DaveStorms: Very, very helpful, thank you. And then just one more if I could. How do you think about geographic-focused acquisitions going forward? It looks like your last two acquisitions were in Pennsylvania and Indianapolis. Are you focusing more westward, southward, or kind of right in those core markets? And then thank you.
Buzz Cooper: Sure. We are not focused west of the Rockies at this point in time. It’s just too expensive to play. Majority of growth, as we’ve seen in the country from various industries, has been more Midwest to south, southeast Texas, if you will, to the east. So, that is where we see the focus. Because that’s where we see the opportunities. And as you’ve heard in the past, we look to – look for acquisitions in the path of growth so that we can get the returns that we’re looking for. But we’re not going to get away from our credit necessities as it relates to evaluation of the tenancy. But mostly, you’re going to see this growth, not in the northeast, but it’s going to be in Illinois, Ohio, to the south, if you will, and over to Georgia, Florida, with a few opportunities being created, when I say in the northeast, in New Jersey, with a couple of assets we have as we look to build a concentration there, but they’ve got to be accretive to the portfolio. Okay?
DaveStorms: Thank you.
David Gladstone: Next question, please.
Operator: [Operator instructions]. Our next question comes from John Massocca with B. Riley. Please proceed. Good morning.
John Massocca: Good morning. So, sticking with kind of dispositions, were any of the assets that were sold either this quarter or subsequent to quarter end vacant? And I guess for ones that were occupied, what’s kind of the rough disposition cap rate or even kind of gross NOI that that went away as a result of the sales?
Buzz Cooper: I’ve got that answer for you, John. Give me one second. With the dispositions, one that we had discussed previously, a building down in South Carolina had a tenant that purchased the building. So, that one, however, we had not been responsible for the building, but it did indeed close here at the beginning or last quarter. On other dispositions, they are not – we have one vacancy that did get sold. And the others that we, as Gary mentioned, held for sale, those are all currently occupied, I think save one. And I’m not sure that gives you the complete answer that you’re looking for, but we feel very good about our dispositions and what we have coming up is we lace to that toward the end of the year because they’re all under contract.
And then as we look early into next year, the first six months, we are actively engaged with the property as relates to either having it occupied because we’ve had several leases – sorry, several tours at our buildings, as well as sales for repositioning the properties generally for multi-tenant.
John Massocca: Okay. I guess maybe ask another way, I mean, how is the cap rate on dispositions comparing to acquisition cap rates?
Buzz Cooper: As I mentioned earlier on the one that had a, I think, 130 basis point swing to it, we are making sure that what we can do is going to be accretive to the portfolio. We also have to weigh that, if it is an empty building as it relates to the burn associated with carrying the building. So, we have to balance that out, but we are increasing the value of the portfolio also as mentioned, with a couple of the renewals that we are doing that again, the office building reference might give us ability to redeploy that cash as the building has increased in value as a result of full tenancy.
John Massocca: Okay. And then on the balance sheet side, as you kind of think about the – I think you mentioned on the 3Q call, sorry, the 2Q call, that some forward starting swaps that came on and replaced caps, I mean, is the full impact of that reflected in the current quarter, or was that kind of mid-quarter? And I guess, is there any kind of other onetime stuff as it relates to kind of swapping out interest rates that may be worth noting in the next couple of quarters?
Gary Gerson: Well, right now, we have $310 million of swaps. The one that was forward starting, started at the beginning of July. So, that’s all within this quarter. So, there won’t be any additional effects ongoing with those swaps. They are what they are. They’re on our term loans. We would probably, you might see a little bit in first quarter some realized losses of some cap maturities in first quarter, but that should be it. We don’t have any – we’re working on our hedging strategy. We don’t have any plans right at the moment to swap or cap anything right now, but that could change, given where interest rates go.
John Massocca: Okay. And then lastly, the advisors incentive fee, how should we think about that in the near term? I know you’ve kind of waived it for the last couple of quarters.
Buzz Cooper: Obviously, that discussion will occur at the board level. We have not made any decisions at this point in time to do anything different than what we are currently doing in waiving it. But that will be discussed at the right time.
John Massocca: Okay. that’s for me. Thank you very much for your time.
David Gladstone: Okay, next question.
Operator: Thank you, Mr. Gladstone. There are no questions in queue at this time. I would like to turn it back to you for closing comments.
David Gladstone: Okay. Thank you so much, all of you, for calling in. We love all those good questions you have. Hope next quarter we end it with a lot of good questions as well. That’s the end of this call and we thank you all again.
Operator: Thank you. This does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation and have a great day.
