Eric Borden: Okay. That’s helpful. Thanks guys.
Operator: Our next question is from Spenser Allaway with Green Street. Your line is now open.
Spenser Allaway: Thank you. You talked about a widening bid-ask spread. Can you guys just comment on the magnitude of the spreads you’re seeing currently? And are there any property types or industries that stand out as having a larger than average bid-ask spread?
Ryan Albano: Sure. I’d say we’ve seen the bid-ask spread probably widen out in some cases; widen out maybe 25 bps maybe even 50 bps. What I would say is there are certainly less bids on deals and those bids are a range in terms of what the economics are that buyers are looking for. I’d say I’ve seen things probably about as wide as 200 basis points from top to bottom of the bid range. Obviously there are other terms involved that are at play that drive some of that spread differential, but that’s probably the widest I’ve seen it in quite a long time.
Spenser Allaway: Okay. That’s really helpful. And then do you guys have a sense of what your AFFO growth would be next year absent any external growth?
John Moragne: Yeah. I think I’d point you towards a low single-digit figure based on our embedded lease bumps of 2%. Run rate for us is in that low single-digit growth.
Spenser Allaway: Okay. Great. Thanks.
John Moragne: And maybe Spenser, I’ll finish the question if you step forward a little bit more on run rate. Given UNFI’s impact when you think through that starting in October of next year that number ticks a decent bit higher for 2025.
Spenser Allaway: Okay. Thank you.
Operator: Our next question is from Ki Bin Kim with Truist. Your line is now open.
Ki Bin Kim: Thanks. Good morning. Just going back to Green Valley. Can you just talk about how that — how deep is that potential pool of different operators that can operate that hospital? And secondly how is the nurses’ strike indirectly or directly impacting potential operations there?
John Moragne: I’ll take the second part first. Good morning, Ki Bin. They are having any sort of difficulties that you can imagine in terms of getting this thing up and running between the licensing process that they have to go through, between looking at staffing, pharmaceutical licenses, financing on these things; and all sorts of stuff, so I wouldn’t attribute the delay to any one particular thing. Certainly nurses’ strikes that are happening aren’t helpful for the health care system generally and certainly aren’t helpful for folks that are trying to get a new hospital up and off the ground. Let’s take the first part of the question. This isn’t a huge pool of potential operators that can come in there. Between state licensing as well as population densities and the way that the health care production system is surrounding this area there’s only a handful of players that could potentially have an interest in it.
And it may need to be something that you rethink the use of the physical space where maybe it’s getting cut up into a different direction. You’ve got multi tenants that are going to potentially be in there or someone who thinks about using a portion of it. There’s a whole lot that we have to think about and we’re still in that learning phase so more to come.
Ki Bin Kim: And you have 18% of your portfolio dedicated to healthcare. And I know the nurses’ strike may not impact operations directly, but it does cause a higher benchmark for wages. Are you seeing fall-through impacts on perhaps the cost structure for your health care tenants?
