Omotayo Okusanya: Yes. Good morning. Yes. The comment you made earlier on about financing still being available for life science companies that have good data, I think that context is appreciated. Just kind of curious, maybe other companies out there where maybe things are not going quite as well they did get good results from the data. I mean, in the days of cheap financing, those guys who kind of got a lifeline and still got some time to try to turn things around. Could you describe today what’s happening to companies like that, whether they’re all just kind of closing up shop, basically, VC is not being a patient with them and what implications that could have just for demand in the market?
Scott Bohn: Sure. It’s Scott Bohn. I can take that. So one thing I would note in the secondary market over the past, call it, six to nine months, you really needed that positive data. This is a little bit anecdotal because it’s just one or two, but we’ve seen some pretty decent secondary offerings over the past couple of weeks with companies who I would call it more neutral to maybe slightly negative data that have come out over the past several months. So it’s an interesting development there. We’ve also seen a number of tenants raise capital via debt offerings or private placements. They tend to be pretty creative in times like this in ways that are pretty resilient as an industry overall. And there’s also pharma. We’ve seen several companies who have been short on capital, not in a position to raise it in a public market enter into partnerships and licensing agreements with pharma to kind of push on there.
Omotayo Okusanya: So it sounds like some of those companies are kind of maybe more focusing on M&A and things like that.
Scott Bohn : Yes. I mean whether it’s trade M&A or reverse mergers or just pure partnerships and licensing of molecules or programs out to pharma. I think those are the best and simplest path for tenants in that situation?
Omotayo Okusanya: Okay. That’s helpful. And then just going back to some of the earlier comments about development, again, the contribution to the bottom line, the guidance is helpful. But could you just talk a little bit on the redevelopment side again, some of the purposeful redevelopment that you are doing today, pulling some things out, moving them out of the things pool and things of that nature. What impact is that having on some of your life science same-store numbers in 2023? And what potential earnings drag is also being created to ’23 numbers as a result of that?
Peter Scott: Yes. Tayo, it’s Pete. It’s really two big redevelopment projects. We have some in addition to that, but it’s the point brand as well as the Oyster point. It doesn’t have really any immediate impact on the same-store numbers because we do appropriately take those redeveloped campuses or the redevelopment projects, and we pulled them out of same-store. There is typically downtime associated with the fact that we aren’t receiving rent during the redevelopment period, and then there could be a little bit of downtime with regards to how long it takes to lease up. We’ve had a lot of success on leasing up redevelopments before we even deliver them. And we do get the capitalized interest benefit, but that’s typically a lot lower than the yield we get on the rental income.
