Craig Mailman: And just one more quick one on the shop, you guys are at kind of record leased occupancy there. How much more – given what’s in the pipeline that you guys are seeing? Net of maybe some of the cushion from potential bad debt that you’re kind of baking in. What’s the – maybe, year-end target on that small-shop and from a dollar perspective, I know those are more impactful. So how should we think about the longer-term run-rate of that portfolio versus maybe some of the near-term impact of bad debt?
Jim Taylor: We have more than a couple of 100 basis-points of room to run. We’ve got drag in our reinvestment pipeline, we currently sit at 89.2%. Over-time, you can see that number grow into the low 90s. And you make the right point, Angela will hit on in terms of what its impact is. But that’s part of the follow-on benefit of our reinvestment. And as we deliver those new anchors, we get better rate and better occupancy in the small shops or the centers impacted. And the reason I’m making that point is, that we’re not managing to an occupancy level. We’re managing to drive fundamental growth and ROI. And the small-shop growth is a great lever for us to pull as the anchors in the broader reinvestment had delivered. And you’re right, there is a leverage impact on that number.
Angela Aman: Yes, when you look at sort of where we’ve been signing new small-shop leases over the trailing 12 months, its over $25 per square-foot. That’s over 50% above our portfolio average. So every 100 basis-point gain in small-shop occupancy translates into something a little over 150 basis-points of same-property NOI contribution.
Operator: And the next question comes from Alexander Goldfarb with Piper Sandler. Please proceed.
Jim Taylor: Good morning, Alex.
Operator: Our next question comes from Haendel St. Juste with Mizuho. Please proceed.
Haendel St. Juste: Good morning, guys. I guess first question, maybe some follow-up comment on the transaction market. Obviously things are still pretty frozen out there, retail volumes were down I think 50% of fourth-quarter, pretty wide bid-ask spreads. But maybe can you talk about the cap rates and the type of assets that you’d like to own, what you’re seeing out there. And then given your cost-of-capital, what kind of a new hurdle rate would need to be, basically we’re assets we need to be price we will get more interested in more active here? Thanks.
Jim Taylor: Our hurdle rate is absolutely gone up with the increase in the cost-of-capital. So we’re – hand out here, the latter part of your question. We’re remaining disciplined, where we expect to find opportunities is, where there has been disruption and where we have the opportunity not only to get-in at a good initial yield, but where we have great visibility on being able to grow that. So that, we can get to those unlevered IRRs in the high single, low-double-digit area. And maybe, Mark, if you’re on, you can comment a little bit on what we’re seeing real-time in the transaction market from a volume and pricing standpoint.
