Chris Bilotto: Yes, I think more broadly, we talked about the disposition of the eight properties in the market now, those are MOB, Life Science properties. We’ve got a handful of others we’re evaluating, some of which are the known vacates that we’ll bring to market. So, my guess is, maybe there’s a couple more that we can transact on this year. And then outside of MOB, Life Science, I think our focus on the SHOP side is more around organic growth through the capital investment in the communities and driving occupancy there. And so, we do have some vacant communities that we’re marketing for sale and then maybe there’s a handful of potential dispositions, but that’s not a near-term focus, that’s a back half of the year focus for us.
I think there’s other areas we’re focused on the SHOP side. And then on the Wellness, look, we’ve got a walt there north of 15 years. We still have a handful of the lifetime locations where they have yet to take formal or physical occupancy as they finish their TI. I think we like that segment, it produces good NOI with annual growth. And given where the markets are today, I don’t think we’re in any hurry to consider wanting to transact on that if that were the ultimate goal. And again, we have plenty of time, given the fact that we have a term loan of 15 years, so that could be a strategy in the future where we still can get favorable cap rates if we elected to do so.
Bryan Maher: Okay, thank you very much.
Operator: [Operator Instructions] The next question comes from Aaron Hecht with Citizens JMP. Please go ahead.
Aaron Hecht: Hey, guys, thanks for taking my question. I know there was a — you said that you’re going to provide more insight on full-year guidance in an upcoming presentation, but just wondering the split between Aleris and other operators, what’s embedded in the NOI guide for the full year and how much improvement should we expect here from the other operators, given the occupancy gains this quarter?
Chris Bilotto: Yes, look, I think we’re looking at guidance more globally across the spectrum and not necessarily diving it up between operator. I think one of the things to consider is we’re transitioning operators in some cases, and so we think that there’ll be further transition potential. And so, I think trying to splice it between operators is not the way that we’re thinking about it. But with respect to overall occupancy growth, I think it’s relatively even across the spectrum as we think about that 300 basis point to 500 basis point opportunity for occupancy growth. And again, just to caveat, a lot of that growth and that performance is anticipated towards the back half of the year. And again, the other thing I would add is, as we think about outliers, we’re transitioning the 13 communities to one of our operators, that’s a scenario today where that occupancy is in the low 60s as we alluded to on last quarter’s call.
And so, in scenarios like that, if we could execute on the material or meaningful improvement towards the back half of the year that will have an outsized impact on growth of the portfolio. So it’s going to be a mix.
Aaron Hecht: And then dispositions within that SHOP portfolio to densify the operations, is that going to be more focused on Aleris or the other operators? And I guess part of that question is, is this a timing situation where you need to wait for the other operators to improve operations or is this more on the stabilized stuff that you’re ready to go on?
Chris Bilotto: Yes, I think one, I would caveat to say a lot of that is later in the year. I think our initial focus, as I referenced, is on improvement in certain areas. Certainly, if we’re going to sell communities, we want to be able to maximize proceeds and then obviously there’s going to be some outliers where we feel like there’s better runway for a local operator owner who’s willing to pay a premium in its current state. But it’ll be a mix, I think, again, we’re still trying to rationalize across the portfolio with the right plan and what the right strategy is going to be to execute that and I think we’ll have more information as we start to advance our thoughts there in future quarter calls.
Aaron Hecht: Okay. Appreciate the thought.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Chris Bilotto for any closing remarks.
Chris Bilotto: Thank you for joining our call today, and we look forward to seeing you at some of the upcoming conferences.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
