Camille Bonnel: Okay. And is it possible to expand on what this opportunity is within the portfolio specifically for 2024? Because just thinking about the lease expectations that Duncan, your South Carolina asset, which it seems to be tracking ahead of your expectations that outcome. But the 60% cash leasing spreads came well-below the 35% you’ve been achieving year-to-date. So just trying to connect the dots there?
James Dudley: Sure. It’s blended. We have 18 leases left. So it’s — some of them are very, very high double digits and some of them we have a couple of fixed rate renewal options the ones at 1% and 4%. So it’s a blend over those 18 outcomes that gets us to the average of 20% to 30%.
Camille Bonnel: Okay. So the ones excluding fixed increases you’re still seeing double-digit like spreads?
James Dudley: Yeah. So the 20% to 30% includes those for the average. So, yeah, our expectation is over those 18 outcomes that we’re going to see 20% to 30% increase in rent.
Camille Bonnel: Okay. And final one for me. I see your secured office loan on your Palo Alto asset is coming due at the end of the year. Just wanted to get your thoughts on your plans here?
Will Eglin: Yeah, it fully amortizes, so it will be a zero balance. And 10 years ago Xerox exercised a 10-year renewal option and we essentially used all the rent payments to support the credit tenant lease financing. So that was how we cashed out of the asset 10 years ago and we have a ground lease that expired, so don’t have any continued economic interest after the maturity. We won’t do anything either.
Camille Bonnel: Thank you.
Operator: Your next question comes from the line of Mitch Germain with JMP Securities. Please go ahead.
Mitch Germain: Good morning. The 70% of the 2024 expirations that you’re under discussion with is — I’m talking about — I guess, I’m curious about the other 30%, are they just back weighted and those tenants haven’t started yet, or do we have some known move-outs that comprise some of that 30%?
James Dudley: Mitch this is James. You’re right on the first part. They’re just back-end weighted. There’s only one known move out in 2024, which is 18,000 square foot facility in Olive Branch, Mississippi.
Mitch Germain: Okay, great. And then maybe Will, I just help me out with regards to the — I think you suggested other than some of the office assets that are, kind of, under discussion or under negotiation or a letter of intent. No more sales. And I know you sold one industrial property in Detroit last quarter. I believe that you were going to tap the sales market for a little more based on what your original comments were. So was there anything that changed from your perspective?
Will Eglin: Just observing that it’s not a great time to be a seller given how hard it is acquisition financing is not favorable. So I think we’ll just monitor the market. We have an interest in keeping our revolver balance low. But I think we’ll just be opportunistic about sales opportunities versus committing. It wouldn’t surprise me if we test the market in the next few months on a handful of assets and see what we find. But I think that will be our approach on that front.
Mitch Germain: Thank you.
Operator: Your next question comes from the line of James Kammert of Evercore ISI. Please go ahead.
James Kammert: Hi. Good morning. Thank you. Just a clarification. On the two newly leased development pipe projects it looked like the costs went up. But those rents you quoted and the costs that are now presented in the second quarter supplemental those are the full-in and reflect the additional tenant build-out requirements I think you mentioned.
