LAMR
#Sure.
I think probably the most instructive thing is to look back and see how the original auctions progressed.
And it was very interesting.
As you know, they had a menu of markets and an expressed desire to sell them and price them individually and not necessarily in a package.
And I think they did a good job of running that process.
We've managed to hone in on the markets that made the most sense for us.
And I think we got them at a fair price.
I would note that the markets we were either outbid on or did not bid on went for a higher multiple, if that tells you anything.
You can look at certain filings and see that the multiple for the markets that ---+ the trailing multiple for markets we didn't get was north of 13.5%.
And of course we were 12.5% ---+ trailing 11.5% forward.
So that's fairly instructive.
There were good operators out there bidding.
A small venture backed group that does a really good job got Fort Smith and Wichita.
I wish them well.
Fairway, I believe, prevailed in the market.
And some investors who are longtime outdoor folks, that I'm glad to see are getting back in, prevailed in Portland.
So as I look back on that auction, I'm happy with valuation.
The industry is strong.
It has good independent operators, good financial backing.
And just ---+ I think Clear Channel can be pleased on how that process ultimately concluded, and we are as well.
Looking forward, we have constantly said since we became a REIT that we want to operate in a leverage band of 3 to 4 X EBITDA to total debt.
We are up on 3.8% side of that, which would indicate we have a little bit of powder left.
But we also generate so much free cash flow, it wouldn't be a bad idea to whittle that down to 3.5% and have even more powder left towards the back end of the year.
So we'll see how the year progresses.
We're very happy with what we have.
We're very happy with, again, industry valuations and industry players.
So all good on that front.
Well, thank you all and thank you for your interest.
I look forward to visiting when we report our first quarter for 2016.
For those of you on the West Coast, next week I'll be at the Morgan Stanley conference in San Francisco, presenting on Tuesday.
Thank you all.
