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Gladstone Commercial (GOOD)

Participants
David Gladstone Chief Executive Officer
Michael LiCalsi General Counsel & Secretary
Bob Cutlip President
Gary Gerson Interim Chief Financial Officer
Gaurav Mehta National Securities
Rob Stevenson Janney
Brian Hollenden Aegis Capital
John Massocca Ladenburg Thalmann
Call transcript
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Operator

Greetings. Welcome to Gladstone Commercial's First Quarter Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. is conference this note being recorded. Please time, Mr. this I'll now to over conference the turn At Chief Officer. Gladstone, David Executive Mr. Gladstone, you may begin.

David Gladstone

us LiCalsi. enjoy this minutes. Okay. Thank of We on in all talk and a Secretary going time wish to we're you. thanks and with there Bob will always the morning. Cutlip, is phone, first you, Rob. you and matters Nice regulatory be for President introduction this you time and to more to Counsel with from legal along He's Michael concerning But to Michael? General in give a few report. our hear this calling

Michael LiCalsi

Act Yes, which many performance and statements thanks Securities our and uncertainties our Risk statements Act these may everybody. documents Today's and the Exchange the all future www.gladstonecommercial.com, those by Investors including statements, actual from we current our other you XX-Q, on with and plans, on these morning all find XXXX that forward-looking to risks factors reasonable. under on XXXX, can these our regarding believe report our of forward-looking may and XX-K or involve website any file materially results Forms and including future expressed different listed SEC the implied cause of specifically in that good include certain Factors And to of based be forward-looking be results Securities we are David, at the page.

the could SEC's as www.sec.gov. that's always website You go well to and

except a future any whether update law. to no these of forward-looking events as result obligation by new as undertake of we revise required information publicly or otherwise Now statements or

a sale are depreciation better are generally real allow Operations. of term FFO, FFO, Funds real FFO for and From operating plus non-GAAP the adjusted estate as that metrics estate gains and other any our non-recurring from income or and our we and and net of revenues of and on amortization will losses adjusted property FFO assets. FFO discuss discuss expenses Now performance. a the also certain excluding accounting indication and comparability impairment comparability period-over-period these We'll today for which losses defined better that's is of core results as believe we

the visit e-mail website gladstonecommercial.com; Now please take our our again sign that's to service. opportunity once for notification up

release an both there You and you Gladstone keyword so our Again, that can issued And of find XX-Q handle our ask press on results, @GladstoneComps. Facebook, is for is always Investors Form also Companies more them yesterday on our overview us we Twitter and today's call The page website. information. of our review is the find

hand President, I'll baton Bob to Bob? that. the with Cutlip. Gladstone Now Commercial's

Bob Cutlip

sold our tenant expanded the square XXXX, $XX full downtime, XXX,XXX loan no the credit tenant a extended our experiencing by the and industrial XXXX facility Among activities lease foot acquired foot Denver XX, facility through Mike. for with property Findlay, replaced through square their in Thanks Raleigh, in Ohio lease building quarter. ended California tenant No XXXX, feet and based term during Good amounts through in foot foot in entire industrial extended in our Minnesota facility million. square through into everyone. XX,XXX XX,XXX XXX Leased quarter the the rents North in Rancho abated in foot Champaign, our period square pandemic, XX% we April XX,XXX first single-story industrial subsequent through square million, $XX collected Cordova, Carolina, sold and lease the morning cash first XXX,XXX our our and our $XXX on distribution facility Illinois. at the Kansas Wichita, extended been facility expanded the have office single-story office facility facility to office square our XXXX, throughout million of Blaine,

departed has X-Q Form released previous CFO company. the recently our in noted early our As from March,

years interim candidates interviewing We who the have has experience and served time of is company place, be CFO Treasurer departed At have as the today several this CFO me David and patient experience for the will Gerson, Gladstone and public Gary in REIT in with with an acquisitions leaders are ago presenting and recent who due who to CFO process and we company. also Gary. the people regional of knowledge Two were experience.

execution for responsible accountable Greg for Perry Presidents us are existing These Finney Management as a asset Wislar the growth he an objectives. our Vice significant as leads measured for has assigned per and Senior a continues IPO. West And change of EVP who our region programs. South the Cooper, across appointed has Northeast as since Vice been FFO regional strength EJ experience region. the apparent, is for achieving Priesman our and executive of current with President Asset Southeast and Karen have Buzz leadership. share and Yayac, been team, acquiring team adding no same-store member appointed percentage leader their management has our However and regions; of knowledge Senior Midwest staff the current of and of Today, our in been Southeast and portfolio is leaders Central leader several portfolio with the strategy the regions acquisitions properties three

to professionals asset the continue our be accounting acquisitions, management to and team. will we expand As added additional platform,

investment been property are noted million, we industrial calls, volume which all which has of just portfolio's strategy is As $XXX evidence Since continuing of total investment our efficiencies. allocation, our on operating commitment. XXXX, our increase further January industrial improve to providing we under will believe earlier our that

industrial has in XX to an candidates continue the from increased overweight to feet. been and our Our XX% primary next achieving to within allocation with to acquisitions months. industrial today XXX,XXX XX focus XX% be XX,XXX will allocation We'll XXXX size of acquisition objective from square a has and in XX% ranging

XX and cap $XX of of industrial acquisition first square GAAP investment during with years X.X%. Findlay, We lease We total quarter. a million XXX,XXX term in foot our the The rate acquired continued strategy facility remaining Ohio. was a

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

For annualized these The million. the straight-line covering leased the square team totaled subsequent of $X.X ended period XXX,XXX and/or April first six extended, rent quarter tenants. and XX, feet expanded transactions

As an performance tenant our expanded with in of team, the XXXXXX lease Carolina multi-tenant lead strategy. through into foot XXXX, anchored XX,XXX we Raleigh, example entire North extension our successful reinforces facility validates a of foot square square the and which our

to Our asset in office redeploying Champaign, We target in continued of the property recycling capital of We're during XXXX, products of quarter sold on resulting Illinois program. and office the single-story markets. the quarter management two total industrial the properties our such non-core in team our single-story and a property proceeds and also first an gain single-story assets. net into a office office XXXX Combining and our in Cordova, million Rancho industrial single-story were proceeds six selling sold properties California. the a properties redeploy ability quarter, $X fourth first focusing in

as program opportunities this continue will We disposition arise.

strong. April Our quarter collections XX% experience to continues cash were first rent collection were as XX% paid be of well. and rent collections

very expirations next team's portfolio these industries. encouraged Anticipating and two pleased about performance lease both challenging lease during wanted call I our on interested XXXX, with thoughts are years. We our and that the same-store we Long-term, over expirations in X% performance our times to are than average activities. the for through less tenants' are many years the for as we summarize all

$X.X of of $X.X of total the at and of million XXXX, straight-line million annualized expiring we of balance rent have that the the expires December. November For end and end

So manageable. future expiration quite be should

Our Austin office vacancy remains largest. our

prospects viable Activity commerce Our current resulted square since encouraging. chamber property local the for with New square the from which XXX,XXX increased XX,XXX feet. of has of active marketing in beginning has feet the the assistance Year, four of ranging the building from is to

decision has basis. adverse to per rent decision volume on of and conditions same Our submarket comment, compares the onset a interest quarter in campus Capital the a favorably indicated with submarket past property create square square in our and GAAP the build space in investment product worthy low with through across of Austin virus. net property square of quite to is I've to per the in BAE's of of as Cushman COVID-XX generating XXXX. previous of current triple the types fourth of the offerings gigafactory over million foot mid-$XX the XXXX, feet the to foot property $XX.X our in effects reports XX% Tesla's are a as as XXX all & Office approximately for Wakefield absorption tours. Real was according negative sales down Year-over-year property challenged particularly been Market Analytics. And

industrial reported particularly this rates compressed and in reports many record it an e-commerce growth quarter sales resulted moderated related comparing at JLL's And when in properties, increase listings recently those industrial And type, absorption. released continued rates the real the for investment overview, to XXXX in relates in XXXX. increase cap to estate CBRE pandemic. absorption, with as and net markets cap in to interest no logistics locations. opportunities, have product select However, has industrial first

some we're activity seeing Although, increased recently.

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

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

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

Now including for markets let's to the report turn activities. financial on our results, it capital Gary a Gary? over

David Gladstone

quarter per and the yet I and on the and reference the the operating weighted Bob, of average $X.XX you core first good of growth by diluted per All the to $X.XX reviewing portfolio. available I'll respectively. quarter are XXXX. accretive per during the FFO for FFO were increase results FFO in-place $X.XX as were demonstrates numbers, share start shares. and common morning company shareholders and everyone. the share based our to $X.XX performance as shareholders share, well common for core respectively. The first of common fully XXXX of FFO quarter prudent available Thank

first same-store XXXX. X.X%, In addition, over our cash grew at the of rent quarter

reflect quarter of for first in $XX.X $XX.X with revenues expense total compared operating million operating of operating and of million XXXX. period same results million to revenues the as of $XX.X operating Our million, expense stable $XX.X

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

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

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

through expect this expand our with additional we we investments, Overtime, pool grow assets. financing will disciplined high-quality continue alternatives. property our unsecured As also we to increase

is profile, X% is rate. floating rate, fixed debt XX% our revolving XX% hedged and is at Looking rate,

$XX with due and $XX manageable As loan in in of million and our today, are due XXXX XXXX maturities XXXX. million coming XXXX

$XX refinance The loan lender performance all million upsizing We proceeds borrowings a time. quality which outstanding. quarter those a consisted facility of five-year delayed speak component revolver this appropriate utilized credit amounts with portfolio. at to $XX term -- will our million the The to of to $XX the our draw were continues of recognition and repay of

end been borrowings we've liquidity, As the issuing of outstanding. there Entering sufficient the revolver first of no were equity. quarter, active in the quarter with

the costs common $XX.X meet we through During quarter first sales. to stock acquisition million raised

to for upcoming requirements. have our that liquidity ensure, manage We equity to sufficient continue actively we capital

of million sufficient we performance a over financial line portfolio our long to current incremental credit. increased of we to and of under quarterly more to our approximately XX.X% With to a our time our review and $XX programs, operations years. March encourage the five flexibility believe, posted in quarter. and our past access As our $XX.X of we availability have term. near provides of fund detailed cash information portfolio current supplement the have you, that availability, our increase as Institutional which and stock million We is XXst has strong which ATM ownership of financial website for on our the today, over also XX%

relationships forward look meeting in potential managers, and We investors, establishing to active new the with and portfolio company grows. as analysts investment banks. be coverage to very We continue current

our $X.XXXXX of or dividend to stock year. per common quarter, pay $X.XXX continue We per

cut We suspended have the in IPO or since dividend our XXXX. not

our program turn now, on to trading Our X.XX%. stock Many REITs yield the yields. much lower are is closed distribution And about yesterday at $XX.XX. Dave. back I'll The at stock

David Gladstone

that's Okay. from and team performed Thank one, Bob Michael. good a a you, has good That well. Gary. The one very was

reported Bob government has today things various and a coronavirus the by much on. new quarterly going hurt very just been not have quarter. leases the We and is that are of to about heard number new nice We a reactions the annualized and They transactions this lot and They team about lease six period one of industrial rents he executed quarter. exceeded -- of during million transactions that the rent. due his the acquired straight-line have cash the they asset. base during represented XX% collected $X.X and first

So million Rancho they're moving California. the own sold piece at the $XX pandemic, of estate the of real we financing added during Cordova a out properties unknowns is delayed two million term That's we job managing And component. and loan non-assets The draw Champaign, good along with commercial team force. in assets this doing growing a And is own, core pace. also there. great time right lots and were where of -- they really non-core they team finally, that Illinois especially nice a in $XX

reviewing. quality list are properties Our will acquisitions team, they the strong potential to pursue that on of professionals continue

writing credit in of people managers And with committing us their and fearing fantastic our Internet. managing -- we since long-term team seen or our of are that's are tenants pass that tenants, job. their a market many the times and is of real estate have not the restrictions the strong that related been fixed that pay excellent with our middle a quality coming the is most The inflation months. businesses, These the team deferred never paying asset in the we being financed to the actively virus, doing properties like team company challenged rents have rents acquisition before, rate, government are owns. the keep first-class about investments but our The make seeking and to but collecting Our properties tenants. is

ask see us. of would So we've few to to stop I'm going now who come please? want questions and a Operator, that back got you might on

Operator

of Instructions] time is conducting Mehta [Operator Securities. At with you. Thank Our Gaurav session. coming a questions. be first from Please Gladstone. proceed question we’ll question-and-answer line Mr. your National this the with

Gaurav Mehta

morning. Thanks. Good

Bob Cutlip

Good Gaurav. morning,

Gaurav Mehta

morning. Good

I Bob, question you on maybe could the your First for talk target year. if acquisition. your about was wondering acquisition

expecting million -- on the acquisitions guys to talked about think still to to Are I acquire sort of acquire last year. you this guys of are that? expecting you call $XXX you million $XXX

Bob Cutlip

indicated, million at inflation, right I slow $XX XX those seeing Well, I in we're The about, pickup believe is now -- as now everybody a may when right activity. that down. things But concerned I'm still due are we and we've letter the of where have point, of got either or about thinking been like intents letter intent about this diligence -- that's in executed. with

moving So we'll forward be on transactions. those

that the that and to So the in million $XXX at we I year. million believe I in do. if what this we still be pipeline, $XXX really should look have we

we'll I we picking think successful. activity be these opportunities. do I secondary And but markets, all we compete I believe has think the I been able even that secondary think as in markets more are growth in we're for Cap up these that, seeing and compressing rates are to know us.

Gaurav Mehta

XXXX, Second compared about talk the question where are on to you your market? can lease expiring rents expirations for

Bob Cutlip

are an the much. bit that's a with not of asset I market that Gaurav, on the market, your specifics have can by Lake little rents in actuals you analysis. is Salt City, get at And current that which exception above so The for you the but

Gaurav Mehta

given there Is think that that And you that been guys driven Great. you that for a last I now? Austin, call asset on hasn't any talked property. maybe about consider putting on lastly over selling the year on asset thought sale

Bob Cutlip

talking Austin asset? you Are the about

Gaurav Mehta

Yes.

Bob Cutlip

get foot doing, building. now Yes. With up, at traffic a interesting. starting What we're more opening lot we're to it's Austin the

do see leading that definitely, an tours makes no the it Buzz into who's there. scheduled and it. week. effort industrial to quickly, we three redeploy There's opportunity that asset Cooper have quite can sell If will But about portfolio sense doubt that our we this are for so can We an capital that. we

Gaurav Mehta

That’s Thank all you. Okay. have. I

Bob Cutlip

Okay.

please? question, Next

Operator

The next of line question comes from Stevenson Janney. with the Rob

Rob Stevenson

guys. morning, Good

point, expectation this this at the need that required XXXX up you improvements to asset. really a the near the and Austin make start in wouldn't for given time rents on a that tenant the point to follow-up lease? cash would lease future property any that rent in component you the until free Just guys were At with if come any is

Bob Cutlip

now that half Yes. seven from month right anywhere they're believe at a And the there Probably XX transactions per somewhere a looking to are single years. are be is, going to what we going to and year. that between take place

we on thing also Rob, for it market. depends one -- us that rate. going The is way So we and rental that are have under the

at to concession lower either at are know so a those a $XX core improvements $XX competitors do probably we'll the going And say market lease can FFO, or deal the lower as someone in good tenant can $XX what's capital because much and well would concessions. plus rental the we fact and $XX let's and or improvement rate, let's as we up other at really $XX, in say which get on our we attract XX really costs be requirements -- overall better lease I think if lower on

Rob Stevenson

And raising available so-called Okay. given what's then close cash the today you your the capacity powder capital have acquisitions? dry acquisition to and position,

Gary Gerson

have we facility. credit about of on million cash million availability now, $XX our and $XX.X in Right

Rob Stevenson

Perfect. Okay.

Bob, How are start more Okay. hit that? more about if of that million dispositions to thinking raise then you you look guys you to pipeline, And on accelerate $XXX capital?

Bob Cutlip

that as would that I, to impacts follow-on. add think David that? averse our go depend what's want to a to chat going forward. about going lot price It's going us going and and on I'm about as be well. are in an we to on doing I talk not how to awful but I you David inflation it, to stock David let

David Gladstone

to the knows would underwriting delighted for an that people there I do most Well, us. of out be think Rob

have it. So would we reason they believe don't do if run wanted to any that away to we

preferred We and have selling stock commercial. non-traded are looking in already started

that probably lot think as I land program. We million Gladstone to a should in $X will million And week a lot. you be it -- a that so area. done And has in $X know about that do

moving as And so well. position we're commercial into that

should money I some we coming in don't that get on So know. good one.

not and generating work as would little we much think the just to need I people I that that the a we ATM program some as that like with are of we've sell harder think know, is common importantly more people you as at want preferred step another this But there. some us in up do got or range. for plenty of selling and stock to nearly

Rob Stevenson

guys yielding you that thinking attractive in are level on otherwise standpoint. some face going preferred into obviously, is are the do can cap of How that constraints of manner? overly with getting incremental it's of guys about pricing yielding you seven of But preferred Because the the preferred, still common XX% level a from the weighted lower you than and structure right? the that, put that -- the that without

David Gladstone

not Rob, we're to preferred, that. about XX% going don't worry

of bankers, reasonable a and don't on that the coming they them our One much with doing us is preferred like amount. we up work with we with too things work

I and is that. the so so ATM We're there And the to marketplace to It stock in really see rocking common it have. get works and just hasn't what sluggish the we marketplace don't how happened selling alternatives for have know it and we now. any out would why us don't I program right along how like number. are and see going the sells

Rob Stevenson

years? Anecdotally, have that you would changed. disposition might that sellers or for big acquisition that? How few of last the as me. your Is classify years that your rules would the the XXXX guys last guys part if buyers pipelines and XXXX dispositions acquisition over you classify with much over counterparties it then minor? are of And how differently Okay. been one behave Is few a last

David Gladstone

and some think done they're these have common for giving knows, looking their in minor. it's But into of XXXX which have larger our stock place times, made have them the I also and several the turn stage. of I we shares XXXX of it UPREIT whatever people stock would -- transaction selling. transactions -- don't have accepted think ability to who

So, we've times. that few done a

to them It taxes. to are more the on the raise in national under there think from I going there. out what's be government some gets out -- going

year think to periods make little tax-free so have out And we'll prior I simply desire better we a because in do than the of this a transaction.

Rob Stevenson

Okay.

Bob Cutlip

two us to which going fact, of those, intent saying assets of is right we in UPREIT push will be think David wants to the to us an of towards the moving forward as for letter do because we more now would we're go sellers. what reinforce we and that for see investigating To we opportunity expect transactions it's and be, and David

Rob Stevenson

Appreciate guys. Thanks the Okay. time.

David Gladstone

Okay.

question Next please.

Operator

Capital. from coming Next Hollenden question Aegis the line Brian with of is

Brian Hollenden

morning Good call. and my taking thanks for

David Gladstone

Good morning.

Brian Hollenden

more potential how you company, are about You alluded can affect little incremental might your and you what front the to it, acquisitions? but inflation customers, a talk seeing maybe inflation bit and your on

David Gladstone

out period there. that is would inflationary There's in an Inflation Yes. belief nothing are say you diminish that can today. we my

have Given commodities was there XX% gone steel and dramatically what -- huge the and that of pretty price was move. weekend. out this It and it, of a copper up the all lumber other

low we inflation Fed in is marketplace. the doing withstand The inflation can't its So, dandiest rates is and to but know low, they keep there. movements

comes how see So, out. we'll it

because us market, we we on are something buy put with I time we for XX there think to years. another happen -- every so XX-year will rental mortgage what a

inflationary these two last then change. periods they So, usually years or and three about

There things. a money, going sort movement. then good got and we the things If Carter period look of of off. things recession inflationary came back was they the Ford in, he do at to amount Jimmy happened that And, leveled of lost time, and when were want you of and see go When spending course, dance a stopped with what to up Reagan really he administration. in the slight that Jimmy to jacked and

good at what to marketplace down this inflation year, because the So, we absorb really year have I We can buy us. slow throw -- long-term, well-capitalized and I year with worry next or others them we're think may the us. next debt one. And two they because and from us pretty at and if they for go years. can have year today away the on who going not refinance don't lower But so I well-positioned during financed probably hard hit business rates. in believing to to things we're that's worry I in about may this the we're shape what happen that think next during about

to kind inflationary can So my that is of long-term any that goal just well-financed us outlast or keep anything recession so we the comes right take. after

Bob Cutlip

to from as increased our what peers, the development own, with with and price to ultimately their Brian do? business see by year. the their product, no to In What their into And own in are this the in products then second either to we're add that I increasing our David -- our said and with those does There's of as who increase price. say, get the think our let's margin end probably their with it. just of just lowers an conversations them to well our doubt particularly, been timeframes. peers tenants. market requires product extended dramatically manufacturers half the are expanded -- about to come pricing second impact has which construction ability this starting And have raw or inflation. result is talking That going the in going construction plus has in really has speaking

David Gladstone

question. Next

You question? have more

Brian Hollenden

you. Thank

David Gladstone

questions. Next

four. about Operator, number Okay. question how

Operator

Ladenburg Yes, Massocca line that's of John with the Thalmann. coming from

John Massocca

morning. Good

David Gladstone

Good John. morning,

Bob Cutlip

John. Hi,

John Massocca

income lease decent in amount the There's termination quarter. of a

maybe of as to trying was I color is see a Just elevated? little basis, if the And that to kind maybe the you rest was of just typical elevated think maybe what a we quarter-over-quarter why for on that guess some or year was? it should of could provide it

Bob Cutlip

and Plus to think Denver little property It were you place. lease vacant property an that a that our of came asset was that that went need that because property have it's to it's of we in March also had feet to April, of included bit tenant a John office industrial square this in XXXX we that elevated some numbers single-story rent. property. accelerated replace I and the strength in We team our a and took listen and XX,XXX started part they it me said couple we to in convert management to see. those in really going of of impact included able an existing but things

I had still having million the that is bit guess of to there's the a quite million forward be in of $X.X almost and if We XX. going trail-off of frankly leasing going little that us think with But at first to one big about bit plus few less the through April spaces have filled have to activity. So going what be Austin. we're and a vacant I through end a $X this in talking be it's December than to quarter a little after

John Massocca

kind overall termination of terms leasing you of income or of Do activity? terms just in mean in

Bob Cutlip

activity Blaine, do. Denver. XXX,XXX foot in did an to there that We did we the Minnesota. have leasing square overall foot property just Just in because much XX,XXX We don't square building

existing done coming renewing tenants. year. leasing has until anything a We have well near that's of don't the the extending So we're -- the job team and vacant large as as end just space the that great in

John Massocca

bucket then And front front big the single-story disposition Okay. of how target on office that disposition single-story us potential you that's disposition can is big how remind that office for that's can is all? a you of potential us a you remind bucket

Bob Cutlip

And fourth maybe about probably $X from I And not was too office through office. be think am the think thing first year, you. product. that excited I the of I we you would really single-story million. would exact I the gain would I'll year. least -- $XX at forward, we get million net quarter cannot X/X but The more sold $XX John, a the going of to that selling than that that amount the this is quarter single-story of tell million worth

John Massocca

And I rate guess is cap assets? compression seeing just kind some or inquiries? the noncore on other markets, reverse industrial you that X/X Are is some that of in

Bob Cutlip

are more still what Houston to small and to of probably it's in But disposing It's be medical that. potentially of on we that And be leaving probably exiting really well. we as would very a have facility our properties. going that retail office focused properties single-story noncore then sell going markets the

John Massocca

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

David Gladstone

John Bob to going phone you models questions what on But the who's I you places questions information. we're when see know to put do and things. wants going information, like it is else be plus get the kind of everybody that it in under I don't he'll he'll put material move so either answers, that anybody others to that and listening shares. on answer says are think website the the who that of to two so those to the your

to from there. and So on you you we'll have X. you and can get Operator let's would come week number that this go

Operator

time, Mr. are this questions. additional Gladstone, At no there

David Gladstone

-- end like to that's could and you wants if we we'll in fun Well questions we that nobody for of said you Thank calling but answer questions some the it. more would hear but since it more us quarter. next for be you, much see from

Operator

Thank This you will conclude everyone. conference. today's

your lines this you Thank at You time. may disconnect participation. for your