Modiv Industrial Inc (MDV) 2023 Q4 法說會逐字稿

Good day and welcome to Modiv Industries Incorporated's Fourth Quarter 2023 Conference Call. (Operator Instructions) On today's call, management will provide prepared remarks and then we'll open up the call for your questions. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 Modiv Industries Incorporated 的 2023 年第四季電話會議。（操作員說明）在今天的電話會議上，管理層將提供準備好的評論，然後我們將開始電話會議詢問您的問題。（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to John Raney, Chief Operating Officer and General Counsel. Please go ahead, sir.

我現在想將會議交給營運長兼總法律顧問約翰·雷尼 (John Raney)。請繼續，先生。

Thank you, operator, and thank you, everyone for joining us for Modiv Industrial's fourth quarter 2023 earnings call. We issued our earnings release before market open this morning and it's available on our website at modiv.com. I'm here today with Aaron Halfacre, Chief Executive Officer; and Ray Pacini, Chief Financial Officer. On today's call, management will provide prepared remarks and then we will open up the call for your questions.

謝謝營運商，也謝謝大家加入我們參加 Modiv Industrial 的 2023 年第四季財報電話會議。我們在今天早上開盤前發布了收益報告，可在我們的網站 modiv.com 上取得。今天我和執行長 Aaron Halfacre 一起來到這裡。和財務長雷·帕西尼。在今天的電話會議上，管理層將提供準備好的發言，然後我們將開始電話會議詢問您的問題。

Before we begin, I would like to remind you that today's comments will include forward-looking statements under the Federal Securities Laws. Forward-looking statements are identified by words such as will, be, intend, believe, expect, anticipate, or other comparable words and phrases. Statements that are not historical facts, such as statements about our expected acquisitions or dispositions, are also forward-looking statements. Our actual financial condition and results of operations may vary materially from those contemplated by such forward-looking statements. Discussion of the factors that could cause our results to differ materially from these forward-looking statements are contained in our SEC filings, including our reports on Form 10-K and 10-Q.

在開始之前，我想提醒您，今天的評論將包括聯邦證券法規定的前瞻性陳述。前瞻性陳述透過諸如將、是、打算、相信、期望、預期或其他類似的詞語和短語來識別。非歷史事實的陳述，例如有關我們預期收購或處置的陳述，也是前瞻性陳述。我們的實際財務狀況和經營業績可能與此類前瞻性聲明中預期的存在重大差異。我們向 SEC 提交的文件（包括我們的 10-K 表格和 10-Q 表格報告）中包含了對可能導致我們的結果與這些前瞻性陳述存在重大差異的因素的討論。

With that said, I would like now to turn the call over to Aaron. Aaron, the mic is yours.

話雖如此，我現在想把電話轉給亞倫。亞倫，麥克風是你的。

Thank you, John. Hello, everybody. Thanks for joining our fourth quarter conference call. For those who don't know John, he's our COO and our General Counsel, and with the release of these financial results, we'll formally make him a named executive officer, which means he'll be subject to Form-4 filings alongside myself and Ray and our Board of Directors.

謝謝你，約翰。大家好。感謝您參加我們的第四季電話會議。對於那些不認識John 的人來說，他是我們的營運長和總法律顧問，隨著這些財務業績的發布，我們將正式任命他為指定執行官，這意味著他將同時接受Form-4備案我和雷以及我們的董事會。

Speaking of Ray, since I said a ton in our earnings press release, how about we jump right to hear more details on our financial results, and I'll come back before the end to take questions. Ray?

說到雷，既然我在我們的收益新聞稿中說了很多，我們就直接跳到聽更多關於我們財務業績的細節吧，我會在結束前回來回答問題。射線？

Thank you, Aaron. I'll begin with an overview of our fourth quarter operating results.

謝謝你，亞倫。我將首先概述我們第四季度的營運業績。

Revenue for the fourth quarter was $12.3 million compared with $13.8 million in the prior year period, which included a $3.8 million early termination fee from Sutter Health in advance of our signing of new lease for a Rancho Cordova property in the state of California. Excluding the 2022 lease termination fee, revenue increased 23% compared to the prior year period. The revenue increase reflects the impact of 12 industrial manufacturing property acquisitions during the first seven months of 2023, partially offset by 14 non-core property dispositions in August 2023.

第四季收入為 1,230 萬美元，而去年同期為 1,380 萬美元，其中包括在我們簽署加州蘭喬科爾多瓦房產新租約之前向 Sutter Health 支付的 380 萬美元提前終止費用。剔除2022年租約終止費，營收較上年同期成長23%。收入成長反映了 2023 年前 7 個月 12 項工業製造物業收購的影響，部分被 2023 年 8 月 14 項非核心物業處置所抵消。

Fourth quarter adjusted funds from operations or AFFO was $4.5 million, up 41% when compared with the $3.82 million in the year-ago quarter after excluding the 2022 lease termination fee. The increase in AFFO reflects the revenue increase along with decreases in G&A and property expenses, which were partially offset by increases in straight line rents and interest expense.

第四季調整後的營運資金或 AFFO 為 450 萬美元，較去年同期的 382 萬美元增加 41%（扣除 2022 年租賃終止費後）。AFFO 的增加反映了收入的增加以及一般管理費用和物業費用的減少，但部分被直線租金和利息費用的增加所抵消。

On a per share basis, AFFO was $0.40 per diluted share for this quarter, which is $0.05 above the average of our three analyst estimates, even after accounting for an increase of 1 million shares in the weighted average number of fully diluted common shares outstanding. G&A decreased by $850,000 compared with a year ago quarter, reflecting the absence of a relocation reserve accrued in the year ago quarter, lower professional fees due to timing differences, and a decrease in D&O insurance.

以每股計算，本季 AFFO 稀釋後每股收益為 0.40 美元，比我們三位分析師的平均預期高出 0.05 美元，即使考慮到完全稀釋的已發行普通股加權平均數增加了 100 萬股。與去年同期相比，一般管理費用減少了 85 萬美元，反映出去年同期沒有提列搬遷準備金、時間差異導致的專業費用降低以及 D&O 保險減少。

Property expenses decreased $807,000 compared with a year ago quarter, primarily reflecting the disposition of properties with modified gross leases and double net leases in August. Excluding the impact of swap valuations, cash interest expense increased by approximately $1.3 million, reflecting greater borrowings outstanding during 2023, given that during the year ago quarter we only had an average of $157 million outstanding on our credit facility.

與去年同期相比，物業費用減少了 807,000 美元，主要反映了 8 月修改後的總租賃和雙倍淨租賃的物業處置。排除掉期估值的影響，現金利息支出增加了約 130 萬美元，反映出 2023 年未償還借款增加，因為去年同期我們的信貸額度平均未償還債務僅 1.57 億美元。

I'll now discuss our full-year operating results. Revenue for the full year was $46.9 million compared to $40 million on the prior year, excluding the $3.8 million early termination fee, for an increase of 17%. AFFO was $14.7 million, up 14% when compared with the $12.9 million in the prior year after excluding the 2022 lease termination fee.

我現在將討論我們的全年營運表現。全年營收為 4,690 萬美元，較上年的 4,000 萬美元成長 17%（不包括 380 萬美元的提前終止費）。扣除 2022 年租約終止費用後，AFFO 為 1,470 萬美元，較前一年的 1,290 萬美元增加 14%。

The AFFO per fully diluted share was $1.33 for the full year compared with $1.26 for fully diluted share After excluding the 2022 lease termination fee in the prior year. The 6% increase in the AFFO per diluted share is less than the percentage increase in AFFO due to an increase of 842,000 shares and the weighted average number of fully diluted common shares outstanding.

全年完全稀釋每股 AFFO 為 1.33 美元，而扣除上一年的 2022 年租約終止費後，將每股 AFFO 完全稀釋為 1.26 美元。稀釋後每股 AFFO 增加 6%，低於 AFFO 由於增加 842,000 股和完全稀釋已發行普通股的加權平均數而增加的百分比。

The increase In AFFO reflects the $6.9 million revenue increase, offset by a $3 million increase in straight line rents, a $1.2 million decrease in G&A, a $1.4 million decrease in property expenses, and $475,000 of dividend income, also contributed to the increase in AFFO. The decrease in G&A reflects lower headcount, the absence of the 2022 relocation reserve, decreases in D&O insurance and technology costs, partially offset by an increase in professional services. The decrease in property expenses again relates to the disposition of properties with modified gross leases and double net leases in August. These positive variances were partially offset by a $5.1 million increase in cash interest expense, which primarily reflects the increase in average borrowings outstanding during 2023 compared to 2022.

AFFO 的成長反映了690 萬美元的收入成長，但被直線租金成長300 萬美元、一般管理費用減少120 萬美元、物業費用減少140 萬美元以及股息收入47.5 萬美元所抵消，這些因素也促成了AFFO 的增長。G&A 的減少反映了員工人數減少、2022 年搬遷儲備金的缺失、D&O 保險和技術成本的減少，但部分被專業服務的增加所抵消。物業費用的減少再次與八月份修改後的總租賃和雙淨租賃的物業處置有關。這些正差異被現金利息支出增加 510 萬美元部分抵消，這主要反映了 2023 年平均未償還借款較 2022 年增加。

The $475,000 of dividend Income was earned on the Investment In preferred stock of Generation Income Properties, Inc. that we received as partial consideration for the disposition of 13 properties last August. GIPR redeemed the preferred stock per common stock on January 31, 2024, and we immediately distributed the majority of the GIPR common stock to our common stockholders and holders of Class C units in our operating partnership.

475,000 美元的股息收入是透過對 Generation Income Properties, Inc. 的優先股投資賺取的，我們在去年 8 月收到了作為處置 13 處房產的部分對價。GIPR 於 2024 年 1 月 31 日贖回了每股普通股的優先股，我們立即將大部分 GIPR 普通股分配給我們的普通股股東和我們營運合夥企業中的 C 類單位持有人。

Now turning to our portfolio, following the January and February dispositions of two assets held for sale, our 42-property portfolio has an attractive weighted average lease term of 14 years, and approximately 33% of our tenants or their parent companies have an investment grade credit rating from a recognized credit rating agency of BBB minus or better. Annualized base rent from these 42 properties totals $39 million as of December 31, 2023, with 38 industrial properties representing 76% of ABR, one retail property representing 11% of ABR, and three office properties representing 13% of ABR.

現在轉向我們的投資組合，繼1 月和2 月處置兩項待售資產後，我們的42 處房產投資組合的加權平均租賃期為14 年，具有吸引力，約33% 的租戶或其母公司具有投資等級來自公認信用評等機構的信用評等為 BBB 負或更好。截至2023 年12 月31 日，這42 處房產的年化基本租金總計3,900 萬美元，其中38 處工業房產佔ABR 的76%，一處零售房產佔ABR 的11%，三處辦公房產佔ABR 的13%。

Now turning to our balance sheet and liquidity. As of December 31, 2023, total cash and cash equivalents were $3.1 million and we had $280 million of debt outstanding after repaying the $3 million remaining balance of the mortgage on our Sacramento property in December.

現在轉向我們的資產負債表和流動性。截至 2023 年 12 月 31 日，現金及現金等價物總額為 310 萬美元，在 12 月償還薩克拉門托房產抵押貸款餘額 300 萬美元後，我們還有 2.8 億美元的未償債務。

Our debt consists of $31 million of mortgages on two properties and $250 million of outstanding borrowings on our $400 million credit facility. Based on interest rate swap agreements we entered into during 2022, 100% of our indebtedness as of December 31, 2023, held a fixed interest rate with a weighted average interest rate of 4.52% based on our leverage ratio of 48% at year end.

我們的債務包括兩處房產的 3,100 萬美元抵押貸款和 4 億美元信貸額度中的 2.5 億美元未償還借款。根據我們在2022年簽訂的利率交換協議，截至2023年12月31日，我們100%的債務持有固定利率，加權平均利率為4.52%，基於年底槓桿率為48%。

As previously announced, our Board of Directors declared a cash dividend per common share of approximately $0.95 from the months of January, February, and March 2024, representing an annualized dividend rate of $1.15 per share of common stock. This represents a yield of 7.5% based on the closing price of $15.39 on our common stock as of March 1, 2024.

如同先前所宣布的，我們的董事會宣布從 2024 年 1 月、2 月和 3 月起，每股普通股現金股利約為 0.95 美元，相當於每股普通股的年化股息率為 1.15 美元。根據截至 2024 年 3 月 1 日我們普通股收盤價 15.39 美元計算，收益率為 7.5%。

I'll now turn the call back over to Aaron.

我現在將把電話轉回亞倫。

Thanks, Ray. As you all know, I much rather prefer to open dynamic dialogue. So instead of providing any more canned response, how about we dive into Q&A. Operator?

謝謝，雷。眾所周知，我更喜歡進行動態對話。因此，與其提供任何更多的預設回复，不如我們深入進行問答。操作員？

(Operator Instructions) Rob Stevenson, Janney.

（操作員說明）Rob Stevenson，Janney。

How much NOI do we need to be backing out for the $15 million of Levins and Cummins sales When we're thinking about projecting our models for 2024?

當我們考慮預測 2024 年的車型時，我們需要為 Levins 和康明斯 1500 萬美元的銷售額提供多少 NOI？

(multiple speakers) Well, I was going to say that's already factored in in the $39 million of ABR excludes Levins and Cummins.

（多名發言者）嗯，我想說的是，這已經計入了 3900 萬美元的 ABR 中，不包括萊文斯和康明斯。

Okay. That's helpful. And then, what is the most likely timing on the Costco sale closing? I assume that they wanted to get that rezoned for single-family before closing. Any other major contingent issues that need to be resolved before that deal could close?

好的。這很有幫助。那麼，Costco 促銷最有可能結束的時間是什麼？我猜他們想在關閉之前將其重新規劃為單戶住宅。在交易完成之前還有其他重大或有問題需要解決嗎？

Good question. The way the deal is structured is, they have a contingency window through April 1 and assuming in that process they're doing their feasibility. And if they come back on April 1 and they're comfortable, then they'll put a $1 million hard money down. And then we both pick the date of no later than August of next year, because we have this remaining lease term, and we negotiated, let's say, like we're going to benefit from this rent. There is ability that should they get their stuff done sooner, we can approach Costco for a lease termination and close it sooner. But as it's contemplated right now, we wanted to give them plenty of time to finish out their approvals.

好問題。交易的結構方式是，他們有一個截至 4 月 1 日的應急窗口，並假設在此過程中他們正在進行可行性研究。如果他們在 4 月 1 日回來並且感覺舒服，那麼他們就會投入 100 萬美元的硬通貨。然後我們都選擇不晚於明年八月的日期，因為我們還有剩餘的租期，我們進行了談判，可以說，就像我們將從這筆租金中受益一樣。如果他們能盡快完成工作，我們可以聯繫 Costco 終止租約並儘快關閉。但正如目前所考慮的，我們希望給他們足夠的時間來完成審批。

What they're contemplating building here is a series of town homes. And so they've -- and this particular builder -- and they got three bids from three builders actually. And one of them was actually a higher bid, but we thought this one was more solid because they had done this homework on this property before Costco had ever moved into the property. So they have been studying this property for close to a decade. And so they were pretty dialed in. So we remain optimistic, but as it stands now, the next milestone will be April 1. So then after that, we could close sooner than 2025. But in either scenario, we're going to get the rent from Costco.

他們正在考慮在這裡建造一系列聯排別墅。所以他們——還有這個特定的建築商——實際上他們從三個建築商那裡得到了三個投標。其中一個實際上是更高的出價，但我們認為這個更可靠，因為他們在好市多搬進該房產之前就對該房產做了這項功課。所以他們對這個屬性的研究已經將近十年了。所以他們非常適應。所以我們保持樂觀，但就目前情況而言，下一個里程碑將是 4 月 1 日。那麼在那之後，我們可能會在 2025 年之前關閉。但無論哪種情況，我們都會從 Costco 獲得租金。

Okay, that's helpful. Thanks, Aaron. I guess another one here is, you talked about distributing the GIPR shares, how much shares do you guys still have and what are the plans for those?

好的，這很有幫助。謝謝，亞倫。我想這裡的另一個問題是，您談到了分配 GIPR 股份，你們還擁有多少股份以及這些股份的計劃是什麼？

Ray will get you the number here in just a second. The plan is, we're going to sell those off in an early fashion. We have like less than 5% of the stake that we got, we retained for running purposes. Ray what's the actual share count?

雷很快就會給你電話號碼。計劃是，我們將儘早出售這些產品。我們保留了不到 5% 的股份用於營運目的。雷 實際股數是多少？

171,000 shares.

171,000 股。

Okay. All right. That's helpful.

好的。好的。這很有幫助。

We'll move those up.

我們將把它們向上移動。

Okay. And where was occupancy in the portfolio after taking consideration the Clara vacancy?

好的。考慮到克拉拉的空缺後，投資組合中的入住率在哪裡？

98%.

98%。

That's helpful. And then when do you get full control of that asset back? I think, Aaron, you talked in the release about that, that there was still some stuff going on there. Can you talk about that and when the expected timing for being able to release that asset would be?

這很有幫助。然後你什麼時候才能完全掌控該資產？我想，亞倫，你在新聞稿中談到了這一點，那裡仍然有一些事情正在發生。您能談談這個問題以及預計何時能夠釋放該資產？

We've been waiting sort of on a daily basis for now for about six weeks. They keep saying it's going to get finalized in the courts and finalized in the courts and it hasn't yet. So we keep thinking any day. We don't know exactly what the hangup is. It's an okay process. But we negotiated with them. So probably soon is my guess. We did receive one LOI for the property already at rents that were potentially higher.

大約六個星期以來，我們每天都在等待。他們一直說這將在法庭上最終確定，但目前還沒有。所以我們每天都在思考。我們不知道到底是什麼問題。這是一個沒問題的過程。但我們與他們進行了談判。所以我的猜測可能很快。我們確實收到了該房產的一份意向書，租金可能會更高。

But that said, we're not negotiating with anyone until we're fully released. I've heard scuttle, and I think it's not a rule of probability that they may come back to us and say they don't want to reject it, but all signs now indicate that they will. That's what we're underwriting, and we're prepared for that. As soon as we do have it in hand, then we will start the process, which is good, because right now you're in St. Paul in the winter, it's dead season anyway, so as we roll into spring, that's going to be the more opportune time.

但話雖如此，在我們完全釋放之前，我們不會與任何人談判。我聽說過傳言，我認為他們可能會回到我們身邊並說他們不想拒絕它，這並不是一個機率規則，但現在所有跡像都表明他們會拒絕。這就是我們所承保的，我們已為此做好準備。一旦我們確實掌握了它，我們就會開始這個過程，這很好，因為現在你在冬天的聖保羅，無論如何，這是淡季，所以當我們進入春天時，這將會是更合適的時間。

Okay. And then, Ray, when did they stop paying rent on that asset?

好的。然後，雷，他們什麼時候停止支付該資產的租金？

They stopped paying in February, but then we had a letter of credit that covered the next six months.

他們在二月停止付款，但後來我們收到了涵蓋接下來六個月的信用證。

Okay. All right. So that hasn't been in the numbers for quite some time. I just wanted to make sure that there wasn't any repayments as things went along or whatever, sporadically or anything. All right. Thanks, guys. Appreciate the time this morning.

好的。好的。所以這個數字已經有一段時間沒有出現了。我只是想確保隨著事情的進展，沒有任何還款，零星的或任何其他的。好的。多謝你們。珍惜今天早上的時間。

Thank you.

謝謝。

(Operator Instructions) Bryan Maher, B. Riley Securities.

（操作員指示）Bryan Maher，B. Riley Securities。

Just a couple from me this morning, and I'm sorry if I missed this on your prepared comments, and I appreciated the commentary you already put out there this morning, Aaron. But can you give us a little bit more color on what your pipeline actually looks like? And given your dialogue with private equity and other investors, your likelihood to act upon any of that before maybe coming to some terms with one of them, if in fact that ever happens?

今天早上只有我幾個人，如果我錯過了你準備好的評論，我很抱歉，我很感謝你今天早上已經發表的評論，亞倫。但是您能給我們更多關於您的管道實際上是什麼樣子的信息嗎？考慮到您與私募股權和其他投資者的對話，您是否有可能在與其中一個投資者達成某些協議之前採取任何行動（如果確實發生過這種情況的話）？

Yes. So good question. Look, as we think about, if we're going to do something with the strategic partners, my guess is we'll announce that before the end of April, right? Because if it isn't going to get done by then. And when you -- something like that, you would spend a lot of time -- and I know we're not there yet, but you would spend a lot of time on the [DD] getting the docs ready, because anything like we're talking about, order of magnitude, is probably going to require a proxy. And if it requires a proxy, then we'd want to do it in one else swoop, because we have an annual proxy that has to come out anyway, and so it's going to pain for two proxies to fly around to one.

是的。好問題。聽著，正如我們所想，如果我們要與戰略合作夥伴一起做某事，我的猜測是我們會在四月底之前宣布，對吧？因為如果到那時還沒完成的話。當你——類似的事情，你會花很多時間——我知道我們還沒有做到這一點，但是你會花很多時間在[DD]上準備好文檔，因為像我們這樣的事情我們正在談論的，數量級，可能需要代理。如果它需要代理，那麼我們會想一次性完成，因為我們有一個年度代理無論如何都必須出來，所以兩個代理飛來飛去一個會很痛苦。

So if we're going to do something in the near term, it's going to be done before April. If we're not going to do something at the end, we're probably going to just sit tight. Some of these dialogues have been very constructive. But as we all know, it's kind of a s***** time to do things, so we'll see how that goes.

因此，如果我們要在短期內做某件事，就會在四月之前完成。如果我們最後不打算做某件事，我們可能就會袖手旁觀。其中一些對話非常有建設性。但眾所周知，現在是做事的好時機，所以我們會看看情況如何。

To your question, will we deploy before then? I think our view is, our cash buildup could be useful in one of these transactions. And so, we're waiting to see on that. We certainly are seeing individual property deals. And like I said, we've been participating around and seeing where they're going, making sure we're understanding where pricing is.

對於你的問題，我們會在那之前部署嗎？我認為我們的觀點是，我們累積的現金可能在其中一項交易中有用。因此，我們正在拭目以待。我們當然看到了個人房產交易。就像我說的，我們一直在參與並了解他們的發展方向，確保我們了解定價。

There was a property that we really liked. We've been following for a year and a half. A year ago, we were bidding on it, and it was in the mid-7s, like a year and a half ago, I guess, sort of January of last year, December of the year before, and they pulled. They came back to market in December. They went down to rounds in January, and it was probably -- they were -- price talk originally was like 8.6, so it obviously had moved, but then when we got to the final round, they were like at 8.25, and we just did not like the leverage that they had put on it. So we just said, hey, look, we don't need it, let's wait. So we do see deals a lot.

有一個我們非常喜歡的房產。我們已經關注了一年半了。一年前，我們競標它，當時是 7 年代中期，大概是一年半前，我猜，大概是去年 1 月，前年 12 月，然後他們就撤了。他們於十二月重返市場。他們在一月份進行了幾輪比賽，價格討論最初可能是 8.6，所以顯然已經發生了變化，但當我們進入最後一輪時，他們的價格就像是 8.25，我們只是不喜歡他們施加的影響力。所以我們只是說，嘿，看，我們不需要它，讓我們等等。所以我們確實看到了很多優惠。

Now, it's hard, you don't want to engage too much with anyone if you're not seriously committed to pulling the trigger. So we're in there, there's always a pipeline. I'd say the pipeline right now is a little bit lighter, given that it's still their first quarter, rates are jacking people around. So I don't think we would deploy prior to us knowing if we're going to do something with a strategic partner. And the event that we don't do something with a strategic partner, then we'll quickly deploy that cash and replace AFFO.

現在，這很難，如果你沒有認真地扣動扳機，你就不想與任何人接觸太多。所以我們在那裡，總是有一條管道。我想說，鑑於這仍然是他們的第一季度，現在的管道有點清淡，利率正在欺騙人們。因此，我認為我們不會在知道是否要與策略合作夥伴合作之前進行部署。如果我們不與策略合作夥伴合作，我們將快速部署現金並取代 AFFO。

Okay. And I also noticed you sold a few shares during the quarter, around November through January. What was that all about? Can you give me a little color on that?

好的。我還注意到您在本季度（11 月至 1 月左右）期間出售了一些股票。剛才那是做什麼啊？你能給我一點顏色嗎？

It was just ATM. We had never turned on the ATM. We wanted to test the waters a little bit, so we did really constrain volume and just try to peel off a little bit more flow, grow a little bit more liquidity. We sort of curb out some of the price surges that we were having. So it was probably maybe just eight weeks’ worth of work on the ATM just to test the waters. Our goal is to balance equity issuance with liquidity and stuff like that, but that was what that was about.

這只是自動櫃員機。我們從來沒有打開過自動櫃員機。我們想稍微試水一下，所以我們確實限制了交易量，只是試著減少更多的流量，增加更多的流動性。我們在某種程度上遏制了我們所經歷的一些價格飆升。因此，為了試水，ATM 可能只需要八週的工作時間。我們的目標是平衡股票發行與流動性之類的東西，但這就是目的。

Okay. Thank you.

好的。謝謝。

Sure.

當然。

Thank you. At this time, we've reached the end of our question-and-answer session, and I'll turn the floor over to management for closing remarks.

謝謝。現在，我們的問答環節已經結束，我將把發言權交給管理階層做總結發言。

Thank you, Rob. Thanks, everyone. Obviously, taking a progressively more communicative approach in the press release. I think the logic was laid out why we're doing it. Not everyone's going to like that. I get it. It is what it is. But we think we've received increasingly more feedback that was positive following our third quarter earnings, that this insight helps.

謝謝你，羅布。感謝大家。顯然，在新聞稿中採取逐漸更具溝通性的方式。我認為我們這樣做的邏輯已經闡明。不是每個人都會喜歡這樣。我得到它。就是這樣。但我們認為，在第三季獲利之後，我們收到了越來越多的正面回饋，這項見解很有幫助。

We are a small company. There are not a lot of moving parts, particularly right now. And so more and more people who can understand how we're thinking, so that I don't have to make 5,000 phone calls is the point here. We hope you like it. I always welcome your feedback.

我們是一家小公司。沒有太多變化的部分，特別是現在。因此，越來越多的人能夠理解我們的想法，這樣我就不必打 5000 通電話了，這就是重點。我們希望你喜歡它。我隨時歡迎您的回饋。

And look, I think we'll have more announcements before our next earnings. It could be an NAV that we're releasing. It could be something of strategic partner side. Probably, well, I think we're going to have a duty to disclose if we've gone noncontingent on our Costco property. So more to come as the spring rolls on. But thank you all for being with us, following us, and paying attention.

看，我認為我們會在下一次財報之前發布更多公告。它可能是我們要發布的資產淨值。這可能是策略夥伴方面的事情。也許，好吧，我認為我們有責任披露我們是否對 Costco 財產採取了非偶然態度。隨著春天的到來，還會有更多的事情發生。但感謝大家與我們在一起、關注我們、關注我們。

Thank you. This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。