The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: I want to start out talking about your expectations for 2021 baked into the guidance as well. The cap rate expectations are quite a bit different than
what you either bought last year or sold. And I guess I'm curious, is that just a function of what you're seeing in the market? Or are you just being
maybe a little bit more conservative on where you're buying assets and selling assets in 2021?
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: Okay. Fair enough. [Sticking] to the impairment on the land JV you took, was that at any particular parcel in Daytona Beach? Or was that sort of
across the market? Any color there would be great.
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: Okay. I appreciate that. I want to talk about leverage. You closed the fourth quarter at about 35% net debt. You're sitting on a lot of restricted cash.
And it looks like you're kind of match funding acquisitions in 2021, understanding that there's probably going to be a timing difference. But I guess
just going forward, should we consider leverage to be relatively constant? Or any movement there?
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: Okay. Got it. In your opening comments, John, you kind of went through on some renewals, some other leasing activity. I think entering 2021, you
have about 5% of your rent expiring this year. Can you talk about sort of where you are specifically in regards to sort of those discussions? And are
there any known move-outs in 2021?
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: Got it. And in regard to your -- the debt side of things, I think you've got a mortgage coming due here in a couple of months on the Wells Fargo
property in Raleigh. Kind of what's the expectation there? Is that just to refinance that? And kind of what are we looking at as far as financing options
there?
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: Okay. And you mentioned there was about $1 million in undeferred rent impact to AFFO in 2020. Kind of what's the expectation for recovering
that in 2021?
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