“As you know, we we know we opened in the fourth quarter, vast majority of retailers. Then the momentum builds throughout the balance of the year. So you would expect that number to go up. Second, third, and fourth quarter.”

In context

“m the line of Floris van Dijkum with Ladenburg. Floris van Dijkum: Hey. Thanks, guys. So quarter rise, I guess, is an appropriate term. So I guess that's another three million of shares that you could be buying back. It sounds like. Which which obviously would would be accretive. My question is more on your as I usually ask about your ethanol pipeline. And how that is progressing and how do you see that trending throughout '26 and into, you know, at as you sign your your 17,000,000 of of leases, If you can maybe Brian, if you can give a little commentary around that. What percentage of that s and o pipeline is is is luxury versus your traditional retailers? Brian McDade: Floris, it's Brian. So at year-end, we were about 2.1% of S and O. Is consistent with the prior several years in 12/31. As you know, we we know we opened in the fourth quarter, vast majority of retailers. Then the momentum builds throughout the balance of the year. So you would expect that number to go up. Second, third, and fourth quarter. Yeah. I think it's good that that number you know, the way I would look at it is it's good that that number is staying almost stable. Because that means we're replacing tenants or or filling vacant space. And it's not going down. So you know, there's positive churn in there. Which, you know, which is good. Floris van Dijkum: So let me just make sure I understand. So 210 basis points of S and O is what what it was at year-end. What what percentage of that is is is luxury tenants? If you can give a little bit more color on that. Brian McDade: Yeah. We we don't get into that. But, you know, it's not it's not happening. Right? You know, they're they're very selective. They're very focused. But, you know, we we're we don't really you know, it's that it's not anywhere near the majority. It's it”