Cedar Realty Trust (CDR) 9 May 212021 Q1 Earnings call transcript

Welcome to the First Quarter 2021 Cedar Realty Trust Earnings Conference Call.

As a reminder this conference 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 Jennifer Bitterman. proceed. Please

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 First today's Zeigler, Financial Good Chief Executive Officer; Chief Conference Call.

statements. that by please differ statements statements the and These statements 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 for 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 X, reminder, this May 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 Bruce? 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

for Jennifer, and XXXX thank us Thank Quarter you Cedar you joining Trust the First all Realty for Earnings Call.

$XX In significant to quarter last well to quarter the to positive with who the Before address end venture financing quarter, Commons a colleagues our the and week like of sale first and a our of working collegiality, we diving collaboration closing our tirelessly lot a XXXX of into The into joint Team the would first roughly activity excellence. call and redevelopment, by phase as moment Pennsylvania $XXX a closing our take a since progress February, in the that this in since Northeast for will closing and and discussion of continued for of everyday the dedication of a the million. Dubois million accomplishments the I accomplished recognize continuing have have the maturities evidenced Cedar commitment for Heights as as with a of my

at our points XXX another quarter, of collections improvement April. first with were strong the nearly in XX% For basis

new the with occupancy resolution have palpable. the and has NOI rate done. approaching execution make recovery collections real are a are pandemic, are my now begun bit to opportunity as during to starting significant the growth improvement is to with credit we This leasing deals tailwinds Our to more remarkable sure is to come. with Team economic in levels pre-COVID green focused anticipating get on and we decision and this phase The our been Cedar to our and a of our industriousness colleagues focus hopefully our centers, pick positive up ideal many volumes grocery-anchored portfolio are seeing proven is especially have spreads, shoots pipeline and the retail which to to of years assets. anticipate and exploited. We fully leasing estate ago be leases. shopping are build leasing Moreover, the These keenly on real performance

from centers of his we complemented office team we joint yesterday creation the our value have far the Asland and a thank building and our it the of acknowledging project. $XXX that commitment JPMorgan diversification. come and of is Sachs of both to I is DGS like and the the Goldman cost Similarly, potential what during now speak Group redevelopment of centers. example of prime running Heights of advanced and hand. for at million investors I of mater resilient approximately thrill is Chairman have these significant an platform be acknowledge approximately for is opportunity which significant this financing However, particularly and the centers, cash has with The shopping Rather, revealed the the to would stage the Alger their in assistance the to and to at loan it the the this have joint with Jim that Cedar portfolio creation announced a proven is Sachs and Simmons and team pandemic venture construction simply be this Urban redevelopment for million and as it structured is with adept is Investment by have his from of us estimated know building being getting construction a Northeast project. this Gregg Gonsalves, most flow to how has the $XXX I our first financed at are attractive venture phase The that balance sets and in represent Dan to come to alma not DGS attractiveness partner institutional for Asland for period projects project the I like invaluable would which sophisticated successful fact on transaction. value that we at sources closed. stable platform an a to grocery-anchored Goldman

stewardship like both JLL and of to Roland equity able sourcing the matter. team their debt for patient for and the I'd recognize this Lastly, and and Merchant

project commitment well the development community to I would finalize and professionalism the were Cedar helping get able for efforts. thank JV, we on incredible her is redevelopment that has in outset. local Robin the and individual Robin and is the And be particular and their acknowledge venture joint concluding out remiss Northeast our Before of Heights as it who from her do transaction if team I sincerely driven this at due cause energy, the ground. to the the Zeigler DGS not the as of to

weary. on have building will at get few this me closed. so outstanding behalf XX-year Ward Cedar rest who deal. for efforts now actually on $XXX is vein, her did not X, Sadly our to CFO, mention I citizens a there an Phil Robin, no Robin the Mays, so, add Cedar shareholders, approaching secured commend transaction a anniversary job, built, million we similar financing in to might the with the be our In for I And want getting his of of weeks, to

As price and loan our have you our well closed with secured properties and a might proceeds thrilled imagine, feat valuations of getting a priced financing levels, today's not the with and on for-sale in sets It closed. backdrop was other secured which at is loan us the similar assets noted for in the are combination simple sales in our XXXX to for This be we XXXX of placed and financing we to transactions. it bank facility. effectively in a refinancing shopping environment connection maturities proceeds, asset through up the pandemic seeing a markets should the are centers new retail

example, valued price we financed similar sale the footprint. cap For rate we're levels assets at geographic at that other our X.X% comparable within blended a assets, were and cap for seeing rate

our that a and the an our of upside recognize estate. on market of NOI. Importantly, depressed because these on estate on we have a significantly transaction informed is the there dynamic it after financing have offer, are retail noticed resilience is who and due closes, the particular, this of as the the willingness within if filing view of rate artificially to report might in not investors investors quarter. is Shopping second to hand, Camp and for a who cap contract still properties retail the observable purchase NOI, Hill The in receiving is retail centers function all the the unsolicited markets contract institutional single-asset of simply real with grocery-anchored between lowered quarter. and in lot disconnect when in have shopping this you Rather, private phase, the lump It diligence other which more Center bearish be hand, in this so one markets the the together; backdrop may extraordinary and will the public universe place where is larger under real the

publish rate of and in our quarter be subtracting after debt at share annualized $XX do to so value I a result that would share. per would NOI we starting note over will NAV to and preferred While this time, per first applying cap X% our not not do a

capture transaction With cap what a is the valuation we the are a mind, financed projects. X% at think share cap not the roughly our observing, none described do I over upside price Cedar's cap per currently today. our rate of activity mention these warranted Rather from at valued think we I of current Board of conclude portfolio to Keep off NOI do with rate, that are being certainly and I or stretch is announcement. figures rates related is market. recent would applying assets our share, our in an which is a wildly rate for cap redevelopment recently X% stretch a additional $XX a in

As directors thereby, directors; you the At new June. our Darcy a Sharon will made shareholders. was and Roger was Morris, the by and three may we increasing Richard seen meeting XX to annual have adding to in reconstitute Board decided Stern, Ross until Board significant Pam number and from after in our consultation be Widmann the of of Hootkin incumbent directors with decision which Board. done time This two reflection retiring our

their and Sharon contributions. Board and to to forward excited Richard We are look to add the Darcy

Pam well accomplishments However, transitions and Roger Board will missed. for have team collegiality date. have cost for offering our for our all and this for integrity, life With my entire years my we who that, industry us. give to Pam I much so in are Robin? of I you long-serving know Roger their directors to since and of and many thanks like heartfelt two done as speak they Robin service paragons directors expand our terribly given a on at losing the of came and reconstitution fellow be company. they to Cedar both I gratitude are as each

start to Thanks evening. has at Bruce. strong gotten Good Cedar. off XXXX a

traffic move though other activity the pandemic. side patterns it leasing the are upward of we to as and seems recent as approach we Given customer starting

remain at robust April. rent XX.X% for end Our the of month of XX.X% as quarter and collections

deals Norwood renewals momentum foot XX,XXX Shopping spread an Center grocery undergo An portfolio. and the four Our two leases square Big executed XXX,XXX square has paying for that quarter with leasing flat positive quarter, new of deals foot and XX new on including per former were store base their done is in X.X%. average leases volume will non-comparable prototype X.X% and rent. at is gaining The construction. momentum were a XX additional expansion into this completed under been demolished store $XX their Y meaningful anchor provide currently square new executed the executed of feet, comparable six this spread were a totaling

some Plaza the we serve square will a catalyst Yorktowne paying on previously with foot buildings, shopping this but for expanded with the in Yorktowne feet pad A Yorktowne, the merchandising the the This value-add square improvements. transformation Plaza. process. GAME fully store. $XX due value-add and signage, We The is XX,XXX redevelopment take as minor are includes new will base center to was in pandemic, of was at now perform this restaurant plan entitled new rent. façade, lease at improvements GAME per for sports new the hold The landscaping renovation. undertaking project this redevelopment The executed opening will quarter entertainment put

for Panda Express. executed and Donuts include leases Yorktowne IHOP, Dunkin' Additional

center seen good York. have leasing in Plaza, We recently renovated at Massapequa, New also Carmans our momentum

Hour XX This left will filed center previously, three feet at space last reported tenants. was bankruptcy backfilled least As XX,XXX year. with square be totaling Fitness the and

Island This school, which a XX,XXX will quarter Planet leases per the for Swim, feet, square swimming $XX.XX paying with remaining we and Fitness foot; in lease space. the swim utilize and Treasure with square executed pool

and are XX,XXX Additionally, space. approximately York corporate to feet rear of the square Port lease Plaza occupy to the former in XX Washington, from we headquarters our New Fitness Carmans Hour the moving

well during to complete as have was to addition and anticipated facade has to be Yorktowne improvement. to the the highlight. which recommenced by on placed we In fall landscaping Crossing, hold work is renovation and couple of XXXX. This renovations placemaking a finish pandemic Norwood, Fishtown of as other value-add

at quarter for other Plus foot announced Supplies in This pay to feet $XX There per This leases center be square store in are the square we base and Pet rent. tenant the in roster. Fishtown negotiations quarters. will added several to subsequent X,XXX take

which Maryland, We after evaluating project replace negotiating begun Kmart also a will Hagerstown anchor Valley couple renovation box. a value-add leases we for have that of in are we effectuated be currently a Plaza finalize former to

Outlet XX.X%, a this is is a by closed which March Jordan moving XX, a leased This occupancy the is Plaza Same-property we quarter. decrease World Ollie's from Shoppers prior to at caused and trend, tenancy offset the momentum Coliseum occupancy as vacancy joining an Valley quarter. Shopping X.X% is upwards from Bargain Kroger by primarily leasing due Marketplace, leased quarter decrease While in of X.X% at Center. with of Lane XX.X% prior at

Our projects redevelopment occupancy impacted in is also our the directly by portfolio.

prepare occupancy XX.X% while properties and for in is future the overall same-store Leased those leased in resulting we increases. for occupancy portfolio retenanting, centers XX.X%. of occupancy XX%, temporarily As redevelopment is our redevelopment leased vacancy

Goldman the as Asland In General Realty XX% and the closed with Washington JPMorgan, D.C. Alan Cedar at an addition benefit all and the phase. end Northeast construction for for to Group vision XXX LIBOR to contributions for construction like first basis growth at did venture the two is of venture of finalized to closing Partners respectively. help at echo, The Group yesterday, up of Dan would of the for commencement the conclusion. for owning years Heights team construction Sachs thank options. joint a venture and inclusive and Investment The own from $XXX your headquarters. construction on Capital Goldman Sachs forward co-general Bruce's Sage venture joint occurred extension I Asland, a partner interest and Department sincerely this loan they to has has one-year major with Simmons financing Similarly, partnership I acknowledge, Jim On of each and quarter this first partnership and Alger partner Ward Caleb would and to the XX% shared the for the Urban initially their entire milestone an Xth, Trust along from May our secured with as partnership. Investment Urban We will from refinancing look X. and plus initial points formed phase the and that three limited other million. navigate our conception Cedar Goldman to of the continuing Ratinetz venture comments term Cedar Services to post and with from that of bears Asland, joint amount

would I professionalism was no takes we thank our this Lastly, often say, to their and that it tireless Merchant the JLL village team on a like behalf. and Roland venture and for efforts exception.

partnership. to first forward of We Heights are phase looking this Northeast commencing with the

and neighborhood. The plan ground XXX,XXX phase This six-story office fast of anticipated restaurants. consists and two residential at Northeast for will often DGS Significantly, talk house to is doing costs. retail doing Heights to the project include shareholders, incur of Northeast for River approximately about predominantly retail East in phases is square projected The Shopping in of centers, foot service XXX,XXX to first our for which square Heights casual $XXX a we and our million a floor while community. feet mix Park redevelopment are square building, the headquarters over of Subsequent planned be good mixed-use XXX of into and the retail. well office merchandising Senator shopping existing Center phase Square professionals XX,XXX foot Cedar

action. the of now at into going commencement is gratifying facets to One edict of that the of put that, are we Northeast construction Heights

neighborhood I rich services returns community Notably, This We Our retail, that for of and neighborhood, you come. vibrant corner provide simultaneously Benning, vibrant access phases economic as opportunities merged, is housing. a projecting quality and this for investment that, brings greater of to are generations to to Minnesota shareholders, the start. generate fresh benefits serve. empowerment, give our community creating food, witness fine and we while to Northeast into that, services a for Phil. will we that developed X expected this D.C.'s at Heights the and into the to Washington are Ward quality healthcare to is the attractive area off year new will anticipate With

call, with, and operating our update Robin. balance highlight results operating Starting briefly Thanks provide on an On this results. will sheet. I

share NOI quarter, FFO $XX.X or property million was million. the was per operating $X.XX and $X.X For

significantly the NOI. This relatively in larger NOI quarter, decreased with decrease Norwood X.X%, compared not of comparable year their Y size was to that XXXX, at at closing was and This is temporarily the affected the the new Kroger, another include keep property snow to the took of of NOI by in store comparable mind dispositions began, period expense, last the Marketplace in our as as to primarily $XXX,XXX along same-store Coliseum removal net impacted pandemic. XXXX. late pandemic Big $XXX,XXX property Further, small from please Same-property related almost timing did and closing discussed. construct Robin when period place

was property million. the Our Accordingly, just equates for NOI same-store a change $XXX,XXX. to $XX.X quarter X%

yesterday, the sheet, was Cedar, a as balance closed for we to notable Moving day transactions. three

DGS joint Robin. and venture First the discussed by Bruce

The are pool groceries property closed three terms transaction, of, disposition We decided we this pandemic operating our depth centers mortgage this loan. last the and the million, we began $XXX with utilize we with able were states Second, located non-recourse appetite finally, while in in for for working Pennsylvania the to million under and different in $X.X shopping third Western Commons order enhance on remaining Dubois, of still three loan, the achieve. pleased five lender brands. In of cross-collateralized a to to on

And marketed transactions yesterday, borrowings amount credit ensured available additional facility last our $XX loan to permitted is have $XX of previously at maturity our marketing under broker of credit Life and Bainbridge After XXXX. value, additional a years One and was million be discussed, we maturing our revolving of million before year. interest funds payments fixed we to the have And interest-only XX% in can loan to these companies, centers, this call Guardian opening reminder, only at a to as with with XX-year outstanding have a shopping open the life facility debt in questions. extended strategy, close grocery-anchored five Company, I'll the reduced that, of option, CMBS and loan the closing to for call X.XX%. rate diverse credit This September Additionally, broadly of million cash. pool a broadly facility $XX to for debt our one our lenders. questions, revolving us

Instructions] [Operator Thank you. Thank you.

line Capital the of is KeyBanc your Our question. coming with first from Todd Please with Thomas proceed question Markets.

is of Northeast Heights, Good to interest the been proceeds the questions by asset? Thanks. and Cedar Cedar's congrats I'm at available are A joint all the XX% that Hi. limited capital afternoon. the Cedar on you've at while. contribution I a And a commitment venture to working on or general promotes any partner? there But curious, of couple way. know little to as for

Why for thing I specific of definitely Heights Although, a take over and just don't Senator special the sits getting Robin the line, finish overall your kudos really that? parcel. the effort this on particular building Northeast Square it DGS team quarterbacking the terms in question, to with was side this and of

were part event, adjustments that the of the way us to And we're as And you Simmons economics going the organization And Asland. example to So we going context forward, get we because promote that really is River than of that, Jim a the to project payable is waterfall to as this more that, lot that And land and side. different, get our to going a ground. helping to can the of mentioned, detail in side be of in. capital subject the with on contribution were that disclosed on see JV. we done of for the own terms of there's the in the and share the a imagine happen we finalizing co-GPs filing. were able East formation in and his back contribute put was we're of going if is that to that to The GP in some going effectively terrific in in nature work the all be we

or partners just to is at redevelopment there rights timing? us you And update future of for specific a future to are participate And venture, phases all Okay. asset? phases single-asset also the and this in the on this any can the project,

Sure.

be the I kind handle your there's So in to and that explicit why Robin hand about happy words, yes. right of, real have these contemplate talk future phases. part continuing first we're right. the outstanding something be But to other lined it first In economically. agreement hand gives no don't our for over not to time are best the the assuming second what's and of partners them do one part? we'll things at all to really, answer And on certainly, I'll question The that But would necessary to partners well absolute then is to nature them. continuing while for with them, and partners and rights, up finding to organizations, the that same but certainly, partner endeavor capitalists JV with an our good respective said the recognizing there's some we

bit a the certainly obviously, be we while of few But we're lining do there's something we Heights these timing would Northeast next that, maybe, and let little not group. so, of phasing target. it's to of a we moving that's for little perspective, moving exploring recognize expand Robin Heights from a up certainly financing on to little a The how phases this a coming I'll bit capitalizing phases while plans together see and Heights although, the with of And well. is target, it same Northeast a open it, very subsequent Northeast bound in bit

Sure.

alluded to. say DGS but four it it's the suffice the I as can or the year thought process, about not break as certain we when headquarters is will the in with phases, The of And subsequent timing XXX% next in are Heights first so. that being the to So entirety Northeast to in would phase. Bruce phases be ground,

trough? activity, you of with in tenant I you rate That's discussed a of occupancy the Okay. operations. a up might you helpful. all and here, during quarter. to the Kroger Are you'd expect to Robin, begin in Do where and closures you I point sticking All for sense have climb to these portfolio mean, see the occupancy Then to guess, rate right. lease lot the leasing terms when pick higher? starting see

Sure.

from in pull always the that of off -- pickup out my retail activity folks' crystal I we ball of activity of over So dust that have transaction people brush pandemic kind just things happening, as a couple watch on seen kind But of general, hesitate frame. last and in in on to as this. that's -- months, like from we a been desks the the off kind dust during fruit and time the was low-hanging sitting the

And people activity. And about new now stores, see that way more we more talking are looking deals. transaction opening are momentum so, new and to starting at

kind go as seeing, of as just an leaves to both reading within uptick a from see revenue economy, that. expecting in -- of, perspective are what tea more quarters, from we result we're occupancy the seeing, a coming a well we theater the forward So and macro of as of more the in as

on the Todd, And and -- would is of intentional is it, associated just Cedar's that negative expand a significant appreciate statistic statistically, the projects. to function redevelopment that occupancy is here that, with just with just that's a important I there thing percentage to vacancy the interject

to closer at alone, the -- basis XXX vacancy. fingertips. basis at that so, And statistic I points of But points at vacancy, don't probably my least have least of XXX

drive the of a And opportunity opportunity clearly is that think part recognizing so, redevelopment about whole thing the statistic to that we appreciate. occupancy, important an baked to again into when is

Okay. Thanks helpful.

the prepared has at redevelopment occupancy example, of solidify then, Bruce for the XX.X%. leased I the that But numbers is portfolio And mentioned to in just an remarks. gave while portfolio, XX%, my it same-store

that's stabilized development and spread properties those projects up that and portfolio will well. as and naturally Where those the about. as that bring get then actualized So he occupancy the talking was are development that -- the

the while are And expected the to term occupancy projects Okay. motion? in in these fall near is redevelopment further,

And little much the is see Kmart projects majority little be more. the more a handled been and occupancy couple movement Yorktowne we bit of in for There small Ollie's it a made there. by so we're looking a the up of might couple bit you're But see and essentially fully are might stabilized. up we at. box we There's Plaza the moving a and get before more of Norwood. shops There leased large, around has of number that it already for won't where Valley

Thank Okay. All right. you

Thanks, Todd.

Thank you.

next is question the Baird proceed Please Our from question. RJ Milligan coming your of with line [ph]. with

Hey. that's It's Raymond James, all right. but

your seeing color on appreciate you there are on terms if rates. getting some I'm what give just from I First, lenders. and curious NAV could cap rates guys comparable out you're cap comments in you or the of transactions

Sure.

rate So, in the blended cap my again, the X.X%. was prepared that five into as I mentioned remarks, on assets we contributed our financing secured

been We're the pronounced. they're grocery-anchored that are now. the assets getting assets. really transaction equity markets cap pricing the have correction, kind very and private Northeast of sale as our of that example, has grocery-anchored types assets types And be for would in firms, much Mid-Atlantic sort asset rates and quality terms feedback that the some one getting from of our in amount there that these happy recovery these right fair of remarkable the expected in of words, for in of footprint footprint they're activity of than much, lower market a seeing are in other We to that in own of getting being the

supporting of financing advanced very transactions we're we're have certainly the seeing of the a supportive single-asset side. financing the of in that now, period. pandemic through On really types post-pandemic it's our obviously we're Right the really the and markets side, And sort financing the phase are and seeing. pricing Phil on that heated up

that So rates in the are footprint. grocery-anchored regularly pretty and very in to we're again, Xs for something that assets Mid-Atlantic Cedar seeing cap similar the Northeast

guys. for Thanks. That's me helpful. it That's

Okay.

Instructions] of you. next from is Floris question. with proceed line Thank with [Operator the The Dijkum question Van Point. your Please Compass

your the question lines but the together venture anchor anchor joint either or you've looking in along have one for investments? ways highly lower lot you the taking about you put to new lease a out boxes redeploying before, growth, or parsing leased sort to seen at are as of of reduce guys. My of I'm have that And assets. and your thought boxes rate, and question Thanks arbitraging lower and net same leverage make that for RPT between is you my that sure cap portfolio

saw would personally have Harper what at see and sort regard I that just and high that I him obviously applies it if off is when that noting in considering -- we hold I endeavor Cedar And CEO. to and think could. terrific of start certainly it First, by RPT we to Brian a pause digest announcement how

So manage way that opportunity. that asset in portfolio assets ways certainly, arbitrage of that out or is assets can them potential is manage an to monetize carve and in something pieces or other it words offer we a us

be certainly in selling things it. example the about Hill of risk-adjusted mentioned of capital we comes And We're that and just of cost call assets. to selling is this fact to open-minded, sense one anything an that allocators Mall I Camp we're vein, and capital would it locate in could for returns. our whether that selling sense. does the it's buying call Center, simply fairly we our made that it Shopping think And assets we're One that Camp or try make that example of Hill We're that assets. the

leased about centers having RPT arbitrage assets move an it shopping open-air not something and if of turns is out pursue. try what that see And undertaken if net will that this don't we to it if something be might there, it's the is that we'll think be nice still it's we If the things multi-tenant, between to that does I exploit opportunity one works. it arbitrage and pursue. would there, it single-tenant

So now, tell or a that But are the will monitoring I us bad folks certainly that something it's can't justify it's that you actively we're right smart I good tell you idea. that can certainly RPT at idea and it. a pursuing. very not

something someone include have then does do like to Goldman would terms something and South -- of a Quartermaster these Asland some venture opportunities potential that Thanks, Bruce. growth maybe And in you or like pursue have, Goldman joint to assets you in Philly? you other come with of

I Look of tell comments. make would a Yeah. that you I -- would couple

is. all, grew really obviously know tell the that and team nature Urban between folks. admire is Goldman. that Investment Jim that Asland the relationship don't came of and to between Caleb Simmons Asland the and Asland of I Group mean also we What is relationship Ratinetz First what at you we Goldman admire absolutely would I and I and to

about what how was We the of be about cost to capital we in allocators. it's that capital think thought think building. we of and joint the come To they we the comment, going happen come and about ventures how be venture right the going ultimately are fact to And have with so in be would something my mentioned that secondary is whether it together plain we're almost again, doing open opportunities And they forward. together, return them. potentially as to context earlier whether to to about I doing the joint DGS

it. And that would necessarily is capital are I it's just time. opportunity be would do not be function our the and we at simply so, you various doing the to It'd open alternatives certainly what only a way the of but what it, tell

That's Bruce. for Thanks, me. it

you. for remarks. time, back to I'll the over turn call this Thank Bruce At closing Schanzer

as us Like thank really I events as been reflected comments, It's at Thank you, evening. my recent team, I the to advance and hard. evening. again to all Thank up a in mentioned you the we you and It's strong years and to and able reflected in continuing here Everybody Thank conclude forward continuing the have yesterday quarters to this results wanted ahead. good in Cedar really Cedar. have results. the pulling put closings months operator. and in Team that we for to were projects our joining look

you. will today's Thank conference. This conclude

disconnect lines and may for your this You thank your you participation. we time at