and welcome to the Global Net Lease, Inc. Q1-2026 earnings call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jordan Schoenfeld, Vice President of Corporate Strategy. Thank you.

you may begin. Thank you. Good morning, everyone, and thank you for joining us for G&L's first quarter 2026 earnings call. Joining me today on the call is Michael Weil, G&L's Chief Executive Officer, and Chris Masterson, G&L's Chief Financial Officer. The following information contains forward-looking statements within the meaning of the Private Security Litigation Reform Act of 1995. Please review the forward-looking and cautionary statement section at the end of our first quarter 2026 earnings release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today. As stated in our SEC filings, GNL disclaims any intent or obligation to update or revise these forward-looking statements except as required by law. Also, during today's call, we will discuss certain non-GAAP financial measures which we believe can be useful in evaluating the company's financial performance. Descriptions of those non-GAAP financial measures that we use, such as AFFO and adjusted EBITDA, and reconciliations of these measures to our results as reported in accordance with GAAP are detailed in our earnings release and supplemental materials. I'll now turn the call over to our Chief Executive Officer, Michael Weil. Mike? Thanks, Jordan. Good morning, and thank you

all for joining us today. Before we review our first quarter 2026 results, I'd like to discuss our planned strategic acquisition of Motive Industrial, which we announced earlier this week. This transaction is a direct reflection of the strategy we outlined on our last earnings call and the tangible progress we've already made towards implementing it. Following a transformational year for GNL in 2025, when we took deliberate actions to significantly reduce leverage, strengthen our credit profile, and improve the overall quality of our portfolio, we are now positioned to focus on the disciplined recycling of capital into high-quality industrial and retail assets. This includes pursuing selective and opportunistic asset sales, particularly those that reduce our office exposure, while redeploying proceeds accretively into single-tenant industrial and retail investments. The mode of transaction would do just that, as we believe the closing of the transaction will advance the durability and quality of our earnings profile by adding a high-quality portfolio of industrial net lease assets across the United States, supported by long-duration leases and credit-worthy tenants that align well with our investment criteria. The transaction is expected to be immediately accretive with approximately 4% accretion to AFFO per share, including meaningful cost synergies through the elimination of duplicative G&A. Importantly, the transaction is structured as an all-stock acquisition with a fixed exchange ratio of 1.975 to lock in the 4% accretion, making it leverage neutral and requiring no new external capital. We believe this structure will preserve the balance sheet strength we've established while allowing us to maintain meaningful flexibility to pursue future strategic growth opportunities. Motiv's long-duration leases have a weighted average lease term of 15 years, include 2.4% annual rent escalations, and are supported by a well-recognized tenant base of leading global brands, with approximately 45% of annual base rent derived from investment grade or implied investment grade tenants. On a pro forma basis, the acquisition is expected to extend our weighted average lease term from 5.9 to 6.7 years, increase our industrial exposure from 47% to 50%, and reduce our office concentration from 26% to 24%, which will collectively strengthen our portfolio mix, expanding our geographic reach across key U.S. industrial markets, and enhancing the overall stability of our combined platform. We're very excited about this transaction, which we expect to close in the third quarter of this year. In addition to the mode of transaction, we're actively engaged in other transaction activity consistent with our corporate strategy. Reflecting the mission-critical nature of our office portfolio, we're under contract to sell a 33,000-square-foot office building leased to the General Services Administration for $13 million at a 7.2% cash cap rate. with closing expected in the second quarter of 2026. Beyond this transaction, we currently have additional office properties in our portfolio that we believe may present a similar disposition opportunity going forward as we continue to focus on lowering our office exposure. At the same time, we're under contract to acquire an approximate 100,000-square-foot single-tenant industrial asset occupied by a Fortune 50 investment-grade tenant for $14 million at an 8.2% cash cap rate, which would further demonstrate our ability to prudently execute our creative recycling strategy into higher quality assets that we believe will generate more compelling risk-adjusted returns. The asset features a 2031 lease maturity, and we believe our longstanding relationship with the tenant will be advantageous as we're already in simultaneous discussions regarding an early long-term lease extension. We're actively negotiating the sale of additional office assets and look forward to providing updates as transactions advance. Our pipeline of redeployment opportunities continues to grow, and we believe we're well-positioned to execute on a leverage-neutral basis in a way that drives earnings growth while preserving the balance sheet quality we've established. Our acquisition approach remains disciplined and highly selective, focused on high-quality income-generating assets that align with our long-term strategy. In addition to our capital recycling strategy, we continue to evaluate the most effective uses of our disposition proceeds, including opportunistic share repurchases. Since the beginning of our share repurchase program through May 1, 2026, we've repurchased 19.7 million shares at a weighted average price of $8.05, totaling $158.2 million. We've been deliberate and opportunistic in how we've executed this program, and we remain disciplined in balancing these repurchases with our continued focus on leverage reduction and the redeployment of capital into higher quality assets. Turning to our portfolio, at the end of the first quarter of 2026, we owned 809 properties, totaling 40 million rentable square feet. Our portfolio was 97% occupied, an increase from 95% in the first quarter of 2025, with a weighted average remaining lease term of 5.9 years. Specifically, our office occupancy increased to 99% from 95% in the first quarter of 2025, primarily driven by the disposition of a $45 million vacant office property, which also eliminates over $1 million of annualized negative NOI drag. Our office portfolio continues to perform well, supported by 100% rent collection and the highest proportion of investment-grade tenants within our portfolio. G&L's portfolio features a stable tenant base and high quality of earnings, with an industry-leading 64% of tenants carrying an investment-grade or implied investment-grade rating, up from 60% in the first quarter of 2025. Our average annual contractual rental increase is 1.5%, excluding the impact of 20.1% of the portfolio with CTI-linked leases that have historically experienced significantly higher rental increases. On the leasing front, we delivered strong results across the portfolio during the first quarter, reflecting the quality of our asset management capabilities and tenant relationships. We executed leases on more than 141,000 square feet and achieved renewal spreads of approximately 5.1% of expiring rents. Notable activity included several renewals with nationally recognized retail tenants, such as Dollar General and Tractor Supply, as well as the renewal of a 58,000 square foot FedEx distribution facility at an approximate 9% renewal spread. We continue to engage with tenants well in advance of lease expirations to drive occupancy, retention, and rental growth, while maintaining a long-term focus on portfolio stability. As we continue advancing our approach to asset management, we have meaningfully enhanced our data and technology capabilities, improving how we engage with tenants and evaluate opportunities, and ultimately, the outcomes we deliver across the portfolio. We've been leveraging artificial intelligence to enhance our decision-making on both the leasing and transaction front. Specifically, we're now able to rapidly analyze foot traffic patterns and performance analytics for our tenants, intelligence that directly informs our renewal negotiations and strengthens our underwriting when evaluating prospective transactions. This data-driven approach allows us to engage tenants from a more informed position, and we believe it's an increasingly meaningful contributor to our ability to drive favorable lease economics across the portfolio and secure advantageous terms on transactions. Perhaps most importantly, we believe it will also give us the ability to seamlessly absorb the motive portfolio and its approximately $535 million of new assets without any increase in headcount. Our continued efforts to limit exposure to high-risk geographies, asset types, tenants, and industries reflect our intentional diversification strategy and disciplined credit underwriting. No single tenant accounts for more than 6% of total straight-line rent, and our top 10 tenants collectively contribute only 29% of total straight-line rent, with 80% being investment-grade. We carefully monitor all tenants in our portfolio and their business operations on a regular basis. I encourage everyone to review the details of each segment of our portfolio in our first quarter of 2026 investor presentation on our website.

I'll turn the call over to Chris to walk through the financial results and balance sheet matters in more detail. Thanks, Mike. Please note that, as always, a reconciliation of GAAP net income to non-GAAP measures can be found in our earnings release, which is posted on our website. For the first quarter of 2026, we recorded revenue of $109.3 million and a net loss attributable to common stockholders of $16 million. AFFO was $43.9 million, or 21 cents per share. Following the successful repositioning of our portfolio over the past several quarters, including the $1.8 billion multi-tenant retail portfolio sale, we have reduced annualized G&A expense by 25% year-over-year to $49 million from $65 million in the first quarter of 2025, driven by operational efficiencies. Additionally, capital expenditures declined to $1.6 million from $9.8 million in the first quarter of 2025, supporting improved cash flow through a more streamlined portfolio. Looking at our balance sheet, the growth outstanding debt balance was $2.6 billion at the end of the first quarter of 2026, a reduction of $1.3 billion from the end of the first quarter of 2025. Our debt is comprised of $1 billion in senior notes, $290 million on the multi-currency revolving credit facility, and $1.3 billion of outstanding gross mortgage debt. As of the end of the first quarter of 2026, 99% of our debt is tied to fixed rates or debt that swapped to fixed rates. Our rated average interest rate stood at 4.1%, down from 4.2% in the first quarter of 2025, and our interest coverage ratio was three times. At the end of the first quarter of 2026, our net debt to adjusted EBITDA ratio was 7.2 times based on net debt of $2.4 billion, compared to 6.7 times at the end of the first quarter of 2025. While the ratio this quarter was higher than the end of the first quarter of 2025 due to timing of dispositions, we are confident that we will remain within our stated net debt to adjusted EBITDA's 2026 guidance range of 6.5 times to 6.9 times. As of March 31st, 2026, we had liquidity of approximately $911 million and $1.5 billion of capacity on a revolving credit facility, compared to $499 million and $1.4 billion, respectively, as of the end of the first quarter of 2025. Additionally, we had approximately 212 million shares of common stock outstanding and approximately 214 million shares outstanding on a weighted average basis for the first quarter of 2026. Since launching our share repurchase program in 2025 and through May 1st, 2026, we have repurchased 19.7 million shares for a total of 158.2 million. This includes approximately 4.2 million shares repurchased in the first quarter of 2026 for $38.4 million at a weighted average price of $9.07. Since inception, total repurchases under this program have been executed at a weighted average price of $8.05, a meaningful discount to the current share price, which is appreciated approximately 18% since those purchases were made. We believe this program has been a highly accretive use of capital and has generated tangible value for our shareholders. Turning to our outlook for 2026, we are confident in our performance and reaffirm our full-year AFFO per share guidance of $0.80 to $0.84. We also reaffirm our stated net debt to adjusted EBITDA range 6.5 times to 6.9 times. This guidance excludes the anticipated benefit from the mode of transaction, which we plan to address and update upon closing, Although we believe it is worth emphasizing that the acquisition is structured, we leverage neutral with our 2026 net debt to adjusted EBITDA guidance range of 6.5 times to 6.9 I'll now turn the call back to Mike for some closing remarks.

Thanks, Chris. As we begin this next phase of GNL's evolution, we do so from a position of strength focused on strategically reducing our office exposure while redeploying capital into higher quality, higher yielding assets. The foundation we built in 2025, a stronger balance sheet, an improved credit profile, and a more focused portfolio gives us flexibility and confidence to execute this strategy on our own terms, remaining patient and selective as we identify the right opportunities. We won't rush to deploy capital for the sake of it. We'll be thorough, diligent, and highly selective, pursuing only those opportunities that we believe genuinely enhance the quality and earnings of our portfolio. We expect this capital recycling activity to be a meaningful contributor to earnings growth over the course of 2026 and beyond. The mode of transaction is a tangible demonstration of that approach. We identified a high-quality portfolio of industrial net lease assets that we believe will enhance the earnings power and long-term durability of our platform, and we structured a transaction that is expected to be immediately accretive, leveraged neutral, and requires no external capital. We look forward to building on the strong foundation Motive has established as part of the combined GNL platform. Before taking your questions, I'd like to note that subsequent to the first quarter, two members of our board, Sue Parati and Governor Rendell, announced their intention to retire following the 2026 annual meeting of stockholders. We thank Sue and the governor for their years of dedicated service and meaningful contributions to GNL and remain confident that our board's composition is well calibrated to provide effective oversight and support efficient decision-making. We're available to answer any questions you may have after the call. Operator, please

open the line for questions. Thank you. We'll now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for your questions. Our first question comes from the line of Mitch Germain with Citizens. Please proceed with your question. Good morning, Mitch. Good

morning um thanks for taking my question and uh congrats on the motive deal um thank you starting with motive mike um are 40 assets i think about 20 or so percent of them reside outside of the industrial sector so i'm curious are there any potential candidates for sale across that portfolio

first of all great question thank you yes there is our our primary focus is on retaining the industrial assets motive does have a few very high quality assets that are outside of what we would consider industrial and we will at the right time and and working with motive look to dispose of those assets, but very quickly after closing. It won't be many. One of them is on the larger side. So it will have some meaningful impact. And I think that it will also have just an overall value as we evaluate the acquisition as well.

Got you. So lower cap rate versus what you're buying it at. Okay. And then can I just talk a little bit about acquisitions or dispositions that either were completed or planned to be completed? It seems like activity is somewhat across each sector. We saw a change in number of assets across industrial retail and office. So maybe just talk about what some of the characteristics were. I think you mentioned it, a vacant office, a GSA leased office, maybe some of the characteristics of some of the other properties that were sold would be helpful. Okay. As we talked about last

quarter, we were going to be switching to more of a strategic disposition strategy. So where we had opportunity to dispose of some assets that maybe weren't just in the office portfolio, but we did so at very aggressive cap rates and you know that's a that's an ongoing part of our strategy we are intentionally looking at growth and adding the the high-quality portfolio of motive is a big statement of that but we will continue to execute opportunistically you know as a 800 plus property portfolio it's not uncommon for people to call us when they see an asset that we own that they have an interest in we always take the call we always negotiate the deal and then we decide do we have an opportunity to redeploy those proceeds in a more creative way but we're very I think thoughtful in in not wanting to sell what is significant and core to the overall portfolio so I can give you an example you know we sold a bank branch in the quarter at a six point two percent cap rate the the buyer wanted to own it and at that cap rate we are a happy seller so again those are the type of opportunistic dispositions in addition to what we're going to continue to do, evaluating the opportunities to reduce office. I hope for me, Mitch, if I can just add one thing to that, because we've been talking for a good part of 2025 about an asset that we had under contract to sell. It was an office property on the West Coast. We completed the sale in the quarter, and we sold it vacant, but we sold it for just about what we paid for it when we initially owned the property. And in addition to that, it does remove about a million dollars of NOI carry. So again, we're really looking at everything in a very deep, analytical way. And not only do we value getting the proceeds from the disposition, But that NOI, removing that drag to NOI, of course, is extremely valuable.

Gotcha. Last one for me. And when you're considering some of these office dispositions in particular, you know, about half your portfolio resides outside the U.S. I'm curious, you know, what sort of demand you're seeing across Europe for office. Obviously, we're seeing improving fundamentals here in the U.S. Lenders are a bit more prone to lend in that sector today than they were previously. Are you seeing, you know, sort of similar trends emerging, you know, across Europe? And does that give you an opportunity to maybe start calling some of those assets as well?

Yeah, so as you probably know, Mitch, we're about a little more than 25 percent Europe and UK, and about half of the NOI comes from office. What we've been seeing in the office market overseas is a lot of redevelopment into mixed-use residential, as well if a tenant is not renewing, there's a lot of redevelopment going on. So the market's very strong. We're very active, and I think as we move through 2026, you'll hear more updates from us on certain assets that will be positive to the portfolio. Thank you. Thanks, Mitch.

Thank you. Our next question comes from the line of Apul Rana with KeyBank Capital Markets. Please proceed with your question.

Good morning, Upul.

Good morning. You know, Mike, on the motive transaction, maybe you could walk us through the cap rate there relative to the blended cost of capital that you'll be using and the resulting investment spreads there. And also, you mentioned selling a few of those assets already once you're closed. But any other opportunities within that portfolio that could potentially drive the yield higher?

So I'm not able at this time to talk cap rate specifics. that'll come out as as we get further along we're working really closely with motive who's just been a great partner in this transaction that you know they'll they'll be putting out their proxy and and you know it'll have all those details in it as you'll understand what I would say is that there there are a lot of opportunities some of which were already in the works on the motive side that will transfer to us to continue, both from an origination pipeline standpoint, a lease renewal, and also some work that they were doing on dispositions. I think that they were operating their portfolio at a very high level, maximizing the performance of their portfolio, et cetera. So it's going to be very exciting for us to integrate that into our portfolio and continue the work that they've been doing. You know, we've talked about the roughly $6 million of G&A savings. You know, I think that when we close on that, we'll probably be able to squeeze more out of that. I don't know the exact number yet. We're continuing to evaluate that, but there's just a lot of upside as we've disclosed in our press release, and then the portfolio itself is performing at a very stable level, so there's not a lot of things that we would have to do to achieve these stated goals. I'm looking forward to closing as early in the year as we can. We're targeting third quarter, you know, if we can do it early in the third quarter, I would, you know, the earlier the better so that we can start to see the benefits to the portfolio. And then we'll, you know, we'll disclose our plans for the few assets that we're evaluating for disposition. But I also want to say just in case we have any Motive investors on the line listening to the call today. You know, we're very excited to have them join the G&L investor community. They've been great shareholders for Motive, and we look forward to welcoming them into the G&L family. And, you know, it's just

a great opportunity for all of us. Great. Thank you. Thank you for that. And then maybe, you know, Could you talk about what you're seeing in the market for future acquisitions? You know, you've talked about a bit on your preparer marks already, but maybe you could walk through your strategy on selecting which properties or portfolios to acquire and how you're thinking about your leverage and industry exposure when you make that consideration.

Sure. Thank you. Well, first of all, you know, I think us announcing a roughly $550 million acquisition in the first quarter probably wasn't expected by the market, and it really gets us excited about what we can do in 2026. It was a very opportunistic situation, and it really penciled out well, and it's something that is going to pay dividends for a long time in the G&L portfolio. I can't tell you that there'll be other large portfolio acquisitions in 2026, obviously we we take things as they come and we look to how we can best use our capital and how we can can grow earnings etc but I would tell you what we are looking at from as we're developing a review of the market and a potential pipeline is we really are focusing on the industrial side of the business we We are also seeing some retail-type acquisition potential, not as much as we've seen in the past. I think the markets are a little bit in flux, and we're looking at everything not from just dollars spent acquiring properties, but meaningful opportunity for accretion in the portfolio from an earnings standpoint. As far as your question about debt, we continue to think that that is one of the most important things that we will continue to work on. Chris reaffirmed our 2026 guidance of 6.5 to 6.9%. We're very excited that the mode of transaction is leverage neutral in how we were able to structure it. So, you know, the additional opportunity to grow the EBITDA side of the formula is one of the things that I'm very excited about. But nothing has changed from what we have communicated to the market, and we will continue to drive that important metric further down.

Okay, great. Thank you so much. Thank you.

Thank you. our next question comes from the line of Jay Cornish with Cantor Fitzgerald. Please proceed

with your question. Good morning, Jay. Thanks so much. Good morning. I guess a little bit following up on my last question, but, you know, thinking bigger picture about the MDV merger, I wonder what that could signal for your strategy going forward. You know, you recently completed the robust disposition program, and I'm wondering if this merger signals maybe a more return to growth for

the company beyond just recycling out of office assets? My short answer is yes, it does. I said in our last earnings call that that was an important goal of ours, that the disposition program was extremely successful. It achieved a lot of our important goals, primarily lowering net debt to EBITDA in a meaningful way and in a relatively quickly way. The fact that we have the opportunity with the Motive portfolio to move forward in this leverage neutral way, but still have a positive increase to earnings, I think does give you some insight into how we're thinking about things. Again, as I answered in the last question, it's not just about dollars out the door and how much you can buy in a year. It's about what is the impact of those acquisitions long term on the portfolio and on earnings. You know, we're very excited about the fact that the wall of the motive portfolio at 15 years extends the wall of G&L by almost one full year, takes us out to just under seven years. The 2.5% annual escalator that their portfolio brings to us is also meaningful. And as that 15-year wall continues and we see the NOI in that portfolio growing at that 2.5%, it's very meaningful, as we all know. One other thing that we are really focused on is the G&A reduction and how we can better operate this larger portfolio. We decreased G&A expense by 25% year over year. We continue to focus on that. That 25% represents a 16 million dollars annual savings and and that's very important obviously. You know you want to grow earnings and you want to reduce expenses. That's the formula for the ultimate success.

And we look at both sides of that equation. Thanks. Appreciate all that commentary. And then just one more for me. You know, you highlighted an office asset sale and capital recycling into an industrial asset at a hundred basis point cap rate premium. And so I'm wondering if you feel this type of accretive capital redeployment out of office is repeatable as you lower office exposure and if there are any, I guess, timeline goals for where you want to get office exposure overall down to.

So I don't know that we can consistently every time hit that 100 basis point type spread, but that is certainly the goal. And we feel that we have very high quality office assets, net lease. About 80% of our portfolio is investment grade, as you know. So as we look to lower our exposure to office, we certainly think that we should be able to sell them at a fair value. We talked this quarter about the GSA asset at a 7.2% cap rate. I think that as we look at the rest of the portfolio opportunity, we see it in that range. I've always talked about our office being worth in a 7% to 8% cap rate range in our minds. So we never wanted to just package it all up and sell at any price because it's performing very well. And for us, as we look to reduce our exposure, it's important to us that we find fair value for this portfolio. Because it continues to perform, we will take a disciplined and strategic approach to how we reduce our exposure. We haven't said anything specific about target allocation. As we finished this quarter, we're about 24%. We will continue to drive it down. what we're most excited about is we're about we are now with the mode of acquisition going to be 75 retail and industrial which is important over 50 of that is on the industrial side so we will be a predominantly net lease industrial portfolio with long duration leases and and really high quality tenants great thanks for all that that's it for me thank you jay thank you once

Once again, as a reminder, if you would like to ask a question, please press star 1 on your telephone keypad. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our next question comes from the line of Craig Cusara with Lucid Capital Markets. Please proceed with your question.

Good morning. You know, a lot of the motor portfolio tenants are owned by PE firms with manufacturing backgrounds. does the acquisition potentially open up any new potential relationships for you for future growth

or are you already pretty familiar with most of them? It always enhances relationships some of which we already have some of which we're we're happy to to get to know and develop further it's one of the things that Aaron Halfacre and I continue to talk about and you know making those introductions, and, you know, there may be ongoing benefit from those relationships for sure.

Got it. And changing gears, I mean, just given the stock price, it seems that selling assets and buying back stocks still makes sense. You know, I think you're about halfway through that $300 million authorization. Should we consider that as sort of a consistent portion of your business model for the remainder of the year as far as acquiring, call it $30 to $40 million a

quarter. Well, you are right that we're about halfway through that. We've bought back about $158 million since we announced. The average buyback price was $8.05. It is another tool in the toolbox that we will continue to evaluate. You know, as we look at stock buyback, as we look reducing the net debt to EBITDA and as we look at acquisitions those are all three very important things to us and tools that I think we've shown we can use effectively and and we'll continue to evaluate them we have not given any forward statements on how we will and at what level use the buyback but it's something that we're very happy to have in place and something that we do find good use for.

Got it. You know, looking to your lease expirations during the rest of the year, are there any known large move-outs during the remainder of 2026?

Craig, we have, if I'm remembering correctly, and Ori will correct me if I'm wrong, he's in my office with me, I think we have about 6% lease rollover in 2026. I was high, 4.4% in 2026. So we don't have any material rollovers in 2026. And we continue to engage with tenants. Again, I stick to what's been publicly disclosed as I answer these questions. We have not given any specifics on move outs. we continue to think that there are opportunities to either renew the existing tenants or re-tenant and if we don't feel that that is a an opportunity we will be marketing an asset well in advance of expiration but we feel that we have a very tight handle on the portfolio we had occupancy overall increase in the quarter. We continue to see that as a positive trend. You know, a net lease company is typically in that 98% to 100% occupancy realm, and I'm happy to say that that's, you know, where we are now, and we expect to continue to stay there. You know, we always look to push that up as high as we can, but the portfolio continues to be well-tenanted, and the tenants operate out of these properties no matter what the sector, so we feel very confident about the remainder of 26. Okay, that's helpful. Thank you. All right,

thanks. Thank you. We have reached the end of our question and answer session. I'd like to turn the call back over to management for any closing remarks. Great. Well, thank you all for joining

us today. I think you heard a lot of exciting news about Global Net Lease. We thought we were well positioned for 2026 before the announcement of Motive. We're even more excited to integrate that high quality portfolio into ours and just continue on with this strategy for growth. And we look forward to talking to any of you after today's call if you have questions or we'll be seeing you at conferences so thanks for your time and we'll talk soon

thank you this concludes today's teleconference you may disconnect your lines at this time thank you for your participation and have a wonderful day