Ken Bernstein: Yes, so that’s building basis, the demand, thankfully, is starting to come back on North Michigan Avenue. And I don’t want to pretend that it’s easy or mission accomplished, but we’re having retailers now show up that a year ago we wouldn’t have thought of. So Aritzia was probably the first mover, not with us, but just down the street. And now with Alo who has been pursuing North Michigan Avenue for the last six to 12 months. We were able to get the space available for them and in relatively short order, signed a lease with them. Their business is booming. They wanted a flagship location. And not withstanding all of the challenges that Chicago has gone through, it is still one of those Midwestern Meccas and North Michigan Avenue, while it’s going to take some work is starting to attract those tenants again.
So good positive sign, step in the right direction, plenty more work to do on North Michigan Avenue to get it back to where it needs to be. But then equally surprising, one block away on Rush Walton, Gold Coast, Oak Street, those businesses, those tenant sales are already stronger than pre COVID. So while everyone is bitching and moaning about Chicago, a bunch of our retailers are pretty happy. And when they’re happy, we tend to be happy.
Ki Bin Kim: And just high level, I know lot the projects are still not completely finalized and lot TBDs, but how should we think about the yield expectations from your redevelopment development pipeline?
Ken Bernstein: John?
John Gottfried: Yes, it’s going to depend asset by asset for sure. But I think if we look at a city center in a 555 9th, I would say it’s going to be in the upper single digits.
Ken Bernstein: Upper single digits there, some of the others are going to be much higher. That’s something it’s worth us compiling as we get a little bit further along. But thankfully they feel as I’m running through in my head the list of them. The vast majority feel accretive.
Operator: Our next question comes from the line of Michael Mueller with JP Morgan.
Michael Mueller: John, I think you talked about a 6.5 million NOI FFO ramp. I think that’s a cash comment. So how much isn’t already straight-lined into FFO, and what does the ramp on that remaining piece look like?
John Gottfried: So the 6.4 is cash, Mike, and then in terms of, I want to make sure I understand your — so how much of that has been already straight-lined? Is that your question?
Michael Mueller: Yes. Like from an FFO standpoint, how much is in the current FFO run rate already or is that all incremental?
John Gottfried: Pausing to think through the question. So, I think here it’s, I would say not a big chunk of that is already commenced. So I would say Mike, maybe 25%, if not less than that, but let me compute that. But it’s not as big as a number as it was last year given some of the bigger chunkier higher dollar leases. So I don’t think it’s going to be the same phenomena this year.
Michael Mueller: Got it. Okay. And then Ken, I think in your opening comments you talked about, you said, retailers for the most part were looking past the environment, and I guess, what’s an example of a retailer that’s not looking past it and is maybe pausing?
