Devin Murphy: Yes. The only thing that I would add, Paulina, is what we are articulating is that 75 to 125 basis points of our same-store growth will come from this activity. And you’re right, we are currently harvesting the low-hanging fruit in the portfolio. But I think the thing you need to consider is: one, this is a 280 asset portfolio and the projects that we’ve delivered in the last year represent a very small percentage of that portfolio, number one; and then number two, we are growing the portfolio over time. And we’re finding, to the point Jeff just made these opportunities. And then we’re aggressively looking to acquire contiguous land where we can successfully develop and redevelop. So we believe that this $50 million to $60 million number is the number that we’re comfortable with in the medium term as we continue to look at our existing portfolio, and we continue to add opportunities to the portfolio.
Operator: We go next now to Mike Mueller of JPMorgan.
Michael Mueller : I was trying to get out of the queue. The prior question was mine. So thanks.
Operator: We’ll go next now to Ronald Kamdem at Morgan Stanley.
Ronald Kamdem: Just a couple quick ones. Just looking through the occupancy, and apologies if you hit on this already, but I see the economic occupancy is down 20 basis points quarter-over-quarter for the in-line. I’m just curious what sort of drove that? What happened there?
Jeffrey Edison: John, do you have that just on the economy.
John Caulfield: I do. I was going to say, actually, I think, Devin has some commentary on that. And I think it was — what we were talking about is intentional choices around merchandising and instances now where because the leasing demand is so strong that we actually choose to vacate the neighbor and put in a new neighbor. So Devin, did you have anything you wanted to add to that?
Devin Murphy: No. That’s the answer, John.
Ronald Kamdem: Great. And then my second question is a little bit of a sort of a competition and a technology question sort of mixed in. So I was sort of looking at the foot traffic data that you put in the deck, which is really helpful. I mean, clearly, the centers are 2% to 10% above pre-COVID levels. That’s really good. when you guys are thinking about sort of sourcing acquisitions and so forth, being a little bit into the secret sauce, do you use some of that foot traffic data, number one? And number two, does the competition whoever that may be, do they use it as well? I’m just trying to figure out what the secret sauce and the alpha to sourcing some of these deals.
Jeffrey Edison: Yes. It’s the realities are, it’s all of the above. It is the data and — as you know, we do use our own proprietary algorithm to actually evaluate every property that we look at, both on the acquisition and disposition side and foot traffic is a big part of it. There the — for us, I think the special sauce is that we’ve identified 5,800 centers we want to own. And when they come on the market, we know that it is a center at the right price that we would be interested in. And we know that the trade area will not only support the grocer, but support the small stores that are around it. And so we have a very targeted — I mean, although it’s a very big market, it’s very targeted. And we have a very specific niche in the market that we are attracted to and that we want to buy.
