Ken Bernstein: I can get into some level of detail. It’s a multi-decade relationship and many of those assets were embedded into DLC, and we were able to work with them to successfully recapitalize them. I’m not going to get into the economics and structure. They’re a very competent team. And we work very well together and the deals are meeting and beating our pro forma. So put everything else aside, meeting and beating pro forma is always a great way to keep a strong venture stronger. So, there is nothing uniquely — there’s nothing that we have that we are beholden to them, but when they have assets, whether it’s ones that they currently own or for other reasons, we are thrilled to do business with them.
Todd Thomas: Okay. And John, just a quick question for you. Appreciate some of the detail of the 5 points, the sign not occupied pipeline, I think you said 5.6 million of ABR, 6.5 million of NOI. Is that all generally in the same store? Is that’s only for the portfolio, if I’m not mistaken, is that right? Or is there something else in that?
John Gottfried: No, Todd. That’s all same-store, that’s our core portfolio same store.
Todd Thomas: Okay. And then, I guess, so you talked about some of your assumptions around Bed Bath, and Regal at some assets that are outside of the same store. But what else is there any NOI or sign not occupied pipeline that’s discussing at all in terms of assets that are in there development pipeline? Anything significant there that’s sort of outside of that same store SNO pipeline that you provided?
Ken Bernstein: No, for sure Todd. So, I think, we have in redevelopment, we have city center in San Francisco, which is the target anchor with the whole foods that’s going through its approval process. So there is a several million dollars of signed, but not open in our redevelopment related to city center as well as 555 9th. So, 555 9th with the signing the container store lease is also in redevelopment, so, there’s call it a couple million dollars that is not in that sign, but not open, but is part of our redevelopment sign, but not open.
Todd Thomas: Okay. And what’s kind of the — is there — are you able to share some details around the timing of those rank commencements, and I guess the capitalization around those assets in general? Is everything sort of being capitalized? Or is it on sort of a sweep by suite basis?
John Gottfried: Yes. So, I mean, they both have in terms of commencements, so we’ll start with City Center. They’re going through the lengthy, there’s — it’s called a CUP process in San Francisco. We’re in the midst of that. So there will not be a rent. I wouldn’t highly doubtful. There will be a rent commencement of hope groups there won’t in 2023. So, I think that’s more likely later, 2024. Do they get through the process and hopefully moved towards an approval. And the cost have already in bid incur. So in terms of the funding costs, the build out of city center, we’ve incurred the cost and are just waiting for the approval. There is a bit of capitalized interest that we’re doing related to the whole food space itself, not the entire building. But the whole food space itself, there is a bit of capitalized interest, but not overly material. 555 9th, we are not capitalizing any material costs at this point until we start the large largest scale redevelopment.
Operator: Our next question comes from the line of Craig Schmidt with Bank of America.
Craig Schmidt: And I first just wanted to congratulate Stuart on joining the Acadia team. And then in terms of your small shop occupancy, it’s now higher than it was pre-COVID. I’m wondering, what it was driving that and what is the room for growth on that small shop occupancy number?
