John Kite: I would just add, though, Todd, that we are outperforming our initial expectations on conversion. So, when you look at I mean this is why when you look at our investor presentation, and you look at €“ I mean we talk about our NOI margin and our recovery ratio in a vacuum relative to what ours are the quarter before, the year before. But when you look at the recovery ratio and the NOI margin compared to peers, I mean we are blowing that away. And I do think Fixed CAM is an important contributor over time. And it’s not an easy thing to just start doing. And I think that we have a nice lead in that respect. And if you look at the conversion ratio in Q1 versus Q4, I mean Q1, we converted around 60%. Q4, I think it was almost 90%. It was like 87%. So, it matters, and it’s a gift that keeps on giving, frankly.
Todd Thomas: Yes. Is it easier, or is it more difficult to convert tenants in this environment where there has been sort of more expense inflation perhaps or just higher costs in general?
John Kite: No. I mean, I think €“ look, I think it’s €“ first of all, nothing is easy. But it’s easy to explain the methodology. And remember, from our perspective, we are excluding non-controllable expenses. And I think that it’s €“ so it’s important that you understand that, that we are not taking exposure there relative to inflation. And I think tenants just want to be able to know what their budgets are, okay. So I think that’s been one thing. And again, this is a difficult thing to snap your fingers and just do so we are pretty far out in front of that.
Todd Thomas: Okay. And then my final question is just with regard to the bad debt assumptions. I know there has been a lot of dialogue around this. But I just want to make sure I understand or get some clarity here. You have 125 basis points for potential disruption just across the portfolio, the 75 basis points for Bed Bath, Party City and Regal, that’s separate. Does the 2% to 3% same-store NOI growth forecast your budget for the year itself? Does that factor in the closures that you are aware of or that you anticipate capturing? Is there sort of anything in the budget itself? I am sort of just not sure whether the 75 basis points is incremental to what’s already known or if that’s accounting for those three tenants in totality?
Heath Fear: So again, Todd, that 75 basis points is our best estimate of the impact. But for that 75 basis points, our guidance this quarter for the full year 2020 would have been at 3.5% same-store NOI growth. So, it’s built in there. Again, I don’t want to get into too much detail in terms of what the exact assumptions are around those €“ that potential disruption. And then like John mentioned the $125 million is more of a general reserve against €“ typically, we are somewhere in the 75 to 110 basis points of total revenues a year. So based on the world we are a little more conservative going into 2023.
John Kite: Yes. And then specific to your €“ hey, Todd, specific to your closure question, the closures that occurred with Party City are separate. Those closures are already out. So the €“ so I just want to be clear about that.
Todd Thomas: Right. So that’s in the budget, that’s separate. What about the 3 Bed Bath closures?
John Kite: Well, there is one closed right now, right, that has already closed, but is still paying rent. The others have been identified and that would be covered in your separate 75 basis points.
