NMRK - Earnings call transcript Q3 2020

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Operator

Good morning, and welcome to the Newmark Group Incorporated Reports Third Quarter 2020 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. is event this note being recorded. Please now Mr. would like to to over conference the turn I Head Investor Harbes, Jason of Relations. Please go ahead.

Jason Harbes

summarizing release Thank issued you today's a originations call to press quarter cash operations the discussed provided our loan We this presentation and third quarter compare The on XXXX and year XXXX financial on period. sales. earlier good results activities these results morning. third morning. only from of and provided Any figures operating call flow refer net with the with cash by respect to today's excluding results

under to We see EBITDA. accounting when will adjusted why We or such principles of accounting definitions in be call to the results results sections the -- of referring corresponding otherwise also of earnings may items the our them. any Please for adjusted release see today's on these and accepted basis the GAAP stated. GAAP. generally management how, Please unless uses press complete non-GAAP only results an reconciliations today's to terms, this press refer on back and for release

to of website within meaning today's outlook, amended. the our company's call risks in Additional uncertainties. are in no Securities differ the by the company's Any the our respect pandemic materially share of statements effects stock expected. Newmark and XXA not forward-looking the price. These XXXX our financial and you forward-looking non-GAAP Securities information that undertakes business XXE Act meaningful include our as mentioned subject which today's the as that call, Section regarding of statements Act involve actual about amended statements. what on call Exchange facts I required on this Except and are of also any the law, information perhaps as remind forward-looking changes available on outlook is results, liquidity historical acquisitions, on update the of from with are Section constitute impact of investor but COVID-XX position, on obligation the and statements discussed assumes no business presentation. or statements GAAP repurchases is to risks, and may Such currently results to and XXXX material may

recent of Securities and contained which results and but For a discussion see uncertainties, those statements, Gosin, to cause the risk to to I'm to factors Newmark's not X-K filings, Form actual CEO Commission most Barry filings. set risks the additional happy forth could or Newmark our in now Exchange host, Group from of forward-looking in over limited XX-Q call the our Form Inc. Form XX-K, turn differ including

Barry Gosin

Good us call. morning conference thank for you third quarter you and Thank Newmark's XXXX for Jason. joining

Jeff Officer, me Chief Rispoli; Officer, I our by Revenue virtually employees throughout thanking on for today pandemic. Alvarado. are Officer, Mike Strategy Joining and Newmark's Chief like dedication our would they Lou have our the and Financial ingenuity the shown Chief call Day; begin the to

to our lines. us to quickly service several Despite challenges real gains share to culture, decision-making clients. organizational entrepreneurial estate, structure in we have efficient key Our to provide improvement and commercial acclimate and saw processes the business facing and continue sequential enabled market best-in-class flat

respectively. share points and debt quarter-over-quarter. increased basis basis XXX by volumes GSE and We our sales market markets capital rebounded and Our by XX% year-to-date investment originations XX in points

in allocate as increasingly multi-family the ongoing recovery investors capital and types. markets will in capital to these property strength industrial Our drive

to third near-term services, as quarter overall of We our businesses global is and and recurring objective growth are corporate revenues revenue, grow in businesses such valuation our solid in revenues. to on with our advisory. These and of management businesses comprise property these margins XX% focused XX% the

credit in estate have partnership capital nearly Newmark, October Frank the classes and revenues. types augmented the markets reflects services activity is available trends. capital and a We into Newmark's world global by XX% capabilities. These interest that buyers capital through the improving leader of lower historically fourth in markets real organization our commercial and drive the gap and on should strength our XXXX. life markets should our unveiled maintain the sellers going bid-ask that significant Multi-family, the industry of of global represented our many forefront with new environment rate we in Knight market of quarter become real reach narrowing XXXX, are our brand parts property international asset estate expectation and the forward. Our real On which sciences we've for outperform between industrial estate, and a fundraising

to hires academics that, I'm key happy continue best-in-class medical, the to platform attractive Mike. add we industrial built as and talent positions With property markets with in turn types. us leasing to to have We call recover. outperform over The the other our to

Mike Rispoli

In third the revenues our were on to the down of pandemic morning. due XX.X% Thank the volumes. industry impact you good quarter, Barry, and

Our down XX.X%. leasing revenues were

We remain decision expect to pandemic activity making. clients long-term to leasing continue as through the the of end defer challenged

renewals approximately from Looking XX.X%, XX.X%. market we including points share GSE Year-to-date to which from were banking markets have as originations, expect increased to XX corporate strong forward, mortgage gains a gained of mortgage reengage we have the due in gains GSE. basis pandemic banking Capital down revenues, pipeline and of lease we abates. mandates, strong

in X.X% but outperformed real and fell, Management fees revenues While servicing remained capital by markets and industry interest capital balances revenues these sales services, by company measured income declined on maintenance as stable. servicing escrow to otherwise investment lower analytics. other business, volumes due we fees the yield

and to of base expenses. operation process decreased to will and drive as exclusive $XX.X expansion million through the in OMSRs, reduction committed expense expenses improvements, in and support permanent margin reflecting revenues recover. non-cash a by which We technology Total XX.X% lower costs. remain on markets reductions commission-based our Moving achieving

was adjusted Turning and $XXX.X to shares million, $XX.X of the on will million and down closing We share additional our NASDAQ because reflects earn-out. earnings. each adjusted annual were NASDAQ upside fourth million for September the based EBITDA XX income the from XX.X% received quarter Adjusted XX.X%. $XX the $X.XX, the earnings Other And price. earnings generate was liquidity per retain year. in of we earn-out down NASDAQ's

Moving credit and liquidity maintained metrics. Total on the $XXX strong We to equivalents and cash balance were cash sheet. million.

level. During back EBITDA quarter, debt we us facility. on $XXX the company's third the to our million. quarter $XX an to This trailing pre-pandemic repaid our credit XX-month end, revolving additional was times. net million company subsequent brings And X.X debt adjusted The to repaid

to for the led volumes are U.S. Turning GSE we market quarter, in to fourth or XXXX, specific we providing markets expect continuing continue uncertainty, by strength their while due not originations. sequential expectations to revenue capital for and earnings our guidance multifamily improvement,

expenses operational consistent in sequentially, overall We to expect increase activity. with our increase support an and

continuing expect in our sequential earnings, We exclusive improvement other of income.

net approximately compensation Additionally, for allocations decrease GAAP now expect of I XXXX, income the Barry. to the by equity-based and like to full would to turn XX%. year we call back

Barry Gosin

With Mike. we to you call. you, update quarterly return capital to on conference next respect plan policy, our our Thank

We a have built profitable remained quarter. strongly company during that has the

flow, down cash debt. and substantial generated continue to we pay Newmark

call of we open questions. I'm a extremely team. share market have captured period would a of Operator, We number the of proud our for difficulty. business during like extraordinary lines now in to

Operator

you. Thank

Instructions] O'Neill. Please the begin comes go now Sandler question [Operator first with question-and-answer will ahead. from session. Goldfarb We Your Alexander

Alexander Goldfarb

Hey, good morning.

is that's the with for go-forward. for improved you owners – disclosure so the the and thank helpful breakout, a First, that

few a Just questions here.

just First, just the capital with mentioned. return maybe you Barry, start that

would buyback? you're this you're next be more more be it the be going that things thinking On some is compensated? I Is recurring that we would guess, What should one-time you a or about? dividend? are some outline then, more basis, sustainable that Is quarter-after-quarter, call, to And may these something on do. this measures meaning this

Barry Gosin

could that, above. of we're I include going think above, internally best we're the the to and our capital, how to shareholders, all of of the our use with considering All serve respect discussing which

Alexander Goldfarb

Okay.

The the loves Mike, in comments as said, better capital on are, $XX appreciate everyone as the far cash million as the you it markets, like getting industrial of flow second and multifamily. And is, things certainly, sounds quarter. question

to that about on – should about good is as a or on company? million, the forward is run think adjustments we that or there level a we a So that the think that basis, rate level $XX are some is think

Mike Rispoli

earnings the job other out Sure. flow will on earnings. think the depend We take better the in operations around sequentially be management. in you quarter. Obviously, will from really the income working We've cash good capital when quarter, a third fourth the done our

improvements collection flow it our lot cash see on of focusing We you'll from of think I really had deck. a in receivables.

quarter. stay DSOs days, improvement expect in XX the down do are so on our And we focused year-to-date, Our earnings, continued generation fourth we sequential over given cash flow in really that.

additional an NASDAQ addition that, which, the get In XX, worth million. shares, September to at are we'll $XX

cash And using capital things continue our about. focused flow business, from Barry so the it and our all on stay just generating forward, going working to talked we'll to do and

Alexander Goldfarb

Mike, that But we balance $XX that which sheet run flow, point, was took improvements rate? by cash in all quarter those improved measures, just sustainable million, a the that or those you that on want in lower million are that with $XX in the enhanced to case, start

Mike Rispoli

No.

continue cash the from flows can business. to generate I think we

into from focused we've leverage, stay we good pandemic. the business. significant maintaining low the generate our our done We as see, leverage to really on flow we very you a a continue because we coming cash capital. can As working from started that And job think mainly,

think it's – I So

Alexander Goldfarb

And Okay. then just final question. one Barry,

a the those sharing big – the trends leasing earning are want we of and claw commissions? about office to clawing or of any to we or x a more that they brokers, pretty commission the trying the the the to tenants side, the leasing you we'll forward. expect business, because on those deal side, or claiming these we tenants seeing of side less speak On going In get to of going consistent taking on say, Are brokers tenants hey, been back it, of big then I'm over brokerage want shouldn't or have consistent, more commission. sort not view, often, been and business your are does the hear who the think about you really where see tenant percent therefore, change? back, the have are term leasing amount however, it, you I office, pretty years, those

Barry Gosin

consistent. don't I any pretty expect It's change.

Alexander Goldfarb

you. Thank Okay.

Operator

ahead. with Your go Rahmani Please next KBW. question from comes Jade

Jade Rahmani

investment imply be north a average looking turn in of what you could the in CAGR to the do we've once a do positive period, last average It's expect place, in past five capital might think XX% growth be much. growth XXXX? growth markets years, year a which And parameters? like strong very the is, can time And in over what you down from the might sales over the take five $XXX maybe, to Question reasonable of business Thank range back XX% years? double-digit resumes. you for recovery you terms to volumes that expect give over billion to of getting seen secondly, would the

Barry Gosin

particular area, an Well, depending generally, food group, on important low I been the activity. aspect of have interest think historically rates

there calls, of other $XXX an of powder. etcetera, coming of industrial, already we're enormous on on amount low there's the still that is is $XXX-plus dry – billion science, powder, of available back. capital centers, a the the Globally, of so said So of to billion amount some dry multi-space, invest. I've interest an amount Invest, as life there's activity is rates. There significant seeing enormous data

relationship values XXXX. level the good I'm of to multi think and be in some the pricing good we'll of accept assets. capitulation on I price the of into But their and encouraged there'll the market been has surprisingly, certain where and categories start looks some repricing of consistently people

will situation, were moving be to but So I this back of think direction the at. market it's sooner very And I getting in segment of we'll leasing confusion hard capital back that than we -- to faster, the fluid a longer? little some business will think that is piece of -- that volumes -- markets the a take of in come office the the probably

Jade Rahmani

much. very you Thank

the the all on in for it's market opportunities comment Are the capitalization, total transactions? M&A and grow Do you to what there have potential you type any those thinking strategically equal think is about thoughts opportunity larger business the valuation, think opportunities? are value look about you there? Do scale Can curious biggest and create value? how value? to Newmark's enhance or at you're best I'm space? enterprise around increased M&A terms stakeholders, shareholder you opportunities of in overall value merger it's of As

Barry Gosin

white at We've multiplier. many space on fill things all to create and acquired consider specific kind us Seal assets we've that a companies. that We to a the basis in more areas on of in field We've of help companies looked respects holistic XX viewed ourselves category. team kind smaller put the in Navy ourselves in the of members

So not That is talent. we to that question believe is in going change. without

to continue for talent. So we will look

for for to right look done And space acquisitions occur. fill-ins will do fill the we the will of We fairly and well we've we very But by accretive that? in really think that where runway right have company. a our good opportunities doing acquisitions still people

Mike Rispoli

And Jade, I would add…

Lou Alvarado

Alvarado, This is Jade. Lou

offices feel a our getting were piece impact there's we back services to XX% by of is I we to are area corporate significant a occupiers are also back we and XX% in And grow can focus revenue to significant a that think of amount management, the services. from our today. we areas critical And have line, ability because property before. where mentioned Those grow revenue. what significant our our of that we the us, global is people as of to it those to it's

Barry Gosin

And Lou. all platform where in recall a of an to stack without that the us lot of add businesses acquisitions place to in build those more winning all position a puts that just to to you, a can we've business. area just that's the done work Thank be by that -- we foundational

Jade Rahmani

Okay. And…

Lou Alvarado

last capital invest would thing over is of out to to the sheet, our the do strength the shareholders return balance because the that point of Jade, there the term. we in near ability have I business both and

us. really a for So that's positive aspect

Jade Rahmani

basis GAAP of income. allocations net equity much. comment very around a lastly, the on including Thanks compensation just And

You said for be the expect to year full just make you for sure down I want that's fourth quarter? not and full XXXX, year will what it XX%. would XXXX? for the XXXX the And

Lou Alvarado

around was comment The year full XXXX, Sure. the Jade.

it's imply this year-over-year we'll that as I to at line that color quarter. So early too really we would give into get that a in significant point, the think little a reduction fourth more try item and project XXXX XXXX. you but in

Jade Rahmani

for taking you the questions. Thank

Lou Alvarado

Thank, Jade.

Operator

next question from Michael go America. ahead. Funk comes Please Your Bank with of

Michael Funk

hope are Yeah. I you I this I if all morning, Thanks for taking well. question. my couple a have could.

similar laid the about to comments few you ago the quarter thinking your in deck? in back tying and decremental expect incremental activity, for margin do you to fourth quarters transaction-based expectation So a out margin on what

Barry Gosin

fourth with And margins the we as of QX we That although activity. Michael. will move So come our I the to into expect primarily to earnings QX. overall think of XXXX do the fourth some in somewhat line through dramatic revenue in level through improvement improve move our as expenses given going capital just the markets the will in items remain the quarter change we and sequentially will come quarter volume challenged

job margin good we have While expenses. and fixed a we've good done and a expense see done variable We a year. decline on job in the full do structure some we've for

Michael Funk

you're multi-family broad-based seeing and industrial the multi-family where the regions was some maybe pretty industrial, the strength call strength across on footprint? particular that entire in And or then Okay. in out can of you and in

Barry Gosin

then take Lou I'll industrial. comment and multi on can the

multi-family side, where states strength predominantly is the in Sunbelt the suburban On seeing markets. we're

helped the seen in pleased a We velocity contribution market New performance sale York preponderance instance matches portfolio very of interest of very but bit we're really for transactions low nicely and our And us little San stress has the with the Francisco, with actually now. right rates of of the the have of there.

Lou Alvarado

Yes. industrial? And the on

Michael Funk

oh -- And sorry.?

Lou Alvarado

pretty forth. the market the example industrial, looking centers the the where and area. across the say they're substantial typically And and I industrial growth a there's heavy we e-commerce food for past where distribution been in that country. in Boston would on with are wasn't in group Companies in Yeah so for side, it's areas consistent growing

been the And so that's across country. across just very, consistent very markets all

Barry Gosin

as which -- on brokers. West base -- quarter also Coast. XX that's have far and pretty the inherited in industrial as the industrial industrial probe big We've we team back good certainly a last analysis we've hired a that going And had we that

comfortable. really bandwagon. of there's feel and We're the we also jump to So lots on confident want -- people

Michael Funk

business the multi-family and suburban the theme, to there velocity the keeping just Got it. multi-family of industrial then either, belt or maintain sun is in to enough more in inventory, a of other or And more kind see industrial to XXXX? like those need show pickup or either broadly some on maintain market in revenue lines office, improving traditional types, we the do property or in sales in

Barry Gosin

Look, have good a runway. we

in good a runway We have industrial.

categories get to fun, trough it's we office, opportunities And a where those been that take to the is And as those as of many the particularly We of through but think a do comes the that. of side to multi, will not that can in this and this in the going we've benefit think in think now, your company. -- -- for one for the business We of better. I've design actually -- it and I the you of the in opportunity we advantage that other midst have is of better. long-term where we other categories this the country use and whole a are there's all can is -- the runway has winners we trough. well for rest of -- ride so We're be good one

Michael Funk

you very much. Nice tough quarter Thank Okay, time. a guys. during

Barry Gosin

Yes. Thank you.

Operator

go Henry Your from Instructions] with ahead. Wedbush. [Operator comes Please Coffey next question

Henry Coffey

Good me my and add let congratulations. morning

right the all You’re hitting all the things. rights strokes, doing

to or just -- industrial those markets in it’s know recovery, the parties to about multiple is else, that When -- and hot watch. talking that are we capital it buttons, So, talk is multi-family, encouraging we but two nothing

Lou Alvarado

happened with you and up-tick, tremendous science. what's multi-family the definitely pandemic. particularly Life life sciences with industrial know are that you, tell but would a is as I along Henry, had with Yes. hot,

to looking retail. conversion a now of to to then And And working if going saying, methods retail, going be conversion seeing could repurpose. they market transactions, okay, conversion people doing medical, it a going may of we're method? now to could sell, repurpose, could it people think lot you're a be to industrial, what's are assets the the alternative if alternative office their be with we're and that I for be it multi-family. while, my that But go that. at they're but to as going It to clients not a be with is slow be

so, until what's going be office trying is with well. also seeing, is as office still have happen like. define in to that's Tenants out slow as sector we where going figure there, that we're going look I think we'll their is discovery, per to as soon can to movement And to space what tenants. are se, what the But

Barry Gosin

Yes.

Let me add Thanks, just Lou. -- to that. let me

to made in leader starters a For conscious we a the effort alternatives. be

manufactured So life housing, we have student self-storage, alternative: side, in science. very a senior data strong housing, very, data bench the housing, and

So mean, housing, of in billion number saw portfolio we in senior $X.X self-storage. you sale for housing, number I a in are storage. just number the announced We one student -- self one one

who've way both and side. of investors online sales are is of reticent ultimately us, create on the forms And alternatives the industrial, on there turning of more I been there side inventory the which and side and some coming lot will mean leasing development for so, finance other in the office to And investing. or a

continue increase in to on we're are market who So business, increase -- getting our we'll focused which the people is share, really very and that so diverse talented will important. sufficiently

we're so, encouraged And by that.

We time. to here the been of But to is some not pessimistic spectrum believe as one about employees We office it. on wide and working of normalized office that an meaning working? There as our when look XX% a impact of around will peers. the I is the going as the lot the a of any mean, typical of generally the a remote there's goes, building you office of of at views office What's in lot talk be don't XX%, occupancy -- in office? what's office discussion be a we're as remote that world, of of part at far that. is As

is. the of office not the XX%. on confused relying the the And they remote about believe slippage all not cost remote those the working. ultimately because no productivity certainly, definitive it's densification of impact to real before on The CEOs, And reduce on we in distant -- -- the those So respect see over being question if we they course, there XX% impact are all mark. answer estate, in towards working too CEOs is, are of lot, in and was what will. and a And is what overshot their numbers business what's can that but that moving is that, the

and work goodwill that more own to is create office office, working. and spaces have aspects some that their company be be the some of have So that necessary and some collaboration to productivity. be that their are to effort there The the bench, going whether remote brand. a their perfunctory believe that office open, but create team de-densification, is there be desk, CEOs will the for to more the workers contract to will want the people in of workers also will we will to better and of workers to culture headquarters office But that, kind there more collaborative are that remotely. still have question bring support back and more There certain own their in monitoring more

Henry Coffey

No, I agree.

have estimate a What and an can't a build value calculation. the what completely business. -- is everybody part with And of topic, value -- now? book culture the know always this You at obviously there's book so plus you rate, of shares your the On shares home. of on captured rate, current really you important upside without you a there's different contracted sort culture, additional a sitting the the the don't right sell not only I haven't -- a at gain is your to on that there's not NASDAQ contracted in realize could was

Lou Alvarado

Yes.

XXXX the the September balance remember monetizations which the now the through sheet. off is And than our capital through to at other tranches and it's on of XXXX So, $XXX XX tranche, prices, XXXX, close remaining given to sheet, balance done of even million incremental NASDAQ Henry, if Newmark. some you is we've

remains it asset a sheet to for substantial off-balance So be us. pretty

Henry Coffey

your are about up incremental it's value. $X.XX. to precise How takes shares buying thoughts buy into What earnings, going stock? that $X.XX it's share, valued, your equation? So the to back If value $X.XX given but a are be will your tangible book to erode it tangible or book back stock, obviously be to where you does that factor

Lou Alvarado

Sure.

going now, investors. I policy around with to into trading So distribution little think more as mentioned, attractive our to next a it on capital But earnings Barry the capital get our respect where to an with choice we're bit detail returning is the thoughts it stock call. is on certainly,

ends continuing where So, the The on two-year the then, window let at call. And to on November next we'll look spin-off we're we're that. XX. for you know at

Henry Coffey

much. you, very Thank

Operator

James. O'Shaughnessy Please question ahead. next Patrick with Raymond go comes from Your

Patrick O'Shaughnessy

good morning. Hi,

as to so your philosophy. facility this does restriction on your the you the pay it this already credit you further Newmark's of guys have seems mentioned, kind So million like capital view decision expire a quarter, a given two-year far then, $XXX post-spin return down just at And repurchases to by as end internally of month.

to investors your you capital to are quarter position communicate term opposed not quarter? to why So, next plans this as a in

Barry Gosin

continued or are that's our will more month window. policy, it's over about play next question. so, of into out see, get and that. stock some provide capital more things internally. it great on And a how in lot and And buybacks restrictions Patrick, a dividends on whether the we'll lot allocation thinking think or the details two-year We're capital around we Yes, detail we how obviously we'll return There about general. a

Patrick O'Shaughnessy

there to share given consideration monetization NASDAQ accelerating the to being Is repurchases? the fund any remaining of shares

Lou Alvarado

the NASDAQ of we end balance end flow that's cash generate $XXX $XXX get share. close in the to paydown the have of the even continue million. through quarter, quarter, from fourth of to with of At million we'll the million sheet. $XX the year, the the debt cash out on We'll business, Well, plus the the

So, capital sufficient sheet. we on the balance have

sufficient we or the cost. at need this capital what the in needed We And on balance sheet, certainly revolver have where return capital, currently monetization we $XXX time, to we commoditization option. At we could to what go stand. sufficient is always an always from the that just option. continue I million both if if our under draw ability borrow investors invest price to another an need should and to is But we think have It's we business. more think availability, to route. NASDAQ capital we NASDAQ

Patrick O'Shaughnessy

Got it.

that guys headwind, to right of previous dispersion So, of it impact geographic about multifamily are I you're resulting thinking the thinking business? how the housing about given multifamily the like business, are flights you as you structural now? about a but concerned urban your of what question, sounds not think, really urban flight on response and and single-family the boom kind in a

Lou Alvarado

I suburban renters concentration Sunbelt seeing call urban but actually areas. seeing as But areas in going up. states Well, we some seeing are that clearly much we're transition we're it -- some to we migration And wouldn't urban from occupancies as flight, it it's disproportionate rents a we where homeowners. markets as and markets, suburban are because is and have before, making are said increasing

So, as multifamily or a challenge don't a the now, business. we headwind view for structural right that

Barry Gosin

a back quicker. this at middle wave the office still where come we're this end likely is second sort pandemic. the in the of -- of pandemic, the see of But we're day, suburban at We'll of

determination anyone a I So, what final make can happens. think don't of

pretty we're either. positioned we will think And well I confidence. for adjust to whatever

Patrick O'Shaughnessy

guys revenue, the non-transactional quarter? fee those some and So, Got areas what revenue you color as what forward during management the now? on services expectations And valuation you. like right your your like Can seeing in are you move provide are advisory areas? you

Lou Alvarado

Jeff, have so we significant share, had self-preformed as picked that valuations. up address focus market as we the pretty that have this property growth had have as you let for area. continued we've previously on -- a lot I'll as have our side, well of clients far some So, management we year-to-date, there's that looked in

Jeff Day

continued that a from Sure. lot need advisory have quite revalued. velocity to of Valuation has perform and see We portfolios lenders that well. to be

the the keeping busy. restructuring debt the We sales and And in that us active we've have very improved are that space, done, margins well. space, expense some clients we've investment in cuts virtue as by of

Patrick O'Shaughnessy

Great. share one That's down, little think competitors have in for have a that of publicly would already too? your it And maybe me, you'd losses? was that worse mix? underperformance I leasing leasing then so traded to were of Is geographic reported. last right are it revenues now who bit that -- function year-over-year. you. attribute than seeing some your just Is XX% Thank that What a you

Barry Gosin

it's mix. a say, some large areas. the Bay I just Area some leasing in would it's little have I timing, the of West and mean Coast really and geographic York we New and urban do -- a both the some other

those was the think our continued distribution more. hurt food we to So geographic things addressable all are bit of effort little I a a that of diversify to where kind groups. And of things probably where again, address those and continue

Patrick O'Shaughnessy

Great. Thank you.

Operator

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

Barry Gosin

quarter. I and wish call. next safety to look and thank to you to forward speaking for want despite everybody being you. the on everybody -- I in Where health this Thank

Operator

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

You may disconnect. now

Newmark (NMRK) 8 Nov 202020 Q3 Earnings call transcript