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LTC Properties (LTC)

Participants
Wendy Simpson Chairman, CEO & President
Pamela Kessler Executive Vice President, Chief Financial Officer and Secretary
Clint Malin Executive Vice President and Chief Investment Officer
Tayo Okusanya Mizuho Securities
Rick Anderson SMBC
John Kim BMO Capital Markets
Michael Carroll RBC Capital Markets
Jordan Sadler KeyBanc Capital Markets
Connor Siversky Berenberg
Daniel Bernstein Capital One Securities
Call transcript
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Operator

Good day, and welcome to the LTC Properties First Quarter 2020 Analyst and Investor Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.

Before management begins its presentation, please note that today's comments, including the question-and-answer session, may include forward-looking statements subject to risks and uncertainties that may cause actual results and events to differ materially. These risks and uncertainties are detailed in LTC Properties' filings with the Securities and Exchange Commission, from time-to-time, including the Company's most recent 10-K dated December 31, 2019. to or update of circumstances obligation to forward-looking this no events reflect after undertakes revise these or statements presentation. LTC the date this note, event being Please is recorded.

to like ahead. go the And Officer. to would Chief Executive now conference I over Wendy Simpson, Please turn

Wendy Simpson

Call. and Conference you, First operator, to XXXX morning good Thank Welcome everyone. LTC's Quarter

Joining me our our Investment Officer. Kessler, Chief Officer; Financial today Chief are Pam Malin, and Clint

sometimes is risking the wants LTC to and of First, their COVID-XX and the clock afflicted acknowledge safe who recognize otherwise around fighting everyone for health families that their care and to endocrinal.

in can to truly field. on can do you as much is level, believe what not read comprehend going what As the I the battlefields listen being and it’s you about like that in actually without

been of the will there is The will senior society, progress much done against has in sector. us any some experience currently housing but for in this unique of the and by been us. that bring care forgotten environment, has normality especially the an those world of operating be made not All

strong and network are built are a the the they more are they are operator the they has and doing, exercises be we making, they care proud the LTC lives of giving couldn’t work saving.

and recovered could These even later the or and best hospitals information cases. the who governments possibly reports, regarding or next COVID-XX the to are people still officials, President numbers their providing those News of were have your from died via the local the virus. door neighborhood website include number that diagnosed diagnosed

available people infection problem is that evaluate short fighting other you’ve the that in COVID-XX and time, very people active people. One who so labs testing is disease tests appropriate to testing that can finding in reporting Recent taken. is more many the enough and cause action with are carriers These a equipment be having huge in asymptomatic. shows

nation, present only At before, attempted of regulation staffs made testing and said who operators hold states. dissimilar have have is all up of we a we this with people. varied their the laws and time, huge others are testing states and of XX symptomatic residents and and I As XXX% who have in investments

In each positive testing for and for any only protocol is caregivers. is that COVID-XX the case, resident cared COVID-XX negative by isolated

and cannot However, the one be if is caregiver does the actually negative. testing, caregiver COVID-XX facility do asymptomatic, sure not that XXX% is the

are in in them We widespread contacts us contagion to properties. close of asked our and our any with operators alert

some to do tests difficult not. some is It compile are that comparable, when XXX% are and steps

including Some who away are who numbers all but passed include cases, residents have have tested or asymptomatic. recovered positive,

REITs cases soon. other of report active in will property with report completely extrapolate the to their or desire to day to us. the compare to only get as We data some Some they report understand who

have reported information from data COVID-XX days our during possibly from We the and spanning XXX all to positive best information can that, requested XX% the of able active. XXth. reporting the are properties date this cases. our operators April these XX this time, were of At is period, positive updated XX asymptomatic to provide Again, we and COVID-XX supply XXth cases,

likely and the these contagions. You additional PPE the of in sufficient problem of And contributed incidents heard the sanitizing have supplies. high lack widespread all acquiring initial protections of to

anyone’s remain supplies these persists, and increased costs crisis this less shortages are explanation. becoming beyond As have scarce, the but

value. recognizing industry you hero reward almost have try an to employee increased enemy. and pay also and someone these incentives fight an acknowledge The do but is invisible to unbelievable other with heroes The what to costs to level, pay their

industry, operators in LTC. to we and health the and our continuing with working operate are While manage care support of and

when opportunities Pam of to us talk remains shortly challenging our will LTC investment capitalized, new conservatively transactions backdrop, about respond highly sheet and which allow and business Clint recent liquidity. reasonably will assets be talk will classes can pricing our calculated. this the about to and liquid and balance Against future strong

with lay us become to growth, Although and a arise. our we more will the when is continue allow take to of that respect opportunities uncertain foundation act time XXXX the advantage as market they has right swiftly

While markets, investors. as and includes some are we and to pulling care fill private operators banks which regional smaller investments, our smaller in now transactions, and housing the committed void senior are long-term equity bankrupt senior well-positioned especially target

in underwriting will currently confident transactions role. would broken am to continue process that restrained. will unlikely near-term any LTC caution that I close LTC diligence play given and and leadership I a is that is the major however it that

partners Given current our situation, that a of deferrals. rent have handful surprise it the comes requested no with

assessing We operating are each while request for the our exploring we as are and collaborating broader and make to sure and shareholders. are actively being company of implications partners with needed, mindful our helping

just has not on had leased properties about It operation LTC. details partners’ is later. deferrals will us additional COVID-XX to and impact in entire our understand important provide the rent Clint they for the

more larger to will PPE, and sanitizing cleaning reduced challenging with of operators QX and payroll impact to reduced emissions We and than revenue. financial for due with related cost-related be even our XXXX impacts coupled believe QX the to the

could these release will point, how all it of see at are provide We of programs some to out. financial more closely we programs. or talk this possibly to assistance waiting are about But our watching plays partners. several some that Clint

which no straight-line losses. of a requires in accounting was learned GAAP of At I balance the million XXXX, provide had QX, $XX despite anticipate possible an a profit, all maxim end approximately this rents for receivable. LTC as accountant

follow multiple theory, straight-line believe uncertain leases does this many least, they that environment. not opinion, not in or today’s accounting does at year my In

of quarter, do every continue to we As receivables. rent we evaluate the collectability will our straight-line

the future, all not straight-line of of financial operated the that could we of result environment, in rent that historic will receivables. collect or some a As sufficient determine on effects there our COVID-XX this and strength, economic we our is probability

in lease FFO accounting current equity. it the Should that off accordance guidance. rent determination straight-line with but write-off shareholders’ Writing XXXX impact not receivables be in would straight-line made, we rent would receivables would FAD, impact

the limited to currently XXXX suspending visibility how COVID-XX we the and to effect uncertainties the remainder XXXX’s of are we related guidance. face, out, of will play into Due

I Pam. over will to Now the turn call

Pamela Kessler

of $XXX,XXX Anthem, and year’s Total Thank increased Rental first higher revenues rents. from revenues were first quarter. rents due that completed you, a projects, quarter last and from development Wendy. increased last acquisitions transitioned in $XXX,XXX XXXX to XXXX’s write-off straight-line year leases

offset first due of to income additional $XXX,XXX projects. loan quarter. the funding from first increased receipt a Care of These from the and decreased primarily XXXX the rent for proceeds quarter expansion increases were partially in XXXX Interest Preferred by rent Thrive used and deferred renovation in

from $XXX,XXX unconsolidated ventures Senior Lifestyle. our from payoffs Income decreased status estate preferred joint to equity non-accrual a and on investment joint venture affiliate real reduced mezzanine income in loans with of due an

increased unsecured our sale interest of and in of XXXX million senior of partially of line lower the in year, due outstanding last $XXX,XXX, expense first the rates balances fourth $XXX the to notes quarter under credit lower Interest offset by quarter.

$XXX,XXX certain which from gain just to sale compared to XXXX, D&A million in $XX.X will a prior million due related $XX.X on due as the of of detailed, year same Clint in the Care the net first last the properties discuss. increased our shareholders the available year XX portfolio common period net quarter variances primarily expenditures increased expense to to income timing including quarter of to Preferred

$X.XX quarter share and the was period share FFO XXXX last of for $X.XX NAREIT diluted for per the same per year. first

in related to first straight-line Excluding $X.XX the lease Thrive. in of rents transition $X.XX non-recurring of in the the rents per a year, quarter XXXX, to FFO items last items and prior XXXX. of receipt compared deferred year the included share was Non-recurring from write-off

due and The higher income G&A, unconsolidated and revenues. partially offset decrease non-recurring to from ventures higher items joint $X.XX FFO lower excluding was by

During the first the proceeds $XX.X quarter, in million portfolio. the we XXXX Preferred of net Care from sale received

under million the of million call. in our quarter’s line skilled Texas on of We detailed $!X.X acquisition repaid our in credit last center invested and nursing a which $X

million well monthly and under properties $X per dividend. and capital we LTC’s loans, in $X.XX share on funded projects development also as as improvement own $XXX,XXX mortgage We

$XX.X June dividend declared monthly months April payments the First Xst, On quarter of dividend million. share XXXX. XXXX for of totaled and May $X.XX per our we April,

we $XX.X million. development XX, under one March property commitment At of remaining with a owned

remaining of four Michigan. We expansions related and in renovations million loan have properties on to $X.X also mortgage commitments

repurchase During stock an the per share then total quarter, we investment price million. purchased $XX.XX of our program XXX,XXX shares authorized at LTC of $XX stock of for commissions under a approximately average including

the in terminate Board buyback strategic to Shortly and changes the uncertainties the significant they COVID-XX. authorized ongoing plan decision after our given made program, surrounding a the markets

our goals increase strong One is while and liquidity flexible sheet. balance further on a to focusing primary now of maintaining right

and time the allow LTC for had increased in XX, transactions $XX.X this equivalents. compete believe when March is accretive flexibility financial We and to cash right. liquidity million cash will we complete better At and

unconsolidated of venture After from the the proceeds April on $XX affiliate discuss, Clint of we of hand. real receipts in in Lifestyle, will estate properties approximately Senior sale have joint with million which the cash an of

from line program have is LTC and $XXX our million under in This our increase available $XXX an our providing Thus draw to line million of on cash our $XX have to down further far, not earnings balance. call $XXX of under liquidity of credit currently February. We in liquidity increase total over ATM last necessary seen approximately credit the million with approximately million. of our we

risks a projected we free well flow, remains no and debt moderate over significant profile debt-to-maturity refinancing have maturities years. long-term next to cash Our long-term future matched five hoping

per in the first ratio debt value adjusted At favorably EBITDA adjusted credit times metrics XX%. debt-to-enterprise quarter, to a with annualized real times of the industry fixed healthcare and the end compared of of charge X.X estate X.X to coverage our net of annualized average XXXX REIT

leverage of markets in the target than of has effects on COVID-XX higher metrics resulted capital economic XX%. being from our fall-off long-term the our debt-to-enterprise The

comfortably below per times, of at target net below five debt-to-annualized X.X still times. real adjusted we However, are estate our EBITDA

Clint. things turn will I Now over to

Clint Malin

Thanks, Pam. transactions quarter Preferred five in today the first We the our quarter, XXXX starting sold properties spanning in items first several states. In completed the Care we I with ahead multiple XX dispositions. cover portfolio schedule. of of divestiture will

gain As was million $XX.X Pam said, and million. net $XX.X proceeds the sale were on

$XX.X properties net book value of a million. The had combined

gain Our million. last of the entire $XX.X property sold $XX year Care of a of proceeds that sale and one sale on was including million net Preferred generated portfolio

nursing consolidate Clint building of was another facility lease portfolio affiliate center skilled value in closed LTC down net a strategic into Healthcare. full an of market the $XX.X it on in and in HMG final same Texas, combined portfolio the master operations from Nacogdoches, detailed the our a leased made million. which decision HMG with The to property. had they’ve The those book the

preferred as Last four $XXX,XXX. a quarter, book April, held of being owned investment XXXX we it had non-accrual for proceeds is properties we which equity discussed of value The of sale affiliate net in by of March XX, occurred and Senior Lifestyle closing, received in shuttered That also on an property of cash million. currently sale marked a which the basis. a $XX.X

believe hold winding back, an it and recover loss agreement. the million a the approximately joint resulting likely provision In a the is recording of potential $XXX,XXX of we venture, another $XXX,XXX We true-up release in an down $X.X we of capital in anticipate purchase additional XXXX. working from securing indemnity will XQ

and cost price an XQ sales on $X.X million. XXXX, of estimate the the impairment on investment we equity recorded our in approximately inflation preferred Based

Senior majority potentially Centers Now late co-lessees court our I during equity emergence, hearing Care’s This sell new would and March. to who in discussions interest of provide lessees. Care that the Senior Senior an on disclosed ownership in in to bankruptcy were owners a emerged to the was other from its it prior Care like update

them Senior fail would any Because meet of LTC’s lease circumstances. all restricts that except We applicable permitted in master and changer provision Care the changes reflected in conditions master lease. and the of potential with control comply from our confirmation control with terms

we us in deadline, sale potential to with that relief our When declaratory seeking a equity a lease. the lawsuit relating filed Care and respond to to does provisions master any transaction judgment Senior failed injunctive by comply our not

and the rights under another good we transition it relationship facilities important a master to Care’s Senior are lease enforce to working maintain if to prepared we required. the we our is team, management operator with While believe

As a money on reminder, to all Senior us current through own Care April. is

the complete Medford, Living Fields is to to This real Next, receive living operate I’ll and memory Construction in expects its currently projects community. joint venture hiring care our update projects. which assisted and for you on our week Oregon. is Senior development Fields license estate staff on

continue Additionally, to Fields to in begin the under a Protection for decision will Fields Oregon. support but the which community. residents made the strategic can assistance lifted is Program, evaluate approved test LTC’s with has delay for stay-at-home and order time Paycheck the community opening the now until appropriate to admitting

next We you again update will quarter.

skilled of XX XXXX parcel with in a on bed is acquired committed with a Independence, a Resorts. to Ignite develop schedule center date. we post-acute Missouri Construction land and Medical summer, Last fall completion nursing

Moving living The to and of XXXX, on to Atlanta the nine fourth a memory on assisted community track of independent in loan we owned living, quarter second Park in the the acre to by be development and Living. mezzanine, operated be for quarter is Senior originated completed of in XXXX. campus Village care

the them window and end renewal We its believe on exercise given renewals in any June. that still likely XXXX. toward cover moment, first significant the of for only renewals is Touching be will eight which in to window a renewal option. the delivered in notices we the lease contact have properties in close states remain Brookdale leases, are Brookdale our through XX with is

we deferrals April among As partners. collected for of Wendy rent. need the We mentioned, rent assessing majority are our a currently

a of approximately and majority deferrals However, six of of approximately April’s deferrals the rents. X% in Total $XXX,XXX we contractual housing to granted rent represent operators. are total senior operators whom

and approximately mentioned X% X.X% have repaid in the amounted security $XXX,XXX provided X.X% in Of would X.X% and deposits April’s of look been contractual rent, X.X% deferrals to to from have rent. $XXX,XXX April, us we to deferring we $XXX,XXX reducing we just chosen to effectively Had or the rent, to apply respectively. I from percentages already deferred the

in deliver may an basis. May We assistance rent on as-needed additional

needed program. across board an them to Instead, rent are with help anticipating are we closely working deferral the we partners not our most. are where We

Wendy mentioned, a in pandemic. confidence operators’ As our of have we through to manage lot this ability

EBITDARM times respectively, a portfolio. and times, living our X% nursing our times skilled and for times for to X.XX month on coverage, was Moving EBITDAR portfolio X.XX fee using X.XX and assisted QX management XX numbers, respectively, trailing and X.XX our portfolio;

Care reminder, a portfolio As the been excluded from has Preferred these metrics.

some in XXrd. COVID-XX. current April to would into provide occupancy trends you portfolio To I in information providing our visibility are of we like now give light of occupancy, as

private pay is our that occupancy For portfolio, date. as of

skilled portfolio, month-to-date. average the is our For the occupancy for

encompasses have April for beds. skilled the expedited partners closed, and of approximately we us private the XX% our approximately a month to provided data basis pay it’s voluntary on providing Because nursing our XX% units information and are our total of

the XX, XX, information March context, as we data. of in also about same the are comparative used population additional For April occupancy and sharing December XXXX XXXX for

private preamble, March at that XX, April was pay XX%, With and XX occupancy respectively December XXrd XX%, and XX%.

to-date average XX%. nursing, April December XXXX was for occupancy pay and is For given skilled in monthly XXXX, occupancy current March trends. skilled surprising nursing decline not XX%, and private industry and The XX%, respectively both

our already programs The are or biggest of provide be billion As or Cares has and trillion been plus skilled will financial healthcare Act $XX deployed. several Wendy nursing. assistance $XXX the there aid lease for billion some package mentioned, which X has to to industry, provided of which financial The is all shortly earmarked are will by that some assistance partners. the far operating providing

time, of nursing SBA’s this the private of to number assess the $XXX government Protection $XXX at billion, benefit portion which to assistance may in a a have of our distribution provided pacing And Program partners. also Paycheck remaining skilled and The health. also billion of continues

funds in distribution $XXX funding, while already received have are for billion that the additional of allocated. been others awaiting Some have

by At diligence with is a Obviously, staff finish that has transactional we same on time, access and and will focusing constrained by are operators for a pipeline. being properties than seniors focused on as is I market caring the the challenged protecting been comments on in COVID-XX few limited. to appropriately rather deals. our affected operating

yet return don’t normalcy or how markets. to when the will transactional know We

strategic the are and that So we emphasis we exploring products financing more creating operating capital demand seeing deploy best putting to are for for more best options in environment. ways current finance works partners. are Right now, structured on

loans construction horizon risk-adjusted in loans, mezzanine a shorter believe equity in vehicles return which include bridge preferred loans, better tranche These provided investments, environment. unit today’s could loans, we investment and

in solutions investors may investors bridging have releasing shovel-ready an loans where funding construction for providing by properties, to needs. with the who other projects funding providing return can their markets to them commitments have and their backed away projects, for while equity These maturing plan assist trapped normal, from their exit own liquidity through for liquidity operators waiting existing equity

Over the investments. acquisition and longer build term, types not pipeline but more also of only we a are continuing instruments, standard that to spans development these

close time. staying active the team development is understand over needs market operators business to Our regional the ensure of and to we

that not enhance rigorous but investment or Our create criteria, companies. that goal regional find is growth-oriented with only can need to underwriting our partnerships operating

Now to Wendy for back call I the comments. turn her will closing

Wendy Simpson

and you, Clint. Thank Pam

challenge questions, any we you employees and grace again families. you the to your open are Before work I for fortitude. our and express continue have we want health call safety patients with We partners my to know But gratitude the care to operating their every your beyond and you is and right to and now faith have resident will faced. that ever doing

also I to my from appreciation family sincere adapting quickly entire to for home to LTC convey without interruption. the want working

REIT that position to those to are growth. provide to a LTC clear foundation support us solid in time has continuing done to act differently. timeline to strive at is a partners, this future our I as to we Opportunity recovery, a itself, foundation limited will does on allow a for not while LTC’s visibility working quickly and while build opportunities present confident am solid good We be

do and to are and/or are right who need those able, you if in safe health stay recognize Please something now.

to are now take we questions. Operator, ready

Operator

Please question will of come from go first Mizuho. our ahead. And [Operator Instructions] Okusanya Tayo

Tayo Okusanya

healthy A comments the for couple you from my morning are well. as end. all I of all during Thank hope good call. you questions safe and everyone. Yes, the

you one, of April. about first your XX% The the top rents in tenants, collecting talked

paid Could some us of give who bit, a are you sense of, on those with give going maybe in them? a May? sense general of struggling have subsequently pay little Just whether a us what guys to tenants the again,

Clint Malin

Tayo. Sure, is Clint. This

than have on May gave for we which the rents operator going the less X% For conjunction right deferral in we April, April that of average – the XX% deferrals into our - have rent And provided probably we were only one that May, now, for. you deferral, for operators we specific the revenues. is with one

We requests point. deferrals May have for received not at this additional any

obviously being over Xst, we’ve Xrd the May weekend, and going of For this of month XX% Friday for interest rents Xnd collected as rents, Friday. being the and our

And rent Xst for we the during expect to us the time and typically come XXth. between

month. So every rents in phase

we that’s So May right with where rent. sit our now

Tayo Okusanya

Okay. question I That’s the whether specifics those specifics, helpful. And recent some as second housing numbers kind the occupancy you take senior the operator. nursing was, senior guess, and I on then up or number the overlay XX%, are had occupancy a gave, through, of when two most XX%, typical I skilled nursing housing it’s you of about again skilled operator typical those numbers, a

it down come coverage pretty occupancies are has kind significantly for if those And does a while. then that rent suggest sustained of

do two? So, of a world regards, in or of for how you that big perhaps occupancy, really that becomes the drops about if quarter state in you think kind have the

Clint Malin

are I especially the have mean, some - that and I mentioned for PPE, increased those Wendy staffing cost as definitely, challenges. with operators

been those funds loans as that our Cares skilled waiting received being the or in providers on participate to in. funds our portfolio far and operators able We some come SBA funds deployed of the Act to as on have have have seen the

helpful for going been it see well. to it’s challenge. a decline, as we need little become But But does occupancy operators more does to as come. So that’s where

we out be suspend not we we through this are forward, as the go why because the the guidance will that provided is This could exactly guidance, different where sure assistance as far additional any pulled are going that programs there.

distribution. $XXX still is funds waiting the Act that Cares in of billion There is

probably and think do normalizes. be following the We pace, pick So, at faster likely period will up a of sort it see. skilled wait occupancy that will time a it’s

Wendy Simpson

has PDPM October. increases. and just some to have implemented rate states hit a in rate government beginning coming CMS is increase And the

Clint Malin

also as count – they suspended And X% is the sequestration well.

some is as the rates. on but there just So in Medicare Medicaid benefits rates, in as state well side,

Tayo Okusanya

I’ll yield All Thank just right. you. in I’ll floor. the the Great. queue. back get

Clint Malin

Right. Thank you.

Operator

Anderson next SMBC. question of go from Rick Our Please ahead. comes

Rick Anderson

Hey. morning. Excuse Good me.

not imagine. stuff to I call, great lot So, the easy a say of

is I just Clint, rent that XXX,XXX deferred, the you average said? you said When XX% - XX% the all So I – it’s a you of appreciate detail. on rent, of what think tenant’s

Clint Malin

Correct.

Rick Anderson

Okay. said – And actually you you how requests denied? six how operators, many did many that

Clint Malin

have that REITs Right haven’t now, general crossover relationships. many How about in programs some tenant enquiries People other anybody. there made making we we requests available. And denied denied. maybe

not has been about But there some So approached one that. enquiries we’ve general us. that’s specifically denied

calls April, think the we to end in than agreed the we Going only May contractual one into a for we X% our had March deferrals total I deferral that had that of number facilitated in rent. we have less and of that of being May April

Rick Anderson

Okay.

So, full maybe XX%? want it let of me Or the did a six Was this a the a perhaps, sort the that they at then cadence you like there to level? of and kind go understand a just negotiated conversation? Did put negotiation that? deferral of trying it operators, rent of way,

Clint Malin

release. was do ask just not They rent general typically it It a only for full No, conversation. was portion. a

not minor needed think one were But Otherwise, than they what not case. requests deferrals, I could deferrals. in amount. it and full they see for full was other they was a it

Rick Anderson

Okay.

Clint Malin

Of overall rents.

Rick Anderson

start bring into you to terms the into outlook you enter sort - road? with you conversation. have of bad back on the an issues, conversation guidance down are Okay. How a a debt – on debt bad obviously how might collectible, a does the role when do of collectability working play in you Like,

the the the as watch sort it list collectability? to curious, portfolio, in of Just relates

Pamela Kessler

typically the every – don’t this alluded balances you depends debt AR crisis. the be rent quarter straight-line outstanding that think and Wendy it because we is COVID-XX to we referring the the going evaluate and is balances I really Rick, have forward, we rents. would to breadth Pam, of Well, something on that the that’s to, Wendy bad will, that current And depth for as referred

Rick Anderson

Okay. All right. Thanks, Pam.

could – risk $XX be some perhaps So that as the million, all point. the at at

You would Is to a that the say, some be just willing portfolio in in the to at full realm cash possibility? to whole basis almost point. go of

Pamela Kessler

the - it rules you require analyze require – credit that warrant, the circumstances if accounting the individually. each is, It

So, make we leads to and yes, possible. days individually have But look Anything operator and at possible each determination. I that the suppose. is it’s these

Rick Anderson

question, Yes. how memory in care holding is Sure. Then, up last this environment?

Clint Malin

So the memory far operators memory care, comments it’s in been a obviously much general in one more the care that from received IL. that AL – social hasn’t of environment really of was than seen were difference we but challenging is side, a AL from or communities distancing

So one comment had we that operators. general memory care from that’s the

Rick Anderson

Okay. much. you Great. very Thank

Clint Malin

you. Thank

Wendy Simpson

you. Thank

Operator

Kim comes ahead. BMO. from John next of go Our Please question

John Kim

between protocols place? on Good that XX morning. are are the have case COVID-XX, operators differ the does for the of I what call. taking the Thanks for you positive was color have all materially And the wondering operators? properties that determined it

Clint Malin

wouldn't those positive in individuals I Obviously, diagnosed, And caring is symptomatic. – materially. they mean, are staffing try isolated or Wendy mentioned to differs for they I it say segregate COVID or they for who that has symptoms, be or presumed her staffing, comments. are are to and as positive when somebody

Wendy Simpson

living in smaller staff for a assess a are people out the the They absolutely facility visits. all made had even facility operator careful entire building. about was who, very delivering We've there things, along the period coming all post of and the in, they a while being They’ve one with residents the bubble office. eliminated

there XXX%, soon handled they been work there find differently, segregate it’s testing I said, COVID-XX are and are staffs. lot residents symptomatic the a the in facility, to as but But is of these as So, as some same, that testing out segregate people. some those is

it’s those being all on care of taken type of primarily So activities.

John Kim

the you effect, you staff with the just in quarantine, on just limits under and spread? limit elaborate property So the can goes what to happens visitations

Clint Malin

population. only work staff are So, that specifically we that getting with

items increased intermixing building, with PPE are requires not to the that of for other also typically higher as isolation They you shields typically staff working as not scarce. units. entails levels So portions are as which which want as those gowns, wear far of on those pay

Wendy Simpson

who weeks they whatever And negative they can have allowed the and staff state come for back. two before into is. the weeks is facility back generally for to after test the positive But not tests again two requirement then

John Kim

Okay.

On window? call, with think that were window, think wondering to that I and feel in do and way renew I there lease be option more or you they the do anything you the you Brookdale last confident still lease am going today is I would that that option

Clint Malin

don’t pre-COVID Our last in call was in is But COVID you and I are portfolio. obviously, would healthy coverage come time environment it’s that and the pretty – as mentioned know a what last we that. of

probably until to would of end the my are that comments, it’s renew prudent toward Brookdale think notice a if not going in I So, I send I in that obviously complicates the indicated think it, window. but they

Wendy Simpson

has anything But transpired haven’t negative. indicated believe. Brookdale to between and They make us nothing us

John Kim

future will to go question, the then, tenant periods cash if then cases to and the you will just down And accounting? you Rich’s Okay. following rent receivable, those you write up in rent not pay be able then anticipate on rent in a

Wendy Simpson

we Yes, would.

John Kim

Okay. Thank you.

Clint Malin

Thank you.

Operator

from comes question Michael Markets. next Our of ahead. Carroll RBC Please Capital go

Michael Carroll

Good Yes, thanks. morning.

of I or not. if April? Sorry, sure rent Tayo kind provide on know, can touched color I on But, I answered it. deferrals requested the some you that this think actually have not in you am tenants yet

difficult and bit has on more to April? a them cover requests deferral being side shifted to their labor it those liquidity made was in the for due Or investments? And operational to occupancy rents already that deterioration mainly PP&E little being that felt

Clint Malin

And and on there amount PPE. on scarcity we that equipment. certain and has of securing the PPE. was it part, most That when the reasons calls the just uncertainty, for just of for the supplies or expending I money towards stock think March coming say would of there cost was this I as as just up uncertainty started about to in. concerns This far was initial been the of funds end the

Michael Carroll

– weeks, like Okay. the outstanding mean, so how paid And they quickly? tenant that only deferral and did then it already, I back a maybe was few that guess that back I pay for, guess Clint, sounds the I

housing some was Was do as or I weren't you just they a to SNF costs tenant? big seniors' as, expected? I that as sure that. government? are it that the reimbursements the PP&E a Or am able say not if they get from mean,

Clint Malin

sooner So, programs one assistance private a the receipt skilled from was repayment deferrals, are date provider the out government or that there. set various In a our one pay we or a forth was and operator. of fund

one I operators assistance repayment this funs the on they April asked for of private received just then on they cost proactively through But to month, think, they of of into went the us. funds. sort have middle And got uncertainty the to had flexibility. triggered be the So, when which operator, once pay would they the the back

decided that to to they pay us without proactively back requests. So

Michael Carroll

to-date. already Okay. to May discussions like pretty beginning gets up would And And know, May then, tick did been that you when sounds expect those of start? it rent modest Was rent had deferral time? back I those the that I by you've due? have this Or April mean, the in discussions the April? as

Clint Malin

we in a coming the – as of those operators started of the when six us. April – using week proxy, contacted And No, when really March. that calls was last those that’s those majority

with operator. point other We’ve than the deferrals. we we for May one not not received for do deferral May one for have in granted this requests So, April any, other at along any

we going operators different between But have middle into possible calls less dates we of guess. at now is a point, do when rent and and come had obviously the will the that of due we April. couple get other this It probably my month

Michael Carroll

to Okay, how it think higher I is a is it's mean, higher compared move-in of stays, question, move-out rate. more memory the Is IL? right are great. would or property have exposed now? too Or obvious they that then, just to have they I that on type? rate, But care estimate? And just you fair last AL side, a shorter it's early need-based that tell so a length just because seeing

Clint Malin

to early now. I tell, right think it’s too

have they've Others diagnoses, – to got able been they've have COVID admissions. communities in. people stopped Some move

property-by-property So, really it just basis. depends on

Michael Carroll

Okay, you. great. Thank

Clint Malin

you. Thank

Operator

ahead. Jordan question of next comes from KeyBanc. Saddler go Please Our

Jordan Saddler

your Good for you. in color thanks morning. a Thank provided. It’s environment. enlightening you’ve difficult that Again, all

bit if to because May. it's it’s know, very the.Xth. a information more here, I little on only a could, clarity see I new So, very,

quarter, week, but have collected compare the are lot days normally just with running would where supposed a far if recognize it a April line but are we or And in be? you days about maybe year-over-year, versus don’t like be into XX% you pretty month-over-month so you XX%? the here, even I many as look we We the had be much where of we is to

Clint Malin

revenue Jordan, in it’s because kind of hard of to the fall fall, first – say really what day first. on it week that, the depends

fall take to try first to when during at course the of that’s you So, an the look average, have to really week.

So, with I what Friday felt line before. received in and on that, we of think we’ve what received appropriate kind

of XXth time. I not expect of We the sort until that at payments in due that But like that we point generally that think and month. collect what have rents we are average, come say, the would felt additional was that, week on this in

Jordan Saddler

Okay. another facilities Has terms just, last that stabilized the it of XX, cadence COVID? then, sort the in few of changed number follow-up has the recently? And weeks? Any the facilities, of over with on number COVID and how

Clint Malin

They increased in out we call. this information call, is to a for occupancy we the increased. specific I alert because have would our for made to reached say an But it’s Wendy to, do, in proactively and operators to information her was discretion Typically, front and request get lot what any just responsibility on us indicated is we’ve operators. script to that that COVID which forth operators put asked it’s as we at our a overburden report just notify they of widespread the buildings efforts to a us because incidents got to being of don’t we lines of there us the widespread in small lot that, communities, if asked this outbreaks outbreak. wanted of any the

process, that this go for call. number to during to specific course, we of reporting asked up, we expected So, because this

Jordan Saddler

because of to or in it Friday in terms sounds of terms It’s hard you a a every little the facilities. had report like a result number of tell like Friday every –

Clint Malin

for the us. Wendy report reporting mentioned, different how to are metrics And people too, as

make So to challenging. comparables it very

Jordan Saddler

for most facility? of a through this update facility the COVID occupancy a recent makes That data facility to been notice impact able in you occupancy sense. Have non-COVID versus with terms an

Clint Malin

We because that information that it’s and so this that in too analysis, specific able haven’t got been to do just we tie to really new information.

Jordan Saddler

Payment Okay. Fund Medicare Healthcare the Accelerated Understandable. or Act, and/or Emergency Paycheck Program? Advance the And the Public Protection Enhancement Services what's your Health Act sense Cares vis-à-vis Program, Social the

more the Paycheck have Do so really sort but nursing the of sense of side you any these under have that Program, programs, from of away sort these the just programs? proceeds traditional of skilled under Protection received operators healthcare a

Clint Malin

receiving X.X% they tranche approximately Well, the And first tranche, second is the the Medicare time which being of then, within billion absolutely, the Cares people payments. funded got Act, XXXX $XX on that now.

and funded, course week. be of have think, it people will the received continue this Some that I to during

So, that. from skilled benefited definitely providers have

smaller received as funds Under some that skilled the well by little It's too, have time pay you SBA over employee That's sizing others operators private that XXX program, is into alternative because there bit requirement, evolved on as have the the been the number helped seem been had operators. disqualify side, has those that have initially a side. our of but parties, SBA of qualify looked that to there when for funds. standard a

approval, that have are to get So people program. second the – know and be SBA and that for deployed but still been under tranche to funds more waiting able is we

been has both that helpful sides. So to

from taken won't lenders days Medicare chosen money the Accelerated As dollars. not that probably Payment been helpful, reserve now, those to it relates because available, If they've that, even but operators Advance you some flowing. Program, revenues to have as because make have the XX the has

other program that as or out think skilled SBA been as I as the So, helpful funds Act providers. hasn't – the putting in for the Cares the

Jordan Sadler

was maybe or bit I could parse Okay. know just you wrong lastly, a the heard then, was this but don't guess, helpful, me data sort of little I bit. little I surprised. if And a occupancy I this initial And help sort of

which points average of basis for also appeared versus from the XXX private XX. pay the average month I about also, of correct believe XX% XX to XX%? occupancy X/XX April to the portfolio, that was March to from the for SNF XXX Is So, But the basis to points. slipped from the month by X/XX slip

Clint Malin

was through then the the average Well, of March, month for year-to-date it of April. December, the and month

Jordan Sadler

month Year-to-date, through the of April?

Clint Malin

Month-to-date.

points. gave we three So

private XX, So, private and XX%, was a XX% March April for as XX, pay. was that XX% XXrd. pay, the December specific of date, Again, and for it

the it the and average month respectively. for of XX% that and December, March was skilled, XX%, was and to-date For April XX%

Jordan Sadler

And the that was XXrd through – was that as well?

Clint Malin

Yes.

Jordan Sadler

to-date? April Okay.

think up. okay, – So lines this I so,

sharper guess, a So, here pay bit have my private maybe I I is, that fall-off question been for SNFs. would expected for little occupancy have would than

on But monthly to operators lot are guess, trying in natural monthly how And they your somewhat in the your versus line. be a portfolio for I of basis. your churn I seem terms private on of a people what out sort to plays understand is, this churn skilled of think in basis a pay

or what move-outs have And these obviously are non-discretionary you.

fall you pay? procedures could can Is the caused So, SNFs sort elective it private rate I right really of any reason away you the the some guess, at that cessation same for – of as to color give. that

as a the are pay? at like looking an right? seems month number for average SNF saw that almost it you Because the sharper fell Because private fall-off, same amount

Clint Malin

skilled census being think, expected the was decline with I the side elective deferred. What procedures in Sure. on

was the the us on that expected got from and through that we sense you've XXX December expected, type to again, made which of average, decline. April point basis So intuitively drop

those skilled skilled on much that minimally. point is declined mix stayed to the But mix that constant, timeframes timeframe, insurance proportion pretty side. has Medicare the interesting on the during has constant One remained the and during same

Jordan Sadler

you. the Okay. floor. yield I'll Thank

Clint Malin

Thank you.

Operator

comes Please Connor question go Berenberg. next Siversky ahead. Our of from

Connor Siversky

everyone you much Good the having efforts on me thank and the of at the call. your very team and operators LTC morning, for time. Appreciate this

high question, I level, before. I apologies mean, pretty this First if missed

sourcing cost Have as timeline any be you And for forward? then, of improvement any can in associated of equipment and to mitigated would when operators? the the procurement color protection the seen maybe you your provide going

Clint Malin

costs back severe in We have the as the still scarcity it able April, are this was being was will, is stock on that to Xst about in in supplies. maybe But as the over definitely to And mentioned. once and that as rush April, now as cost, of it have not that of there sort think – bulk, supplies higher the if people the which March seen uncertainty not is not high March, of side. but you been buy Wendy has not I

at on it the we where think, goes, this don't depending forward seems I this next in there move But, where environment as this months, is few exactly goes. like we availability. point, more know

it's cost a the not higher gets say, than peak has what Although the a price it it in at been month past, ago. was

Wendy Simpson

this we that them. One were found happened they during talking what and they facilitated could other supplies period and each and our of the to things where how available is, get supplies indicating and operators noticed we

structure to as where they of a fast they of up need. and they So, get types within the can information we LTC set supplies share our as operators, so could that supplies

you their talk biggest operator, if now, to testing. Right an challenge is

But still are and gowns gowns. need in seem at enough them. premium, they that good to be masks getting a of think, every in supply place I terms gloves

getting So, not to for level this the if happen But just that the you a quickly. yes, about operator to right when talk have now, people it's supplies have. their And mean, of were of to testing, need tests. getting started, an results this biggest they this for challenge, prepared this I

Connor Siversky

nursing. from color some potential housing and mentioned senior then, pulling terms in investors you that the skilled Appreciate external of there. opportunities, Okay. may away be And

I are fall in real to the place it these timing But maybe pattern markets? of becoming like it of with mean, case, would into bit more guys what kind right sound now estate a prudent. a the holding for until need that's becomes you does you If comfortable more factors

Clint Malin

thing be, I need as period let stability what level. normal mean, is to what so what we normalized is recovery more and going as to occupancy get a and that What both see okay. nursing the on we is, need One of is more also and skilled level what is and far need see to pricing. back – sense, a to you me some get just

need We've accretively does deploy our pretty in cost being going being the to to at see rates and at capital a equity and is can will like we what of going we previous normalize. that us about of market starts sense give a better levels cap forward, premium, calls pricing once what where forward talked capital. also really low look That

Connor Siversky

procedures, states, as of Right. think Right. final And skilled would you of me, a nursing reintroduction you could then, of rehab. see your several I an wondering then, under to we we elective attributable portion SNF uptick and be do And of occur, reintroduction kind seeing occupancy see this are elective what from one am occupancy portfolio?

Clint Malin

think do skilled – that the We on as think the pent-up recovers sort we we've elective about as talked faster, because demand surgeries. of far this,

I think, we think in it depends really will Occupancy going you happen. skilled And to the on it's So increase at, are do more at initially. where country.

have stopped the normalizes going into for of hospitals. focused people have If COVID caring hospitals that has Some of in parts are country, and being able decline the back COVID. really sort of on procedures, those incidence been a there to

Connor Siversky

the from appreciate me. That's I Okay. color. all

Clint Malin

right. you much. very Thank All

Operator

Our comes of Capital Daniel from Bernstein Please go ahead. next One. question

Daniel Bernstein

to touch morning. unbelievable up giving, wanted your on I said Okay. amount. comments, everybody Wendy, you Good given beginning had else, appreciate we color wages In all an the Like circumstances. the that wages. you're were the

more we stick skilled to increases something going wanted color permanent seniors could a of relative quite those referring that's and a bit for nursing, I as to on to you see see housing while? semi-permanent do are both kind get So, if you or or little whether then, around that, more to

skilled back in on a come about or fluctuate great am couple the long-term months back. worried bit and expenses nurse next more can I occupancy the of But little or from not margins. a Obviously, senior impact housing deal come

Wendy Simpson

it's And after with money it back been about days. a talked It's take we've early our to hard for operators Yes. while. it's and very given

Program is helped would the how too at any to at Paycheck Protection costs facility, has It's tell any much. up. probably I increase salary going that time. tick defer of just level So, This over average early that to expect some

is can't for enough, better people operators for much month and assisted that places get the employment jobs Perversely at because who our were them, other living nursing homes are jobs properties. applying base last saying

hospitals fact order at in a – staff furloughed get and of people. in new lot have So, to

So there more are nurses available. clinicians and

the sufficient labor. plus is on side, So, there

like going On be, be the that. forward, to negative like would going predict - are it's just But don't it's costing side, XX% going anything that higher. to be I or costs labor it's costing it I more. think will higher. just

Daniel Bernstein

Okay. skilled because in has Was patient it skilled an nursing than just housing to seniors nursing, of generally more ratios. issue higher labor

you with COVID, already to had already so they – ahead were maybe go seniors to high and you staffing And cope or your housing levels? needed increase staffing

expenses more versus impact was maybe an or trying from just to one another if had sector understand, wages I of generally?

Clint Malin

skilled. assisted living outbreak come both our from concern it a mean, visibility, like getting to people skilled. if we've seems COVID an situations so motivated of Those building and and now competitor, staff across both or assisted at is can more that there diagnosed be and a been or into – it's when of work. there Dan, you've seen I had Yes,

Daniel Bernstein

those the margin? hopefully are in similar? about the trends XXXX of bit expected rate, Okay. the then, of and impacts and there properties Could XXXX. level and properties, terms ex-Thrive I you in those little presumably, occupancy And of terms guess Anthem, you increases in rents a a of for certain Were more talk in

gauge stick not. how to whether are are to the confident or going for that Anthem rent you trying Just increases

Clint Malin

with obviously through occupancy. far boat everybody as the same is they as are else challenge Anthem, this going in in as Well,

on up as have We rents they maximized as have the increased rents have Anthem, occupancy. not an stepped we

So the Anthem we there had step-ups. was some provided cushion that into

one up properties, property is. than see on performed the take But side. rate the Where to a set had And have and this? properties wait increases. we've beyond environment dollar in. that back and We'll Anthem those that better had the on have occupancy phased We've step rents to not goes single where of the stepping every try did expected. Couple we Thrive

a bag in with before that mixed So some takes they their a bit it's protocol, it and mentioned need I of to their transitions but and – on time, implement had come these as turnover operations staffing. little levels, people been on staffing

to put that to little expected in of place bit properties. time we the Thrive on So, take a

Daniel Bernstein

Okay. And underwriting? point? from question is, you one at way, feel came is I are guess, investment would just If me comfortable all last at this something under-writable your

Clint Malin

challenging. It's very

structured was liquidity for would was put in as Dan. because we possibly stack could as mentioned covered. had looking products. far finance needs, loan somebody a could We that in that they mez capital see Something had the place, at done, and If selling well buy somebody will what instance, be we

that have to you property-specific in don't of investment, and And type do go diligence.

could potentially we Those be going bite-size see that's So of an example opportunity. where to investments. are

staying are see investments, we see to seeing where large ground, opportunities talking going timeframe. could opportunity being is. to people, the any close a of I We where arise. and are But to at to look as during lot mentioned, connected any don't opportunistic this But Wendy transactions stay major

Daniel Bernstein

the Okay. Again, can. giving Thank all appreciate calls you color and taking us that you. our you

Clint Malin

Great.

Wendy Simpson

Thank you.

Operator

of yours? on ahead. from question it is this muted is a Tayo, Is Please Tayo your line end. open follow-up go next Okusanya on Mizuho. Our

Tayo Okusanya

well the as specifically as on the to going How of what Act Hi. just regards nursing, you? and in follow-up Yes. wanted are to Cares on question housing. and may Jordan's I about the be allocations senior skilled

sectors how some or nursing the a received data to exactly either kind this of you have aware point? specific point any or under senior could skilled act? those ultimately Is allocation housing there much if there be are at particular And at of

Clint Malin

of methodologies deployed billion the skilled has so different Well, of $XX XXXX out that of now, was X.X% payments. Medicare been first and what was the the to deployed right far, there industry

a So was methodology. there

$X.X – nursing, received of On be was that $XX we've It approximately what that heard that's to but could that's billion average, from skilled deployed higher, information. a little we've average. billion, that's an industry

cost that was revenues based XXXX next report. was $XX allocated all facility's net for billion net share on, revenues The of to basically a patient for Medicare relative

the that different two methodology how deployed is tranches. there for different a So was about

obviously as in $XXX,XXX property. the the we've as the per heard, building and had. how information on Again, much the industry depends size payments the That far using averages of Medicare you've somewhere

has been $XXX a billion allocated not that there on Now, yet is remaining that.

we So, methodology that what know don't is.

private the Cares that. skilled could be be and lobbying And pay, been have nursing. remaining between as for I deployed possible side morning. Act on it's yet participate know have this organizations to our the under that both in Argentum pay not well there in the knowledge, private funds That as determined, trade ASHA to as been the participation to of

Tayo Okusanya

Gotcha.

helpful. And other follow-up. just Okay. then, That's one

of again, you in COVID the some guess, of within points kind itself, again, occupancy QX within Just started? March, the when that have XXX the of that when was I down, all basis the portfolios, did occupancy of changes happen in kind whole pandemic quarter kind

within occupancy kind some there on understand of QX? actual quarter of to trying well as just were things going Or throughout the some the drops the

Clint Malin

us. specifically stood out to that nothing than else as COVID, other is specific as there Nothing no far –

Tayo Okusanya

Okay.

there really big what like So, sharp just sounds in was may a pullback it have happened? March,

Clint Malin

be That seems shows. data what to our

Tayo Okusanya

much you Thank Great. very Okay. again.

Clint Malin

All right. you. Thank

Operator

is of Our Sadler question next a Jordan go ahead. from follow-up Please KeyBanc.

Jordan Sadler

of helped you more think, census wanted and I in questions, census, Medicare bit sort do I or that have portfolio? the try to another just it a one little question time. I other SNF Medicare follow-up might re-ask Thanks. Surrounding occupancy of your I way. know And the of on and out thought flesh one

as the assume the than payer source. a quarter occupancy. that I know, I XX.X% that's that a higher Is – reported we fourth have in probably

Clint Malin

for reported That's do... Correct. – we in our supplemental,

Wendy Simpson

Yes.

Jordan Sadler

revenue. All

Wendy Simpson

that is, yes. really what it That's have,

Jordan Sadler

all revenue. That’s

is returns, might could lockdowns to a to of procedures the XX-day elective cetera, get until but you occupancy significant Medicare, expect of away SNFs nature trying just until of fair? what et of these delaying this right, So period happen procedures a a you to sort in the come of would essentially payer short-term source back. this that essentially given and elective sense really Is profitability or portion occupancy, go it over – of

Clint Malin

and this I probably be over your you Medicare of the and admissions. Medicare filling Managed Medicaid you mean, and admissions. same percentage higher Medicaid lesser as to it would not of Care still I people a But mean, are you Care Correct. with could – discharges, you relevant to have have convert have You number total. us have Managed number

as Medicare pretty right a Not and to timeframes for percentage March, slightly. Care that's was average far now, a at constant for based as skilled say Because on December, the and April, the of through those occupancy, mistake. occupancy, dipped percentage the Managed just us your patients, It number.

still occupancy you as went percentage of your same was occupancy. your the So down, skilled

Jordan Sadler

census Okay. these from Do updates operators? recent Do operators? recent qualitatively you have from SNF census, your you recent of have a at sense most a from of sense least

Clint Malin

just parts it's in qualitatively, country. mean, constant hospitals. definitely seen admissions slow mean, the of just that I pretty across I they've that's a different operators in from

Jordan Sadler

Okay.

Clint Malin

that there uptick it But on hopefully, would bit into decreased, and qualitatively, – – also they normal, skilled. they census But going business to has become things think admissions think expect an they they qualitatively. that a also think is once that – as little do hospital it be

Jordan Sadler

what in any been potentially the has And of happen side least Okay. could operators terms on rehab? there with surrounding discussion Medicare at

the thoughts rehab potentially how that may folks census to or alternative maybe vulnerable play in another as to to the look at vulnerable avoid population to of these risk potential see we out? rehab a of some being sort have exposed COVID-XX a of location risk – or some home population. with may I surrounding Any of just being facility Medicare in where an

Clint Malin

I there saw able OT, think I to PT something physician now waivers, that this allow the in type think, an been And be a telehealth of waiver from and because I morning available. that's right being to speech, for side. to medicine temporarily a was have But to those reimbursed. those telehealth therapies put on Sure. going to that is standpoint place article for for be more be be

Jordan Sadler

a but may have bit rather terms little – flatter in be see may sort prolonged snap sort in of you of U slight words, so could back, a census. a other this than decline it In So, be V-shaped. Medicare a you could the maybe a of

Clint Malin

say. to hard It's

Jordan, you're I think what country. see, probably in geography the is probably at what depends you're to it going

Some areas haven't have Other hit hard. that hit ones as been harder. been

is country, disproportionately You my are to as as timing. far that in the going see probably of parts different guess,

say – time state geographies, guess. this at have obviously just I and a will differ it's point, crystal happen. by know – we But it's exactly don't It a to what probably hard a what ball and unprecedented to will

Jordan Sadler

you, and of your candor all appreciate all guys. certainly I your efforts. Well, Thank

Clint Malin

you. Thank right. All Appreciate it.

Operator

our I concludes question-and-answer session. to conference back for to would This like Simpson turn remarks. the Wendy any over closing

Wendy Simpson

you we this that we stay and thank can And And into us. to updates for coming Again, look joining everybody, safe stay forward all you. well. provide quarter. Thank

Operator

now has presentation conference you today's now may for attending concluded. Thank disconnect. and The you