Jeremy Garber: Sure. So you’re correct. There were 88 leases from the 2023 vintage. The additional 3 leases are ’24 leases that have now rolled and have not been renewed as of yet.
John Kim: Okay. And what’s the annual rents of those 91 leases?
Jeremy Garber: The annual rent is approximately $4 million.
John Kim: Okay. I understand that you don’t provide guidance necessarily, but you did increase the dividend by 1%. Is that a good indication of where you think earnings will grow next year or this year?
Jeremy Garber: No. So I think while the two go slightly hand-in-hand in terms of — as we grow earnings, we believe we can increase the dividend. I don’t think the rates will be the same, and our Board does review this on an annual basis. And that is absolutely one of the components we’ve look at, at the earnings growth, but the two are not completely tied together, and we are also I’ve committed to be lowering that payout ratio over time as we grow our earnings.
John Kim: Final question is on acquisitions. This year you have $80 million as guidance. Just wanted to ask about the timing. Do you think this will be weighted towards any particular quarter or will be spread out evenly?
Andrew Spodek: It’s difficult to tell so early in the year. In general, just given the way we saw last year play out, I would say there’s probably a slightly heavier weighting towards the end of the year, but I don’t think it will be drastic.
Operator: The next question comes from the line of Jon Petersen with Jefferies.
Jon Petersen: Great, thanks. Good morning, guys. On the — curious on the industrial leases and there’s only five of them, I think it’s roughly 10% of your revenue, can you remind us, are those kind of typical industrial lease structures or are those more flat lease rent structures like the post offices? Most of the post offices are where before your new lease contract?
Andrew Spodek: Yes, those are more typical for postal leases than industrial leases, but one of them does have a CAM reimbursement that is structured more like a typical industrial lease.
Jon Petersen: Got you. Okay. And then do any of that — do you have any lease maturities on those five properties in the next year or two that we should be aware of that might move, swing revenue more materially one way or the other?
Andrew Spodek: Yes, we do have some lease rolls in the next couple of years. Our two Topeka properties will be rolling and we’re hoping to mark those to market and that’s going to be good roll for us, and I think we have another property as well. But nothing that is terribly significant in terms of change in our — in what I mean what we’ve spoken to.
Operator: [Operator Instructions]. There are no further questions at this time. I would now like to turn the floor over to Andrew Spodek for closing comments.
Andrew Spodek: On behalf of the entire team, I want to thank you for your continued support and taken the time to join us today. We look forward to connecting with you all over the coming months. Thank you.
Operator: Thank you. This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
