Conor Flynn: Yeah, I mean, unfortunately, it is. Every case is different and whether or not it’s doing an as is in your handover issuing them a TI check or if you’re actually doing a build-to-suit, it’s going to range vastly between a single tenant use, a box split or an expansion to actually combine two boxes together for a larger tenant, all has implications and then related to electrical roofing, facade renovations and whatnot. So, I would €“ what I would say is that it’s been consistent over the course of several years. Obviously, we’ve had inflationary pressures that we’ve had to navigate through as used with Switch Gear, HVAC, et cetera, that adds some pricing to your overall conversion of a box. But fundamentally, it hasn’t changed all that much.
Operator: Our next question comes from Tayo Okusanya from Credit Suisse. Please go ahead.
Tayo Okusanya: Hi, yes, good morning. I just wanted to go back to a question that Haendel asked just about the transactions market. Again, the color you provided about making at deals at sub-six cap rates is helpful. But just trying to understand the $100 million of net investment that you guys do have in guidance, exactly what does that comprise of? And how do you kind of come up with that number within the context of how you are thinking about the transactions market and your current liquidity?
Conor Flynn: Sure. Yes, the $100 million net acquisitions, it’s a baseline number that we’re starting the year with. As I mentioned in the response to Haendel’s question, we feel that we’re in a wonderful position where we’re not forced to do anything. We are waiting for the market to really come to us and when you have a motivated seller, we can move ahead on that transaction. So we started with a modest guidance that we think that we can certainly achieve and as we see further opportunity as the year progresses, as we showcase our ability to monetize the Albertsons investment and reap the benefits of that additional cash, we’re confident that we’ll be able to use it. But for now, we’ve kept a relatively modest guidance range that we’ll look to update as things progress over the course of the year.
Operator: Our next question comes from Linda Tsai from Jefferies. Please go ahead.
Linda Tsai: Hi, thanks for taking my question. Ross, can you give us color or anecdotal data regarding private REITs opportunity funds and pensions being redemption requests and withdrawals are opportunities coming to market and from past cycles, is there a tipping point where you start to see a wave of opportunities?
Ross Cooper: That’s a great question. It’s well publicized as we’ve all been reading about. I would say that it’s a bit more nuanced in the sense that each individual company has their own strategy as to how to obtain that liquidity that they’re seeking. We do anticipate in having conversations with a lot of these different groups that there will be some assets that get shaken loose in the process. But you have to realize that a lot of these companies are generalist investors that own all asset classes. So I think they’re going through their own internal analysis as to where they deem most appropriate to look to move certain assets whether open-air grocery sort of aligns with that strategy is yet to be seen. And as I mentioned in my prepared remarks, there are certain asset classes that have been extremely aggressive in terms of the cap rates that they have commanded.
