I mean, as we witnessed even in the properties that we put for sale, I mean, there’s a lot of buyers that are hungry for deals that kind of really fit a kind of core plus profile. So, there is ample demand and I think in terms of supply to the market, it’s — I think a lot of people recognize that 2021 and 2022 were outliers and I think there is acknowledgment that the pricing was very rich. And so there are a lot of sellers today that acknowledge that pricing is probably not coming back again. And if they decide to sell, it’s going to be for typical reasons. It’s going to be just the right timing, the right hold period. Where there’s a transition in the physician group. If it’s a developer that is two years after certificate of occupancy, this is the right time.
There’s going to be a lot of natural sellers that are going to start emerging. And I think everyone decided to wait for a couple of months to kind of let the — let things settle and just get a better sense for where interest rates are going and what’s happening in the market. But there is growing consensus that the second half of the year is going to be fairly busy. I think it’s going to be a lot of people that are going to be playing catch up. And I think by then, the bid/ask spread is going to narrow and I think it’s going to start moving to market.
Austin Wurschmidt: That’s helpful. And on the inbound inquiries for development capital funding investment opportunities, how does the pipeline break down between those types of opportunities versus more traditional acquisitions? And I guess given your guide’s size, how significant of an opportunity do you view this could be? What kind of terms are you looking for? And would there be an ultimate goal of owning these assets? A little more detail around that would be helpful. And that’s it for me. Thank you.
Alfonzo Leon: Sure. So, on the development front, it’s mostly either rehab facilities or behavioral facilities. On the medical office side, we’ve seen a few, but not as many. And the opportunity would be potentially either do a mass financing during construction or doing a forward takeout or doing a combination of those things or even potentially doing a joint venture. So, we started having these conversations in December and there’s a few groups that we’ve been talking to that we’re interested in continuing those dialogs. But it’s something that we’re in the early stages of discussion, evaluation and just understanding how we can position ourselves to add to our pipeline. In terms of acquisition, we’re looking at what we typically looked at in the past and there are opportunities that are in front of us right now, but we’re still several months away before we can really start putting things under LOI and under contract.
Austin Wurschmidt: But that $100 million you highlighted, that includes just all opportunities? This wouldn’t be in addition to the $100 million?
Alfonzo Leon: Correct. Yes.
Austin Wurschmidt: Okay, great. Thanks guys.
Operator: Our next question comes from Juan Sanabria with BMO Capital Markets. Please proceed with your question.
Juan Sanabria: Hi, good morning. Just hoping to follow-up on a comment you made in your prepared remarks around looking at potential joint venture opportunities. Just hoping to flush that out a little bit more and how that may be structured? Would it be a one-time or setup or a vehicle where you look to grow with some sort of third party partner or partners?
