Operator: And our next question is from Michael Goldsmith with UBS. Please proceed with your question.
Michael Goldsmith: Good evening. Thanks a lot for taking my question. My question is on the comparable property growth guidance. Can you help reconcile kind of the moving pieces that generate your guidance of 2% to 4% growth in ex prior period; in terms of fees, 3% to 5% this year relative to last year. I see curious, you’re expecting a little bit less occupancy growth and maybe walk through some of the other pieces. And then on capital interest, does that go from a potential headwind to tailwind this year? What are the implications for ’24?
Daniel Guglielmone: Okay. Look, I think the building blocks that kind of are comparable is kind of a combination of things that get us there. I think we would expect I think contractual bumps, which continue to be kind of sector-leading, kind of north of 2.25% and include kind of some of the office. I think occupancy growth relative to where things were last year will add, I think, a good chunk of rollover because what’s interesting is ours is a GAAP number, so the contractual rent bumps don’t contribute as much. What really does is the rollover to rollover growth, which is the straight line rollover, which captures those rent bumps. And so that should be a big driver because of the progress we’ve made. And you’ve got residential.
I think we’ll continue to see percentage rent and parking. And then we mentioned the probably 100 to 130 basis points of credit reserve, then also about 100 basis points of term fee headwind and prior period rent headwind that gets us kind of to that midpoint of that metric.
Operator: And our next question is from Craig Mailman with Citi. Please proceed with your question.
Craig Mailman: I just wanted to circle back up on the interest capitalization question. Dan, just two questions on this, basically. Just what guidance have been if you guys had burned or ceased capitalization on Santana West? And kind of from a timing perspective, even if there was no leasing, when would you have to just finally stop capitalizing there? And then just secondly, the strategy shift to the multi-tenant, are you — what kind of demand are you guys seeing, if at all, in those smaller spaces? And are you guys gearing to build out suites or just trying to demise the space?
Donald Wood: No, it’s a good question. Listen, the — it became pretty clear. As you know, we worked hard to get a full building user at Santana West. We shifted to that strategy, we talked about a little bit last year, but we shifted to the strategy of building out the individual floors instead, that the accounting for that is to capitalize and continue to capitalize. But the reason for it, the business reason for that, is that we do see more demand in that 50,000 to 100,000 square foot user. There are tours that we’re giving now. Obviously, you know what’s going on with tech in Silicon Valley. So I certainly don’t have anything great to say about the demonstrative progress there. But that building is getting a lot of looks.
And so we’re very hopeful that this strategy of looking for 100,000 square foot tenants rather than the full 350,000, 375,000 will be fruitful. It feels good that way. In terms of what that means on the accounting is you’ve got $250 million into a building at call it 5% or so a year of carry on that. And so that winds up continuing at this point to be on the balance sheet. And effectively at some point, it will wind up going through the P&L, but you can do the math on that.
Operator: And our next question is from Haendel St. Juste with Mizuho. Please proceed with your question.
