Realty's earnings conference call for the first quarter 2022. This call is being recorded. After the presentation, there will be an opportunity to ask questions. Prior to starting the call, Joshua Dicker, Executive Vice President, General Counsel, and Secretary of the company, will read a safe harbor statement and provide information about non-GAAP financial measures. Please go ahead, Mr. Dicker. Thank you, operator. I would like to thank you all for joining us for Getty Realty's first quarter earnings conference call. Yesterday afternoon, the company released its financial results for the quarter ended March 31, 2022. The Form 8-K and earnings release are available in the investor relations section of our website at gettyrealty.com. Certain statements made in the course of this call are not based on historical information and may constitute forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to trends, events, and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Examples of forward-looking statements include our 2022 guidance and may also include statements made by management in their remarks and in response to questions, including regarding the company's future operations, future financial performance, and the company's acquisition or redevelopment plans and opportunities. We caution you that such statements reflect our best judgment based on factors currently known to us, and that actual events or results could differ materially. I refer you to the company's annual report on Form 10-K for the year ended December 31, 2021, and our other filings made with the SEC for a more detailed discussion of the risks and other factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. You should not place undue reliance on forward-looking statements which reflect our view only as of the date hereof. The company undertakes no duty to update any forward-looking statements made that may be made in the course of this call. Please refer to our earnings release for a discussion of our use of non-GAAP financial measures, including our updated definition of adjusted funds from operations or AFFO and our reconciliation of those measures to net earnings. With that, let me turn the call over to Christopher Constant, our Chief Executive Officer. Thank you, Josh. Good morning, everyone, and welcome to our earnings call for the first quarter of 2022. Joining us on the call today are Mark J. Olear, our Chief Operating Officer, and Brian Dickman, our Chief Financial Officer. I will lead off today's call by providing commentary on the quarter, highlight the company's investment in capital markets activities, and discuss our outlook for the remainder of the year. As usual, Mark and Brian will take you through the portfolio and the financial results in detail. Our solid first quarter results again demonstrated the successful execution of our strategy, which delivers durable cash flows from our operating portfolio, combined with attractive growth from external opportunities. Our strong 2021 acquisition activity, combined with contractual rent escalations and contributions from our completed redevelopment projects, resulted in base rental income growth of 8.8% for the three months ended March 31. Our adjusted funds from operations, or AFFO, increased 12.5%, and our AFFO per share of $0.52 represented a 6.1% increase over the prior year's quarter. Year to date, the company has invested approximately $53 million, including the acquisition of 2 convenience stores for $7 million during the first quarter, the acquisition of 10 car washes and 1 convenience store for $43 million subsequent to quarter end, and approximately $3 million of total development funding year to date across 4 projects, including both new to industry convenience stores and car washes. We enter the year with a robust investment pipeline across a number of our target asset classes. We are remaining disciplined in our approach as we work through these and other opportunities. Our strategy is to acquire high-quality real estate across the convenience and automotive, retail, and service sectors, and to partner with strong and growing regional and national operators. Considering these factors, we are optimistic about our ability to continue executing on our investment strategy as the year progresses. I am also pleased with our recent capital markets execution, including our credit facility refinancing and ATM equity issuance in the fourth quarter of 2021, and the two-tranche $225 million debt private placement we completed in the first quarter, which position us well to fund our growth pipeline. Turning to the convenience store sector, which continues to represent approximately three-quarters of our ABR, the National Association of Convenience Stores, or NACS, recently published its annual State of the Industry Report, reaffirming the resilience in consumer demand for the overall convenience store sector. Based on the NACS annual survey data for convenience stores across every region of the United States, 2021 was another strong year for inside store sales, which grew more than 8% and reached a record $280 billion. Similar to last year, the NACS survey highlighted a 6% increase in the average basket size or dollar spent per transaction in the store, which is impressive as the prior year's increase was up 15% due to pandemic-related shopping. Customer visits also rebounded during the year as consumers returned to normal in-store shopping patterns. Perhaps most important for the overall convenience store sector was the return of strong food service sales, which were up 24% year over year after declining during 2020. For 2021, the NACS data indicated that food service represented 22.5% of total inside sales and 35.5% of overall store gross profits, both record levels for the overall industry. On the fuel side of the business, the good news is that consumers and commuters drove a recovery of fuel volumes in 2021, which saw total fuel gallons sold increase 4.4% and close the gap to pre-pandemic levels as 2021 fuel volumes nationally were only 7.2% below the 2019 levels. T his year, despite the recent volatility in the oil market and the rise in retail prices, industry reports suggest that fuel volumes are continuing to recover and that the average fuel gross profit continues to be healthy and generally in line with recent years' performance. In general, despite the inflationary pressures impacting the broader U.S. economy, including our tenants' businesses, I am pleased that Getty and our tenants continue to operate successfully and without material adverse effects to date. However, we will continue to monitor our business and proactively communicate with tenants in our portfolio to better understand any changes to industry fundamentals as the year progresses. Our team remains as focused as ever on the growth of this company. We are working diligently to source and underwrite new opportunities in strong metropolitan markets across the country, as well as to unlock embedded value through selective redevelopments. We believe our success year to date and our current pipeline demonstrates our ability to source opportunities that align with our investment strategies and that we are in position to continue driving additional shareholder value as we move through 2022 and beyond. With that, I'll turn the call over to Mark to discuss our portfolio and investment activities. Thank you, Chris. As of the end of the first quarter, our portfolio includes 1,003 net lease properties, five active redevelopment sites, and six vacant properties. Our weighted average lease term was 8.7 years, and our overall occupancy, excluding active redevelopments, was 99.4%. Our portfolio spans 38 states across the country, plus Washington, D.C., and our annualized base rents, 64% of which come from the top 50 MSAs in the U.S., are well covered by our trailing twelve-month tenant rent coverage ratio of 2.6 times. In terms of our investment activities, we have completed $52.8 million of investments year to date. This reflects $8.8 million of acquisitions or development funding for 3 properties in the first quarter, including the sale-leaseback of two convenience stores in Connecticut, properties which were acquired for $7 million are subject to a 15-year unitary lease with Global Partners. We also advanced $1.7 million of development funding for 1 new-to-industry property during the quarter. The project is with Splash Car Wash for the construction of an express tunnel wash location in the New Haven, Connecticut MSA. As part of this transaction, we will accrue interest in our investment during the construction phase of the project, and we expect to acquire the property via a sale-leaseback transaction upon completion and final funding. Aggregate cash yield on our first quarter investments was 6.6%. Subsequent to quarter end, we invested $44 million in 12 additional properties. Highlights of our recent investment, investments include closing on the acquisition and leaseback of 8 express tunnel car wash properties in the Austin, Texas MSA with GO Car Wash for $36 million. Acquiring two additional properties from Splash Car Wash, which are located in New York for $6 million. Acquiring one convenience store location in the New York City MSA for $1.1 million. Providing approximately $1 million of development funding to Splash Car Wash for another new-to-industry car wash, this one in the Poughkeepsie, New York MSA, which we expect to acquire upon completion. The weighted average lease term of the properties acquired year-to-date was 14.8 years, and the aggregate initial cash yield on our year-to-date investment was just north of 6.5%. We began 2022 with a robust investment pipeline comprised of a diverse set of asset classes and prospective tenants. During the quarter, we saw the amount underwritten by our investment team continue to increase year over year. Convenience stores represented approximately 33% of our underwriting, with the remaining 66% being focused on other automotive and retail categories. While it can be difficult to control the timing of direct sale-leaseback transactions, based on our current visibility, we remain confident that the pace of investment activity will accelerate as the year progresses. We continue to pursue direct sale-leasebacks, acquisition of net lease properties, and funding for new to industry construction. We remain committed to our core underwriting principles of acquiring high-quality real estate, major metropolitan markets, and partnering with strong tenants in our target asset classes. Moving to our redevelopment platform, during the quarter, we invested approximately $400,000 in projects which are in various stages in our pipeline. We have seven signed leases or letters of intent, which includes five active projects, one project at a property which is currently subject to a triple net lease and has not yet been recaptured from the current tenant, and one signed letter of intent on a vacant property. The company expects rent to commence at these and other projects over the next several years, including later in 2022. Turning to asset management activities. T he first quarter, we sold 15 properties, realizing $10.2 million in gross proceeds and exited one lease property. 14 of the properties sold in the first quarter represented the closing of the second tranche of the planned divestiture of a portfolio to the existing tenant in Upstate New York. We will continue to selectively dispose of properties that we've determined are no longer competitive in their current format and do not have a compelling redevelopment potential. With that, I'll turn to Brian Dickman to discuss our financial results. Thanks, Mark. Good morning, everyone. Just a reminder that we are reporting AFFO under the revised definition we implemented at the end of last year, which adds back stock-based compensation and the amortization of debt issuance costs. We reported AFFO per share of $0.52 for the first quarter of 2022, representing a year-over-year increase of 6.1% versus the $0.49 per share we reported in the first quarter of 2021. FFO for the quarter was $0.49 per share as compared to $0.44 per share in the first quarter of 2021. Our total revenues were $39.3 million for the first quarter, representing a year-over-year increase of 5.5%. Base rental income, which excludes tenant reimbursements, GAAP revenue adjustments, and any additional rent, grew 8.8% to $35.8 million in the first quarter. Strong acquisition activity over the last 12 months and recurring rent escalators in our leases were the primary drivers of the increase, with additional contribution from redevelopment projects that were completed last year. On the expense side, G&A costs were $5.1 million for the first quarter, a decrease of $400,000 compared to the first quarter of 2021, which included approximately $500,000 of retirement and severance expenses. Excluding those costs, G&A increased marginally year-over-year as a result of increased personnel costs. Property costs declined in the first quarter of 2022 due to lower property operating expenses, which included both a permanent decrease in non-reimbursable expenses and the timing impact of certain reimbursable expenses. These decreases were partially offset by increased leasing and development costs, primarily $230,000 of demolition costs for active redevelopment projects. Environmental expenses, which are highly variable due to a number of estimates and non-cash adjustments, declined to a credit of $100,000 for the quarter versus a $500,000 expense in 2021 due to lower legal and professional fees and changes in debt remediation costs. Turning to the balance sheet and our capital markets activities. We ended the quarter with $625 million of total debt outstanding, which consisted entirely of fixed rate senior unsecured notes with a weighted average interest rate of 4.1% and a weighted average maturity of 6.9 years. There were no amounts drawn on our $300 million revolving credit facility at the end of the quarter. As of March 31st, net debt to EBITDA was 4.6x, and total debt to total capitalization was 32%, while total indebtedness to total asset value, as defined in our credit agreement, was 35%. As previously announced, we closed on a private placement of $225 million of senior unsecured notes during the quarter. The first tranche, which funded on February 23, included $100 million of notes bearing interest at a fixed rate of 3.45% and maturing in February 2032. The second tranche, which will fund in January 2023, includes $125 million of notes that will bear interest at a fixed rate of 3.65% and mature in January 2033. Proceeds from the notes funded at closing were used to repay all amounts outstanding on our revolving credit facility and to partially fund our year-to-date investment activity. Proceeds from the delayed funding notes will be used to prepay in full our $75 million of 5.35% unsecured notes due in June 2023, with the balance used to fund investment activity. We did not issue any shares under our ATM program in the first quarter. With low leverage, cash on the balance sheet, an undrawn revolver, and committed 2023 debt financing at an attractive rate, we believe that our balance sheet and overall credit profile are in great shape and positioned to fund the company's growth as we move through 2022. With respect to our environmental liability, we ended the quarter at $47 million, which was a decrease of more than $600,000 from the end of 2021. For the quarter, our net environmental remediation spending was approximately $1 million. Finally, as a result of our year-to-date investment activity, we are raising our 2022 AFFO per share guidance to $2.10-$2.12 per share from our original guidance of $2.08-$2.10 per share. As a reminder, our guidance includes transaction activity to date but does not otherwise assume any potential acquisitions, dispositions, or capital markets activities for the remainder of the year. Specific factors which continue to impact our AFFO guidance include variability with respect to certain operating and deal pursuit costs and approximately $400,000 of demolition costs related to redevelopment projects, which runs through property costs on our P&L. With that, I will ask the operator to open the call for questions. Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Our first question is from Todd Thomas with KeyBanc Capital Markets. Please go ahead. Hi. Good morning. Just first question, a couple questions around investments here. Sounds like, you know, pretty healthy pipeline that you're looking at. Can you talk a little bit more about the flow of deals that you're underwriting? Also whether or not you might expect to see a little bit of an air pocket, you know, in offerings, I guess, later in the year, just given the increase in borrowing costs. This is Mark. F irst part with regard to the pipeline, as we stated, you know, we're ahead of where we were this time last year. You know, the team continues to grow the pipeline of opportunities, which, you know, hopefully allows us to perform on more of those opportunities and remain committed to our, our underwriting standards, that we've explained. W e're ahead of last year, like I said. The widening of the buy box to include all automotive retail and service categories, in addition to C stores, has given us a lot of additional visibility and to keep growing that pipeline. With regard to, you know, I think the pace, we're not seeing any indication that the pace will, you know, materially increase or decrease as we get through the year. Our goal is to kind of keep that at a steady, you know, less lumpy pace throughout the year and to continue to source, you know, actionable deals. Okay. I guess last year was a pretty big year of investments, about $200 million. I realize that, you know, investment activity can be a little bit lumpy and unpredictable, but the balance sheet is in good shape. I guess I'm wondering if you would anticipate a similar year to 2021, and if you can maybe provide a little bit of a sense or bookend, what we might expect. Also curious if you've changed your return hurdles at all as you're underwriting new deals. To give you some perspective, you know, 2020 we invested $150 million. 2021 was $200 million. A s Mark was saying, we've expanded some of our, you know, underwriting to include other automotive retail asset classes. So we continue to underwrite more. We expect our ability to grow to continue that same momentum that we have. But we don't give formal acquisition guidance, so I don't wanna go too much further than that. F rom a return perspective, again, we're fortunate that we raised a considerable amount of equity for Getty in the fourth quarter of last year, and we closed on the private placement that Brian talked about in the first quarter. We're funding transactions off the balance sheet at this point. We expect our ability to lock in an attractive spread to continue as the year progresses. Okay. On the cap rate for investments completed during the quarter, I guess really in April also, I think I heard six something. The audio went in and out a little bit. What was the cap rate on investments completed year to date? Sure. The first quarter was 6.6, and it includes all the year-to-date activity. The commentary was it's greater than 6.5%. Okay, great. Last one, Brian. You mentioned a permanent decrease in some non-reimbursable expenses in the quarter. What was that, and what impact did that have on full year guidance? Yeah. It's primarily rent expense. Todd, as you've seen over the last several years, you know, as we have leased properties that come up right where we're in a sandwich position, we're typically exiting those leases. There's marginal profitability to them. Generally, that's in line with sort of our asset management, you know, strategy among other things. The bulk of it is reimbursable expenses. Then that was about. Just looking at our disclosure in our deck. That was $200,000 year-over-year. Then there was just a little bit of a decrease in some other non-reimbursable expenses, which is typically taxes or maintenance and the like at the few vacant properties we have. Okay. Got it. All right. Thank you. Thank you. Our next question is from Brad Heffern with RBC Capital Markets. Please go ahead. Yeah. Thanks. Good morning, everyone. It sounds like the site level financials have stayed strong, but I'm curious if there are any potential corporate level tenant credit issues that you're watching. I would assume that some of them likely have exposure to variable rate debt. Yeah, we really haven't seen any corporate tenant issues come across our asset management group to date. O ne of the big takeaways from us. I don't need to go too far back. We're going through COVID, right? was really the ability to, you know, proactively work with tenants if we see something going on, either on a corporate level or a site level, in their financials. I can say to date, we haven't seen anything that concerns us. In terms of new deals, has there been any sort of change in competition? It seems like if anything, the cap rates might have compressed a little bit more, but do you think, you know, you'll see bidders falling out because of the higher rates? I think you see. Well, first of all, there's still a tremendous amount of capital flowing into retail net lease, including our asset classes, from both public and private competitors. I think what you're seeing perhaps is more pricing discipline or the start of more pricing discipline in some of the transactions that we're bidding on. I think we'd expect that to continue, right, as everyone's borrowing costs increase over time. Okay, thank you. Thank you. Our next question is from Michael Gorman with BTIG. Please go ahead. Hi, everyone. This is Mike Gorman on behalf of Michael Gorman. Going off the previous question, could you dive a little deeper on the competition you're seeing in the convenience and gas market versus the other auto market and anything that's influencing that 33%, 67% pipeline? Well, I think the reason for the pipeline disclosure in our commentary was really around the strategy which we, you know, started to talk more about last year, which is really focusing on not only acquiring C-store assets, but broadening to automotive retail assets or just retail net lease. I'm actually very pleased with the activity coming across from Mark's group, where we're seeing not only, you know, a similar amount of opportunities in the C-store sector, but this quarter, you know, we saw two-thirds of our opportunities come from non-C-store-related assets, to speak to the team's work in terms of building out whether it's business development or, sourcing of opportunities that are maybe newer to Getty. Okay, great. Could you give a quick update on expectations for G&A this year? I know on the previous call, you mentioned that you were expecting about 4%-5% growth over last year. Has that remained the same? This is Brian saying. No change to our view on G&A for the year. We're right in line for the first quarter, and I would expect a you know similar run, right? Okay, great. Thanks. That's it for me. Thank you. Our next question is from Joshua Dennerlein with Bank of America. Please go ahead. Hey, good morning, everyone. Can you remind us the mix between fixed rent bumps and inflation-linked bumps within your portfolio? On a related note, as you're kind of looking at new acquisitions, has the underwriting changed at all in response to rising inflation? This is Brian. I'll hit the first part, and I'll use the opportunity to plug some of our supplemental information that we started to include in the back of our corporate profile. There's some details on the P&L. Todd, I was referencing that to your question on page 30, and then we do have a distribution of our rent escalations on page 28. To answer the question, we're about 99% of our leases overall, so substantially all of our leases are subject to some rent escalation. Of that amount, a little bit more than 88% are fixed. The bulk of those are annual, about two-thirds. The balance, about 11%, 10.5% of our rent is subject to CPI, which is really one or two leases. They do have, you know, caps on them. That's our distribution and the composition of our rent escalators. Yeah. It's Mark O'Leary. As far as, underwriting, you know, our core underwriting hasn't changed in quite some time. We're gonna remain committed to it as far as what we like, how we underwrite, how we view properties on their underlying real estate quality, markets, tenant operational quality, balance sheet. S pecifically, you know, we're trying to leverage the market on any deal point and every deal point and to, you know, certainly to our favor. When and if we can push harder on whether it's cap rate, rent bumps, other deal terms for that kind of blend to a total value return, we're taking every advantage that we can on those terms. Appreciate that. Is the market changing at all for maybe what, like, what people are willing to put into sale-leasebacks as far as, like, bumps? I think what you're seeing is more discipline, right, within the buyer world, and more receptivity, excuse me, right, to negotiating certain transaction terms. You know, I think at this point, it's hard for sellers, right, and buyers to ignore, right, what's happening in the broader economy. That's certainly translating into, as Mark said, you know, discussions around or negotiations around certain deal points. Got it. Thank you, guys. Thank you. Our next question is from Wesley Golladay with Baird. Please go ahead. Hey. Yeah. Good morning, guys. Is it fair to assume the main governor on deal volume at this point is just the cost of equity? How high would you take leverage at this point? Well, this is Brian, Wes. On the governance, I don't think that's necessarily right point in time today, right? Given what we've emphasized here and the balance sheet, revolver capacity, cash on hand, leverage levels, et cetera. You know, typically, in response to that question, we talk about our mandate, the quality, the space, and really just the rigor of our underwriting in terms of getting things through the bottom end of the funnel, as it were, more so than cost of capital point in time today. I guess that's how I think of that. In terms of leverage, you know, we have some runway here, right? We've always stated, or for as long as I've been around, stated 4.5-5.5 times, we're at the bottom end of that range. I think, you know, we have an asset class that could bear the burden of slightly higher leverage. I think there's a little bit of room just broadly in. You think about market expectations, you know, above 5.5. I think the shorter answer is no change to our philosophy or really how we wanna execute. We certainly have some runway here, again, as we've articulated. You know, look, if we continue to execute, hopefully we'll see a little bit of a rebound in the stock price and that won't be an issue when we get to raising incremental capital. In the near term, we're sticking to what we've been doing, focused on executing and feel like we've created the runway from a capital perspective to do that. Okay. Thanks for that. When we look at the volatility of the oil prices of late, do you expect any impact on the margins of your tenants and I guess, overall tenant coverage as we start to cycle through the next few quarters? Yeah. Long term, Wes, the answer is no, right? I think week to week, right, there's certainly variability in margins given the movement in the price of oil or the wholesale cost that our tenants are paying for product. You know, when you smooth that out to a couple week average or a month average, it's still right in line with where it's been the last couple of years. You know, layer on top of that, right, volumes are trending back up, right, as people are driving more, going on vacations, commuting to work. We don't see that as an issue today. Sorry, what was the second part of your question? I forgot. If it was gonna have any impact on the margins, I guess, when we look at the margins or tenant coverage going forward, when you look at the trailing 12-month tenant coverage, would that start to have a little bit of leakage? Is what I was looking for. We don't see it today. Okay. When we look at the rising interest rate environment, more specifically for the sale-leaseback transactions, do you see any, I guess, pocket of weakness in the M&A transactions that could lead to sale-leaseback deals? That's an interesting question. I think, you know, M&A for our target asset classes has been very frothy, both in the C-store and car wash sector. To the extent that, you know, borrowing costs or overall leverage, if rent rates come down and valuations get less attractive, I think that could benefit, sale-leaseback providers like Getty. Not to say we've really seen a lot of that to date, but, you know, probably take some time to filter through, but definitely could help. Got it. Thanks, everyone. Thanks, Wes. Thank you. Our next question is from Mitch Germain with JMP Securities. Please go ahead. Good morning. Just curious about the competitive landscape in the development funding business. Is it a relationship-based business or, you know, is there, you know, kind of a bidding war going on with some of these sites? Yeah. It's a little hard to hear, but I think, we view it as a relationship business. You know, we can provide a different type of financing, right, which ultimately gets Getty to the same place where we own the property at the end of the day to our existing relationships. It's very helpful from a repeat business standpoint. Our tenants really like the product, and it's a way for us to continue to expand our relationships with those operators that we like in our various sectors. Great. Is it the guidance increase, is that just really the deals coming in sooner than anticipated? Is that the way to think about it? No, Mitch, it's really just the deals closing, right? We do point-in-time, you know, look-forward guidance, so it's anything that's closed point in time. You know, obviously, as we were sitting in February, we didn't have the same volume that we had closed as of last week or really, I guess, as of today as we put the guidance out. It's, you know, as we're closing deals, raising capital, as the case may be, you know, we'll continue to adjust our guidance throughout the year as we go. Great. Thank you. Thank you. Our next question is from John Massocca with Ladenburg Thalmann. Please go ahead. Good morning. Wes. Most of my questions have already been answered. I also just maybe one kind of clarifying a point I think you made earlier in the call. As we think about some of the acquisition volume that was done subsequent to quarter end, should we feel that's gonna get match funded with kind of equity on the ATM? Or do you feel you're in a position from a leverage perspective to basically just deploy kind of available liquidity? Well, hey, John, it's Brian. Specific to that set of activity, that was just cash off the balance sheet, right? A s Chris mentioned, we raised you know, for us, a meaningful amount of equity in the fourth quarter and really last year, about $95 million in 2021. We did the private placement in February. As you know, as we're sitting here today, right? Or as we were sitting here coming into this set of activity, you had that cash on the balance sheet, and we did sell some assets both in the fourth quarter and here in the first quarter behind us, that were 1031 activity. From a liquidity standpoint, from an available capital standpoint, we are funding activity, deal activity right now really just right off the balance sheet. As we move forward throughout the year, as we typically would, you'll see us use the revolver to fund that activity and opportunistically, as needed, as feels warranted, you know, we will look to utilize the ATM again, as we always have. You know, point in time when you're sitting at, you know, just north of 4.5x with an undrawn revolver, cash and some 1031 proceeds on the balance sheet, you know, we're just funding right from those sources. Okay. That makes sense. You kinda talked about it a little bit there in your answer to the first question, but is there an opportunity for maybe some more programmatic granular dispositions? It just feels like given some of the dynamics in the marketplace, right? With a still strong 1031 market, but maybe some of the levered buyers who tend to buy bigger portfolios being kind of squeezed by interest rates that you know maybe there's an opportunity to do kind of bigger deals and fund some of that with one-off sales. Just any thoughts around that. Yeah. Well, we've been selling, obviously this portfolio, which was the two tranches deal, was a unique set of circumstances. We've been selling, you know, anywhere between 10 and 20 properties a year. Generally, they're on the lower tier of what we consider B quality. We're deploying those proceeds. I don't think you'll see us really ramp up dispositions in the near term, but certainly a possibility. Okay. That's it for me. Thank you very much. Thank you. There are no further questions at this time. I would like to turn the floor back over to Christopher Constant for closing comments. All right. Well, thank you all for joining us on our first quarter conference call. We look forward to getting back on with everybody when we report our second quarter in late July. Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.