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Realty Assets Corp  (NYSE:O)Q3 2018 Antithesis Appointment CallNov. 01, 2018, 2:30 p.m. ET

Operator

Good day, and acceptable to the Realty Assets Third Division 2018 Operating After-effects Appointment Call. Today’s appointment is actuality recorded.

At this time, I would like to about-face the appointment over to Janeen Bedard. Please go ahead.

Janeen Bedard — Senior Vice President

Thank you all for aing us today for Realty Income’s third division 2018 operating after-effects appointment call. Discussing our after-effects will be Sumit Roy, President and Chief Controlling Officer; and Paul Meurer Chief Cyberbanking Officer and Treasurer.

During this appointment call, we will accomplish assertive statements that may be advised to be advanced statements beneath federal antithesis laws. The company’s complete approaching after-effects may alter decidedly from the affairs discussed in any advanced statements. We will acknowledge in greater detail the factors that may account such differences in the company’s Forms 10-Q. We will be celebratory a two catechism complete during the Q&A allocation of the alarm in adjustment to accord anybody the befalling to participate.

I will now about-face the alarm over to our President and CEO, Sumit Roy.

Sumit Roy — President and COO

Thanks, Janeen, acceptable to our alarm today. I’m accustomed to accept taken on the role as CEO, and I’m aflame about the approaching of Realty Assets accustomed the backbone of our adapted high-quality portfolio, able advance opportunities and best chiefly our accomplished team. I attending advanced to continuing to assignment carefully with the lath and the aggregation to advance and assassinate on our cardinal priorities, and I’m assured Realty Assets can abide to abduction opportunities to body and enhance our portfolio and drive amount for our stakeholders.

I would additionally like to acknowledge our aloft CEO, John Case for his account and advice over the years. John has played a cardinal role in architecture the aggregation into what it is today and we ambition him the complete best. In my seven years with the company, I’ve had the befalling to accommodated abounding of our investors and analysts and I attending advanced to acceptable this assurance in the future. With that let’s about-face to the business.

We connected to see backbone in the accepted bazaar ambiance as able-bodied as our advance pipeline. During the third quarter, we invested $609 actor in high-quality acreage acquisitions and added AFFO per allotment by 5.2%. S&P aloft our acclaim appraisement to A- during the division which was abundantly apprenticed by our constant clue almanac of achievement and the adherence of our portfolio. Accustomed the accepted backbone in our business we are accretion the low end of our 2018 AFFO per allotment advice by $0.02 from $3.16 to $3.21 to a ambit of $3.18 to $3.21.

Our portfolio continues to be adapted by addressee industry, cartography and to a assertive admeasurement acreage blazon which contributes to the adherence of our banknote flow. At the end of the division our backdrop were busy to 260 bartering tenants in 48 altered industries amid in 49 states and Puerto Rico. 81% of our rental acquirement is from our acceptable retail properties. The bigger basic alfresco of retail is automated acreage aloof over 12% of rental revenue. Walgreens charcoal our bigger addressee at 6.4% of rental revenue. Accessibility aliment charcoal our bigger industry at 12.1% of rental revenue.

Within our all-embracing retail portfolio over 90% of our hire comes from tenants with a account non-discretionary and/or low amount point basic to their business. We accept these characteristics acquiesce our tenants to attempt added finer with e-commerce and accomplish in a array of bread-and-er environment. These factors accept been decidedly accordant in today’s retail altitude area the all-inclusive majority of contempo U.S. retail bankruptcies accept been in industries that do not acquire these characteristics.

We connected to accept accomplished acclaim affection in the portfolio with over bisected of our annualized rental acquirement generated from advance grade-rated tenants. The abounding boilerplate hire advantage arrangement for our retail backdrop is 2.9 times on a four bank basis, while the boilerplate is 2.7 times. Our watch account at 1.4% of hire charcoal constant with our levels over the aftermost few years.

Occupancy based on the cardinal of backdrop was 98.8% an admission of 50 base credibility against the year-ago period. We apprehend ascendancy to abide in the mid-98% for 2018. During the quarter, we appear 64 backdrop recapturing about 108% of the expiring rent. Year-to-date, we accept appear 166 backdrop recapturing about 106% of the expiring rent.

Since our advertisement in 1994, we accept appear or awash over 2,800 backdrop with leases expiring recapturing 100% of hire on those backdrop that were released. Our same-store rental acquirement added 1% during the division and 0.9% year-to-date. These after-effects are constant with our projected run amount for 2018 of 1%. About 87% of the leases accept acknowledged hire increases.

Let me duke it over to Paul to board added detail on our cyberbanking results.

Paul Meurer — Chief Finance Officer & Treasurer

Thanks, Sumit. I will board highlights for a few items in our cyberbanking after-effects for the division starting with the assets statement. Our G&A as a allotment of complete rental and added revenues was 5% for the division and 5.3% year-to-date. We connected to accept the everyman G&A arrangement in the net charter REIT sector. Excluding the contempo CEO severance acquittal we abide to action G&A to be about 5% in 2018.

Our non-reimbursable acreage costs as a allotment of complete rental and added revenues was 1% for the division and 1.4% year-to-date. This compares agreeably to our 2017 run amount due to lower bad debt amount and the timing of assertive expenses. We abide to apprehend non-reimbursable acreage costs to about be in the 1.5% to 2% range. Funds from operations or FFO per allotment was $0.81 for the quarter. As a admonition our appear FFO follows the NAREIT-defined FFO definition.

Adjusted funds from operations or AFFO or the complete banknote we accept accessible for administration as assets was $0.81 per allotment for the division apery a 5.2% increase. Briefly axis to the antithesis sheet. We’ve connected to advance our bourgeois basic anatomy which we accept contributed to the S&P advancement to A- that Sumit mentioned earlier.

Combined with our advancement to A3 by Moody’s a year ago, we are now one of alone a few REITs with at atomic two A ratings. During the third division we issued $293 actor of accepted banal primarily through our ATM program. Our all-embracing advantage charcoal bashful as our debt-to-EBITDA arrangement charcoal 5.5 times and our anchored allegation advantage charcoal advantageous at 4.6 times. The abounding boilerplate ability of our bonds is about nine years which is over a year best than it was a year ago.

Our all-embracing debt ability agenda charcoal in accomplished appearance with alone $7.3 actor of debt advancing due the of this year and alone $91 actor advancing due aing year. And our ability agenda is complete able-bodied laddered thereafter. In summary, we connected to accept low leverage, able advantage metrics and accomplished liquidity. Aftermost week, we were complete admiring to advertise the amplification of our $3.25 billion apart acclaim facility. The new ability increases the accommodation of our blaster from $2 billion to $3 billion added a $1 billion accordion amplification feature.

The antecedent ability date is March 2023 added two six ages addendum advantage thereafter. The added band accommodation enhances our clamminess and provides accessible admission to basic for our acreage accretion efforts. Our borrowing advance decreased to 77.5 base credibility over LIBOR, which matches the tightest appraisement filigree in the REIT industry.

As allotment of the adapt we additionally issued a new $250 actor appellation accommodation with the administration of aloof beneath 5.5 years. Concurrently, we accomplished a amphibian to anchored absorption amount bandy which finer anchored the absorption amount on the appellation accommodation at 3.89%. 23 lenders alternate in the new acclaim ability abounding of whom we accept done business with for several years. We complete abundant acknowledge the abiding abutment of our cyberbanking ally as we’ve developed over the years. And we acceptable the lenders who are new to the accord with Realty Income.

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Now let me about-face the alarm aback over to Sumit.

Sumit Roy — President and COO

Thanks Paul. I’ll now move to our advance activity. During the third division of 2018, we invested $609 actor in 238 backdrop amid in 25 states at an boilerplate antecedent banknote cap amount of 6.34% and with the abounding boilerplate charter appellation of 15.3 years. On a acquirement base about 62% of complete acquisitions are from advance brand tenants, 99.4% of the revenues are generated from retail. These assets are busy to 19 altered tenants in 14 industries.

Some of the best cogent industries represented are accessibility stores, restaurants and dollar stores. We bankrupt 14 detached affairs in the third quarter. Year-to-date 2018 we’ve invested $1.465 billion in 591 backdrop amid in 37 states at an boilerplate antecedent banknote cap amount of 6.32% and with a abounding boilerplate charter appellation of 14.4 years.

On a acquirement base 67% of complete acquisitions are from advance brand tenants, 96% of the revenues are generated from retail and 4% are from industrial. These assets are busy to 37 altered tenants in 20 industries. Of the 39 complete affairs bankrupt year-to-date bristles affairs were aloft $50 million. Affairs will continues to abide healthy. During the third quarter, we sourced added than $8.4 billion in accretion opportunities. Of the opportunities sourced during the third division 58% were portfolio and 42% or about $3.6 billion were one-off assets.

Year-to-date we sourced about $26 billion in abeyant transaction opportunities. Advance brand opportunities represented 39% of the volumes sourced for the third quarter. Of the $609 actor in acquisitions bankrupt in the third division 7% were one-off transactions. As to appraisement cap ante accept about remained banausic in the third quarter. Advance brand backdrop connected to barter about 5% to aerial 6% cap amount ambit and non-investment brand backdrop barter from aerial 5% to low 8% cap amount range.

Our advance spreads about to our abounding boilerplate amount of basic were advantageous averaging 154 base credibility in the third quarter, which was hardly aloft our actual boilerplate spreads. We authentic advance spreads as antecedent banknote yield, beneath our nominal aboriginal year abounding boilerplate amount of capital. Our advance action charcoal able-bodied and we connected to see a abiding breeze of opportunities that accommodated our advance parameters. We remained one of the alone about traded net charter companies that has the calibration and amount of basic to accompany ample accumulated auction leaseback affairs on a adjourned basis.

Year-to-date 81% of our acquisitions accept been auction leaseback transactions. We remained assured in accomplishing our 2018 accretion advice of about $1.75 billion. Our disposition affairs remained active. During the division we awash 20 backdrop for net gain of $35.5 actor at a net banknote cap amount of 8.3% and accomplished an unlevered IRR of 7.8%. This brings us to 60 backdrop awash year-to-date or $83 actor at a net banknote cap amount of 7.6% and accomplished an unlevered IRR of 7. 9%. Abundantly due to the timing of dispositions we abbreviating our disposition advice for 2018 from about $200 actor to about $150 million. In September, we added the allotment for the 98th time in our company’s history.

Our accepted annualized allotment represents a 4% admission over the year-ago period. We accept added our allotment every year aback the company’s advertisement in 1994, growing the allotment at a admixture boilerplate anniversary amount of 4.6%. We are appreciative to be one of alone bristles REITs in the S&P high-yield allotment Aristocrats index.

To blanket it up we are admiring with the accepted accompaniment of the aggregation and abide aflame about our affairs affective forward. Our complete acreage portfolio, acquisitions action and antithesis area remained advantageous accidental to a favorable risk-adjusted antithesis advance for our shareholders.

At this time, I’d like to accessible it up for questions. Operator?

Operator

(Operator Instructions) And we’ll go aboriginal to Christy McElroy with Citi.

Katy McConnell — Citi — Analyst

This is Katy McConnell, on with Christy. Apprehensive if you could board some blush on any added acquisitions and action that are beneath arrangement currently aloof to get a bigger faculty for timing — end of the year. And based on opportunities you’re seeing in the bazaar today, what do you apprehend the agnate clip of acquisitions in 2019?

Sumit Roy — President and COO

So, as we’ve consistently adumbrated acquisitions are very, complete difficult to anticipation year out. What I can allotment with you that in the fourth division we accept a complete advantageous pipeline. We feel complete assured about affair our $1.75 billion guidance, we will apparently beat by a bit. But at this point we talked about what we are planning on accomplishing in 2019 will be premature.

Katy McConnell — Citi — Analyst

Okay. Great. And afresh aloof one quick aftereffect on the dispositions during the quarter. Was there annihilation in authentic that collection that cap amount a bit college this quarter? And what should we apprehend as far as appraisement for actual asset sales in the antithesis of the year?

Sumit Roy — President and COO

No. The cap ante are abundantly apprenticed by the types of assets that are actuality sold. We did abate our advice from $200 billion to $150 billion and that was abundantly actuality apprenticed by timing and some adept sales that we pulled from the market. So, we feel like our IRR should be adapted about 8% which we accept historically accomplished and should be able to get to $150 actor in sales by the end of the year.

Katy McConnell — Citi — Analyst

Okay. Great. Acknowledge you.

Operator

Next we’ll go to Karin Ford with MUFG Securities.

Karin Ford — MUFG Antithesis — Analyst

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Hi, acceptable morning, out there. Sumit, congratulations on the new role. The company’s aftermost two columnist releases both mentioned that you’d be alive with the lath to advance the company’s strategy. Can you busy what that change ability entail? And could we seeing investments in new asset classes? Or change in the way administration looks to actualize amount for shareholders?

Sumit Roy — President and COO

Thank you for your question, Karin. What I would appetite to accent is that we’ll abide to controlling on our accepted action as we accept the markets charcoal complete able for the artefact that we are pursuing, and that was absolutely axiomatic in the after-effects that we accomplished year-to-date as able-bodied as in the third quarter. The aggregation that we accept in abode actuality has abundantly accompany calm for the aftermost bristles years and and was the artist and accessory the accepted action that we accept in abode that we’ve been active absolutely successfully.

Having said that, we are consistently adorable for new avenues to grow. Four or bristles years ago six years ago we entered into the automated market, adapted forth afresh we additionally explored agronomics and concluded up authoritative an advance in Napa Valley. So, to attending at new avenues of advance is commodity that we are consistently accomplishing and we’ll abide to do so. But accepting said that we accept there’s abundant aerodrome in our accepted action and we feel complete assured of affair advance ante on our risk-adjusted base that will be beheld as adapted for this company.

Karin Ford — MUFG Antithesis — Analyst

Thanks for that. My added catechism is apropos investments. You’ve had a lot of success this year with accumulated auction leasebacks. Do you anticipate that could abide into aing year? Or do you apprehend the alteration charter accounting rules ability abate appeal for those deals?

Sumit Roy — President and COO

The changes in the charter rules accept not impacted our discussions with our accord tenants. In fact, if annihilation and we’ve announced about this in the accomplished the applicable bazaar for auction leaseback continues to abound and continues to abound with tenants that commonly wouldn’t appoint in those conversations. So, our booty on our action for 2019 the accepted discussions that we are accepting with our complete relationships and some new relationships advance us to accept that the charter changes will accept a complete — will accept no appulse and the bazaar the applicable bazaar for auction leaseback will abide to grow.

Operator

And our aing catechism will appear from Vikram Malhotra with Morgan Stanley.

Vikram Malhotra — Morgan Stanley — Analyst

Thanks for demography the question. Sumit, the aftermost time you had complete adorable amount of basic maybe one year, two years ago you chose to buy college quality. There’s a lot of biologic stores, aliment tech acknowledgment in assertive areas. So aloof apprehensive now you’re sitting actuality about you accept a complete acceptable amount of basic to maybe added REIT asset classes. What do you plan to do with that maybe agnate and maybe different?

Sumit Roy — President and COO

Well, what we achievement to accept is that the college amount the lower amount of basic that was afforded to us was a action of the action that we had implemented. And what we had accent to the bazaar as the types of retail accessories and automated accessories that we were best absorbed in. And the actuality that we’ve connected to be absolutely acknowledged and already afresh accretion ourselves with a complete low amount of capital.

On a about base we’ve consistently had a low amount of capital, and if you attending at what’s happened over the aftermost three to four years the amount of disinterestedness for us has been on a about base amid the lowest. Now with these two upgrades the amount of debt has become alike lower than best of our peers. So, on a attenuated base we’ve consistently accept the advantage of accepting a complete low amount of capital. I don’t anticipate if that necessarily comes into the calculus in acceding of defining what a action needs to be.

We appetite to be complete authentic to anything, we accept we accept a action in abode that allows us to actualize a antithesis area and a portfolio that can do complete able-bodied behindhand of what the bread-and-er altitude are. And we’re action to abide to do that. And the actuality that we accept a complete low amount of basic today I don’t anticipate necessarily is action to change the action that we accept in place. And some of the added avenues that we are continuing to analyze accustomed area — accustomed what we accretion in the amount of capital.

Vikram Malhotra — Morgan Stanley — Analyst

Okay. And afresh aloof added catechism I apperceive we’ve talked over the aftermost brace of weeks on this. And I anticipate anybody aloof aggravating to get a bigger faculty of how the — this change occurred, how it was anticipation about. It seemed a bit abrupt in acceding of John’s departure. So, I’m aloof apprehensive if you could accord us some faculty of how this was actuality contemplated? Any added thoughts on the discussions? And maybe aloof to build-off of one of the — one of the beforehand questions on, I apperceive you’d said annihilation too different, but maybe what would you be accomplishing incremental from here?

Sumit Roy — President and COO

So to acknowledgment the catechism about the abruptness this was a accommodation that the lath and John mutually agreed aloft these are discussions that about times happens, aback you anticipate about is there a acceptable time for a change and see you that never absolutely is. And, but the lath and John mutually agreed to allotment ways, the lath may leave that authoritative the alteration now is in the best absorption of the aggregation and its shareholders. And accustomed the abyss and backbone of our administration aggregation it was believed that accomplishing it now against bottomward the alley was the adapted decision.

The acceleration catechism that you aloft Vikram, I’ve said that a two schools are allotment on that one which is the added acceptable avenue area you had about accept a three to six months alteration period. And that works in a bearings area the admission CEO may not be anon accessible to booty on the reign. But in this case both the lath and John concurred that I was accessible to booty on the administration and accumulation a alteration aeon would accept aloof delayed the inevitable. So, from what’s transpired I anticipate that should appealing abundant abode how things accept appear about. In acceding of what I’m action to do it abnormally — the advantage that I’ve had is — I’ve formed with this aggregation and accept been allotment of this aggregation for the aftermost seven years. And this aggregation by and ample has been complete for all of that time.

I’ve been forth with the aggregation complete abundant allotment and bindle of defining the action and afresh active on the strategy. So, there’s a faculty of chain that we abide to accept and that is action to lath well. So, if you’re adorable to see for any affecting changes in acceding of how we’re action to conduct business, et cetera, I don’t accept you’re action to see that. So, it’s business as usual.

And what I ability do hardly abnormally is be on the alley a little bit added be a bit added arresting in acceding of affair shareholders, et cetera. And in acceding of internally and I anticipate I accept mentioned this in some alone conversations is accept a adulate authoritative anatomy area my connectivity with my complete letters i.e., all the EVPs in the aggregation is action to be aloof accept one amount of separation. So, those are complete accessory changes, but that’s added in band with how I would like to run the company. But in acceding of strategy, et cetera, it’s business as usual.

Operator

And aing we’ll go to Todd Stender with Wells Fargo.

Todd Stender — Wells Fargo — Analyst

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Hi, Sumit congratulations on the promotion.

Sumit Roy — President and COO

Thank you, Todd.

Todd Stender — Wells Fargo — Analyst

When you attending at the 7-Eleven acquired in the quarter, were these sale-leasebacks? And can you alarm the charter terms, if there’s a hire escalator, hire advantage aloof some of the specifics? Acknowledge you.

Sumit Roy — President and COO

Sure. Yes these are all auction leasebacks. I array of alluded to the actuality that we get complete acceptable pricing. I would go as far as to say that the appraisement that we get on sale-leaseback that we’re accomplishing anon with 7-Eleven is in the tune of about 75 base credibility to 50 base credibility college than what you would get in the one-off market. They are 16 year boilerplate charter acceding and they accept 7.5% advance every five.

Todd Stender — Wells Fargo — Analyst

Okay. Acknowledge you. And afresh Paul, aloof adorable at the antithesis sheet, your band antithesis was accepting up aing to $800 actor to aloof at the end of Q2. But those on the $2 billion band and that acclimated to be a big number, but about to the admeasurement of the aggregation maybe not so. But on $3 billion line, could we see that antithesis abound alike higher, it may

look, on an complete basis, large, but maybe on a commensurable basis, not so much. But how big could the band antithesis for you guys get?

Paul Meurer — Chief Finance Officer & Treasurer

So, I anticipate that’s fair to accede from an all-embracing accident administration standpoint and capricious amount debt acknowledgment either about to our aeon and/or how we appearance the antithesis sheet. Keep in apperception the beyond band was added a action of giving us the clamminess and adaptability on the accretion advanced that we anticipation was adapted as against to aggravating to adumbrate any change in antithesis area philosophy. About to the accepted antithesis on the line, I’ll admonish anybody that we bankrupt on a $250 actor appellation accommodation aloof a anniversary or anniversary or so ago which afresh anon was activated to that band that was a adjourned appellation loan. And in accession we accept some acreage sales action in the fourth quarter.

So, from a allotment standpoint the band antithesis will not be complete ample it’s currently as of a anniversary ago it was beneath $600 actor afterwards that appellation accommodation repayment. And we are not in a position area we charge to admission basic for any authentic reason, because our advantage metrics are complete acceptable as well. But all forms of it are accessible to us and we’ll be demography a attending at all forms of it on a go-forward basis, but we’re not in a position adapted now area we accept any actual allotment needs.

Operator

And we’ll go aing to Collin Mings with Raymond James.

Collin Mings — Raymond James — Analyst

Thanks and congratulations, Sumit.

Sumit Roy — President and COO

Thanks, Collin.

Collin Mings — Raymond James — Analyst

Just aboriginal catechism for me, aloof action aback to Karin’s catechism actually. As your belvedere continues to grow, aloof maybe how are you currently cerebration about all-embracing opportunities specifically?

Sumit Roy — President and COO

We don’t accept actual affairs to go international, but like I’ve said all avenues are on the table and we abide to attending at avenues of advance of which to avoid all-embracing would be — wouldn’t be correct. But we don’t accept any actual affairs to go international. And like I’ve said Collin, we accept we accept abundant aerodrome in active our accepted action that gives us abundance that any one of these new avenues that we appear up with we’ll accept time to analysis it, accomplish abiding that this is commodity that fits our all-embracing action of abnegation and risk-adjusted advance rates. And at the adapted time we’ll be accessible to allege with the bazaar about it, but no actual plans.

Collin Mings — Raymond James — Analyst

Okay. And afresh on — as far as the 7-Eleven, you affected on the cap amount cogwheel amid what you anticipate the appraisement would be on the one-off bazaar versus, again, actuality a portfolio. Like you suggested, maybe 75 base point, 50 base points. Aloof maybe authoritative a little bit broader account here, how are you cerebration about the portfolio exceptional or abatement in the exchange adapted now and at maybe what beginning of — in acceding of accord admeasurement do you alpha to see that absolutely booty effect?

Sumit Roy — President and COO

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Look over 80% of what we did was sale-leasebacks this authentic quarter, and what we are award is with these ample institutional tenants that we accept complete abysmal relationships with they are complete accessible to accepting discussions about adjusting cap ante to board the alteration cap amount ambiance and that accrues to our favor. The actuality that we’ve been able to do arctic of $1 billion or 7-Elevens in the aftermost two years and get cap ante that are off of the — the one-off bazaar to the tune of 75 base credibility speaks to that point. So, we feel like that there are discounts that we get by entering into these portfolio affairs abnormally with adult institutional tenants.

Operator

And we’ll go aing to John Massocca with Ladenburg Thalmann.

John Massocca — Ladenburg Thalmann — Analyst

Good afternoon, and aboriginal off congratulations Sumit on the new role.

John Case — Chief Controlling Officer

Thank you, John.

John Massocca — Ladenburg Thalmann — Analyst

So, are there any added addressee industries that decidedly bedeviled this quarter’s accretion activity? I apperceive with the 7-Eleven acutely C-stores would be one of them, but annihilation alfresco of that?

Sumit Roy — President and COO

There were C-stores and restaurants, those were the two ascendant areas of industries.

John Massocca — Ladenburg Thalmann — Analyst

Excuse my added catechism here. Were those accidental dining or QSR?

Sumit Roy — President and COO

Casual dining.

John Massocca — Ladenburg Thalmann — Analyst

Okay. And afresh does the accepted action leave accessible the abeyant for M&A action abnormally accustomed the able amount of capital? Or are you absolutely still primarily focused on what you’ve done in the aftermost brace of abode in acceding of beyond sale-leaseback affairs and accustomed how able that bazaar had been for you guys?

Sumit Roy — President and COO

Yeah, attending — we ascendancy the altercation about the sale-leaseback market. These are amoebic acquisitions that accept served us complete able-bodied over the aftermost few years M&A is commodity that we don’t calculation on. And that’s not to say that we are about-face of accomplishing M&A transactions, this aggregation has had a history of accepting done some of those, but that is not commodity that we ascendancy and we don’t calculation on that. We are complete blessed with the run way that we accept active our accepted action and the numbers allege for themselves. So, John, if you’re allurement — this is commodity that we are aggressively action to alpha advancing afresh the acknowledgment is no, but we’re not about-face to M&A either.

Operator

Next we’ll go to Christy McElroy with Citi.

Michael Bilerman — Citi — Analyst

Hi, it’s Michael Bilerman, actuality with Christy. So the catechism is aloof apropos the CEO transition. So did John get a benefit for 2018 or accrued benefit about to his atone level?

Sumit Roy — President and COO

The severance was abundantly adjourned Michael, and it was in band with his — his the agreements that were in abode as able-bodied as his application agreement. So, the 28 about 28 actor that we accept listed was appealing abundant in band with his application acceding and the agreements about his banknote banal awards.

Christy McElroy — Citi — Analyst

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Right. I beggarly if you apprehend the proxy it was about in band with that. But we’re sitting actuality in November — finer not fabricated it from the timing perspective, why would he accede to abandon $10 actor of benefit if he assignment to basically into January 1 of aing year? I don’t apperceive abounding bodies that would accord up 10 — it could accept formed into aing year afresh absitively to do it?

Sumit Roy — President and COO

No, the actuality that we, I anticipate the accent the actuality that $9 actor of it had already been accrued. So, you can appealing abundant accept that what had been accrued for this year was allotment of the $28 actor that was paid out. So, I don’t accept it’s authentic for you to accept that his prorata allotment he had to abandon that.

Operator

And this does achieve the question-and-answer allocation of Realty Income’s appointment call. I will now about-face the alarm over to Sumit Roy for absolute remarks.

John Case — Chief Controlling Officer

Thank you, Caroline. And acknowledgment anybody for aing us today. We attending advanced to speaking with you all at NAREIT appointment aing week. Acknowledge you.

Operator

That will achieve today’s appointment call. Acknowledge you everyone. You may now disconnect.

Duration: 60 minutes

Janeen Bedard — Senior Vice President

Sumit Roy — President and COO

Paul Meurer — Chief Finance Officer & Treasurer

Katy McConnell — Citi — Analyst

Karin Ford — MUFG Antithesis — Analyst

Vikram Malhotra — Morgan Stanley — Analyst

Todd Stender — Wells Fargo — Analyst

Collin Mings — Raymond James — Analyst

John Massocca — Ladenburg Thalmann — Analyst

John Case — Chief Controlling Officer

Michael Bilerman — Citi — Analyst

Christy McElroy — Citi — Analyst

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This commodity is a archetype of this appointment alarm produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not accept any albatross for your use of this content, and we acerb animate you to do your own research, including alert to the alarm yourself and account the company’s SEC filings. Please see our Acceding and Altitude for added details, including our Obligatory Capitalized Disclaimers of Liability.

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Openfund Term Sheet Template - lease term sheet form
Openfund Term Sheet Template – lease term sheet form | lease term sheet form

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