Juan Sanabria: Hi, good morning. Thanks for the time. Just curious, Glenn, if you could lay out a little bit more some of the assumptions behind the guidance, mainly what’s assumed, I guess, for Bed Bath and Party City in the bad debt? And is that the driver of the lease term fees that you noted something chunky in the first quarter? And if you could just provide any expectations where you think occupancy will end the year at, please?
Glenn Cohen: Yeah, so as far as the credit loss, again, we know that there are several bankruptcies. Party City, obviously, filed already. Bed Bath & Beyond, obviously, seems to have found the lifeline for the moment. But we have taken into account really all the scenarios around Bed Bath & Beyond in our overall guidance. And again, as I mentioned, as it relates to the credit loss, again, we did widen the range a little bit to just deal with what we’re seeing in the current marketplace today.
Conor Flynn: And as it relates to the LTA that you mentioned, income in the first quarter, it’s associated — the majority of it is associated with the deal structure that we did with Kohl’s. As consideration to the LTA, we helped restructure a lease with them for two locations where we were able to recapture those opportunities just in €“ one being just in Northeast Philly and the other one just outside of Philadelphia, across the border in New Jersey. And then third to that, we’re also able to recapture fee title of an operating box that’s a shadow of one of our centers as well. So net-net, there is a positive on both sides there. As it relates to occupancy, it is always fluid throughout the course of the year, depending on the outcomes of Bed Bath and Party City.
There could be some volatility on the anchor side of it. Small shop is extremely robust right now, a tremendous amount of activity there. As you see us now crossing over 90%, which is great. So we’ll continue on our stride and hope to meet and exceed our goals.
Glenn Cohen: We do anticipate a little bit of Q1 normalcy of potential, what we call jingle mail, of tenants closing after the holidays and seeing a little bit of a dip in occupancy in Q1, which is traditional seasonality for us. So we think that, that’s, again, reverting back to the pre-pandemic ways of the historical averages.
Conor Flynn: And Juan, just to remind you that LTA income is not included in our same-site guidance as well.
Operator: Our next question comes from Greg McGinniss from Scotiabank. Please go ahead.
Greg McGinniss: Hey, good morning. Glenn, I just had a quick point of clarification. When looking at the corporate financing disclosure in the stock, which looks to be about $9 million to $20 million higher for 2023. What’s the delta between the pro rata interest expense that’s $20 million to $28 million higher?
Glenn Cohen: Right, so that’s a great question. So the corporate financing line that you see is really the consolidated portfolio, that’s our interest expense and the cost of our preferred. Included in the portfolio contribution above is the pro rata share of the joint venture interest expense and that’s about $9 million to $10 million higher than it was last year and again, that’s attributable to the rise in rates. There was more floating rate there, debt in the joint ventures. We have actually swapped out about $0.5 billion of debt in the mid €“ top of 5% range. So we fixed it, a good portion of it, but that’s what’s causing the $9 million to $10 million increase over last year.
Operator: Our next question comes from Floris Van Dijkum from Compass Point. Please go ahead.
