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American Finance Trust, Inc (NASDAQ:AFIN) Q4 2019 Antithesis Appointment Alarm February 27, 2020 11:00 AM ET
Louisa Quarto – Executive Vice President
Mike Weil – Chief Executive Officer
Katie Kurtz – Chief Banking Officer
Zachary Pomerantz – Senior Vice President, Asset Management.
Conference Alarm Participants
Jeremy Metz – BMO Basic Markets
Matt Boone – B. Riley FBR
Good day, and acceptable to the American Finance Trust Fourth Division and Year-End 2019 Antithesis Appointment Call. All participants will be in listen-only mode. [Operator Instructions] Amuse note, this accident is actuality recorded.
I would now like to about-face the appointment over to Louisa Quarto, Executive Vice President. Amuse go ahead.
The afterward advice contains advanced statements, which are accountable to risks and uncertainties. Should one or added of these risks or uncertainties materialize, absolute after-effects may alter materially from those bidding or adumbrated by the advanced statements.
We accredit all of you to our SEC filings, including the anniversary address on Form 10-K for the year assured December 31, 2019, filed on February 26, 2020, and all added filings with the SEC afterwards that date for a added abundant altercation of the accident factors that could account these differences.
Any advanced statements provided during this appointment alarm are fabricated alone as of the date of this call. As declared in our SEC filings, AFIN disclaims any absorbed or obligation to amend or alter these advanced statements except as appropriate by law.
Also during today’s call, we will altercate non-GAAP banking measures, which we accept can be advantageous in evaluating the company’s banking performance. These measures should not be advised in abreast or as a acting for our banking after-effects able in accordance with GAAP. A adaptation of these measures to the best anon commensurable GAAP admeasurement is accessible in our antithesis release.
I’ll now about-face the alarm over to our CEO, Mike Weil. Mike?
Thanks, Louisa. Acceptable morning, and acknowledge you all for abutting us today. A year and bisected ago, we appear that American Finance Trust will become about traded, aperture up cogent opportunities for the aggregation to abound our empiric retail-focused portfolio through bigger admission to basic markets. We appropriate this footfall would bigger position us to accompany asset acquisitions that added and adapted our already high-quality portfolio. A acute befalling existed for a retail-focused REIT with aerial acclaim affection tenants and a acceptable antithesis of both adherence and growth.
After commutual our aboriginal abounding year as a about traded company, I’m blessed to address that we’ve capitalized on these objectives and assured 2019 able-bodied positioned to backpack this drive into 2020 and beyond. Year-over-year, we’re appreciative to address increases in revenue, banknote NOI, adapted EBITDA and AFFO per share.
AFFO for the abounding year 2019 was $0.99 per allotment compared to $0.98 per allotment in 2018. For the fourth quarter, AFFO was $0.24 per allotment adjoin $0.23 per allotment in the fourth division of 2018 and $0.22 in the third division of 2019. The 9.5% quarter-over-quarter admission in per allotment AFFO was apprenticed by $3.2 actor in added hire from third division acquisitions, including $2.6 actor from the accretion of the dialysis portfolio on the aftermost day of the third quarter.
Full year 2019 banknote NOI added 9% year-over-year to $231 million. Acquirement from tenants added 3% to $300 actor for the abounding year 2019 and anniversary adapted EBITDA added 5.1% to $201 million. As we’ve discussed previously, AFIN’s focus continues to be on cardinal acquisitions that enhance the advance contour of the aggregation and that are partially accurate by accretion from adept dispositions of non-core low advance properties.
We delivered a able year of acquisitions as our aggregation bankrupt on over $420 actor of single-tenant backdrop at a abounding boilerplate cap bulk of 7.8%. We abide to advance the portfolio by opportunistically accepting service-oriented retail backdrop with abiding leases. These acquisitions not alone display an adorable yield, but able fundamentals, too.
Over 85% of the backdrop acquired in 2019 and 82% of the backdrop acquired aback 2017 are busy to service-oriented retail tenants and accept charter durations averaging over 12.6 years. AFIN’s contempo acquisitions bigger the portfolio’s all-embracing diversification, abounding boilerplate charter appellation and acreage mix, while carrying a about 100% control akin above our distinct addressee portfolio.
We abide agog about the account retail area and intend to abide accepting these types of assets like we accept over the accomplished three years, during which time, we’ve developed absolute single-tenant accretion accumulated by an boilerplate advance bulk of 69% per year. We accept that AFIN’s portfolio is of the accomplished affection and has added creditworthy tenants and a college absorption of account retail than the portfolio of added net charter peers.
Among our distinct addressee assets, 82% of straight-line hire comes from investment-grade and adumbrated advance brand tenant, including 100% of our top 10 tenants portfolio wide. Amuse accredit to our antithesis absolution for added advice about what we accede to be adumbrated investment-grade tenants.
Our abounding boilerplate charter appellation is 10.8 years and 82% of single-tenant retail hire comes from account retail tenants. In 2019, we additionally strategically awash 25 backdrop for gross accretion of $132 actor and a accretion of $23.7 actor on net accretion of $39.4 million, including bristles backdrop awash in the fourth division for absolute gross accretion of $16.3 million, of which about $6.3 actor was acclimated to accord accompanying debt.
We additionally awash two ample backdrop during the year, one appointment and one barn that had accessible charter expirations that were not accepted to be renewed, and they didn’t fit into our retail strategy. 16 of the backdrop we awash aftermost year were coffer branches busy to SunTrust Bank, now called Truist Bank, which were awash at a abounding boilerplate banknote cap bulk of 5.5%, breeding an $11.2 actor exceptional aloft the aboriginal acquirement price.
As we’ve discussed previously, we’ve been able to booty advantage of a 190 abject point arbitrage amid the auction and the accretion of new assets with best charter continuance and agnate acclaim quality. This is additionally reflected in our accretion pipeline, which has a abounding boilerplate cap bulk of 8.8% and an boilerplate absolute charter appellation of 18.4 years. We appearance these opportunities as accretive sources of basic as we abide to focus on portfolio growth.
Heading into 2020, we apprehend to be net buyers with a advanced action of $82.5 actor in retail acquisitions. We favor account retail concepts that are either clashing for online platforms such as gas stations and accessibility stores, dialysis centers and assertive restaurant categories or those that abundantly accompaniment online adventures by accouterment an omni-channel acquaintance for customers.
Retailers that initially activated an online-only archetypal accept been rapidly abacus concrete locations to affix with added barter in the absolute way that analysis has apparent millennial and bearing Y and Z barter prefer. Consulting firm, AT Kearney, begin that 81% of bearing Z shoppers adopt to go to concrete food to boutique and ascertain new products.
Warby Parker, the accepted eyewear aggregation that started out as an online-only retailer, has over 100 food above the U.S. and Canada and anticipates growing their abundance calculation by 35% this year. SmileDirectClub, whose business archetypal advanced revolved about abutting barter to dentists has been aperture locations above the country and afresh teamed up with Walmart to put retail accessories in Walmart stores.
At the aforementioned time, Walmart is acceptable a arch omni-channel banker who is aggressive auspiciously adjoin Amazon by application their amazing brick-and-mortar arrangement of administration centers and retail stores. There seems to be a ample acceptance that it’s important for brands to accommodated barter area they are already physically amid in adjustment to advance and advertise their accessories and services.
Perhaps added importantly, these trends advance that absolute few Internet-based direct-to-consumer companies can abound their chump abject abundantly abundant to axis advanced profitably after establishing some bulk of brick-and-mortar presence. As I acclaimed earlier, over the accomplished year, we approved an adeptness to admission basic markets in able means to drive our strategy.
In 2019, we completed a Series A adopted chic of banal and ABS or asset-backed aegis alms and advance the at-the-market programs for AFIN’s accepted and Series A adopted stock. These offerings accept brought AFIN acknowledgment to a added set of institutional shareholders.
Further, three advance banks accept issued analysis on the company. In 2019, we aloft $168.9 actor in adopted equity. We additionally auspiciously completed an ABS offering, arising dual-class $242 actor abiding anchored bulk addendum rated AAA and A by Standard & Poors. The abounding boilerplate absorption bulk on both classes of addendum was 4.2%.
Assets accessing abiding anchored bulk costs through assorted channels allows us to finer administer our high-quality portfolio and alleviate bulk in the assets we own. We’ll abide to accept chat with costs ally and appraisement agencies as we consistently seek to optimize AFIN’s basic structure. We’re admiring with the all-embracing position of the portfolio and accept that continued continuance leases and high-quality tenants will drive actor bulk and per allotment AFFO increases as we abide to abound the portfolio.
We accept that AFIN charcoal a acute advance opportunity, trading at a abatement to our peers, while alms a portfolio that has a college absorption of absolute or adumbrated investment-grade tenants and a abounding boilerplate charter appellation of about 11 years. Our allotment is adorable in an ambiance where, according to a contempo Wall Street account commodity band yields remained banal at low levels and crop focused investors are allocating to REITs for income.
In 2020, we’ll abide to acquaint our adventure to the institutional and retail investors who don’t yet apperceive our bulk proposition, while authoritative added advance on metrics, such as allotment advantage and net debt-to-EBITDA ratio. With that, I’ll about-face it over to Zach for an overview of our 2019 acreage activity
Thanks, Mike. At the end of the year, we endemic 819 properties, with portfolio control of 94.6% and a abounding boilerplate absolute charter appellation of 8.8 years. As Mike mentioned, acquirement from tenants added 3% through our acquisitions and the boilerplate acknowledged hire advance of the portfolio, which charcoal at 1.3% per year, apprenticed by 80% of our leases that accommodate hire escalators. We are admiring with the appulse our 2019 absolute acreage activities fabricated to added our action of owning a adapted portfolio of retail assets busy on a abiding abject to aerial affection tenants.
Retail makes up 69% of 11.3 actor aboveboard bottom distinct addressee portfolio, up from 59% at the end of 2018, with the antithesis comprised of 16% administration backdrop and 15% appointment properties. Control above a distinct addressee portfolio is about 100%, with a abounding boilerplate absolute charter appellation of 10.8 years and 1.3% boilerplate anniversary hire escalators.
There are absolute basal near-term charter expirations in this portfolio, with alone 11% of leases expiring aural the abutting bristles years. We accept a aerial absorption of investment-grade or adumbrated investment-grade tenants as 82% of the annualized straight-line hire in our distinct addressee portfolio is acquired from these aerial affection tenants, up 5% year-over-year.
Lastly, we grew our distinct addressee portfolio to 786 backdrop or 67% of the absolute portfolio’s straight-line hire at the end of 2019, up from 593 backdrop and 64% of straight-line hire at the end of 2018. All of the affairs completed in 2019, and in fact, all of the affairs completed aback aboriginal division 2017 were single-tenant net busy assets.
Complementing the single-tenant net charter portfolio are our multi-tenant retail assets. Ample ballast addressee leases allotment abounding charter appearance of our distinct addressee portfolio leases, but are supplemented by abate in-line tenants that acquiesce for hire advance and an advancing acclimation of abundance concepts that can be acknowledging to retail trends. We accept that the adjustable assemblage admeasurement and negotiable charter agreement at our centers allure both empiric and account retail tenants. These tenants accept a accommodating accord with ballast tenants, area the abate businesses account from the shoppers draw the ballast and the abundance with which shoppers appointment a tenant, such as [indiscernible] helps drive cartage to ballast tenants such as Ross, Best Buy and HomeGoods.
Our blended retail portfolio is constant with what we see as the administration retail is headed, which is to bear accessibility and optionality to consumers. We accept that the multi-tenant backdrop we own action an befalling for advance and control and hire that complements the single-tenant assets. Our 33-property, 7.2 actor aboveboard bottom multi-tenant portfolio has control of 87.1% as of December 31, 2019, with 1.3% boilerplate anniversary hire escalators.
Annualized straight-line hire is up to $89 actor from $88 actor a year ago. We abide to focus on leasing up accessible amplitude and renewing leases with assuming tenants in the portfolio, as apparent by our accepted abounding boilerplate absolute charter appellation of 4.9 years.
This is alone hardly beneath than the 5.1 year boilerplate we appear a year ago admitting the admission of 12 months. Accomplished control as of anniversary was 88.3%. Accomplished control includes 86,000 aboveboard anxiety of leases area hire has yet commenced such as a 61,000 aboveboard bottom charter with Dicks Sporting appurtenances at San Pedro Crossing that will add over $600,000 in anniversary abject rent.
AFIN will abide to accompany NOI advance through our multi-tenant leasing program. over the accomplished two years, AFIN has accomplished de minimis addressee defaults including bankruptcies that resulted in the abortion of hire payments. We accept this is in ample allotment due to our cardinal focus on creditworthy tenants and alive addressee ecology program. On average, area hire was absent due to bankruptcy, the accident hire boilerplate alone 0.07% of the portfolio’s SLR from the above-mentioned hire advantageous quarter.
In aggregate, these bankruptcies totaled beneath than 0.42% of our annualized straight-line rent, and anniversary represented an befalling to accommodate leases with new tenants at accepted bazaar rents. We would like to point out that we accept no acknowledgment to afflicted Art Van, the ancestor aggregation of World Furniture, which is a cogent addressee in a cardinal of added retail-focused REITS. Katie, will you airing us through the banking after-effects in added detail.
Thanks, Zach. We appear absolute acquirement for the year assured December 31, 2019, of $299.7 million, a 3% admission compared to $291.2 actor in the above-mentioned year. Fourth division acquirement was $76.2 million, a 2% admission from $75.1 actor in the fourth division 2018. The company’s 2019 GAAP net accident was $3.1 actor adjoin $37.4 actor in 2018 and full-year 2019 NOI was $247 million, a 4.2% admission over the $237.1 actor we’ve recorded for 2018.
Full year FFO was $98.6 actor or $0.93 per allotment compared to the $91.6 actor and $0.87 per allotment in 2018, an 8% increase. For the fourth division of 2019, our FFO attributable to accepted stockholders was $22.4 actor or $0.21 per share. Abounding year AFFO was $104.9 actor or $0.99 per allotment compared to $103 actor and $0.98 per allotment in 2018, a 1.8% admission year-over-year.
And fourth division AFFO was $25.2 actor or $0.24 per allotment compared to fourth division 2018 AFFO of $0.23 per share. As always, a adaptation of GAAP net assets to non-GAAP measures can be begin in our antithesis absolution supplement and Form 10-K.
We assured the fourth division with net debt of $1.6 billion at a abounding boilerplate absorption bulk of 4.3%. The apparatus of our net debt includes $333.1 actor fatigued on our acclaim facility, $1.3 billion of outstanding mortgage debt and banknote and banknote equivalents of $81.9 million. At quarter’s end, absorption ante on our mortgage debt were all fixed, abrogation alone the fatigued bulk on our acclaim adeptness at floating.
Liquidity, which is abstinent as undrawn availability beneath our acclaim facility, added banknote and banknote equivalents stood at $232.8 actor at December 31, 2019. The company’s net debt to gross asset bulk or absolute assets added the accumulated abrasion and acquittal was 39.2%. And the net debt to annualized adapted EBITDA was 7.7 times at December 31, 2019 compared to 38.6% and 7.4 times respectively, at the end of 2018.
We were alive in both the disinterestedness and debt basic markets in 2019, adopting accepted and adopted equity, and auspiciously commutual our countdown arising of $242 actor in ABS notes. Through two abstracted underwritten offering, we aloft $116.9 actor of adopted equity, while through ATM programs, AFIN ante $31.6 actor in accepted banal and $52 actor in adopted stock. As Mike and I accept advanced discussed, these basic markets affairs were advised with the ambition of deploying the accretion into new accretive acquisitions. We purchased $423 actor in absolute acquisitions during 2019.
With that, I’ll about-face the alarm aback to Mike for some closing remarks.
Thanks, Katie. We animate you to chase AFIN on Twitter @AFIN_REIT for a alternative of account and analysis accessories that are accordant to our company. I accept we’ve had a absolute advantageous year in 2019, and we accessory advanced to continuing to assassinate on our action in 2020 and beyond. We’ve delivered on the affairs we laid out advanced and accept taken advantage of the broadcast admission to basic and costs markets that are accessible to a listed company. We’ve acclimated this broadcast admission to abound and optimize our awful differentiated portfolio of single-tenant and multi-tenant assets focused on account retail.
Going forward, we’ll abide to advance our abiding and advised access to growing our portfolio through high-quality accretive acquisitions. We’ll seek to sustain aerial control levels at our properties, assassinate abiding leases with predominantly investment-grade and adumbrated investment-grade tenants and advance our accepted anchored acknowledged hire growth. We abide to see adorable opportunities in both retail absolute acreage and costs markets and apprehend to abide to be alive in these areas in the abreast future. We accessory advanced to administration added updates on our advance with you in our abutting anniversary amend call.
Operator, amuse accessible the band for questions.
We will now actuality the question-and-answer session. [Operator Instructions] And our aboriginal catechism comes from Jeremy Metz of BMO Basic Markets. Amuse go ahead.
Hey, guys. Acceptable morning.
Hey, Jeremy. Acceptable morning. How are you doing?
Good. Aloof capital to alpha aboriginal on the multi here. Zach, maybe you can aloof accord some blush on the dip in control we saw. I ahead if you go aback to aftermost quarter, you talked a little bit about some acting or anniversary leasing that was propping it up a little bit. So I ahead allotment of that is maybe aloof those tenants abounding out. So aloof absolutely what happened here. And at this point, aural that 87% control you have, how abundant at this point, it’s acting alike abbreviate term, beneath than a year, month-to-month blazon of leasing?
Good morning. Thanks. So, yes, the dip from aftermost division as a aftereffect of the acting melancholia control that we discussed. Overall, that was the alone acting melancholia control we had in the portfolio at the time. So the blow of it is accustomed leasing activity, and we accept to abide to abound into the new leases.
Hey, Jeremy, it’s Mike. Let me aloof jump in for a minute. If you bethink the alarm from the third division and the abstracts that accurate that call, appear control at the end of the third division was 89.1% and 2.4% of that was appear as seasonal, that concise leasing that you aloof referenced, which if you do the math, takes us bottomward to 86.7% on abiding leases. So aback you analyze fourth division to third quarter, we’ve increased, again, the abiding control of the multi-tenant portfolio.
And if you go aback to aboriginal division 2019, we started at 84.8%. So we’ve had four abode of consistent, abiding advance in the multi-tenant portfolio with what we accede to be absolute admired abiding control that not alone raises the all-embracing occupancy, but increases the bulk at anniversary adeptness center. And I apprehend that you’ll abide to see that trend in the accessible 2020 quarters.
Yes, that helps. I aloof capital to aloof accomplish abiding it was all affectionate of that temp-driven, which it sounds like it absolutely was. So I acknowledge that. Katie, you talked a lot about the antithesis sheet. You accept a lot of maturities advancing up this year, a appealing cogent allocation of the debt stack. So how should we be cerebration about the timing and refi expectations there? Will you accessory to booty out added accretion to affectionate of advice armamentarium the abutting band of acquisitions aloft the clamminess you accept today?
Thank you. And hi, Jeremy, we do accept a above adeptness advancing due in September of this year. It’s article that Mike and I accept been focused on for some time now. I ahead that we accede a appealing abundant accustomed advance in agreement of our portfolio and the affectionate of debt that we accept on that portfolio. So we are actively managing that and negotiating how we will refi that out afore September and authoritative abiding that we accept abundant time to do that.
We’re additionally activity absolutely acceptable about the ante appropriate now. That was on our books at over 4%. Ante accept appear in aback that was put on our books. So we’re attractive advanced to some bigger mix in agreement of absorption rates. From affairs added money out, that’s article Mike and I will be talking about. We are absolutely blessed with area our antithesis area is appropriate now and area our advantage levels are appropriate now. So we’ll be befitting that in apperception as we refi that debt.
All right. And afresh Mike, can you maybe aloof allocution about the acquisitions action here? Aloof a little blush about what you accept out there, in particular, the $8 billion – 8% cap rate. It aloof seems almighty high, usually that tends to draw some focus and credibility of possibly some added accident in those? So aloof any array of blush on that? And how alive the pipelines would be helpful?
So as of the end of January, it was an $83 actor pipeline, and it did accept an boilerplate GAAP cap bulk of 8.8%. Starting cash, you can accept that because we haven’t yet appear the starting banknote cap bulk of the pipeline, but we will in the quarter. But it’s in band with area we accept been affairs deals. So don’t apprehend into the 8.8% as added risk, apprehend into the 8.8%, as we accept been absolute focused on that 15- to 20-year ambit with acknowledged hire advance in band with what we about see in net charter deals. So that’s 1.5% to 2% blazon of anniversary escalators. So these are absolute agnate to what we’ve been buying.
If you accessory at the action report, which was on Page 5 of the broker deck, you can see some of the names. We afresh accede aggregate in the aforementioned way, and I will acquaint you that the aggregation is not block yield. The aggregation is focused on high-quality, abiding tenancy. And I ahead that there – as you can see in the division from an control standpoint, the portfolio is accomplishing absolute well. We don’t accept added bankruptcies that we’re ambidextrous with. And as we said in the script, we’re over 80% on a straight-line hire basis, investment-grade or adumbrated investment-grade rated tenancy. So the portfolio – we are very, absolute adequate with its adeptness from a sustainability and acclaim standpoint.
Great. Aftermost catechism for me is aloof demography on investments on the about-face in to the disposition side. You’ve been alive and fabricated acceptable advance affairs bottomward the Truist exposure. So should we accessory for that to abide actuality in 2020? Is there an alfresco ambition that you accept in mind, say, 5% or less? And afresh how should we ahead about added cardinal dispositions at this point aloft some of the Truist you’ve been on?
So as it relates to Truist, I don’t apperceive that we accept any admiration to get beneath 5% on a straight-line rent, but again, accepting not appear or disposition targets, I appetite to be a little bit ambiguous there. I ahead for the affection of that credit, the alloyed BB&T SunTrust platform, it continues to be a acclaim that we’re absolute adequate with.
For the blow of 2020, and I do ahead there are some – I apperceive there are centralized discussions on some abeyant dispositions, and we’re not advice that appropriate now. But I do accept that one of our best important jobs, article that we did absolute able-bodied in 2019 is cardinal dispositions with absolute accretive redeployment, and we’re activity to abide to accessory for those opportunities.
Thanks for the time.
Our abutting catechism comes from Matt Boone of B. Riley FBR. Amuse go ahead.
Those leases will arise over the advancing quarters. There’s not an exact date that I provided at this time, but – well, let’s be a little bit added specific. So they’re accomplished leases. They’re in the chargeless hire aeon and the commencement, some of them will arise in the aboriginal division into the additional quarter. So it is what I ahead of as near-term commencement.
Okay. Acknowledge you. And afresh axis to the accepted portfolio, it sounds like aggregate seems appealing good. There’s a absolute acceptable quality, no bankruptcies as you were saying, but has there been any weakness at all from any of your tenants that ability be account noting? Or is aggregate in appealing acceptable appearance as it stands appropriate now?
Matt, I’m absolutely admiring with the action of the portfolio from a acclaim standpoint. As we’ve talked about on antecedent calls, we accept had basal to the point that I would say aerial acclaim problems in the portfolio. If I go aback over the aftermost two years, the accomplished portfolio is beneath than 0.5% of straight-line hire that has incurred of bankruptcy. There accept been some announcements in the fourth division of retailers that can frequently be begin in a lot of net charter portfolios that we accept aught acknowledgment to our top 10 tenants abide to perform. And again, 82% of the portfolio on a straight-line hire abject is investment-grade and adumbrated advance grade. So we abide to apprehend this achievement in 2020.
Got it. Acknowledge you. And afresh after for me. As it relates to the coronavirus outbreak, has that had any near-term appulse at all in agreement of the assets that you’re underwriting for the way you apprehend the accretion action to appearance up aloof primarily in the abreast term?
So Matt, I’m activity to alpha with a absolute abbreviate answer, no.
But I’ll aggrandize it. So coronavirus is acutely article that we’re all absolute focused on. We’re attractive for information, not alone for the U.S. markets, but for the all-around markets, aloof because it is an accident of significance. I absolutely don’t booty it lightly. I do ahead as we’re seeing every day in the account that there are assertive new announcements.
In fact, our tenants are corporately guaranteeing the majority of our leases, as I’ve said now, I think, three times on today’s call. 82% of our straight-line hire is acquired from investment-grade and adumbrated investment-grade tenants. So that equates to me to absolute able accumulated tenants that are activity to be able to abide to pay their rents and whether they accept some concise swings in their business as the U.S. citizenry deals with coronavirus. Continued term, they are activity to bear this aeon and be the aforementioned advantageous retail tenants that they’ve been up until the coronavirus.
So we break in blow with our tenants. They are all proactively accomplishing what they can do. But as far as our rent, it is not in jeopardy, and we don’t ahead any problems in the near-term as it relates to that.
Great. Acknowledge you.
We are assuming no added questions at this time. I would like to about-face the appointment aback over to Mike Weil for any closing remarks.
Well, again, I aloof consistently like to acknowledge you for demography the time to accompany us today. We’re absolute aflame about the administration of the company. 2019 was a agitating year for us, and we’re aflame activity into 2020. If anybody has any aftereffect questions, amuse feel chargeless to ability out. We acceptable your calls and accessory advanced to seeing everybody anon in the year.
The appointment has now concluded. Acknowledge you for accessory today’s presentation. You may now disconnect.
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