Richard Anderson: And do you think from the standpoint of taking on OP units, would it be more individuals? Or could you see even hospitals and health systems willing to do a deal of that nature?
Scott Brinker: Yes, we’ll see. I mean we didn’t really have a structure in place that allowed us to effectively pitch the idea. I mean we could use the antiquated downrate model, but it wasn’t ideal for us or the counterparty. This is a much better structure for both sides that would allow us to be a little more aggressive in pitching the idea. Obviously, it still requires an equity price that we’re happy with. But the execution risk is far different from our perspective, and obviously, the outcome for the counterparty could be quite a bit different as well.
Richard Anderson: Yes, great. Okay, thanks very much.
Operator: The next question comes from Ronald Kamden with Morgan Stanley.
Ronald Kamdem: Just two quick ones from me. I’ll second the comments on the disclosures, which are really, really helpful on the guidance and the sources and uses. But sort of the first one I have was just going back to — if I think about the deck you guys had put out about a total NOI peak opportunity of $13.25 by 2025. And so I’m comparing that to sort of the guidance for ’23 of $11.70 on cash. So that suggests going forward, you’re going to need to be at sort of a 75% to 80% growth rate a year to get there. Just trying to get a sense of post those numbers post the guidance, how are you guys thinking about sort of that long-term opportunity if it still makes sense, feeling better or feeling worse about it. Thanks.
Scott Brinker: Yes. Look, what I can say, Ronald, it’s a great question, is that NOI growth story is firmly intact. And typically, we would not provide a cash NOI supplemental measure within our guidance page. We did this year. We will continue to do that going forward as well because we wanted to be able to provide a bridge to what we did put in that deck. Obviously, nothing is guaranteed. But when you look at our portfolio, I talked about the development earn-in before, we still have significant earnings again next year and the year after as well on our active development and redevelopment pipelines plus the same-store growth that should be pretty consistent across our portfolios. And when you think about the three segments we’re in, irrespective of the economic environment, we believe they should perform well.
So we feel like that NOI growth story is very much intact, and that was actually one of the reasons we wanted to provide some additional line items in our supplemental disclosures this year.
Ronald Kamdem: Great. Really helpful. And then just going back to the same-store questioning for the life sciences. I guess I see the stocks down today, maybe people thought that was a little bit lower than expected. I guess the question really is, given that you’re basically at potentially peak occupancy, you’re getting sort of a low 3s rent bumps I’m looking at sort of the exploration schedule, which is pretty small for this year and next year. So it’s sort of the 3% to 4.5% sort of a new normal, if you will, for the next couple of years which is still pretty good. It’s just going to be sort of slower than it was for the past couple. Is that the takeaway there?
