Ronald Kamdem: Great. And then just on the lab guidance, and I know this has been asked a lot of different ways. So I’ll take a stab at it, too. So the 3% to 4.5% same-store NOI — is the — the bottom and the top end of that range, is that mostly Sorrento, like why is that range so wide with five months of the year last, just can you talk about what’s at the top end and the bottom end being contemplated? Thanks.
Peter A. Scott: Yes. Look, we’re right at the midpoint through the first six months of the year. I would say that the biggest item is any unknown tenant credit issues like you point out with Sorrento or with the likes of Kodiak. We do have some conservatism we embed within the guidance at the beginning of the year. And as we get further along in the year, we try and tighten and/or increase that. I’d say two months or excuse me, two quarters into the year we still feel good about hitting the midpoint within that segment. But I think it’s still a little too soon for us to either trim the range or consider increasing the range right now, but obviously, more to come when we get to the fall in our third quarter call.
Ronald Kamdem: Thanks so much.
Operator: The next question comes from Steven Valiquette from Barclays. Please go ahead.
Steven Valiquette: Yeah, thanks. Good morning guys. Just my question here is around just the industry transaction. Volumes obviously are way down again this year versus historical averages, both in Life Science and medical office. But despite this, I guess I’m just curious if you can comment on whether you noticed any recent directional shifts in either direction in just industry cap rates and recent LS or medical office industry transactions? Thanks.
Scott M. Brinker: I feel like there’s no volume to draw any conclusions. A lot of the transactions that have happened in the lab space have been more recaps, but the pricing has been pretty strong, whether you look at it on a cap rate or a price per foot basis. Obviously, the buyers are thinking about IRRs as well. They’re definitely up from the peak 18 months ago, 100, 150 basis points, but I don’t know that there’s been a difference in the last couple of months that is noteworthy. There’s just not enough activity to state that definitively? Do you have a different view on outpatient Tom?
Thomas M. Klaritch: No, same. I mean, there just hasn’t been a lot of transactions. We saw the spike two to three quarters ago, and it’s been pretty consistent since then.
Steven Valiquette: Okay, that’s fair. Okay, thanks.
Operator: The next question comes from Michael Mueller from J.P. Morgan. Please go ahead.
Michael Mueller: Thanks, hi. Just two quick ones here. I guess first, how much was the ad rent in 2Q from Med City Dallas and how much of that was above normal? And then on the CCRC front, where do you think occupancy can go over the next say, three years?
Scott M. Brinker: On the ad rent, we typically run about $2.3 million to $2.4 million a quarter. So it’s up about 8% from last year. Where we’ve had as high as $3 million. So it’s going to be in that range, kind of 2.4% to the upper 2s moving forward. Yes, and then CCRC today, we’re around 83%. That portfolio is mostly independent living. So longer length of stay and then there’s big barriers to entry. So there’s essentially no new supply. I mean, hopefully, we can get back into the 90% range from 83% today. We’ve got one or two campuses that don’t do as well. So that may be a limit on the upper end of occupancy for that business, at least in the current environment. But good progress to date, our NOI is essentially back to where it was in 2019, at least on a cash basis. Occupancies recovered, but we still have quite a bit to go. So yes, get upside for that portfolio.
