Financial Data and Key Metrics Changes - Fiscal 2025 non-GAAP diluted earnings per share for the legacy business was $3.74, a 22% increase from 2024 levels, marking the fourth consecutive year of double-digit earnings growth [11] - Total net sales for the year increased by 12% overall and 6% on an organic basis, with full-year adjusted operating margin expanding by 80 basis points to 9.4% [11][12] - The company expects a fifth year of double-digit non-GAAP EPS growth in 2026, with revenue growth anticipated to continue while driving bottom-line improvement [15][19] Business Line Data and Key Metrics Changes - In the legacy Workplace Furnishings business, full-year organic net sales increased by 6% year-over-year, with non-GAAP operating profit margin expanding by 100 basis points to 10.5% [12][13] - The Residential Building Products segment saw fourth-quarter revenue grow more than 10% compared to the same period in 2024, with full-year revenue increasing nearly 6% [13] - Segment non-GAAP operating profit margin in Residential Building Products expanded by 60 basis points year-over-year to 18.1% [13] Market Data and Key Metrics Changes - The company reported strong activity in the contract side of the business, with bid counts in the high teens, indicating healthy demand [28] - The macroeconomic picture for Workplace Furnishings is improving, with office leasing activity up more than 5% for the full year 2025 [19][20] - The new construction market remains weak, but the company expects continued outperformance in the remodel-retrofit segment [20][21] Company Strategy and Development Direction - The acquisition of Steelcase is expected to transform the company and the Workplace Furnishings industry, with anticipated synergies of $120 million and a focus on operational enhancements and digital transformation [8][9][21] - The company is committed to maintaining dealer partnerships and brand distribution, ensuring continuity for customers and dealers [10] - Investments are being made to drive top-line growth in Residential Building Products, focusing on customer engagement and go-to-market strategies [7][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand dynamics for Workplace Furnishings, driven by a return to office trends and positive net absorption of office space [19][20] - The company acknowledges ongoing challenges in the new construction market but expects to outperform due to structural changes and growth investments [20][21] - Management remains optimistic about the integration of Steelcase and the potential for revenue synergies, although it is still early in the process [21][72] Other Important Information - The company ended the year with a net debt to EBITDA ratio of 2 times, with expectations for cash flow strength to continue and leverage to return to pre-deal levels in the next 18-24 months [17] - The company remains committed to its long-standing dividend while continuing to invest in business growth [18] Q&A Session Summary Question: Clarification on the outlook for the year regarding revenue and earnings growth - Management clarified that the double-digit growth for 2026 is based on the adjusted EPS of $3.53, excluding purchase accounting and the Steelcase stub period [25][26] Question: Confidence in the acceleration of Workplace Furnishings in the first quarter - Management noted strong bid counts and healthy activity in both legacy and Steelcase businesses, contributing to confidence in mid-single-digit growth for the full year [28][29] Question: Insights from the Steelcase acquisition - Management reported positive feedback from customers and dealers regarding the Steelcase integration, reinforcing confidence in the transaction [30][31] Question: Synergy expectations and potential upside - Management confirmed that the $120 million synergy target remains unchanged, with a focus on execution and potential for modest accretion in the first year [42][44] Question: Residential growth investments and margin expectations - Management indicated that margins in the Residential Building Products segment are expected to remain stable while pursuing growth investments [46][48] Question: Profit headwinds in the first quarter - Management explained that timing of revenue recognition and expenses related to the Steelcase acquisition are contributing to short-term pressure, but they expect double-digit EPS growth to accelerate in subsequent quarters [54][55] Question: Demand for design support and pipeline activity - Management acknowledged increased demand for design support and noted that many projects are in the pipeline but not yet in the order backlog, with efforts underway to facilitate conversions [61][63]

Financial Data and Key Metrics Changes - In Q4 2025, the company earned $0.13 per share, compared to a loss of $0.06 in Q4 2024, reflecting strong operational execution and cost management [12] - For the full year 2025, earnings were $5.05 per share, down from $5.24 per share in 2024, primarily due to weather impacts, with a $0.71 drag from weather normalization [13] - Weather-normalized sales growth for Q4 was 6.8%, contributing to a full-year growth of 5%, including 2% residential growth and 7.5% commercial and industrial growth [13][14] Business Line Data and Key Metrics Changes - The company achieved a new system peak of 8,648 megawatts in August 2025, exceeding the previous year's peak by over 400 megawatts [6] - Customer satisfaction metrics improved, with the company ranking in the top quartile nationally for residential customer satisfaction and in the second quartile for business customers [8] Market Data and Key Metrics Changes - The customer base grew by 2.4% in 2025, driven by new businesses and residents in Arizona, indicating a strong economic environment [14] - The semiconductor sector, particularly with TSMC's expansion, is expected to drive significant economic activity, with agreements anticipated to spur at least $250 billion in additional investments [8][9] Company Strategy and Development Direction - The company is focused on processing its rate case, executing grid expansion plans, and maintaining affordable rates for customers while finalizing commercial opportunities with large customers [5][11] - The capital program emphasizes reliability, grid resiliency, and meeting customer needs, with a rate-based growth guidance of 7%-9% through 2028 [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet rising demand and create long-term value, emphasizing the importance of safety and operational excellence [5][11] - The company aims to achieve a more linear earnings trajectory through the implementation of a formula rate, which would provide more consistent cost recovery [87][93] Other Important Information - The company successfully reduced O&M per megawatt hour by 3.3% year-over-year in 2025 and aims for further reductions in 2026 [15] - The company is actively engaged in discussions regarding potential new nuclear projects, although these are viewed as medium to long-term opportunities [61] Q&A Session Summary Question: Update on capacity growth and IRP planning - The company plans to file an updated 15-year integrated resource plan mid-year, focusing on load forecasts and resource planning [19][20] Question: Credit metric update and holdco debt - The holdco debt percentage at year-end was approximately 17%, within the targeted range [22] Question: Future sales growth and assumptions - The sales growth forecast of 5%-7% is based on existing demand and projects with high confidence, with potential upside from uncommitted load [27][28] Question: Implications from the UNS case - The UNS case was viewed as generally constructive, with differences noted between UNS and APS situations [41][43] Question: Breakdown of committed versus uncommitted load - The majority of the 4.5GW committed load is from high load factor customers, primarily data centers, with ongoing negotiations for uncommitted load [50][51] Question: FFO to debt ratio and future outlook - The FFO to debt ratio is expected to remain above 14%, with a focus on maintaining a cushion for credit metrics [84][86] Question: TSMC expansions and clarity on future plans - The company is in active discussions with TSMC regarding their expansion plans, with readiness to articulate utility infrastructure needs once solidified [104]

Financial Data and Key Metrics Changes - In Q4 2025, the company earned $0.13 per share, compared to a loss of $0.06 in Q4 2024, reflecting strong operational execution and cost management [12] - For the full year 2025, earnings were $5.05 per share, down from $5.24 in 2024, primarily due to weather impacts, with a $0.71 drag from weather normalization [13][15] - Weather-normalized sales growth for Q4 was 6.8%, contributing to a full-year growth of 5%, including 2% residential growth and 7.5% commercial and industrial growth [14][15] Business Line Data and Key Metrics Changes - The company achieved a new system peak of 8,648 megawatts in August 2025, exceeding the previous year's peak by over 400 megawatts [6] - Customer satisfaction metrics improved, with the company ranking in the top quartile nationally for residential customer satisfaction and in the second quartile for business customers [8] Market Data and Key Metrics Changes - The company noted strong growth among commercial and industrial customers, particularly in chip manufacturing and data centers, with long-term sales growth projected at 5%-7% through 2030 [8][9] - The U.S. Department of Commerce and Taiwan announced agreements expected to spur at least $250 billion in additional semiconductor investment in the U.S., benefiting the company's market position [8] Company Strategy and Development Direction - The company plans to focus on processing its rate case, executing grid expansion plans, and maintaining affordable rates for customers in 2026 [5][11] - Investments in infrastructure are aimed at supporting Arizona's economic growth and maintaining grid reliability, with a capital program focused on reliability and resiliency [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet rising demand and create long-term value, emphasizing a commitment to safety and operational excellence [5][11] - The company is focused on cost efficiencies, with a goal of reducing O&M per megawatt hour, achieving a 3.3% decrease in 2025 [16] Other Important Information - The company is actively engaged in discussions regarding its integrated resource plan (IRP), which will reflect known and committed customer demand over a 15-year period [20][50] - The company is exploring financing options for transmission build-out, including potential customer financing and federal grants [84] Q&A Session Summary Question: Update on capacity growth and IRP planning - The company plans to file an updated 15-year integrated resource plan mid-year, detailing load forecasts and resource plans [20] Question: Credit metric update and holdco debt - Holdco debt was at 17% at year-end 2025, within the target range, with plans to maintain modest levels in 2026 [24] Question: Future sales growth and assumptions - The sales growth forecast of 5%-7% is based on existing demand and projects with high confidence, with potential upside from uncommitted load [30] Question: Implications from the UNS case and formula rate decision - The UNS case was seen as generally constructive, with differences noted between UNS and APS, particularly regarding growth and regulatory lag [44] Question: Breakdown of committed versus uncommitted load - The majority of committed load is from high load factor customers, including TSMC, with ongoing negotiations for uncommitted load [53] Question: FFO to debt basis and forecast period - The company aims to maintain an FFO to debt ratio of 14%-16%, focusing on improving credit metrics through regulatory dialogue [90] Question: Transparency and earnings trajectory with formula rate - The company aims for more consistent and linear earnings trajectories post-formula rate implementation, improving visibility for investors [92]

Financial Data and Key Metrics Changes - The company reported a Core FFO per share improvement of $0.05 to $0.70, representing an 8% increase year-over-year, and Core FAD per share improved by $0.07 to $0.73, reflecting an 11% increase [17] - The debt to annualized adjusted EBITDA for real estate was 4.5x, with an annualized adjusted Fixed Charge Coverage Ratio of 4.4x, well within the stated leverage target of 4-5x [17] Business Line Data and Key Metrics Changes - The SHOP portfolio grew to 25% of the investment portfolio by year-end 2025, with expectations to reach 45% by the end of 2026 [4] - The original 13 properties converted to SHOP grew NOI by 22% over 2024 pro forma NOI, generating $16.2 million in combined rent and NOI in 2025 [8] - The company anticipates 14% NOI growth at the midpoint for the full year 2026 over pro forma 2025 [8] Market Data and Key Metrics Changes - The company expects occupancy to grow by approximately 150 basis points in 2026, with RevPAR projected to increase by about 5% [9] - The company is in a competitive senior housing acquisitions environment, leveraging its smaller asset base and relationship-driven strategy to find opportunities [12] Company Strategy and Development Direction - The company is transforming from a lower growth triple net REIT into a faster-growing SHOP-focused REIT, with a guidance of $600 million in acquisitions for 2026, nearly 70% higher than 2025 [3] - The strategic portfolio transformation aims to reduce skilled nursing investments to less than 30% by the end of 2026, focusing on SHOP growth [5] - The company plans to continue investing in newer SHOP communities that are best positioned to compete against future developments [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial strength to support SHOP growth, with liquidity standing at $810 million on a pro forma basis [16] - The company anticipates continued accelerated internal and external growth powered by SHOP in 2027, following the completion of its transformation at the end of 2026 [5] - Management highlighted the importance of operator relationships in driving future growth and emphasized the potential for organic NOI growth to double by the end of 2026 compared to pre-transformation levels [20] Other Important Information - The company has an acquisition pipeline of over $500 million in deals under review, all focused on SHOP [13] - The company expects to sell five skilled nursing properties and has certain loan payoffs totaling $90 million in the next 60 days [10] Q&A Session Summary Question: What are the greatest threats to SNFs today? - Management noted that private capital driving prices in skilled nursing could change, and there is inherent risk in the skilled nursing sector [26] Question: Is the 14% same-store growth sustainable? - Management indicated that the pro forma occupancy of 89.7% is close to stabilized levels, and they are comfortable with the guidance for growth [27] Question: What are the year one yields for SHOP investments? - The company is underwriting year one yields at about 7%, with good growth headroom beyond that [40] Question: How competitive is the landscape for seniors housing deals? - Management acknowledged the competitive landscape but emphasized their ability to find transactions that meet their underwriting criteria [51] Question: What is the expected CapEx burden for LTC going forward? - Management stated that the current CapEx guidance is based on a $1,500 per unit assumption, which is appropriate given the age of the assets [75]

Financial Data and Key Metrics Changes - Total investment income for Q4 2025 was $67 million, consistent with the prior quarter, as an increase in average portfolio size was offset by a decrease in total portfolio yields due to lower base rates and spreads [21] - Net investment income for Q4 was $24 million, or $0.33 per share on a GAAP basis, and $0.36 per share after adjustments [22] - The net asset value as of December 31 was $16.26 per share, down from $16.36 per share as of September 30 [12] Business Line Data and Key Metrics Changes - CGBD deployed over $1.2 billion and closed over $7 billion of commitments at the platform level in 2025, with Q4 being a record quarter for CGBD with over $400 million of investment fundings [11] - Total investments at CGBD increased from $2.4 billion to $2.5 billion during the quarter, while total investments at the MMCF joint venture increased to over $950 million [11] Market Data and Key Metrics Changes - The company reported that 94% of investments were in senior secured loans, with a median EBITDA across the portfolio of $97 million [17] - The average exposure to any single portfolio company was less than 1% of total investments, indicating strong diversification [17] Company Strategy and Development Direction - The core investment strategy remains focused on stable, high-quality credits in the core and upper middle market, with an emphasis on enhancing origination capabilities [10] - The formation of a new joint venture, Structured Credit Partners, aims to increase diversification and portfolio yield, focusing on broadly syndicated first lien, senior secured loans [18] Management's Comments on Operating Environment and Future Outlook - Management expects earnings to trough in the first half of 2026 due to base rate cuts, with an anticipated increase in earnings thereafter as portfolios ramp up [23] - The company remains confident in the quality and stability of its portfolio despite market volatility, particularly in the software sector, which has shown exemplary performance with no defaults over the last five years [12][13] Other Important Information - The board declared a first-quarter 2026 dividend of $0.40 per share, with an estimated $0.74 per share of spillover income to support the dividend [22] - The company repurchased $14 million of shares at an average discount of nearly 23% during Q4, resulting in $0.06 of accretion to NAV per share [23] Q&A Session Summary Question: Who will the company take market share from? - The company plans to focus on high-quality companies in the core and upper middle market, leveraging its strong credit culture and industry expertise [33] Question: What is driving borrowing demand and contributing to the strong pipeline flow? - The company is seeing a consistent flow of opportunities in the middle market, with increased activity in sectors like industrials and healthcare [36] Question: What is the rationale for the SCP joint venture? - The SCP joint venture aims to maximize the utilization of non-qualifying asset buckets and leverage the broader Carlyle network for strong expected returns [39] Question: How significant is interest expense in borrowers' overall expense load? - Interest coverage ratios are improving, and borrowers are taking a more conservative approach to leverage, which is beneficial for credit quality [56][58] Question: Is the best incremental dollar the next investment or repurchasing stock? - The company believes in a balanced approach, continuing share repurchases while also investing in joint ventures that are expected to be accretive [61]

Financial Data and Key Metrics Changes - The company reported an AFFO per share of $0.31 for Q4 2025 and $1.25 for the full year, achieving the high end of guidance [31] - The annualized base rent at the end of the quarter was $62.9 million, reflecting a $1.6 million increase due to net acquisitions [26] - The annualized adjusted cash NOI was $61.3 million, representing a 96% margin on the in-place portfolio [27] Business Line Data and Key Metrics Changes - In Q4 2025, the company acquired seven properties for approximately $41.3 million at an average cap rate of 7.5% [8] - For the full year 2025, the company acquired 32 properties for approximately $124.1 million at an average cash cap rate of 7.74% [8] - The company sold 11 properties for $20.4 million in Q4 2025, with a median cap rate of 6.9% for the year [14][15] Market Data and Key Metrics Changes - The company’s portfolio occupancy approached 99%, with only four vacant assets at the end of the quarter [18] - The company has two tenants in bankruptcy, representing a combined 0.56% of ABR [18] Company Strategy and Development Direction - The company focuses on a real estate-first strategy, acquiring frontage-based assets in major retail nodes [4] - The management team emphasizes diversification across necessity and service-based industries to mitigate risks [6][7] - The company plans to continue optimizing its portfolio through strategic acquisitions and dispositions, with a target of $100 million in net acquisitions for 2026 [22][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s operational strength and financial resilience, stating it is better positioned than ever since going public [4] - The company expects to grow AFFO per share by 4% in 2026 at the midpoint of guidance, driven by improved capital deployment and portfolio performance [22][31] - Management noted that the acquisition market remains open, with expectations for cap rates to settle around 7.5% in Q1 2026 [13] Other Important Information - The company has enhanced its disclosures, providing detailed location data and traffic metrics for its properties [24] - The company’s tenant base remains diversified, with the top 10 tenants accounting for only 24% of ABR [6] Q&A Session Summary Question: Clarification on AFFO guidance - Management explained that the AFFO guidance range of $1.27-$1.32 depends on portfolio performance and the timing of acquisitions and dispositions [35][36] Question: Interest in the company given the discount to NAV - Management acknowledged the discount to NAV and noted that inbound interest has been quiet, but the quality of the portfolio is evident [38][39] Question: Incremental capital considerations - Management discussed the balance between AFFO yield and NAV, indicating that they are fully funded for 2026 and can execute their capital deployment strategy [42][43] Question: Acquisition pipeline and market conditions - Management indicated that the acquisition pipeline remains strong, with expectations for mid-7% cap rates and a fluid market environment [51][52] Question: Bad debt expectations - Management confirmed that they expect bad debt to be approximately 50 basis points in 2026, consistent with historical performance [57][58] Question: Rent catch-up benefits from lease renewals - Management confirmed that they expect to see rent increases from lease renewals, with historical recovery rates exceeding 105% [69][70]

Matador Resources Company (NYSE:MTDR) Q4 2025 Earnings call February 25, 2026 11:00 AM ET Company ParticipantsAndrew Parker - Senior Vice President Of GeosciencesBryan Erman - Co-President, Chief Legal Officer, and Head of M&AChris Calvert - EVP and Chief Operating OfficerDerrick Whitfield - Managing Director and Head of Energy Equity ResearchGlenn Stetson - EVP of ProductionJoe Foran - Founder, Chairman, and CEOMac Schmitz - SVP of Investor RelationsNeal Dingmann - Managing DirectorRob Macalik - EVP and CF ...

Financial Data and Key Metrics Changes - In 2025, the company achieved record sales of $1.49 billion, with fourth quarter sales of $386 million, marking the best fourth quarter performance ever [4][26] - Fourth quarter sales rose 7% on a reported basis and 3% on an organic basis, driven by higher sales from both US and European operations [8][26] - Gross margin contracted by 20 basis points to 63.6% in 2025, primarily due to higher costs from tariffs, which resulted in approximately $12.8 million in additional costs [27][28] Business Line Data and Key Metrics Changes - US operations saw a 4% increase in fourth quarter sales, driven by brands like Guess and Donna Karan Beauty NY, while full year sales declined 3% excluding the phase-out of Dunhill fragrances [8][34] - European-based operations reported a 9% increase in fourth quarter sales, with a 4% rise in organic growth and a 4% positive effect from foreign exchange [11][32] - Notable brand performances included a 33% increase in Cavalli fragrance sales and a 40% increase in MCM fragrance sales in the fourth quarter [10][11] Market Data and Key Metrics Changes - The travel retail market grew by 6% in 2025, representing approximately 7% of total net sales, with brands like Cavalli, Lacoste, and Coach performing well [20] - The company noted strong sell-through rates and healthy ordering patterns in early 2026, indicating a positive market environment [100][101] Company Strategy and Development Direction - The company plans to continue expanding its portfolio with new partnerships and brand acquisitions, including a 15-year extension of the Guess license and new agreements with David Beckham and Nautica [18][19] - Innovation remains a key focus, with expectations for significant new product launches in 2027 across major brands [70] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the operating environment, noting ongoing macroeconomic challenges such as tariffs and geopolitical conflicts [6][24] - The company anticipates a stable market in 2026, with expectations for stronger growth in 2027 driven by enhanced innovation [39][40] Other Important Information - The company has made progress in operational improvements, including transitioning to 100% third-party providers for logistics and managing inventory levels effectively [21][36] - The effective tax rate for the year was 23.3%, down from 24.2% in 2024, benefiting from a one-time favorable net tax gain [31] Q&A Session Summary Question: What metrics will be considered for updating guidance? - Management indicated that they are monitoring market growth and the innovation pipeline, with a cautious approach to revising guidance due to market volatility [42][46] Question: What is the outlook for promotions in the market? - Management noted a slight uptick in promotions in the fourth quarter but emphasized that it was not significant and typical for the industry [48][52] Question: Is there capacity for additional brand acquisitions? - Management confirmed that there is capacity to add more brands to the portfolio and is actively seeking new opportunities [61][62] Question: What are the expectations for the flanker pipeline? - The flanker strategy is designed to maintain market share, with expectations for brands like GUESS and Lacoste to outperform in 2026 [69][70] Question: How are trends across key regions shaping up in 2026? - The US and Southern Europe are performing well, while Northern Europe is more challenging; Asia, particularly China, remains slow [100][102]

Hyliion (NYSEAM:HYLN) Q4 2025 Earnings call February 25, 2026 11:00 AM ET Company ParticipantsGreg Stanley - Chief Accounting OfficerJon Panzer - CFOMartin Malloy - Director of Equity ResearchThomas Healy - Founder and CEOConference Call ParticipantsSean Milligan - Senior AnalystTedd Jackson - Senior Research AnalystOperatorHello, everyone. Thank you for joining us. Welcome to the Hyliion Holdings Q4 2025 Earnings Call. After today's prepared remarks, we will host a question and answer session. If you would ...

Financial Data and Key Metrics Changes - For the year ended 2025, cash NOI was $169.9 million, a 0.8% increase from $168.6 million in 2024, driven by acquisition activity and a 0.9% increase in same-store cash NOI [17] - FFO per share for 2025 was $2.16, representing a 3.6% increase from the previous year, while AFFO per share was $2.18, a 5.8% decrease from the previous year [18] - The portfolio-wide EBITDARM rent coverage ratio improved to 5.9x in 2025 from 5.3x in 2024 [20] Business Line Data and Key Metrics Changes - The company acquired 6 healthcare facilities for approximately $150 million, totaling 241,000 sq ft, and closed on an additional facility for $43.1 million after year-end [5] - The company completed over $7 million in redevelopment opportunities, indicating a focus on enhancing existing properties [6] Market Data and Key Metrics Changes - The company reported a significant improvement in tenant credit quality, with investment-grade rated tenant guarantor and affiliate percentage increasing by 2.3% year-over-year to 40.6% [11] - The company retained 90% of scheduled expiring tenancy on a square footage basis, with only 0.5% of ABR represented by non-renewing tenants [9] Company Strategy and Development Direction - The company aims to continue executing its strategy of growing a high-quality, necessity-based healthcare real estate portfolio designed to deliver predictable income streams [4] - The company is focused on optimizing its portfolio construction through planned dispositions and capital allocation to existing properties [8] Management's Comments on Operating Environment and Future Outlook - Management highlighted the demographic shift of the baby boomer generation reaching 65 or older by 2030, which is expected to increase outpatient healthcare spending to nearly $2 trillion [15] - The company believes it is well-positioned to capitalize on market opportunities and maintain strong financial performance [15] Other Important Information - The company has a total liquidity exceeding $480 million, providing substantial capital for acquisitions and growth initiatives [21] - The company executed purchase and sale agreements on three properties, with the Saginaw healthcare facility sold for gross proceeds of $14.5 million [8] Q&A Session Summary Question: How much rent was collected on the Alexandria building being sold? - The Alexandria property had scheduled rent of $40,000 per month, with holdover rent paid at 125% of the scheduled rent, totaling $120,000 in the fourth quarter [26] Question: Is there a material difference between the leased percentage shown and what's commenced? - The El Segundo property has a free rent period, but is considered leased as of year-end [31] Question: What is the pricing like for similar assets in the market? - Pricing for similar assets generally ranges from the high 6s to mid 7s cap rates, depending on various factors [32] Question: What is the company's leverage capacity and buying power for 2026? - The company could invest about $225 million to reach the midpoint of its targeted leverage, with potential for up to $375 million at the high end [42] Question: What is the expected cadence for acquisitions? - The market will drive the cadence, with expectations for acquisition volume to be similar to the previous year [47]