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Brookfield Property REIT Inc. (BPR) Q4 2018 Earnings Conference Call Transcript

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Brookfield Property REIT Inc.  (NASDAQ: BPR)
Q4 2018 Earnings Conference Call
Feb. 07, 2019, 11:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good day, ladies and gentlemen, and welcome to the Brookfield Property Partners Fourth Quarter and Full-Year 2018 Financial Results Conference Call. As a reminder, today's call is being recorded.

It is now my pleasure to turn the call over to Mr. Matt Cherry Senior Vice President of Investor Relations and Communications. Please go ahead, sir.

Matthew P. Cherry -- Vice President, Investor Relations, Communications

Thank you, and good morning. Before we begin our presentation, let me caution you that our discussion will include forward-looking statements. These statements that relate to future results and events are based on our current expectations. Our actual results in future periods may differ materially from those currently expected because of a number of risks, uncertainties and assumptions. The risks, uncertainties, and assumptions that we believe are material are outlined in our press release issued this morning. Also announced this morning is our intention to launch a substantial issuer bid to repurchase up to an aggregate of $500 million of BPY units and Class A shares of Brookfield Property REIT or BPR. Specific details on how investors can participate in the SIB will be made available within the next week.

With that, I'll turn the call over to Chief Executive Officer, Brian Kingston.

Brian William Kingston -- Chief Executive Officer

Thank you, Matt, and good morning everyone and thank you for joining our call today.

With me on the call are Ric Clark, Chairman of BPY; Bryan Davis, our CFO; and Sandeep Mathrani, our Global Head of Retail Real Estate. Following our prepared remarks today, we would be happy to take questions from any of our analysts that are on the call. For those of you who followed Brookfield Property Partners, over the course of 2018, you will observe that it was a transformative year for the company.

We grew our earnings, continued our capital recycling initiatives and completed the acquisition of GGP. Over the past five years, we have worked hard to consolidate our ownership and our various operating businesses and completed the privatization of 5 publicly listed companies, which now provides us with tremendous operating flexibility and access to free cash flow.

With these important initiatives out of the way we are now in a position to dedicate increasing amounts of our capital to repurchasing our own units if they trade a substantial discount to their underlying value. Accordingly this morning, as Matt mentioned, we announced our Board has approved the launch of a substantial Issuer Bid to repurchase up to $500 million of our own units.

Over the past 12 months we have disposed of more than $8 billion of real estate assets, generating $3.6 billion of net proceeds, at our share. And at prices that were 5% above our IFRS carrying value. Utilizing just $500 million of those $3.6 billion of proceeds to repurchase our units and shares at a 30% discount IFRS, will create almost $250 million of value for our remaining unit holders.

There is no other investment available to us that will generate returns that -- and should our units continue to trade at such a discount following the completion of this offer. We will continue to dedicate more capital to buying them back. Many of you may have seen that last week Brookfield announced the closing of our largest real estate fund-to-date at $15 billion of total equity commitments, which included $1 billion from BPY and $2.75 billion from Brookfield Asset Management.

We previously considered a larger investment in the fund. But today believe that reallocating a substantial portion of that capital to unit buybacks is more desirable. Recent equity market volatility has created opportunities for us to continue to put capital to work within the fund. In the fourth quarter, we closed on the acquisition of Forest City Realty Trust, a high quality portfolio of operating and development assets in high barrier to entry markets in the U.S.

By combining these assets with our existing office, multifamily retail and development platforms. We will be able to drive outsized returns from what we'd ordinarily be considered core plus asset.

With that, I'll now turn the call over to Bryan Davis for a detailed financial report.

Bryan Davis -- Managing Partner Real Estate

Thank you, Brian.

During the fourth quarter of 2018 BPY earned Company FFO of $416 million, compared with $286 million for the same period in 2017. We benefited this quarter from from a full 3 months of our increased ownership interest in our core retail business. Some transaction-based income and low lower overall expenses.

On a per unit basis Company FFO for the quarter was $0.43 per unit, compared with $0.41 per unit in the prior year. During the quarter BPY earned $340 million in realized gains to reflect the earnings from the appreciation in the value of our U.S. logistics business which was sold during the quarter within our LP Investments. Including these realized gains Company FFO for the quarter was $833 million or $0.86 per unit, compared with $708 million or $1.01 per unit in the prior period.

For full year 2018. we earned Company FFO and realized gains of $1.7 billion or $2.09 per unit, which compares to 2017 where company FFO in realized gains was $1.5 billion or $2.12 per unit. Our net income attributable to unit holders. For the quarter was $534 million or $0.55 per unit, compared with net income of $134 million or $0.19 per unit in the prior year.

This quarter we benefited from property, fair value gains of approximately $180 million, which were largely due to improved valuation metrics in Australia and Canada, as well as gains recognized in our LP Investments and development assets as we near completion with them. Our core office business earned $170 million of company FFO, compared with $148 million in the prior year.

Contributing to the $22 million increase were improved operating metrics with overall occupancy increasing by 90 basis points to 93.5%, which is our highest occupancy in the company's history. On a same-property basis, we had a similar 90 basis point increase in occupancy to 93.4% and as a result same property net operating income grew by almost 5% on a currency-neutral basis.

More specifically our same property net operating income was most pronounced in the U.S. where growth was 7%, on a year-to-date basis, we experienced same property growth in every one of our markets. Our recently completed developments contributed incremental FFO of $9 million, slightly lower than the run rate from previous quarters as our recently completed multifamily development One Blue Slip and Brooklyn became operational this quarter and we'll take a number of months to stabilize.

These recently completed developments, including The Eugene Brookfield Place Calgary London Wall and One Blue Slip one stabilize, which we expect toward the end of 2019 will generate approximately $100 million in annual NOI. Lastly, we benefited from $7 million in lease termination income and from lower interest expense as we repaid a significant amount of debt in the last half of 2019. through proceeds raised from asset sales. In our core retail business. We earned $270 million of company FFO, compared with $158 million in the prior year.

Our increased ownership in GGP contributed to the majority of this increase. Occupancy in this portfolio remain high at 96.5% and operating metrics were strong with 11% initial suite-to-suite rent spreads. In addition, we also had 6% increase in tenant sales per square foot to $746 on an NOI weighted basis.

Included in our current results, we did earn $5 million from additional condominium sales at Ala Moana and that compares with $12 million that we had earned in the prior year. Lastly, our LP Investments earned $77 million of company FFO, compared with $89 million in the prior year, with significant capital returned to us on the successful sales of our stabilized logistics businesses in Europe and U.S. and the capital being redeployed into investments that are not yet stabilized, we did see a dip in earnings.

However, underlying that many of our investments had significant improvements in operating income, particularly our multifamily properties in New York due to the completion of our unit renovation program, at our mixed-use complex in Seoul, Korea where office occupancy has increased from 68% to 88% and continued strong operating performance at Center Parcs.

Included in the current quarter was merchant build gain of $9 million from the sale of a recently completed multifamily property in California. Almost 80% of the capital we have invested in our LP businesses in Brookfield first and second Real Estate Opportunity Funds. These funds are currently tracking at an 18% net IRR and a 1.9 times multiple of capital .

In comparing our results to the third quarter of 2018 company FFO increased by $0.12 per unit from $0.31 per unit earned in that period. This increase in company FFO was primarily attributable to higher retail results, as the current period benefited from not only a full quarter of increased investments, but also from seasonality.

We also benefited this quarter from $20 million in transaction-based income as previously discussed and lower overall corporate expenses. With no significant change to our proportionate balance sheet, we ended the quarter with total equity of $47 billion including $28 billion or $28.73 per unit attributable to our unit holders.

Now before we move on to questions, I did want to mention that our Board has approved a 5% increase in quarterly distribution of BPY and BPR to $0.33 per unit payable on March 29, 2019 to unit holders of record on February 28, 2019. We are looking forward to 2019 with a continued focus on optimizing performance in our core operating businesses, advancing our development and redevelopment pipeline and recycling capital into higher yielding opportunities including dedicating capital to repurchasing our own units, should they continue to trade at a meaningful discount. We are focused on creating unitholder value through these initiatives.

With those as our planned remarks , operator, we are pleased to open the line for questions.

Questions and Answers:

Operator

(Operator Instructions)

Our first question comes from the line of Sheila McGrath from Evercore, your question please.

Sheila McGrath -- Evercore -- Analyst

Yes. Good morning.

I was wondering on the buyback, if you could just talk about why that number was the right number and what that does to your leverage outlook for 2019?

Brian William Kingston -- Chief Executive Officer

So, yes, it's Brian answering your questions in reverse order. It's doesn't change your outlook at all on leverage as we sort of mentioned at the outset, our the buybacks being funded really by reducing our commitment to the Real Estate Opportunity Fund. So this is just capital that we would have otherwise dedicated to other investments that we were pointing toward the buyback. And then on the size of that there's no real magic to the $500 million. We felt that that was an appropriate amount that the demonstrated that we are serious about this but there's no real science behind the $500 million. Frankly shows (ph).

Sheila McGrath -- Evercore -- Analyst

Okay and then just a couple questions on retail as a number of retail REITs have reported same-store NOI outlook et cetera. I was just wondering if you could give us an update on how the GGP is performing versus your expectations, your NOI outlook -- same-store NOI outlook for 2019 and if you could give us a little bit more detail on that $3 billion of that value creation opportunities that you mentioned in your letter to shareholders.

Brian William Kingston -- Chief Executive Officer

Yes, so as far as expectations, it's performing in line with what we would have expected prior to closing the acquisition, but with Sandeep here, I'm going let him talk a little bit about 2019 and some of the development projects we have under way.

Sandeep Mathrani -- Global Head, Retail Real Estate

Hi, Sheila. So, I like this -- take back and last year was a good year from a leasing perspective. We leased 9.6 billion square feet at 11% spreads, we leased little over 2 million square feet of big-box spaces reducing our exposure to the anchors as dramatically. 2019, our expectation is to lease, about 10.3 million square feet. We've actually got that lower 7.5 million square feet, down toward 74% complete, spreads are holding nice and steady. Our revenues for 2019 will be up.

So, we have pretty and of course all this is subject to and you've heard it now several times and others calls, the bankruptcies, I think will be less than last year and the year before and I think their names you've heard have been on our outlook for quite some time.

So, I don't think we expect anything out of the ordinary, but we do -- we're still faced with some headwinds on that and in 2018 is a goal post, we've actually leased all the bankruptcies we got back in '18 and so with the quality of real estate speaks to itself. On the $3 billion number, we've actually now started active development on several of our large projects. I'll give you a flavor of them Ala Moana. We're going to do a Phase 2 of the condominiums and their 5 rental sites. So that's sort of produces a large chunk of that -- the profit.

Stonestown Galleria, which is in San Francisco, we look at doing in residential. We have two properties in Atlanta, which are on the list and so these are all started in some form or fashion development so off the review of the 75, 77 best centers in our portfolio. We've identified 35 with opportunities and that sort of $3 billion only applies to 9 of the 35. So, I would say the pieces of us of BB wise acquisition of GGP which was to intensify the assets is very fruit and so we look at the next few years actually to be transitional as we start to take certain parts and pieces of shopping centers out of commission. So, we can build residential office hotel at our properties.

Sheila McGrath -- Evercore -- Analyst

Okay, that's helpful. Since you're on the line Sandeep, could you just comment on the Fashion Place mall the partial sale kind of the interest level there. That was the one announced in Utah and just any details on pricing that would be great.

Sandeep Mathrani -- Global Head, Retail Real Estate

I would say the sit back and say that there was a bit still active demand for a quality assets. I would say that it beat the expectations of Brookfield's pricing on this asset. So it was a very healthy of price and I would also sit back and say as we go into 2019 we're starting to see a pivot of interest from buyers of A assets and they now view A assets to have a permanency of income.

They also view, which used to be a negative what happens to an anchor department store that sort of has now become plus additive. So it almost goes in the opposite direction. Do you have a failing department still and what's the positive versus you have a failing departments so what are you going to do about it as an example, our exposure is low of the 22 Sears that are closing in our portfolio, we have 19 deals done and of the 9 (inaudible) that closed we have six deals done.

So high quality real estate is in demand from the retailers and now all of a sudden, this sort of negative view is fast evolving to OK that gives a core asset a plus to it. So we're seeing very healthy demand from joint venture partners to buy more. In addition, we are actually seeing a fantastic financing market. The CMBS market is picked up and it's quite open to refinancing A query assets at -- I would say as aggressively as it was in 2014 and 2015. So we are back to those levels of doing that.

Sheila McGrath -- Evercore -- Analyst

Okay, thank you. I'll get back in the line.

Operator

Thank you. Our next question comes from the line of Mark Rothschild from Canaccord. Your question please.

Mark Rothschild -- Canaccord Genuity Limited -- Analyst

Thanks, and good morning guys. Looking at your sources, the uses of capital you reduced the amount that you're looking to put into the new Brookfield fund quite materially actually from what -- at least I was thinking before and $500 million going to the buyback it's a relatively small amount of that although it's the large number to -- what is the plan with the rest of that capital that you were going to put into a find out. You've had some acquisitions, but we also have quite a bit of dispositions and more on the go.

Brian William Kingston -- Chief Executive Officer

Yes, so, Mark, keep in mind the commitments to the Fund generally get drawn over a period of about 4 years, so although it's a change in the number our plan was not to put $2.5 billion into the fund in 2019. So the buyback takes up a large portion of what we would have expected should have been deploying into the fund or at least delta of what we would be expecting to put into the fund over the course of 2019.

And then as far as the future years I do think Sandeep touched on a couple of the opportunities within retail. But we do have a number of other investment opportunities whether it's putting things into developments or redevelopments of malls or on the office side as well. So I think the difference will be invested in a combination of both the buyback as well as some of these other investment opportunities where we think we can get good returns. But it's all, it's largely fungible and it it takes place over 4 years, not -- it's not all in 2019.

Mark Rothschild -- Canaccord Genuity Limited -- Analyst

Yes, understood. And in regard to the buyback last quarter, you seem to be a little bit more reluctant to do and I realized you just closed GGP at that point, but did something change in the last few months, unit price is pretty much of yesterday it was around where it was 3 months ago. So, did anything change in the past few months to make you want to do it or is it just the timing work now?

Brian William Kingston -- Chief Executive Officer

Yes, no nothing changed.

Mark Rothschild -- Canaccord Genuity Limited -- Analyst

Okay, great. Thank you.

Brian William Kingston -- Chief Executive Officer

Okay.

Operator

Thank you. Our next question comes from the line of Mario Saric from Scotiabank. Your question please.

Mario Saric -- Scotiabank -- Analyst

Hi, good morning. Just coming back to capital allocation what's the identified target in terms of net proceeds from asset sales in 2019?

Brian William Kingston -- Chief Executive Officer

I think it will be pretty similar to the last couple of years. So in the order of $2 billion to $2.5 billion. Sometimes we're a little more opportunistic, if something comes along and so I think 2018 was a little higher number than that because of a couple of specific opportunities, but it's on a general run rate basis, we're usually looking to do $2 billion to $2.5 billion year net proceeds.

Mario Saric -- Scotiabank -- Analyst

Okay. And then I guess we're turning to BSREP III 3 like your commitment of $1 billion or 7% of the total capital committed. So when we think about acquisition opportunities going forward, is it fair for us to assume that the majority of my outside of the redevelopment stuff that you talked about is it fair to assume that the majority of the acquisition growth will be done through your proportionate interest in BSREP III. Similar to what's happened in the past with BSREP I and II or are there opportunities for BPY to perhaps increase the investment specific transactions within the fund going forward .

Brian William Kingston -- Chief Executive Officer

Yeah look our percentage commitment to the fund that's coming through BPY versus Brookfield Asset Management, does not have any impact at all on the deals that would or wouldn't have gone into the fund. So I'd say from that perspective, nothing, nothing changes the same deals that would have gone into the fund will still go into the fund, The difference being just BPY has some of the capital that we were otherwise planning to dedicate to that available to us to fund some of these other things that weren't ordinarily going to be in the fund anyway.

Mario Saric -- Scotiabank -- Analyst

Got it, OK.So I'd like, broadly speaking, investment activity will still go through both BSREP III outside of and redevelopment initiatives that you have, do you level.

Brian William Kingston -- Chief Executive Officer

Yeah, for the most part, yeah sure

Mario Saric -- Scotiabank -- Analyst

Okay and then just maybe shifting gears back to the, the value creation potential that you identified at GGP at nine just nine of the malls. Of the $3 billion of potential upside. Can you maybe share a bit of color in terms of how much of that you're planning to come from condo development versus, let's say, increasing the NOI, the retail NOI at the of the asset or building out other types of real estate out the assets versus no professing (ph) and better valuation for the overall mall given the change in mix. Just a bit of color in terms of where that $3 billion is coming from .

Brian William Kingston -- Chief Executive Officer

So kind of ironic the condo sales just about $100 million of $3 billion, so its predominately all NOI growth and we really haven't factored in the shadow impact on the retail properties which they should be when you build these mixed use developments. So this is pure return on investment on capital investment for rental properties. So, very little is condo almost all of it is rental.

Mario Saric -- Scotiabank -- Analyst

Okay. And then in order to generate the $3 billion, what type of capital outlay would you suggest we think about

Brian William Kingston -- Chief Executive Officer

At a 100% it's $6 billion so, at our share would be lot less.

Mario Saric -- Scotiabank -- Analyst

Got it, OK. And then in terms of timing, you've gone through a 75 malls, so 35 opportunities that you've identified , how should we think about completion of those 35 can opportunities over time in the even these nine that you've identified that pertains to the $3 billion.

Brian William Kingston -- Chief Executive Officer

So likely just focused on these nine. So we start to start to see them going to construction in 2021 and so we would sort of sit back and say, by '23, '24. These nine will be complete, I really don't have a timeline for the other 25 or so. We'll have a better idea as the year moves on. But we're very focused on getting these nine into the ground.

Mario Saric -- Scotiabank -- Analyst

Okay and then my last question, just maybe shifting gears to the quarterly results and maybe a question for Bryan Davis investment fees in the other revenue component of the results, was $140 million. So double the Q4 '17 print almost double the Q3 '18 print. I think you identified about $20 million of transaction fees on the retail side. During the quarter, but how should we think about the sustainability of that $138 million going forward.

Bryan Davis -- Managing Partner Real Estate

Yeah, just to clarify, I did identified 20 million in transaction income, it's not just retail. It was a combination of termination income of condominium sales . And then the last one was a merchant build game as it relates specifically to fee income, we didn't really see anything that was materially lumpy in this quarter. We do get the benefit of course increased ownership in our core retail and the associated fees with that business. In addition, there is incremental fees on that business as a result of the JVs that were created to raise the capital .

So absent maybe some leasing transaction in some development fees that we earned. This should be sustainable going forward.

Mario Saric -- Scotiabank -- Analyst

Okay. that's great. Thank you

Operator

Thank you. Our next question comes from the line of Sam Damiani from TD Securities. Your question please.

Sam Damiani -- TD Securities -- Analyst

Thank you and good morning. Just with the benefit of, I guess, four, five months hindsight after the September Investor Update. How do you look at the five year goal of dividend growth at FFO growth given the changes of capital allocation that we've seen so far.

Ric Clark -- Chairman

You know our business doesn't move quite that fast and so I'd say, our outlook is still intact. I think our, our plan has been for the last five years and will be for the next five years as well to grow earnings at seven to nine and grow distribution between 5% and 7%. So I don't think anything has happened over the course of last three or four months is as changed any of that.

Sam Damiani -- TD Securities -- Analyst

Okay. And I think you for that. Just on the retail as you take space out of service over the next few years, how much of that is going to be an anchor space versus high rent paying CRU space.

Sandeep Mathrani -- Global Head, Retail Real Estate

I would say most of it is is anchor space and most of it sort of sits in parking lots and paring decks, very little of it is in-line space. Although there is a sort of a guess the shadow impact on in-line space. When you do take an anchor space house so you do start to see some negative impact, but we're not really taking out in life-based, although you will have an impact is purely because it's a development going on next door.

Sam Damiani -- TD Securities -- Analyst

Thank you. One last would, if I could, just on the London market, if you could provide a bit of an update as to what sort of happening on the ground today of leasing transaction front.

Brian William Kingston -- Chief Executive Officer

Surprisingly I think for those who are not in London on a daily basis activity and sentiment generally in the market is pretty good. Notwithstanding, you know, some of the headlines and and turmoil that seems to be happening on a political front over there. So we've actually seen pretty good leasing momentum within -- Canary Wharf, as well as in our and our city portfolio.

And although we don't really have any assets in the market right now. So this is more, I'd say anecdotal or in speaking to appraisers et cetera in the market, there doesn't seem to still be quite a bit of Offshore in particular appetite for London office buildings. So it appears that the investment market is robust. I'd say I would expect January, February and March of this year, it's going to be slower than the last quarter of 2018.

But I think surprisingly the markets feels pretty resilient right now.

Sam Damiani -- TD Securities -- Analyst

Great, thank you.

Brian William Kingston -- Chief Executive Officer

Okay.

Operator

Thank you. (Operator Instructions). Our next question is a follow-up from the line of Sheila McGrath (ph) from Evercore, your question please.

Sheila McGrath -- Evercore -- Analyst

I guess I was wondering if you could give us an update on Manhattan West progress on that project in the news that you'll probably started another Tower there .

Ric Clark -- Chairman

Yeah, sure, Sheila. It's Ric, Manhattan West been incredibly successful for us on the office for us is about 4 million square feet of office space there and with the one ground up Tower on Manhattan West being completed later this year. So among that 4 million square feet were 92% leased, plus or minus.

We've got very robust activity of a couple of million feet. So with that given our locations right across the street from the most heavily trafficked train station in this part of the world, we've decided that we are going to build the South Tower. So it's another 2 million square feet coming on, and I think, we think that is appealing to tenants in the market about that is when this tower is done our 7 million square foot project is 100% finished those tenants won't living in a construction zone.

So lots of successes on the office front, we've been doing a lot of Retail leasing and our apartment building should hit stabilization in the upcoming quarter. So it's just a lot of good news there.

Sheila McGrath -- Evercore -- Analyst

Okay, great.

And then any comment on Greenpoint or an update there and your thoughts if Amazon is successful, at relocating to Long Island City impact on that project.

Ric Clark -- Chairman

Yeah. So when we went into it. I'd like to say we knew about the Amazon decisions before we invested here. But and just without the Amazon decision, it's been a good success for us, One Blue Slip which opened a few months ago is now just shy of 30% leased. We're signing between 20 and 30 leases a month. This is the flow seasons. So that's really encouraging, just anecdotally, and I'll get these numbers a little bit wrong.

I'm doing off of memory. But when Amazon committed to downtown Seattle their initial commitment was about one million square and today, which is roughly nine years after that initial commitment. I think they are in 10 or somewhere between 10 million square feet and 14 million square feet. So the growth has been exponential. We would expect the same thing in New York City. We're just a few minutes away from that campus with our investments in Greenpoint. So to say that we're excited about that decision is an understatement, but I think it's a really big thing for New York City. Each Amazon job results in another three or four jobs created. So this is kind of big news and we will benefit for sure.

Sheila McGrath -- Evercore -- Analyst

Okay, great. Just two more quick ones on if you could just give us a little bit more detail on IDI logistics sale is a cap rate relevant there or was it just the whole platform or maybe the equity multiple?

Brian William Kingston -- Chief Executive Officer

Yes, Sheila. So the business consisted of both operating assets and development assets and so cap rates is a little tricky to give you only because it depends on how you allocate value between the two of them, but on our math, it was a sub 5% cap rate on the income producing assets and from our investment perspective resulted in a little over 20% return in 2.5 times our original investment from sort of start to finish it's over about a 6-year period.

Sheila McGrath -- Evercore -- Analyst

Okay, great. And one last one, just you were in the press and I think you did comment on one of the calls, looking at that European retail acquisition and then that fell away. Is that reflective of your view on caution on Europe or the valuation or if you could just give us a little color on that transaction what happened there?

Brian William Kingston -- Chief Executive Officer

There's a lot of reasons why transactions come and go, and we look at a lot of things that we don't ultimately end up completing. I think the only thing that was unique about the one that you're referencing is that it typically ends up being public a lot earlier on in the process in the UK than it might otherwise in other markets that we operate in. So I think there is nothing specific that I would point to. As you know we're positively disposed toward the UK in the long-term, we were positively disposed to the retail sector, it was a logical one for us to look at, but it is always -- there's always a lot of reasons why transactions don't come together.

We just don't typically see it in the press everyday.

Sheila McGrath -- Evercore -- Analyst

Okay, thank you.

Operator

Thank you. And this does conclude the question-and-answer session of today's program. I'd like to hand the program back to Brian Kingston, CEO for any further remarks.

Brian William Kingston -- Chief Executive Officer

Okay, thank you for joining our cal again this quarter and we look forward to providing an update following Q1. Thanks, everyone.

Operator

Thank you, ladies and gentlemen for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

Duration: 37 minutes

Call participants:

Matthew P. Cherry -- Vice President, Investor Relations, Communications

Brian William Kingston -- Chief Executive Officer

Bryan Davis -- Managing Partner Real Estate

Sheila McGrath -- Evercore -- Analyst

Sandeep Mathrani -- Global Head, Retail Real Estate

Mark Rothschild -- Canaccord Genuity Limited -- Analyst

Mario Saric -- Scotiabank -- Analyst

Sam Damiani -- TD Securities -- Analyst

Ric Clark -- Chairman

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