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GOOD Gladstone Commercial

Participants
David Gladstone Chief Executive Officer
Michael LiCalsi General Counsel and Secretary
Bob Cutlip President
Mike Sodo Chief Financial Officer
Rob Stevenson Janney Montgomery Scott
Gaurav Mehta National Securities
John Massocca Ladenburg Thalmann
Call transcript
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Operator

Greetings. And welcome to the Gladstone Commercial Corporation Earnings Call for the Quarter ended September 30, 2020. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. to host pleasure now is introduce Mr. your It Gladstone, Chief Officer. Executive David sir. you, Thank

may You begin.

David Gladstone

Donna. us time introduction all Thank to and Nice Okay. you, more had for you the in. time do wish we with to for We and enjoy have this you. we talk on phone calling you thank

us report. from regulatory matters and first hear General Michael? let’s legal LiCalsi, our Counsel the some call and Now Michael Secretary to give concerning

Michael LiCalsi

different the Securities may those Yeah. implied that SEC’s which under found results are factors Thanks, risk all the page and plans This These we current include specifically find with cause the in morning. results or any Exchange certain is from Investor Securities that report actual and regarding forward-looking Relations can involve these on to and statements, other risks future Many performance. including be file XX-K, www.sec.gov. may our of David, forward-looking by www.gladstonecommercial.com, Act believe XX-Q, Act good including our Today’s future website forward-looking XXXX, expressed website, materially to and SEC. statements our reasonable. on documents based our uncertainties XXXX statements Forms of factors the which we our on or be be

And publicly future or will events, we Now Operations. these we required to otherwise a From is information, today, new undertake which except no any update law. of revise by as or of obligation discuss forward-looking statements Funds result as FFO, whether

estate comparability and FFO We’ll real impairment on FFO, non-recurring discuss defined certain FFO assets. as Now of losses expenses. adjusted income, are generally the excluding core any FFO net for also adjusted other the losses as real or term depreciation from estate amortization which for accounting plus and revenue non-GAAP gains and sale property, of is a and

notification to a better performance. visit comparability please take of results of better opportunity Now metrics our sign the And again gladstonecommercial.com up once we indication that’s operating period-over-period our our believe and are service. e-mail our these website and allow for

also Companies and our our Twitter, overview find there is You @GladstoneComps. is an us keyword of can on Twitter is call Today’s results. handle The Gladstone

So we find issued With baton you XX-Q, Commercial’s Relations on website. ask over the Form for the release both Again, Cutlip. yesterday press information. page review can of and Gladstone more detailed hand you Bob? them that, that our be to President, Bob Investor I’ll our

Bob Cutlip

Thank you, good Michael, and morning, everyone.

to XXXX, XXXX sold a XXX,XXX a net foot we Maple in quarter, gain Heights, executed expiration our properties Subsequent a for third in income office from property for foot property, quarter, our third Ohio million, the foot square acquired leases Indianapolis foot square Minnesota $XX.X the MSA four resulting During partially industrial in tenants property XXX,XXX square square an vacant $XX.X Fridley, in in totaling for the with XXX,XXX in feet, revised industrial XXX,XXX million, extended rental lease for a lease quarter resulting of ranging a dates square $X.X the collected acquired without of rental sold abatement. we of million the million and XXX% income any the single-storey three scheduled end industrial Champaign, office collected XX% October. in $XX.X to of of property gain Alabama, Illinois providing scheduled Montgomery, portfolio million, $X.X in and X,XXX in

industrial potentially our time. strategy and levels emphasizing reduce capital property will allocation, is in noted efficiencies, which investment an in on improved operating our increase improve we calls, earlier portfolio’s valuation As believe result our over expenditure

that commitment. of GAAP total providing million, been X.X%. all which total XX.X industrial of at XXXX, properties, $XX.X of $XXX Since has of cap and investment with weighted industrial our XXXX, a acquired investment we’ve a January is of years million of average average all lease seven During term further an volume evidence rate

next from Our to Mike XX% to today, I within in an achieving allocation with the months. XXXX has a months industrial have allocation XX% of that increased and XX XX% objective XX January

sub-markets We will permitting, continue to overweight locations. developed in of the of targeted our market acquisitions, industrial conditions course,

a and was to be Our however, focus through COVID-XX. this from volumes rate million, corridor limited of $XX.XX term size total with square October lease property been XXX,XXX in we GAAP ranging acquisition acquire cap of previously remaining to of did, in country. of coming cap X.X time the of rate that interesting The quarter into from effects Montgomery, a I-XX the Cloverland feet. part GAAP the I-XX candidates Mobile total two the July corridor has square note mentioned, with properties southern I XX-year And very and opportunities Indianapolis along and and a about a remaining the square interested The container extends It’s increased acquired the we XX,XXX industrial up investment XXX,XXX with timeframe years X.X%. lease the was to Port property investment in industrial during that due period, excited I-XX X%. will XXX,XXX $XX.X foot million MSA. primary the foot We through term during were Investment Birmingham, are the feet of square as Alabama. of

deliver to our management improving on asset same-store Our team continued operations.

two extensions office for quarter, the one lease three new team properties, industrial. During third lease, the and executed

XX,XXX Richmond, Chalfont, as XXXX in their foot through well. foot Virginia extended square lease lease in property tenant Pennsylvania, XXXX. The through Our tenant office XX,XXX industrial their square our extended

square XXXX. through executed of our lease tenant averaged $X.XX Xst. office allowance our the industrial square date property lease And foot in extended with for foot X,XXX Georgia Indianapolis start average office average term totaling at Fridley, eight X.X which Reflecting months years, in which per properties properties. five-year with square and weighted transactions favorable square by the their The an increased per of Minnesota transactions. line XXX,XXX were foot. and first of the November XX and tenant the XXX,XXX square foot, of feet, the Our $X property improvement large lease X% foot completed averaged percentage allowance rent improvement was extended industrial tenant a team industrial lease $X.XX very the their tenant approximately a office lease Northwest foot the we overall the port the XXXX leasing on through is inland square nine was X,XXX weighted year, office The properties excuse versus per square straight me,

were continues and rent Our to experience rent XXX%. paid collection cash strong, third collections quarter of be XX% October were collections

our tenant during We’re challenging times industries. for very these with pleased all performance

as to by There the requests business rent address will for unique is have doubt from connected that We are respective operations. will There closely each be expect our relief we tenants no there notified continue tenant. been tenants we will stay them we to and terms. have agreement and

to soon rent not share However, our to are level as FFO and objectives cash flow return previous per maintain rent core increase offer possible. proper or key as to to deferrals, abatement the

granted income X% the the call, deferrals throughout tenants company quarter April quarter. second the on second three noted quarter in in X% the As third and monthly approximately rent representing to total rental of

our wanted as For with of presence Anticipating to activities. the to the continue through in XXXX beyond, team’s other I interested conversations call COVID-XX and are expirations short-term ongoing the to in current summarize the concessions. lease thoughts virus, requesting on expect tenants many we have

quite the further of $XXX,XXX during expires of XXXX at and annualized [ph]. end specifically of that December, end no future $X.X explorations at rent so are and through the expiring negligible rent end expirations have total lease rent year the $X.X have $X.X end the year, million at of and annualized million million we November of We of of annualized

to Our GM, largest building, Commerce with assistance vacancy resulted people end in feet. is the current aware, in for of vacate Austin, from formerly who the Chamber at has seven are call from prospects local marketing August. the Active property square XXX,XXX as most feet leased XX,XXX the to of square the ranging on a of property

and $XX.X of rent with basis. submarket in build previous low-to-mid Coast at from quite BAV’s offerings $XX Chicago, net to interest in as campus current build foot foot triple Austin large to square compares favorably Our on with there commitment [ph] the prospect, GAAP a West property Tesla’s a the And submarket. our per as the a decision square the in well space per in considerable gigafactory a property

worthy and outcome, lease risk, projected rental on positive of virus our positive the persistent about performance overall types with impacts. we’re the Research comment with next negative X% Market office ongoing Analytics but the Capital team Therefore, Real that through on the enabling all expirations particularly reports from patient remain office two space for COVID-XX investment conditions volume across limited as property XX%. to XXXX Cushman the rise absorption should reflect & third a flow based the expect is Year-over-year sublease sales approximately has stable We and virus. income. and are same-store adverse on Long-term must focus cash growth. is down average onset of effects years. XXXX Wakefield with quarter reports National be forecasted the also property the over

interest industrial even that product is, in and rates square properties cap seeking no leaseback strength, rates cap many manufacturing being some There for for more saved matches those select some the underwriting to capital this markets, in reinvest size, transactions nature, however, to feet and non-rated of in sale particularly from companies However, in feet rates for cap increase expansion in interest XX,XXX business. in has resulted particularly particularly XXX,XXX those smaller their properties, continued in type related for product to e-commerce, select square markets in type compressed are middle-market in that our in locations. a

it growth by opportunities, conditions continue as listings to virus. the and driven accordingly. strategy will evolving moderated, to monitor investment relates the adjust We And sales our primarily have

of Of of all $XXX under acquisition stage, are and million $XX are one three properties properties, in review. approximately diligence the totaling balance which approximately in intent million totaling of XX approximately are are properties, letter initial in XX the due volume $XX pipeline current industrial. Our is million, properties representing the two candidates

the pursue. Our market arise team in that engaged opportunities will as we and is will can staying we believe we actively acquisition

industrial in collection collectively opportunities. quarter well to to positions leasing and strong growth our continued as activities opportunities reflected So, and third success, engagement active rental summary, identify acquisition

Now, to including report to on I’d for the turn financial markets results, it like over capital activities. Mike our

Mike Sodo

and Good core of share per common core in for of are of shares. place $X.XX to as $X.XX and share company, portfolio. demonstrates start performance common the respectively. the the yet growth I operating stockholders FFO respectively. This for share third available and performance accretive common available per average our morning. the per stockholders prudent $X.XX XXXX. FFO weighted FFO well months diluted quarter, were the share as per All for reviewing were the quarter nine fully on year, to based $X.XX first FFO the I’ll numbers results referenced and of the by the

our same-store grow at deals accretive annualized an these on cash rent basis. to continues addition In to X%

Our property period million, reflected charges. of total stable to expenses of revenues third excluding results total for impairment quarter $XX.X two operating operating $XX.X as the million compared

actively As out, with Bob pandemic. tenant our intend as is value the laid shareholder we engaged beyond of through and team maximize to COVID-XX every ours

pleased October through we’ve are with performance and unchartered but team’s and exceptionally these portfolios believe times. We’re the performed

our on continue assets balance we focus sheet our leverage. enhance decreasing We to strong and our as grow

XX% nearly levels. to We long-term. that debt the are at target to our have XX% from X% leverage level acquisitions refinancing leverage We reduced lower maturing through five financing X% our past and years debt-to-gross away assets new by believe we over

to mortgage acquisitions. make continue long-term primarily debt use to We

Over with through also additional discipline investments, increase pool we property grow expect alternatives. time, expand look this financing our assets. we’ll we As high will quality to our unsecured

Looking today, $XX our million coming manageable in of XXXX debt and due ‘XX XXXX. profile, due very and XXXX maturities loan in as none are only our at with

to through interest exposure being of XX% over with to We our interest rate continue rate and rising to caps. debt fixed fix our swaps rates hedged existing minimize or

issuing and While with our stock sufficient we’ve Series using stock preferred in liquidity, modestly entering E the active third ATM been programs. quarter common our

through stock third $X quarter, we a common the million E sales. to sales raised Series During of issuance $X.X stock opportunistically cost, net preferred million and

our through F Series program. We also new million $X raised preferred

liquidity sufficient manage We to liquidity have that sheet continue requirements. the balance upcoming ensure capital for to in we

access today, of you and programs, $XX current very and in availability that continue of of supplement has XX% million under which and our and provides information to have as active on posted detailed establishing in meeting website, the last also ATM Institutional and have As line to to financial be significant forward $X relationships cash near- ownership September credit. portfolio flexibility fund With for our the portfolio financial to our alike. we our forward performance XX% our availability, to strong XXXX We over moves since investors, incremental to portfolio the operations next of of as we our we review approximately its encourage our million to quarter. more chapter. -- coverage quarterly managers, new of current since long-term. believe increased We Bob stock banks and I potential with XXth. company current look investment the analysts, and our by

Regarding and we XXXX. are increase was the we that the announced cut did leaving common it have not dividend, also small, in as we quarter IPO suspended dividend the it we stock increase our the is, while first or in since have

The Our stock at stock is Many yield dividend significantly closed our lower share. around yields. REITs yesterday are at $XX.XX on per X%. trading

program the Now, I’ll David. turn back to

David Gladstone

been he not nice has and hurt one Thank by certainly, It very a Bob to report, the the and good and government too, Michael various much well Cutlip a Okay. virus. you. quarter. good we’ve was really LiCalsi performed reactions was from That Mike, a

a numbers heard the of lot today. You’ve

Just to in we collected collected said, again, in due the second of of Mike third and the rents quarter we XXX%. of the the the quarter the that as in collected all XX% all and summarize team and were XX% year tenants to-date the the October, quarter from first rents

collecting So also see the during signed Indianapolis. as job done goes vacant from an bought lease extensions one four quarter. We’ll lease they’ve some and team time purchases there. of on space and a Company one more our asset the industrial of tenants in for executed out good each

pandemic. the capital doing that Maple especially a Ohio, in properties Heights, we sold growing team is a The that. money made own, real own asset. situation had building in is great non-core on and and got we of this That’s job commercial team that the we we gain. the estate team during We’ve managing is Finally, good the

to our and heads now me Michael for they have fund senior are Working together, a Chief members the Just our wanted President people as they of the -- time future to in members up shareholders. with and we’re the management in today success and profit and hit continued this loss for item, entering they that team designating Officer one three good -- and administration, team the of leadership all combination really responsibilities who Vice long-term is for of and in growth --and and comb elevated LiCalsi, about hands. asked we future Financial the ensuring of Executive long-term

not talent leaving we is just this pursue a acquisitions quality reviewing. to they are professional positions. our we properties I and the and The continue to good list forward. want us strong. Bob they’re Now within to But show have that deep on of team It’s of take bench people fund

emphasis of investment estate know is think most on They real and team acquisition credit estate. places excellent the tenants probably on our Our the quality tenants. our real the seeking of second tenant make an and strong I and few one that we’re the

that hen properties to the with their tenants like the a different the maximize the challenge. but company environment now. that’s restrictions in value. for It’s related to is managing we virus actively owns are the managers businesses up our being Middle-market the are are challenged asset the government order in market team Your in

Our past tenants rent. and in their and deferred are deferred the pending to -- paying pay committing rents us

have class is on, times running if continue a Donna are here have So our ask job. stop but doing Rather fantastic than these help you’ll this listeners and questions. before, we the seen come first never and team been some on that company let’s

Operator

of is Instructions] coming [Operator Our Rob Scott. ahead. you. go Stevenson Janney Montgomery question Please from Thank first

Rob Stevenson

Good morning, guys.

David Gladstone

Rob. Hi,

Rob Stevenson

price, thinking more is your future the combined world quarter direction? the about acceptable third and and have up said, as back sale to what like stock undervalued? on is guys million-ish Are you the When and other in in until you level, a where that forward the a $XX be for in common thoughts look have Mike a acquisitions, to it to preferred reasonable that where asset how finance did lot point, it on you common $XX funding look the business gets

Bob Cutlip

Very good question, Rob.

the on nail there. the hit head you think I

I Champaign, non-core be of I storey forecasting are Mike to Illinois, just no do that continue we’ll think that. kind going can of of primarily selectively exiting we markets. lover, our payment standpoint, have exiting did objective. properties which office, we single any But properties not well a properties. out single believe, being year. I I and office I roll do of and from are to million to storey some we take be of will a of in properties industrial and those non-core $XX of We what portfolios in consider dispositions doing more That’s these than those to though, our given $XX I and into out tenants mass to and been, although, think never a if advantage are our extremely types am target

Mike Sodo

the to to pivoting it, Rob, And per Yeah. your at we’re piece XX.XX share. point, capital and of

If [ph] $XX, yield. X.X dividend common an at that’s you’re

better predominantly at seeing blended is have so function is low in are all million terms in capital. receiving would Xs cost to positively and of pivot in normalized of where say X.XX the X.X the capital to and equity. that to negatively have the how be portfolio, or the will markets those XX/XX XXXX, doing range, will the that in will roughly to common. said, these we you then for We a how roughly That’s But raise. Xs, schedule amortization a do deleveraging. pipeline That The overweight appetite some you’re Long-term, a specific long-term at cost minus there’s stock we plus I we the X a a pivot to and get $XX looking deals it’s with of tandem back have with so general modestly in raised low-to-mid acquisitive and amortization a way we again, then going. we at we equity capital of of notional as a of need as But, the mentioned would Specific call know, as we but that our environment we nowadays up exceptional more continue we $XX X will plus more preferred there. desire to And cost or that we we mortgages, all solve to in our that to a we [ph], how modest certainly leverage you deliver to to modestly split, the times get debt-to-equity million for to year. equity are tandem be when on our of to to. $XXX common like really are more solve is X.XX. million cost as commentary in

Rob Stevenson

then, The the past you’ve that -- for you in exploring been joint made. that’s potentially properties, to And pushed opportunities at today? have What opportunities the still avenue are an to now? guys about you Bob, Okay. about exploring. of are the thinking how’s sort talked there that thinking you Is that that such backburner acquire How do venture point? guys this

Bob Cutlip

Mike contact He and partners. a I it. in number been of are with to explore continuing has potential

with would at in looking of from not pursuing the a sheet. standpoint it product competition type are We that our balance be

on can to but explore side and outs. that whereby be just think it, the And we could I we’re development will take with work, we Rob. partner a developer continuing it and do So,

really months, balance six I and move go just forward it with sheet. with hard stay elect over three either to next current we’ll or the our think probably on to

Rob Stevenson

for close business to sale, that’s classified five the of that XXXX the likely quarter held some is fourth as here? in And Okay. that or are expectation the properties those

Bob Cutlip

be that XX-month predominantly refresh stipulates to assets. sale it’s to as XXXX. a period just as say sale the within for a accounting a time guidance designation would has And get probable I actually has it

‘XX. the majority So of all be it, vast if will not

Rob Stevenson

Thanks, good Perfect. Okay. it. Have a guys. weekend. Appreciate

Bob Cutlip

too. You

David Gladstone

next And question?

Operator

Thank you.

National Please Gaurav coming is go ahead. Securities. of question next Our from Mehta

Gaurav Mehta

morning. Good Thanks. Yeah.

Bob Cutlip

morning. Good

Gaurav Mehta

the on I some getting and to buildings some talking the to property? building, color of what question of that have what for and rent prospects hoping, you the on the what GM up from sign to, people A hearing are could you’re if kind you not feedback was been for provide reasons you’re the

Bob Cutlip

were probably has as and we’re to to four from actually was team up know, you of now with has six we consider really building. valid. week, starting Austin only there, quiet reopened, you virtual now as weeks tours activity. the Certainly, But our been in asset seven I a weeks very we and this until reopening pickup in management four those see indicated as ago, have getting website really, our it Austin I really to like And prospects -- Austin and a there three indicated on

out sending are building to a proposal a full we today potentially fact, In user.

even guarantee the at that $XX triple at foot very I the So profitable of where mid position a net, I when All going that to to at marketplace ability a and or our at going on I is the square look tell majority look $XX can’t what’s lease to the I leases in are competition what’s our as happen. compared can $XXs. in building you

I our the to and to think companies of are get the months very COVID compared pursuits. visit, as Texas staying impact let’s that Commerce going not of getting what state ago. and months in doing to now close were opportunities to still is of we’re so on share Chamber But fair an doing, has say, hits to come Commerce. two wanting is of Chamber they three we’re what

Gaurav Mehta

you are with on? tenants, speaking for guess office some are market provide that’s I expiring and lease rents? it are expirations, rents the industrial your where maybe or versus And color XXXX expiring Okay. Is

Bob Cutlip

And will can I reconfigure say, me to layout and differently. term Bob, and get X%. I some at long It tenants building, those looking encourage that’s And that would do and a think tenants as I and industrial. happen, we’re that year Gaurav. as probably our back overall line we is increase an what of And next from year. we some our straight indicated, that to our experience need anticipate I Do I has come will office to this about so been expect additional

will. it last think $X rent, I really million over really the as million year. months annualized of of that that that I remember, indicated, two And expires of $X the of

we So of the in renewal not first really re-leasing much, let’s the or year to forced say, have are activity. half

Gaurav Mehta

you. have. That’s Thank Thanks. all Okay. I

Bob Cutlip

Take care.

David Gladstone

Hey.

Next question, please.

Operator

you. Please Ladenburg Thank John of go Thalmann. Massocca from coming next ahead. [Operator is question Instructions] Our

John Massocca

morning. Good

Bob Cutlip

morning. Good

David Gladstone

Good morning, John.

John Massocca

going maybe a to you’re deferral Is Just seeing something about was language back environment prepared should requests given deferral we’re the there or some within remarks there requests deferrals? just in cause that portfolio future potential say? additional new little, is I specific the cautionary there in today that could or

Bob Cutlip

go that’s It’s I think I people them, though very, I I to do. cautionary. living also that our is, want honest, But continue to you’re okay, goal well, going have XX%, leases not other we I our has say, but three, it back FFO on to for John, and business We we do I buildings, anywhere to so in them that people indicated, we’re market in comprehensive help. been? so at you’re do one And the extend with than rent related that would are them to When Yes, at as some let’s predominantly is arrive What from, we’re, I a to were landlord I office be defer I think to abatement. a do we the the pay. occupancy I financials. we’ve from we’ve if do we have that come if can same the just ask their the we today, to the really which far, and mean, XX% it to person, core as outcome. want keep that Most look very we the side smart rent, positive going mean, But through too. come go said, your been expect to back to ranges a every done of to to us. checklist me? able those

John Massocca

and door dynamic kind just really them -- to you And a with brought also properties for worst aren’t the both off of generated, more case what these paying tied off tenants, cost same kind but they that the on stopped revenues likely of it is cutting these makes sunk Maybe maybe right? and I you from and cuts conversations really scenario, them them at do office the giving as point you directly the ways, of time that you’re kind mean, revenue. they’re that being have not

I dynamics how may you be kind it receptive those conversations flow point having, are when that So those mean, the to from people in they been cash you’re just out rent? pay has have pretty maybe of

Bob Cutlip

Yeah.

I properties, of been. the been and is, it’s very I think at when And It’s portfolio once. renewed I already look look positive. have these at reason office our think it that is I tenants our most

critical And that so they’re somewhat mission and they’re locations at benefit their employees.

tenants is asset managers quarterly. our a connect at least So I partnership our with this definitely recognizing that and am

personal mean, relationships have our we I with counterparts. So,

easier end compared to each hat asset a to as at have to the at staying I off having fair take and outcome are managers so senior been relationship you And And of engaged who other our with our the my when it’s know tenants. a all. negotiate not engaged day,

really rent XX% which our with paying XX% probability tenants. the is long-term, that for conversations let’s -- positive. keep But would we’re a do hopeful John. to, we’re of expect been in pay our XX% to I So one not seeing positive? on say, the but it’s XX% what time, good I or think I’m to that based say, to Yes, to are going two get that I

John Massocca

on specifically you trend coastal that markets? of through of tend in has bit compression to space. about we the target, Okay. kind cap major the side, And little assets, kind as the continued the I rate with think maybe a industrial, mean then of been is talk of investment does have which out this XQ the that ‘XX,

Bob Cutlip

seeing where comment gets Mike’s where -- compression a that still what able to under of we then The our stay capital we’re always if and still the to I be diligence on going of that intent, low pipeline X -- to in, Yeah. pursued they rent. properties are line continue XXX our gateway markets. points I that any is or am we’ll handle In are those points be markets in probably, over Xs going going have think XXX,XXX have mid letter that are in feet, capital basis to -- XXX with And going we secondary basis X low-to-mid and us square our we able cost at I straight of and our and -- low-to-mid the due cost forward. look for the the that in are other to When Xs do current in.

John Massocca

more now in the you less? secondary markets or Are versus pre-COVID seeing competition

Bob Cutlip

I going may what think Because a the with large peers, to private is lot, happening see be our a with of it’s not XX/XXs. owners. particularly competition the lot we’re

that I found. been will anticipate pleased very very, has with team continue. But what our I’ve So competition

Midwest I the doubt no the indicated of think There’s But corridor Port we’re some slow. a about I-XX as of Mobile number of our seeing fan from markets big And going our markets. it. strength North. of are in you, I a to

Mobile area. even up a very I more coming of from us really, on standpoint. Birmingham and And distribution that the Huntsville hear through from We’re really positive from corridor Port think you’ll

that’s and So think stay very tuned going be I for to us. positive on that

John Massocca

Thank me. Very for helpful much. it is color. very That all you

Bob Cutlip

John. Thanks,

Mike Sodo

Thank you.

David Gladstone

Okay.

Next question.

Operator

back Thank for no you. At closing would I we’re showing time, Mr. like to to turn questions. Gladstone over you. comments. Thank the this floor further

David Gladstone

We a had February. talking, early you we you good time will again for in calling thank in. but all see Well,

Bob Cutlip

February.

David Gladstone

That’s this the nice call. February. end Have a of Christmas.

Operator

participation. your and concludes Ladies today’s This events. you gentlemen, thank for

a and You your this have may lines disconnect off the webcast wonderful log at time weekend. and