So if we’re going to do something in the near term, it’s going to be done before April. If we’re not going to do something at the end, we’re probably going to just sit tight. Some of these dialogues have been very constructive. But as we all know, it’s kind of a shitty time to do things. So we’ll see how that goes. To your question, will we deploy before then? I think our view is, our cash buildup could be useful in one of these transactions. And so, we’re kind of waiting to see on that. We certainly are seeing individual property deals. And like I said, we’ve been participating around and seeing where they’re going, making sure we’re understanding where pricing is. There was a property that we really liked. We’ve been following for a year and a half.
A year ago, we were bidding on it, and it was in the mid-seven’s, like a year and a half ago, I guess, sort of January of last year, December of the year before, and they pulled. They came back to market in December. They went down to rounds in January, and it was probably [indiscernible] originally, was like 8.6, so it obviously had moved, but then when we got to the final round, they were like at 8.25, and we just did not like the leverage that they had put on it, so we just said, hey, look, we don’t need it, let’s wait. So we do see deals a lot. Now, it’s hard, you don’t want to engage too much with anyone if you’re not seriously committed to pulling the trigger. So we’re in there, there’s always a pipeline. I’d say the pipeline right now is a little bit lighter, given that it’s still their first quarter, rates are jacking people around.
So I don’t think we would deploy prior to us knowing if we’re going to do something with a strategic partner. And the event that we don’t do something with a strategic partner, then we’ll quickly deploy that cash and replace AFFO.
Bryan Maher: Oaky. And I also noticed you sold a few shares during the quarter, around kind of November through January. What was that all about? Can you give me a little color on that?
Aaron Halfacre: It was just ATM. We had never turned on the ATM. We wanted to test the waters a little bit, so we did really constrain volume and just try to peel off a little bit more flow, grow a little bit more liquidity. We sort of curb out some of the price surges that we were having. So that was really just — it was probably maybe just eight weeks worth of work on the ATM just to kind of test the waters. Our goal is to balance equity issuance with liquidity and stuff like that, but that was what that was about.
Bryan Maher: Okay. Thank you.
Aaron Halfacre: Sure.
Operator: Thank you. At this time, we’ve reached the end of our question-and-answer session, and I’ll turn the floor over to management for closing remarks.
Aaron Halfacre: Thank you, Rob. Thanks, everyone. Obviously, taking a progressively more communicative approach in the press release. I think the logic was laid out why we’re doing it. Not everyone’s going to like that. I get it. It is what it is. But we think it’s — we’ve received increasingly more feedback that was positive following our third quarter earnings, that this insight helps. We are a small company. There are not a lot of moving parts, particularly right now. And so more and more people who can understand how we’re thinking, so that I don’t have to make 5,000 phone calls is the point here. We hope you like it. I always welcome your feedback. And look, I think we’ll have more announcements before our next earnings.
It could be an NAV that we’re releasing. It could be something of strategic partner side. Probably, well, I think we’re going to have a duty to disclose if we’ve gone noncontingent on our Costco property. So more to come as the spring rolls on. But thank you all for being with us, following us, and paying attention.
Operator: Thank you. This will conclude today’s conference. You may disconnect your lines at this time. Thank you for your participation.
