Heath Fear: Well, we mentioned in our third quarter call that, obviously, with wage inflation, etcetera, that there could be some pressure on G&A into this year, again, because we have been giving people raises, etcetera. So, that’s one component of what’s in there in the G&A. And the other is really just some non-cash elements which, happy to discuss with you offline in particulars of those, but those are the two components that are in that particular line item.
Unidentified Analyst: Great. And is there any additional synergies that being assumed from the merger within that assumption?
Heath Fear: Listen, I mean we did talk about the additional G&A synergies in the merger over the course of 2023. It’s not going to be very meaningful, but there are some rents, etcetera, some software licenses that will be burning off. So, there will be some additional merger synergies. I would say that this $0.02 difference is more on a cash basis, so again, very little in terms of additional merger impacts.
Unidentified Analyst : Okay. Thanks. And I was also curious to get your latest thoughts on Kroger and Albertsons, just given the latest update they put out. It really just narrowed the range for expected store closings, but can you confirm how many stores you do have exposure to that could have potential impact with it, just given the overlapping exposure and just any latest thoughts on that?
Heath Fear: So, we have a total of 17 units of them combined. And we did sort of an overlap study, a three-mile radius by the way, for grocery stores, it’s probably pretty generous. And we really only have two that overlap. So, I don’t feel very, very threatened by the idea that they may spin off 200 stores to 300 stores. And by the way, if they spin off 200 stores to 300 stores, they are going to have to make sure that they capitalize that entity properly. So, it’s not as if they are going to spin off 200 to 300, and that’s going to be some entity that’s going to limp out into the world and immediately shut stores down, so again, very minimal overlap for us for those two grocers. And we are not really €“ the merger is not going to have a material impact for Kite.
Unidentified Analyst: Got it. Thank you.
Heath Fear: Thanks.
Operator: Thank you. And our next question comes from the line of Paulina Rojas from Green Street. Your question please.
Paulina Rojas: Good afternoon. So, we talked about the financing end market, but I am curious, where is today’s property level financing for shopping centers. I mean if there is any difference between the rate you can get for grocery-anchored and then on the other side, a larger power center?
Heath Fear: We haven’t been in the market for mortgage financing on any retail assets. As we mentioned, the only one we are currently looking at is some agency debt for our residential markets. We do keep close and I have friends, in my prior life, I did a lot of CMBS and life company loans. And you still can get a decent bid on a grocery-anchored center. I would say there was a bid on power even last year which sort of waned with the movement in interest rates. So, my guess is for really core stuff, you still can get €“ you still can get good financing rates. But for weaker assets, it will be a little tougher, but that’s €“ how things generally work, right, so…
