Trends

BTB Real Estate Investment Trust (BTBIF) Q4 2022 Earnings Call Transcript

Trending 1 year ago
beritaja.com

BTB Real Estate Investment Trust (OTC:BTBIF) Q4 2022 Results Conference Call February 28, 2023 9:00 AM ET

Company Participants

Michel Léonard - President and Chief Executive Officer

Mathieu Bolté - Vice President and Chief Financial Officer

Conference Call Participants

Tom Callaghan - RBC Capital Markets

Gaurav Mathur - iA Capital Markets

Munish Garg - Laurentian Bank

Anthony Bogdan - National Bank

Operator

Good morning. My sanction is Julie, and I will beryllium your convention telephone provider today. At this time, I would for illustration to invited everyone to nan BTB Real Estate Investment Trust 2022 Fourth Quarter and Annual Results Conference Call for which guidance will talk nan 4th ended December 31, 2022. [Operator Instructions] Should you wish to travel nan position successful greater detail, guidance has made a position disposable connected BTB's website astatine www.btbreit.com. Investor Relations Quarterly and Annual Meeting presentations.

[Operator Instructions] Before turning nan gathering complete to management, please beryllium advised that immoderate of nan statements that whitethorn beryllium made during this telephone whitethorn beryllium forward-looking successful nature. Such statements impact galore factors and assumptions and are taxable to inherent risks and uncertainties, some wide and specific, which springiness emergence to nan anticipation that predictions, forecasts, projections and different forward-looking statements will not beryllium achieved. Several important factors could origin BTB Real Estate Investment Trust's existent results to disagree materially from nan expectations expressed aliases implied by specified forward-looking statements. These risks, uncertainties and different factors that could power existent results are described successful BTB Real Estate Investment Trust's Management Discussion and Analysis and successful its yearly accusation form, which are revenge connected SEDAR and connected BTB's website astatine www.btbreit.com. I would for illustration to punctual everyone that this convention telephone is being recorded.

Thank you. I will now move nan convention complete to Mr. Michel Léonard, President and Chief Executive Officer; and Mr. Mathieu Bolté, Vice President and Chief Financial Officer. Mr.

Leonard, you whitethorn statesman your conference.

Michel Léonard

Thank you very much, Julie. First and foremost, I'd for illustration to congratulate Mathieu connected his promotion arsenic Executive Vice President and COO of BTB. Through his tenure pinch BTB for the past 3 years, he demonstrated his expertise and foresight successful bid to lead BTB's future. So I invited his promotion, and I convey nan Board for having recognized his publication to BTB. Congratulations.

Mathieu Bolté

Thank you.

Michel Léonard

So nan existent property portfolio of BTB astatine a glimpse is astatine almost 6 cardinal quadrate feet, 73 properties, nan worth of which has been mostly appraised astatine $1.16 billion. In Q4, we proceeded pinch -- arsenic announced, we proceeded pinch dispositions. We completed 83 Turgeon Street successful Sainte Therese and 7001 Saint Laurent boulevard successful Montreal, 2 off-core agency properties. Our densification proposal, aliases conditional statement that we person to create a residential constituent that's taxable to zoning change, we person revenge pinch nan required archiving pinch nan city, and we are awaiting their comments arsenic to what nan adjacent steps are. So arsenic a consequence of this, we person done each nan activity that was required to beryllium done.

Now it's conscionable a mobility of listening to nan metropolis and getting their questions -- and answering their questions, I should say, and comments. We person different densification opportunities that we're moving on. And during nan people of this year, we are going to springiness you accusation regarding these -- whether successful Quebec City aliases Ottawa aliases successful nan Greater Montreal area. Our finance activity, wherever arsenic you tin spot from nan past acquisition that we concluded, we are focused connected business assets pinch beardown fundamentals, but we do person a bully pipeline for worth creation and maximization of our portfolio. We did reason an acquisition successful Mirabel, which is located astatine nan Mirabel Airport successful Mirabel -- and this acquisition is an business spot located astatine 9900, Irénée Vachon successful Mirabel.

So this is simply a spot that was acquired by a waste and leaseback pinch Lion Electric. It's 176,000 quadrate feet. The clear tallness of nan building is 32 feet, and Lion is going to nutrient batteries successful nan lab. As you could publication mostly connected nan shaper of electrical vehicle, nan accumulation of batteries is now halfway to their business, and it is important regarding nan supply. So we purchased this spot astatine $28 million.

It's a 20-year lease pinch bump-ups each twelvemonth of 3%, and nan headdress complaint was a small spot northbound of 7%. So decidedly a worth creation opportunity for BTB. If we look astatine nan improvement of our portfolio and our positioning, if we spell backmost to December 2020, we held -- 18% of our assets were industrial. At December 2022, almost 30% of our assets were industrial. Off-downtown halfway office, we were successful December 2020 astatine almost 55%.

At December 2022, we were down to 49%. In nan necessity-based retail, we were 27% and we're down astatine 21%. Our target is to beryllium 60% business earlier nan extremity of 2026, 30% off-downtown halfway and 10% retail. So nan plus allocation regarding value, arsenic you could spot from our MD&A that was published past night. So arsenic of December '22, industrial, we held $345 cardinal of properties, up-downtown halfway agency astatine $571 million, and $249 cardinal successful necessity-based retail.

As acold arsenic nan geographic diversification of our portfolio, what's noteworthy is nan truth that successful 2020, 57% of our properties were successful nan Greater Montreal area. At nan extremity of '22, we were 54% successful nan Montreal area; Quebec City, we were astatine 27%, we're down to 19%; Ottawa, we were astatine 15%, unchangeable astatine 15%. The added advantage is nan truth that we included now Saskatoon and Edmonton, representing each -- Edmonton, 7.4% and Saskatoon, 4%. If we look astatine nan cardinal metrics, we concluded important renewals during nan people of nan twelvemonth and during nan 4th -- I'll get into this a small spot later. Our occupancy complaint stood astatine 93.2%.

We did put successful spot an NCIB, arsenic you are aware. Regarding our leasing and renewal activity. So a full of 154,000 quadrate feet was renewed aliases leased during nan quarter. We secured semipermanent renewals pinch important tenants specified arsenic Cineplex, Giatec Scientific, EMS Structure. We achieved an 8% mean summation successful lease renewal rates.

So for nan 4th was 12.2% crossed each business segments. So off-downtown halfway agency was +6.2%, necessity-based unit +11.3%, and successful nan business segment, we person nary transaction to report. New leases, we concluded definite caller leases that were important regarding, obviously, our occupancy rate. Our necessity-based unit leasing liking is picking up velocity, and we're seeing it crossed nan REIT world. It's reflected successful our occupancy complaint successful that conception astatine 98% compared to 95% past year.

So we concluded 62% of lease renewals for nan year, completed 167,000 quadrate feet of caller leases pinch tenants, 31% of which were successful nan agency conception and 68% were successful nan unit segment. We besides renewed 149,000 quadrate feet of leases that were coming to maturity aft nan twelvemonth 2022, which is an important statistic arsenic acold arsenic stabilizing nan portfolio. With this, I'd for illustration to inquire Mathieu to return you done nan financial highlights of nan 4th and nan twelvemonth 2022.

Mathieu Bolté

Good morning, everyone. So we're pleased to stock this greeting nan bully operating capacity of nan portfolio to adjacent 2022. The translator of nan superior allocation continues to lend positively to nan financial matrix. Year-over-year rental gross is up 19% and NOI showed 25% increase. Same-property NOI accrued by 7.1% for nan 4th fourth and 3.4% year-to-date, chiefly owed to a operation of nan leasing efforts made during nan erstwhile quarters, resulting successful nan summation successful nan in-place occupancy complaint of 1.2% compared to nan aforesaid 4th past twelvemonth and nan summation successful nan mean lease renewal complaint of 12.2% year-to-date.

For nan full year, SP NOI is affirmative crossed nan 3 plus classes. So off-downtown halfway agency is up 4.8%, business is up 4.7%, and nan necessity-based unit is up 0.3%. Recurring FFO per portion was $0.118 and is up for 4 consecutive 4th and is up [$0.8] arsenic compared to nan aforesaid 4th past year. Year-to-date FFO per portion is up 7.8%. If we remember, past year, we had an further betterment accommodation of $1.4 million, truthful if we exclude that from nan guidelines of past year, nan FFO per portion would person shown an summation of 13% for nan full year.

The payout AFFO astatine 7.9% for nan 4th compared to 80%, truthful it's down astir 5% compared to past year. Also to see nan macroeconomic ambiance we're presently experiencing, BTB has proactively reassessed nan marketplace worth of nan ample portion of its portfolio. As of December, BTB had 70.4% of its portfolio appraised by outer appraisers. So that's a full of $821 million. So overall, nan proposal was to set upward headdress rates for agency and unit assets and nan effect of these valuation connected FMVs was offset by nan bully capacity of nan business portfolio.

The remainder of nan portfolio was besides portion of an soul reappraisal to see nan observations of nan outer appraisers. Overall, nan headdress rates for nan business portfolio went down 13 ground points to 5.6%. For nan off-downtown halfway office, we spot an mean summation of nan headdress complaint of 15 ground points to 6.6%. For nan necessity-based retail, we spot an mean summation of 20 ground points to 6.8%. As such, we recognized a nett simplification successful nan spot FMV by $8.2 cardinal for nan year, representing an accommodation of little than 1% of nan full portfolio.

Looking astatine nan superior structure, BTB concluded nan 4th pinch a full indebtedness ratio of 58.5%. That's an betterment of 2% compared to past year. The weighted mean liking complaint for mortgages was 4.1%. It's an summation of astir 60 ground points. That's including nan caller acquisitions that we did past twelvemonth and nan refinancing.

For 2023, nan spot has only $68 cardinal of ongoing refinancing for 7 properties. This completes our presentation. With that, we'll move to nan Q&A.

Question-and-Answer Session

Operator

[Operator Instructions] Your first mobility comes from Tom Callaghan from RBC Capital Markets.

Tom Callaghan

Just wanted to commencement connected nan renewal rates. They evidently stay beardown and person for nan amended portion of nan year. As you look up into 2023 and crossed nan portfolio, wherever do you deliberation those renewal rates could shingle retired for adjacent year?

Michel Léonard

I deliberation that they should stay constant. I deliberation that based connected what we person connected nan array truthful acold since nan opening of nan year, we're seeing an uptick arsenic acold arsenic nan renewal rates are concerned. So we're trending very positively connected nan renewal rates.

Tom Callaghan

Then, conscionable a speedy follow-up. You mentioned a spot successful your prepared remarks there, but what are you seeing successful position of velocity of tours and interest? Obviously, nan unit broadside of things you called retired is strong, but besides willing connected nan agency broadside of things, really that's going?

Michel Léonard

On nan unit beforehand -- I'll commencement pinch nan retail. On nan unit front, we're seeing a batch of activity from nationalist retailers. So definite sites that we had that were, I would say, mostly, let's telephone it, mom-and-pop benignant of unit environment, and mostly talking about, let's say, nan Greater Quebec City area is getting a batch of attraction from nationalist retailers. So it seems -- we attended ICSC astatine nan extremity of January. We had a batch of leasing velocity.

We concluded 2 unit transactions successful Vancouver, and we besides had a batch of liking demonstrated throughout. This is continuously -- and it's continuing, I should say. So each our -- we person definite centers wherever location is immoderate vacancy. There are immoderate centers wherever we person tenants that are not needfully paying america marketplace rents. We're seeing that we could switch these tenants astatine lease expiration pinch a larger aliases amended covenant-type tenancy.

So erstwhile we talk astir renewals, particularly successful nan unit segment, past possibly astatine our discretion aliases our determination not to renew a definite retailer successful bid to reason a transaction pinch a overmuch amended retailer. So we're seeing that this twelvemonth is going to beryllium a twelvemonth of alteration wrong our unit centers, and location is accrued velocity. You saw it by our occupancy rate. So it intends that we're -- astatine 98%, it intends that we're almost full. So it is very important for us, and we're seeing this velocity -- and it's changeless velocity, and we're rather pleased pinch what we're seeing.

So arsenic acold arsenic nan agency segment, you besides saw that we were mostly impacted by a simplification of occupancy complaint successful Quebec City. This simplification does not look to beryllium thing that is going to materialize successful Ottawa aliases successful Montreal. We're seeing it successful Quebec City, and correct now, what we're seeing mostly are nationalist tenants that are renewing. The bully news is that they're renewing. The bad news is that they're not renewing for nan entirety of their space.

So immoderate of them, let's opportunity -- and I'll springiness an example, we concluded a renewal transaction pinch Randstad. They utilized to lease 7,000 quadrate feet successful Quebec City, nan renewal was for 5,500 quadrate feet. So location is simply a reduction, we spot it, but it's not thing that is generalized wrong our portfolio. On nan contrary, successful Laval, we're seeing an summation successful occupancy. We're seeing an summation of liking from nan agency occupancy aliases agency tenants.

In Ottawa, we're getting a batch of velocity besides successful nan market. So I deliberation that nan -- we were deed successful Quebec City, and I'll reason pinch Quebec City, wherever our section tenants, truthful nan section businesses, we're not seeing nan aforesaid arena arsenic we're seeing from nationalist tenancy. So I won't opportunity that we're bullish connected Quebec City and nan activity and to summation our occupancy complaint from, say, 89% to 92%. I don't deliberation that it's going to hap this year. However, this year, we should spell backmost to a much normal complaint successful Quebec City, which would beryllium astir 86%.

Tom Callaghan

Got it, that's awesome color. Then, conscionable switching gears, 1 much connected my side, if that's okay. On superior allocation, conscionable fixed nan marketplace backdrop there, you've been very nonstop astir nan truth that acquisitions would beryllium driven by superior recycling initiatives. As you look into 2023, are location immoderate further noncore assets that you would possibly look to dispose nether nan correct group of circumstances? Or has astir of that activity been done complete nan people of 2022?

Michel Léonard

We're ever looking astatine our portfolio and looking astatine opportunities to dispose. We were -- successful Q4, we did dispose of 2 properties successful nan agency segment. There is simply a marketplace for smaller agency properties. So -- and it's not a -- I deliberation that if you spell to nan marketplace and you want to waste an agency spot that's, let's say, northbound of $100 million, I deliberation that nan marketplace is not really -- there's not an appetite from nan marketplace for that type of transaction. However, thing beneath $10 million, $12 million, I think, tin waste good successful nan agency segment.

You tin surmise that fixed nan activity successful nan unit segment, we person a batch of liking and we're not fresh -- arsenic I mentioned successful erstwhile calls, we're not fresh to dispose of our unit assets. There's money to beryllium gleaned from trading aerial authorities from nan redevelopment and truthful on. And arsenic a result, we whitethorn put a spot connected nan marketplace that would person nary -- we would deliberation that we would person maximized value. But different than that, they're not going to spell connected nan marketplace because we want to recognize nan afloat imaginable of these assets. We powerfully judge that location is simply a bully imaginable wrong that segment.

So it would beryllium chiefly successful nan agency conception wherever we would person a fewer smaller transactions to conclude. To reply your indirect mobility is that we're decidedly not going to nan market. It is not thing that -- nan conditions are not favorable for america to spell to market. Unless we would person a purposeful fundraise wherever nan superior that we would raise for a transaction would beryllium incredibly accretive, which I don't deliberation that nan marketplace conditions are location anyway. So we're not going to nan market.

We are going to do -- spell our merry measurement this twelvemonth and proceed to recycle superior and do our utmost, and truthful far, our utmost was awesome because we haven't sold nan spot beneath our book value.

Operator

Your adjacent mobility comes from Gaurav Mathur from iA Capital Markets.

Gaurav Mathur

Just connected your prepared remarks successful nan beginning, erstwhile you're talking astir nan improvement and nan conversations pinch nan city, I'm conscionable wondering what type of clip framework you're looking astatine for a imaginable start?

Michel Léonard

It's very difficult to springiness you this answer, but it's not earlier nan extremity of nan year.

Gaurav Mathur

Okay, past conscionable switching gears, conscionable backmost to nan mark-to-market connected your leases. Is location a definite portion -- erstwhile you're looking crossed nan plus classes, are you noticing immoderate accelerating aliases de-accelerating trends erstwhile you're reasoning astir mark-to-market trends and renewal?

Michel Léonard

No. When we look astatine our nett effective rents erstwhile we reason transactions, nan nett effective rent is either changeless aliases higher than nan erstwhile transaction upon nan renewal. So it's still healthy. So if you're referring to a lowering of nett effective rent, truthful far, we haven't seen it.

Gaurav Mathur

Great, and past conscionable lastly from me. When you spell aft acquisitions, particularly successful nan business market, really is nan purchaser excavation changing erstwhile you're looking astatine it now compared to possibly nan past 6 months, fixed what's happened pinch nan macroeconomic conditions.

Michel Léonard

I deliberation that nan business conception has slowed down, decidedly not arsenic overmuch as, let's say, nan agency conception aliases nan unit segment. I deliberation nan unit conception is going to prime up. But nan business conception has decidedly slowed down. I deliberation that location are little buyers retired location than they were.

Gaurav Mathur

Great, and conscionable a follow-up connected that. You conscionable mentioned connected nan unit segment, you expect it to prime up. Can you talk a small much astir why that is and what you're seeing that's driving that comment?

Michel Léonard

At nan opening of nan pandemic, journalists were fundamentally reporting connected nan truth that nan unit segment, nan brick-and-mortar conception was dead, and it would beryllium dormant forever. All of a abrupt -- because Internet income were expected to return over, and group would ne'er get retired of their homes successful bid to spell shop again because you could bid your market by telephone, by nan Internet, by nan this, by nan that, and get nan transportation directly, which is true. However, arsenic soon arsenic nan restrictions linked to nan pandemic were lifted, we saw -- and talking to journalists, they wouldn't judge us, but we saw an summation successful income from our retailers. Not excessively agelong ago, I saw a study to nan truth that nan income from nan brick-and-mortar stores are higher than they were successful 2019. So to me, it's fundamentally -- it says that a quality is simply a quality and nan quality likes to interact pinch others.

They for illustration to consciousness and smell and shop. As a consequence of this, we're seeing accrued sales. So nan user has returned to nan stores. So arsenic a result, we're seeing a batch of velocity from nationalist retailers that are trying to find person to consumers and to summation their income themselves because they're seeing nan signs that there's an accrued measurement successful sales. And so, truthful far, we're seeing an incredibly affirmative ambiance of what we saw astatine ICSC was incredibly positive.

It's nan aforesaid phenomenon. So this arena is fundamentally generating investments because each of a sudden, not only do you person to -- you whitethorn person to build stores for this accrued demand. You whitethorn person to grow your shopping center. You whitethorn person to do each sorts of things. As a result, past you're getting purchaser interest.

So yes, arsenic Mathieu reported, we accrued our valuation and nan headdress rates by 25 ground points successful nan retail. But I deliberation that it's going to beryllium short lived because I deliberation that there's going to beryllium liking and we're going to return to normal arsenic acold arsenic these headdress rates are concerned. So this is nan first benignant of upwind aft COVID. After that, is nan aforesaid arena going to hap to nan agency segment? It may, I don't cognize yet.

We don't -- we can't -- and I surely don't want to beryllium a prophet connected that front. But successful our suburban-type situation properties, we haven't seen -- aliases contrary, we're seeing an accrued occupancy successful this segment. So does that mean that successful a twelvemonth aliases 2 -- because that's benignant of what it took connected nan unit beforehand successful bid to stabilize again. So is nan agency going to stabilize successful 12 months, 24 months? I can't foretell it, but I tin spot our occupancy levels are going up successful our agency properties.

So what was 50%, became 60%, became possibly 80%. I deliberation it's related to nan truth that these properties are located person to wherever group live. But arsenic a consequence of this -- I mean, we're not suffering. As I mentioned earlier, we're not suffering successful Montreal, we're not suffering successful Ottawa. We suffered a simplification successful Quebec City based connected definite dictum from caput office.

But arsenic a result, I mean, I'm cautiously bullish connected nan business. But don't worry, we're not going to bargain an agency spot anytime soon. But nan constituent is that I deliberation that we went done stages successful nan unit and these stages of correction whitethorn -- aliases I deliberation there's a reasonable, bully probability that it's going to do nan aforesaid successful nan agency segment.

Operator

Your adjacent mobility comes from Munish Garg from Laurentian Bank.

Munish Garg

So astir of my questions person been answered. Just a speedy mobility connected nan modeling side. So could you supply immoderate much color, please, connected nan G&A and nan straight-line rents?

Mathieu Bolté

You mean successful general, do you person thing circumstantial or...

Munish Garg

Yes, successful nan G&A section, I'm seeing $0.5 cardinal capacity compensation. So should we spot it much arsenic a tally complaint for Q4 aliases nan full firm expenses much -- $1.8 cardinal arsenic much arsenic a tally complaint for moving guardant for each nan quarters?

Mathieu Bolté

It's much a one-up for Q4 successful that case. So we shouldn't -- you shouldn't support that arsenic a tally complaint successful your exemplary for this year.

Michel Léonard

Just to -- let's beryllium very transparent. Part of it is evidently nan severance that was paid to Peter Picciola upon his departure.

Munish Garg

Okay, and conscionable a spot of a colour connected nan straight-line rent arsenic well?

Mathieu Bolté

Specifically for nan consecutive line, successful that case, yes, nan consecutive statement tin beryllium assumed to beryllium a inclination for [indiscernible]. There's nary one-off fundamentally successful nan consecutive line.

Operator

[Operator Instructions] Your adjacent mobility comes from Anthony Bogdan from National Bank.

Anthony Bogdan

Just quickly connected nan straight-line rent again. It was astir $1 cardinal successful Q4, truthful we should expect $1 cardinal each 4th successful 2023?

Mathieu Bolté

That's right.

Anthony Bogdan

Okay, and connected to nan G&A margins. Historically, we've seen immoderate seasonality there, but I didn't spot it arsenic overmuch arsenic Q4. Do you expect nan seasonality to benignant of driblet disconnected successful margins conscionable fixed nan alteration successful your portfolio mix?

Mathieu Bolté

Well, successful nan G&A, arsenic mentioned -- arsenic Michel mentioned, location was a onetime interest for nan departure of Peter. But different than that, there's nary existent seasonality location are one-off.

Anthony Bogdan

I conscionable mean connected NOI -- sorry, NOI margins...

Mathieu Bolté

NOI Margin, well, we spot nan NOI separator improving pinch nan allocation of nan business that are chiefly triple nett lease. So we spot that betterment arsenic we build our book successful industrial. So I deliberation overall, it's astir 2% compared to past year, and it's really driven by that business allocation. So arsenic we will person successful 2023, nan afloat acquisitions, nan 12 months of nan acquisition that we did successful 2022, this would -- we should spot immoderate betterment location arsenic well, for 2023.

Anthony Bogdan

All right. And I noticed that nan CIO disbursal was added backmost to FFO. Do you expect to do this connected a recurring basis? The 2nd portion to that is, is that nan full CIO expense? Or is that up...

Mathieu Bolté

No. What we -- nan mathematics that we did present is -- and we checked pinch REALPAC arsenic good [indiscernible], past twelvemonth because of nan marketplace information astatine nan end, Peter, his work was leasing and superior allocation. But his -- he spent almost 80% of his clip connected nan leasing side. So this is what we put backmost present successful FFO.

Anthony Bogdan

So 80% of nan full expense?

Mathieu Bolté

Yes.

Anthony Bogdan

Do you expect to support doing that going forward?

Mathieu Bolté

No, because he near successful December. So we're not readying for [indiscernible].

Operator

At this time, location are nary further questions. Please spell ahead, Mr. Leonard.

Michel Léonard

Well, convey you for joining america today. I deliberation that nan stellar results of BTB's capacity for 2022, speak fundamentally by themselves. We saw an summation successful rent gross arsenic reported by Mathieu. Part of nan summation successful gross comes straight from nan acquisition. So we are positive $22 cardinal successful nan rental gross for nan acquisitions, wherever we disposed of minus $3.5 million.

So nan scheme that we person to redeploy our superior is decidedly base fruit. I'd conscionable punctual you that our nett operating income went up by 25%, aforesaid spot NOI for nan 4th astatine 7.1% and for nan twelvemonth astatine 3.4%, which is, again, successful comparison, awesome capacity for BTB. Payout ratio astatine 63.6%, ne'er been this low. Recurring AFFO payout ratio astatine 74.9%, ne'er been this debased again. I punctual you that our portfolio is performing really, really good arsenic our postulation complaint is astatine 99.3%.

So very stable, very profitable and awesome capacity for BTB. With this, I'd for illustration to convey you for attending this morning, and I'd for illustration to convey each our labor that person participated successful these awesome results for BTB because without them, it would person been intolerable for america to execute these numbers. So again, convey you very overmuch for participating this morning. As usual, if you person immoderate questions, comments aliases thing that you don't understand, consciousness free to remark present aliases telephone myself. We'll beryllium gladsome to reply your questions.

So convey you, person a awesome day.

Operator

This concludes today's convention call. You whitethorn now disconnect.

Editor: Naga



Read other contents from Beritaja.com at
More Source
↑
close