Export All Tracks as Audio Files… ⇧⌘E
Create audio files of all tracks. Software instruments get converted to audio. External MIDI instrument tracks wind up with empty audio.
You can export one or more selected tracks as audio files, or export all tracks (all audio, software instrument, and Drummer tracks) in a project as audio files—one file per track. When you export tracks as audio files, you can specify the naming of the audio files using filename elements.