James Taylor: We really haven’t seen any deterioration in terms of demand, or timing of demand, or timing to execute. One of the things to appreciate about this retailer demand is its durability. I think everybody’s expecting some type of economic disruption. We’ve been expecting it for the last couple of years, and yet the retailers continue, as Brian was alluding to, to remain committed to their forward pipeline, and they’re actually making commitments now out into 2025 and beyond. So the other thing I would comment on about that demand is that retailers are using data as never before to really assess what the productivity of a new unit will be, what it will cannibalize in terms of other competing stores. And so they’re making as an informed decision as possible in terms of that decision to open a new store.
And they see the white space, and if anything, as the recent bankruptcies have pointed out, there’s not enough supply for them to achieve their new store opening plans, which we’re leveraging from a competition standpoint.
Caitlin Burrows: Got it. Okay. And then maybe just along the following up on the swap discussion we just had, I know separately you guys have in June bond maturity. So wondering just how soon you might look to get ahead of that or wait until closer. And do you think it would be of a similar size? Thanks.
Angela Aman: Yeah. Thanks. Caitlin. Like I said, we’re evaluating the market both for the swap and for the 2024 bond maturity, opportunistically, we’ll look to as we usually do, we’re hoping there’ll be an opportunistic window for us to execute ahead of that. I would point out though, given that that maturity is in June of next year, timing here is really important in terms of the impact ultimately on 2024 interest expense as well. So we’ll continue to watch the market. And like I said, hopefully, find a good window to execute earlier rather than later, but we’ll continue to evaluate.
Caitlin Burrows: Okay. Thanks.
Operator: Next question, Connor Mitchell with Piper Sandler. Please go ahead.
Alexander Goldfarb: Hey, it’s actually, Alex Goldfarb. So good morning down there.
James Taylor: Hi.
Alexander Goldfarb: Hey, how are you Jim? Two quick questions. First, obviously theft has been a big industry-wide issue the retailers have all spoken about it, sort of thinking about the relationship between the landlord and the tenant. Are they asking you guys to help them more in trying to address this or apart from obviously parking out safety? Or are there other initiatives that you guys are undertaking to help the tenants or are the tenants trying to really do this on their own and the tenant landlord relationship is more about the general asset versus what’s going on inside the stores?
James Taylor: That’s an important aspect of the landlord tenant relationship. The tenant needs to know that they have a good counterparty in the landlord. He’s keeping the center well-lit secure, safe, for their customers and that partnership is critical. I think it’s a benefit, Alex, of a larger platform such as ours where we have great relationships with the retailers and we can be responsive to what their needs might be. It’s a highly recoverable expense. So it’s surprising to some degree that certain landlords particularly smaller private landlords may not be as responsive. We see it as an opportunity for competitive differentiation and it is a concern of the tenants. We’re fortunate, Alex, in that, we don’t have a lot of high crime urban locations that are impacting retailers to the degree you’ve been reading about in the press. But it is important to be in front of it and to be a good partner with the tenant.
Alexander Goldfarb: Okay. And the next question is for [Baby store, Oregon] [ph], a number of years ago, you guys were buying a number of assets in the Carolinas along the coast hadn’t seen that seems to be a little quiet. So I don’t know if the strategy did pan out maybe the way you thought or it’s just given in terms of transactions. You’re still hungry to expand in that area or other similar sort of snowbird type areas, but maybe the transaction market has just been tough so hence not as much activity. So just looking for an update there.
