Pennsylvania Real Estate Investment - Trust (PEI) Q1 2020 Earnings Call
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Corrected Transcript
21-May-2020
Pennsylvania Real Estate Investment
Trust (PEI)
Q1 2020 Earnings Call
Total Pages: 10
1-877-FACTSET www.callstreet.com Copyright © 2001-2020 FactSet CallStreet, LLCPennsylvania Real Estate Investment Trust (PEI) Corrected Transcript
Q1 2020 Earnings Call 21-May-2020
CORPORATE PARTICIPANTS
Heather Crowell Mario C. Ventresca
Executive Vice President-Strategy & Communications, Pennsylvania Executive Vice President & Chief Financial Officer, Pennsylvania Real
Real Estate Investment Trust Estate Investment Trust
Joseph F. Coradino
Chairman & Chief Executive Officer, Pennsylvania Real Estate
Investment Trust
.....................................................................................................................................................................................................................................................................
OTHER PARTICIPANTS
Michael W. Mueller Ki Bin Kim
Analyst, JPMorgan Securities LLC Analyst, SunTrust Robinson Humphrey, Inc.
Christy McElroy
Analyst, Citigroup Global Markets, Inc.
.....................................................................................................................................................................................................................................................................
MANAGEMENT DISCUSSION SECTION
Operator: Ladies and gentlemen, thank you for standing by, and welcome to the PREIT Q1 2020 Earnings Call.
At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-
and-answer session. [Operator Instructions]
I would now like to hand the conference over to your speaker today, Heather Crowell, EVP of Strategies and
Communications. Please go ahead, ma'am.
.....................................................................................................................................................................................................................................................................
Heather Crowell
Executive Vice President-Strategy & Communications, Pennsylvania Real Estate Investment Trust
Thank you. Good afternoon, and thank you all for joining us for PREIT's first quarter 2020 earnings call. We hope
you're all staying safe and well. During this call, we will make certain forward-looking statements within the
meaning of federal securities laws. These statements relate to expectations, beliefs, projections, trends, and other
matters that are not historical facts and are subject to risks and uncertainties that might affect future events or
results. Descriptions of these risks are set forth in the company's SEC filings. Statements that PREIT makes
today might be accurate only as of today, May 21, 2020; and PREIT makes no undertaking to update any such
statements.
Also, certain non-GAAP measures will be discussed. PREIT has included reconciliations of such measures to the
comparable GAAP measures in its earnings release and other documents filed with the SEC. Members of
management on the call today are Joe Coradino, PREIT's Chairman and CEO; and Mario Ventresca, our CFO.
We will limit today's to 30 minutes. Our prepared remarks will last approximately 15 minutes and then we will take
questions. To allow a chance for everyone to ask questions, we will allow one question and one follow-up per
caller. Thank you in advance for respecting our time constraints. Joe?
.....................................................................................................................................................................................................................................................................
2
1-877-FACTSET www.callstreet.com Copyright © 2001-2020 FactSet CallStreet, LLCPennsylvania Real Estate Investment Trust (PEI) Corrected Transcript
Q1 2020 Earnings Call 21-May-2020
Joseph F. Coradino
Chairman & Chief Executive Officer, Pennsylvania Real Estate Investment Trust
Thank you, Heather. We hope everyone is healthy and strong. This call is not about quarterly results, it's been
over two months since we started closing our properties and began working remotely. Our headquarters and a
significant number of our properties are located in COVID-19 hotspots. Nonetheless, we wanted to have this call
to discuss the future of our business, how we've navigated the challenges thus far and how we are positioning the
company moving forward.
As of tomorrow, we will have 4 of 21 malls reopen. We are operating in some of the more conservative states for
reopening, but we are making progress. Our New Jersey properties are now offering curbside pickup for retail. By
the end of this month, we expect some larger properties to open and hope that by late June, all of our properties
will open. Of course, many of the uses the mall sector pivoted to such as entertainment and dining will be later in
the recovery process due to social distancing requirements.
Unfortunately, there'll be some casualties in these categories that won't be able to sustain reduced capacity. We
also know that weaker retailers are finding that there is value in their brick-and-mortar locations as they struggle
to make it with an only online presence. What we expect will balance these challenges is the interest from new
and more diverse uses and the evolution of retailer platforms to offer continuous service to their customers
through curbside pickup. We believe buy online pickup at the mall is here to stay as more retailers develop
capabilities to service them through digital channels. Customers will be able to enjoy the collection of brands and
experiences the mall offers on the go.
So while we're unable to offer a specific timeline or financial projections, we can talk about our view of the industry
and our company moving forward. Given what we just outlined, we believe we are well-positioned to meet the
challenges we face. To that end, I wanted to take a moment to thank the warriors on the PREIT team. I couldn't
be more impressed and proud [ph] of our (00:03:56) people have pivoted and created new lanes, worked across
function and simply moved things forward outside of their comfort zone.
As is common knowledge, rent collections have been hotly debated and while unequivocally still do us, many of
our tenants opted not to pay during the initial closure period. Our leasing team accepted the call to action and
began negotiating rent deferrals that at the current count will allow us to collect 45% of the outstanding April and
May rents by the end of this year and over 90% will be recovered by the end of 2021.
We've taken a number of steps to preserve liquidity, including reducing our common dividend, reducing capital
expenditures and operating expenses, furloughing employees and securing forbearance on real estate taxes and
mortgage payments. In total, our actions have preserved approximately $50 million in liquidity in 2020, enhancing
our liquidity throughout the year and putting us in a positive liquidity position at year end.
We continue to push forward on the transactions we announced last quarter and we've been successful in getting
various municipalities to meet with us virtually to advance the entitlement process. We expect to finalize our
multifamily transactions, allowing us to further our vision of creating mixed use community hubs and improving our
balance sheet. These steps we have taken and continue to take are creating a space to get our business to the
other side of COVID.
As we look forward, we are focused on consumer trends and believe our properties are well-positioned to meet
demand. Generally speaking, our properties cater to mass markets, price points are reasonable and we have the
right tenant mix. We believe people will continue to favor comfort, health or wellness and value. We have curated
a merchandising mix that's well-suited for the future.
3
1-877-FACTSET www.callstreet.com Copyright © 2001-2020 FactSet CallStreet, LLCPennsylvania Real Estate Investment Trust (PEI) Corrected Transcript
Q1 2020 Earnings Call 21-May-2020
We do believe there will be a shift away from mainstream and our mall properties in the larger metro regions like
Philadelphia, Washington D.C. and Providence, Rhode Island will benefit from this shift. Having exited lower
productivity properties from our portfolio and replaced department stores, we have a top quality portfolio in well-
located, high barrier to entry markets. Our real estate is ideally suited to offer even more for our communities. In
addition to multifamily, we are now exploring new and diverse uses like last mile fulfillment, outpatient medical
facilities, educational facility, self-storage and even cold storage. The potential uses for our properties given the
powerful locations are almost limitless.
While this is not about quarterly results, let me give you some insight into the quarter. The quarter itself was
marked by events that have impacted the sector for the past few years driven by pre-COVID bankruptcies and
challenged tenants. Prior to the impact of COVID in March, same-store NOI ex lease terms was a minus 5%
driven by decreased revenue from 2019 bankruptcies. This was in line with our prior expectations and things were
proceeding according to plan. Traffic and sales were strong. Sales reach $542 per square foot through February,
a 4.8% increase. Traffic was up 2.6% through closure of our properties.
We had opened anchor replacements, Dick's Sporting Goods at Valley Mall, Burlington at Dartmouth Mall,
Michaels at both Plymouth Meeting and Moorestown Malls. Despite this progress, the COVID-19 pandemic
impacted the quarter and will impact our industry into the future in particular, the department store landscape.
Department stores have long been challenged to regain their footing and we were among the first to recognize
this and move to replace the underperformers. That said, this crisis has certainly accelerated the challenges and
[ph] result in (00:08:07) store closings. We're fortunate to be unimpacted by most of the closings and believe our
Cherry Hill Nordstrom store stands to benefit from other New Jersey closings.
Regarding JCPenney, we have 14 stores contributing $5.1 million in annual rent, which compares to 37 stores
which we had when we began reshaping the portfolio. We were encouraged to see they worked through their
Sephora issues and believe there's a place for a scaled down [ph] Penny (00:08:37). So we look forward to
working through this with them. We don't have any insight into store closures in our portfolio, but based on our
internal review, factoring in sales performance, location within the property, opportunity for densification and non-
recourse debt, we believe our exposure is limited.
As we look forward and thoughtfully take steps towards reopening, our perspective is that our malls will continue
to be a unifying force, a centerpiece in our communities. Malls are critical to local economic engines and are the
center of their communities employing thousands. Our portfolio employs 30,000 people at the local level, acting
as gathering places for social activity with restaurants, entertainment, fitness and traditional retail options. We are
often the largest taxpayers in our municipalities, paying more than $65 million in annual real estate taxes. And in
our case, are generally the market dominant retail hub, a position we expect to strengthen as we move out of this.
During the closure period our mall teams worked hard to cement our place in the hearts of the communities,
which came naturally. Across our portfolio, we've held blood drives, food donations drive, provided meals to
essential workers, donated much needed protective supply. We value our communities and our malls continue to
serve as unifying force. Never has it been more evident that our actions have a powerful impact and [ph] creates
determine (00:10:16) to harness this power for the good of our communities.
As we move ahead with rebuilding and plan ahead for the new normal, we're focused on creating a safe, healthy
and comfortable environment for our customers and retailers. As we create value for our customers and retailers,
we are implementing new programs to overcome brick-and-mortar limitations.
4
1-877-FACTSET www.callstreet.com Copyright © 2001-2020 FactSet CallStreet, LLCPennsylvania Real Estate Investment Trust (PEI) Corrected Transcript
Q1 2020 Earnings Call 21-May-2020
In addition to curbside offerings, we're exploring creative personal shopping avenues, inventory overstock
solutions and virtual sidewalk sales among other ideas. We'll not rest until we have the confidence that we have a
platform that allows our tenants to continue operating, if something like this were to occur again and to assist in
amplifying their platforms.
Regarding property reopenings, early results have been encouraging. The properties gain momentum over time
as more retailers reopen. We've seen traffic up by a multiple of two to three times since opening weekend, once
we're open about three weeks. Initial occupancy has increased with each of our openings, as more and more
retailers have plans in place, and a critical mass to reopen stores.
At Magnolia Mall, which has been open just about a month, we will be at 82% occupancy by June 1st and at
Jacksonville Mall, which opened just two weeks ago, we'll be at 71% by June 1. Retailers are reporting solid sales
and deliberate shopping with less traffic, but more spending per customer. Local media outlets have praised our
safety protocols and it seems the further we move [ph] North on to (00:12:01) East Coast, the more frequently
we're seeing shoppers wear masks. We're offering mask to each customer as they enter, have plentiful sanitizer
stations throughout our properties, have increased our cleaning protocols, have welcome stations, [ph] are
counting (00:12:17) customers, developed social distancing protocols that allow for appropriate flow of customers,
while creating a safer and better sanitized environment to assist our customers in getting back to shopping and
back to work.
With that, I'll turn it over to Mario to provide some financial color and details on our liquidity position.
.....................................................................................................................................................................................................................................................................
Mario C. Ventresca
Executive Vice President & Chief Financial Officer, Pennsylvania Real Estate Investment Trust
Thanks, Joe. This morning we reported FFO of $0.14 per share. Through February we were tracking essentially
on plan. It's worth noting that we closed the first two malls in the country in suburban Philadelphia with the onset
of COVID-19 impacting the quarter. The primary drivers of the variance to 2019's first quarter were same-store
sales – same-store NOI decreased by $5 million, primarily due to the lost revenue from bankrupt tenants and
write-offs related to pre-petition receivables. Lost rent from bankruptcies, including our joint ventures, totaled $2.9
million, which represents nearly [ph] 60% (00:13:20) of the decline in same-store NOI for the quarter.
Non-same-store NOI decreased by $3 million due to asset sale, conveyance of non-store properties and one-time
payments received in the first quarter of last year. Interest expense is $1.3 million higher than the first quarter of
2019, as a result of bringing projects online and additional borrowings. G&A offset this variance partially, it was
$500,000 less than the first quarter due to a reduction in head count.
During the quarter, Modell's, PAPYRUS and Pier 1 Imports filed for bankruptcy and all will be liquidating. Since
the end of the first quarter, we experienced five national in-line tenant bankruptcies. J.Crew, True Religion, [ph]
Brio Bravo (00:14:11), Hair Cuttery, and Aldo. We have 16 locations with these retailers who occupies 61,000
square feet and pay gross rents at our share of $2.5 million.
Moving onto our liquidity profile and the steps we have taken. We have successfully obtained real estate tax
deferrals at six properties, delaying over $11.6 million in payments. We reduced capital expenditures related to
redevelopment, tenant improvements and recurring property-level capital by a combined $25 million. We have
obtained mortgage loan forbearance of approximately $8 million, in debt service payments. We have reduced
property operating expenses by $1.6 million. We have reduced G&A by $3.1 million, including furloughs of 37% of
our staff and eliminating or reducing certain corporate expenses. And as you know, we also took the necessary
step of reducing our common dividend, which preserves approximately $45 million in 2020.
5
1-877-FACTSET www.callstreet.com Copyright © 2001-2020 FactSet CallStreet, LLCPennsylvania Real Estate Investment Trust (PEI) Corrected Transcript
Q1 2020 Earnings Call 21-May-2020
Back in March, we announced that we had completed the amendment to our credit facility, resetting our
covenants through September 30th of this year. The amendment provided us with additional near-term liquidity
through a reduced unencumbered debt yield used to calculate borrowing capacity as well as inclusion of future
revenue on signed leases. We have a longstanding relationship with our bank group and are currently underway
with discussions regarding a long-term recast of our credit facility.
Another key element of our balance sheet and liquidity improvement plan is the series of capital transactions we
announced with our last call. In light of challenges in the lodging business, we have extended the contracts on the
two hotel parcel sales with Woodland being extended for six months and we expect this to close in the fourth
quarter of this year and Moorestown has been extended to a first quarter 2021 closing. Due diligence for the sale
leaseback transaction has been extended for 120 days and we are now expecting closing to occur in late 2020.
The closings on the remaining eight outparcels with FCPT have been extended to June 23rd of this year. So we
expect that these will close late in the second quarter or early in the third.
Regarding the multifamily transactions, we did have a buyer for two properties terminate and have signed letters
of intent with a replacement buyer for these projects. For the five remaining multifamily sale transactions, we have
extended the due diligence periods and still expect to close on two of these transactions this year.
Our liquidity forecast currently contemplates the revised timing of these transactions as well as the challenges
presented by the current COVID-19 environment and we see ourselves ending the year with ample liquidity and
improving balance sheet metrics.
With that, we will open it up for questions.
.....................................................................................................................................................................................................................................................................
QUESTION AND ANSWER SECTION
Operator: [Operator Instructions] Your first question comes from the line of Mike Mueller of JPMorgan. Your line
is open.
.....................................................................................................................................................................................................................................................................
Michael W. Mueller
Analyst, JPMorgan Securities LLC Q
Hey. A quick question on the Jacksonville and Magnolia reopenings, where you talked about occupancies in the
70s or 80s – 70s and 80s. Is that that total center occupancy or inline occupancy?
.....................................................................................................................................................................................................................................................................
Joseph F. Coradino
Chairman & Chief Executive Officer, Pennsylvania Real Estate Investment Trust A
That was inline occupancy, Mike.
.....................................................................................................................................................................................................................................................................
Michael W. Mueller
Analyst, JPMorgan Securities LLC Q
Got it. Okay. And then can you tell us if you add up your ABR exposure to say temporary tenants, food
entertainment, fitness and probably co-working, about what percentage of ABR were you talking about?
.....................................................................................................................................................................................................................................................................
6
1-877-FACTSET www.callstreet.com Copyright © 2001-2020 FactSet CallStreet, LLCPennsylvania Real Estate Investment Trust (PEI) Corrected Transcript
Q1 2020 Earnings Call 21-May-2020
Joseph F. Coradino
Chairman & Chief Executive Officer, Pennsylvania Real Estate Investment Trust A
I think we'll have to get back to you on that, Mike. We don't have that at our fingertips.
.....................................................................................................................................................................................................................................................................
Michael W. Mueller
Analyst, JPMorgan Securities LLC Q
Got it. Okay. That was it. Thank you.
.....................................................................................................................................................................................................................................................................
Operator: Your next question comes from the line of Christy McElroy of Citigroup. Your line is open.
.....................................................................................................................................................................................................................................................................
Christy McElroy
Analyst, Citigroup Global Markets, Inc. Q
Hi. Good afternoon and thanks. I'll just ask one since we don't have a whole lot of time. But Mario, just to follow up
on your comments on liquidity, just taking into account the deferral agreements that you've been able to execute,
but also the reduced cash collection in the near-term relative to the expense and CapEx cuts that you're making,
do you expect to be in a cash burn position in second quarter and third quarter, what could that look like? Just
want to get a sense for relative to cash on hand, in line of credit availability, how much of that you could burn
through?
.....................................................................................................................................................................................................................................................................
Mario C. Ventresca
Executive Vice President & Chief Financial Officer, Pennsylvania Real Estate Investment Trust A
Hi, Christy. Good afternoon. I'm not going to get into the quarter-by-quarter details. Obviously, we're in the middle
of a discussion with our lender group. But as we outlined in the prepared remarks, we expect to end the year in a
positive liquidity position. The modeling that we put forth takes into account the current cash burn resulting from
our current anticipated collection rates. We've offset it by the liquidity initiatives we've undertaken and we've
incorporated the re-forecasted timing of collection of those rents. It's primarily deferred April and May rents that
we anticipate collecting, as Joe said, the 45% by year-end.
.....................................................................................................................................................................................................................................................................
Christy McElroy
Analyst, Citigroup Global Markets, Inc. Q
Thanks. I'll cede the floor.
.....................................................................................................................................................................................................................................................................
Operator: [Operator Instructions] Your next question comes from Ki Bin Kim of SunTrust. Your line is open.
.....................................................................................................................................................................................................................................................................
Ki Bin Kim
Analyst, SunTrust Robinson Humphrey, Inc. Q
Thanks. So in 2019 you guys had about $180 million of operating expenses including utilities and G&A, so all
inclusive. I appreciate the actions you guys have taken to preserve some liquidity and forbearance on certain
costs. But longer term, how much can you actually cut while maintaining operational integrity for your malls and
operations?
.....................................................................................................................................................................................................................................................................
Joseph F. Coradino
Chairman & Chief Executive Officer, Pennsylvania Real Estate Investment Trust A
Are you getting at a scale question?
.....................................................................................................................................................................................................................................................................
7
1-877-FACTSET www.callstreet.com Copyright © 2001-2020 FactSet CallStreet, LLCPennsylvania Real Estate Investment Trust (PEI) Corrected Transcript
Q1 2020 Earnings Call 21-May-2020
Ki Bin Kim
Analyst, SunTrust Robinson Humphrey, Inc. Q
Well, I'm just saying you had about $180 million of cost, I'm just trying to...
.....................................................................................................................................................................................................................................................................
Joseph F. Coradino
Chairman & Chief Executive Officer, Pennsylvania Real Estate Investment Trust A
Ki Bin, is that about scale?
.....................................................................................................................................................................................................................................................................
Ki Bin Kim
Analyst, SunTrust Robinson Humphrey, Inc. Q
I mean, not necessarily, I'm just saying like I would expect somebody's cost cutting measures to be permanent.
I'm just trying to get a sense of if – how much there is in terms like permanent cost savings that you guys could
achieve longer term?
.....................................................................................................................................................................................................................................................................
Mario C. Ventresca
Executive Vice President & Chief Financial Officer, Pennsylvania Real Estate Investment Trust A
Yeah. I mean, Ki Bin, what we outlined on the call was our initial view of the cost cutting initiatives and where we
would move forward as a company. We obviously – the cutbacks of $1.6 million at the property level were
primarily downtime reductions in services to the properties. And as we bring the properties online that $1.6 million
will manifest itself back into our operating statement. So beyond that, we're always looking at opportunities to
reduce costs. We're still evaluating our capital spend for the balance of the year at this point. And we believe that
there are some additional savings that will benefit the organization on that front going forward.
.....................................................................................................................................................................................................................................................................
Ki Bin Kim
Analyst, SunTrust Robinson Humphrey, Inc. Q
Okay. And the transactions that you guys have outlined, selling land parcels, hotel parcels, how much of those do
you have hard deposits on? And maybe you can describe the nature of those deposits just try and get a better
sense of the potential for it to actually close?
.....................................................................................................................................................................................................................................................................
Joseph F. Coradino
Chairman & Chief Executive Officer, Pennsylvania Real Estate Investment Trust A
Well, the way in which those deals are structured is that closing is subject to getting entitlements. We're actively
pursuing entitlements, as I mentioned in the script. We are conducting [ph] that (00:22:43) virtually at this point.
The buyers have an obligation to close once we achieve entitlements. We're expecting to accomplish that on two
properties, two of the multifamily properties this year and close this year.
I would say generally speaking though, the multifamily transactions are quite solid there. As I – I think I indicated
last quarter or a couple of quarters ago, we did not lack for perspective buyers. In fact, I mentioned, I think we
mentioned in the script that one of the buyers who was buying two properties had withdrawn the follow-up bidder
who has available cash in the billions, signed a letter of intent and we are moving to agreements of sale. So we
feel pretty comfortable about the multifamily transactions. And we also talked about in the script the transactions
with respect to the outparcels, which are scheduled to close in late June.
.....................................................................................................................................................................................................................................................................
Ki Bin Kim
Analyst, SunTrust Robinson Humphrey, Inc. Q
Okay. Thank you.
8
1-877-FACTSET www.callstreet.com Copyright © 2001-2020 FactSet CallStreet, LLCPennsylvania Real Estate Investment Trust (PEI) Corrected Transcript
Q1 2020 Earnings Call 21-May-2020
Operator: Your next question comes from the line of Christy McElroy of Citigroup. Your line is open.
.....................................................................................................................................................................................................................................................................
Christy McElroy
Analyst, Citigroup Global Markets, Inc. Q
Thanks for the follow-up. Just in regards to the deferrals, have you also had to provide rent abatement as part of
those agreements as well or are these strictly deferral? And if you expect to recover 90% of that April and May
rent by the end of 2021, what is your expectation for the other 10%, what's the risk of some of those leases
ending up in litigation?
.....................................................................................................................................................................................................................................................................
Joseph F. Coradino
Chairman & Chief Executive Officer, Pennsylvania Real Estate Investment Trust A
Well, first of all, we have steered clear from rent abatements. In some cases, local retailers – we wanted to keep
local retailers in business during this downtime. So we put a program in place to help them through that. That's
really where the variance sort of resides. And we define local retailers based on the number of stores they had in
there – that they owned.
And I think that just to generally answer your other question, I see this all ultimately getting resolved not in the
court system. I've been [ph] wrong (00:25:31) before, but I've never found positive results in the court system. My
sense is that we'll be able to reach a resolution without the courts, but I guess we'll see.
.....................................................................................................................................................................................................................................................................
Christy McElroy
Analyst, Citigroup Global Markets, Inc. Q
And there's been a lot of that retailers have sort of said out there in the public realm, department store retailers
have said that they – some of them said that they don't plan to reopen some stores. What are your conversations
like on that front and how are you thinking about additional co-tenancy risk here?
.....................................................................................................................................................................................................................................................................
Joseph F. Coradino
Chairman & Chief Executive Officer, Pennsylvania Real Estate Investment Trust A
Actually, I heard those same stories you did. And so far best we can tell the department stores for the most part
are all planning to open all their stores. And that's been the communication so far. And having said that, I – as I
said in the script, I think, we are going to see some department store closings. We think we're in pretty good
position from that. We weathered the original storm and our exposure is much more limited at this point. But again
in terms of opening, post-COVID, the information we're getting from all of the department store chains that are in
our portfolio is that they plan to reopen.
.....................................................................................................................................................................................................................................................................
Christy McElroy
Analyst, Citigroup Global Markets, Inc. Q
Okay. Thanks, Joe.
.....................................................................................................................................................................................................................................................................
Operator: There are no further questions over the phone lines at this time. I turn the call back over to the
presenters.
.....................................................................................................................................................................................................................................................................
Joseph F. Coradino
Chairman & Chief Executive Officer, Pennsylvania Real Estate Investment Trust
9
1-877-FACTSET www.callstreet.com Copyright © 2001-2020 FactSet CallStreet, LLCPennsylvania Real Estate Investment Trust (PEI) Corrected Transcript
Q1 2020 Earnings Call 21-May-2020
Thank you all for being on the call today. And stay well, that's the most important thing. Stay well.
.....................................................................................................................................................................................................................................................................
Operator: This concludes today's conference call. You may now disconnect.
Disclaimer
The information herein is based on sources we believe to be reliable but is not guaranteed by us and does not purport to be a complete or error-free statement or summary of the available data.
As such, we do not warrant, endorse or guarantee the completeness, accuracy, integrity, or timeliness of the information. You must evaluate, and bear all risks associated with, the use of any
information provided hereunder, including any reliance on the accuracy, completeness, safety or usefulness of such information. This information is not intended to be used as the primary basis
of investment decisions. It should not be construed as advice designed to meet the particular investment needs of any investor. This report is published solely for information purposes, and is
not to be construed as financial or other advice or as an offer to sell or the solicitation of an offer to buy any security in any state where such an offer or solicitation would be illegal. Any
information expressed herein on this date is subject to change without notice. Any opinions or assertions contained in this i nformation do not represent the opinions or beliefs of FactSet
CallStreet, LLC. FactSet CallStreet, LLC, or one or more of its employees, including the writer of this report, may have a position in any of the securities discussed herein.
THE INFORMATION PROVIDED TO YOU HEREUNDER IS PROVIDED "AS IS," AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, FactSet CallStreet, LLC AND ITS LICENSORS,
BUSINESS ASSOCIATES AND SUPPLIERS DISCLAIM ALL WARRANTIES WITH RESPECT TO THE SAME, EXPRESS, IMPLIED AND STATUTORY, INCLUDING WITHOUT LIMITATION ANY IMPLIED
WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, ACCURACY, COMPLETENESS, AND NON-INFRINGEMENT. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE
LAW, NEITHER FACTSET CALLSTREET, LLC NOR ITS OFFICERS, MEMBERS, DIRECTORS, PARTNERS, AFFILIATES, BUSINESS ASSOCIATES, LICENS ORS OR SUPPLIERS WILL BE LIABLE FOR ANY
INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, INCLUDING WITHOUT LIMITATION DAMAGES FOR LOST PROFITS OR RE VENUES, GOODWILL, WORK STOPPAGE,
SECURITY BREACHES, VIRUSES, COMPUTER FAILURE OR MALFUNCTION, USE, DATA OR OTHER INTANGIBLE LOSSES OR COMMERCIAL DAMAGES, EVEN IF ANY OF SUCH PARTIES IS ADVISED
OF THE POSSIBILITY OF SUCH LOSSES, ARISING UNDER OR IN CONNECTION WITH THE INFORMATION PROVIDED HEREIN OR ANY OTHER SUBJECT M ATTER HEREOF.
The contents and appearance of this report are Copyrighted FactSet CallStreet, LLC 2020 CallStreet and FactSet CallStreet, LLC are trademarks and service marks of FactSet CallStreet, LLC. All
other trademarks mentioned are trademarks of their respective companies. All rights reserved.
10
1-877-FACTSET www.callstreet.com Copyright © 2001-2020 FactSet CallStreet, LLCYou can also read
