Cedar Realty Trust, Inc.

Ladies and gentlemen, welcome to the third quarter 2020 Cedar Realty Trust earnings conference call. As a reminder, this conference is being recorded. At this time, all audience lines have been placed on mute. We will conduct a question and answer session following the formal presentation. I will now turn the call over to Nicholas Partenza. Please proceed.

Good evening, and thank you for joining us for the third quarter 2020 Theater Realty Trust Earnings Conference Call. Participating in today's call will be Bruce Shanzer, Chief Executive Officer, Robin Ziegler, Chief Operating Officer, and Philip Mays, Chief Financial Officer. Before we begin, please be aware that statements made during the call that are not historical may be deemed forward-looking statements, and actual results may differ materially from those indicated by such forward-looking statements. These statements are subject to numerous risks and uncertainties, including those disclosed in the company's most recent Form 10-K to the year end of 2019, as updated by our subsequently filed quarterly reports on Form 10-Q and other periodic filings with the SEC. As a reminder, the forward-looking statements speak only of, as of the date of this call, October 29, 2020, and the company undertakes no duty to update them. During this call, management may refer to certain non-GAAP financial measures, including funds from operations and net operating income. Please see CEDAR's earnings press release and supplemental financial information posted on its website for reconciliations of these non-GAAP financial measures with the most directly comparable GAAP financial measures. With that, I will now turn the call over to Bruce Shanzer.

Thanks, Nick. Good evening and welcome to the third quarter 2020 earnings call for Cedar Realty Trust. It has been a remarkable quarter and year to date, and I wanted to thank the members of Team Cedar, not to mention our terrific board of directors, for their focus and efforts on behalf of the company during these unprecedented times. As you all realize, this has been and continues to be a time of incredible stress, with many folks worrying about contracting a frightening virus and managing all of the personal challenges this pandemic has engendered. Although we usually describe our grocery-anchored shopping center assets as being resilient, I can proudly say that the members of Team Cedar, our most valuable assets, have proven themselves to be even more resilient than our shopping centers, as they have performed their jobs with a characteristic focus on everyday excellence, collegiality, and collaboration. Since the outset of the pandemic, we have focused on a number of pressing matters in order for us to emerge from this period on as strong a footing as possible. First and foremost, we have endeavored to help our tenants survive the economic shutdown and ideally pay their rents or at a minimum agree to a forbearance arrangement whereby we have a right to collect the rent in the future. Second, we have awaited the reopening of the real estate debt capital markets in order to arrange the refinancing of our $75 million term loan maturing in February 2021, as well as addressing our other upcoming debt maturities. Third, we have advanced our redevelopment projects while exploring joint venture arrangements for the initial phases, especially the recently announced DGS building. Fourth, we have used this period to take a rigorous, zero-based approach to many G&A categories and have identified substantial savings that we anticipate benefiting from not only in 2020, but more generally in 2021 and beyond when we see the full-year impact of some of these measures. Before walking through each of these areas of focus during the pandemic, it is worth reflecting on a remarkable revelation afforded by this period. At CEDAR, we have consistently articulated a two-pronged, long-term business strategy that we have steadfastly pursued for many years through the ups and downs of the market and our stock price performance. First, we have focused on a core portfolio of grocery-anchored shopping centers in the D.C. to Boston corridor and have therefore systematically divested non-core assets. Second, we have pursued mixed-use urban redevelopment projects in high population density submarkets within our D.C. to Boston footprint with a particular focus on building affordable and market-rate workforce housing at these projects. Remarkably, the pandemic has highlighted the very trends we have anticipated and been building towards with our two-pronged strategic plan. Specifically, the accelerated secular demise in many bricks-and-mortar retail categories has led to grocery-anchored shopping centers being the strongest performing category within retail real estate. Notably, our grocer anchors have experienced a growth in sales during this period, and the in-line tenants and junior anchors in our centers have benefited from the strong traffic and overall center vitality resulting from the strong grocer performance. Additionally, the pandemic triggered a wave of de-urbanization from center cities and significant pressure on higher-end multifamily while highlighting the inequality of housing opportunities within our cities and the growing need for attractive and reasonably priced workforce housing. Thus, the particular multifamily market opportunity which we are targeting with our mixed-use projects has grown deeper during this period. Now some comments on our four primary focus areas over the last few months. First, on the collections front, as was mentioned in our earnings release, we have been particularly effective in growing our collections efforts to 91% for the third quarter. This appears to be among the better collection rates for all retail REITs in the third quarter. Cedar's relatively high degree of success is a direct result of the tirelessness with which the team approached the challenges presented by the pandemic, as well as the aforementioned decision made when we arrived at Cedar back in 2011 to hone our portfolio to focus on a core portfolio of grocery-anchored shopping centers in the DC to Boston corridor. At the outset of the pandemic, we formed a cross-functional committee within Cedar that engaged with all of our tenants in an effort to make sure that they endure and come out of this crisis as favorably positioned as possible. In addition, this cross-functional committee laid the groundwork for a highly detailed and analytical approach that included using legal tools, center and tenant monitoring, as well as repeated tenant outreach. As they say, the proof is in the pudding, and apparently our approach has proven effective as measured by our rent collections over the past two quarters. Second, on the refinancing front, as we also disclosed in our earnings release this evening, We retired our $75 million unsecured February term loan by putting it on our unsecured revolving credit facility as we advance a long-term takeout with mortgage debt. We felt this was a prudent move since while we are comfortable that the mortgage debt markets are open and attractive, we didn't want to have to worry about the closing dragging a bit, nor did we want to have to deal with the possibility of further dislocation in the capital markets owing to a second wave in the coming winter months. As Phil will describe, there appear to be interesting and attractive refinancing options for both the term loan as well as our other near-term financing needs. Third, as was announced in July and discussed in our second quarter earnings call, we have finalized a 20-year built-to-suit office deal with DGS at our Northeast Heights project in Washington, D.C. This building will serve as an anchor for the project and also represents the first phase of the project. We have been actively engaged with various debt and equity financing sources and are optimistic that we will be able to finalize an arrangement later this year or early next that will allow us to break ground and get started with this exciting project. More generally, much as our strategic decision early on to focus on grocery anchored to the exclusion of other retail asset types has proven to be a good decision, our particular redevelopments have proven to be well positioned as we begin to hopefully come out of this pandemic period. Fourth, we have taken a zero-based approach to our GNA in evaluating many corporate expenses. A great example of how this approach has borne fruit is our decision to relocate our headquarters office from a building in Port Washington, Long Island, where we rent space on a lease expiring in February of 2021, to the back of our Carman's Plaza shopping center in Massapequa, Long Island, where we are converting a space that has been essentially unrentable during my tenure into office space which we will occupy rent-free. Considering that our full-year rent expense is approximately $500,000, this is a terrific G&A savings opportunity. More generally, we anticipate reducing year-over-year G&A by in excess of $2 million through the zero-based cost savings approach. In sum, we have navigated through this period of unprecedented personal and professional stress remarkably well thus far. First, we have managed to bounce back from the initial shocks to our business with a collections level this past quarter of 91%, representing among the better performances through the third quarter among retail REITs. Second, we've addressed our near-term debt maturities and are optimistic about closing on a permanent refinancing later this year or in early 2021. Third, we are similarly focused on finalizing both the debt and equity financing needs of our redevelopment projects, especially the DGS building, which will position us to commence the project in early 2021. Last, we have tightened up our overhead in the face of all this stress with full-year G&A savings anticipated to be in excess of $2 million in 2021. Our progress to this point is not an accident. It begins with my colleagues on Team Cedar who have conducted themselves with exceptional resilience and professionalism during this time of great stress. It's supported by decisions we have made many years ago to focus strategically on grocery-anchored shopping centers in the D.C. to Boston corridor and on urban mixed-use projects with an affordable or market-rate workforce housing component. In the coming months and quarters, we look forward to announcing continued progress on all these endeavors while we hope that there is no second wave and that this terrible pandemic recedes into the rearview mirror. With that, I give you Robin to provide greater detail on many of these topics.

Thanks, Bruce. Good evening. Not only are we living in unprecedented times, but we are operating shopping centers in unprecedented times as well. While our team has been focused on working with tenants through deferral negotiations and the collections process, we are also laser focused on what happens on the other side of this pandemic. What do our tenants need from their landlord to maximize their ability to survive this pandemic? How can we help our tenants pursue omnichannel operating measures to hedge their risk and pivot into a new operating environment? What cost savings measures can we put into place that help both the tenant and the landlord from a CAM and capital expenditure standpoint? These are among the topics we are addressing as we deliberately, thoughtfully, and strategically advance our operations. The professionalism of our team has been exemplary as they deal with not only ordinary course business challenges of daily operations, but astutely balancing those with the video conferences, field visits, and the ongoing impact from social unrest in some of our urban markets. Our centers remained open during the third quarter with 96% of our tenants open for business. The uses that have not reopened are mainly movie theaters, fitness, and buffet-style restaurants. We have had another successful quarter of rent collections, reaching our highest yet collection rate since the inception of COVID of 91%. Moreover, October collections are currently at 91%, which does not reflect one high credit anchor that pays at the end of the month, which will take us to approximately 92.5% for October. In order to ensure tenant health and occupancy, we have actively engaged with almost all of our over 800 tenants during the pandemic. We completed 105 deferral and waiver agreements through September 30, 2020, totaling $3 million of deferred rent with a required payback beginning over a period ranging between July 2020 and March 2021. The number of months deferred averages four months for an average payback period of 10 months. $900,000 of rent was waived as of September 30th, 2020, for an average of four months. These agreements were made with tenants in an effort to not only sustain their viability, but also to achieve some landlord favorable concessions, including sales reporting, additional lease term, and modification of key lease provisions. Despite the pandemic, our leasing momentum remained strong. 32 leases were signed this quarter, eight new deals totaling 72,800 square feet, and 24 renewals totaling 167,300 square feet. The new deals executed were at a positive spread of 21.5% and include two anchor deals, Shopper's World at Jordan Lane at a spread of 44%, and America's Freight at Golden Triangle at a spread of 23%. The renewals were done at a negative spread of 3.1% when analyzed in total. The negative spread is a result of anchor and junior anchor renewals with HomeGoods at New London Mall, Goodwill at Groton, and Yes Organic at Shops at Arch District, which were done with the objective of retaining these important anchor and junior anchor occupancies amidst the pandemic. The spread increases to positive 2.8%, excluding these three tenants. As of September 30th, 2020, our current lease same-center occupancy is 91.7%, a 0.2% increase from prior quarter. We continue to have momentum on our redevelopments and value-add renovations. At Fishtown Crossing, Starbucks had their grand opening in September, GameStop and T-Mobile have relocated, Nifty 50 was delivered in August, and the original Hot Dog Factory was delivered in September. We expect the IGA grocery store facade renovation to be completed by the end of the year and the remaining facade renovation for the rest of the center to be completed in 2021. Also in Philadelphia, we are making progress on site plan amendments to our Revelry project. Our original site plan was based on a movie theater anchor. Since the pandemic shutdown, United Artists Cinema at Revelry has not yet reopened. We are in discussions with a potential replacement anchor tenant for this project, and we expect to regain possession of the theater space effective in November 2020 incident to the termination of their tenancy. We think that the potential alternative anchor would be a great catalyst for the revelry redevelopment. Northeast Heights continues to progress at a steady pace as well. We continue left, I'm sorry, we announced last quarter that a lease was executed with the District of Columbia for a 260,000 square foot office building including ground floor retail for the Department of General Services. This government agency comprises more than 700 skilled professional employees with expertise in the areas of construction, building management and maintenance, portfolio management, sustainability and security at district owned properties. This office building is slated to be built as part of the first phase of Northeast Heights. The DGS lease structure includes a 20-year, 10-month term based on a net rent of $22.52 per square foot and a gross rent of $56.43 per square foot, which includes a TI amortization of $14.09 per square foot. Plans are underway to commence construction in early 2021. The DGS building is a central element of CEDAR's vision to realize a true metamorphosis for Ward 7 and is emblematic of the type of neighborhood we are endeavoring to create with Northeast Heights. As always, our team remains focused and motivated to continue to create value even during these unprecedented times. With that, I will give you Phil.

Thanks, Robin. Today we announce sequential quarterly improvements in both FFO and same-property NOI. FFO increased to $8 million, or $0.09 per share, compared to $5.7 million, or $0.06 per share, reported for the previous quarter. Same property NOI decreased 9.1% over the comparable period in 2019 and marked improvement from the 14.6% decrease we reported in the previous quarter. Both of these improvements were driven by our strong cash collections that Bruce and Robin discussed. Last quarter, I walked through our cash collections and revenue recognition in a fair amount of detail and received comments that it was very helpful in understanding our results. Accordingly, I want to take a minute to once again walk through our revenue recognition in detail. Our total tenant billings for base rent and recoveries combined for this quarter were $31.6 million. During the quarter, we collected and recognized as revenue $30.1 million, or 91% of these billings. Additionally, we recognize another $1.1 million, or 3%, as revenue that we determined to be collectible, the majority of which is covered by signed deferral agreements. Accordingly, for this quarter, we recognize as revenue 94% of our billed rent and recoveries for the quarter. The $1.9 million, or 6%, that we did not recognize consists of $1.8 million that was not paid by tenants and which we have determined at this time should be accounted for on a cash basis, and $100,000 that we agreed to waive. As a reminder, just because we have placed certain tenants on the cash basis, this does not mean we will not collect anything from them. While some cash basis tenants may fail, we expect some will simply make inconsistent payments or partial payments, which we will recognize as revenue if and when received. Moving to the balance sheet, on our prior quarter call, we discussed that we were exploring secure debt to refinance our $75 million term loan that was scheduled to mature in February of 2021. As the secured financing market has opened for grocery and anchored shopping centers with high cash collection rates, we have engaged with two financial institutions to assist with placing secured debt. We are working diligently towards closing secured loans in amount equal to or greater than $75 million in early 2021. To that end, earlier this week, we utilized our revolving credit facility and retired the $75 million term loan scheduled to mature in February of 2021. Our revolving credit facility matures in September of 2021 and has a one-year extension option. Accordingly, as Bruce noted, this provides us with flexibility concerning the timing of closing these secured loans in the event a second wave of COVID should again temporarily dislocate the capital markets. Another note worth the balance sheet matter is the receivable we now have for deferral agreements. As Robin noted, we have signed deferral agreements for $3 million, of which approximately $250,000 was repaid this quarter, and $250,000 relates to the remainder of the year, resulting in us carrying a $2.5 million receivable for deferral agreements at the end of this quarter. The vast majority of this receivable is scheduled to be repaid in 2021 with approximately $700,000 in each Q1 and Q2 of 2021 and approximately $500,000 in each Q3 and Q4 of 2021. The collection of these amounts will increase our cash flows from operations in 2021, but will not impact earnings as they've already been recognized. One final note. As noted in our press release, our Board of Directors has approved a 1 for 6.6 reverse common split to be completed prior to the end of this year. This reverse split will not only assist with maintaining compliance with the New York Stock Exchange listing requirements, but we'll also reset our share price above the $5 minimum requirement of some investment funds and do so while keeping more than 10 million shares outstanding to assist with trading liquidity. With that, I'll open the call to questions.

Thank you. We will now begin the question and answer session. To join the question queue, you may press star then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star, then two. We will pause for a moment as callers join the queue. The first question comes from Todd Thomas of KeyBank Capital Markets. Please go ahead.

Hi, good afternoon. Bruce, first question, you mentioned that you expect to be in the position to break ground on the DGS office building in early 21. Can you just provide us an update on your thinking around funding that build out and sort of how you're weighing all of your options today?

Thanks, Todd, and I appreciate you calling in and asking about that. With respect to DGS, the plan is fairly simple. We're speaking with your classic capital partners on the equity side with whom we'll partner and then we'll couple that equity joint venture with construction financing so fairly straightforward and we're in the process of advancing all those conversations um is there any update on uh pre-leasing for the ground floor retail and and

Are you moving forward? I believe there were some other phases of Northeast Heights. Are you moving forward at all and making progress on additional phases at this time?

I'm going to let Robin take that one.

Hi, Todd. How are you? We are actually looking at relocating several of our East River tenants to the ground floor of DGS, and we're in the middle of negotiating. some of those deals, so it would be the dentist, one of the banks, and a couple of the other tenants that are existing East River tenants that we want to keep in the project we're looking at moving into the ground floor of DGS. If we complete that relocation program, we would have about 5,000 square feet left in the DGS retail. And we're looking at fast casual restaurants, service type users, you know, think, you know, the type of service providers that would be conducive to office tenancy as well as fast casual type restaurants for the balance of the 5,000 square feet.

Okay. That's helpful. In terms of dispositions, I was just wondering if you could talk a little bit about the market for asset sales today. In general, what you're seeing, you know, whether we should expect to see an increase in activity in the coming months. And then maybe you could just touch on Glen Allen and maybe talk about pricing, you know, for that disposition.

Sure. The CEEDAR disposition program, is one topic and then i can give you a little bit of color around what's happening in the market more generally just because as i've described in the past we pretty carefully track all the deal activity in our market the transactions that we have been advancing are pretty consistent in as much as they are all single asset pad deals and generally speaking uh intended to address just some fairly simple liquidity concerns that we had as everybody else did at the outset of the pandemic. So we started marketing some pads and were able to get reasonably compelling offers on them and are now closing on those deals that we took to market in the spring. In terms of Glenallen in particular, That asset closed, it was a net lease publics and it closed in the mid fives. In terms of the, but again, I don't know if it's necessarily reflective of anything other than just the appetite for high credit quality net lease grocers. Market more generally for grocery anchored centers is fairly strong in our market right now. So while there hasn't been a huge amount of transaction activity, there are a number of deals that we've been tracking that are teed up. Many of these deals are in the low sevens. There's the deal that we're tracking right now. That's in the low sixes. These are generally speaking, grocery anchored centers, much like our assets, They've had pretty strong collections through the pandemic period. And one of the things that we're seeing, which I think is supportive of this type of pricing, is that the financing markets are fairly receptive to these types of products, to these types of assets, as Phil described. So when you have high cash collections, gross ranker centers that seem to have been fairly successful navigating through the pandemic, you've had a real-world stress test of an asset, and that is something that lenders find encouraging. So, again, although these aren't CEDAR assets, these are very comparable to the assets that we own, and we are seeing a fairly healthy transaction market right now. Some of these have closed, and some of these are teed up to close. And so I think as we get towards the end of the year, we'll probably have some clarity around, if nothing else, what is the warranted cap rate for CEDAR's portfolio, and therefore what maybe have an even crisper view on the disconnect between our share price and our net asset value.

Okay. That's helpful. And Phil, you know, sort of, I guess, pro forma, the, you know, the pay down of the February term loan on the line, I was just wondering how much borrowing capacity you have remaining on the line today. I don't know if there's any, there are any constraints against drawing down the remaining money. amount that's available. And also, can you talk a little bit more about the terms you're seeing in the mortgage market today? It sounds like it's sort of pegged for an early 21 transaction of at least $75 million, but can you just talk a little bit more about some of the terms you're seeing in the market today and what that might look like?

Yeah, Todd. So In our queue, we disclosed the remaining capacity on our line, which is about almost $45 million as we speak. Plus, we have some cash, so approaching kind of $50 million of liquidity there between the line capacity and cash on hand. Just keep in mind, that is a rolling four-quarter covenant. That will trend down over the next couple of quarters as we get, you know, four full quarters in the calculation that are impacted by COVID. But I think that roll down will be offset with the pad sales that Bruce discussed, along with, I think you're familiar, you know, our San Sushi asset in San Sushi, Maryland, has a JV partner, but the way the waterfall worked was completely buried. So we expect for... you know, a couple hundred thousand dollars to close out the buyout of that partner. And once that occurs, we'll be able to add that to the borrowing base. So when you combine that for, along with the pad site, that should mitigate any roll down in NOI over the next six months. And I don't mean roll down like sequentially, but just as you get four full quarters into the calculation that's been negatively impacted by COVID. With regards to the secured financing, yeah, for grocery anchored centers with, you know, other tenants that fall kind of in the essential bucket, high cash collections, there is CMBS appetite. There's a life company appetite. Generally, loan-to-values are 65%, but let's just say 60% to 65%. You can, if there's a fair amount of term left on the anchors, you can get some I.O. with that. maybe significant IO depending on the remaining term. And rates generally come in the mid-threes. You know, that's what we're seeing right now.

Okay. That's helpful. And just one last one, Phil. The percentage rent in the quarter was higher, meaningfully higher. Is that sales-based rent that you moved certain tenants to in the quarter?

Yeah, there was a couple of tenants that moved from base rent to percentage rent. One in particular, because of a co-tenancy provision, makes up a lot of that, the majority of that. And that co-tenancy provision should be corrected, I think, around year end. But that's why it was elevated. It just moved from base rent. It was more geography. It moved from base rent to percentage sales. It did roll down a little. when the guy got to convert to percentage sales, but that should correct itself around the end of the year.

Okay, great. All right, thank you. Thanks, Todd.

Thank you. Once again, if you have a question, please press star then 1 on your telephone keypad. The next question comes from Floris Van Dekem from CompassPoint. Please go ahead.

Afternoon, guys. Thanks for taking my question. A quick update. Obviously, I think investors would be very keen to hear about the refinancing. It sounds like it's going to go via CMBS, and it sounds like based on the numbers you're talking about, it's not punitive, which would be very encouraging. Maybe if you can, you know, you've got a number of assets held for sale. How much liquidity do you think you can raise, and timing-wise, if you were to get rid of, you know, the four assets that you listed held for sale?

I guess I'll take that. You know, these are assets that are all fairly small. But as you could see, even with the activity since the commencement of the pandemic, these singles do add up. And so, for example, we've been able to raise about $30 million since the beginning of the pandemic, just selling off relatively small assets. And I would suspect that these four assets are probably going to be, call it, in the high teens to around $20 million in total. if and when they were all divested. More generally, Flores, the way to think about it is that we approach this facet of our portfolio management and balance sheet management pretty dynamically. Again, the backstory behind how these pads came to be sold is really that when the pandemic started, not knowing what the future looked like, but recognizing that The deadline for 1031s was extended, that the financing market for single-tenant net lease assets was still pretty frothy. We thought it made sense to bring those assets to market in order to tap the capital available in that market at a relatively low cost. That's something that we continue to monitor, obviously, as Phil has described, and I'm going to ask him to go into a little more detail on the particular financing that we're looking at for later this year or early next. At this point, we have other sources of capital, and so while we're continuing to advance the assets that are held for sale, the notion of continuing to bring out other assets is something that while we monitor, we're not as actively pursuing. So I don't know if you want to comment a little bit on the secured financing or expand on what you said earlier.

Yeah. Floris, I think you'll see us have a preference for a life company, Secured Debt over CMBS, but we will be looking at both, but definitely with a preference towards the life company. To the extent we're around, I don't want to get to all the math around our revolver and line of credit, but to the extent we're around the 65% loan-to-value, we generally pick up a little incremental capacity. on a revolver when we do that. To the extent we're down around the 60% loan-to-value, it's generally close to neutral as far as creating additional capacity. Right now, we are seeing loans close at 65%. So if the market holds steady here, we should be able to place some secured debt on properties and turn out the line a little bit and maybe even pick up a little capacity on top of that.

Thanks, Phil. No, that's helpful. And just do you expect the people who will be the buyers of your assets that are held for sale, are those financeable assets in your view, or are those going to be cash buyers?

Flores, that's a great question. Some of these assets are definitely being sold per pound, and those will be cash buyers or low-value assets. I think the stabilized assets – that are more rural could probably be financed. Again, I'm not an expert in this, but just we at this point are becoming pretty knowledgeable about this market. And just based on what we're hearing, they could probably be financed, but not at that kind of level that, you know, from an LTV perspective that we're seeing with respect to the assets that, you know, are part of our core portfolio that we're looking to finance. So, you could probably put some debt on it, but, again, it wouldn't be at that 65% level, again, based on just what we're seeing in the market right now.

Great. One last question. In terms of your leasing, obviously very encouraging new lease spreads. I noticed the TI numbers were down as well. Is that sustainable or were there some one-offs in there? Yeah.

We're not together, so we're sort of hand signaling to each other. Forgive our dance is not as elegant as it sometimes is. Related to leasing and TI, I never want to have a crystal ball from quarter to quarter as far as how that will be. I mean, we always look at each deal strategically and making sure that we are getting the best net effective rent on each deal as it comes through and making sure that for each deal that we're getting the highest rent that we can get and paying the least amount of capital to attract that to attract that tenancy. So as far as taking a trend and saying that TI will be lower or any specific dollar amount for the foreseeable future, I wouldn't say that, but I wouldn't necessarily say it's going to be higher either. What I would say is that the same strategic thought and approach that we take on a deal-by-deal basis, we will continue from quarter to quarter.

Great. Thanks, Robin.

Thank you. This concludes the question and answer session. I would like to turn the conference back over to Bruce Schanzer for closing remarks.

Thank you all for joining us this evening. We wish you all good health. and look forward to continuing to advance the interests of Cedar and its shareholders in the months ahead.

Thank you. This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.