And nearly all the cases from a small-shop perspective, we get very good bumps 3%, 4%, maybe 2.5%, maybe something a little modified from that, but very good bumps. On the anchor side, as Dan alluded to on his call, are you going to — are you going to be able to see in this industry broadly defined 3% bumps with anchors generally? No, no, it’s not market, it hasn’t been market, but the difference is the ability to get 15% after five years versus 7.5% is huge when you look at the math and go through it. We’ve been able to improve and that’s what Dan was referring to the — over the anchor leases at a rate that has been — I’ve been very happy with, relative to what’s been able to be done before COVID. So I hope that answers most of it. I don’t know if there’s anything more to add to that, Wendy, but feel free if there’s something there.
Wendy Seher: No, I think, I would echo what you just said. The only thing that I will say that I get excited about is when I hear someone say, you’ve got X amount of small-shops coming up near-term because what we found from a historic standpoint is if we can just get to the real estate, we do better. So I think it’s a very positive thing that we’re getting to it sooner.
Operator: Thank you. Our next question comes from Lizzy Doykan of Bank of America. Please go ahead.
Elizabeth Doykan: Hi, thanks. I was just hoping to hear a bit more about the acquisition of the remaining joint venture interest in CocoWalk done in April. And are there more near-term JV buyout opportunities for you guys on the — on the horizon? Or was this more of a one-off opportunity?
Donald Wood: Yeah. Look, this was a joint venture that started back in 2015, 2016. It was to redevelop CocoWalk. It was hugely, hugely successful in terms of what we accomplished there, in terms of transforming that asset into what it is today and the returns that we achieved. And we had mechanisms in the joint venture to buy out our partner or they buy us out and we bought them out. We think a very attractive yield for us. Now I think that there’s probably a one-off. I don’t see additional opportunities. We don’t have a lot of joint ventures like that, but we’ll be opportunistic when the opportunity arises. And we just felt like it was important for us to take 100% of the ownership of CocoWalk and to be able to operate it and run it and maximize the cash flows that we would achieve without having a partner in there getting fees.
Operator: Our next question comes from Tayo Okusanya of Deutsche Bank. Please go ahead.
Omotayo Okusanya: Yes, good afternoon. In terms of the mixed-use development projects, I recall at a certain point there was some interest in having a life sciences component to some of the assets. Is there still a thought around that at this point?
Donald Wood: Tayo, we’d love to add life sciences to Assembly Row or maybe even Pike & Rose. The math doesn’t work today. It just doesn’t work today. So the — you certainly know what’s happening in that industry. You certainly know what’s happening in terms of supply in Somerville, Massachusetts, for example, and even here in Montgomery County. So there is some real valuable land that we’re sitting with here, but whether it is life sciences eventually or whether it’s more retail eventually or whether it’s more residential, more likely, going forward, and that land and our ability to move entitlements and get what we need is very strong. So I wouldn’t think about life sciences in the near future that way because I think there’ll be higher and better use most likely
Operator: Our next question comes from Linda Tsai of Jefferies. Please go ahead.
Linda Tsai: Hi. You provided guidance for 2Q and the midpoint of 166 implies a smaller sequential increase in FFO than usual. Is there anything driving that?
Dan Guglielmone: Yeah. And I think the previous question with regards to comparables, probably alluded to when we think about it. We have a tough comp in ’20 — the second quarter of 2023. In the second quarter of 2023, we had all of our Bed Bath in possession, rent paying, $111 plus obviously, we had the headwinds. We had a really a more optimal balance sheet. We refinanced our debt in the second quarter last year, $275 million at 2% and 3.25%. So some of those headwinds are really what’s driving I think the more moderate growth year-over-year in the second quarter. And we’re really seeing the acceleration in FFO per share and probably incomparable as well, Samir, and I know I’m talking to Linda, I’m addressing Samir in his previous question. So we see a greater acceleration in the third and fourth quarters and a little bit of a flatter second quarter because of that more difficult comp.
Operator: Thank you. Ladies and gentlemen, we have reached the end of the question-and-answer session. I will now hand it back to Leah Brady for closing remarks.
Leah Brady: Looking forward to seeing many of you in the next few weeks. Thanks for joining us today.
Operator: Thank you. Ladies and gentlemen that concludes today’s event. Thank you for attending and you may now disconnect your lines.
