Craig Mailman: Hi, good morning. Not to dwell on Bed Bath in particular, but just kind of curious on a couple of things here. Number-one, you guys gave the 60 basis – or the 60% kind of mark-to-market on the four. Could you just give us sort of what you think the broader mark-to-market is on your total exposure? And then, I know there’s some discussion out there, whether even file or what type of filing it is. Assuming maybe a restructuring or non-bankruptcy filing, would you guys kind of come through your exposure to them? What percentage do you think is potentially at-risk for them to give back versus kind of strong sales, good locations that you would consider them to keep?
Jim Taylor: Well, let me just make this point if I may. We want every box back we can get. We’ve got tremendous demand for these spaces which have an average rent basis of $10.35. Now we’ve embedded within guidance, while we expect with some cushion in terms of timing. But I think the most important point is that, when you look at our Bed Bath exposure in its entirety, it represents a significant opportunity for us to drive real value, real growth and real value. And so when you think about that $10.35 of basis, we’re signing replacement tenants in the mid-teens. So consistent with what we’ve already announced on the existing boxes, but importantly spreads that allow us to actually create value as we bring in better tenants into our centers.
And then we get the follow-on benefit from their, of additional small-shop leasing and increase in rate. So in terms of the timing of when we recapture the space, I think Angela and team have done an excellent job of going through and handicapping that and making sure we have cushion in our growth numbers to handle a wide array of potential outcomes. But let’s not lose sight of the more important point, which is, it’s going to create an opportunity for us that could drive real-time value. By the way and still deliver growth in ’23, right, which is something that can be said by many in this sector. So Bed Bath is just one example, there are other tenants where we hope to get the space back and I can assure you, we’re leasing ahead and by that I mean, we’re driving activity ahead of recapturing this space.
Craig Mailman: No, that’s helpful. I guess, as we think about the spill pipeline continues to kind of increase here. While from a timing perspective, taking back these boxes obviously create some disruption. I mean that SNO pipeline could continue to grow as a percent of ABR, which kind of sets you up for ’24 and beyond from kind of – do you think there is like a new normalized growth rate for the portfolio as you can kind of —
Jim Taylor: I think you’re spot-on and hats off to the leasing and national accounts team for continuing to grow that pipeline and address early recaptures. But I think you’re kind of seeing hence of it in our top-line numbers, right. That 4% which reflects a meaningful drag from anticipated space recaptured during the year, but you saw it in the fourth-quarter and as we talked a little bit about you see it in our numbers and expectations for ’23. And you make a really good point, which is that SNO actually impacts us even more accretively in ’24. Right. As we get the benefit of a full-year of those deliveries. So we’re excited about how we’re positioned.
