So there is drag during the redevelopment period as a result of that, but there is also when those campuses do deliver, there is actually a nice earn-in from those as well. And as we talked about the NOI growth story over a three-year period of time, we certainly have embedded in there the development — excuse me, the redevelopment earn-in from Pointe Grand as well as from Oyster Point. So you have noted there is a little bit of drag during redevelopment, but we do expect to see some earn-in the next couple of years as those projects come online. And there’s no real impact on same-store because those assets are not in same-store, they go into a non-same-store bucket while they’re redeveloped.
Omotayo Okusanya: Got you. And then last one if you would indulge me. Again, I know not no acquisitions in the guidance numbers, but I get you guys are talking about acquisitions may look a little bit more attractive now than they ever have related to development as part of that thought process, any interest desires, ambitions to do acquisitions more on global markets like life science in the U.K. or something of that nature?
Peter Scott: No, I wouldn’t say that time of priority list. I mean most other countries don’t have a for-profit healthcare market, which is really our model. It’s much more government reimbursed, especially on the medical office side, that product really doesn’t exists in the same format that would be interesting to us from a private pay standpoint. There is some global R&D that’s done, but so much of that is government funded and I wouldn’t put that high on the party list to a lot of international investing over the years. It can make sense, we have to do it in pretty dramatic scale to really try to form a competitive advantage, and I don’t see a scale opportunity in our two segments. We’ve got a lot of opportunity here in the U.S. So we’ll stick with that.
Omotayo Okusanya: Thank you.
Operator: The next question is from John Pawlowski with Green Street.
John Pawlowski: Thanks for taking my call. Just one question for me. Pete, could you give us the revenue growth and expense growth assumptions that underpin the 5% to 10% CCRC, NOI growth guidance?
Peter Scott: Yes. Maybe I’ll just be even more high level than that. We still have about call it, 500 basis points of occupancy to recapture to get to stabilized occupancy levels and more of a stabilized NOI there. I think a good rule of thumb is we probably get about half that back this year and the balance of it next year in ’24, and that has a pretty significant NOI benefit to us. I will say one thing we are dealing with this year is labor costs are still kind of stubbornly high, right? It’s a pretty full labor market right now. So those costs are still more elevated today than they typically have been, and that’s a bit of a wildcard. And then what I would say is on a rate perspective, we are seeing year-over-year rate growth probably closer to 10% as it tracks higher towards an inflation number. So those are really the main drivers, occupancy growth rate growth, but expense, unfortunately, not just in labor, but a couple of other line items remain elevated.
John Pawlowski: Okay. And the presumption is the expense issues don’t really moderate at all in 2023?
