Floris van Dijkum: Maybe one follow-up here on maybe the composition of your small shop, how that is changing or how that has changed over the last couple of years. I mean, we always — I guess, the view on some of your local neighbors is the barber, the nail salon, et cetera. But are we seeing more coffee shops? Are we seeing — how is the composition of your small shop change? And how do you expect it to change over the next couple of years?
Devin Murphy: Yes. Jeff, I’m happy to take that.
Jeffrey Edison: Dev, you want to take that, yes. Great.
Devin Murphy: Yes. Floris, I mean, where we’re seeing growth as a percentage of demand, it’s primarily in a couple of categories. One of them is medical retail or what we call Medtail, and this is across a number of different verticals. So urgent care, primary care, physical therapy, et cetera. And the depth of demand and the depth of the tenant that are in that category is meaningful. And we’ve seen dramatic growth in the demand from those types of retailers. The other is what we characterize as health and wellness. And these are uses like a med spa, like a dry bar would be an example of a tenant in that regard, massage, stretch, which is a retailer means stretch lab and then fitness, club Pilates, Pure Bar, Orange Theory, et cetera.
And then lastly, there continues to be very strong demand from quick service restaurant concepts. And those are names that you’re very familiar with like Chick-fil-A, Shake Shack, Buffalo Wild Wings, but then emerging concepts like Dave’s Hot Chicken first watch, et cetera. And the depth of demand coming from these various verticals is very strong, and that’s where we’re seeing the growth.
Operator: We take the next question now from Paulina Rojas at Green Street.
Paulina Rojas: Hi, good morning. Is it fair to say that the midpoint of your guidance assumes your portfolio really navigates this year without any sort of softness related to the macro headwinds that we are seeing? Because in a way, I find interesting that your assumptions, I think, based on what I have heard are really largely in line with an average year, even though this year may not be really average from a macroeconomic perspective.
Jeffrey Edison: That is a great question. I mean, the reason we give a range is so that we can take where we are today and look at it and say, okay, well, this if things get worse, there’s some downside in the range and there’s — and if they go great, then there’s some upside in the range. And I think that if you look at the midpoint of our range, our assumption, and it’s an informed assumption, Paulina, because we have a lot of what’s going to happen this year is already in the leasing and the management and the cost and the contracts. So we have a pretty good vision of this year. So it does assume that we don’t have a dramatic change from the way it is today. But it would be hard for us in the environment we are right now to see a — to go to a really negative scenario.
Now if you get to ’24, that’s a different story because there could be more in a ’24 kind of time frame. But in a €˜23-time frame, we feel pretty good about these assumptions. I don’t know if Dev or John, you guys have any other things to say here.
