So that — I mean to us, that is the secret sauce is the ability to look at those centers and be able to find the ones that will be — that we believe will be successful and then to bring them into the portfolio. So the only other thing I would add to that is when you’ve been doing the sort of continuous learning we have over the last 30 years on this business, we set up our machine to handle this kind of property where you have a large degree of small store space, you have a very strong, but a very defined 3-mile market. That’s what I think is, at the end of the day, really, the special sauce is that we have a very specific market and we’ve built a team that knows how to maximize the value of the properties in those very specific markets.
Ronald Kamdem: Great. Helpful. Thank you.
Operator: Thank you. Ladies and gentlemen, this does conclude our question-and-answer session. I would like to turn the call back over to the Phillips Edison team.
Kimberly Green : Thank you, Bo. Before some closing comments from Jeff, I would like to quickly mention that Phillips Edison’s team plans to attend the Wells Fargo Real Estate Securities Conference on February 22, the Wolfe Research Virtual Real Estate Conference on March 2 and Citi’s Global Property CEO Conference, March 6th to the 8th. The PECO team looks forward to seeing you at an upcoming investor conference. Also in May, we will host our next PECO Grow webcast for financial advisers and retail investors. With that, I’ll turn the call over to Jeff. Jeff?
Jeffrey Edison: Thanks, Kim. Our results continue to highlight the strength of PECO’s focused and differentiated strategy of exclusively owning and operating small format, well-located neighborhood centers anchored by the number 1 or number 2 grocer in the market. With high recurring foot traffic that drives neighbor demand and results in superior financial and operating performance. PECO has over 30 years of experience in the grocery anchored shopping center industry and an informed perspective of what drives quality and success at the property level. The way we think about quality, we call SOAR, which includes spreads, occupancy, advantages in the market and retention. SOAR provides important and sustainable measures of quality in PICO’s grocer-anchored centers.
We continue to benefit from a number of positive macroeconomic trends that drive neighbor demand and support our growth plans. Our experienced and cycle-tested team integrated operating platform and grocer-anchored strategy place PECO in a great position. Our fortress balance sheet and liquidity will allow us to take advantage of opportunities as they arise. We remain committed to delivering long-term growth and value for our shareholders. On behalf of the management team, I’d like to thank our shareholders, our associates and importantly, our neighbors for their continued support. Thank you for your time today. Everyone, has a great weekend.
Operator: Thank you, Mr. Edison. Again, ladies and gentlemen, that will conclude the Phillips Edison Company’s Fourth Quarter and Full Year Earnings Conference call. But again, I’d like to thank you all so much for joining us and wish you all a great day. Goodbye.
