Dave Dupuy: Yeah, the way – I appreciate the questions. The way we think about raising capital in this environment is still number one front-end of the revolver and raised into opportunistically raised funds through the ATM. And then finally, yeah, asset sales that aren’t a great fit with the portfolio is something we can look at too. As Bill already mentioned, we expect to close on the sale of those assets held-for-sale and later in the second or third quarter, which is going to help us from a capital perspective. And we continue to evaluate other assets that may not be a good long-term fit for the portfolio, and we’ll opportunistically evaluate a sale if we think it makes sense. Today, we don’t think that that is going to be a primary way in which we can fund growth going forward.
We certainly don’t want it because when you sell a property, you’re basically trading AFFO to de-lever. And that’s not something that we’re excited about doing. But look, it’s always an option. And I agree, if we wanted to raise capital in using other means, we certainly have the opportunity to do that at attractive cap rates. So we’ll keep an eye on it. And the second half of the year, we may evaluate doing more.
Jim Kammert: Terrific. Thanks for your time. Thank you.
Dave Dupuy: Thanks, Jim.
Operator: The next question comes from Alex Fagan with Baird. Please go ahead.
Alex Fagan: Hey, good morning and thank you for taking my question. First one for me is, what’s kind of the thoughts about raising debt to potentially clear the line of credit and if there’s any timing that you can talk about in raising new debt?
William Monroe: Yeah, we are focused on kind of a modest financial policy and keeping our debt to total capitalization at modest levels. It was at 38% at March 31st. Right now we have $61 million available on our revolver, kind of as of [3/31] (ph). The next maturity is not until March of 2026, so we have a nice runway until there are any near term maturities. What we have historically done is both to turn out those revolver borrowings into a new term one, which then lets us kind of reset the revolver with less undrawn. I expect that that’s what we will do again this time. We’re always evaluating debt markets, but it’s worked well for us in the past. And look, I think as we look into later this year or early next year, as we get closer to being about a year out from those March 2026 maturities, we think that — maybe we’ll be in a lower interest rate environment, but that would kind of be the natural time that our revolver would look to be turned out.
Alex Fagan: That is helpful, thank you. Second one for me, and sorry if I missed this, but what are the expectations for the cash G&A and total G&A going forward throughout the year?
William Monroe: Yeah, We — I had mentioned earlier, as you look at our first quarter G&A, you know, obviously from a cash and non-cash mix, it’s similar to what it’s been in the past, and we kind of outline that in our supplemental. The only change we would expect as we move throughout the year is, again beginning in the third quarter, the annual incentive rewards will become under the new compensation plan design as well. And so we would begin accruing for 50% of those executive bonuses to be paid in cash, which would be a similar effect to the 50% of cash salaries in the first quarter. You know, it was about a $0.01 towards AFFO or $260,000.
Alex Fagan: Got it. That’s helpful. That’s it for me. Thank you.
William Monroe: Thanks, Alex.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to David Dupuy for any closing remarks.
Dave: Okay, thank you very much and thank you everybody for joining us today. I look forward to seeing everybody at NAREIT coming up in June.
Dupuy: Okay, thank you very much and thank you everybody for joining us today. I look forward to seeing everybody at NAREIT coming up in June.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
