Aaron Hecht: Hey, guys. Good morning. Another point of clarification on the balance sheet with regards $100 million being deployed versus the $90 million being sold. Does that imply that we should be thinking that a majority of the capital being deployed is going to be funded with equity because I know you discussed bringing leverage down a number of times and reducing the variable rate? Or is there something else that we should be thinking about here? Or is that just held in isolation in terms of disposition and pro forma leverage?
Alfonzo Leon: We prefer to do it with equity. We don’t know with this environment whether that exists or not or we do expect later in the year given that each turn of the Fed where there seems to be a vision that the Fed is going to stop raising, our stock starts rising so — pretty nicely. So, we do prefer doing it in equity, but in case we can’t do it in equity, we can sell more. I don’t want to add to the debt. We really want to be stringent upon our debt to stay below 45% — I mean in the 40% to 45% range.
Aaron Hecht: Understood. And then Bob, I think you made the comment about 10% to 15% of your expiring leases potentially going vacant. Is that a normal percentage per year for you guys? And is there anything unique about those properties that you think are going to go vacant that invest or should understand in terms of timeframe and duration may take to retained?
Robert Kiernan: I don’t think there’s anything unique about it. I think it’s more just maybe a natural flow that that can occur with any expiration and re-leasing activity. So, achieving retention at the 85% to 90% level, we think is good as we then lease-up back — lease-up from the current vacant space as that progresses, again, maintaining that occupancy at 96% and above. And then again, as that — as we work off the 10% from again that wasn’t retained and just continue that cycle. So, don’t think it’s anything particular or specific about the properties, I think it’s just an overall flow from the business.
Aaron Hecht: Okay. And I think it was — I think you discussed two tenants moving in to previously vacant space this quarter. What’s the incremental NOI going to look like on a quarterly or annual basis? How should we think about that?
Jeffrey Busch: I mean, I think from a re-leasing perspective, it’s — I mean, it — again, if you focus on the move-ins are not going to be that material from an overall perspective because it will still be just again ins and outs that will occur from that. But adding additional square feet from a lease-up perspective will increase our NOI. But I think overall, we’re probably going to be flat from an occupancy perspective in the first quarter as we look ahead. So, I wouldn’t factoring of large NOI increase from the lease-up in Q1.
Aaron Hecht: Understood. Thanks guys.
Operator: We have reached the end of our question-and-answer session. I would now like to turn the floor back over to management for closing comments.
Jeffrey Busch: Well, thank you, everybody. Look forward to next quarter call. Take care.
Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.
