Greetings, and welcome to the Whitestone REIT's Q4 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce David Mordy, Director of Investor Relations. Please go ahead. Good morning. Thank you for joining Whitestone REIT's Q4 2025 Earnings Conference Call. Joining me on today's call are Dave Holeman, Chief Executive Officer, Christine Mastandrea, President and Chief Operating Officer, and Scott Hogan, Chief Financial Officer. Please note that some statements made during this call are not historical and may be deemed forward-looking statements. Actual results may differ materially from those forward-looking statements due to a number of risks, uncertainty, and other factors. Please refer to the company's earnings news release and filings with the SEC, included in Whitestone's most recent Form 10-Q and Form 10-K for a detailed discussion of these factors. Acknowledging the fact that this call may be webcast for a period of time, it is also important to note that this call includes time-sensitive information that may be accurate only as of today's date, February 26th, 2026. The company undertakes no obligation to update this information. Whitestone's Q4 earnings news release and supplemental operating and financial data package have been filed with the SEC and are available on our website in the Investor Relations section. We published Q4 2025 slides on our website yesterday afternoon, which highlight topics to be discussed today. I will now turn the call over to Dave Holeman, our Chief Executive Officer. Thank you, David. Good morning, and thank you for joining Whitestone's Q4 2025 Earnings Conference Call. I'll get right into the key results and then spend a little time on our long-term focus. For 2025, we delivered $1.05 Core FFO per share. This is up from $0.86 in 2021, which was the year prior to my appointment as CEO and reshaping of the leadership team. This represents a 5% CAGR, and we did that while strengthening our balance sheet, as evidenced by our Debt-to-EBITDA metric, improving from 9.1x for the full year 2021 to 7.0x for the full year 2025. In addition, we overcame interest rate headwinds with an $0.11 per share step up in interest expense between 2022 and 2023. Given that we have interest rates fixed on the bulk of our loans and minimal debt maturities until 2029, one of the strongest leasing environments I have ever seen and a great team, we have very good visibility into the next three years and are very confident in our ability to generate long-term 5% to 7% Core FFO per share growth. Today, we'll talk about some non-FFO benefits we plan on delivering for investors, primarily gaining scale and enhancing the long-term value of our real estate. Know that delivering consistent Core FFO growth is our North Star. For 2025, we delivered 4% Same Store NOI growth. We delivered this through a combination of strong contractual escalators in excess of 2%, leasing success with straight line leasing spreads in excess of 19%, and targeted redevelopment, with projects typically delivering double-digit yields. We're issuing Same Store NOI growth guidance of 3% to 4.75% for 2026, and we expect to deliver with the same combination of drivers that allowed us to deliver in 2025. During the Q4, we acquired World Cup Plaza in Plano, a highly affluent Dallas submarket, and one where we are gaining synergies from our concentration of properties there, with World Cup Plaza in close proximity to our Starwood and Lakeside properties. In addition, in the Q4, we acquired Ashford Village, anchored by Houston's largest Japanese grocer, and in close proximity to the Ashford Yard development, a mixed-use project currently underway on the former Schlumberger campus. We also disposed of Kempwood Plaza, another of our legacy properties, during the Q4. Kempwood Plaza is located in Houston. Whitestone's acquisition and disposition strategy is designed around identifying and then remaining cognizant of the gap between neighborhood strength and the tenant strength. We identify properties where that gap is significant, and then our leasing team goes to work to close that gap. If we feel that that gap no longer exists, especially if it is the result of a neighborhood demand growth slowing, a property becomes a candidate for disposition. You may notice we've significantly increased our Green Street TAP Score over the past four years, which is an indication that we're going after higher-end neighborhoods with greater discretionary spending capability. We anticipate this will serve investors well and in various economic cycles, and it's more manageable as we scale. The biggest value to be gained is not because of the overall level of our TAP Score, but rather our ability to identify and acquire properties where we can improve a tenant base that lags that TAP Score. Over the past three years, we've acquired approximately $213 million in properties, which provides our leasing team with great opportunities to generate earnings growth. We're capable of increasing that volume handled both by our acquisitions and our leasing teams. We'll look for ways to increase that volume while achieving both, our Core FFO per share long-term growth target and continuing to strengthen our balance sheet with continued improvement in our Debt-to-EBITDAre ratio. Our focus on shop space delivers two additional primary benefits. Shop space requires less capital spend versus the bigger boxes, allowing us to deliver Same Store NOI growth while being at the low end of the spectrum on capital spending. In addition, when paired with robust tenant selection and underwriting, our nearly 1,500 tenants provide greater durability of cash flow and greater risk dispersion. Supply-demand conditions within our footprint remain strong, with a limited supply of neighborhood centers coming onto the market and with demand continuing to increase. Foot traffic to our centers was up 3.9% year-over-year. Our leasing pipeline remains robust. Our team remains very engaged in looking at ways to generate shareholder value and continue to outperform the market the way we've done over the last several years. With that, I'll turn things over to Christine to share more specifics on results and our focus on increasing the value of our real estate. Christine? Good morning. We delivered strong, consistent results for 2025. We hit a record occupancy of 94.6% and delivered Same Store NOI growth of 4% for the year. Combined straight line leasing spreads for the Q4 were 18.2%, 25.9% for new leases, and 16.6% for renewals. This is our fifteenth consecutive quarter with leasing spreads in excess of 17%. One of the key initiatives this management team focused on immediately after the 2022 transition was our quality of revenue initiative, pushing to make sure that we had high-quality, fast-growing businesses throughout the portfolio. We're already renewing many of the leases from 2022, re-leasing rates we are achieving are a testament to the strength of the businesses we've matched to the neighborhoods that surround our centers. Our consistently high leasing spreads reveal the competitive advantage of our model and the expertise of our leasing team. We drove bad debt down to 0.55% for 2025, less than half the rate versus the years prior to the pandemic. Getting down to these levels represent a combination of our tenant selection, our underwriting, and the expectation we've set with our tenants. We believe we have one of the lowest bad debt levels for shop space across the peer set. Over the past four years, we've set out to prove that our geography and focus on actively managing a very high percentage of shop space allows us to outperform our larger peers. We focused a lot on the annual financial metrics and continuing to deliver for investors on those metrics. This morning, I want to stress that delivering those results go hand in hand with a strategy that is enhancing the long-term value of our real estate. We have a plan for every property in our portfolio, and the plan for each property incorporates anticipated demographic changes and expected nearby urban development, with a re-contracting plan that is designed to bring tenants up to speed with the demand generated by the surrounding neighborhood. When we acquire properties, we look for properties with a large delta excess between the strength of the neighborhood and in-place tenants. Earnings growth is accelerated as we close the gap. Let me be clear, we're able to close that gap more quickly and effectively as a result of how we do business because of the team we built. At times, redevelopment is a tool to help close the gap, but the overarching goal in terms of long-term value creation is upgrading the tenant base to match the neighborhood to successfully serve our customers and our clients. A prime example of pursuing a property plan and creating value is Heritage Trace Plaza in Fort Worth. We purchased Heritage Trace in 2014, recognizing the rapid growth of the Alliance Corridor in North Fort Worth. In 2022, H-E-B, the second-largest private employer in Texas and a grocer with the most dominant brand loyalty in the state, announced they are opening an H-E-B across from Heritage Trace. H-E-B made this decision in large part because of the increasingly dense concentration of young, upwardly mobile families in the area, something we discovered early on when we acquired the property. Accordingly, we refocused our plan for the center in order to take advantage of the increased traffic from H-E-B, as well as the demographic changes that were taking place in the neighborhood. The center developed a very strong traffic from parents returning home from work. Consequently, we took back a larger space in 2024 from a challenged fitness studio that had been in the center since acquisition and created seven spaces in its place. Six out of seven of those spaces were leased immediately in 2025, doubling the base rental rate for the space at approximately $34 per sq ft. Overall, we anticipated we'll increase the center's NOI by 30% between 2022 to 2026. Our work is nowhere near done, as we've got nearly 50% of the center's leases come due within the next three years. We will continually review every tenant to ensure they're keeping up with the speed of the growth in the area and the demography it represents. As I said, this type of plan exists for every center in our portfolio, whether it's upgrading the type of restaurant and space, creating a pad when there's none that existed before, or moving and increasing the invisibility of a key space in the center, or such as setting up rooftop pickleball as we relentlessly pursue enhancing the value of our centers. Two acquisitions I'll call out that have rapid development similar to Heritage Trace are Arcadia Town e Center in Phoenix and Garden Oaks in Houston. Arcadia is anchored by the Paradise Valley, one of the 50 wealthiest suburbs in the United States, with home values increasing at double-digit rates. The former Paradise Valley Mall is being redeveloped into a $2.2 billion mixed-use development, Arcadia is not only anchored close to Paradise Valley, growth is spreading and enveloping the center. The Tempe waterway and the bike trail pass by the backside of Arcadia, We anticipate creating a pad site that will capitalize on associated traffic in the neighborhood. Similarly, in Houston, Garden Oaks is benefiting from the expansion of the Heights, redeveloped as Houstonites recognize the value of larger plots of land in the area, with excellent proximity to downtown for work. Rapid development occurring on Shepherd Drive is expanding northward, Target anticipates opening a new store next to Garden Oaks in early 2027. We're evaluating pad site options and tenant candidates for that pad, as well as re-merchandising that center. Let me expand a bit on the record. 94.6% occupancy we hit at the end of 2025. This included very strong activity right up to the end of the year. When I say that, I mean they signed a lease at 11:23 P.M. on the 31st. Our redevelopment CapEx in 2025 was approximately $5 million, with redevelopment projects complete at Williams Trace, La Mirada, and Lions Square. We've added redevelopment projects to the list, including at Garden Oaks. We'll have a multiyear forecast of $20 million to $30 million in redevelopment spend in addition to the pads that we add every year. Last year, we added several pads. We anticipate continuing to do that over the next few years. We will look to accelerate some of that work. We'll estimate the time frame for that spend over the next three years. I'd like to thank the leasing, redevelopment, and property management teams for everything they delivered in 2025. Our teams continue to elevate the performance every year, sharpening their plans for our center, adapting to change, and making sure our tenants see the value in operating from a Whitestone property. Their success is our success. In addition, the hard work not only allowed us to deliver in 2025, but lines up the company for continued growth in years ahead. Scott? We delivered very strong results for both the Q4 and for the year. We delivered $1.05 in Core FFO per share, versus $1.01 in 2024, representing 4% growth. In 2024, we had above average termination fees, which is part of the reason we grew Core FFO per share by 11% in 2024. Those termination fees were at a normal level for 2025, $0.02 less than 2024. The by-quarter breakdown for 2025's Core FFO was $0.25, $0.26, $0.26, and $0.28. That's about what we anticipated in terms of seeing growth during the year, with some additional revenues in Q4, including percent of sales clauses that typically help accelerate things in the Q4. You should anticipate a similar distribution in 2026. We delivered Same Store NOI growth of 3.8% for the Q4 and 4% for the full year. Our 3% to 4.75% Same Store NOI growth forecast is a ground-up tenant by tenant forecast for 2026 that incorporates what we're seeing in terms of macroeconomic conditions. The longer 3% to 5% growth is based upon what we've been able to achieve historically and incorporates the longer-term benefits of redevelopment projects we have underway. Same Store NOI growth is the primary driver for our Core FFO per share growth and gives us the confidence to lay out our 5% to 7% growth target in 2026 and the longer term. Occupancy came in at 94.6%, as a reminder, we only include tenants in our occupancy when they take possession, not when the contract is signed. Both our process and our heavier mix of shop space tenants equates to a much lower signed, not open list. We view the quicker turnaround as one of our competitive advantages. This is record occupancy for Whitestone. We were able to move it to that level by having a long-term vision for our properties rather than taking short-term occupancy wins. Christine covered our redevelopment capital. We've underwritten double-digit unlevered IRR on those outlays. We generally view the redevelopment as low-risk, high-return investments. On the balance sheet front, we finished the year with Debt-to-EBITDAre at 7x, despite acquisitions being greater than dispositions in 2025 by approximately $56 million. In terms of Whitestone's liquidity, we have $7.4 million in cash and $220 million available under the credit facility. In 2025, cash flow from operations was $50.8 million, and dividends were $27.8 million, leaving strong cash flow after dividends to fund growth. We have no maturities in 2026 and $80 million in maturities in 2027, so we have a very clear runway in terms of our need to access the debt markets over the next two years. We've increased our dividend by 5.6% for the Q1 of 2026. Our intent is to continue growing the dividend in line with core FFO growth. Whitestone's dividend remains one of the most secure, highest growing dividends within the peer group, and we believe we have the right plan in place to continue the growth trajectory while maintaining our payout ratio. We'll open the line 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 to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Your first question comes from Mitch Germain with Citizens. Please go ahead. Good morning. You guys had the final settlement with Pillarstone in the back part, I guess, it was the, you know, kind of last week of the year. Just maybe kind of talk about how that payment impacted your balance sheet and what are the different puts or takes we need to be aware of in terms of, you know, maybe, you know, pro forma, you know, what changes occurred, you know, so late in the year? Hi, Mitch, it's Scott. We, day one, we took those proceeds, we paid down the credit facility, and going forward, we'll evaluate acquisitions and dispositions as the opportunities become available. That I would think about it as just a, an improvement to the balance sheet, improvement to leverage on day one. As we always do, we'll make capital allocation decisions based on the opportunities as we proceed through 2026, 2027 and beyond. Got you. Okay. What's G&A guide for the year? Hey, Mitch, it's Dave. Thanks for answering your question. Could you say that one more time? G&A you didn't include that in your guidance this year. Historically, you have. Any idea of kind of where things can shake out over the course of 2026? Sure. I think we just, you know, obviously, if you look at the guidance we give and the underlying metrics, I think we've just continued to redeem that a little bit. I think you should expect G&A to be similar levels. No, no major changes there, other than normal course on a Scotland daddy thing. There, but there, you know, there always is with G&A, some volatility with certain items like legal costs, but right now we expect a similar G&A level with normal kind of cost of living increase, probably. Yeah, Mitch, we just haven't been as granular as our earnings have become more predictable. I would expect similar level with some kind of CPI increase. Got you. Okay. Last one for me. obviously, inline quarter, so congrats with that. your guidance was $1.03 to $1.07. Your result came in at the low end of that range. All of the various assumptions that you provided, Same Store, occupancy, G&A, interest, you know, you kind of hit the midpoint on all of them. You know, I, and I, and I recognize your comments, Scott, about the cadence of earnings per share increasing as the year went on. You know, what's it, you know, is $0.28 like the starting point now? Is, you know, it kind of, are we growing from that level? Or is it really, you know, some of the occupancy came on late quarter and you didn't really get the full benefit of that? You know, I'm just trying to understand about how we should be thinking about, you know, kind of 1 Q and beyond. You lost me a little bit there, Mitch, because you sounded like you were talking about the 2025 guidance coming in at the low end, and I think we came in at the midpoint, $1.05. The 2026 guidance is $1.10 to $1.14. Did I not understand? No, you're right. Actually, you're right, it's $1.05. My apologies. Let's start at 28. Am I growing from 28? Is that the way to think about it, in terms of how I should be thinking about the cadence for 2026? Well, our long-term growth, we feel very confident that it's going to be 5% to 7%. How it's distributed between each year is a little tougher to determine because of the timing of some of the redevelopment projects and just acquisitions and dispositions. Longer term, I think we're very comfortable with 5% to 7%. Mitch, hey, Mitch, it's Dave. On a quarterly cadence, I think Scott gave some indication. The Q4 does tend to be a little higher because we have percent of rent clauses come in. If you look at the cadence this year, you know, it was increasing. I think you would expect to see similar in 2026. I don't know if it's completely accurate to say you're just jumping off the 2028 in the Q4. When you said- I think you're jumping off the annual amount with normal quarterly cadence. Got you. Yeah, I thought you were talking about 2028 when you said 28. No, no. Thank you. I indeed got it. I appreciate you guys. Thank you, Mitch. Floris van Dijkum with Ladenburg Thalmann. Please go ahead. Hey, guys. Thanks. Could you maybe quantify what your signed, not open pipeline is? I know you report physical occupancy, unlike, you know, peers who tend to report leased occupancy and then provide what the physical occupancy is. If you could give us a sense of what your leased occupancy is and in terms of% and maybe also in terms of the value or of the ABR that you've got signed. Hey, Floris, it's Dave. Hope you're doing well. Thanks for the question. I think we historically have not, you know, reported sign not open because our model is different in that we're moving a little bit quicker than some of our peers. We typically have the shorter, smaller spaces, shorter leases, and are able to commence leases very quickly. We just haven't reported it because it's not a number that is huge for us because we get tenants in very quickly. I also, just on an editorial level, feel like it's a little people report sign not open, but always there's a sign, but there's a moving out list as well that nobody reports. For us, we report our commenced occupancy and, you know, and really, at any point in time or with the smaller tenants have leases that we're signing and moving in quickly. Would you say that based on the leasing demand today, that your leased occupancy I think if I recall correctly, your typical SNO pipeline is about 50 basis points. Is that higher today than it has stood historically? I think the leasing environment is very good. Our leasing traction is improving. I think the general answer would be, if anything, it's growing or getting better, although we are moving very quickly. The, you know, the sign not open is just a status of the process. We're moving quickly to get those folks commencing and paying rent. I think your point is, our sign not open pipeline would be, if anything, growing because we are having great progress. Thanks, Dave. Maybe another question. In terms of the Q4 average rent that you signed of $32.58, when I compare that to your average ABR of the whole portfolio, there's about 28% delta. I know quarterly things can be tricky, but is that sort of what people should think about in terms of mark-to-market, if the portfolio were to be mark-to-market today? Hi, Floris, it's Scott. First of all, as Dave said, the leasing pipeline is strong. We've got great demand in our markets. I think the best place to look, just in terms of what to expect in increases, is our leasing spreads. Our overall leasing spreads for the Q4 were 18.2%, and I think we said that for 15 quarters, they've been 17% or higher. Strong leasing demand, there's always a mix issue. I think in the Q4, we may have had more smaller tenants than you have throughout the rest of the year, so you know, that would explain why it's a bit higher than our average rents. I would look to the leasing spreads for an indication of what you would look for going forward. Thanks, Scott. Maybe, my last question: In terms of what is your shop occupancy today? How is that relative to historical levels, and how does it compare to your anchor occupancy today? Yeah, w e're flipping here. It's on the first page of the earnings release. I think we, I doing this by memory, I don't have it in front of me, but we are, Scott may have it. I think we're 50 basis points or 60 basis points up on the small space year-over-year, as well as, about similar amount on the larger spaces. Scott, have you got those actual numbers? Here you go. Oh, thanks. Yeah. We're at 97.7 on the larger spaces versus 97.4 a year ago. The smaller spaces, 92.7, up 60 basis points from 92.1 a year ago. We're continuing to see good movement in both of our spaces. Yeah, and both of them, you mentioned overall occupancy, physical occupancy is at record levels. Both of those would be at physical. That's what I was trying to get at. Apologies, I probably wasn't very clear. Are both of those at record levels, or is there more upside? How much higher do you think you can push occupancy? I think it's, you know, I think we can get to the averages of, you know, our peers, but I, you know, I continue to say this, I'll take back space where I can and put it back to work for more profitability wherever I'm able to. I will say that probably over the last couple of years, I've been actively being able to do that in the portfolio. As we strengthen the quality of revenue, there's less opportunity to do so, but our renewals and again, new leasing spreads, I think, are gonna continue going out for the next couple of quarters and really into the next couple of years, just because there's no new product being built into the markets that we're in. I think the small spaces are the ones where we're gonna continue to see the ability to move. I mean, historically, as you know, Floris, you know, people always talked about small spaces and lower occupancy. I think that paradigm is shifting. I think you're gonna see the small spaces, you know, bumping up to the larger space kind of occupancy levels as we move forward. Yeah. That's one that we'll continue to move up. We do think there's opportunity. There's no reason to have, you know, a significant amount of vacancy in your small spaces. We're making progress there, and I think that's one we'll see moving. Obviously, the larger spaces are closer to 100% to 98% or so. so. It's gonna be a little more difficult. Thanks, guys. Appreciate it. Thank you. Next question, Gaurav Mehta with Alliance Global Partners, please. Yeah, thank you. Good morning. I wanted to ask you on the two acquisitions that you made in the quarter. Can you maybe talk about any upside in those properties, maybe on mark-to-market rent or on the occupancy side? Yeah. I'd say with Ashford, that's an area where it's in the path of growth. This is not that far from I-10 and the Energy Corridor, and it's a very healthy neighborhood that has good housing stock and has, what we've been watching is seeing the improvement in the homes in the area. I think for that's gonna be just trading space into a rising income. If I look at World Cup Plaza, that's more of a remerchandising effort. I think this is one where, you know, we can really reposition that property just being alone, just because it's along the highway, and it's such a, it has such a high VPD count compared to others. That will be more of a remerchandising. Same thing, we're already starting that process now with that property versus Ashford will be a natural, I think, in the natural path of growth. So every time a lease turns, we'll be able to do a renewal at a much higher rate. Okay. The second question I have is on the same property expenses that you reported in this quarter. It seems like they were up 30% on the property operations and maintenance side. Can you provide some color on what drove the expenses higher? Yeah, there's always some timing in there. We, at the portfolio level, we recover about 93% of property expenses, so those were just planned maintenance, painting properties, parking lot repairs, those sorts of things. Sometimes they, you have more in one quarter than the other, but I don't think it would be indicative of a run rate for the portfolio. It's just a timing thing in 2025. Okay. All right, thank you. That's all I had. Thank you. Next question, Jay Kornreich with Cantor Fitzgerald. Please go ahead. Hi, good morning. Just wanted to follow up on the comments around the record occupancy levels, which is clearly showing the strength of your shopping centers. I guess I wondered, you know, with the high occupancy, does that imply maybe some of the shopping centers are closer to maxing out, you know, kind of what their occupancy limits are, and maybe some of these centers are more ripe for, like, value creation, asset recycling? Do you feel like there's just enough leasing power and still some occupancy left, that you're happy with the kind of current portfolio you have? I think there's still. We always look at assets as we purchase them to where we get to maturity with them. In the beginning, and this is, you've seen the capital recycling that we've been doing, especially when I talk about this, when we're doing a remerchandising effort or, you know, buying an asset that's in the path of growth. They may have a higher occupancy level, but I have the opportunity to raise rents even based on an asset that's in place or in a remerchandising. Also, like I said, at points in time, we'll take space back. I don't see it topping out yet, really, for the next 2 years. I also think because there's just really, these are all in infill markets, there's not a lot available for competition, so I think we still have room to go. Hey, Jay, it's Dave. The only thing I might add is I think we, in our, in our remarks, we talked about, you know, how we look at the surrounding neighborhood really is the biggest driver. I think when we look at acquisitions and dispositions, that's the, you know, that's kind of our, one of the huge factors is looking at surrounding neighborhoods. We think that even the properties that are 100%, as Christine said, we see growing neighborhoods, we see areas where you're seeing household incomes grow, discretionary spending grow, and the ability to move rents. We will look at, you know, just like we've done, we'll look at our portfolio and look for candidates to dispose and recycle capital. I think in our investor deck on page 10, we've got a lot of detail we provide to the investment community about what we're selling and what we're buying. We'll continue to look for those opportunities, but largely our properties are in great growing areas where we see, even with high occupancy levels, the ability to move rent. Great. Appreciate that color. Then just one follow-up. You know, you've outlined the $20 million to $30 million for redevelopment opportunities that I think five potential pad sites. Is there any possibility of any of those coming online in 2026? Yeah, we're always doing about two to three pads a year, and I think we're right on track this year with doing three. That's, you know, it's really, it's more of a double-digit yield on incremental capital for those. That's just more or less getting the approval, depends on the cost for utilities and adjustment for grade on the site, but those are really easy to pop out. With the larger developments, and this is something that we're starting to project out for, in the sense that we've gotten the approvals for additional GLA in the number of sites, and we already have gone in for design and permitting on some of these. It's really a question of making sure that we strike when the returns are in the right place with construction costs. How we look at this is that we do this in phases. That way, we can horizontally manage the risk, because, again, it's an expansion of a property with additional GLA. I don't see that coming on necessarily this year, but if some of it does, it'd be later in the year. Great. Thanks very much. Thank you. Next question, Craig Kucera with Lucid Capital Markets. Please proceed. Hey, good morning, guys. Scott, you kind of touched on this a few times, but I'd be curious to hear sort of the breakout in the Q4 of, you know, some percentage rents and maybe were there any lease terminations as well? Just because your base rent was a little higher than we were looking for. I'm sorry, the what was a little higher? The... Basically, your rent was a little higher. I'm just trying to figure out how much of that was percentage rents. Were there any lease terminations, any other one-timers? There's always some lease terminations. We didn't have any large lease terminations in the Q4 of 2025 like we did in 2024. There's normally somewhere around $1 million of percentage rent in the Q4. I don't have the number in front of me, $800,000, $900,000, $1 million in the Q4. A penny or two of percentage rent normally in the Q4. Okay, that's helpful. ballpark is good enough. I guess, you know, based on your commentary, it doesn't sound like there's a lot of anticipation for additional occupancy, but I'd be curious in the guidance, is that, you know, how much of that is further occupancy gains, or is that pretty much, you know, the strength of sort of rent growth and leasing? It's primarily the strength of rent growth and leasing, not occupancy gains. Okay, that's helpful. Just one more for me. you know, clearly, you had a pickup in acquisitions this year. you know, I'd just be curious to hear about the volume of deals you're seeing and, maybe the appetite you had, given the existing liquidity you have, or, you know, you mentioned, Dave, you might be recycling some capital later this year. Yeah. Hey, thanks, Craig. We did see a bit of a pick up. I think we did close to $100 million in acquisitions this year, which is slightly up. Did that largely with recycling and then obviously, putting some of the Pillarstone settlement proceeds to work. We are, you know, we are seeing opportunities in our market. I think one of the comments I made in my, in my earlier remarks was looking forward to opportunities to scale and grow the platform. We are seeing a little bit more activity in the market. Continues to be a, you know, a very tight market with limited supply of retail. We are out there looking for opportunities, looking in the current markets we're in. we look for assets that are a little different. If you look at, you know, the, what we've bought versus some of our peers, potentially a little smaller assets. We love to find assets with hair. Those are harder and harder to find, but we're finding ones, you know, where we can move the rents largely from a re-tenanting and re-merchandising. You know, what we're seeing in the market is slightly positive and slightly up. I think our appetite for growth is there, but what will always guide us is disciplined capital allocation and growing earnings and growing the value of the properties. We do think there's opportunities to grow and scale and look at different ways to do that, but we're always gonna be guided with our, you know, our target to grow earnings and grow value, not just to grow for growth's sake. Okay, thanks. That's all my questions. Thank you. Next question, John Massocca with B. Riley Securities. Good morning. Morning, John. Maybe looking at the redevelopment slide in the investor deck a little more, you kind of mentioned there's potential for 1% kind of boost to same-store NOI growth from redevelopment. Is much of that already kind of flowing in the expectations you have for 2026 same-store NOI growth, or could that be additive, you know, particularly if we use your 2026 guidance as, like, a run rate for a longer-term, portfolio-level growth? Hey, John, it's Scott. I think it would be mainly beyond 2026 that we're gonna see the benefit of those redev opportunities. Hold on. I've got to clarify that. There's development and redevelopment. We do a number of redevelopments every year, usually about two to three a year. The redevelopments do flow into this year and to next year. Development's a little different. That just has a little low a little more future, right? Because it just takes a little more time to get it out of the ground. Okay. Is that, so is that 1% that's kind of being talked about in the deck, more on maybe the full ground-up pad site level, or is that including some of the things that are a little more, you know? It's both. Traditional development. Just like it has in the last couple of years, like I said, we do usually two to three pads a year. In addition to that, we do two to three redevelopments. With that, we get a much larger bump in rents whenever we do a redevelopment. We just finished Lion Square. We're starting into Garden Oaks. We finished La Mirada. All that starts flowing into this year. I would anticipate that Garden Oaks would flow into 2027, and so on. Okay. I guess with something like Lion Square or, you know, even Garden Oaks, you mentioned a little bit, but, like, does that kind of click on relatively immediately after the redevelopment spend is completed, or does it take a couple of leasing cycles for you to see the full uplift from that spend? It depends on each one. An example with Lion Square, we actually got the grocer in there before we started the redevelopment. It can be, you know, as we start into the process of the redevelopment, if there's a significant remerchandising that goes with it, we actually do it. We actually start it even before the redevelopment takes place. It depends. I do think that's a key component of our timing of redevelopment. We look for a center that's got the ability to move the rents. When the maturities are coming, you know, it's not immediate, but we look for the ability to move it pretty quickly, to time that with where we have the ability. We're not doing redevelopment, where you have tenants locked down for multiple years, and you can't. Yeah, no, that's. We're looking for... Right. We look at, like I said, Garden Oaks, we wanted to make sure. An example of that is with Garden Oaks, is that we wanted to see that the Target was coming online before we started that move. Now, with the Target coming in, we'll start the redevelopment process, and we'll start the re-tenanting. We keep the in-place cash flow, reduce the risk, and then, you know, bring it along, alongside either. In this case, we did the same thing with Lakeside, too, where we waited for the H-E-B to come online, started the spend just before the H-E-B came online, then started re-tenanting while the H-E-B, you know, was coming out of the ground. We try to time these things the best, so we can get the best IRRs. Okay. In terms of occupancy, should we expect some, I guess, seasonality in 1Q? I just know it tends to be when some of the re-tenanting in the in-place portfolio is in full swing. Just kind of curious what the expectations are on a super short-term basis for occupancy. I think, you know, it goes the same way. The last couple of years, we were more active in taking back space because it was the right time to do in the portfolio, and there was, I think, again, a significant upside with improving the revenue on some of the poor-performing tenants. I see that less so, but it might still be... You know, the end of the year, it's just the season of leasing and how things get executed, that the end of the year always seems to have a, you know, a heavier uplift. But that's because of the leasing activity that's taking place in the Q1 and Q2. We know what it's gonna look like towards the end of the year because of the timing, but just as saying, it's a season. Leasing just has a seasonal factor to it. Okay. Appreciate the color. That's it for me. Thank you. Thanks, John. I would like to turn the floor over to Dave Holeman for closing remarks. This is Dave. Thank you, guys, again for joining us on the call today. We're very pleased with the progress and performance of the business and the strength of our markets and tenants. I would tell you, I think we're off to a great start in 2026, and we look forward to seeing many of you over the coming months. With that, I think this concludes our call, thank everyone, and have a great day. This concludes the teleconference. You may disconnect your lines at this time, and we thank you for your participation.