Slate Grocery REIT

some leasing activity that you guys have done prior to close, and it sounded pretty positive. I'm wondering if you could provide an update on how it's been going since then, and if the occupancy rate of the portfolio that you acquired has crept up a bit since we last talked about it.

Hey, good morning, Jenny. Thanks for the question. Yeah, we've been pleased, as I stated last quarter, with the partnership that we entered into with our three JVs. Started back in March when we firmed up the deal, We've worked closely alongside our partners since then. It is true our underwriting, our original underwriting has been exceeded. We're about 75 basis points ahead on occupancy, which is producing about $500,000 or $600,000 of incremental NOI. However, there's still momentum going. The pipeline I referenced of 150,000 square feet of new leasing is It doesn't even include the 25 properties that we acquired. They have momentum in their own right, and we're tracking to be about 150 basis points better on an occupancy basis, which obviously flows through NOI through our hold period sort of by the middle of our first year of ownership. So when you look at the, you know, it was originally accretive to AFFO to about $0.04, and over the whole period we were going to add approximately $1.50 to NAV, we expect to outpace those numbers as we take hold of ownership and drive this forward.

Okay, great. Thank you. Could you give us an update on how the acquisition pipeline might look? What's the market looking like? Is there a lot of volume out there? How competitive is it? And if you can give us any sort of insight into what you might expect for 2022.