FrontView REIT (FVR) Q4 2025 Earnings Transcript
It received a growth equity investment from Blackstone in 2024, has over 600 locations today, and is working with some of the most experienced franchisee operators in the country. We like their business model and have three properties leased to them in the portfolio, which is about 0.6% of ABR. We acquired this property at approximately an 8% cap rate, well above the low 6% cap rate we believe a new Seven Brew would typically trade at today. The property is very well located within a top 100 MSA.
It features direct frontage on a major retail node, the land provides tenant flexibility, and the lease has a 15-year term, annual rental escalators, it is triple net, and it has a modest rent of $168,000 annually, which we believe other tenants could afford to pay in this desirable Florida location. We achieved a higher cap rate due to liens associated with the recent construction, which limited the buyer pool. We resolved the lien directly, cleared title, and ultimately closed on the transaction. Being known in the marketplace as a buyer who can identify and resolve problems during an acquisition further strengthens our position as a buyer of choice.
Our largest acquisition during the quarter was a Dick’s House of Sports located in Durham, North Carolina, adjacent to The Streets at Southpoint, a Brookfield-owned mall that does just over $900 per square foot in sales and is rated an A+ mall in Green Street Advisors’ mall database. We are excited about the real estate location and are very familiar with this flagship concept and owning select larger boxes. We already own a few larger format assets with strong frontage such as Walmart, Lowe’s, Best Buy, etc., and we will continue to own more of these assets when the opportunities present themselves.
We are always seeking to acquire assets with value-creation opportunities that fit our investment criteria, and we placed this asset under control earlier in 2025 while the project was under construction to take advantage of attractive pricing. As a result, we believe we have created about 100 basis points of value based upon our purchase price cap rate in the mid-7s. The acquisition market remains open to us. With our competitive advantages intact, we believe we can materially increase our acquisition base as our cost of capital improves. We expect acquisition cap rates for Q1 2026 to settle around 7.5%, with volumes generally in line with guidance.
As previously reported, on the capital side, we have our net acquisitions funded for the year with our $75,000,000 convertible preferred investment from May 1, with our first $25,000,000 draw completed already in February. With respect to dispositions, we sold 11 properties for $20,400,000 during the quarter, at an average cash cap rate of approximately 66.82% for the occupied assets with a weighted average lease term of 6.9 years. For the calendar year, we sold 36 properties for $78,000,000 at an average cash cap rate of approximately 6.79% for the occupied assets with a weighted average lease term of 7.9 years.
For the year, disposition cap rate range was 5.4% to 8%, with the median cap rate on sales at 6.9%. In the fourth quarter, the lowest cap rate was a Twin Peaks in Irving, Texas, where we achieved a 5.8% cap rate. The assets we have disposed of are less optimal concepts compared to the balance of our portfolio, or they could be concepts we just want to reduce exposure to. We expect to continue optimizing the portfolio through 2026, and we expect the pace of dispositions to decline materially as most of our portfolio optimization occurred in 2025. Since our IPO, the 2025 dispositions reduced the asset base by 11%.
During the quarter, we sold the following concepts: Red Robin, Sonic, Twin Peaks, which is now bankrupt, Adam’s Auto, in the dark PNC, Bojangles, and First Bank. These asset sales clearly demonstrate the desirability and liquidity of our well-located real estate portfolio. They highlight the disconnect between our stock price and the implied 8.1% capitalization rate on existing NOI. Interestingly, our implied cap rate is higher than what we sold a dark Bojangles in Alabama for with less than four years remaining on the lease term—our highest cap rate sale for the quarter and year and 160 basis points above the average disposition cap rate for properties sold in Q4.
I would draw your attention to page 23 of our investor presentation where we show our dislocated NAV relative to the entire portfolio being valued at the same level as the assets we sold in the quarter, along with the average implied cap rate of our peers. Switching gears to the portfolio, we closed the quarter with occupancy approaching 99% with just four vacant assets. We currently have two tenants in bankruptcy: Smokey Bones and Twin Peaks, each with one unit representing a combined 0.56% of ABR.
With Smokey Bones, we have already received multiple offers to purchase the asset during the year, so we believe we can maximize value by re-leasing the asset, so we waited until the bankruptcy went through to obtain control of the property. With respect to our remaining Twin Peaks, we have understood Twin Peaks’ financial condition for some time and got ahead of their bankruptcy, selling one property in the quarter at a 5.8% cap rate and already re-leasing the second property to two tenants, Panda Express and Jaggers.
The combined rent for both of these leases is $265,000 versus Twin Peaks’ rent of approximately $138,000, resulting in a 92% increase in rent and approximately a three-times increase in value from our original base. This is an excellent outcome and another example of why our real estate-focused approach, combined with our seasoned management team, continues to deliver value for our investors. Historically, we have achieved an average recovery rate of approximately 90% when combining both vacant sales and new leases, though just our new leases alone has exceeded 110%.
As a result, when an asset comes back, we will initially spend more time pursuing re-lease options rather than quickly selling an asset in order to maximize long-term value for our shareholders. For example, our current Smokey Bones. We have continued to optimize the portfolio through Q4, do not see any material additions to our watch list at this point, and for clarity, we believe bad debt should be approximately 50 basis points in 2026. In closing, FrontView REIT, Inc. is stronger today than at any point since our IPO. We have optimized our portfolio. We have demonstrated the fungibility and desirability of our well-located real estate.
We have shown our top-tier management team’s capability of creating value for shareholders through creative asset management activities and capital structuring. We beat earnings and raised guidance throughout 2025 while disposing of assets, demonstrating the strength of our operations. We have a low dividend payout ratio below 70%, low leverage, and we are fully funded to acquire $100,000,000 of net assets and grow AFFO per share 4% in 2026 at the midpoint of our guidance. All the while, our share price remained dislocated relative to a much higher NAV, especially given that we can meaningfully accelerate our already strong growth with a lower cost of capital.
We believe that our real estate-focused strategy coupled with our developer DNA will deliver AFFO growth and drive outsized returns for our shareholders. With that, I will turn the call over to Pierre to review the quarterly numbers and guidance.
Pierre Revol: Thanks, Stephen. Before turning to quarterly results, I want to briefly highlight some enhancements we made to our disclosures. We now provide 100% of ABR by concept, along with key location data, including average daily traffic, Placer.ai performance, and population metrics. Our properties are located in retail nodes with average daily traffic exceeding 24,000 cars. 78% are located within top 100 MSAs, and the average five-mile population is 184,000. Placer.ai ranks retail locations from 1 to 100, with 1 being the highest rank based on number of visits by retail subcategory within the state. Our locations have a median score of 26.8, placing them in the top third of retail locations.
And for our upcoming lease expirations in 2026 and 2027, our stores have a median Placer score of 22.5 and 15.5, respectively, both in the top 25%. Finally, on our website, we disclose 100% of our property addresses, including direct Google Map links that showcase each trade area. This detailed disclosure allows investors to independently evaluate the quality of our assets and their locations. Publishing every address affirms our real estate-first strategy, the assets we own, and will acquire in the future. Turning to the quarter, we exited the quarter with annualized base rent of $62,900,000, or $1,600,000 higher than Q3, reflecting net acquisitions of $21,000,000 for the quarter.
This equates to approximately $15,700,000 in stabilized quarterly base rent on a go-forward basis. In addition to base rent in the quarter, we generated $186,000 in interest income and $76,000 in percentage rent and other cash income. At quarter end, our run-rate cash revenue is $16,000,000, or $64,000,000 annualized. Our annualized adjusted cash NOI was $61,300,000, or a 96% margin on the in-place portfolio. As we move into 2026, we expect NOI cash margin to expand to 97%, or roughly $62,000,000 on a normalized basis. This improvement is driven by higher occupancy, stronger recoveries on insurance, and lower other property costs. Thus, as we start 2026, our run-rate quarterly cash NOI is $15,500,000.
G&A expense for the period was $3,700,000, which included $534,000 of nonrecurring charges and $763,000 stock-based compensation. Nonrecurring items were primarily legal expenses related to amendments to credit facilities and corporate structure. Excluding stock-based compensation and nonrecurring items, cash G&A was $2,400,000 for the quarter, which is approximately the run rate for the year. Interest expense declined by $25,656,000 quarter over quarter to $4,300,000. The decrease was primarily driven by amendments to our credit facilities, which reduced the spread on both the term loan and revolver by 15 basis points. As a result, the borrowing rate on our term loan declined to 4.81%, and our savings from the spread adjustments is over $450,000 on our debt outstanding.
We ended the quarter with $115,500,000 outstanding on the revolving credit facility, of which $100,000,000 is hedged. Based on the hedges we put in place last September, the effective SOFR rate of $100,000,000 steps down from 3.86% to 2.97% over the course of 2026, resulting in an average rate of 3.35% for the year. Total available liquidity was $223,000,000 inclusive of cash, revolver capacity, and $75,000,000 of undrawn preferred. We ended the quarter at 5.6x net debt to annualized adjusted EBITDAre, and our loan-to-value was 34.5%. On February 10, we drew down $25,000,000 of the convertible preferred equity and expect to draw the remaining $50,000,000 throughout the year to fund our $100,000,000 net acquisition target.
We expect our net debt to adjusted annualized EBITDAre to end the year below 5.5x. AFFO per share for the fourth quarter and full year achieved the high end of guidance, $0.31 for the quarter and $1.25 for the year. Looking ahead to 2026, we are revising our AFFO per share guidance range upwards to $1.27 to $1.32, representing 4% growth at the midpoint and 6% at the high end. The increase reflects faster-than-expected resolutions of Tricolor and nine credit issues to date relative to our assumptions, and continued execution of our capital deployment strategy with near-term acquisitions in the mid-7% cap rate range.
Our objective is clear: to build a best-in-class net lease REIT differentiated by a truly real estate-first investment strategy. We believe that credits evolve over time, and what drives long-term value is allocation, rent basis, and the box. Closing our current GAAP NAV starts with performance. We intend to execute on our capital deployment plan, continue delivering strong operating results, and maintain a conservatively levered balance sheet. With that, I will turn the call back over to the operator to open up for Q&A.
Operator: Thank you. We will now open for questions. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by number two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment please for your first question. Your first question comes from John Kilichowski from Wells Fargo. Please go ahead.
John Kilichowski: Hi. Good morning. Thanks for taking my question. My first question is on the AFFO guide. Pierre, thanks for walking us through the adjustments there. Maybe could you help us understand what gets us to that $1.32 versus that $1.27?
Pierre Revol: Yeah. Sure, John. Thanks—thanks for the question. It really is portfolio performance is a component of it in terms of if the portfolio continues to do as well as it has been doing, if there is opportunity to go on the high end because our assumptions are—they do have some assumptions for what the reserves will be. So I think number one is portfolio performance. Two is the timing of acquisitions and dispositions. Assuming that we do more in the front half versus the back half, that impacts it. As we talked last quarter, I said that the 7.25% would be the cap rate guidance, but we are still seeing this mid-7s right now, so that helps a bit.
So it really comes down to the portfolio continuing to execute well, and the timing and cap rate on acquisitions and dispositions.
John Kilichowski: Got it. And then one for Stephen. I believe in the opening remarks, you made a comment about the implied cap rate of the business trading outside of where you sold a dark Smokey Bones—I hope I said that correctly. I heard that correctly. I guess, given the persistent discount to NAV, have you received any outside interest? And if so, where is that interest coming in at? Because there is clearly a disconnect.
Stephen Preston: Yeah. We certainly see that discount, and I think it is pretty obvious and evident from that one sale and then certainly from the other sales that we made—disposing of about $80,000,000 of property and then averaging about a 6.79% cap rate throughout the year. With respect to inbounds, that has been quiet at this point.
Pierre Revol: I would just add, John, the portfolio and the disclosures, I think, can help people with that in terms of the discount. I think that people are—obviously, there is a big market there of people that are looking for portfolios and qualities, and it is very hard to replicate what has been created. I will make a correction. It was a dark Bojangles; it was not a Smokey Bones that got sold. But when that gets sold at an 8% cap and if you think about there were a lot of dispositions this year, including Twin Peaks that was sub-6% and the median cap rate of dispositions of that 6.9%, it is pretty—the portfolio quality is there.
I think we just have to execute, and I think that will drive the performance to get closer to NAV.
John Kilichowski: If there was interest, now you can see—
Pierre Revol: You know, through our website, through the disclosures, there is enough information for people to come up with what this company could be worth.
Operator: Thank you. Your next question comes from Anthony Paolone from JPMorgan. Please go ahead.
Anthony Paolone: Yeah, thanks. Just maybe following up on the last point there around your asset value. As you think about just growing the portfolio over time, you have the pref you could draw down. But how do you think about just incremental capital looking at it as either an AFFO yield versus, say, NAV—because I think you end up with two pretty different numbers, I think, in terms of when you would seem to have access to capital accretively.
Pierre Revol: Got it. Thanks, Tony. It is true. If you think about our NAV and the like, we are trading roughly at a low 8% implied cap rate. But if you think about the weighted average cost of capital, it has improved meaningfully. What is important to note is that for 2026, it is not an issue because we are fully funded with the equity that we put in place. And so we think that gives us time to just execute on the $75,000,000 of equity that we have got through the preferred. But even if you think about where our stock is today—mid-16s going to 17—you are talking about an AFFO yield that ranges from mid-7s to mid- to high-7s.
With debt costs, I think we could probably do debt costs that are 5% or lower if you think about where seven-year term loans might price. And that translates to a weighted average cost of capital that is between 75 to 125 basis points below where we are seeing acquisitions. So that does put us in a strike zone to continue to execute. But, fortunately, the equity question is solved for this year. It is more about when you think about what you go into next year, how that translates. I also highlighted—I made the comment in my remarks—that we are delevering this year. We are only using $25,000,000 of debt on the $75,000,000 of equity.
So if we end below five and a half times, we do actually have capacity to grow into 2027 without really needing the market for a bit of time. But it is nice that from a weighted average cost of capital, and growing AFFO per share—which is what we intend to do—we are well set up to do that even if we are not quite at the NAV.
Now I would point to you, if we do get to the NAV or the NAV premium—which, if you look at the net lease comp set, 98% of the market cap is above NAV—if we get to that point where our cost of capital gets there, just the math of being a smaller company will allow us to grow faster than any of our peers. I think that is something that is an advantage that we will see over time. But first, we have to get to the NAV.
Anthony Paolone: Okay, great. That is a lot of good color. And my second one relates to the deal activity as you look into the market. How are you prioritizing initial yield versus contractual bump versus lease length? When I look in the quarter, you had good yield and long lease lengths. The bumps were a little on the lower side. Is there a priority there, or are you just looking at the totality of the transactions?
Stephen Preston: Yeah, good question. Certainly the totality of the equation, but for us, we are focusing on the location, and we are focusing on the size of the land tract. Also very important, for sure, is the market rent and making sure that anything that we are acquiring also has rent replaceable. Then, of course, we look at it and we are focusing on the credits and then the term and the escalations as well. With respect to the escalations, I think they came in about 1.2% for the quarter. It just sort of ebbs and flows on when bumps take place.
Typically, you get a 5% or 10% bump every five years or a 1% to 2% bump every five years. So it is in line with our 1% to 2% overall, which averages about 1.5%.
Operator: Thank you. Your next question comes from Ronald Kamdem from Morgan Stanley. Please go ahead.
Ronald Kamdem: Hey. Just two quick ones. I wanted to dig back in on the acquisition pipeline. I think you said mid-7s cap rate, if I remember that correctly. Maybe can you just talk through—are some of these deals off market? Are there special situations? And, really, how large do you think that pipeline can get to the extent that you get the cost of capital? Thanks.
Stephen Preston: Good question. Certainly, the market is fluid. We expect to acquire Q1 sort of in that 7.5% range. But we are a circumstantial buyer. We see that cap rates could come in a little bit into Q2. We have seen in the marketplace a little bit of increased institutional interest just generally in net lease, which is setting the tone for the marketplace. Then, in the market that we play in, leverage is a little bit easier now for other buyers to obtain, so there is just a tiny bit more competition. But we play in this very large, very liquid market. There is a lot of opportunity for us to choose.
Again, we are not competing with institutions or other REITs, really, due to property size. We have a very strong pipeline to build. Remember, we bought about $100,000,000 of acquisitions during Q4, so we can expand and build on that pipeline. We have these competitive advantages that we have demonstrated, which is we get to close quickly and then see outsized returns because of that. As a result, there are circumstances that allow us to achieve higher cap rates—especially with respect to the Seven Brew as an example—buying at an elevated cap rate because there were issues with acquisition that others just cannot fix.
That is another very big strength for us—that we can come in and it makes us the buyer of choice in the marketplace where we close quickly all cash without financing contingencies, and then at the same time, we can fix problems.
Pierre Revol: I will add one more point. A lot of the transactions that we are targeting, if they are below $5,000,000 to $6,000,000, it is very fragmented in that market where we can play, and there are a lot of opportunities in that market. When you get to larger deal sizes, that is where you see more people step in. But we are dealing with a highly fragmented market where, if you are viewed as a buyer that can solve problems and you can find solutions, you get a lot of opportunities, and that is helpful for the types of assets that we try to buy.
Stephen Preston: We have deep brokerage relationships, and we see a lot of deals just being that repeat buyer that performs and closes quickly.
Ronald Kamdem: That is really helpful. My second question is, we appreciate the disclosures on the traffic count, population, and Placer.ai scores. As you are putting it all together—I think you talked about 50 basis points of bad debt for this year—is the thinking that through the asset management functions that you have done, that is the right run rate going forward as you are thinking about the portfolio and the watch list?
Ronald Kamdem: Thanks.
Stephen Preston: Yeah, I would say so. The portfolio is performing pretty well. 50 basis points is pretty in line with what we have seen historically. As you heard earlier this morning, we are expecting well over 100% recovery on the current two—the Smokey Bones and then certainly the Twin Peaks. So I think that is a good run rate. Also, with respect to the watch list, that is pretty minimal right now, and I do not really see any material changes or adds to the watch list. It seems pretty healthy, pretty quiet. Obviously, you have a Smokey Bones. You have a small GoHealth. There are a couple of Sleep Numbers on there.
Maybe a couple of gas stations, but all in all, it feels pretty good and pretty small. I know there are some tenants that there is a little bit of noise in the marketplace on today—for example, there is Wendy’s. They are in the news. We have five Wendy’s, and we have got sales on most of them. We have already proactively replaced two of them, so that would take us down to three. Our Wendy’s have average rent of about $120,000, and so we feel those are pretty good. Again, the sales volume shows that they are performing well. It is just another tenant that has been in the space, and people have been talking about it. Advanced Auto.
We have seven of those, referenced about 1.3% to 1.4% of ABR. We were proactive with that group as well—extended several of ours into the 10-year mark. Our average remaining on our remaining is about eight years. And again, we have only got an average rent of $120,122 across all of our Advance. So we do not want to take a look at selling those at any discount. We have got great basis and great markets. If any one of those comes back to us, we have got the team in place. We have got the experience in place. We have got the expertise in place.
We have demonstrated that already—that we can re-lease and create value for any problem that comes our way, once you choose each or whatever it may be.
Operator: Thank you. Your next question comes from Jana Galan from Bank of America. Please go ahead.
Daniel Guglielmo: Good morning. This is Dan Bjorn on for Jana. Wondering if you could provide any color on expectations around non-reimbursed property and operating expenses and cash G&A for the year. I know you guys used to guide for that.
Pierre Revol: Yes. That was part of the remarks. We think it came in a little bit elevated with that 96% margin. There were some taxes that we took related to vacancies earlier in 2025. We think that number comes down, and so we do believe that the NOI margin is going to increase about 100 basis points. If you run that through, it is like $450,000 to $500,000 on a quarterly basis in terms of how you should think about that. And if the portfolio continues to do well, it is a big focus area and it adds value, but I think that should come in.
Daniel Guglielmo: Got it. Thank you. And then for my follow-up, could you talk about maybe the potential to do more preferred convertible capital raising in the future?
Pierre Revol: What is interesting about the preferred equity is it has been hugely successful, and there has been a lot of interest and inbounds to do more, and people were curious about that. I think that right now, our mandate is to deploy it and do well, and I think that the alignment with May 1 has been helpful. We will continue to execute on the plan. Our plan right now is to pursue that path. It is an option if we wanted it. It would not be—the conversion price would not be a 30% premium at the time. Now it is under a 10% premium. So we are pretty close to what it is.
We plan to probably just go back to more traditional funding going forward, assuming that our stock price improves as we think it will.
Operator: Thank you. Your next question comes from Daniel Guglielmo from Capital One Securities. Please go ahead.
Daniel Guglielmo: Hi, everyone. Thank you for taking my questions. In the past, I think you all had mentioned that the elevated renewals over the next few years could be a potential benefit with current rents below market. You probably have a good line of sight into the 2026 renewals. So are you seeing kind of a rent catch-up benefit with some of these older vintage leases?
Stephen Preston: Good question. The short answer to that is yes. What I will say is that I think we all know this, but to continue to hit it home, we have got extremely good quality real estate. It is very desirable. It is fungible. And ultimately, the portfolio is also exceptionally diversified, which certainly is helpful. From a data standpoint—which gets to your point—since 2016, we have had 53 lease expirations. We have had 44 renewing to the same tenant and three renewing to a new tenant. That recovery rate has been a little over 105%. And that is approximately a 90% renewal rate.
So we do expect that with any of these leases coming off, we will have those similar historical recoveries in 2026–2027. I would also like to point out that the leases that are coming up in 2026 and 2027 have some of the top Placer scores. We are about 25% to 30% of top Placer scores for those tenants coming up.
Pierre Revol: I would just add to that point—it is a great point—that as we spend more time working on properties and we re-lease and re-tenant, if you think about what is going on with Twin Peaks and getting a 92% rent increase, that is going to show up later this year. As you work vacant properties and you re-tenant them, new rents that are coming in higher is a benefit that is on top of the normal work on expirations. That is a little bit unique within the net lease space. A lot of net lease REITs sell properties when they go vacant.
By doing this approach, we are creating some tailwinds as we re-tenant those and they come on next year.
Daniel Guglielmo: Great. I appreciate all that color, and it is a testament to the quality of the properties. Just as a follow-up, at REITworld around U.S. consumer health, I think you had mentioned potential for less dollars for older concepts. Have you seen that continue into 2026, or has it generally been healthier than you expected?
Pierre Revol: I am sorry—can you clarify? I am not sure I totally followed the question. So are you saying the concept concerns on certain concepts? Is that the question?
Daniel Guglielmo: Yeah, just U.S. consumer health overall—kind of less dollars from U.S. consumer—so there are older concepts that have seen—
Stephen Preston: Yeah. I think we see that throughout the space, unfortunately. We certainly have a strong stock market, but you do see the consumer struggling a little bit with inflation. We want to stick to those concepts—we certainly like the essential. We like the service tenants. Again, I will highlight that we are focusing on great real estate, replaceable rents, and the concepts that we have now—you can see all of our concepts throughout the entire portfolio. These are known, strong national and regional brands that apply to a diverse demographic.
Pierre Revol: I would point out that even in terms of the dispositions, if you think about which industries have moved—
Daniel Guglielmo: —resource, whatever.
Pierre Revol: Sorry—one other thing to add on that one question is that we have actually reduced our casual dining quite a bit this year. We still like certain casual dining concepts—like Texas Roadhouse is doing great; we have a good percentage there. If you think about where we were beginning of last year versus today, that also has come down a little bit.
Operator: Your next question comes from Matthew Edner from Jones Trading. Please go ahead.
Matthew Edner: Thanks for taking the question. You mentioned that most of the optimization of the portfolio occurred throughout 2025. What are you thinking from a gross net investment, net disposition level? I guess, gross for both—yeah, coming into 2026—
Stephen Preston: You are right. In 2025, we sold off about $80,000,000, optimized that portfolio. I think it certainly goes without saying that we were not selling off our best assets. We were selling assets that we were strategically selling—concepts that we thought could come under pressure, maybe less optimal concepts. They had lower—well, possibly just concepts we wanted to reduce exposure to. We have done a lot of that optimization throughout the year. So I would expect that—where we were doing about $80,000,000—run rate in the $30,000,000 to $40,000,000 of dispositions, continue to prune that portfolio coming into 2026. Again, I think, hopefully, we will expect that similar cap rate.
Those asset sales through 2025 were in that upper 6s—6.79% to 6.8% cap rate—median of a 6.9%. Against where we are trading today in the low 8s—8.1%. So I think it is a pretty good proof-in-the-pudding demonstration of the dislocation, too, of the marketplace. We are not selling any of our Raising Cane’s. We are not selling our Walmarts and selling our Chipotles or Lowe’s, etc. Those are sitting at much, much, much lower cap rates available in the portfolio.
Matthew Edner: Right, that makes sense, and that is helpful. And then I think you mentioned it a little earlier—the capital was deployed toward the early half of the year, that would lead to the high end of guidance. What are you expecting in terms of pace of deployment? Obviously, the $75,000,000 is going to be spread out across the year, but what does the first quarter look like to project the first half?
Pierre Revol: The first quarter is looking pretty much in line. It is going to be $25,000,000 net—maybe closer to $35,000,000 of acquisitions with some dispositions behind it. The second quarter, we are building it right now. My expectation, in terms of what we are forecasting, is it will be close to $25,000,000 net as well, but there are a few deals that we are looking at that could bump it either way. That is a driver, but there are a lot of different drivers in terms of the portfolio acting well that will help us achieve the high end of that number.
Matthew Edner: Got it. Awesome. Thank you, guys.
Operator: Thank you. There are no further questions at this time. I will now turn the call over to Stephen Preston for closing remarks. Please go ahead.
Stephen Preston: Thank you, everyone. Please be safe, please be healthy, and we look forward to seeing you at the Citi event in early March. Until then, thanks.
Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you all for your participation. You may now disconnect.
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