And you think about the blended yield on that was around 7%. So we have, from a cash NOI perspective, another $30 million. So when I said $65 million of NOI growth, about $30 million of that is the incremental earn-in from those three projects I mentioned. And then on our active pipeline right now that has not yet delivered and they will deliver over the course of the year, you’ve got Nexus, Sorrento Gateway as well as Vantage Phase 1 and then also Calen Ridge. And the cash NOI contribution from that is a little less than $10 million. So that’s really the significant driver of NOI growth, ’23 to ’22, and then the balance of that would be just same-store growth that’s included within our guidance. Around your question on ’24, certainly, we’ll have some additional earnings because, as I mentioned, some of those projects interactive pipeline are delivering during the course of the year.
It’s a little too soon for me to start saying exactly how that would phase in. But in the aggregate, the blended yields on that active pipeline is in the mid-7% range. And I gave you the number of what’s coming in this year. So you can kind of back into what would be the balance that would come due or at least earn in, in 2024. So hopefully, that gives you enough pieces on it.
Juan Sanabria: That’s perfect. Thank you. If I’m still live, I can ask another question.
Peter Scott: Juan, we just got notice that the operators line crashed. So we’re still here and I guess we’ll soften the two-question rule for you.
Juan Sanabria: Just with regards to CCRC, just curious on any conversations you’ve had or any interest in those assets as you kind of maybe foreshadowed an eventual exit. So just the latest thoughts on how — when anything may transpire for you to exit that portfolio? and what the buyer pool or interest looks like?
Scott Brinker: Yes. I mean, Juan, it’s Scott. I mean last quarter, we said we’d be opportunistic. That hasn’t changed. But we didn’t hire a broker, we’re not running a process. So I wouldn’t expect any updates in 2023, just given the state of the financing markets, and it’s a big portfolio, but we’ll see. Right now, there’s no update. But the business continues to perform well. So we’re happy to hold it in the interim.
Juan Sanabria: Okay. I’m happy to continue again if you guys are up for it.
Scott Brinker: I don’t know. Is the operator back on, if not…?
Operator: We could take the next question. The next question today is going to come from Steve Sakwa of Evercore ISI.
Steve Sakwa: Great. Thanks. Scott, I guess I wanted to circle back to your opening comments about the change in kind of the venture structure up advantage. And maybe just if you could provide a little color on what happened there and just the overall appetite from kind of sovereign wealth funds to continue to come into life science.
Scott Brinker: Yes. We have a successful venture with them right next door at Point Grand, our team on the ground, led by Scott Bohn is making tremendous progress getting those assets redeveloped and leasing them up. So our sovereign partner is really happy with the investment there. A lot has changed, though, in the interim. That transaction was really negotiated over the summer, so a pretty dramatic change in the allowable density in that campus now up to 1.3 million square feet of future development, a pretty massive opportunity for Healthpeak. And in terms of return on cost, I mentioned it earlier, we would, at Healthpeak, be less aggressive today on starting new construction than we would have been 9 months ago. So for us, it made more sense, given it’s less likely that, that project would commence in 2023 to go into the joint venture because we lose quite a bit of control and flexibility.
And it was more important to us to have that control and flexibility moving forward.
