And one of the things that we were also very pleased with was as you saw all of the debt from RTL was able to transfer it came over at par, no penalties, no — it didn’t have to be paid off, and reissued. So that was a very important part of what was accomplished in this period.
Todd Thomas: Okay. And then lastly, you mentioned that the long-term target for leverage still in sort of the 6.5 times — maybe sub 6.5 times range on a debt to EBITDA basis. It’s little ways to go from the 7.6 you’ve outlined, that you expect to be at in the fourth quarter. What’s the timeline to ratchet down leverage further and what sort of the roadmap look like to get there? How should we think about that?
Chris Masterson: I am going to ask that you let us address that next quarter with guidance, Todd. It has not yet been disclosed on a timeline basis. And it is an important step for the company and one that we continue to be focused on taking steps to achieve, and we will lay that out.
Operator: [Operator Instructions]. Our next question comes from Barry Oxford from Colliers. Barry you may proceed.
Barry Oxford: When I’m looking at the dispositions, I’m assuming that’s going towards debt, and you mentioned that your variable rate that was around 7.2%. When you look at the cap rates that you might achieve, is that going to be a little bit dilutive or do you think you can come in below the 7.2% with your dispositions and have it be a little bit accretive?
Mike Weil: We expect it to be accretive.
Barry Oxford: Okay. Perfect. And then Mike, on the 92.9% on the multi-tenant, when you look out into ‘24, how much do you think you could push that? Do you think you can push that another percentage, another a 100 basis points? Or do you feel like maybe we’re at the top end of the range that you feel you can get out of that portfolio?
Mike Weil: So, I’ve always thought that we should be optimizing this portfolio to between 94% and 96% occupancy on the multi-tenant, which will drive the overall GNL higher than the 96% that it is today already. There are always moving pieces in a real estate portfolio like this, so it’s obviously challenging to get much above 96%, 97% on a max basis for this type of multi-tenant portfolio. But yes, the markets have been very strong, the interest in the centers. We have a number of national brands that continue to expand their presence in our overall portfolio, enjoying the results of being in our centers. So, I’m very optimistic. I’m really pleased with the work the asset management team continues to do. As they’ve driven this portfolio up, we’re getting close to 10% increase in occupancy in the multi-tenant in a very short time, since we acquired that portfolio.
Barry Oxford: Right. No. You guys have done a done a great job. I was just trying to kind of figure out how much more juice there was left. And you are saying, look, there is probably — you are saying, look, there is probably a little bit more to go here.
Mike Weil: Yes. I am.
Barry Oxford: And then lastly for me, what did you guys like about the CMBS market when you were looking at doing a debt deal?
Mike Weil: It is a very thoughtful question. So, thanks. First of all, 10-year money is a very nice profile, IO, CMBS on this portfolio. And frankly, when we look at where the market has gone since, it is pretty attractive on the debt side. I think this is close to where we are going to see some debt for a while. So, we were very pleased to come in there. We thought the timing worked out very much in our favor. But it was also very strategic for us at time, Barry, because we wanted to make sure that, we had capacity on the line after the closing of the merger. So, it accomplished a couple of things. It was another piece of fixed-rate debt. It extended debt our remaining term on the debt, and it gave us flexibility for the upcoming year as we take different steps.
Operator: And this concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks, please.
Jordyn Schoenfeld: As always, we thank you for spending time and listening to the earnings call. I have an echo on my line. I’m sorry. Jim wanted me to pass the long. He is under the weather. So that’s why we didn’t hear from him today. But, of course, he will be available to join us on future calls, and if you have any questions. We look forward to any follow-ups that there are. And of course, most importantly, we look forward to continuing to execute and seeing the benefits of what we are very excited about. This internalized structure, we were already starting to see the benefits, from savings on the operational side. The team came over with a 100% retention. And we are looking forward to talking to you again with end-of-year results and some guidance. And in the meantime, we will take any follow-ups that you have and thank you again for your time.
Operator: And this concludes the conference. Thank you very much for attending today’s presentation. And you may now disconnect.
