Vikram Malhotra: That makes sense. And just for my follow-up, Scott, or maybe even Pete, just stepping back, this is a sort of a unique environment. We don’t know where rates are going. You’ve got, as you mentioned, self-funded development, solid balance sheet. I’m just wondering, are there bigger picture opportunities or changes to the portfolio you consider as we transition into whatever the next macro is? And just related to that, I guess, Pete specifically, would you look at monetizing more assets, delevering even further to create that buffer, assuming there are opportunities down the road?
Scott M. Brinker: Yes, the answer is yes. So we covered that in the prepared remarks. We are having those discussions. These are assets that others would find attractive but aren’t necessarily central to our longer-term strategy. But 100%, our expectation is that over the next 12-18 months, I don’t know if it’s sooner, maybe later, our balance sheet, strong portfolio platform, efficient G&A, I mean this will be a bigger company going forward. There will be opportunities coming out of this downturn in the lab segment, a lot of the development is underway is with owners that aren’t as well connected to the tenant base, their balance sheets aren’t nearly the same shape that ours is. So yes, there are going to be opportunities for us and our whole mindset right now is to weather through this downturn, which we have I think really well, controlling the things that we can continue to put up good earnings.
Balance sheet is in great shape. So yes, I think there’s going to be a lot of opportunity on the other side of this.
Vikram Malhotra: Sorry, just to clarify, when you said you — I might have missed it in the remarks, did you mean potentially monetizing noncore and if you did, could you give us just a broad range, like how big is that opportunity for you?
Scott M. Brinker: Yes, it’s a couple of $100 million that we’re having discussions on. We haven’t signed any contracts. So I don’t want to talk about specific assets or pricing, but obviously we would only sell if we like the pricing, these are opportunistic. We don’t need to sell any assets to fund our pipeline. So we’d only do this if we like the pricing. And our expectation is that the cap rates would allow us to repay our line of credit accretively, which gives us more flexibility down the road and we do see opportunities.
Vikram Malhotra: Great, thank you.
Operator: The next question comes from Austin Wurschmidt from KeyBanc. Please go ahead.
Austin Wurschmidt: Yes, thanks. And good morning everybody. With respect to the uptick in leasing discussions, is that just broadly across the portfolio or are you in active discussions as well for some of the vacant space and across the development — the active development projects?
Scott R. Bohn: Austin, it’s Scott Bohn. I would say it’s across the entire portfolio. It’s across all three core markets. Obviously, we have more space to lease in South San Francisco versus Boston, San Diego, just with where the occupancy of the portfolio stands. So you’ll see the bulk of it there. And if you look at the LOIs we’ve talked about today, two thirds of those are for spaces in South San Francisco.
Austin Wurschmidt: And then just a clarification on the leases, the $196,000 under LOI, I guess, how many leases are comprised in that, is any of that for the active development, and when would you expect some of that to commence?
Scott R. Bohn: Yes, Austin, we’re not going to get into the individual LOIs today. It’s just too early. I mean, these are obviously competitive deals and we’ve got LOIs and signatures on those, but we still need to get them across the finish line to lease execution. So probably more to come on those next quarter.
