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Cedar Realty Trust (CDR)

Participants
Nicholas Partenza Director, Financial Reporting
Bruce Schanzer CEO
Robin Zeigler COO
Philip Mays CFO
Todd Thomas KeyBanc Capital Markets
Floris van Dijkum Compass Point
Call transcript
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Operator

Ladies and gentlemen welcome to the Third Quarter 2020 Cedar Realty Trust Earnings Conference Call.

As a reminder, this conference call is being recorded. At this time, all audience lines have been placed on mute.

We will conduct a question-and-answer session following the formal presentation. I will now turn the call over to Nicholas Partenza. proceed. Please

Nicholas Partenza

Schanzer, thank Realty us Participating and Trust call be and quarter the in Philip for Robin will Cedar Officer; Officer. XXXX earnings Bruce Mays, you Chief evening, Operating for joining third today's Zeigler, Financial Good Chief Executive Officer; Chief conference call.

statements. that by please differ statements statements, the and These results made may call such be that Before we statements may forward-looking begin, are from deemed indicated those materially forward-looking be aware subject during not historical are actual to most and periodic by other on uncertainties, XXXX, the the numerous reports including risks and updated those recent year filings in with disclosed our as to quarterly XX-Q company's subsequently the filed Form SEC. XX-K Form ended

statements of the forward-looking and as a update duty XXXX, XX, reminder, this October company speak date undertakes the no them. to the of only call, As

call, During with supplemental website With and of now refer directly measures, operations non-GAAP Schanzer. Bruce certain from non-GAAP for earnings this over call release funds financial GAAP I Cedar's comparable turn income. most that, management including measures will on financial its may see these information to posted press operating financial net the reconciliations to measures. Please the financial and

Bruce Schanzer

wanted on our to welcome focus their behalf thank Nic. It not for these I of Cedar and the efforts quarter has quarter Cedar, to Realty members Board company Team mention been evening Thanks, to unprecedented of Good during XXXX Directors and and times. and year-to-date Trust. third of the earnings call terrific a the for remarkable

with frightening the has challenges and a has to this managing all about contracting pandemic realize, a continues all virus, be you worrying time this stress, of incredible folks and many engendered. of personal As been

as pandemic, than focused with valuable they Since characteristic a to have being to strong centers, order of can resilient we Cedar this a number be even most excellence, on and period on resilient, us Although, of shopping more focus describe say a in jobs assets everyday members the team as grocery anchored collegiality, on proudly are possible. for our collaboration. from have I of proven emerge assets, matters that our their the as the have center shopping performed outset we footing usually themselves pressing

foremost, and survive rents our First their and rent economic or pay agree right have the collect endeavored future. at to the minimum a we arrangement, to forbearance tenants help in ideally a we the the have to whereby shutdown,

have million to debt we of the our arrange maturing as order debt our addressing upcoming Second, XXXX, in as refinancing awaited capital estate reopening the well markets real other the in $XX of term maturities. loan February

venture many Fourth, advanced beyond a identified G&A measures. anticipate used Third, we full-year take more categories, while savings for of generally have recently the zero these we from rigorous XXXX that of some when impact but substantial in the see benefiting only and announced in initial and XXXX, the we exploring arrangements we have especially not our to phases, DGS redevelopment projects, building. approach period this based have joint to

and many business walking Before have we reflecting downs At it articulated during of these performance. market our a for two through price on consistently pursued pandemic, the through focus and a revelation years period. Cedar, the by of have of areas pronged the each stock this that afforded is remarkable long-term we steadfastly worth strategy ups

divested have portfolio therefore centers grocery systematically Boston a First, we non-core corridor, and the shopping have in focused D.C. assets. on to of core anchored

building trends workforce and footprint, Remarkably, we with market highlighted on a the been pandemic mixed within affordable our the projects. towards Second, urban to two we have population at pursued has focus pronged building and strategic these redevelopment projects plan. with our housing D.C. rate very in submarkets use high density have particular anticipated Boston

the Specifically, experienced being anchors category grocery centers sales strongest categories retail anchored in within led performing to mortar demise many shopping grocer and Notably, the have our has bricks junior benefited from retail this accelerated tenants secular resulting anchors real period, in grocer estate. inline and centers performance. the center and have our and a the in traffic overall from strong during the growth vitality strong

for Additionally, within pressure end reasonably workforce housing priced while attractive highlighting particular during of housing. Thus, our the growing deeper wave inequality the grown pandemic cities, has of with multifamily projects use multifamily from market cities our period. mixed this triggered and center opportunities targeting are which de-urbanization the significant a and higher the on need opportunity we and

Now some comments the on months. few last our over four primary focus areas

collections on of engaged within possible. endure particularly arrived crisis be earnings Cedar effective an team as efforts as relatively for portfolio in this aforementioned that quarter. XX% have Cedar's come release, degree among pandemic, to direct with portfolio the all a was a corridor. on better the XXXX This the to well been grocery in effort Cedar quarter. our decision for collections all our retail our the in REITs positioned core committee the third we in as First, collection appears we formed in and approach result in pandemic, focus when of they with Boston back the growing at presented shopping third D.C. of front, anchored of to challenges made out is we as our sure At tirelessness the to rates high cross favorably to the mentioned the make to by which of functional tenants that of centers as hone the the the success a outset

and outreach. laid and functional that center for as analytical approach legal the using committee repeated tools, addition, cross included a monitoring, this well highly groundwork as In tenant detailed tenant

And rent the as effective our past over our As the by they say, is the has apparently two approach proof pudding. measured in collections proven quarters.

markets unsecured retired while credit we our are this are as dislocation the facility, was million do want open $XX in the February move it the by to a winter closing of advance We with we since we worry as nor the capital refinancing want debt. mortgage deal bit months. term that the a evening, further have mortgage about long-term on in front, comfortable possibility earnings disclosed on felt this we the to attractive, our loan Second, owing with a to we didn't wave also unsecured we second takeout have dragging and a revolving in debt to markets, to our prudent release putting coming

loan, describe, near-term and attractive to well as interesting refinancing the for As appear financing other Phil will both there term as our be options needs.

serve we our an suite built-to- earnings DGS This project July, a call, Northeast project. and deal XX-year represents anchor second as Heights quarter first in have in and the finalized project Third, as was building in phase the the announced office with for D.C. also our discuss of Washington will at

of optimistic grocery actively various to be arrangement focus and financing will equity with to early the allow on next get we year Washington are that engaged a in headquarters with this on to to More relocate remarkably Plaza anchored to full-year approach. my We and able project. Center from rent our break we this finalize our navigated ground stress a an has Port we on Island, essentially and will to XXXX early professional decision Fourth, us well of as our that far. on cost approach space decision, Shopping by rent sources opportunity. is our zero generally, building that converting to strategic in back many much is started sum, thus debt Long office been been which have that will is free. occupy savings later February this good million a to Long other zero or a A evaluating generally, to reducing this how fruit we expense of In begin office be have in period out and expiring More be $X unprecedented taken G&A rentable a are we space, space personal anticipate G&A G&A tenure this rent based savings positioned hope of of during retail Massapequa corporate types the based example particular approach as we we into a well where a an asset we exclusion decision $XXX,XXX, have has through our come through redevelopments pandemic Island, we our the to proven of where excess in has terrific Considering of expenses. Carman's year-over-year period. proven have this borne approximately great lease exciting

our back representing among third the from performances bounce to this retail shocks level with the initial of managed XX%, past a quarter we the through quarter better collections business First, among REITs. have to

XXXX. closing on Second, maturities and we've this later are addressed refinancing early debt near-term year permanent or a optimistic in about our

the finalizing in redevelopment excess similarly in will especially have are face our Last, the distress of overhead financing early needs we tightened project Third, we focused and the DGS building, anticipated $X to on debt the in G&A us be all with full-year up XXXX. position both our of XXXX. which savings equity of million in to commence projects

this this rate market not many workforce housing by and decisions of topics. provide we centers the on give With resilience who begins quarters, strategically In second months on these time It corridor, to the we in detail on with to anchored is while during there made rearview is focus use the progress my mixed greater ago endeavors, and or with Boston affordable supported of and and no stress. mirror. that all announcing point this Our component. an exceptional urban recedes many these with Robin look that grocery They we professionalism Cedar, great themselves progress continued projects conducted to into that, accident. coming have colleagues to an on forward you I years team wave, on have shopping to pandemic D.C. terrible hope

Robin Zeigler

as Thanks are living Bruce. unprecedented centers only unprecedented in but times, Good shopping in we times operating are Not well. evening. we

survive negotiations landlord to maximize has our measures hedge side the our omnichannel this a team this and the also expenditures only some unrest strategically the exemplary of visits, topics impact do deal from and our professionalism into we those environment? working can on social not laser from and tenants What deferral on process, to ongoing been happens what The pursue and their team we and through with advance as How pivot of help risk the landlord challenges pandemic? we pandemic. the on video are into collections the new we are as our put their from with business balancing can operating ability place need focused measures astutely What their daily cost has tenants deliberately, other to the thoughtfully and savings operating with markets. focused of both tenants our While they we operations, but are capital a ordinary These addressing help of conferences, cam our standpoint. that urban operations. been among course and field tenants

tenants with Our centers remained style our The the not have open mainly movie quarter that XX% during buffet theatres, business. uses and open for reopened fitness third are restaurants. of

month, rent XXXX, tenants These our pandemic. at new landlord was and and of to the all lease as during over us XXX,XXX since key with Despite the We to period and rates eight period for of reaching Golden sustain XX%. strong. XX, renewals COVID Food have their at had ranging at our we of remained waived averages concessions total. deferral of XXXX, highest over goods are in London some four of XX,XXX months made XXXX rent when for the the deferred were of have XX feet, Groton new spread of term a $X and pandemic health in Goodwill months. the will months deals XX% but and and September renewals modification and XX an spread payback credit an The sales which at anchor and anchor momentum tenant March done waiver end to and of XX, with Organic ensure spread spread were were October. deals the XX.X% two a additional and with and Sprayed October not The agreements quarter, favorable square including these also that order completed collection positive tenants. totaling rent XXXX. quarter July reflect a differed inception increases an four objective positive payback approximately tenants negative Arts occupancies deal were totaling junior million lease yet Yes! with home September result actively Shoppes leases excluding of collections reporting, high which XX%. currently signed through retaining of viability, months of with between is to a of beginning effort analyzed average required include successful In are and junior and District, provisions. leasing of The three of average one XX anchor executed done at totaling these the spread for The a XX%, [Shoppers does collections a number $XXX,XXX a of feet. square only at were anchor at renewals mall, at achieve Lane] agreements engaged pandemic. which of New a missed XXX occupancy, another spread XXX to negative not anchor X.X% at important We Moreover, XX.X% of Jordan anchor The pays take Triangle] have [America this X.X% almost

September X.X% increase XX.X% same prior XXXX XX, lease our occupancy a quarter. of As current from is center

to renovations. delivered Factory had was continue and GameStop in redevelopments value August, Fishtown and in Hot We and in original Nifty crossing momentum At September, grand delivered the relocated their on our opening have Fifty September. T-Mobile was Dog add have Starbucks

by in plan IGA facade We renovation XXXX. rest Philadelphia, amendments renovation the making project. be to and Also in year are the the facade to store the end we of the to be remaining Revelry site completed progress completed of expect for our on center grocery the

United the on Revelry original Artists theatre Our reopened. not based pandemic movie has plan yet was anchor. site and cinema a shutdowns, Since

includes the Heights. based $XX.XX with XX-year a effective announced amortization and management anchor structure of of will square a to termination and of security Ward this square are endeavoring lease anchor construction phase pace district slated building sustainability alternate net at DGS more be which a and create of for District first retail lease executed their of and the portfolio project, last foot, square commence to replacement is catalyst a neighborhood to a professional Cedar’s with in realize with The Plans potential TI of the space tenancy. maintenance, at Department is of a part office building the the foot per progress think areas This Columbia office our a skilled of November properties. Northeast is of emblematic was floor great a per for expertise owned management, metamorphosis regain as XXXX. that This The in Heights for to are Services. of X to continues well. of term the comprises element for We tenant with discussions central agency gross underway vision to government as foot. Northeast on includes built building ground that quarter building rent true rent the for possession XXX,XXX a foot expect theatre we to Northeast we steady in construction, early square in are per XXXX the Heights. $XX.XX type be Revelry XX-month the DGS including and We XXX than the $XX.XX General of We potential redevelopment. incident of employees

Phil. As team time. and you With remains even to to that, our give motivated will create always, I during unprecedented these continue focused value

Philip Mays

recognition collections improvements comparable cash FFO same XX.X% increased walked our by reported million Thanks and to comments for that driven to $X.X results. want Last quarter. a the through previous I walk to XXXX, $X.XX discussed. our from reported Robin in and understanding that per the FFO fair decrease revenue received our NOI through and X.X% helpful improvement share Robin. $X.XX quarter, strong improvements and or and Bruce cash in in our compared to marked in per of a both I collections property, the again recognition detail decreased Both Same quarterly minute million detail. NOI. revenue very amount announced period were previous the these take once of Accordingly, in was and Today share property we quarter. we sequential $X over or

base for and quarter recoveries $XX.X billings were Our rent total for combined million. tenant this

and the billings. these quarter, we million as $XX.X XX% or During revenue collected recognized of

determined was have Additionally, cash as and by as which $X.X at collectible, tenants, we we or not which and rent to million this not is $X.X revenue we did recognized that paid deferral for that another recoveries accounted the quarter. million of the $XXX,XXX revenue $X.X waive. for signed consists on The X%, XX% million recognize to a for of we agreements. that that time determined this Accordingly should X% basis, we covered or quarter, majority of build be our by be and agreed we recognize

placed the As from not not reminder, just certain will cash tenants them. because basis we anything we have mean collect on does

While make some we partial expect if will or some simply when tenants cash recognize we may basis, fail, will inconsistent and payments as received. payments, revenue which

Moving the discussed refinance sheet. debt February loan was to XXXX. in exploring that $XX we balance mature secured that quarter million we On our to call, were prior our to of term scheduled

for financing two secured cash anchored placing centers we the with market rates, As debt. financial to pressured have opened with secured shopping with engaged assist has institutions collection high

credit secured closing XXXX. early towards earlier this than diligently To million that the scheduled loans utilized $XX working to XXXX. million mature greater $XX February of are loan end, to facility amount we week, in term and or our and revolving in retired equal We

dislocate this these flexibility option. XXXX timing they've capital the a And Accordingly credit extension been second September closing revolving Bruce the Our one as temporarily has COVID a of of wave noted, loans. with provides should and secured concerning facility matures year in again markets. of us

for balance note we receivable sheet now worth deferral the have matters agreements. Another

repaid the in this XXXX. $XXX,XXX Board is be $XXX,XXX relates note, prior million, agreements have The will we not to split our with collection the earnings to minimum XXXX, a but recognized. as The quarter. the QX receivable quarter, and New for million XXXX, agreements split majority One release, $X With in compliance each X scheduled with Directors at reset and to $XXX,XXX our for XX do York of so end funds of $X price cash assist year, of end of to already QX Exchange reverse not QX in the maintaining with share deferral requirements, remainder flows of the resulting to shares in completed noted vast Stock requirement deferral for but investment carrying a liquidity. has operations year. will trading As open $XXX,XXX approximately million assist been X.X impact common only of press of they've with I'll approximately that, which as be signed in XXXX, these our was in us Robin our from of this $X.X keeping QX listing receivable each reverse noted, final repaid approximately also of to this and amounts increase This and more some outstanding the approved this above of will than will questions. and while call the

Operator

[Operator Thomas of Todd from question Instructions] Markets. ahead. Capital Please first go comes The KeyBanc

Todd Thomas

position build expect funding Can out us know that the to you're mentioned first of an office to you an all just sort thinking thinking your in and question, 'XX. update on that on in just your Bruce, your ground today? us options you break provide of you building around, weighing Can DGS update around provide on how XXXX. you early the be

Bruce Schanzer

respect that on DGS, we'll with partners We're about fairly you your then equity whom couple equity and Thanks calling is capital with to construction with and side, appreciate the plan simple. asking venture financing. the speaking partner, joint Todd, and we'll With that. in classic

process we're So in conversations. advancing straightforward and of all fairly those the

Todd Thomas

there update all you Are additional of on for pre-leasing other at And making forward, time? Is floor there Heights. forward you phases and retail? some any were Northeast on I progress moving the ground this at are moving believe phases

Bruce Schanzer

Robin I will that. take let

Robin Zeigler

the so relocating DGS. at tenants [indiscernible] a at casual DGS, looking other And it service DGS. balance we moving East tenants several our XXXX square and the have existing that would the about ground we negotiating to actually in of ground square restaurants complete program, at and restaurants If of River of into the as the the feet would think floor are the we're the want fast fast the users, banks of some you River we're are type in casual that relocation would office of we're left of looking middle project couple of deals, conducive looking that floor tenancy, XXXX of know, the be those on retail, to keep of service as East well be feet. type for tenants We that type the to providers we

Todd Thomas

Okay, helpful. that's

terms wondering whether Glen in just In you're see disposition. a talk maybe saying, pricing sales about the about dispositions, for we today. you for of just little asset could months, in the touch what market you on coming if to bit Allen that could an In I and increase and talk was general, then maybe activity should expect

Bruce Schanzer

Sure. in happening I I've carefully more topic past, activity been that we of speaking, described they the is pandemic. had and The give much the generally, can and around all in have market. fairly as The because pretty market that at deal are the all pad we one simple and else of the as are disposition as little some in generally to just a outset consistent we liquidity intended Cedar the concerns program advancing you track what's as bit color our single asset deals, did transactions everybody pretty just address then

and we are deals took were get compelling offers closing the in spring. that some started So now market to them we and marketing those able on to reasonably pads on

a Glen it lease it close the In closed Allen mid-Xs. asset terms that net in and of was in publics particular,

high very grocers. market now. is our generally anchored the notice that's net appetite fairly for credit The reflective strong for quality, centers In in more the other again, right of terms of grocery bid, anything market lease just than

of been a these that amount number hasn't Xs. sevens. Many of are are generally deals low in deal while deals up. now. right the that tracking activity, are speaking are low we're a there there been That's These There's that of a they've things seeing, centers, financing one of anchored And had these which we're of the are is think pretty strong of the of that like that I is collections much fairly assets grocery types period. Phil to markets described. as transaction our teed we've through assets, the So tracking this type pricing huge the in pandemic receptive supportive

So cash when collections through anchored centers, navigating been successful pandemic. you grocery high fairly the to have have it seemed

stress You've an And real lenders had world find is that encouraging. a of test asset. something that

we So seeing up and assets, these assets close, to of again, very healthy comparable get these right to close. transaction although we these And some these of are the market fairly are own. now, that teed a are Cedar are some

portfolio, warranted so towards view cap And therefore, for share is clarity we some rate the the and think maybe asset crisper around even the value. Cedar's on as else, get the have I our between net nothing end year, probably our have price what an of and we'll disconnect

Todd Thomas

also mortgage can you any out pro Okay, know was Phil, February that's much is And - there it's might and the you down? you for sort the the in there loan don't any of of drawing look least sounds I the wondering guess, pegged line terms and constraints about I today The talk how on you're 'XX against borrowing talk a about today? like have I just more like like? little $XX the some the at term the if remaining of it of that sort seeing today, on that's helpful. terms available? remaining in But And forma, a amount line, you're paid what capacity transaction little of market an know the market more you bit seeing just can million. bit early

Philip Mays

Todd. Yes

our line, liquidity is in almost disclosed cash, million capacity there queue, of on plus between remaining of we on some hand. speak we $XX approaching cash kind so which about line So the capacity $XX and as million have the we our

in mind rolling keep four you covenant. Just quarter that is

in impacted will pad four work with turn next you with JV was down partner, roll by cells waterfall But familiar, are has quarters as that COVID. could full completely and buried. down the that that the Souci get San we I will Maryland you're way that offset that Bruce asset, So be quarters think discussed, couple our of but turn calculation - over think the along know, San the Souci the a I

we hundred close So expect add buyout the to thousand partner. for be we'll that couple that the out to to of able once occurs, base. borrowing a that And dollars

that with that by down but financing, sequentially, combine CMBS is pad four there devalues XX% other months, any you XX% along calculation appetite, high the of and when live don't bucket collections, and fall in impacted With secured let's cash say a yes, the for centers this are that COVID. six four get loan So kind you anchored I Generally over company tenants with grocery regard as but appetite. with XX%. the there's just sites roll to central full negatively next quarters should mitigate down roll NOI just mean like that into been that's to

fair significant term You get mid-Xs. anchors, can the some can is of you come a IO get with amount generally in there the on that, IO And left remaining depending rates term. maybe the on

now. You know, what right seeing that's we're

Todd Thomas

percentage Phil, rent based in quarter? rent certain the the Is tenants And the that quarter last just was to that in one, sales higher? one you moved meaningfully

Philip Mays

year It and got one but that sales, guy of provision code percentage lot moved around was that makes roll because from end. particular, that, percentage that's more up of it that itself that tenancy around percentage should moved rent why rent should the rent to base down convert little a to just a of code to to rent, when sales, the think geography, of Yes, be it of from base was correct tenants there did the a year. and elevated. move couple I end a from provision tenancy majority in base the corrected But was that -

Operator

from comes Floris Please go question [Operator Compass van Instructions] Dijkum ahead. Point. next The from

Floris van Dijkum

you much you've - encouraging? it there's raise the keen sale, it the very Quick you you liquidity held assets four of to be going obviously sounds - on the investors via about to hear which like held update very you're number would rid think based to sounds for - if sale? that on can punitive, very can, how Maybe be wise timing listed, get like refinancing, you and for were And think CMBS. got it's numbers you would not it's I - if of on, about assets go talking

Bruce Schanzer

I the that. all pandemic, are you the see These add the up. small, activity, guess of commencement take but as do that singles are I'll since assets with them these could fairly

been single capital in these made sense a financing ask look early the like that order at still market described, XX/XXs leased to relatively a million to $XX extended, the that is And four how so to knowing the not relatively the be raise management the portfolio facet story for more sold in financing the point, we for And be $XX thought small in in has We later I off the able that, example, assets of assets particular particular something call pretty these it to million market beginning in frothy. to if suspect we've bring to detail the it available - looking tap would assets. we think around were was to net they approach since just going next. selling teens it of when dynamically. obviously, into high to Again, assets That's continue of or about sources behind these at recognizing future we're pads pandemic, low are cost. was to we have that capital. to probably sheet the those total, generally Floris tenant monitor, and all divested. came management, is the deadline the pre Phil for go At market the that way for other really financing pandemic back started that this this when to what our going as year More about was him balance little I'm this and of but the

while the other pursuing. that bit of I you held expand to a if so is you out actively financing to continuing we to Phil And the on the for continuing not sale, want notion or know said we're little advance assets while that we're earlier. secured on monitor don't what bring something assets comment as are

Philip Mays

neutral down XX% to to to close do extent loans XX%. value have a we're Yes, to around want at we we're around a capacity. to generally close it's incremental at company Floris think, company. be of To looking the life and credit, But don't - our debt at the the now, extent on with get will math little over revolver a around, us life preference you'll loan but generally towards extent towards revolver line To that. definitely we're I I our around we both, when all creating CMBS. we Right as as XX% see a preference far are value pick up but capacity we for loan to seeing secured additional

be market even pick bit. up line to holds we properties the secured play out the little a on And should of turn little on capacity maybe a some if debt steady So top and here, that. able

Floris van Dijkum

Thanks assets those buyers? be be to or who expect And will do people sale? that are going your your Phil, the held cash - just assets you the for Are those are helpful. no in of buyers that's view financial

Philip Mays

that's question. Floris great a

assets Some low assets. definitely sold per are of buyers value cash will pound, and those or these being be

Again, from are I about not what And knowledgeable point rural, in this our seeing respect I'm they this we're this, part on assets that pretty are becoming that But expert but level with financed. of to think based we're to at market. an could the not LTV the we be probably that just an more probably at finance. assets just that be hearing, stabilized core of could we're are perspective kind that that financed. portfolio looking

the probably again, just market based put at seeing in now. debt So on you some XX% it. on that wouldn't But be right could what level it we're again,

Floris van Dijkum

one were it in get well, TI very question obviously one-offs or terms there down the in last some Right, lease your new spreads? [technical I numbers I'm the encouraging difficulty] just of where sustainable there? noticed as leasing, is

Robin Zeigler

yes. So

Bruce Schanzer

to hand Yes each sort signaling other. we're together, so of

Robin Zeigler

will are effective as and to and it highest tenancy. is. want best to not strategically, elegant amount the as rent that least dance the Yes, that I each sure that on have is leasing look attract we can the net for so never we at each forgive capital always getting I paying sometimes crystal through rent deal and be. that we're and of as get TI, how deal we making deal comes ball far it that to as sure each getting as Related mean, that our a from quarter-to-quarter making

will So know I future. saying wouldn't on but be TI I we a picking and be quarter-to-quarter. dollar that I I continue either. that for and you it's say - the wouldn't as a same What higher same going deal-by-deal any from amount foreseeable lower the wouldn't basis, would approach we will that, strategic specific necessarily take far as say say is thought to that trend

Operator

Thank over the back for you. Schanzer to to would closing This remarks. concludes the question-and-answer Bruce turn like I session. conference

Bruce Schanzer

Thank you you ahead. to the look joining We the continuing in Cedar shareholders to all for wish evening. health months interests and forward its and good all this us advance of

Operator

Thank call. conference you. concludes This today's

a disconnect pleasant Thank may participating your for and you You have lines. day.