Robert Stevenson: Okay. And then last one for me. I think you guys touched a little bit on some of the re-tenanting and redevelopment plays in the portfolio. It sounded like that the Durham Bed Bath is just going to be re-tenanted, but the Virginia Beach one in terms of narrowing the options, is that is — a whole scale redevelopment some other use for that space, whether it be apartments or something else still on the table there? Or is that just basically a re-tenant and it’s a question of whether or not it’s broken up into multiple parcel — multiple tenants or just one at that size, et cetera?
Louis Haddad: Yes, two different things there. As you know, part of that — the total parcel of 10 acres with the Bed Bath piece being roughly half or a little bit over half of that, the other being Regal Cinema. Regal Cinema continues to go — and if that — at some point, if that becomes available, that would probably be a multifamily portion. But right now, the program is on the Bed Bath site, and we’re dealing with a few high-end new-to-market retailers that we’d like hope to be announcing in the next quarter or so. But that will be essentially retail. And whether or not there’s any reuse of the box that’s there remains to be seen.
Robert Stevenson: Okay. And what about the movie theater outparcel that you were thinking about doing multifamily on? I think is it James Madison? Is that still on the drawing board? Is that just going to be a movie theater? How is that — what are you guys thinking about that at the moment?
Louis Haddad: Well, again, Regal is going to take advantage of their remaining options. They seem to be doing just fine. As far as the multifamily piece of that, it’s victim right now to what we were just talking about, Rob, and that return doesn’t justify us throwing another $40 million or $50 million out there. So we’ll most probably just sit back and collect coupons for the foreseeable future.
Robert Stevenson: Okay. And then I guess, I lied, one — just one other one. On the mezz portfolio, anything sort of penciling out? And where do returns need to be for you guys to start or to fund a completely new project there with your partners today?
Louis Haddad: So again, as you might expect, that bar has been raised as well. And so with our partners unless they have healthy, high single-digit returns that we see in their pro forma that gives us the room to deploy our equity. And ultimately, if we can bring the project on balance sheet then they are going to get funded. Now put that in the same boat with what I was saying earlier that there is a ton of opportunities out there. It’s just with rates where they are and costs where they are, the vast majority of them need to stay on the drawing board and not in our portfolio.
Operator: The next question comes from Peter Abramowitz from Jefferies.
Peter Abramowitz: I appreciate the comments on potentially the yield you’re hoping for on multifamily developments. I guess, I want to ask a similar question on the retail side, if you’re seeing anything in the acquisition market and what kind of yields or IRRs would entice you right now and then whether or not you’re seeing those?
Louis Haddad: Peter. So cap rates have widened a bit but the kinds of retail that we’d be willing to transact on are essentially high credit and well-located grocery stores. Those cap rates have moved somewhat. But as you know, unfortunately, our cost of capital has moved materially as well. So there is probably a little bit of spread to be gotten if we were to transact there. But right now, we’re more interested in capital preservation of making sure that we can continue some growth internally as well as raising the dividend and not marginally looking at new acquisitions. Again, much like on the development side, if something appears in one of our target markets that’s just too good to pass up or has a redevelopment opportunity or additional value add we can do then you may see us transact. But as far as real solid grocery-anchored shopping centers of the sort that we already own, I don’t think you’ll see us be a player.
