Office Properties Income Trust (OPI) 2018 Q4 法說會逐字稿

Good morning, and welcome to the Office Properties Income Trust Fourth Quarter 2018 Financial Results Conference Call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 Office Properties Income Trust 2018 年第四季財務業績電話會議。（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 Olivia Snyder, Manager of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係經理 Olivia Snyder。請繼續。

Thank you, and good morning, everyone. Thanks for joining us today. With me on the call are OPI's President and Chief Executive Officer, David Blackman; and Chief Financial Officer and Treasurer, Jeff Leer. In just a moment, they will provide details about our business and our performance for the fourth quarter of 2018. We will then open the call to your questions.

謝謝大家，大家早安。感謝您今天加入我們。與我一起參加電話會議的有 OPI 總裁兼執行長 David Blackman；財務長兼財務主管 Jeff Leer。稍後，他們將提供有關我們的業務和 2018 年第四季業績的詳細資訊。然後我們將開始電話詢問您的問題。

First, I would like to note that the recording and retransmission of today's conference call is prohibited without the prior written consent of the company. Also note that today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based on OPI's beliefs and expectations as of today, Thursday, February 28, 2019, and actual results may differ materially from those that we project. The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call. Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission, or SEC, which can be accessed from our website, opireit.com, or the SEC's website. Investors are cautioned not to place undue reliance upon any forward-looking statements.

首先，我想指出的是，未經公司事先書面同意，禁止對今天的電話會議進行錄音和轉播。另請注意，今天的電話會議包含 1995 年《私人證券訴訟改革法案》和其他證券法含義內的前瞻性陳述。這些前瞻性聲明是基於 OPI 截至今天（2019 年 2 月 28 日星期四）的信念和預期，實際結果可能與我們的預測有重大差異。該公司不承擔修改或公開發布對今天電話會議中前瞻性陳述的任何修改結果的義務。有關可能導致這些差異的因素的更多資​​訊包含在我們向美國證券交易委員會 (SEC) 提交的文件中，您可以從我們的網站 opireit.com 或 SEC 網站存取該文件。投資者應注意不要過度依賴任何前瞻性陳述。

In addition, we will be discussing non-GAAP numbers during this call, including normalized funds from operations, or normalized FFO, and cash-based net operating income, or cash basis NOI. A reconciliation of these non-GAAP figures to net income and the components to calculate cash available for distribution, or CAD, are available in our supplemental, operating and financial data package, which also can be found on our website.

此外，我們將在本次電話會議中討論非 GAAP 數據，包括標準化營運資金（或標準化 FFO）以及基於現金的淨營業收入（或基於現金的 NOI）。我們的補充、營運和財務資料包中提供了這些非 GAAP 資料與淨利潤的對帳以及計算可分配現金（或 CAD）的組成部分，這些資料包也可以在我們的網站上找到。

And now I will turn the call over to David.

現在我將把電話轉給大衛。

Thank you, Olivia. Good morning. Welcome to the first earnings call for Office Properties Income Trust, which is the culmination of the merger between Government Properties Income Trust and Select Income REIT. On today's call, I will provide an overview of OPI and an update on our capital recycling program before turning the call over to Jeff Leer to provide an overview of financial results.

謝謝你，奧莉維亞。早安.歡迎參加 Office Properties Income Trust 的首次財報電話會議，這是政府房地產收入信託與 Select Income REIT 合併的頂峰。在今天的電話會議上，我將概述 OPI 以及我們資本回收計劃的最新情況，然後將電話轉給 Jeff Leer，概述財務表現。

Before I begin, I would like to highlight that due to the merger closing on the last business day of the quarter, fourth quarter results reflect a combined balance sheet but only GOV's operating results. To help rectify this, we provided pro forma consolidated results as if the merger had closed on October 1 instead of December 31 in our earnings release and supplemental disclosure package.

在開始之前，我想強調，由於合併在本季度最後一個工作日結束，第四季度業績反映的是合併資產負債表，但僅反映了 GOV 的營運業績。為了幫助糾正這個問題，我們在收益發布和補充披露文件中提供了預計合併結果，就好像合併於 10 月 1 日而不是 12 月 31 日結束一樣。

Our operating strategy for OPI will differ from our operating strategies for GOV and SIR as stand-alone companies. One material difference will be our plan to actively recycle capital through asset sales at OPI, first to manage leverage but ongoing to shape the portfolio. In doing so, we expect to reduce the average age of our properties, increase our weighted average remaining lease term and to reduce future capital requirements.

我們對 OPI 的營運策略將不同於我們對 GOV 和 SIR 作為獨立公司的營運策略。一個重大區別是我們計劃透過 OPI 的資產出售積極回收資本，首先是管理槓桿，但持續塑造投資組合。在此過程中，我們希望縮短房產的平均使用年限，增加加權平均剩餘租賃期限，並減少未來的資本需求。

Another strategy shift will be to focus on favoring the acquisition of first-generation buildings. We believe this will increase the likelihood of tenants renewing leases, which should have a positive impact on OPI's occupancy and reduce ongoing leasing capital. These 2 strategies are expected to create long-term cash flow accretion and contribute to maintaining a well-covered dividend.

另一個策略轉變將是重點支持收購第一代建築。我們相信這將增加租戶續租的可能性，這將對 OPI 的入住率產生積極影響並減少持續的租賃資本。這兩項策略預計將創造長期現金流成長，並有助於維持良好的股息支付。

Entering 2019, OPI has a broader investment strategy to foster growth and is a company with increased scale and greater diversification. We believe we have reduced risk at OPI by lowering our concentration of U.S. government tenants, increasing geographic diversification, lengthening our weighted average remaining lease term, creating a more well-laddered lease expiration schedule and reducing our exposure to floating rate debt. We have also increased the size of our board, adding 2 independent trustees, which increases the number of female trustees to 38% and the total number of independent trustees to 75%.

進入2019年，OPI有更廣泛的投資策略來促進成長，是一家規模擴大、多元化的公司。我們相信，透過降低美國政府租戶的集中度、增加地理多元化、延長加權平均剩餘租賃期限、制定更完善的租賃到期時間表以及減少浮動利率債務風險，我們已經降低了 OPI 的風險。我們也擴大了董事會規模，增加了 2 位獨立受託人，從而將女性受託人人數增加到 38%，獨立受託人總數增加到 75%。

On December 31, 2018, OPI's portfolio consisted of 247 buildings containing 31.9 million square feet that were 91% occupied with a weighted average remaining lease term of 5.7 years and an average building age of approximately 17 years. 64.9% of our annualized rent is paid by investment-grade rated tenants, which we believe is one of the highest percentages of rent paid by investment-grade rated tenants in the office REIT sector.

截至2018年12月31日，OPI的投資組合由247棟建築組成，面積為3,190萬平方英尺，其中91%已被佔用，加權平均剩餘租賃期為5.7年，平均建築年齡約為17年。我們64.9%的年化租金是由投資等級租戶支付的，我們認為這是辦公室REIT領域投資等級租戶支付的租金比例最高的之一。

The U.S. government is our largest tenant, accounting for 25.6% of annualized rent. This is a reduction from 45.6% premerger, and no other tenant accounts for more than 2.7% of annualized rent.

美國政府是我們最大的租戶，佔年化租金的25.6%。這比合併前的 45.6% 有所下降，也沒有其他租戶佔年化租金的比例超過 2.7%。

We have also reduced the percentage of leases expiring through the end of 2021 from 47.4% of annualized rent premerger to 27% at the end of the quarter.

我們也將截至 2021 年底到期的租約百分比從合併前年化租金的 47.4% 降至本季末的 27%。

OPI's investment strategy will focus on office properties and markets that have strong economic fundamentals to support growth and will include properties leased to single tenant and multi-tenant properties leased to high credit quality tenants like government entities.

OPI 的投資策略將側重於具有強勁經濟基礎以支持成長的辦公物業和市場，並將包括出租給單一租戶的物業和出租給政府實體等高信用品質租戶的多租戶物業。

Key criteria for acquiring single-tenant properties will include the evaluation of how strategic a property is to the tenant's business, focusing on corporate headquarters, build-to-suit properties and buildings where the tenants have invested meaningful capital. Single-tenant building acquisitions will also include a minimum remaining lease term of 7 years. Properties leased to government tenants will include both single-tenant and multi-tenant buildings and will focus on agencies that have high security needs or a mission that is strategic to the building's location. We expect to acquire primarily first-generation buildings, where there is a reasonably high probability of renewing the tenant in place, and where ongoing capital needs are expected to be relatively modest compared to older buildings.

收購單一租戶物業的關鍵標準將包括評估物業對租戶業務的策略性，重點關注公司總部、客製化物業以及租戶投資了有意義資本的建築物。單租戶建築收購還將包括至少 7 年的剩餘租賃期。租賃給政府租戶的房產將包括單一租戶和多租戶建築物，並將重點放在具有高安全需求或對建築物位置具有戰略意義的任務的機構。我們預計主要收購第一代建築，這些建築更新租戶的可能性相當高，而且與舊建築相比，持續的資本需求預計相對溫和。

Turning to our capital recycling. In addition to initially selling properties to reduce leverage, we plan to have an ongoing capital recycling program of $100 million to $300 million annually to shape our key portfolio metrics and to manage ongoing capital requirements. As a reminder, we recently announced the completion of the sale of 34 buildings in the metro D.C. market for gross proceeds of $198.5 million. This completed the disposition plan associated with our acquisition of First Potomac Realty Trust in the fourth quarter of 2017. In aggregate, we sold $520 million of properties to permanently finance the acquisition.

轉向我們的資本回收。除了最初出售房產以降低槓桿率外，我們還計劃開展每年 1 億至 3 億美元的持續資本回收計劃，以製定我們的關鍵投資組合指標並管理持續的資本需求。謹此提醒，我們最近宣布完成了華盛頓都會區市場 34 棟建築的出售，總收益達 1.985 億美元。這完成了我們在 2017 年第四季度收購 First Potomac Realty Trust 相關的處置計劃。我們總共出售了價值 5.2 億美元的房產來為此次收購提供永久融資。

Today, OPI has 36 buildings in a disposition plan to permanently finance our merger with SIR. Two of these properties are under agreement to sell for approximately $77 million in gross proceeds, and the balance of the buildings are in various stages of marketing. In aggregate, we are selling approximately 5.9 million square feet of buildings that we believe will generate more than $750 million in gross proceeds. Considering our progress on this disposition plan since completing the merger, we remain confident that OPI will substantially complete the sale of these properties before announcing second quarter earnings. This will position the company to comfortably reenter the acquisition market in the second half of 2019 while continuing to shape the portfolio with a capital recycling program.

如今，OPI 已製定處置計劃，以永久為我們與 SIR 的合併提供 36 棟建築的資金。其中兩處房產已達成協議，以約 7,700 萬美元的總收益出售，其餘建築正處於不同的行銷階段。總的來說，我們正在出售約 590 萬平方英尺的建築，我們相信這些建築將產生超過 7.5 億美元的總收益。考慮到自完成合併以來我們在這項處置計劃上取得的進展，我們仍然有信心 OPI 將在宣布第二季度收益之前基本完成這些房產的出售。這將使該公司能夠在 2019 年下半年輕鬆重新進入收購市場，同時繼續透過資本回收計畫塑造投資組合。

In summary, we are excited about the opportunities available to OPI as a stronger company with greater scale and financial flexibility. We also look forward to executing on our capital recycling plan and returning to growth in the second half of 2019.

總而言之，我們對 OPI 作為一家規模更大、財務更靈活、更強大的公司所擁有的機會感到興奮。我們也期待執行我們的資本回收計劃並在 2019 年下半年恢復成長。

I will now turn the call over to Jeff to provide an overview of financial results.

我現在將把電話轉給傑夫，以提供財務業績的概述。

Thank you, David. To begin, I just want to reiterate that due to the merger of GOV and SIR closing on December 31, 2018, in accordance with U.S. generally accepted accounting principles, the assets acquired and the liabilities assumed from SIR in the merger are included in OPI's consolidated balance sheet as of December 31, 2018. However, SIR's results of operations are excluded from OPI's actual historical consolidated income for all periods.

謝謝你，大衛。首先，我想重申一下，由於GOV和SIR的合併已於2018年12月31日完成，根據美國公認會計原則，合併中SIR收購的資產和承擔的負債均納入OPI的合併報表。截至2018 年12月31 日的資產負債表。然而，SIR 的經營績效不包括在 OPI 所有期間的實際歷史合併收入中。

OPI's fourth quarter financial results were impacted by certain nonrecurring items, which were related to: an underlying noncash loss of $48.2 million from OPI's investment in The RMR Group Inc.; a noncash loss of $18.7 million on the sale of SIR shares in Q4; and $10.7 million related to the transaction costs associated with the merger. These items were partially offset by the reversal of GOV's previously accrued business management incentive fee expense of $17 million.

OPI 第四季的財務表現受到某些非經常性項目的影響，這些項目涉及： OPI 對 RMR Group Inc. 的投資造成的 4,820 萬美元的潛在非現金損失；第四季出售 SIR 股票造成 1,870 萬美元的非現金損失； 1070 萬美元與合併相關的交易成本有關。這些項目被 GOV 先前應計的 1700 萬美元業務管理獎勵費支出的沖銷部分抵消。

As a result of the timing of the merger and the impact to overall results, I plan to focus the remainder of this discussion covering Q4 2018 pro forma results as if the merger had occurred on October 1, 2018.

由於合併的時間表以及對整體業績的影響，我計劃將本次討論的剩餘部分重點放在 2018 年第四季度的預計業績上，就好像合併發生在 2018 年 10 月 1 日一樣。

Pro forma normalized funds from operations would've been $49.6 million or $1.03 per share for the quarter and includes a $25.8 million business management incentive fee incurred by SIR as of December 31, 2018, that was subsequently paid by OPI. Our first, second and third quarter normalized FFO calculations exclude accrued business management incentive fees and are included in the fourth quarter when the amounts are determined. As a reminder, the ending share price used to calculate the total return for the incentive fee is the highest 10th consecutive day average closing price over the final 30 days of the measurement period.

預計本季營運正常資金為 4,960 萬美元，即每股 1.03 美元，其中包括截至 2018 年 12 月 31 日 SIR 產生的 2,580 萬美元業務管理激勵費，該費用隨後由 OPI 支付。我們第一、二、三季的標準化 FFO 計算不包括應計業務管理激勵費用，並在確定金額時計入第四季。需要提醒的是，用於計算激勵費用總回報的期末股價是衡量期間最後 30 天連續 10 天最高平均收盤價。

Pro forma consolidated cash basis net operating income, or cash basis NOI, would've been $119.9 million for the fourth quarter. On a pro forma same-property basis, cash basis NOI would've been $97.1 million, which equated to an increase of approximately $500,000 or 0.5% as compared to the same period of the previous year, which is primarily driven by higher rents in the legacy SIR portfolio. Excluding the net impact of business management incentive fees, our pro forma run rate for G&A expense is expected to be within a range of $10 million to $12 million per quarter.

預計第四季綜合現金基礎淨營業收入（或現金基礎 NOI）將為 1.199 億美元。以預計相同物業計算，現金基礎 NOI 將為 9,710 萬美元，相當於比去年同期增加約 50 萬美元或 0.5%，這主要是由於遺留的 SIR 投資組合。排除業務管理激勵費用的淨影響，我們預計 G&A 費用預計將在每季 1,000 萬美元至 1,200 萬美元的範圍內。

On a pro forma basis, capital expenditures would've been $25.6 million, of which $12.5 million related to recurring building improvements and $13.1 million was attributable to tenant improvements and leasing costs. As of the quarter end, we have approximately $58.4 million of unspent leasing-related capital obligations.

按預計，資本支出為 2,560 萬美元，其中 1,250 萬美元用於經常性建築改善，1,310 萬美元用於租戶改善和租賃成本。截至本季末，我們有約 5,840 萬美元的未動用租賃相關資本義務。

Pro forma debt to adjusted EBITDA was approximately 7.6x. However, when including the debt repayment from the $198.5 million of asset sales that closed in February 2019, our debt to adjusted EBITDA would have been 7.2x. As we begin to execute on our disposition strategy to delever the portfolio, we expect to achieve our target debt to adjusted EBITDA ratio to be between 6 to 7x by the second half of 2019 by using proceeds from our target asset sales to pay off all floating rate debt and current fixed rate debt obligations that are due in 2019.

預估債務與調整後 EBITDA 比率約為 7.6 倍。然而，如果包括 2019 年 2 月完成的 1.985 億美元資產出售的債務償還，我們的債務與調整後 EBITDA 的比率將為 7.2 倍。隨著我們開始執行去槓桿化投資組合的處置策略，我們預計到 2019 年下半年，透過使用目標資產出售收益來償還所有浮動債務，實現債務與調整後 EBITDA 比率在 6 至 7 倍之間的目標2019 年到期的利率債務和當前固定利率債務。

As a reminder, in January, we declared a quarterly dividend of $0.55 per share. This rate is approximately 75% of our expected cash available for distribution for 2019, a level which is expected to provide us with greater financial flexibility and the ability to increase the dividend over time.

提醒一下，一月份，我們宣布季度股息為每股 0.55 美元。這一比率約為我們 2019 年預計可分配現金的 75%，這一水平預計將為我們提供更大的財務靈活性以及隨著時間的推移增加股息的能力。

Operator, that concludes our prepared remarks. We are ready to open the call up for questions.

接線員，我們準備好的發言到此結束。我們已準備好接受提問。

(Operator Instructions) The first question comes from Bryan Maher with B. Riley FBR.

（操作員說明）第一個問題來自 Bryan Maher 和 B. Riley FBR。

When it comes to CapEx, I think you mentioned $25.6 million, with $12.5 million recurring and $13 million tenant improvements. What should we be thinking about for the combined entity for the full year as it relates to CapEx?

說到資本支出，我想您提到了 2560 萬美元，其中 1250 萬美元是經常性支出，1300 萬美元是租戶改善支出。對於合併後的實體全年與資本支出相關的問題，我們該考慮什麼？

Bryan, that's a good question. I guess what I would tell you is we expect to lease about 1.5 million square feet of space during 2019. And we think that the average leasing capital per square foot is going to be around $2.65 per square foot. Jeff, building capital?

布萊恩，這是個好問題。我想我要告訴你的是，我們預計 2019 年將租賃約 150 萬平方英尺的空間。我們認為每平方英尺的平均租賃資本將約為每平方英尺 2.65 美元。傑夫，建立資本？

And then in addition, for building capital, we have a range of approximately $60 million to $80 million in building capital.

此外，對於建設資本，我們的建設資本範圍約為 6,000 萬至 8,000 萬美元。

Did you say $60 million to $80 million?

你是說6000萬到8000萬美元嗎？

Correct.

正確的。

And that would be just recurring regular CapEx for the portfolio?

這只是投資組合的經常性常規資本支出？

Correct.

正確的。

Moving on to your lease renewal rates that you reported. Just to be clear, I think it was like down 7.8% below prior rents for those properties that had renewals for the fourth quarter. To be clear, that was just GOV? Or was that GOV and SIR?

接下來是您報告的續租率。需要澄清的是，我認為第四季度續租的房產的租金比之前下降了 7.8%。需要明確的是，這只是政府？還是 GOV 和 SIR？

That was just GOV. But with that said, Bryan, I think we only have one lease renewal.

那隻是政府。但話雖如此，布萊恩，我認為我們只有一次租約續約。

SIR.

先生。

At SIR, and it was small. So it would not have a material impact.

在SIR，它很小。因此不會產生實質影響。

And as you look out to 2019, and I'm not really sure you want to give this number, but directionally and magnitude-wise, what should we be thinking about for lease renewal rates?

當你展望 2019 年時，我不太確定你想給出這個數字，但從方向和幅度來看，我們應該考慮續約率什麼？

Well, we think that both new and renewal leases for 2019 will be roughly flat compared to leases in place today.

嗯，我們認為 2019 年的新租約和續約租約與目前的租約相比將大致持平。

Okay, great. That's exactly what I was looking for. And then just lastly, after you get done with the -- I think in the press release, I saw like a $700 million number of the new sales, and on your prepared comments, you said $750 million. Is it closer to $700 million or $750 million in sales?

好的，太好了。這正是我一直在尋找的。最後，在你完成之後——我想在新聞稿中，我看到了大約 7 億美元的新銷售額，而在你準備好的評論中，你說 7.5 億美元。銷售額接近 7 億美元還是 7.5 億美元？

The expected sales for 2019, we expect to exceed $750 million.

2019 年的預期銷售額，我們預計將超過 7.5 億美元。

Okay. And then just to be clear, after this current round of sales, as we look at kind of the back half of 2019 and 2020, other than the $100 million to $300 million of capital recycling, you are pretty much done with dispositions. Is that correct?

好的。然後需要明確的是，在本輪銷售之後，當我們看到 2019 年下半年和 2020 年的情況時，除了 1 億至 3 億美元的資本回收之外，您幾乎已經完成了處置。那是對的嗎？

Well, I think the important thing, Bryan, is to focus on the fact that we expect to have an ongoing capital recycling program. The more than $750 million of dispositions for 2019 will rightsize our leverage. Beyond that, it becomes a portfolio shaping exercise and an opportunity to create CAD accretion through dispositions.

布萊恩，我認為重要的是要關注這樣一個事實：我們期望有一個持續的資本回收計劃。2019 年超過 7.5 億美元的處置將調整我們的槓桿規模。除此之外，它還成為投資組合塑造活動和透過配置創造加元增值的機會。

Right, that's what I said. After the $750 million, it's pretty much $100 million to $300 million on a regular basis but no other material portfolio dispositions or, I would expect in the near term, meaningful acquisitions. Is that the way to think about it?

沒錯，我就是這麼說的。7.5 億美元之後，常規成本幾乎為 1 億至 3 億美元，但沒有其他重大投資組合處置，或者我預計在短期內不會進行有意義的收購。是這樣思考的嗎？

Yes. We expect to be back in the acquisition game in the second half of 2019. So we'll see how the market looks in the second half of the year.

是的。我們預計將在 2019 年下半年重返收購遊戲。因此，我們將看看下半年市場的情況。

(Operator Instructions) The next question comes from Adam Gabalski with Morgan Stanley.

（操作員說明）下一個問題來自摩根士丹利的 Adam Gabalski。

This is Adam on for Vikram. I just wanted to talk a little bit more about the planned dispositions. Are you guys going to be selling stabilized assets? I'm just trying to get a sense of what this $700 million to $750 million in dispositions is going to mean for portfolio occupancy once it's completed.

這是維克拉姆的亞當。我只是想多談談計劃的部署。你們打算出售穩定資產嗎？我只是想了解一下，這 7 億至 7.5 億美元的處置一旦完成，對投資組合佔用率意味著什麼。

Well, I -- it's a good question, Adam. Well, I think what I would tell you on that is we -- and we ended the year at 91% occupancy. We expect occupancy to be, in the fourth quarter of 2019, about 91.5%. We expect it to get higher than that throughout the year but then kind of reduce to 91.5% by the end of the year. The average occupancy of the buildings that we are selling is just under 80% because it includes a handful of vacant properties to include a large land parcel that's vacant.

嗯，我──這是個好問題，亞當。好吧，我想我要告訴你的是我們——我們年底的入住率達到了 91%。我們預計 2019 年第四季的入住率約為 91.5%。我們預計這一比例會高於全年，但到年底會下降至 91.5%。我們出售的建築物的平均入住率略低於 80%，因為其中包括少量空置房產以及大片空置土地。

Got it. That's very helpful. And then just one more. As far as the dividend moving forward, in the merger documents, you guys outlined a 75% target CAD payout ratio. Just now that the portfolio is integrated, do you guys see that as sort of an achievable target moving forward with the way you've set the dividend out of the gate?

知道了。這非常有幫助。然後還有一個。至於未來的股息，在合併文件中，你們概述了 75% 的目標加幣支付率。現在投資組合已經整合，你們是否認為這是一個可以實現的目標，隨著你們設定股利的方式而向前推進？

Yes. We specifically set the dividend -- or the dividend we declared in January was based upon what we expect to be around a 75% CAD payout ratio for 2019.

是的。我們特別設定了股息——或者說我們在 1 月宣布的股息是基於我們預計 2019 年 75% 左右的加元派息率。

Seeing no further questions, this concludes our question-and-answer session. I would like to turn the conference back over to David Blackman for any closing remarks.

沒有其他問題了，我們的問答環節到此結束。我想將會議轉回給大衛布萊克曼（David Blackman）發表閉幕詞。

Great. Thank you. And thank you for joining us today. We look forward to updating you on our first quarter activity in a couple of months. That concludes our call.

偉大的。謝謝。感謝您今天加入我們。我們期待在幾個月後向您通報我們第一季活動的最新情況。我們的通話到此結束。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。