O - Earnings call transcript Q4 2018 | Realty Income Corporation

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Operator

Good day and welcome to the Realty Income Fourth Quarter 2018 Operating Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Andrew Crum, Senior Associate. Please go ahead, sir.

Andrew Crum

Thank you all for joining us today for Realty Income's fourth quarter 2018 operating results conference call. be Meurer, President Treasurer. Chief will Officer; Chief results Paul and Financial our Sumit and Roy, Executive Discussing Officer and

this in under will be we may differ company's conference statements the results statements. During may matters from that discussed actual make future considered forward-looking Securities Federal certain statements significantly Law. any The forward-looking call,

XX-K. factors differences in such will We may that disclose in greater cause company's detail Form the the

call in will now observing the Q&A two portion opportunity limit the question turn over to will the to be our Roy. during order to CEO, We a call I everyone give Sumit of participate. the

Sumit Roy

Thanks, Andrew. of risk-adjusted year delivering Welcome another favorable to our returns for We completed operating shareholders. performance, today. strong our call

with XXXX, return a XX.X% We pleased are total meaningfully major shareholders in benchmark indices. to have our outperforming shareholder provided

AFFO the we history position since of are in times X% entered the share to a of from represents approximately February which the share maintaining and XXXX of During AFFO a of We our listing. per increased in we a We billion XXXX annual of XXth and guidance and $X.XX, have initiatives, XXXX ended structure. marks anniversary which flexibility X%. XXXX increased $X.XX. strength XXth are conservative the our times, company's pursue $X.X the us year, properties company's public dividend ratio our with of as while XXXX proud year $X.XX And to real and estate growth founding with ample invested XXXX introducing positions by debt-to-EBITDA growth well XXX to our to liquidity to capital dividend entering we X.X% payment. per X.X

the properties. flow. revenue. remains and certain retail rental in stores industry rental to XX be commercial year-end, point outside rental industries, a retail revenue. Within which business. our tenant, more component revenue largest The factors rent At at retail a operate tenants XXX XX their today's XX.X% industry, just approximately property environments. rental e-commerce effectively these been relevant of to possess cash retail of in not of our recent from tenant is in stability of nondiscretionary traditional the economic with Our largest portfolio at compete XX% U.S. our to portfolio remains bankruptcies is retail types, of in climate, at and/or in vast states industrial characteristics variety from overall diversified where and Walgreens of characteristics. our of were Rico. come with properties to our by price our low our that our been these XX% Convenience We majority particularly These have continues leased of properties largest a our and to contributes revenue. to tenants do different extent geography Puerto service X.X% tenants allow component located XX% industries over have believe of

rent We annualized X.X investment in coverage tenants. The X.X times, is over times. ratio X-wall revenue credit on rental continue have while the average with to our generated the median from is portfolio our weighted half excellent properties grade-rated basis, retail for quality a of

the Occupancy rent properties X.X% of consistent based our Our the levels ago XX XX.X%, with few last increase the of basis year at an of watch list years. was of versus period. number on points

approximately in XX% occupancy XXXX. expect to be We

approximately rent recapturing quarter. we the to recapture the the have There properties, approximately quarter, would absent these rent recapture lower primarily fourth re-leased XXX%. expiring three XX the During three rent. that in leases were of And been leases, contributed XX% our

properties recapturing expiring recapturing sold listing expiring, re-leased. re-leased on XXX% nearly have X,XXX with XXX% of or properties, During those rent. XXXX, properties our the we leases were we Since in that of approximately XXX rent re-leased XXXX,

same-store rental or results point redevelopment X%. methodology rate quarter in increased underdevelopment XXXX eminent domain with or consistent projected involved X.X% for that run the The were in any actions of These Our for the and X.X% during of comparable excludes are revenue our approximately our periods. XXXX. during vacant, pool properties same-store

Our manage portfolio, trends assets. consistent is rate on our isolating methodology rental with leased we how our

rental owned rental However, an both year of we this have disclosure of some in comparable community of our X.X% are increases. inclusive entirety In annual which excluding same-store investment metric we revenue recognized the basis, additional rent. with leases any of XXXX, Consistent all in was prefer without Approximately our on the an that XX% rent comparable years all growth the for reflects owned our to analyze properties properties. revenue presenting properties same-store periods. growth, for last contractual

me Let to detail over Paul it to on our additional results. financial hand provide

Paul Meurer

will our year, Thanks, and with quarter results highlights Sumit. for I provide starting few items income a the in for statement. financial the

X.X% was CEO's severance the X.X% Our quarter projection, $XX.X expenses associated was line G&A a quarter. and departure our to of approximately expense, which rental our related year, the these for and with full fourth total year with as of for million but other in exclude the in revenues, percentages percentage prior

We to have the continue net lowest REIT the leased in ratio G&A sector.

of rental we revenues. other be XXXX, our than expect G&A and For less to X%

X% year, total for for improvement the a and Our debt the percentage revenues, XXXX. due an expenses largely XXXX. non-reimbursable improvement rental X.X% other represents as quarter to which property from was in and bad in lower The expenses, X.X% was of

year, $X.XX per to non-reimbursable to or For which expenses for CEO's severance of impact of for share property during X.XX% $X.XX per XXXX, FFO Funds we X.X% be the range. the the recognized quarter share were quarter. operations the from $X.XX the both in expect includes the and

our Adjusted actual and dividends available share from reminder, FFO for the FFO a REITs to capital at the was and represents XXXX. or or least funds as one only continued follows turning which Briefly ratings. per we have for year, our increase reported quarter structure we AA a NAREIT-defined maintain the conservative definition. X.X% sheet, $X.XX with As balance few we remained the have the for distribution a over $X.XX operations to AFFO cash of

ATM of per million share. we equity, program quarter, fourth our $XX through common primarily $XXX approximately the issued at During

For coverage share, lease our the at remaining per finishing billion $X.X ratio our which a times. bonds with years, remains And weighted charge of debt-to-EBITDA raised is fixed approximately we healthy X.X X.X the year average of equity full The approximately our approximately year, closely tracks term. X.X of maturity $XX average times. weighted

shape. our overall laddered we that of remainder due now well Our debt the thereafter. very of excellent After million for $XX $XX last schedule only the is loan, Tau remained coming month, schedule matured million maturity repaying term debt in maturity XXXX. And have

XXXX discussed quarter's to only we outstanding $X.XX credit we last new in during and $X were detail billion October unsecured As our on pleased billion million we our ended call, close in revolver. $XXX with facility on

our pricing leverage, Our the REIT we strong summary, revolver XX.X borrowing in industry. liquidity. LIBOR over spread and In tightest grid excellent sheet in of the have and great remains basis coverage shape is metrics balance points low to continue

let back over Sumit. turn me the Now, to call

Sumit Roy

you, Thank Paul.

a XX During quarter, initial the rate fourth cap of XXX XX.X at million and in years. X.X% in term cash of we properties average lease weighted with states invested average an $XXX located

higher to the acquisitions revenues These are rate of XX.X% leased retail. cap in tenants is be On our cash revenue investment-grade generated of of rents. to basis, assets approximately XX lining XX and from tenants. which straight total industries. a are reminder, initial a As due not different from tends are GAAP, cash XX% to

quarter. represented Some transactions of are childcare in the restaurants, most fourth discrete industries closed XX convenience the service and significant quick stores. We

of generated and are revenues $X.X are billion invested a to we industries. industrial. X% cap weighted rate located XX of XX% in of average acquisitions retail average These leased XXXX, basis, During tenants. total an XX% states a in XXX of lease years. different from from XX revenue and term X.X% in investment-grade with assets at are tenants initial XX.X cash properties, from On XX the are

Some healthy. most flow the Of significant $XX Transaction represented transactions and were childcare. are of remain the above transactions year-to-date, to million. convenience continues stores, independent restaurants X closed XX industries

the the opportunities assets. than quarter, and sourced during approximately acquisition were During XX% the we billion in $X.X XX% more one-off fourth were billion opportunities. sourced quarter, fourth $X.X Of or portfolios

these During quarter, and or Of opportunities were represented the the were acquisitions XX% of fourth transactions. XX% sourced grade million XXXX, Investment in sourced of volume the XX% quarter. assets. we the billion Of billion one-off have in sourced portfolios approximately were potential fourth one-off $XX for approximately the volumes $XX $XXX in transactions. X% opportunities volume closed of

quarter. unchanged range. As and high cap Investment grade trade were X% rates properties to to rate X% fourth cap to range continued properties low from to high trade from X% cap non-investment the X% in grade around rate pricing, generally

the healthy, year average average of defined which fourth as yield average cost our spreads investment initial XXX our Our above weighted our basis spreads weighted in of averaging spreads. were approximately relative first nominal capital. points were less historical capital investment We cash cost to quarter,

Our pipeline our negotiated pursue quite company transactions lease capital remains flow has see remained scale that continue large parameters. healthy and corporate sale and cost to meet a traded a investment net we opportunities only steady of the that of publicly on basis. investment We leaseback the to

Consistent of year and $X.X contributor XXXX XXXX core investment are XX% activity. between guidance practices, introducing with our historical in our approximately guidance flow this had during of of an we typical channel were and acquisitions sale transactions business. our reflects leaseback billion. this active $X acquisitions a to XXXX, our We remain During billion future and expect acquisition estimate acquisitions

disposition remained active. Our program

rate quarter, IRR XX.X% to net sold million million realized unlevered at IRR sold cap year-to-date cash $XXX.X a net realized or properties we at of During unlevered cap X.X%. X.X%. a This of an $XX.X of of net rate cash XX.X% and brings for the us an and proceeds XXX of XX properties

We of fit real investment sale better parameters. of that our through recycling sale continue the assets, quality estate portfolio to the proceeds the non-strategic our properties improve into

time Last between $XXX dividend We of dispositions the in month, in we XXXX. for million million XXXth increased company's are anticipating the history. $XX our and

and XXXX ratio the year of a Our represents dividend equates X% payout AFFO of guidance. on current period XX.X% based over increase to a the annualized ago midpoint

every dividend have company's a at growing compound of We increased the since X.X%. the year listing XXXX, average in rate dividend annual our

value our this be REITs up, we've index. are for entered S&P well-positioned about it continue to shareholder prospects questions. open we Yield Aristocrats To drive like to are to forward. proud five excited one We time, wrap up of Operator? Dividend in it At High moving I'd only to and XXXX the

Operator

first now Thank you. [Operator to Instructions] Scotiabank. with Nick go Yulico We'll

Greg McGinniss

for Hey, this major afternoon. space? expansion on sooner? opportunities McGinniss compared Sumit Could of you are bullish if higher on or are pursuing development in maybe actively actually years to acquisitions is few yields This this about how a you next the good investment acquisitions see mentioned but previously Greg Nick. more we versus becoming over even

Sumit Roy

program since existing on The suit. of tenants higher focused introduced we that that to the what It's this has tomorrow fruit, are very we the what a a the company But Are it between of have. assets, development, well that going And believe low-hanging is something that of most million in with very of within our to management by been taking working million. and and we announce call four-walls always that has given on we is to $XXX years desire is X-X working risk And $XXX anywhere that about major, can definition And to working our we opportunities are of do. ranged is we is is what that. to suddenly this expansion we yields it million be repositioning these grow quantified, not. past asset ago, development we something it's $XX essentially Look probably with I've the on team that it's core a portfolio our itself on going mean? focus stated doing generate. built tenants the that to does

true pipeline as by to more than development estate as that is defined increase it of the have. the real focus we of it think I and the we space. So financing But absolutely development hope a size development

Greg McGinniss

gains years development modest the over in some maybe few next pipeline So then?

Sumit Roy

would We which on is to to million than is this off. currently, development -- a be depending Modest it what it program like for $XX Yes. pipeline. certainly how takes larger

Operator

We'll from question now Christy take with McElroy Citi. a

Christy McElroy

Good guys, Hi. afternoon, good you. or morning to

occupancy trend it's XX.X%. so like I occupancy bit guidance XXXX. your expecting be Just something sure not be that's level. know current looks How a economic could to in referring way it to should reading from like either or in I'm XX% we that? to if property you're occupancy rounded But and of it the regard down

Sumit Roy

an obviously from a by from your as numbers. greater a company, But is onto is Part is generally XX%. XX.X%, for it it's correctly or we that property an we And Yes. management we, the what and tend have to like economic of line. a to, impacts we decisions out XX.X%, getting shared to right active property To decision a that believe terms it certain economic that even decision level with comes to perspective, XX.X% are down occupancy asset, handed this XX% hold market that when the make us. you answer normalized asset. because it's occupancy is it holding outcome to that your onto occupancy there that side give pointed it is desire XX% back the particular at around make and chosen looking is feel Do question, Christy. the that in count, always have could that to out, of asset be of we The of that so that just perspective physical we have we

we has certain economic by put giving comfortable time, making last Income over in. the ZIP highest the than higher. decision guidance But that recent is and disproportionate number is be years Having onto negative very to be. because we for like is we of the for the at if are to that the at this we for the onto assets, superior to to to that that to can't in we to we of to have -- decision years, achieved. outcome same do helped hold we and going the a that make that's So Code XXXX, come it that, which you we that XX XXXX be is And things XX.X% Realty needs analysis is sold, perspective look asset it in conclusion our should One that the not we approximately the beat onto year XX.X%? occupancy build the want year-end achieved trying the impact. in occupancy is the is do and given clearly those a today. tell should numbers an end for event be will to are occupancy I that that are we feel that decide other that a north to if going all hold play we To longer at -- have be we it are XX%. it then the of But but you we holding could assets said XX%, hope that that it decide

Christy McElroy

Is what's issuance? Okay. Thank overfunded the you for you give like you of on your Maybe your seems for equity terms sort of investment equity needed then for you guidance you in issuance for obviously. that. some during thoughts planned prefunded It of your activity just fair? And XXXX embedded QX XXXX. that in what us and that effectively can

Sumit Roy

that take Paul question. have I'll Yes

Paul Meurer

That's advantage We that happier stock And a sit to the stands. take trading thought so. terms Christy. good of overall the fair. be was we of in it we towards balance Hey, Yes. where couldn't today year-end. where the sheet do the and of about prudent leverage We environment for it here to state as wanted

are always if we interest you addition, will. mindful investor In of

that our for some we and of is certainly currently priced, ability have alternatives or debt direction, very all front the any either opportunistic common relative access at and we're that we to stock time attention of of we issuance really some one be in here issuance. on lean terms where to to with investment something investor to But our that in for our our markets occurred year. ability we sit where equity fronts as fund were to today and next the we sheet growth the on pleased have lots bond is priced inquiry appetite based equity well. in to so and don't toward good with pay direct year-end balance very, on When And receiving that's

Operator

Malhotra now take with from We'll question a Vikram Stanley. Morgan

Vikram Malhotra

I've heard question. two, one, leases, the taking this creating? for getting the I'm been now. your pretty heard if time, and if maybe hubs more as at there to but Walgreens of all health stores just but be recently drugstores; know leases on can of if more heard on to been they've emphasis looking for I'm know you've that's and wondering Thanks you you sort pushing both if or any their overall. seen that? they're sort pertains Have they've Walgreens drugstores of seen rents and doing down have of just that, one seems don't the maybe are just I CVS or the hard candidates new let CVS us expire, wondering you've an it

Sumit Roy

Vikram. for question, Thanks your

the pointed -- of in leasebacks into the out we that sale As or of asset we own correctly the our you XX-year leases have that drugstore most -- XX% probably leases through XX- the left. they in are

to heated had CVSs. So is this and deal will to start we or out see one why per have Walgreens really you with point happy have. our term portfolio that transactions enlarge higher and the anytime on CVSs average of some with are to rents feet we north But I near Walgreens There markets haven't have you get size rents is above $XX, will rents. that expirations quare $XX we our we control obviously thing The see of were and should assets trying comment, we through Part right rent. that, have reside we expect we that and by you be attained portfolio and Walgreens. but some anytime drugstore assets do rents grew we've we because was general a of we dictated very cognizant the negotiations very on the that didn't reason it in, the the with into of did through these a sale-leasebacks that of some CVSs pretty some are we to and where by

first the of question. part that's So your

On up ubiquitous is very that the prototype some different your the and geographically in their they've second that know prototypes cases, would what think made their don't trying much I multiple they're I like part minds still terms of in platform. across it's question, make driven. they of to

hey, clinics And are calls they in think which we on in the the so of and I have repositioning that CVSs -- still received -- trying But be we prototype really point that'll still we there out haven't in received them what calls own, it? to the -- haven't may we as be some for should and the phase figure with is regard. getting so we far potentially call. of them that in the that then to and repositioning working assets is work

Vikram Malhotra

avenues Okay, done just A time the since process many you've CEO traditional then growth okay. bigger maybe the second has updates a for newer the And a question. types you same about talked for few But of the the the sense newer exploring at years. that of for picture sectors company you're over many, even following at characteristics Any years? become can looking are you even give and next or us you've subsectors.

Sumit Roy

So, look an billion. $X out $X.X guidance to we of with acquisitions billion just came

at of our management what strategy think the of be very doing. have verticals We've previous haven't making be just we that we just what middle past, about -- mind remains feel any So adjacent that the that bit that Absolutely. something of done be it's we very February explore vertical in pipeline, you past, good doing currently we development. something development But can are comfortable other in to visibility question we're will done we and what the what that? are adjacent with I To the of is to part continue exploring, on of been financing. And is you in we to that grow. That Vikram of a if have in the would we Would the would with to talk with the would more consider and -- any build-to-suit terms be because level doing it are the we an not we very that. team could of what fairly some I we we associated in existing grow premature. doing sourcing looking think doing And doing was my strong. risk doing And do. in sharing feel have that within avenues want comfortable avenues

to very us to that we thesis. our is we've adjacent phrased will comfortable you in do. do on. and – what comfortable time the it’s we adjacent at underwriting absolutely operators from as I we feel be not it's are appropriate an to we it to very, market something But industry, we envelope something to we going the bring But We want work the Let talk very to will not an to taking explanation do expanding and with start we when that. we are it and you knowing suddenly about, be going give that done very understand multifamily, the It internally. have it's our comfortable going our and/or with to it and industry what investing as that walk away we is are is we understand to

would I how today. answer that to want that's So

Operator

from our Ford question Karin next We'll Securities. take with MUFG

Karin Ford

Hi. question. my Thanks taking for

XXX AFFO billion trying page the for $X.XX just on to implies XXX show to your with your the about midpoint X% presentation. basis and X% chart growth your and growth X% that acquisitions of on reconcile of I'm XXX point yields, AFFO Based XX range. capital chart First, be at spread should between the of to and interesting cost a the in you guidance your investor

in you guidance AFFO on think else recently, growth something XXXX? you've there into been be is spreads achieving read lower will what or we actually So than should that dragging

Sumit Roy

I think what's compromising year's be and could and back-end are of lot is spread your the benefit But question also on to able this predicated you acquisitions. market. a growth of worth shared loaded part that full If of get of of timing. read are No that that suddenly X% the spreads believe dictated the the by our to that range we should our with achieve. be it midpoint acquisitions going don't a you on dictating we we then, A the for accretive don't purely that have we Thanks Karin. the is are obviously,

the a So rate what to going of combination It's where cap function be spreads. to suddenly it's the timing. have largely spread not we combination could is a rate. it's compromised. off If a of The the last are couple get we off trade of cap trading But that start of shown of along market of the over lines the to years. we

product to pursuing and $X billion the that's number. acquisition that's that's the product So that $X.X billion dictating the we the are

Karin Ford

makes That sense.

one on billion acquisition last guidance, February guidance billion. to at Just $X.X said you $X more initial

more amount sight differently raised year? guidance you approach $X.X level. obviously any started higher acquisition how billion. to you you through it, year? ended last that out You of up pipeline visibility this you This got line the on What the completing do years Did compare you and at have year does

Sumit Roy

interesting. do a we large what quite be are today more very is we ago Yes. There there portfolios it could are in a as very that Yes visibility Again, we bit terms astute. seeing. of sit Karin, versus and year that out here some have

terms in we can have we we we go is of in of complete. them. the few see if what and can sourcing win believe and what of us obviously, terms a confidence But Now, to gives that

we've to by that being is the acquisitions it we visibility so dictated an with. that allowed guidance that out with have ever come highest absolutely come is the And out us that

Operator

We'll Fargo. now Wells go to Todd Stender with

Todd Stender

Hi. Thanks.

QX? you and those the more from can at on guys the know rating, you color but to tenants I number dropped credit that in used properties maybe don't quarters, acquired what, Thanks. guess, a have in that. on profile tenants touch just looking we're provide tenant Just I previous maybe

Sumit Roy

investment about XX%? grade representing only specifically, you Are That Todd, asking absolutely… is our

Todd Stender

you're I am. Yes, articulate ahead, more Yes, then thanks. go

Sumit Roy

the of when absolutely non-rated. over that the really with other tell to fourth assets closed. tend tend some some of first, a is close. the And of we in that. industry uptick something large in It of just types franchisee. service why these Okay. particular a QSR we saw that a were was space that's restaurant probably closed that Oh, be an that's And that They quick transactions a function very you a is you It quarter. large There transactions portfolio not third non-rated. of It to restaurant the by is then and be question design. I'll

grade have say again you think whether we in this at they said and Todd past some like were of the investment know quick or essentially In they investment in tend closed. what the in that And acquisition for quarter. overall, particular of look that are for. fourth be the grade And cases, others If a the portfolio tend to high they restaurants rating, know was we go already go childcare in we don't terms franchises along with in after we that XXs I profile based not with service they drop to we've investment-grade still looking or this, will well-established, fit not investment it and an dictated whether I transactions non-rated. on be grade you the based on we are after a and small

Todd Stender

That's to helpful. now got through issuances, just any help of it match you And cheaper tapped just I ATM. to into, I able over but overnight; couple look ATM of One quarter. than they if basis: quantify Paul, sized equity your the it's QX share It's overnight We're for to I fair whole you the a spread getting two, really of guess, on the following in guess, per a pennies then you an funding Thanks, Sumit. as come basis? deals, on through. at it that? Are Is guess,

Paul Meurer

Yes.

done place Common forms terms see acquisition to index hands having odd its mean that in ATM past. that's I also of weekly ability a some any a doesn't with the we associated all We've We're In the offerings of it said, how securities. with of flexibility. you of amount ability as the types that trades. not we've kind or to as of in the both issuance it. favorable to us match your access a equity particular, fund in the We've investors. one done made equity there's issuance. obviously alternatives. obviously, other relates And deals different the to lot shares give pursue fair It's daily think decision with done product past, we've The very activity. market in individual overnight of open-minded it of cost

come And to all really So needs. it overall those. we look at our capital down will of

like needs Sumit opposed some time a that in offering as larger where there's to issuance. we at might overnight ATM or are if moment a As something a of of something kind ongoing portfolio that's at referenced, greater large capital your and consider sort, point

So ATM flow, overall have up equity with is the it a cost-efficient and nice, it however, nature really be deal of issuance part that it. given matches to of

Operator

question [Operator John Instructions] Massocca with our We'll next now from Thalmann. take Ladenburg

John Massocca

on XQ Hello. cap a XXXX? in you Can color may around be the XX.X% rate little more give dispositions

Sumit Roy

Sure, John.

big a our credit watch That been for of had get that million the fourth the terms dining this a while. was had well. to concept in had been a a been as happened a thrilled And in while It's just out on. was that we for come The to chunk very list say dispositions. watch the list we've This off on negotiations original with our on for discussion was in our with this the of $XXX of they books. this Now credit while we part suffusive to casual close operator quarter. were

though almost books. company IRR. that look the was our profile happy that was And get rate so the of it the was we it's complete right it's around the to Even acquisition, very our cap particular you on very absolutely always one And rent this if part high, with. And to X% concern weren't our it transaction, were had in very at off clearly, -- having overall it's for return and to deal of goal the comfortable unlevered been these mind, this was assets.

was return from dictating perspective, And an very what's profile I cap so an high close like said investment But that's to very IRR. unlevered obviously overall X% the our rate.

portfolio. -- to to sold particular happy have very have gotten So that

John Massocca

front. maybe public for flexible with the then target a did from And be to leverage net of assets? Have them how and to players with switching lease do large And any up the give increased their leg maybe for investors competition potential kind seen private versus you more more acquisition that? them you compete

Sumit Roy

if clearly play. tends Yes. they the XX% play in equity in be Code. XX%. They very can leverage ZIP on they low to question lever John. today's But can up Their the That's here's a what can't expectation And XX%, environment, even high-teens game. good

If with you equity, compete in us. on their they expectation factor can't

are yes, larger So we seeing market. some these equity in the companies private of driven

to driven them. is them if It's pay. what We are ability going thesis it we to we want up around pay. of not being our lose primarily against But off our to

Operator

[Operator concluding Instructions] Income's call now concludes the portion Roy the And I'll for appears call. it conference to remarks. Realty this turn question-and-answers of over Sumit

Sumit Roy

to conferences. forward look Have us for great everyone joining We a you. rest Jessica, Thanks, week. today. at upcoming the thanks the seeing Thank of everyone and

Operator

This concludes your Thank call. for you participation. today's

may You disconnect. now

Realty Income (O) 21 Feb 192018 Q4 Earnings call transcript