Good morning, ladies and gentlemen, and welcome to Essential Properties Realty Trust's Q1 2023 Earnings Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. As a reminder, this conference call is being recorded, and a replay of the call will be available two hours after the completion of the call for the next two weeks. The dial-in details for the replay can be found in yesterday's press release. Additionally, there will be an audio webcast available on Essential Properties Realty Trust website at www.essentialproperties.com. An archive of which will be available for 90 days. On the call this morning are Pete Mavoides, President and Chief Executive Officer, and Mark Patten, Executive Vice President and Chief Financial Officer. It is now my pleasure to turn the conference over to Mark Patten. Please go ahead, sir. Thank you, operator. Good morning, everyone, and thank you for joining us today for the Q1 of 2023 Earnings Conference Call of Essential Properties Realty Trust. During this call, we will make certain statements that may be considered forward-looking statements under federal securities law. The company's actual future results may differ significantly from the matters discussed in these forward-looking statements, and we may not release revisions to those forward-looking statements to reflect changes after the statements were made. Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the company's filings with the SEC and in yesterday's earnings press release. With that, I'll turn the call over to Pete. Thanks, Mark, and thank you to everyone who is joining us today for your interest in EPRT. As our Q1 earnings release indicates, we had a very solid Q1, highlighted by the strength and stability of our portfolio and our strong investment activity. Our properties continue to perform at a high level, with unit level rent coverage staying strong at 3.9x. Our same-store rent growth remaining at 1.6% for the second straight quarter and just four vacant properties. The overall health of our portfolio is a testament to our disciplined underwriting process, the quality of our operators, and the resiliency of our service-oriented and experience-based businesses. With regard to our investment activity, the benefits of our differentiated strategy and the development of long-standing tenant relationships were evident in the Q1 as we acquired 57 properties in 24 separate transactions that were 100% sale-leaseback transactions, with 94% of those deals generated from existing relationships. We were able to increase our initial cap rate to 7.6% from 7% cash cap rate in our Q1 2022 investments, and achieve an average annual rent escalation of 2% on 19 years of weighted average lease term, which results in an average yield over the primary lease term of 9% versus the 7.8% average yield for our Q1 2022 investments. Our balance sheet remained conservatively positioned and our liquidity remains strong, with quarter end leverage of 4.4x and pro forma leverage of 4.1x when taking into account our unsettled forward equity and liquidity of $775 million. As we've said and have demonstrated consistently, we are committed to maintaining a conservative balance sheet. Based on our Q1 results and our Q2 investment pipeline, we have refined our 2023 AFFO per share guidance to a range of $1.60 to $1.64, which implies 6% growth from midpoint to midpoint. Turning to the portfolio. We ended the quarter with 1,688 properties in our portfolio that were 99.8% leased to 348 tenants operating in 16 industries. Our weighted average lease term stood at 13.9 years, with only 5.7% of ABR expiring through 2027. From a tenant health perspective, our weighted average unit level rent coverage ratio at quarter end was 3.9x. The percentage of our ABR that had a 1.0 rent coverage level continued to decline, reaching just 2.9% at quarter end. Regarding our Q1 investments, we invested $207 million in 24 separate transactions at a weighted average cash yield of 7.6%, which was an increase of 10 basis points versus last quarter. Our investments included properties in 11 of our 16 focused industries, with approximately 79% of those investments being made in the car wash, family dining, industrial, and fitness industries. The weighted average lease term over our investments this quarter was 19 years. As I mentioned, the weighted average annual rent escalation reached 2%. The weighted average unit level rent coverage was very healthy at 3.3x, and the average investment per property was $3.4 million. As I noted in my earlier remarks, 100% of our investments this quarter were originated through direct sale-leaseback transactions, meaning that they were completed on our lease form with ongoing financial reporting requirements. Additionally, 86% of our investments were in a master lease structure. Looking ahead into the Q2, our pipeline remains strong. From an industry perspective, car washes remained our largest industry at 14.6% of ABR, followed by early childhood education at 12.4%, Quick Service Restaurants at 11.4%, and medical dental at 10.8%. Of note, unit level rent coverage for our early childhood education portfolio continues to increase above pre-pandemic levels as our operators have experienced strong pricing power due to a favorable supply demand imbalance. From a diversity perspective, our largest tenant represents just 3% of ABR at quarter end, and our top 10 tenants account for only 17.1% of ABR. Both strong indicators of the growing diversity in our portfolio and tenant base. Diversity is an important risk mitigation tool and differentiator for us and is a direct benefit of our focus on non-credit rated tenants and middle market operators, which offers an expansive opportunity set and, in our view, superior risk adjusted returns. In terms of dispositions, we sold 17 properties this quarter for $37.2 million in net proceeds at a weighted average cash yield of 6.1%. The weighted average unit level rent coverage ratio for the properties that were sold was 2.3 x. Owning fungible and liquid properties and capitalizing on that liquidity is an important aspect of our investment discipline. As we have consistently held, it allows us to proactively manage our industry, tenant, and unit level risks within the portfolio. We expect our level of dispositions to revert more closely to our eight quarter average for the remainder of 2023 as we selectively take advantage of favorable market pricing and accretively recycle capital away from identifiable risks in support of our tenant relationships. With that, I'd like to turn the call over to Mark, who will take you through the financials. Thanks, Pete. Pete indicated we had a solid start to 2023, as evidenced by our reported results for the Q1. Our portfolio continues to demonstrate the high quality of our tenancy and consistent internal rent growth. As I'll cover in a moment, our consistently conservative balance sheet and strong liquidity position support our aspirations for growth in 2023. Among the headlines last night was our AFFO per share, which on a fully diluted per share basis was $0.40. That's an increase of 5% versus Q1 of 2022. On a nominal basis, our AFFO totaled $58.3 million for the quarter. That's up $9.3 million over the same period in 2022, an increase of 19% and up over 4% compared to the preceding Q4 of 2022. We also reported core FFO per share on a fully diluted per share basis of $0.42, also an increase of 5% versus Q1 2022, which you'll note excludes nearly $900,000 of other income that we recognized based on two insurance recoveries we received. Total G&A was approximately $8.6 million in Q1 2023 versus $8.1 million for the same period in 2022. Our Q1 cash G&A moved higher sequentially by approximately $1.6 million, of which nearly $900,000 relates to the change between our reduction of the Q4 2022 bonus accrual to reflect full year results versus the accrual in Q1 2023 for the 2023 estimate. In addition, you'll recall that the Q1 consistently has a higher level of payroll tax costs associated with the payout of bonuses. That was an additional $300,000 of the sequential change. Importantly, our cash basis G&A as a percentage of total revenue decreased to 7% in Q1 2023 versus 7.3% in Q1 2022. As I've noted before, we continue to expect this percentage to rationalize quarterly in 2023. Turning to our balance sheet, I'll highlight the following. With our $207 million of investments in the Q1 of 2023, our income producing gross assets reached $4.2 billion at quarter end. From a capital markets perspective, we had a very strong quarter from an equity perspective. In February, we completed an overnight offering that was upsized based on strong demand, which when physically settled, will generate expected net proceeds of nearly $210 million. The February overnight offering was executed all on a forward basis. In March of 2023, we physically settled approximately $105 million of the net proceeds and have nearly $105 million remaining to settle sometime during 2023. We also generated approximately $21 million in net proceeds in the early part of the Q1 from our ATM program. Our net debt to annualized adjusted EBITDAre was 4.4 x at quarter end. When factoring in the proceeds that we'll generate by physically settling the remaining $105 million of the February offering, our leverage at quarter end would equal 4.1 times. Our total liquidity at the end of Q1, 2023 totaled $775 million. Our conservative leverage, strong balance sheet, and significant liquidity position continues to be supportive of our current investment pipeline and sufficient to fund our future growth plans in 2023. I'll reiterate that our current investment pipeline, our outlook for the core portfolio, and our continued strong performance this quarter provided us with the basis to refine our 2023 AFFO per share guidance range to $1.60 to $1.64 per share, which, as Pete noted, implies a 6% year-over-year growth at the midpoint. With that, I'll turn the call back over to Pete. Thanks, Mark. As reflected in our results that we released last night, our portfolio continues to perform exceptionally well, and our relationships are increasingly valuing our consistency and reliability in a very challenging capital market environment. We are encouraged by what we see in our opportunity set, and we will remain disciplined as we continue to execute. Operator, please open the call for questions. Thank you. We will now begin the question-and-answer session. To ask a question, you may press Star, then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press Star then two. At this time, we will pause momentarily to assemble our roster. Our first question comes from Haendel St. Juste with Mizuho. Please go ahead. Hey, good morning out there. Pete, I guess a couple questions about the investment activity in the Q1. I guess I'm curious on the decision to add more car washes to the portfolio. It stands as your top category here, nearly 15% of ABR. Are you inclined to add more? Are you full? Then maybe some color on the range of cap rates involved. Thanks. Sure. Well, as we've said in the past, you know, car wash is one of our top industries, and as a tier one industry, you know, we're kind of comfortable in the 12% to 15% range. You can see where our current exposure is. We are a little more selective on the incremental car wash deals that we're doing. You know, representing the fact that we are almost full. That said, there's no hard and fast guidelines, and we continue to wanna do good business with good operators, and we have a nice opportunity set of car washes. You know, I would say about a year ago, a lot of the car wash operators were pricing away from us, and we were choosing to do business elsewhere. Given the overall environment and diminished competition, we're seeing more and more car wash opportunities. We'll be selective and we'll continue to invest in car wash and, you know, maybe lighten up some on the back end. In terms of a range of cap rates, really depending upon, you know, the size of the operator, the price point of the assets and the market the assets are in. You know, it can be anywhere from a low of a seven cap to a high of 7.75 and maybe up into an eight if we're looking at doing some development deals. We like the industry. It has great, you know, cash flow dynamics and good rent coverage. We'll be selective as we continue to grow there. That's really helpful. Thank you. Similarly, maybe you could talk a little bit about the decision to add fitness to the portfolio. It was a bit of, maybe a surprise given the COVID experience. I'm curious why fitness, why now, and how you're underwriting there. Thanks. Yeah, in the fitness space, you know, we've always kind of liked the kind of newer mid-tier operators, and, you know, with new construction and new facilities. We have a couple of relationships in that space that have, you know, proven themselves to be real good operators and developers and had a very positive experience. So, you know, we've had the opportunity to continue to invest with them, and we've done that. Fitness was, you know, a small part of the 1Q investments. You know, going back to COVID, our experience, you know, and our negative experience was limited to the bigger boxes that were purpose-built facilities and, you know, not as new. We've been selectively going into some of the newer, mid-tier fitness centers, with proven operators and getting good risk-adjusted returns. That's great. Thanks. Last one, I guess maybe just on the improved terms overall that you're seeing some of the best of bulks, best bumps, I think you've seen in your relatively brief history, but I guess, is that a function of your emerging as a buyer of choice? I know you mentioned that you're seeing more sale-leasebacks, but I guess I'm curious if this is maybe the new paradigm and reflective of just less competition out there and your ability to be more selective. Thanks. Yeah, listen, we feel really good about the terms we're getting. You know, 2% escalations for, you know, 19 years is pretty powerful. It's really, it's the fact that there is some dislocation in the capital markets and the competition. You know, we would expect that to ebb and flow and, you know, I wouldn't stop short of saying that's a new paradigm. You know, I would imagine as competition normalizes, we'll see more pressure both in terms of the escalations we achieve and, and the lease terms that we're able to get. For the time being, it feels pretty good to, you know, kind of realize those terms on a long-term basis. Thank you. I'll yield the floor. Thanks, Haendel. Thanks. Thank you. Our next question comes from RJ Milligan with Raymond James. Hey, good morning, guys. Just curious, given some of the headwinds or the major headwinds that we're seeing in the banking world, I'm just curious, and it's a two-part question. What are you seeing from a tenant perspective in terms of their access to capital or refinancing risk and any potential risks that you're seeing emerge from what's going on in the banking world? Two, you know, what you're seeing from an opportunity standpoint, given the fact that interest rates have moved up and there's less liquidity out there? Yeah, you know, just tackling the second part of that, RJ, and that kind of goes, you know, to Haendel 's last question is, you know, our operators have fewer capital alternatives and, you know, are increasingly turning to us to do deals. You know, in the quarter, we did, 94% of our business was existing relationships and 100% sale-leasebacks. I think what that's indicative of, you know, what's going on out there. In terms of our tenants' ability to obtain financing in the bank market, that's diminished. As we're doing deals, we're seeing less use of debt capital and more just traditional sale-leaseback coupled with equity. Overall, you know, the incremental deals that our tenants are adding on to their businesses are better capitalized and with equity and sale-leasebacks. You know, that does create some refinancing risk, and that's something we're watching very closely. You know, to the extent that a tenant has a refinancing issue, that's gonna manifest itself in the implied credit rating. Our credit distribution would be something, you know, important to monitor. But overall, you know, we're continuing to see rent coverages at high levels and, you know, de minimis credit issues. It's a good environment to invest, and we're gonna watch our tenants very closely. Okay, that's helpful. A question for Mark. obviously, you don't need additional equity to fund the growth this year, which is part of your comments. Given the stock price performance, one of the few net lease REITs in the green this year, how do you think about lining up another forward to just take advantage of the current attractive cost of capital? I mean, you know, I think, the way I'd look at it from the standpoint of the rest of the year is more likely than not, we'd really be looking to the ATM and do that opportunistically. Obviously, we can do ATM on a forward basis. That might be something. Do anything right now with the second half of our current forward still out there. You know. Doing another forward offering, I just don't see that as something that would be as likely. Okay, great. That's it for me, guys. Thank you. Thanks, RJ. Yes, I'm not hearing anything. Thank you. Our next question comes from Greg McGinniss with Scotiabank. Please go ahead. Good morning. Hey, Greg. Just tackling a question you've kind of addressed a couple times here, but looking at it from a different angle. Given these challenges in the financing market, and I realize that the vast majority of deals, at least this quarter and generally, are from prior relationships, but are you starting to see any new players or verticals looking for sale-leaseback capital? Is that enough to offset any slowdown in deal flow that we might be seeing on the private equity side? Yeah. You know, listen, when you look at this quarter, you know, 94%, last quarter 95% and, you know, 94% before that, you know, we're leaning into our existing relationships because they're increasingly valuing us. You know, these are guys we know and trust and they're providing us with ample opportunities as opposed to really having to venture out and do different industries and/or different structures. You know, I would say while there is overall a decreased level of transaction volume, we're winning a higher percentage of the deals that come in and, particularly deals with people that know us and trust us and place a high premium on reliability. you know, as I think about, you know, the rest of the year, it's more likely that we're leaning more disproportionately into our existing relationships than, you know, really trying to venture out and find new things to do. Okay. on the acquisition cap rates, which were up 10 basis points from last quarter, which is already a nice bump from the trailing three-year average. Does it feel like cap rates have settled down at this point? maybe this is kind of the expected level going forward, or is there still room for upside? Yeah. It feels like we've topped out. I would say, you know, in any given quarter, the average cap rate's gonna be heavily impacted by the mix of transactions. You know, where we're paying lower cap rates for things like QSRs and higher cap rates for things like early childhood. You know, the blend of industries is gonna influence the overall cap rate. It does feel like, you know, we've capped out and if anything, I would, you know, probably have an expectation more in the mid seven range. Can you just remind us what your targeted spread is? Yeah. We don't have an articulated targeted spread. We really price deals based upon, you know, the individual risk returns of that deal, looking at the credit, the industry, the coverage and the markets and, you know, the relative return on that given the overall opportunity set. You know, that's really not a number we think a lot about. Okay. Thanks. Thank you. Thanks, Greg. Thank you. Our next question comes from Eric Wolfe with Citi. Thanks. It's actually, Nick Joseph here with Eric. Just wondering, you know, as you talk to your tenants or underwrite current deals, are you seeing any indications of a slowing economy or changes to consumer behavior kind of on the ground? We really haven't. I mean, we've seen, you know, reflected in the Q1 reporting and the year-end numbers that we've been analyzing. You know, we have seen inflation pressures, you know, kind of creep into the numbers and seen some pressure on margins, and, you know, some resistance to the push-through of these increased costs. I have not seen, you know, any indication of changing consumer behavior in the industries that we're in. Thanks. In terms of the inflation pressures, are there any specific either tenants or industries that you've seen that felt a bit more? Yeah. You know, I think, you know, the QSRs are having some challenges that we've heard and seen, pushing it through and, you know, that price sensitivity tends to be more regionalized. You know, we're seeing the early childhood education guys facing, you know, the increasing labor costs, and, you know, the inability to push that through on a real-time basis. You know, they are bumping their prices up, but, you know, it's not they can't, you know, kind of mark to market as labor increases. Thank you very much. Thank you, Nick. Thanks, Nick. Thank you. Our next question comes from Ki Bin Kim with Truist. Thanks. Good morning. Just want to go back to the car wash topic. Could you give us a little tutorial on what makes this business attractive to you guys and maybe some potential downsides? Historically speaking, how sustainable are these businesses? Lastly, you know, the rent per square foot is about $60 sq ft, and I'm just curious how much of this rent is, you know, being basically paying back CapEx for the build-out cost? Yeah. There's a lot to that one, Ki, you know, first off, you know, I've personally never experienced a loss in the car wash space. I've had a very positive experience. In general, there's been a very powerful, you know, there's been two dynamics in the space that has really helped improve our coverage, our exposure, our tenants and the coverage. One is consolidation, where operators that we've invested with have grown from, you know, call it 10 to 20 unit operators to 100 to 200 unit operators over time, creating a larger, more stable credit, as well as kind of, you know, the bigger operators, creating systems where they can implement membership pricing and create a more durable and steady revenue base. Those combined trends of a growing credit and a more stabilized revenue base with improved margins has really made the investments that we made stronger and we've seen increasing coverage over time. You know, we're just looking at one of the early car wash operators that we invested with that has grown. You know, the sites we've invested with them really went from what was a two times coverage at the time we purchased them to what is a four times coverage today. You know, that over the course of five/six/seven years, which is pretty nice to see. You know, in terms of the rent per square foot, you know, car wash property is somewhat unique in that you're gonna have a large land parcel on a well-traveled corridor. You know, that's kind of their business model is to, you know, place themselves where a lot of cars are, as you would imagine, and have big lots for the queuing and circulation. You know, you prorate the cost of that land over a, what is a smaller building footprint and largely what is a tunnel. You have a high land component and generally we're not investing in. You know, you talk about capital improvements. You know, we try to limit our investments to pure real estate value, you know, what it costs to buy the land and build and improve the real estate and avoid, you know, financing, you know, specialized equipment. To the extent that we do feel ourselves, putting or placing value to the equipment, we would have a lien on that, so that in a downside scenario, we're able to capture that equipment and re-tenant that site, pretty readily. Overall, we like the space. There's great cash flow dynamics that have been strong and improving. We continue to see good opportunities. Thanks for that color. Just curious, what is the approximate coverage ratio for car washes? You know, I would say, you know, I'm giving you a rough number here. You know, 2.25%. As I said, we have some of the early ones up around over 4%, and we have some of the newer ones at a, you know, at a 2%, maybe, you know, mid-2s or something like that. You know, we look at individual exposures and don't spend a lot of time thinking about, you know, the overall industry exposure. Thanks, Pete. You got it. Thank you. Our next question comes from Spenser Allaway with Green Street Advisors. Thank you. Similar question to Nick earlier, but beyond tenants or industries that are facing inflation pressures, are there any segments of the portfolio that are on your watch list or growing concern? I know the portfolio rent coverage is high and certainly at a healthy level, but again, just trying to get a sense of, your watch list, if you have one. Yeah. Our watch list as we define as the intersection of credit risk with unit-level coverage risk, that would be a single B- credit coupled with coverage of under 1.5x. As we sit today, that is roughly 90 basis points of ABR and really consisting of, you know, four operators, but about 60% of that exposure is with our AMC Theatres as we have two of those theaters under 1.5. The rest is- Spread out across restaurant guys. Overall, that's, a very good spot and, you know, at a historically low level. Okay, thank you. Can you just remind us of the parameters utilized to identify disposition candidates? Yeah, I mean, it's, you know, there's no hard, fast parameters. You know, basically, if my asset manager sees long-term risk, that can be, you know, current coverage levels or declining coverage levels, or, you know, a high basis that, you know, would indicate, you know, a less, a lower probability of renewal, we often will lighten up on credits that we see not performing as we would have expected. You know, there's no hard and fast rules and, you know, but anywhere, anytime we see, you know, risk that may manifest itself in the portfolio down the road, you know, we're trying to lighten up on that exposure. Because, you know, when you see imminent risk, right? If it's gonna default, you know, in the near term or coverage is sub one, you know, that becomes illiquid, and you really don't have the ability to move that risk out of the portfolio. It's, it's really being proactive and trying to get in front of potential problems. Okay. Very helpful. Thank you. Thank you. Thank you. Ladies and gentlemen, as a reminder, if you wish to ask a question, please press star one. Our next question comes from Joshua Dennerlein with Bank of America. Yes, good morning, everyone. Just kind of curious if there's any changes in the market for sellers back financing after SVB? Like anything on the deal flow front or underwriting from peers or just even composition? No. I mean, listen, that's been kind of recent and with a, you know, a 60 to 90-day transaction cycle, it's gonna take a bit. I think overall the, you know, I think that SVB is just a symptom of a, you know, bigger problem in the capital markets of lack of liquidity and challenging debt environments. You know, that was persisting before and continues to persist. Okay. Awesome. I'll leave it there. Thanks, guys. Thanks, Josh. Thank you. Our next question comes from Jim Kammert with Evercore. Good morning. Thank you. Question, on most of your tenant financial reporting at the entity level, is that on a quarterly or predominantly annual basis? Mostly it's gonna be quarterly. Okay, good to know. Have you seen any behaviors where they're, you know, a little tardy in filing as incipient indicators of financial troubles, et cetera, or are they pretty prompt in providing the financials? They're pretty prompt. I mean, you know, the real, the real problem is if they're tardy in paying rent, that's where we're gonna really sense a problem. Generally people, you know, it's an obligation in the underlying lease agreement, and failure to provide and live up to that obligation is a lease default. You know, we have the hammer, but generally, you know, tenants are compliant and, you know, these are long-term arrangements and, you know, there's not an issue with getting it. No. That's true because I ask, you know, obviously helping if we go into economic slowdown, you wanna keep as timely a pulse as you can on their financial circumstance, which I know you're-- continue to do. You know, thinking back historically, you've done a great job on the sale-leaseback structure to grow your business. Yields have been creeping up in terms of the initial cap rates for Essential. Is there any bifurcation or would you be able to provide a bifurcation between, say, where Essential in terms of yield, where Essential is gonna be predominant landlord for one of your tenants versus, you know, maybe an EquipmentShare where they have dozens of landlords? Just trying to get a sense of how important that is when you're a big part of the wallet share, if you will, for that given tenant. Yeah. Listen, I think what you see in a situation like that is, you know, we do deals with them early on and then as they grow and, you know, in size and become more attractive to a wider range of capital providers, you know, we tend to get priced out. You know, the people come in and will do deals at, you know, what can be 50 to 100 basis points inside of us. We're generally not gonna lose a deal with a relationship over 25 basis points. It'll be closer to 50 to 100 where they say, "You know what? Guys, you guys have been good to us. You helped us in the past. You've been reliable and straightforward and trustworthy, but, you know, what your capital is too expensive. I gotta do a deal with someone else." That's fine with us, right? In that we have a growing credit and diversity of capital sources and, you know, overall it helps our exposure. It evolves over time. It's not a static analysis. You know, sometimes, you know, that attractive 50 to 100 basis point tighter bid, you know, falls out and they end up coming back or, you know, that buyer exits the market and they end up coming back. You know, it's usually pretty dynamic and it's particularly dynamic in the current environment. Yeah. That's helpful context. Thank you. A quick final follow-up. It sounds like most of your capital recycling from the earlier question is really driven more tenant-specific issue as opposed to Essential looking to, you know, fade some of your 16 industries. Is that a fair statement? Yeah, it is. You know, like, you know, my commentary around car washes earlier, you know, to the extent that we are, you know, have an exposure, whether industry tenant or, you know, individual asset that we wanna lighten up, we'll use capital cycling to do that. We have plenty of car wash opportunities to invest in fresh deals, and so we're likely to sell some off on the back end. It's a variety of factors. Terrific. Thank you for your time. Thank you. Thank you. Our next question comes from John Massocca with Ladenburg Thalmann. Good morning. Hey, John. I know you don't give investment volume guidance, but maybe in the near term, how should we think about kind of the acquisition volume cadence in 2Q versus later in the year, just given the around $8 million you closed quarter to date? I know it's kind of a lot less than you had closed quarter to date in, you know, 1Q at the time of the 4Q earnings call. You know, look back a year, it didn't really impact, volume you ended up closing in 2Q 2022. Just kinda maybe any kind of thoughts you have as to where deal flow maybe might fall over the course of the year? Yeah. And, you know, as you know, one of the reasons we don't provide acquisition guidance is 'cause we rarely have visibility to our pipeline out beyond, you know, 90 days. As we think about the, you know, 2Q pipeline, we recognize it's off, you know, to a slow start. But as we said today, the pipeline's full and I would expect, you know, 2Q to kind of be at or around our 8-quarter average as an indicator. As I think about the back half of the year, there's nothing that would, you know, suggest that our 8-quarter average isn't a decent proxy. But we'll just have to see how the year plays out. Okay. That's fair. Then, I know we're kind of splitting hairs here, but I noticed the EquipmentShare exposure fell a little bit. Was that driven by dispositions or something else? If it was by disposition, is that just an attempt to kind of, you know, diversify the portfolio further, or just maybe kind of what was the thought process there? We did sell an EquipmentShare, during the quarter. That much like my commentary around car wash, you know, to the extent that we can, you know, sell assets off in the low 6% to free up capacity to invest, you know, with guys in the mid 7%, that makes sense to us. We like EquipmentShare. They're a great tenant. They've been a good relationship. They continue to grow and, continue to, you know, bring us opportunities. Lightening up, you know, through some asset, disposition and capital recycling made sense to us. I guess, can you remind us on an individual tenant basis if they're kind of a relative maximum exposure you want in the portfolio? Yeah. You know, we say we have a soft ceiling of 5%. You know, we certainly feel good with our top 10 sitting at 17%, you know, just around 17%, you know, which is, you know, continues to trend down. You know, I feel good looking at, you know, not really having any material exposure over 3%. I mean, those are all soft guidelines, but, you know, diversity is a key part of our portfolio construction. That's it for me. Thank you very much. Thanks, John. You got it, John. Thank you very much. Thank you. This concludes our question and answer session. I would like to turn the conference back over to Pete Mavoides for any closing remarks. Great. Well, thank you all for your questions and time today. We have a busy conference season coming up, so I'm sure we'll see many of you in the coming weeks, and we look forward to that. Everyone, have a great day. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.