and

covenant noteholders. also unsecured the a improved for each our All-in-all, cost group of support amended outstanding this notes to credit terms We the was unsecured continued reduced capital, provisions. good and of our of and facility our demonstrated conform importantly Getty, bank to some transaction new we

$XX senior that nearest facility extended, the June million With due the come debt of in of now XXXX. maturity notes is unsecured credit our

to to strong of equity an think per a $XX.X credit remain a issues activity, $XXX,XXX the decrease raising and ended our XXXX. total at ATM the we liquidity respect our leverage meaningful to average to more and future $XX.XX a which a the access about needs with quarter our we maintaining to was Moving raised selective we've at capital quarter balance sheet. and well-laddered with through we million of approximately low-to-moderate price end share. broadly, capital, liability, of flexible Year-to-date, environmental committed of from the be million, ATM. $XX.X profile With We during million $XX.X continue

guidance remediation range $X.X million. to of our result previous activities approximately markets in spending and of the finally, environmental $X.XX of raising was per months our XXXX $X.XX first And For share capital net $X.XX X to to a range we're of the as quarter, year, investment $X.XX. a from the AFFO our

guidance pursuing markets completed for costs, to variability operating expectation year-to-date, potential remainder transaction that does the our and Our to expenses, completed. activities XXXX. may additional our questions. active remain that, ask open property in guidance for include I including result otherwise activity capital redevelopments, Factors deals with and transaction ultimately not which are the acquisitions respect that could acquisitions for of assume and the includes not costs And operator but or will certain in costs impact will with we certain which demolition call

Operator

be question-and-answer line Instructions] proceed conducting and question session. Please this time, gentlemen, question. comes at with first Ladies we Thank you. will with Heffern your RBC. the Brad [Operator a of Our from

Brad Heffern

Hey, good for Thanks morning, questions. everyone. taking the

could I how the On acquisition through talk front, the Obviously, pretty was was now. looks just wondering if right million robust. you flow number $XX deal

So, do viewing are or you run that? think number that you that's how a rate sustainable

Mark Olear

this of of very the last our full I happy is. is time is this where in Yeah, on, with and mentioned seeing comment We're we're comment flow year. it can I The was as pipeline very opportunities healthy. ahead is it Mark. underwriting weren't where

we've now So verticals that grow we all in our to. and expanded opportunity retail continue the sets to relationships our

we're forward and reporting So, what more have as forward. to with look we at I we we happy would pretty to say go look on that

Brad Heffern

disclosure then, on those escalator I was Okay. I or increased up guidance color by give basis linked linkage of reason have you on curious CPI CPI escalators, And appreciate for that XX Thanks. And the the the can points then, that? any the the part is do caps? escalators. ticked

Brian Dickman

it's CPI, The is Brad. a of Hey, Brian. leases. It small number

dollar them amount. One be happens of some just to material

have not leases. when the do that ceilings, floors it's typical collared, have their in is So we pretty for typical and which structure. the they have But clause, escalator you

the has escalators. transit you tick-up, deal that deal, the Market X% the X.X%, from annual X.X% of terms have In the the to Flash

on again that's probably the round. the there So difference

most associations escalators, think the are in part, which range. what and our deals deals, seeing in to that the we're structures the the that X.X% our annual are closing of For majority line we're the I in X%, are with

Brad Heffern

Okay, thank you.

Operator

question. proceed comes line question next with Our [ph] [Lizzy your Dorkin] America. the Please of Bank from with of

Unidentified Analyst

everybody. on for Josh morning, good comment Dennerlein. any just Hi, accelerate see specific to you for opportunities guys plans on can if to curious is XXXX. I'm redevelopment This Lizzy

Christopher Constant

we returns to to deliver program. that deliver materially are have in the So constant growing with from possible we've effort that pace There hurdles volume always efforts, redevelopment as leases, entitlement as barriers are where reported, from properties high and typical with extracting we as faster in and marketing that construction. the you today these a certain are development getting the The to efforts respect challenge. experience permitting through projects

again, there but to to about we obstacles the asset by right of is think that on the see, restrictions portfolio, the now, effort So, management opportunities growth and are what to I pace team significant call certain constant pace. out we're

Unidentified Analyst

second question if about working hot thinking don't tenants electric on capitalize that, vehicles my of And insight any you are if more more know guys into Okay. a I C-store becoming your to that's trend? how have is, and that topic?

Christopher Constant

it's are now, years think that right operators I been Yeah, their for certain adding operators stations at several on evaluating are ground. charging There a hot are the properties. with topic our who

to And most right, just each our concerted effort certain for Now, times, locations to to that's what items driving where station or But lend seen traffic themselves longer for right, charging, to fueling sort and or you've be for well. going only operators, but caution for that everyone, station property. is fits drive and more But by not convenience of their with towards it's not store food, goal a tenants, the charging the beverages. but longer you'll a really in to every again, on properties a operators, charging commutes, a store right, about expect where I to drive it's to gas property. or store. carwash this importantly, the and for programs, or sense or charging in short, think that what traffic adding location, again, them to is in programs it see charging station - convenience the But we've you right, to start makes our whether that talked certain can within membership items a add site, loyalty food the the past,

Unidentified Analyst

Great, thank you.

Operator

next Markets. your Our Thomas Capital comes question with line Please from proceed of KeyBanc with Todd question. the

Todd Thomas

Hi, thanks. Good morning.

investments? as the in on general first that you the or rate missed to sort if of you're initial you competition you question discuss the yields pricing, environment investments compression, completed on cap future with discuss or the whether starting Just can around reduction move cap you're just investments? and forward quarter, rate seeing sorry, see any those can the in yields the I But this. And in

Mark Olear

So, been targeting and certainly it's competitive, out this has through in the we're year. that rates cap of it's of year, verticals last the market operations retail active in compressing that of attractive certainly, coming an kind the set are

continue of quarters buying not We that rate product what [priced the compression. feel to in active, the range this some] at be next we're sure, over think, I for X, competitive. of we're [ph]. I here acquire at. to we looking few certainly But, market I'm in, the continued It's mid-Xs will we're run guess,

Todd Thomas

wanted That's on Okay. escalators rent across the to I then, the helpful. portfolio. follow-up just And

commented, improve deal Market do CPI to have talked you the annual expect into and rate? increases do mean, some that expect X.X%, the escalation I CPI about you that from see XXXX any in current annual Flash from that X.X% So increases are rent near-term? increase impact you on to we move as Will I X.X% on Brian, other closing. - deals to

Brian Dickman

should the on be see right, the X material an in ceiling. got them is What anything really reset? and one about handful, the think, and reset, our lease. it's the larger it's it's got X-year you'd CPIs Again, a it's Todd. collars to calculation, use floor And this portfolio talking our an of a every is of don't happens every the there, we unitary just year we're and I floor,

have today. operations that expect don't significant I any impact our here as we here, So, on to sit

Todd Thomas

of investments, a ticked got just then, just of remind you near-term? quarter. the little you've just target times, company ahead terms sheet long-term Leverage slightly that what in see where Okay, obviously sort trending you the debt-to-EBITDA it. up And is X move ATM from bit. and funding Can we the balance level times in here, and for utilize leverage last X.X as us, the the

Brian Dickman

little in speaking, I the really that times And a was Yeah, so significant to it are we're X capacity comes where opportunities typically revolver, leverage, at the we allowing bit for constructive. significant sitting headroom capital, Xs, if position, just think, maybe markets good into it guided times, at above we've to significant X.X, there. X.X a tick up the X.X within on appropriate, are headroom there's to again, capital broadly higher generally when then,

where class been to an have here a think, our see ATM. you'll will I broadly have a And sit execute markets the and utilize I are our think place, we as in we as for today, in business. will constructive there's or permanent need us if So, the we're opportunity revolver, again, to we I utilize options capital, think, asset look

Todd Thomas

Okay. All right. Great. Thank you.

Operator

Our Thalmann. the from Please next John with question. line your with Massocca proceed Ladenburg question comes of

John Massocca

morning, Good everyone.

Christopher Constant

Good morning.

John Massocca

color So were deal, the provide to you're I with c-store seller the was they transaction, deals? maybe Flash estate? if what of for some regards can you sourced, the why of typical in pipeline And Market that seeing was a today how that on real guess,

Christopher Constant

the And an able and overall leaseback the chain. typical for a to They sites, to been car and of direct relationships, hope wash specifically expanded do order existing other team to our the what process are deal, here, classes in of to part our specific we we of asset space, what financing, acquisition, as gain but do we've again investment. as of space, C&G so the broaden we regional existing with pretty in Flash own combination competitors. in the some obviously, Market also Yeah, on was really acquiring the they're source sale transaction

John Massocca

So M&A, seeing even of that something in look maybe XQ accelerate as kind we or kind it is was you're of like smaller it forward mean, XXXX? continue sounds I

Christopher Constant

well we've becoming this of And, car consolidating service, C&G, presence their within over is this, have region we and time businesses. Well, as classes partner operators I establish more we sort number long-term for with market did dominant now. a we're classes been all that right, a partnership years auto been their taking think are of, again, they just types the wash, these what asset are or targeting right that share, saying at with nationally those even who hope growing tenants a asset of to or do and grow

John Massocca

I tenants like down tenants. like Is getting maybe it it M&A, pricing feel last remember and was of of kind pre-pandemic, and couple of slowing over this potential was and the quarters? lofty maybe kind some felt that that been reaccelerating of

Christopher Constant

the M&A on to multiples their price. large think, or within in high were the comments I the pretty direct either pricing but acquire opportunities saw, context. our the is an on very there's we talking better adjacent Again, where market at specifically enter specifically, this much field our operating transactions, right, market businesses No, was comp a a again, about attractive

the That realized that order. You gained from side. helps to able pretty get are There pricing scale synergies wash, on right? car specifically certain short in are in C&G M&A certainly operators and

John Massocca

during upward? then Is bigger of consumers, historically, during kind how how you of but any kind of pressure rising is know, historically picture, going performed of see we And pass there kind think of of been Okay. is kind on gas moving as has look at on portfolio of on impact - the - just if periods to gas tenants prices that some portfolio prices, of rising any to of and visitation, performed gas potentially back kind have kind your you periods they that credit, I can impact there tenant a pricing prices? of and kind on lot

Christopher Constant

environment. retail pricing a the a declining certainly, been has Yeah, wholesale in rapid rent historically margin movements

stabilized which of shift We in I slide change a in actually the margins have a higher call level per thing And higher I'm but last I fuel permanent is, continue there there over consumer. margins been level. pricing of you think our be our cents for higher presentation, that fuel, a a pass several not the help lot going years. to seeing retail about over that's And, trend to years. upwards one the basis, a and a just has if several kind the we last tenants trying at the at demand retail gallon along steady through and to think, investor in expect to goes cost on specific think, you're margin,

John Massocca

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

Operator

from line Please of comes W. the next Wes with Robert with Golladay proceed Baird. question. your Our question

Wes Golladay

good about a Can how maybe the versus Is driven talk washes. the progress deal few is you relationships ago? Hey, of you do morning, making But on by quarter. new composition then, it some pipeline did guys. years car the changing? obviously, more And a tire-store this

So is that the of becoming a pipeline as well? bigger part

Christopher Constant

flat-footed of gas pipeline operators. is said, pipeline. So, That to growing. we look you were back still it's our convenience we carwash, weighted where couple and towards we The yeah, if were a back, of of a kind store years and part grew that a material

are parts and service. make of We tire, tire growing. So, centers, and verticals all other inroads of auto battery, the similar that sides to lube both we targeted, progress the specifically, started in equation and

next pieces of grow the should certainly over pie but So think plan all expect grow of or the those paces, different at couple we we that I you years.

opportunities geographic the to the relationships, think of on question amongst create on fronts many there. and new stronger we're our not your and executing diversity I And with composition, I think only kind for all good also to portfolio. acquisition it's our tenants, team category relationships sourcing tenant with efforts both that appropriate, where of or it's grow deals to of investment through our existing

Wes Golladay

process, I that guess, to to multiyear later? Or mean, I few does deal that into a I it at, timing it for translate a into we mean, growth? And, that, build when you look maybe exponential - linear a your is is volume, these get grow years relationships actually and where

Christopher Constant

a their to all look funding there and just strong - acquire pipeline. So, the operators looking and manage tenant ebbs to looking for in listen, those is But lumpiness everyone relationships, and constantly the they with as and partner to for all our with relationships their businesses I flows be think long-term We be programs. are grow, of we're relationships, out appropriate. when ready take

deals are that steady And come is up there these the deal, between of Some next state. some quickly. are gap pretty a

combination relationship the management, basis. of kind ongoing the pipeline management, those all So, program of on fuels an

Wes Golladay

X-Elevens guess, you non-core you But, looking be the selling strong market. bid I to assets. delivered you they And opportunistically, this selling mention think in quarter, pretty at - Okay. open private assets did also then, have the a and X I would some

Christopher Constant

our developments, Typically, investors. especially and hold buy we've new with been,

assets portfolio. we've the of what at been right, look you If underperforming across selling, been it's kind

if we at of we [decide significant of asset expecting look again, wouldn't Just [ph]. holdings] what options, all guide sales for our sort but our towards holistically, of you I

Wes Golladay

guys. thanks. Okay, Thanks,

Operator

[Operator in no queue. closing management I'd further remarks. questions to back hand for There the the to Instructions] call are like

Christopher Constant

operator, to Thank us Great. We our for you, quarter look for you, thank forward morning everyone. third call. on getting this joining everyone and back with

we February, appreciate company. in our late think fiscal interest And in XXXX I your out close quarter fourth we when year and the

Operator

Ladies and gentlemen, this Thank participation. does conclude for you your today's teleconference.

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