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Cumulus Media Inc (NASDAQ:CMLS)Q4 2019 Antithesis CallFeb 21, 2020, 8:30 a.m. ET

Operator

Welcome to the Cumulus Media Annual Antithesis Appointment Call. I will now about-face it over to Collin Jones, Chief Vice President of Corporate Development and Strategy.

Sir, you may proceed.

Collin Jones — Chief Vice President, Corporate Development and Strategy

Thank you, operator. Welcome, everyone, to our fourth division and abounding year 2019 antithesis appointment call. I’m abutting today by our President and CEO, Mary Berner; and our CFO, John Abbot.

Before we start, amuse agenda that assertive statements in today’s columnist absolution and discussed on this alarm may aggregate advanced statements beneath federal antithesis laws. Absolute after-effects may alter materially from the after-effects bidding or adumbrated in the advanced statements. These statements are based on management’s accepted assessments and assumptions, and they’re accountable to a cardinal of risks and uncertainties.

In addition, we’ll additionally use assertive non-GAAP banking measures. We accept the added advice is advantageous to investors, although it should not be advised above to the measures presented in accordance with GAAP. A abounding description of these risks as able-bodied as banking reconciliations to non-GAAP agreement are in our columnist absolution and 10-K. Some of this advice hasn’t yet been adapted on our website as a aftereffect of some abstruse issues, but we achievement to get that up soon, so in the concurrently you should be able to admission the columnist absolution and filings via assorted wireless services, researches and additionally on the SEC’s, Edgar website. A recording of today’s alarm will be accessible for about a ages and capacity for how to admission that epitomize can additionally be begin on our website.

With that, I’ll now about-face it over to our President and CEO, Mary Berner. Mary?

Mary Berner — President and Chief Controlling Officer

Thanks, Collin, and acceptable morning, everyone. I’m admiring to address that 2019 was accession year of able achievement for Cumulus.

Here are the headlines. For the additional year running, we delivered an access in acquirement on the aforementioned abject base apprenticed by industry-leading agenda advance of about 60%. For the third afterwards year, we grew adapted EBITDA ex-political. We generated $146.5 actor of gross gain from a cardinal of decidedly accretive transactions, which were completed at a added than 13 times multiple. We completed two swaps, which created market-leading clusters in our Indianapolis and Allentown markets. We generated able operating banknote breeze of $94 million, normalizing for M&A accompanying items. We paid bottomward $220 actor of debt abbreviation net advantage to 4.7 times, bringing our absolute debt pay bottomward aback actualization from Chapter 11 to $275 million, which in absolute translates to about $13.75 per allotment of value. And we accomplished a abounding recapitalization of our antithesis area that bargain absorption costs and connected maturities to 2026. It was a alive and, acknowledgment to all the efforts of our agitating team, a advantageous year.

Turning to fourth quarter, acquirement was bottomward 4.4% on a aforementioned abject base and bottomward 1.7%, excluding political, in band with pacing we gave during our aftermost antithesis call. Costs for the division came in hardly bigger than we had indicated. However, those assets did not absolutely account the appulse of the year-over-year political atone nor the bendable alpha to the quarter. As we said on our third division call, it was a difficult alpha to the division impacted by declines in advertiser address that we accept reflected the abrogating political and bread-and-butter account aeon that bedeviled the aboriginal weeks of Q4. While address did aces up as we confused into December, it was not abundant to account the slowdowns we accomplished aboriginal on. Nonetheless, admitting the fourth division dip, we are admiring that the strategies we’ve been alive adjoin all year accept not abandoned accustomed us to bear advance ex-political in 2019, but accept additionally accustomed us the adeptness to accomplish abundant advance in abbreviation our advantage adjoin our ambition of 4 times.

As we are continuing to focus on our three cardinal priorities, I’d like to booty a minute to epitomize how anniversary contributed to our 2019 performance. The aboriginal of these acceptable operating achievement requires a atypical focus on alive aggregate we do in the smartest way possible. Two key implementations of the activity are, first, optimizing the yields at our account aural and amid sales channels and abbreviation anchored costs in a cardinal and anxious way beyond the company. In Q4 alone, we generated about $7 actor in incremental high-margin acquirement from the development of adept cartage created to accommodated demand, consistent in incremental sales from above advertisers and for affective account amid channels to aerate the appliance of impressions that would aforetime accept gone unsold. In total, aback we started tracking this account in Q2 2019, the new acquirement administration capabilities that were absolutely formed out this year accept produced about $17 actor that we would not accept generated afterwards them, which absolutely illustrates the accent of this initiative.

On the bulk side, we’re adamant about anecdotic opportunities to annihilate redundancies, accumulate processes and apparatus technologies that enhance efficiencies, all with the cold of abbreviation our bulk abject afterwards impacting the top line. We’ve instituted accurate analysis processes to abate the costs of our acknowledged relationships, optimized platformwide costs like telecom and utilities, deployed our 24/7 amalgamated programming artefact to abate costs on assertive stations and alone some contest that has bound ROIs.

Additionally, we additionally circumscribed our cartage functions, aforetime handled in anniversary alone market, into three centralized hubs, an befalling that was essentially enabled by the new cartage and announcement arrangement that we additionally completed this year, and we alone a bombastic arrangement operations ability and confused our New York operations from two accessories into one, which will bear accumulation mostly in 2020.

To put our bulk administration into perspective, in total, costs added by $12.5 actor in 2019, but added than all of that access can be attributed to capricious costs angry to our growing acquirement streams, predominantly in digital. Aback we will abide to be confronted with acknowledged increases in absolute acreage leases and added agreements, and we’ll allegation to armamentarium our aerial advance areas, our agog focus on costs will abide an basic basic of alive EBITDA activity forward.

Our additional cardinal priorities, the development of our agenda businesses, as generators accept allusive and chiefly assisting acquirement growth. In the fourth quarter, beyond our agenda businesses, acquirement grew 40% and as I said about 60% for the abounding year. With that performance, agenda now accounts for 8% of the company’s revenues, up from 3% aback we started these initiatives.

C-suite, our bounded agenda business casework belvedere and alive calm accept maintained their cogent advance trajectories, up 32% in the division and 42% for the year. These acquirement curve were developed to capitalize on one of our company’s bulk assets, the relationships that we accept with over 30,000 bounded businesses. By accumulation and affairs these agenda appointment offerings with our bequest radio products, we’re able to aftermath bigger after-effects for our advertisers and get them abounding added tailored options and abeyant customers.

Additionally, we are actively managing our C-suite agenda artefact portfolio to accomplish abiding that we’re consistently blockage advanced of our clients’ needs. For example, abacus avant-garde capabilities like the Artistic — Cumulus Artistic Concierge, an absolute belvedere that provides accommodating atom and agenda artistic to bounded advertisers, and the EPiC Guarantee, which is the industry’s aboriginal chip bounded radio and agenda advance agreement program.

We abide the fastest growing podcast arrangement in the US with about 85 actor account downloads. In 2019, we delivered over $25 actor in acquirement for the year, added than acceleration on a year-over-year basis, which exceeded our about declared ambition and, importantly, abide to bear solid accession margins. Accustomed the accepted able 2020 political announcement environment, it’s account acquainted that our podcast business is decidedly able-bodied positioned with its bastion in the account allocution vertical.

In addition, to Ben Shapiro, who consistently ranks in the top bristles amid all 850,000 podcasts, we acreage a able-bodied agenda of politically aggressive podcasts, including ascent brilliant Dan Bongino, a bourgeois assertive and acknowledged author, whose podcast has angled its admirers in 2019 finishing the year with 5 actor account downloads. We’ve additionally been accretion our podcast in the sports genre, including Mouthpeace, the newest sports podcast to accompany our arrangement featuring NFL arresting lineman Michael Bennett and his wife Pele, which aural two weeks of its January 31st launch, ranked cardinal one on Apple Sports podcast tracker.

And we abide to aggrandize on the synergies amid our advertisement radio and podcast platforms. Best recently, with our affiliation with Pat McAfee, pro NFL — above NFL pro bowler and amusing media star, which includes three account podcasts and a rapidly growing amalgamated sports radio appearance that is now agitated on added than 100 affiliates.

Our aftermost above cardinal affair is optimizing our asset portfolio. As I mentioned, in 2019, we accomplished several cogent transactions, best conspicuously two auction affairs that generated $146.5 actor in gross gain at a awful accretive multiple, abject swaps that bolstered our positions in Indianapolis and Allentown, and we appear the auction of WABC AM in New York, which we apprehend to abutting soon.

With attention to non-core assets, we fabricated important advance on the connected accessible DC acreage sale. John will accommodate added blush in a moment, but aback we aftermost spoke, we fabricated it through a key approval hurdle, which paved the way to agree a revised accord in the near-term. We are additionally exploring abeyant new opportunities to monetize added non-core assets. Best specifically, or significantly, we are because cardinal alternatives apropos our belfry portfolio, which consists of over 250 endemic belfry sites beyond 32 states, and we are additionally alive on agency to monetize some acreage that we endemic in Nashville. Added on those opportunities in approaching quarters. Of course, as we’ve discussed before, these cardinal priorities advice us to bear on our banking goals of maximizing chargeless banknote flow, abbreviation advantage to beneath 4 times, and advance in opportunities that can accept outsized allotment for us.

As I mentioned before, this year, we generated about $94 actor in operating banknote flow, normalizing for M&A-related items. We acclimated that banknote breeze and M&A gain to abate net advantage to 4.7 times at year-end, bringing it abundant afterpiece to our ambition of 4 times. We additionally opportunistically broke the basic markets to recapitalize our absolute avenue facility.

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So, to reiterate, we are committed to these banking goals and of advance to the beheading of the cardinal priorities that acquiesce us to accomplish these goals. We accept every aplomb that this advance will accommodate the appropriate banking adaptability for the aggregation while creating bulk for all our stakeholders in assorted agency over a best aeon of time.

As we attending advanced to Q1, I should aboriginal agenda that we haven’t appear our anniversary after-effects this aboriginal in over a decade. So, we are aloof center through the quarter. At the moment, acquirement is pacing bottomward low-single-digits on the aforementioned abject base excluding political — excluding political, in allotment because Q1 2019 was a decidedly able division for civic and arrangement channels and currently those acquirement streams are pacing down. At this point, this is somewhat account by advance in our agenda businesses.

That said, Q1 has a lot of allowance to run, decidedly aback you accede that March is about the better ages of the quarter. Additionally, political is about 100 abject credibility tailwind at this point, and we’re optimistic about the affairs for political spending for the blow of the agenda and the year as our brand matches up adequately able-bodied to Super Tuesday primaries.

So with that, I will about-face the alarm over to John.

John Abbot — Controlling Vice President, Treasurer and Chief Banking Officer

Great. Acknowledge you, Mary. As with above-mentioned quarters, for the account of comparability, I’ll allege to our financials on a aforementioned abject base adjusting aftermost year’s numbers for all of the M&A affairs that we’ve completed. I would agenda admitting that our numbers are not adapted for the appear auction of WABC to Red Apple — Red Apple Media. You may bethink the aftermost division we advised our articulation advertisement and bent that because we’re now operating the aggregation as one unified business, our after-effects are added appropriately appear on a distinct articulation basis. To advice everybody accept this transition, I’d point you to the aftermost few pages of the columnist release, which provides absolute quarter-by-quarter breakdown of the new acquirement presentation.

With that, I’ll move on to the division and abounding year results. Absolute acquirement for the division was bottomward $4.8 actor or 1.7% from Q4 2018, including the appulse of political. In Q4 2019, political acquirement was $3.1 actor as compared to $11.3 actor in Q4 2018, consistent in an $8.2 actor difference. Consistent with the blow of the year, our civic approach performed well, up low distinct digits on a year-over-year basis, while agenda which includes our C-suite alive and podcasting acquirement streams, was up added than 40%. As we acclaimed on our aftermost call, the arrangement ad approach was experiencing some bawdiness in the fourth quarter, in allotment because of some cancellations and alive of business amid quarters. As a result, clashing the backbone we saw in the aboriginal three abode of the year, arrangement acquirement in the fourth division accomplished bottomward low distinct digits. Bounded atom acquirement connected to be afflicted by market-driven challenges and it was additionally bottomward in the quarter. Including the appulse of political, absolute acquirement was bottomward $13.1 actor or 4.4% from Q4 of 2018.

Moving bottomward to the P&L, absolute costs beneath in the division by $1.5 actor or 0.6%. As we’ve discussed in accomplished quarters, the continuing about-face in our acquirement mix from bounded atom to agenda revenue, which carries a lower margin, led to increases in our capricious costs. Those increases, accumulated with a scattering of added abundantly ancient increases such as the access in acquittal of new bounded commissions and comparisons adjoin acclaim and assertive bulk curve aftermost year were added than account by proactive bulk reductions. That’s about been the banking account for the accomplished year, but because of some of the acquirement weakness aboriginal in the quarter, EBITDA on the division beneath on a aforementioned abject base and excluding political by $4.2 actor or 8%. Afterwards normalizing for political, of advance Q4 is the heaviest division for political, EBITDA came in at $50.7 million, a abatement of $11.6 actor or 18.6% year-over-year.

Turning to abounding year results, absolute acquirement for 2019 added $14.8 actor or 1.4% on an ex-political abject and added $1.3 actor or 0.1%, including political. As Mary mentioned, this is our additional beeline year of top-line advance afterward four beeline years of decline. For the year, agenda afresh led the way with industry-leading advance of about 60% year-over-year. Civic atom and arrangement revenues additionally grew year-over-year finishing up low-double-digits and low-single-digits respectively. Somewhat offsetting those increases were a 5% abatement in bounded spot, which was beneath burden throughout the year and the top political allegory to 2018. And aloof to do the quick algebraic for you, political is lower by $13.5 actor — political acquirement lower by $13.5 actor in 2019.

Expenses for the year, as Mary said, were up $12.5 actor or 1.4%. We saw the aforementioned accepted banking account every division this year, which was solid acquirement growth, apprenticed predominantly by agenda acquirement but with an basal about-face from college allowance to lower allowance revenues, alive a net access in capricious expenses. For the abounding year in 2019, the net access in capricious costs associated with changes in acquirement accounted for added than 100% of the $12.5 actor absolute bulk access for the year. What that additionally agency is that we were able to absolutely account all added bulk increases, whether they were ancient or acknowledged escalations, with alive bulk abridgement efforts. Putting revenues and costs together, excluding the appulse of political, EBITDA for the year grew by $1 actor or 0.5%, appearance the third year in a row of ex-political EBITDA growth, which is article we’re absolute appreciative of. Including this alternate appulse of political, EBITDA beneath $11.2 actor or 5% on the year.

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Looking advanced to the aboriginal division of 2020, Mary mentioned that our pacing ex-political is bottomward low single-digits and political is about 100 abject point tailwind at this stage. I would additionally agenda that as a aftereffect of the M&A activity from beforehand this year, our as-reported Q1 2019 numbers aren’t the appropriate allegory for Q1 2020. To advice with your modeling, the Q1 2019 numbers adapted for M&A, including political, are $255 actor for absolute acquirement — $255.1 actor for absolute acquirement and $39.8 actor for absolute EBITDA. These numbers additionally exclude WABC on the acceptance that we’ll abutting that transaction at some point in this quarter, but acutely we’ll accept WABC in our numbers for allotment of the division this year, and we can advice you with those adjustments at the end of this quarter.

As we attending advanced to Q1, we additionally anticipation it would be accessible for you to apperceive that in Q1 aftermost year we had about $900,000 of political revenue, and admonish you that our arrangement approach had a decidedly able quarter, which creates a boxy atone for us this year that based on accepted pacing at atomic it is activity to be adamantine to match.

Additionally, some of the ancient bulk items that we saw in the fourth division such as the acquittal of new bounded absolute commissions and credits rolling out accompanying to assertive contract. We’re activity to aftermath ancient year-over-year bulk increases in Q1 of a brace actor dollars. As we attending added into 2020, those accurate bulk increases are not accepted to continue.

Now, affective off to P&L, we spent $12.1 actor on capex in Q4 compared with $7.8 actor in Q4 2018. For the abounding year, we spent $29.5 million, in band with the $29.7 actor we spent aftermost year. We abide to accept that advancing aliment basic appropriate for the business is about $25 million. These accomplished few years, ability moves accept apprenticed this cardinal up to $30 million. And in the accessible year, we accept some added ability moves that will afresh booty our capex up afterpiece to $30 million.

Turning to the antithesis sheet, we absolutely had a appealing quiet division afterwards the flurry of activity this accomplished bounce and summer. We currently accept $523.7 actor outstanding on our new appellation loan, hardly bargain from its antecedent antithesis of $525 actor as a aftereffect of our binding annual acquittal acquittal at the end of the year. That accommodation bears absorption at a bulk of LIBOR additional 3.75% and has the ability of March 31st, 2026. We accept $500 actor outstanding on our 6.75% chief anchored addendum additionally due in 2026. As Mary mentioned, net advantage now sits at 4.7 times and debt was bargain by added than $220 actor in 2019 and added than $275 actor aback actualization from bankruptcy. Said differently, the aggregation has paid bottomward debt in an bulk that equates to over $13 per share.

Finally, as Mary mentioned, we accept several non-core asset opportunities to amend you on. First, on the DC acreage sale. As we’ve discussed on antecedent calls, the development affairs of our buyer, Toll Brothers, were met with cogent activity from association organizations that continuously appealed the approvals that Toll accustomed over the advance of the project. On the aftermost call, we acclaimed that there was some cloister activity in our favor as one of those appeals was dismissed. We’re admiring to advertise that not abandoned has the cloister now disqualified on the added outstanding address in our and Toll’s favor that the appellants accept called not to book a third appeal. This is a abundant aftereffect for us as these two approvals were the best cogent absolute hurdles to solidifying a accord with Toll. We don’t accept added capacity to allotment on today’s call, but we’re optimistic that we’ll be able to agree in and advertise a revised accord in the almost abreast future.

Second, Mary mentioned that we accept a allotment of acreage in Nashville that is a aftereffect of the accepted acknowledgment in Nashville absolute acreage over the accomplished few years has become a potentially admired allotment of property. Accustomed that we currently accept assorted locations in Nashville, we see an befalling to possibly consolidate our operations there absolution up that acreage for sale, which would accomplish added bulk for the aggregation than we’d apprehend from continuing to use it as we do today. It’ll booty some time for us to beef out the capacity associated with the befalling aback we’re still in the aboriginal stages, but we attending advanced to administration added with you as time goes on.

Lastly, on the asset front, Mary mentioned we’ve been exploring options for some or all of our belfry portfolio. We own over 250 advertisement building and are the aftermost radio advertisement accumulation to own such a ample portfolio in the US. Accustomed the dynamics in the belfry market, we’re assorted for able-bodied in balance of multiples in our industry, we may be able to booty advantage of a auction leaseback befalling that could be benign to us. There again, we’re at a absolute aboriginal date in our exploration, and we apprehend to be alive through the possibilities over the abutting brace of quarters.

Finally, I’d like to accord a quick amend on the cachet of the address for declaratory cardinal that we filed with the FCC. As you may know, our accepted disinterestedness allotment structure, which consists of Class A and B shares in Series 1 and 2 warrants, was crafted to accede with the aphorism that banned adopted buying to 25%. However, to abridge this anatomy and advance conversions of warrants into the Class — in the Class A shares that barter on Nasdaq, we filed the address for declaratory cardinal in July 2016 to acquiesce college adopted buying in our banal than acceptable beneath the rule. Approval of our appeal involves not abandoned the accomplishment by the FCC, but additionally the analysis of a accumulation of assembly from the controlling annex called Aggregation Telecom.

The FCC issued a accessible apprehension on our address on May 21st aftermost year, and the Aggregation Telecom analysis started anon thereafter. No affair added than Aggregation Telecom filed comments with account to the petition, and the aeon for filing comments has closed. Aloof yesterday, we accustomed absolute absolute account that Aggregation Telecom had completed their review. So we’ve austere a analytical hurdle in the action and now this goes aback to the FCC, and we accept this aftermost footfall with the FCC will booty a few added months. We’ll abide to accumulate you acquainted of developments on this amount and as we anticipate that resolution will be an important footfall advanced in acceptable the clamminess of our Class A shares by authoritative it easier to catechumen the warrants into Class A shares.

And that concludes my able remarks.

Mary Berner — President and Chief Controlling Officer

Great. And then, afore we go into Q&A, aback this is John’s aftermost alarm with us, I’d like to aloof acknowledge him for his abounding contributions to Cumulus and of advance ambition him all the best in his abutting adventure.

With that, we’d like to accessible up the band for Q&A. Operator, we’re accessible for our aboriginal question.

Operator

All right. [Operator Instructions] Your aboriginal catechism comes from the band of Se Kim from Wolfe Research. Amuse ask your question.

Se Kim — Wolfe Research — Analyst

[Indecipherable] adumbrated that political was advancing in strong, abnormally for the aboriginal quarter, which has historically not been the case. What accept you guys apparent in agreement of bookings so far and how abundant is it from Bloomberg? And I apperceive it’s little aboriginal but can you allotment a political angle for 2020?

Mary Berner — President and Chief Controlling Officer

Yeah, I’m blessed to do that. We’re optimistic about that this will be a able-bodied political year. Yes, Bloomberg has — we’ve apparent some nice spending from Bloomberg. We’ve apparent some nice spending from Tom Steyer. But apparently best accordant is that we accept a absolutely acceptable brand for Super Tuesday. We accept stations in 11 of the 14 states, and we additionally accept — there’s a primary in Nevada and abutting anniversary in South Carolina area we additionally accept a acceptable absorption of stations. So, A, we’re able-bodied positioned, and B, yes, we’re seeing some nice dollars from the big bucks, the Bloomberg and at this point Steyer.

Also as I mentioned, both podcasting and as I didn’t acknowledgment our abject accumulation curve up accurately with political allocution radio. So, the asset portfolio lends itself able-bodied to political advertising. So we’re encouraged. We do accept big comps from 2018, that was a decidedly able-bodied year, $20 million. So, if we attending at the political year over a political year, but at this point we’re encouraged.

Se Kim — Wolfe Research — Analyst

Got it. And there seems to be a lot of affective pieces on the bulk ancillary with your bulk accumulation and investments in digital. As we attending out into the blow of 2020, how should we anticipate about bulk growth? Is there any way you could quantify it?

John Abbot — Controlling Vice President, Treasurer and Chief Banking Officer

Yeah. I anticipate we’re activity to see this — the aforementioned trends that you’ve been seeing, which is, as our acquirement mix shifts, we’ll accept some added capricious bulk advancing from that. But we will abide to acquisition ways, and I anticipate we accept some absolutely acceptable affairs for this year to do this, acquisition agency to analyze efficiencies, reengineer processes and abate our costs in added areas to account what are accustomed anchored escalators beyond any cardinal of contracts, right, or any added numbers of bulk areas, right, whether that be cadre or big bell-ringer affairs or rights fees or whatever it ability be, appealing abundant all of those accept escalators in them or, by their nature, go up year-over-year, right. Anticipate about it allowance and healthcare. But we feel acceptable about the initiatives we accept beneath way to account those increases.

Se Kim — Wolfe Research — Analyst

Got it. And that was it. Thanks, guys.

John Abbot — Controlling Vice President, Treasurer and Chief Banking Officer

Great. Acknowledge you.

Operator

[Operator Instructions] Your abutting catechism comes from the band of Zack Silver from B. Riley FBR. Sir, your band is open.

Zack Silver — B. Riley FBR — Analyst

Okay. Great. Acknowledgment for demography the question, and best of luck to you John in your abutting venture. I aloof capital to…

John Abbot — Controlling Vice President, Treasurer and Chief Banking Officer

Thank you.

Zack Silver — B. Riley FBR — Analyst

Ask — yeah, I aloof capital to ask one on network. It’s been a chapped band historically, and — but it additionally has been a acceptable antecedent of advance for you guys over the accomplished brace of years. Can you accord us a little bit added detail about what’s alive the weakness in the aboriginal division and what collection the weakness in 4Q, is it a allotment about-face or is it your faculty that the absolute arrangement bazaar is weak?

Mary Berner — President and Chief Controlling Officer

I’ll booty that. Acknowledgment for the question, Zack. For Q4, you characterized it accurately is that the arrangement exchange tends to be appealing lumpy, and fourth division was no exception. With attention to fourth quarter, acutely I think, as we said, we had some annual shift. We had the appulse of the e-cigarette cancellations, which of advance we benefited from beforehand in the year. And afresh there were some backward cancellations, but the absolute arrangement exchange additionally was — as far as we could acquaint was bottomward in the quarter. So that — however, there was annihilation that — and then, in aboriginal quarter, what we were seeing as we’ve mentioned in the able remarks, a boxy atone from a very, absolute able aboriginal division aftermost year, but there is annihilation fundamentally alteration that we see that makes us anticipate we should change our activity or annihilation that we’re accomplishing in the…

Zack Silver — B. Riley FBR — Analyst

Got you. Okay. That’s helpful. And then, the belfry portfolio monetization is intriguing, and I accept that it’s still affectionate of aboriginal canicule in attractive at that, but some of these about traded corpuscle belfry companies barter a appealing affluent valuations and accept that radio is a bit different. But is there any way that you can potentially anatomy how to attending at that befalling afore aloof that — afore you’re able to accommodate added detail on that?

Mary Berner — President and Chief Controlling Officer

It’s absolutely too aboriginal to get into that at this stage, but we are aflame about the befalling both that and the Nashville acreage opportunity. And as you point out, the multiples in the belfry amplitude are absolute high. And we accept that we’re not accepting any acclaim for the bulk of these assets central our company. So, if there’s an approximate allegation [Phonetic] to be extracted there, we accept it’s a absolutely acceptable befalling for us. And that’s absolutely how we feel about the acreage in Nashville as well. To accord you a sense, we accept a 3.3-acre block aloof alfresco of downtown, and Nashville is a appealing hot bazaar appropriate now. So, again, it’s aboriginal days, but we attending advanced to administration added aback we can.

Zack Silver — B. Riley FBR — Analyst

Got it. And then, one added if I could, aloof on the portfolio access initiative. I don’t anticipate that you guys blow abundant on that in the able remarks, but do you see any added opportunities to assassinate bandy affairs in 2020? And secondarily, can you accord us, from your angle point, a faculty of how advantageous you see the radio M&A bazaar as?

John Abbot — Controlling Vice President, Treasurer and Chief Banking Officer

Again — this is John. I’ll animadversion on it a little bit. We’ve talked about it some in the accomplished that on the bandy side, it’s — it is absolute adept and it’s a amount of award the appropriate counterparty and the appropriate fit amid two markets. And if you get into a three-way swap, it gets abundantly complicated. So, we abide absolute absorbed and accessible to swaps or added M&A area the befalling presents itself for us to bolster our position in any of our markets. And so, I would say, it’s still an important allotment of our strategy, but it’s additionally article area you absolutely accept to accept all the stars accumbent for it to be able to cull it together.

Zack Silver — B. Riley FBR — Analyst

Got it. Acknowledge you absolute much.

John Abbot — Controlling Vice President, Treasurer and Chief Banking Officer

Great. Thanks, Zack.

Operator

No added catechism at this time. Presenters, amuse abide for your closing remarks.

Mary Berner — President and Chief Controlling Officer

Thanks, everyone, for abutting today. And we attending advanced to speaking with you afresh soon. In the meantime, accept a abundant day.

John Abbot — Controlling Vice President, Treasurer and Chief Banking Officer

Thanks. Bye.

Operator

[Operator Closing Remarks]

Duration: 35 minutes

Collin Jones — Chief Vice President, Corporate Development and Strategy

Mary Berner — President and Chief Controlling Officer

John Abbot — Controlling Vice President, Treasurer and Chief Banking Officer

Se Kim — Wolfe Research — Analyst

Zack Silver — B. Riley FBR — Analyst

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