And so, when we were acquiring assets last year, those were decisions made in ’21 or ’22. And the environment was different and so they had kind of started. The momentum was going was committed when you have deals coming out now from I think it’s suggestive of they have a real need for the capital. In the case of the Photonics one, we did they are doing an actual there. They’re doing an international merger. And so, they found this as a better source of capital than trying to get bank lending. So, they could they could get scale. And so, that’s why it worked right. if it’s somewhere where someone’s wanting to do this and they just want to cash it out, and they’re trying to do a dividend out or do something like that. Those are red flags, because come to us in this environment.
So, we expect a lull and then the volume. But that said, they’re all eights? No, but north of 7.5, I think you could — I could replicate the size of the company, probably if I had the gap.
Robert Stevenson: Okay. That’s helpful. Appreciate the time this morning, guys.
Aaron Halfacre: Thank you.
Operator: Thank you. Our next question is from the line of Bryan Maher with B. Riley Securities.
Bryan Maher: Thanks. My first question is just answered in kind of how deep the acquisition pipeline kind of could be. But when we look at your release this morning and you talk about the three ships scenario, can you assign any probability as to how you think it plays out I mean, I know you discussed it, kind of being in the hang of it. but where’s your head thinking that this ends up?
Aaron Halfacre: Well, attorneys won’t let me give you any probabilities. So, I won’t. I think, the four scenarios that are laid out are kind of like, I don’t have any neither do I or do these other two participants have any forced deadline. So, I think that’s the right environment to be in is that we’re all on our own regards capable of weathering the storm. And so, there’s no need to do something that is detrimental to one party and the beneficial to the other. I think if that were the case, then that — it would be far easier to do a deal from. so that I can say to start off with that. So, I think dialogues with these parties has been done. We didn’t just start in the last few months. We know these portfolios quite well. We have had on-and-off dialogues with these portfolios since we’ve been public.
I think the dialogue that we had in the last call it four months or so three months or so have been really specifically about. Okay, let’s roll up our sleeves. I can tell you that the parties have shared information about their portfolios to partner. We have a working model that allows us to see the impact to two the combined enterprise. We have actively spoken about cap rates and share prices, and governance mechanics. And so, that I can tell you that there has been some legal dollars spent. So, I would say this isn’t a wet finger in the wind. but if you can tell me the probability of geopolitical risk and economic risk and the election cycle, then I can probably dial it in better for you. but it’s just really, I literally had a CEO of another REIT text me yesterday and goes, this must be what clicks and feels like, because it’s just been a — it’s been a unique market.
That said, we’re all very constructive. I think the portfolios are very complementary. There’s one portfolio, is a little bit lumpier. But it’s got some real great sort of center of excellence assets in it. The other portfolio is smaller in size, but similar to last has more diversification. I think from an industry component, they make sense. I think from a — they’re both, candidly, they’re both shorter waltz, they’re existing portfolios, but they have good leases. So, look, we’re going to be working at this and candidly speaking to one of the journeys this probably this quarter. That’s what we said here’s, but all we’re going to say until next quarter. And in fact, we’re not actually going to go to Mary, just because we’re in the throes of discussions.
And we don’t — I don’t want to be openly talking about it much. But again, I can’t give you a probability just because the market is just I mean, in the last 60 days, our share price has been north of 16, in the fourteens and the fifteens [indiscernible]. So, we’ll keep at it and hopefully, we’ll come up with something.
Bryan Maher: That’s helpful. But buried in that commentary. I don’t think I heard anything regarding kind of the size of the portfolios. I mean, can you give us some aspect? Is it 50? Is it 100? is it 500? I mean, what zip code are we talking about the size of these two entities?
Aaron Halfacre: That’s a very great question. I can’t give you an answer.
Bryan Maher: All right. Thanks. Appreciate it, Aaron.
Operator: Thank you. Our next question is from the line of Gaurav Mehta with Alliance Global Partners.
Gaurav Mehta: Yes, thank you. Good morning. I wanted to follow up on the partnership discussion you had to think about this looking at different partnerships. Do you anticipate the quality of the assets in the partnership to be comparable to what you would have in your wholly-owned portfolio.
Aaron Halfacre: And I’d say that some, I would say that the quality is very comparable. If you think about manufacturing, sometimes you have rated credits, sometimes you don’t. I’d say, I think the thing is — I wouldn’t I can’t really discern one being lower quality life. It was — I wouldn’t be talking to them, candidly, I’d say they’re all comparable quality. Some might be stronger tenants. but with shorter leases, some may be stronger tenants with better, better lumpy or bigger assets. Some might be down perfectly fine tenants, but more diversification. I would say that the best thing that I see from it, if it were to come about any in either one direction or the other through a direction, is it very complementary? I think there’s to me, I can sleep well at night on any combination.
I certainly — and I think they think the same, I think the fact that we’re having this conversation is really related to the fact that people are besides the political rhetoric, that people understand that manufacturing is a viable asset class. I don’t think we no one at until Tier 4 really had done it in a truly dedicated space. There are certainly people, who have been buyers of it for a long time, but have not gone pure play at least not as of yet. And so, I think they see motive is a natural end state. because these portfolios, if they would eventually be selling them anyway. It’s just a matter of time. And so, I think there’s a complementary fit there. And I think, it is conducive to getting to that more scale and index inclusion and institutional ownership, which would create more flow, which allow more people to actually participate in the strategy and presumably, with less our equity volatility as a result.
