Kevin Habicht: Yes. I mean as others, and I think the market is trying to get real estate cap rate world caught up with capital market interest rate world. And so that process has been going on for a few quarters now and have probably got a little ways to go. And so it doesn’t seem a real compelling need to want to push the volume pedal very hard.
John Massocca: Okay. And then on the disposition side of things, how should we think about the timing split on those? I also remember from the prior earnings call, you mentioned there was a notable transaction that might slip to this year. And so is there a potential for dispositions to maybe be front-end loaded in €˜23?
Steve Horn: I mean for modeling purposes, John, I would just €“ the $110 million midpoint just spread that over evenly throughout the year.
John Massocca: Okay. And then one quick one on the balance sheet. How should we think about how you are feeling about longer term debt, just given where the interest rate curve is today and kind of the attractiveness stuff in more of a 10-year range versus shorter term debt and availability in the markets?
Kevin Habicht: Yes. We don’t have any real plans to be issuing long-term debt near-term and in no small part because as I have noted, we really have not used our bank line. So, we have the luxury of being able to lean on that in this environment where the rate market is a little rockier. And so we will see how that plays out as the year progresses. And so we don’t have any €“ I mean we did, like I said, chopped a lot of wood in 2021 on long-term debt. We have pushed our debt maturities, weighted average debt maturity north of 13 years, which like I said is among the longest out there. So, we have the flexibility to not need to issue long-term debt at this point and see where things might normalize a bit and possibly even maybe a year from now where rates might start to tail off a little bit.
So, we will see, but no near-term plans that need to make that decision. The 10-year part of the curve probably makes a lot of sense today for folks, I am guessing, where rates have kind of backed up here recently in recent weeks. But we are unlikely issuers in the near-term of long-term debt.
John Massocca: Okay. That’s it for me. Thank you very much.
Kevin Habicht: Thank you.
Operator: Thank you. Your next question is coming from Wes Golladay of Baird. Wes, your line is live.
Wes Golladay: Hi everyone. I just want to go to the comments about the development pipeline being the most robust in 5 years. It looks like you have about $22 million under construction. I am curious to know what is the commitment for these projects, and how big could this pipeline get?
Steve Horn: Well, historically, pre-COVID, we have had about $100 million run rate of a pipeline. So, that would be a good ballpark figure to think about. And then it’s €“ we don’t do long-term commitments. It’s more once they are ready to buy the land, we will purchase the land. So, it’s kind of a three-month window.
Wes Golladay: Okay. And then going back to your comments about the tenants you have named. We did see that you lost just one Regal. And then you mentioned I think Bed, Bath and Red Lobster. At one point, you did have just a few Bed, Bath & Beyonds were in of these part of your, I guess defensive dispositions over the last few years, or do you still have them?
