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LTC Properties (LTC)

Participants
Wendy Simpson Chief Executive Officer
Pam Kessler Co-President & Chief Financial Officer
Clint Malin Co-President & Chief Investment Officer
Jordan Sadler KeyBanc Capital Markets
Connor Siversky Berenberg
Michael Carroll RBC Capital Markets
Call transcript
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Operator

Good morning, everyone and welcome to LTC Properties’ Second Quarter Analyst and Investor Call. All participants will be in listen-only mode. [Operator instructions] After today’s presentation, there will be opportunity to ask questions. [Operator Instructions] 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 could cause actual results and events to differ materially. These risks and uncertainties are detailed in LTC's Properties filings with the Securities and Exchange Commission from time to time including the company's most recent 10-K dated December 31, 2020. to or update of circumstances obligation to forward-looking this no events reflect after undertakes revise these or statements presentation. LTC the date that note this is recorded. Please event being to like the to I would conference now over Wendy turn Simpson. go ahead. Please

Wendy Simpson

us Financial Thank XXXX for Malin, Officer; me the and second and everybody Kessler, some Pam With LTC’s being Not call delta Chief call. to Clint today are you, future conference Co-President welcome an operator on impact and joining we quarter Officer. and the recently operators Co-President current and of from variant on have quantify able near what optimism. operations, our Investment heard gives Chief us

seeing with while. high, industry are in are gains among gradual time in throughout first a Vaccination XX% the increases the We generally long expected. range for patients occupancy the rates and residents

beginning visits family pickup and of of flow are activity. virtually portfolio tours buildings recent allowed and in delta is once to our variant. stabilize in-person introduction a notwithstanding nice The are transition seeing the lifestyle the with and deal Our senior we again, complete

encouraging given a of among According clinically upward. We with especially doing occupancy residents trending they patients. SNF, better is to some nursing centers signs communities slowly rate few throughout are much the are than in On average, have Nick's the seeing high data, time industry. and and vaccinations respect to

except one, nursing the significantly remained over last SNF helped operators the rise census Over each have when weeks, of pandemic. float XX week Various occupancy course a the skilled programs government seen flat. keeping in have stimulus in

Provider all $XX distribution Relief about for Fund. is to there healthcare providers Additionally, remaining in the billion

XX Even say seeing continues inflation may beneficiary to our months. so, in major months not been something vaccination however, of of will said, variant some is we're that downward. challenges we surge a trending to challenge government pressures coming solid delta ease not on the especially carefully. begin and the unfortunately, soon. serious This last more and become the I'm the That aid more today to the rates across COVID in over been that hopeful country, be remaining has While stop watching national of addressed states delaying be admissions to staff are operators all to the a any with in that recovery industry hopefully, need facing date, signs lower by footing than of but rates adequate private result and e-debt. is it our pay industry again some rather relief the temporarily interest are among surge available a has full a a I slowly Labor than for such believe could will are locally

XX.X% Second Lifestyle, detail. Clint just and were transition quarter Senior XX.X% Lifestyle mortgage collections whose rent excluding an Senior Care excluding interest Senior in discuss will and income

seeing longer operator's liquidity. for financial will no a and ones requests on an new operations, corporate are new mind substantial case-by-case arise, we health rent review keeping in We deferrals basis, coverage, if and abatements rent ongoing and each

or to abatements very transition until nearly to of to gains complete. is more of the the form so have occupancy some leases. I'm continue relief deferrals and portfolio XX We expect lifestyle be under buildings in that become amount senior will pleased providing the permanent. of report be new been able shortly

the in several to more uptick, on the saw provide flow quarter, August Care with continuing the portfolio accelerate bankruptcy proceedings to believe Through With reduced we that in to mostly These performing reflect deal XX. the four rates. are risk we passing Centers, strategic our other the or meet be have the the scheduled transactions first reviewed sold. with most court believe respect details of cash are criteria. comments. transactions of in well flow the what either we potential have properties the strong don't because Senior shorter-term asking end we of pipeline on market and investment what prices his properties value opportunities toward profiles Building been not date last The half Clint will with host a actively returns. next our continues on year, are and the

as mostly We opportunities is FAD. long-term for deal transactions right price. LTC's when returns structured have to problem we not LTC of respect opportunities we a span support ratio we payout of practice But I'd the full and like temporarily repeat these With shareholders. and through to remaining LTC deal said of sidelines been dividend on dividend, spectrum has into approximately traditional enter act are ample not right the our will to liquidity does care. I last timing produce until find our It what to access to for more currently accretive no the has repeating steward The the on right. quarter. a our the at financial working good investments can XX% include bears It that a that finance

financial significant senior provided our defaults second care the lifestyle operators some quarter XXXX senior of support was our we payout and result, have a XX%. dividend of As and ratio the

and fully At operators Senior are more Senior the However, to transition issues believe will our FAD stable for resolved. third provide to improve we we Lifestyle XXXX the time, will the quarter. related guidance bankruptcy the we this Care as portfolio

Pam. NAREIT over completed not any This rent We include the just expect turn Senior any we Care. second from or rent deferred payment that for guidance FFO similar reported does With as quarter. of things recovery to results I'll

Pam Kessler

escrow projects with year's partially notes $X.X tax by in Lifestyle defaulted due obligations, under capitalized in to XX increase lower offset abated as expansion lifestyle you, $XX.X senior a of higher received certain to second prior of Completed paydowns balance scheduled taxes rent related projects and incentive and Senior principal renovation by interest quarter partially salary from to $X.X Total the reduced a primarily releasing increased principal a income to and increase. vesting. revenue, was year pay fundings. last expense from rental interest to the rent Interest last from a due was Anthem to second $XXXXXX also in payment partially by $XXXXXX and and last projects. tax quarter rent $XXX,XXX million portfolio contributed lease Thank downs. restricted the due of with G&A mezzanine lease payments incentive development increased to receipts The million for compensation than revenue the deferred quarter property loan second unsecured and tax in completed net XXXX. write-off resulting rent million by of due from rates due in of the revenue line the straight-line timing Care year's and of last lower the $XXXXXX accrual of unconsolidated related compared timing expense $XXXXXX which increased rent balances. and outstanding our stock year Income offset joint our Interest a from credit operators development from was increases funding year's offset result Wendy. decreased compared scheduled in decrease senior property increase Property ventures by decreased revenue. on offset properties greater Senior lower

$XXXXXX we comprising estate with the the of our four ventures last second related venture on sale to senior year's an joint properties liquidation quarter, a of unconsolidated real loss lifestyle. During recognized of of affiliate unconsolidated joint

property the closed recognized three gain estate in Wisconsin sale real a $X.X net Senior in and Nebraska to XXXX, the on quarter of of previously During million to second we properties of all leased a related of Lifestyle. sale

purchase FFO in quarter Cash of declines second for items senior increased and in of primarily of nonrecurring detailed. is $XXX,XXX sale Net the rent shareholders property FFO last Lifestyle and second starting due million the Colorado, quarter year’s term share $XX.X partially to $X.XX after Senior We excluding the per related the and specifically a lifestyle to lease. payment available year increased exercisable million, Care. to which to $X.XX due of to is to to the The share memory is lease gain last LTC. the escalating previously diluted provides thereafter. quarter. prior diluted was fully portfolio the the also common the Wisconsin a annually decrease increasing three third and previously year. write-off $XXX,XXX This transitioned from five-year NAREIT year The $X.XX operated second in first offset revenue year's operator income XXXX. XXXX, is to in the properties this this by Lifestyle of $X.XX on by care $X.X year rents Senior non- the X% new an Senior a quarter year for second by the in lease by of the has and option

credit. $XX During of the revolving under quarter our unsecured second XXXX, million paid we line

we million. a dividends expect during paying in our of proceeds the totaling in Subsequent entered Washington second received monthly gain common dividend our and the $XX.X covering per nursing we portfolio sold the Clint, million. in $X.XX $X.X skilled discuss will and the $X.X agreements shortly end sale Lifestyle We million into center quarter. Senior maintained remaining quarter to of Additionally, a for the lease on properties share which by million to shareholders $X.X recognize

of X.X%. our unsecured $XX.X notes paid unsecured at we our and under in under borrowed payments principal scheduled senior Additionally, million regular line million $XX revolving credit

of in of over of significant this cash of result ATM maturities second years. and we X.X million a million EBITDA estate activity, the liquidity long-term strong As ratio our have of now times our $XXX.X X.X under which real the metrics XX%. quarter, available credit for is with adjusted times. providing fixed It million five note and million coverage charge $XXX debt-to-annualized on debt a million nearly LTC In have with credit under remained of XXXX to value enterprise end the that no adjusted debt line $X.X $XXX a $XX.X to At important of is outstanding annualized our we next program

rent be recent by we we assets Senior senior involved formerly see We from X.X from ratio care operated bankruptcy. able collect to to eventually to more the Lifestyle and down come rent assets expect as most in this receive expect

I'll Next deferrals and discuss abatements. rent

income. excluding $X.X of in and mortgage rent and Wendy and million Lifestyle, abatements. Care in XX.X% Senior Senior million As mentioned We we quarter second interest provided collected $X.X rent deferrals rent

us Senior pay reminder did not XXXX. in a As rent Lifestyle

operators we receiving transitioned, fully from are properties. lease virtually portfolio the contractual now the rent who With these

second Senior $XXX,XXX the the credit under of the during million rent. the We quarter. Care certain second owed obligations $X.X satisfy of letter to in quarter the pay did applied remaining lease not Additionally, master

Senior abatements In of As July $XXX,XXX. unaccrued Care's we outstanding was and rent rent $XXX,XXX provided deferrals June balance XX, totaling $X.X of rent million.

We of and $XXX,XXX of September abatements of up have and up agreed to $XXX,XXX to deferrals each provide August XXXX. to rent for

Clint. I'd the to to Now like turn over call

Clint Malin

Pam. you, Thank

twice fourth portfolio and Lifestyle of speak through Graceful Wisconsin Senior Senior an our assisted will of three and buildings in permanent short three will five April in I the as which to $X.X were is properties, in now will discussed, Of with communities been a receiving were net we detail new new previously book lockdowns Of on Lifestyle year Randall be us. the second line in in sold in New when lease year time, X% it included rent Living, be under awaiting four Combined Nebraska This proceeds second stringent in $XXX,XXX also my lease licensure value total escalating operated Two reset have the first regional an closed management Pennsylvania. the among by XXX down Juniper. year especially an sold used of approximates Juniper transition. months. the a current the third saying rent reset Wisconsin were set transitioned sold located a for partner being Senior I'll the Six and be the three these Wendy should for remaining value. first of flow use. properties two close described include partner five to update the in February Encore gross lease that for unit are year received term this will under property that million new The cash the to LTC XX-year properties provide new three Juniper January which licensure did completed includes for properties renewal XXX four remaining and combined After total We markets Senior for in follows has increased this nearly to operator the buildings The is excited every to property $X.X property by in but million. operated acquired for one $XXX,XXX LTC brief our I been LTC. during operated In until by the expect a as occupancy to fair not newest Senior have XXXX mutually quarter, the by The with new their communities pay three annually in about was some XXX credit. rent also be $X.X we $XX.X a year first book were seven in was operator, is the the as since time existing has the to sometimes XX months any transitioned our revolving agreed Cash million included living LTCs were about units. As One in the XXXX in for the approximately net XX book final new Living a rates recap operated of year. value the rent. under zero In with The communities transactions complete in Senior same Residence, timeframe, million, Living gross based transitioned to properties to those year the then transferred $XX new properties, alternative a upon lease cash pattern year One XXX be XXXX. Juniper the units we fully million and will Cash a for these transferred the of and that meaningfully. terms. licensure. operated the market and I'm I'll be community portfolio, year also that $X.X portfolio units. XX improves thereafter. unsecured start roughly transactions, day. Lifestyle portfolio three million second of with as cash combined is earlier by soon longer now remarks term. Jersey year. in which that being was us partner since Oxford order. on are a

June located our XX% on residents field projects occupancy are was At detail XX. Ignite some Resort June up Weatherly by provide Medical from XX% Living operated began on to accepting began March Missouri I'll welcoming XX% last XX. up rose most operational. Oregon September. development October. recent Next, XX, patients nicely now Senior Springs Court and occupancy last Blue from in At XX% that XX March in on

good times using living trailing trends our occupancy EBITDAR which Moving was discuss XX fee shortly. times mainly management and of this month QX our at X.XX believe challenging are and next to is as on coverage reported it I'll EBITDARM assisted environment a and portfolio. focused for X% remember a portfolio respectively with X.X we the the don't and pandemic that numbers, indicator performance time coverage created we future please

and X.XX times coverage respectively. Excluding funds by was operators, received X.XX times our stimulus

Assisted Excluding increase Living and Senior times EBITDAR to would EBITDARM as respectively. our Lifestyle reported X.XX portfolio, and from X.XX times coverages

Excluding EBITDARM and both EBITDAR would X.XX and lifestyle times funds coverages respectively. be senior and X.X times stimulus

our skilled X.XX times reported as portfolio, respectively. X.XX coverage and For and nursing EBITDARM was EBITDAR times

times Excluding stimulus times funds coverage respectively. and X.XX X.XX was

X.XX would times care times EBITDARM EBITDAR Senior as respectively. reported and and to skilled from coverages Excluding increase our portfolio, X.X

EBITDAR would times Senior both Funds Care Excluding and times and Stimulus coverages and EBITDARM respectively. X.XX X.XX be

Now as for July trends, XX. occupancy are some of which

voluntary are that for private have we our our reminder, of and information date XX% total and pay on the portfolio, the As XX pay month. occupancy data given to March and is includes Private occupancy basis, the for our us skilled for and our as portfolio, and our units of providing July nursing a beds. private approximately XX% XX at XX. XX% XX% this of pay at partners a approximately was June expedited Because is average skilled specifically occupancy

monthly July March. which portfolio, XX% XX% was versus both in skilled our June average For Senior occupancy Care, excludes and XX through

time near-term mentioned, diverse partners it a of a our active in existing than new and mix of with of with some medium opportunities as In at and to mix as million total, LTC $XXX well has Wendy totaling set valued $XX opportunities is private additional our to continues a pipeline SNFs. and about million. been those is about expand As pipeline pay long-term operating to more including another

bid strategy gaining this Our are healthy activity our current of part remains we and see investment excited to important steam.

properties more elongated accurately we we our position future will have again for long-term to time about we LTC cycles pricing reflect that value, for been what growth. does and some believe not than ability are begin their in remain is investments making optimistic sales true some strategic While

provide have creative our advantage liquidity as our nurtured regional We provide us we this and financing with balance we use flexibility sheet seek and to adequate can to to strong with believe solutions. operators

transaction open any risk/reward and in financing finance the best equity including believe also current still underwriting loans structured are profile that deals represent preferred time. criteria, to mezzanine meets We but environment, this that our at the

turn I'll for closing her Wendy things Now, to back remarks.

Wendy Simpson

Pam and Clint. you, Thank

have are come on easy pandemic. an not way road. I the coming an of we has long road, been a We start easier since up It now but believe the

been more say in proactively express what super service we to challenge to vital with many Let's smooth lessons this highway Each provide is an cycles our nation's industry. to the This learned newly I a many I ability to people. day caring continue vulnerable most and in confident become our participate believe the continue most world's I has more lane. face and business significant with it. can paced industry great But of through never has pride,

offense strengthen now seeking are future. LTC opportunities for and the positioned to We are to out and play

our this portfolio, as ways and for serve of partner a We choice return identifying to enhance growth to shareholders. dividend diversify by accretive capital well-covered a accomplish our investments, our will

Now, questions. for we'll open the call your up

Operator

Capital Jordan go [Operator first ahead. question come Sadler KeyBanc from Please Instructions] Our with Markets. today will

Jordan Sadler

you good Wanted and morning. Thank circle Wendy. to back just

your consecutive And are the or I think next the you remarks feel of you the your prepared sure. reference skilled gains same talk of seeing not gave just a XX are the that to in that nursing week I I'm the business. of your XXX% operators discussed just what portfolio? guys don't you're industry. seeing one I Clint think can an And weeks statistics, occupancy as in thing? seeing context what about in statistic occupancy occupancy necessarily was in like you

Wendy Simpson

We've And several operators. startled the our small had a with at drinks he's in And have Clint market The other in conference the a that's with not But skilled call a operator in of uptick we market. Michigan are they seeing the little lagging properties the a lot of all. evening. occupancy. about Michigan And had Michigan. is situation

accept So Michigan. our we that, much for are Nick's seeing are tracking, pretty operators

Jordan Sadler

followed very Okay. versus last the just you here, properties maybe pay million. update were can And And then, do of the scheduled original the but am was I to XX on I summarize pretty $XX.X I granular. work guys thorough. I wondering, you you -- the rent guess, SLC could But sort it's I the guys forma because rent? thinking pro year

you the What's or transitioned half four for the in or and I expect properties get pro say for total? now much XXXX? $XX XX or of do let's think the XXXX the properties you you've second XX for rent to remaining sold from rest. to forma total How about million transition

Clint Malin

to have really we're of increases. the properties contributor ramping under we're previously. two rents well buildings those as Juniper we Juniper Lifestyle occupancy challenges portfolio and which as Pittsburgh, up The One as and Senior as with articulated, buildings that substantial were to that Jordan is the on I that the two Oxford transitioning

back where increasing So in we're buildings on to And once will and the to get capital be rents. sales. asset a those then, redeploy able to the play at the part big we

as into we're at now. to able into we'll quarter where still the in of first So comparison XXXX, I of be drops get but starting think next give or better that it's we right

Jordan Sadler

Juniper I mean, million? and -- Okay. exclude if Oxford of a you is if number the sort Juniper, there you But $X exclude

Clint Malin

didn't Jordan previously Well, by we allocate property. buildings

allocation to So able to be make take that hard that to it's comparison.

Jordan Sadler

No.

stand. I on think there this kind associated where with guys actually are know a I of ending overall was where you the guys follow-up to curious, up I'm you I of I'm get after with million. but you understand just that. portfolio? $XX can sort I just trying yield

Wendy Simpson

one for quarter guidance one quarter. anything not giving We're fourth, beyond

Jordan Sadler

trying would quarter No, follow. And I'm trying specific one I'm Yeah. than to of more What the there to are some the portfolio just deals? sort looking then, acquisition see guidance. point? you of for -- market anything closer sort it this Clint? smaller where this to I up. I how But I just characterize mean, follow. trying flow guys round I'm I'm understand. not investment to at like on is opportunity getting and starting look a of is specific you these in terms model of

Clint Malin

We're is to skilled into the a Independent, structured today in finance of a right the the we're challenging lot long to haul, from little performance a a diverse is but nursing. investments the to lot compared newer comments activity. Assisted flow. on ask Living seeing Living opportunities the for set deal buy There's of Buying what's seeing I now, on as Yeah. valuation of what assets mentioned

happy been we've transactions. the in with the number we're So of volumes that seeing

comments. working $XXX And intent. So just in million I'll due my lettered involved I not on those we're under but those. mentioned actively are diligence guarantee, And in

see. we by we're So what encouraged

Jordan Sadler

the back Okay. in hop I’ll Thanks. queue.

Clint Malin

you. Thank

Operator

our Connor Berenberg. And Please ahead. come Siversky question next from go will with

Connor Siversky

Thanks everybody. at the one call. I'm deferred just the delinquent question rent. me, abated morning Good as in for me looking for Really letting

back me metrics? correct of of there's the repayments the if receipts that wrong. those cash For I term what kind in within into wondering, we particular, think But and between is as the XX I'm weighting any sense deferrals six I that of if term have repayments -- for roll months, there's in the back

Pam Kessler

toward Hi I Connor, Pam. it's back the end. weigh would

elongated. a recovery is the I going little to be think

they of flowing get that. need to stabilization repay obviously to cash all a to so back And

modeling. would wait from you're the back asking end toward if I So

Wendy Simpson

any would we up. And hope clear relief that of out, some funds provider that new come we'll

Pam Kessler

Yeah.

Wendy Simpson

now,… they're stable If

Pam Kessler

Right…

Wendy Simpson

… should that come to us.

Pam Kessler

Yeah.

Wendy Simpson

have can to the it it's …Maybe to get we government so to directed us.

Pam Kessler

Yeah.

Connor Siversky

That between others then, that's you or I markets, or than where certain back faster whether are existing related like not any spike to a rate general markets helps. within and on Okay. say mean, delta that? occupancy of seeing anything coming more infection question And just occupancy. your discrepancies the the is

Clint Malin

Our buildings, it differs market. by

seen We occupancy. where on I as Senior have some transitions, been my the there's buildings some Lifestyle of in comments mentioned in a noticeable uptick

So, some little which staying it really depends flatter. markets or market any some seeing tick increase. seeing, in by in up, and deceleration not bit still slowly We're -- encouraging substantial are either a part. the big flat markets, were occupancy, a that's We're

So, the positive. that they're seeing not is declines fact a

Wendy Simpson

generation Yes, recently. especially been And strong. has lead

Connor Siversky

all That’s Okay. Thanks very me. from much.

Operator

[Operator from come Capital Markets. next Carroll Instructions] will with Michael Please question RBC Our ahead. go

Michael Carroll

to I guess, the a can long just And mean, Senior give resolution get Could I'm through would the mean, I for hearing? be from lease? some Centers you I that outcomes range court thanks. the figure how we great. you have in Yes, do guys of wait with guys guidance the Care will you on walk this out, next trying decision to occur? bankruptcy us to

Wendy Simpson

get anything. properties. material anything with to for or we'll going fact and predict forward legal we're lease regarding that have situation, say in in considering hearing Well, hard do us if XX the we August the these do this it's a press We release this

and just so can't sorry say anything. So, complicated we just it's Michael, I'm

Michael Carroll

there more Senior Care Okay. now? any those since and I is, understand. or -- the you performing Is you how on commentary filed on No, provide there are bankruptcy? about has can't a talk bit mean, I I understand, I that? about then can can Centers if yet one properties disruption talk it for right you just that mean, been little guidance

Wendy Simpson

gotten financials me Let them? recent from we have --

Clint Malin

Yes.

recent We got financials. have

Wendy Simpson

haven't Recent any flow financials that us March? they're don't but I would independent on indicate through financials I and financials. due diligence mean, done they're cash giving those we positive,

Clint Malin

through to May. we No, have

Wendy Simpson

they And would indicate positive. May. are those properties Through that flow cash

So…

Michael Carroll

set? Juniper flow based think a Okay. you then, be that EBITDAR leases does And earnings? about rank was to how Senior the going on to I how and the with gets can a talk it in percent kind second does two those new How you're into Lifestyles. receive going it's it Oxford of back that so of formula, for, or quarter, Is

Clint Malin

Mike. great It's a question,

it by with We've design. as to as back both relationships Juniper, both well XXXX. structured Oxford, we had long-standing taking So

So, performance had to those together declined that work those. in so buildings, substantially we cooperate effort be it's going to an towards

a So, if to profit be companies. performance fortunate have to need they we participation relationship with both be some obviously And get making we want operating as strong increases.

second something it's quarterly So a the semi-annually basis that we're then on year. doing first through and it we'll in except cooperatively, the work during year

Wendy Simpson

comp our cash? file Isn't to

Clint Malin

Basic it's still.

it as that not of why purpose designed So it such. would meaningfully was be materially for us performance and improves we to participate as the those

Michael Carroll

they the lease? The lease? of renewal at end two-year options do have And Okay. the

Clint Malin

options. now, Right renewal don't have we

are them existing rent their are on Juniper get buildings into what markets. mean, the to So to a long-term. -- their I but these we to in put put working trying for -- to is lease lease

three building these so we the have Oxford be are have we us buildings, probably look buildings other for participate Oxford presence optionality big would that would any stabilized the buildings. properties the with in is in and selling at Nebraska, we would that be that don't For going that, after be to the Nebraska

Michael Carroll

months August for September. Is but been correct? operator. break there's to deferred how of focus operators you a looks And rent the July only Okay. the all out that And just now? you And on can are many like operators abating rent couple or here, unidentified and then, then, and know, deferred LTC maybe It could how at rent beta to? I that was is many you right is

Pam Kessler

we've quarters. It's that for group same abating of past the couple small been the

in noted the the One, There's beta and one you group, majority. deferred new primarily -- beta the anything in one not one that in group is there. there's So but the group. two in

Wendy Simpson

both They had.

Pam Kessler

got portfolios. transition were It These the their Yes. in portfolios. Yes, transition we've stabilized. not caught was pandemic,

Michael Carroll

you. Thank Great. Okay.

Pam Kessler

welcome. are You

Operator

session. question-and-answer I'd conference Simson back like our closing conclude will this to turn remarks. for any over Wendy And the to

Wendy Simpson

conference listen the all weekend. you you again to forward taking to and time we at a Thank third call quarter. our of to Bye-bye. great the end Have for look to reporting

Operator

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

disconnect may lines now this time. at You your