Brian Finnegan: Look, we’ve been really pleased with how the acquisitions that we bought have performed. We’ve outperformed underwriting, I think on every deal that we’ve purchased. So I’d say to answer your question has been more of where the transaction market is. We did make a choice, 1.5 years ago to pause acquisitions, because we believe better opportunities will be coming from a IRR and yield perspective and we think that’s being proven out well today. So we’re going to continue to find deals in the markets that we like as time moves on here, but the market has been flow. And no one wants to do deals more than me, Alex, so we’re going to continue to find them as we can.
James Taylor: But those are very attractive markets to us. As Mark alluded to, our acquisitions there have done well. We think we can build upon the critical mass that we have in the coastal Carolinas and throughout Florida and the Southeast. And they’ve been great performers for us. So we’ll continue to mind those markets for opportunity.
Alexander Goldfarb: Okay. Thank you.
James Taylor: You bet.
Operator: [Operator Instructions] Next question comes from Paulina Rojas Schmidt with Green Street. Please go ahead.
James Taylor: Good morning.
Paulina Rojas Schmidt: Good morning. And are you seeing any stronger demand for certain store sites over others? Is there sort of a sweet spot today in the market?
James Taylor: I’m sorry, Paulina. You broke up there a little bit. You mean how does it raise relative to size?
Brian Finnegan: Yeah, size ranges, Paulina, in terms of where we’re seeing the most demand.
Paulina Rojas Schmidt: Exactly. Yes. Is there any sweet spot?
Brian Finnegan: Yeah, I point to a few of them, particularly in the kind of junior anchor space. That kind of 8,000 to 12,000 square foot range, you’re seeing a lot of competition from the likes of Five Below and Skechers and Foot Locker and Ulta, pOpshelf, Boot Barn and other tenants. So that size range has been extremely competitive and we saw that competition really play out in our Tuesday Morning spaces. And then I just say from a category overall would be that out-parcel space, we continue to have a significant amount of demand from out-parcel tenants. You look at CAVA entering the fray, is now competing against Starbucks and Chipotle medical uses that are filling out some multi-tenant out-parcels. So within that space, we are seeing a lot of competition and the benefits of some of what we’re doing in terms of being aggressive on recapturing space earlier, we’re freeing up a lot of those opportunities.
So we’ve been encouraged on that front. But if you’re calling out two size ranges, those would be the two that I’d highlight.
Angela Aman: Yeah, I just to amplify what Brian’s saying, the demand in that 8,000 to 12,000 square foot range lines up really well with the size of the Rite Aid boxes.
Paulina Rojas Schmidt: Thank you. And then the other question is, Angela, I think you mentioned minimal bankruptcy in 3Q and early 4Q. Just to make sure nobody’s calling out my radar, is there any retailer there outside of Rite Aid?
Angela Aman: No, no, it was really just Rite Aid. And the impact from Rite Aid, given that our total exposure is only 20 basis points on an annualized basis, it’s probably less than 5 basis points of impact to us in 2023.
Paulina Rojas Schmidt: Thank you.
Operator: Next question, Haendel St. Juste with Mizuho. Please go ahead.
Haendel St. Juste: Hey guys, sorry, I had some technical difficulties earlier. Not sure if you heard or answered the second part of my question, so I’m going to try again. So apologies, this is redundant. But I wanted to know if there were any below market lease adjustments in your earnings or same-store NOI from the terminated Bed Bath leases?
