AFIN - Earnings call transcript Q3 2019 | Necessity Retail REIT, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning and welcome to the American Finance Trust Third Quarter Earnings Conference Call. [Operator Instructions] Please note, today’s event is being recorded. I would now like to turn the conference over to Louisa Quarto, Executive Vice President. Please go ahead.

Louisa Quarto

Thank you, operator. thank Earnings joining Call. and Third for everyone XXXX Quarter morning, you us for AFIN’s Good The Investor AFIN’s Relations is section call being of website webcast at in the www.americanfinancetrust.com.

information annual risks forward-looking these statements. of or We year-ended call. on XXXX the you those the December are call for uncertainties with after report may of are March statements information expressed could this or results risks statements, to XX, as provided actual a made XXXX date filed only refer filings, materially of following Should portfolio differences. one factors date risk all and for contains subject The the including the during XX-K our forward-looking to on X, the these differ and this materialize, or that of uncertainties. filings more all forward-looking by cause other conference the discussion of that more which Form SEC detailed Any SEC from or implied

As portfolio stated or statements disclaims forward-looking any revise required these our to or AFIN or obligation intent except law. update as by SEC information, in filings,

During today’s which Form in non-GAAP believe prepared website in and accordance These of posted financial can all be our measures measures, net the www.americanfinancetrust.com. the non-GAAP call, discuss in with useful of found earnings at to isolation reconciliation performance. on be GAAP. supplement XX-Q, be measures a will A company’s which income our financial not release GAAP our is considered substitute for financial evaluating should can in we as we or results

Weil. call CEO, the turn our now Mike will Mike? to I over

Mike Weil

pipeline portfolio of joining you I Zach Officer; of the today Katie of on will take additional our call With Pomerantz, President and Thanks, discuss Asset Financial details; other Louisa. our shareholders and recent questions. results with some and me Management. financial an to Good our will will our participants, us. highlight Zach Vice start Katie Chief and then Kurtz, overview Senior and are we quarter and thank and morning for third accomplishments; provide will our

to FBR; the picked started, Before Riley, quarter, in from like D.A. Maher Davidson. Barry B. AFIN from up we Bryan Oxford the I’d to analysts get and two third the coverage who welcome of call,

We have Frank from coverage Jeremy Metz join are pleased Bank Lee to Montreal. your and of

than real We million service report rent straight-line an $XX primarily million, by are in active quarter pleased yield the basis on to will which occupancy we effective start XXX initial preferred quarter strong we closing be the estate to These a capital In including had at a From a dialysis for by points approximately annualized acquisitions, markets, we completed portfolio portfolio, XX.X%. the of an increased fully company. lease-up million $XX quarter, realized to this perspective, million lower offering. another offering $XXX fourth Through $XXX increased quarter. acquisitions portfolio. extremely in multi-tenant the retail

Michigan Consumer Finally, in of remained shareholders, for XX-year we and such trade Sentiment XX-week our believe Broadly, common Index retail continue to economic near as the highs. indicators, industry continues to the stock highs. U.S. our University near

of XX.X% to our space. occupancy Portfolio feet of on Columbia. XX.X located in square and XX, rentable XXX district consisted of states September of As XX portfolio grew properties, million the now

Our term of leases include of years. remaining weighted X.X average have lease annual average X.X% and escalators a

are perhaps, e-commerce. resilient retail as the from that market is, to define We us continue more we competition At narrative properties, we to brick-and-mortar focus service on believe is certain the more have believe same time, resistant the to retail earlier would than recognizing which what like we believe.

sales overall per has volume $X.X XX% year $X.X the last by over illustrates, retail years, Bureau trillion trillion. Census from to U.S. the from nearly data increased As XX over

the grow increased opened up have period, has has to of has helped this The but of customers. not retail sales come far a growth excluding e-commerce, market expense at pie. During traditional exclusively retail XX%, the overall new by retail e-commerce e-commerce reach meaning more

our and of Roebuck is Company. In XXst the Sears, century view, equivalent Amazon

omni-channel a customers, locations. seemingly and in to accurate sales. results to of today’s service with online bridges of not technology seeks novel We only it’s and stores real but indeed no leverage economy. and not gigantic app landscape the your to the and website is believe for from company gap of a method retail offline today of sales sales revitalizes consumer pioneering into local limited the retail provide retail We’re that Further, fulfillment, the from or connecting reforms experience isolate to binary to the customer that centers. is retail, sector revolution rise longer growth connectivity physical which e-commerce a The and

of is diligently of multitude measures. core portfolio sourcing One our acquisitions to closing are accretive and strengths a by that our

of annual acquired a $XX which of the guaranteed traded cash over we was portfolio properties, of a DaVita quarter, million both properties. Fresenius rent the rent, XX% by million companies dialysis rate, cap industry-leading escalators. million annualized XX over or with and of During $XX portfolio combined for total representing dialysis rent straight-line closed of acquisitions for average led billion. of are by The on the market straight-line a of a $XXX annualized are X.X% including of at weighted rent dialysis X.X% million, adding average $XX cap annualized XX XX publicly immediately $XXX

Lang us for the as close XXX-plus point as a swiftly the comparable certainty, our LaSalle’s and ability deals within allowed basis to discount Research. relationships to recent with marketplace well to market achieve Jones Our in

forward our a brings a a for at $XXX million AFIN’s X.X% strategy An element plus an closed have year in the to rate closing this ongoing program cap anticipate rate of strategic million weighted total is important of Altogether, end. of pipeline pipeline cap before that we acquisitions year cash average X.X%. We $XX dispositions. approximately and of

with lower to are component sell properties spread, SunTrust than assets with cap management the cap for durations. to been discussed like rates credit similar portfolio the opportunities Identifying properties paying that aforementioned continually rates we’re points able we strategy. a XXX SunTrust of is valuable have on we’ve and capture our lease As basis prior at calls, a roughly

We of the the net of we’re quarter occupied million approximately X X in are end pleased properties million. average also contract at $X for by And we sale $XX.X Subsequent to rate. sell a XX, year the cash for $X X.X% SunTrust million. have proceeds we completed million, end for the through resulting SunTrust $XX.X LOI or to more of X third XXXX, sold under weighted that properties in October properties quarter and cap

up and has no our annualized of which the XXXX. year rent than expirations expiring through remainder X% for with portfolio, this straight-line single-tenant property, next, about expiring XXX makes XX% XXXX less or X/X through approximately lease Our of

XX% on day million our the realized last earnings rent, properties single effect we what quality the in the acquired portfolio straight-line release investment-grade leases, the The of approximately implied confident to for our refer tenant to XX the and more quarter. are wasn’t we’re Please added our investment-grade across implied Occupancy single information during be tenants of XX.X%, but increased with tenants. full to dialysis portfolio tenant Further, closed our or portfolio-wide XX% credit investment-grade AFIN’s average the top escalators. X.X% rent $XX annualized to tenants. consider as the of properties quarter about leased annual XX of to

benefit cash the receive to full expect We QX. NOI in

from portfolio seasonal X.X% leasing Approximately through to leasing XX.X%. e-commerce to long-term of the fourth increase multi-tenant be space that focus to came our activity we XX.X% as expect quarter continues and third a to while rose Our meaningfully lease and retail the as for tenants. This in occupancy to service for of leases place was contribute we experiential X.X% was through parts great defensive particularly new quarter. other the

leases million X.X% of and and occupancy XXXX. XX.X%, X% X.X XX-property, approximately in foot term million of next expire Our straight-line portfolio a weighted has expire years portfolio the only in X% lease almost multi-tenant remaining leases escalator an of currently X within multi-tenant average X.X average rent, Across a annual square annual $XX with years. of with the executed rent

team discuss. management focused has lease remains success and efforts in on their upcoming renewing minimal found sustained as further will asset Our our maturities Zach

available yield effective oversubscribed. offering acquisitions being offering offering. was successful Demand We at financing the standpoint, initial dispositions, current to for also a an liquidity in Total capital of is and exceeded lower the this in than From to end the of with $XXX departments. the our our quarter $XX pipeline future acquisitions. fund and add-on million which A stock, Series our execution an the completed million, book the third quarter was markets raising at and addition preferred expectations

With the that, financial through results? Katie, will take you us

Katie Kurtz

rate and which cash stood $XX.X cash interest of net $XXX of of cash million. undrawn credit as on facility, at third quarter secured of the Thanks and mortgage the billion weighted Mike. components equivalents and debt million XXXX. with billion Liquidity, We plus drawn we $XXX.X under September equivalents, X.X%. at $X.X availability debt debt facility average our XX, a net at $X.X our The include measure million credit ended of cash

the raise since million September, Series on, we throughout preferred inception Mike in million Series a quarter. preferred in Series proceeds and $XX programs stock the in another preferred of million program our A As results its year. offering of add-on This our growth $XX.X ATM earlier touched gross gross of A in this A our cumulative raised $XX.X through proceeds ATM of

million accumulated annualized activated down $X.X XX.X% We at our to And as assets we value quarter $XX.X net XX, XXXX. at plus company’s XX.X% quarter gross addition, XX, the XXXX. of of June compared ATM third or net September in quarter, X.Xx revenue our to XXXX, million. third compared for gross In EBITDA third amortization asset raising the our adjusted reported The proceeds to X.Xx XX. common was debt at total debt was million and from depreciation program June $XX.X to

that higher Please $X.XX to the in the to the XXXX, NASDAQ Year-to-date, XXXX XXXX same compared at the as impact XX-Q million September in And $XX.X point common million quarter July the is third XXXX XXXX. at AFFO attributable FFO Keep XXXX items quarter from the real third third listing in million in stockholders that common $X.X onetime was quarter than per as mentioned, the share the from as of mind third third $XX.X of $XX the to the quarter FFO. for the per acquisitions affected of fourth stockholders in on for see occurred XXXX. in compared XXXX. end AFFO quarter was estate or our attributable our expect benefit details. more share certain quarter we the third to XXXX Our XX, $X.XX quarter. for to or full of million Mike

in found quarter posted be reconciliation of and XXXX. website earnings million during a of our income to of always, non-GAAP can at which As common net dividends of on all declared third We the are XX-Q, release, GAAP our supplement measures $XX.X Form www.americanfinancetrust.com.

to I it our will estate over activity and Zach pass detail. leasing discuss acquisitions, to greater in real dispositions

Zach Pomerantz

Katie. Thanks,

As a at an cap mentioned during acquired X.X we total attractive weighted earlier, we properties average feet. cash a XX service The and cap X.X% term remaining retail acquired average primarily rentable of rate These years X.X%. lease average weighted the properties of million properties square about of of $XXX rate acquired quarter. XXX,XXX and have weighted were

that properties lease Mike General with Dollar discussed and earlier, Caliber leased one-off well Checkers. to XX properties X and acquired to leased XX-year leased Carwash X we car Collision In to portfolio, terms as credit and Mr. washes as dialysis BaX addition to also implied the are

in AFIN’s new XX.X% occupancy of improvement from occupancy This basis occupancy tenants quarter was quarter. occupancy Approximately point This XXX with XX.X% stands leases multi-tenant different over XX.X%. multi-tenant last where the at in and Our quarter increased the XX.X% occupancy the the XXXX overall the where last same over X.X% multi-tenant of the multi-tenant long-term of signed was increase portfolio from at XX.X% X significant increased end at in quarter. a occupancy properties. multi-tenant came is

and from seasonal short-term that to are be of fourth expected increase during third The place quarters. other came in parts tenants the X.X%

we been but delivered executed another third the leases square quarter. addition of have as have of of that In approximately these, to feet XX,XXX the not end

X in at The occupy tenants well-respected for up San During of annual quarter, on sign rent executed bring LOIs and Antonio. Crossing XX square anchor at the we and to and San brands tenants are $XXX,XXX the XX,XXX property were able are in expected to of X base least years. over bring Pedro in over new feet

to duration Prairie At Town other Pedro frequently leases prior These to of revenue. the we space our San of our with in as AFIN improvements on includes signed by like tenant related we tenants’ quarters capital are total Center, Crossing, an significant payment negotiation certain but new impact discussed enhancing quality when long the pursuit made out expenditure in have tenant needs. such the leases meet properties anchor of costs at tenants building

you of requested, XX% have enhancing the some capital operation we is total be with to or revenue-enhancing. million wanted of consider of Year-to-date year-to-date. on expenses. maintenance $X.X Non-revenue many we detail million of to expenditures $X.X As million CapEx provide our you in $X.X or portfolio CapEx,

a percentage NOI. maintenance of cash is As total AFIN’s cash of NOI, X% portfolio

details section this our quarter. of Additional found for can MD&A XX-Q be the in

traditional Our retail convenience including and to Dollar XX locations stores, properties, leased October of as and service to Carwash pipeline forward-looking retail acquisition consists DaVita Mr. of General. as lease and of gas as primarily IMTAA well operator

properties total them auto X.X%, for the complete assuming all rate X.X% million $XX for average remaining approximately lease a is and in pipeline price XX weighted average pipeline, of XX cash weighted cap We of million. advanced also years. term a average purchase $XX our cap with a weighted of The rate about we have of

a closed properties, years. at we XXX XX.X a and X.X%, cap pipeline a cap term year, lease of weighted cash For rate of either weighted average on of rate remaining have average the the X.X%

the about expanding seeing market currently the in we look to are excited forward our We’re opportunities and portfolio.

turn you. I’ll it to Mike, back

Mike Weil

Zack. Thanks,

in some differentiator earnings, in I think our we us discuss lease real peers. combined and REIT want think we the of unique rent a our that Before quality triple and as increases, of which what We take inclusive credit take we of believe duration of the questions, between leases, a to strong space. are long strength quality minute of net the to is contractual tenants of overwhelmingly with net is which the

are occupy of rent XX% XX.X lease AFIN We square from term XX% top tenants, For rent and leases or example, XX our up our our and XX group. average the annual our facts make X.X almost believe straight-line of that credits. years of these average XX% tenants top the these businesses, actual million implied grade peer investment Of remaining are feet tenants annualized portfolio. X.X% retail service an have and include increases. differentiate of either

continued We unique of third with activity quarter. strategy execution our the our in the

an swiftly last the reflect opportunity million dialysis close will on on provided We’ve without preferred transaction the add We going quarter, the million our XXXX. $XX straight-line performance us forward. annualized Our successful to increased with of in the our which and the forward final to of on rent to day look occupancy debt. $XXX in strategy execute meaningfully increasing quarter continuing on our our

questions. With that, for the line open up let’s

Operator

BMO. [Operator of question Instructions] Jeremy first Please Today’s go Metz comes ahead. from

Jeremy Metz

here. good on Hey, Frank am morning. Lee I with

you around remarks. the I definitely touch on today, question, appreciate queue here expenditures. wanted the First just and your added to capital disclosure the Obviously, opening talked in in that, earlier about

tenant portion of a center space, In that terms allowances. big is the shopping of TIs and

you little tenant bucket. is just put You bucket that revenue-enhancing touch there what from exactly criteria that? for allowance of bit? wonder are separate And I that maybe if a And on or to CapEx, could the did a in it so that mention part the

Zach Pomerantz

additional much allowance, transparency. up Good of This look, Zach. this And that it information times, it’s do tenant bring is provide for your we to work their we yes, regards rent and be met improve that the brought properties. morning of new type or to NOI tenant base certain obviously, our in monies. have to we’ve can. that Yes, improvement and – capital could Jeremy. money leases put door wanted When you provide to we And And building of spent a related have revenue-enhancing, to comes bunch so to for a to point, is to we’d the with to in as the to as that place.

Jeremy Metz

of So sort go ahead. larger any – sorry,

Zach Pomerantz

go ahead. No,

Jeremy Metz

were sounds to space, be you some need that of sort adding you it This if – might would another of the more a is that worked redevelopment lot well to need any so but lease-up, like that. of sure, a is do additional anything to sort you have space, any in making sort to you Just or do tenant in rather It’d a form drive tenant of NOI. this a bit facade. bringing way as right... allowance up little of of to – Is

Zach Pomerantz

will as replacement Yes, yes. related building extra that far maintenance something We goes, site. This directly be don’t really standard the more of on like the a lease-up do roof the that buildings and related really the to thing, something nature. to directly is as

Jeremy Metz

was call to want guessing release. correctly, been from Perfect. the straight-line you’ve last about to I increase right multi-occupancy? I acquisitions, increase in the booking. million $X.X in just way identified that’s sure million the what about Is make it, XQ the That’s helpful. I addition to it? that the then million I’m already in to assume increase think the that’s this was $XX.X to And thinking the that And $X.X from, quarter. in the related press

Mike Weil

So, and asked talking correct? pipeline you – other the leasing each as to the at Jeremy, as are Katie far Mike. the you in quarter, I sure about leasing just as executed because make versus question the we are we looking are it’s want

Jeremy Metz

line then there was increase am covering is centers. from $XX which about? leasing, looking identified from for need a multi-tenant thinking I – that shopping to there was be straight Well, million we acquisitions And

that point comes You occupancy. assuming increase straight as in I line with you XXX basis added got physical am a well.

Mike Weil

That is correct.

Jeremy Metz

stays credit it’s of good the ATM, going little common higher? bigger part on got the of acquisitions or point. around the But these forward, bit be story, a did lows drawn a you stock we decent the of thinking equity at in terms funding a about assuming the it. funding should the And somewhere execution amount becoming preferred, on Got the this line of

Mike Weil

equity, draw No, ended we We was the the conclusions with Katie, think any preferred that or I quarter right availability, on future and...? common. don’t should What cash now million? $XXX

Katie Kurtz

at between We of Jeremy, had of $XXX line, end the liquidity quarter. on availability cash our and million the

we’ll in and said appropriate. as as the of past, we our well well. looking eye we’ve capital like use facility financing be the keep So as markets, to other And stock forms see where we’ll our credit on the also

Zach Pomerantz

just me let a one So out round bit. that little

the relates equity, to disciplined we’ve shown it view. board that as think I of the share we and issuance management are

continue hope with the we’ve continue important cash see to And good is are critical to I we adding to stock with where as I to And going the conservative pipeline able as and long-term that decisions trading view very acquisitions where that real hand think really been saying we’re I’m – quarter-over-quarter. of to on good to we’re but see make keep a it place. the going trading. we’re to pleased to portfolio are properties well in continue. continue, sorry accretive. that to make availability,

Jeremy Metz

Frank helpful. one all one as had That’s And for well. I think quick you

Frank Lee

Yes.

acquisitions, together it of Was pool came types in about the acquiring portfolio dialysis the buyer for on these assets? quickly. or portfolio? like you the seem fairly relation-driven deal Can one talk process the like And Just off-market? what’s

Mike Weil

This was relationship-driven. acquisition

dialysis what very and And continue on is feel and to we to disclose buy. we strong the cap rate can’t this subset have when We – like deal. of that a

able do We of to all PSA. which cap is the terms rate, we’re the have under disclosed average

to conscious So I be that. of want just

quarter was because properties XX that full the properties. got extensive XX% able wanted bonus is we the it a ownership it of close I platform, we look diligence could the course, did amount due all still, the and having were, with And we that of X leading But When done we with, seller could the And of to our at diligence for we on the in the us. and to the came providers investment-grade in of fourth live fact in think and we to that quarter. portfolio receive benefit to dialysis these that live that terms and done. the portfolio. get for the

exciting it’s pretty So Frank. for us,

Frank Lee

thank Okay you.

Mike Weil

Thank guys. you,

Operator

of Davidson. Oxford today question go D.A. from Barry ahead. Please comes next Our

Mike Weil

Barry. Hi

Barry Oxford

same thanks your of I Great when giving Thanks Zach. your I Great. you you’re quick When here. know plan and want you look you your XXXX to at are acquisitions. guys. keep imagine kind How Real you pace. doing? somewhat but the look – guidance, not at

throw If are for talk be not equity to of XXXX? you on of today. you what kind as Or acquisitions quite planned execute the want markets could Can have in they wrench you were as that if to on you slight that little a bit capital a accessible the right XXXX? kind execute – would

Mike Weil

hesitate questions yes, certainly... to Doomsday-scenario answer it’s – always because I

Barry Oxford

I to use word, was trying slight. the

Mike Weil

know. I Yes.

just So the about let’s kind talk of practical of operation portfolio.

when We we to. capital have recycled have strategically needed

opportunity reinvest didn’t quarter, second we properties portfolio. remember think to strategic we service retail. capital in you sold office us that to were X more If that the long-term Giving an

attractive X the or quarters, point that a XXX Redeploying some strategically For branches the basis we have rates. of SunTrust disposed last of cap very spread. roughly X at at capital

multiple and think to the with we have as – make able to us. right? to engaged levers company, operate The multiple that the to very do have can And a continue we is one that I continue will be sure things we of team, So Board, most a management levers. available strong important we, and

quarter basis. were last but very slightly, a We we reduce where on quarter. this to net to debt-to-EBITDA to it little a we – sensitive bit able are we’re So able over were

So increasing. by debt-to-EBITDA want do no means see to just net we

We to in a will operate continue manner. conservative

make REITs see company, identify either listed to in I like them. continue and near every we XXXX. or the REIT conditions done within think here where future of to I enough cash to And strategic be but same that the to July through we we disposition what we or for There do may a it’s responding continue there, way. the appropriate can quarter time, are hand acquisitions that market we’ve to in operate on important the capacity at have since do

Barry Oxford

guys. Thanks, comments. those Appreciate Right.

Mike Weil

Barry. Thanks,

Operator

Please go next question today of from Riley FBR. comes Maher ahead. our Bryan B. And

Mike Weil

Bryan. Hi,

Bryan Maher

questions. for my Hi, taking guys. Thank you

basically, like rate acquisitions, ask of through another markets. good seems run correct? that to way. Is any without your go XQ liquidity It to of you’re just kind kind just with ‘XX tapping your of look, So

Mike Weil

that, think that I drawn. be that’s conclusion a can reasonable

Bryan Maher

when at type tenants spaces? of then into kind occupancy going can you there, samples give the Okay. we And some multi-tenant of ramping us the look those of up

Mike Weil

take is want continue opportunistic be generated I without knows while they’re Yes. And for so to to point of a for feet. point And want us. I difference versus and the replace occupancy the the Zach because look in We’d just thing pleased add team able it’s I just rent we not what seasonal rent and – between most square the I well. TI straight-line who this the to there’s long-term that. – was that’s out intentionally to results to did place. foolish think advantage want quarter, the the do. out his collect for leases. break long-term one leases I And out it, before what to the Zach really because were with But to we then We in seasonal QX, part. QX that’s that, and

quarter total XX% the this with compared the the is by on leasing. Zach the long-term rent is the leases leases, So as was in it to quarter XX% that to only leasing executed in get of associated seasonal, able new generated of long-term seasonal with the

some creating in various long-term able to value So short-term deploy be we’ll manners. that while we benefit here some created

team is good his quarter, activity, fill and I was effort looking work a and leasing the the hard of Zach a the for. buildings. that not that so pleased. but we across one momentum I and say really had This we these So to be country that been lot have want to It’s the brokers to

Zach Pomerantz

lead-in. the for Thanks

come that of done number with recently that Fitness. X did about at names as number the place And had about the recognize we – that talked of in gave to services ULTA salon, below – we that’s have an the be that are We’ve anything talking deals with the as San line leasing, in leases know while quarter. were could the to that a hair, deal seasonal signed. Crunch to LOI a Pedro, box box the runway from about talked community the with a got leased with doing to just well with negotiating that of Mike large smaller a Bank you’d national until out. operators space. rest in So that fill nail the those We us centers. a leases Home we’ve with And of a to that ally We at we’ve back things lease have when of the signed, recently, done seasonally At for we it got last properties that someone America, local one

nice So place. types that’s a for we’ve those tenants in been are the And little of bump there us well. as putting

Bryan Maher

an that’s seemingly the not Great. doing. acquisitions, then mean to cap Should assume branches decent rates because second to too relative we switching down to That’s a low at make more gears see expectations already your wouldn’t and going are you’re simply disposed would that, super helpful. And for bank we what you that reverse arbitrage I go avenue you that you the of prices. few a forward?

decline an asset as you that for to continue higher, get correct? not and or stay the expect should we same to class So

Mike Weil

That is correct.

Bryan Maher

we say, want you months? let’s about assume about the to coverage don’t the speak would the lastly of over Board me be kind think into XX the I and And then se as sit piece plan Should and next, XX a we to now, dividend this of that just for we to to that ago. for continue coverage we months as couple in initiation wrote our just grow here per

Mike Weil

the the have the income until and the we talk the the quarter. portfolio, of a things of confident drivers we that. forward talking we to confident Bryan I’m we Again, in when the the Katie, including need to the I things It’s do I that of course, that we’re Board. all on how priority it last we is it, dividend. be day are the have where to quarter reporting Board doing we’re us, continue acquisition covering. to going rental we high that are the portfolio of see remain a about and to think multi-tenant And regularly. When to get don’t that for will view be dialysis talk lease-up I that the And occur we I about recognition looking like cover fourth that

Bryan Maher

sure. nothing that should basis looked making making the or anybody progress, That other just are than ‘XX growth? And there’s And plan looking into else mistake. to on point NOI is doing on I at you your quarter-to-quarter basis. that my to think on kind a a doing forward at with to was really for it a planning year-to-year it ‘XX. ‘XX It Look, grow you’re be of

Mike Weil

I – stated yes. is you’ve with That that, how agree

Bryan Maher

Great, thanks. me. That’s all for

Mike Weil

Bryan. Alright. Thanks,

Operator

Ladies gentlemen, turn to for I’d conference the closing Weil any the concludes back to remarks. Mike question-and-answer and session. over like this

Mike Weil

for the Alright, today. to everybody Rocko we want you. just thank us and Again, thank taking time joining

again, out. be questions, to to for progress us Finance and you Bryan, the join excited hesitate making. don’t for your taking have and the any today. you American about Trust thank time continue Barry follow-up to And we’re, that thankful and if And Jeremy We we’re support. Frank, reach

Operator

for now Today’s today’s attending you sir. you, presentation. we has all concluded, conference thank and Thank

wonderful your and may You day. disconnect a now have lines,

Necessity Retail REIT (RTL) 8 Nov 192019 Q3 Earnings call transcript