Michael Griffin: Great. Thanks. Maybe to follow-up on Tayo’s last question there related to the equity issuance. I mean you talked about being disciplined in 2022, patients continues to be a theme, you mentioned a competitive cost of capital. You why the equity issuance now, I guess, just given the sense that it’s at a pretty notable discount to what consensus NAV is that, you seem like you’re fine from a balance sheet perspective, it seems like the capital markets are going to be pretty muted for the near-term. Why did it make sense now and why not maybe put it off for until capital markets activity improves?
Jeff Theiler: Hey Mike, I’ll take that. Yes, look, I think we’re running at the low end of our leverage range, right, which — we’ve put our leverage range out at 5.5% to 6%. Certainly, one can argue that the capital markets have been very choppy over the last few months. I mean, certainly we’ve had a good month in the capital markets overall, or good year-to-date, I should say. But that’s not guaranteed by any stretch. So, really, the idea it’s kind of a — it’s not a discount to where we’re trading on an implied cap rate versus where we’d be buying assets today if they were closing. So, I think it makes sense to have that optionality to kind of build that dry powder now, such that if the capital markets freeze up for some reason, we’re still going to be in a position to grow and grow when others can’t.
Michael Griffin: Right, so it seems that in your view, it’s relative on an implied cap rate basis, maybe investors should be thinking about it on that basis relative to premium or discount to NAV, am I reading that correctly?
Jeff Theiler: Yes, I think that — I mean they go hand-in-hand, right. But yes, I think that’s how we’re thinking about it. Our implied cap rate versus where assets are trading in the — are being marketed right now, I should say.
Michael Griffin: Okay, cool. And then maybe one for Mark. I know you talked about selective non-renewal of certain leases. You mentioned the MOBs in Minnesota and Pennsylvania as examples. I get the long-term strategic rationale behind this, but I just want to clarify are — is there any potential for additional strategic non-renewals that could impact occupancy in 2023 and any additional color on that would be helpful?
Mark Theine: Yes, certainly. So, again, we strategically did not renew two leases to — in Minnesota to bring in an investment-grade tenant. So, that’s going to create great long-term value for the company, for the portfolio, for shareholders. And we’re going to continue to look at opportunities always to replace existing tenants with investment-grade quality, great long-term tenants. So, it does create a near-term drag on our same-store results, which is frustrating, but it provides the right long-term value and we will always look for those opportunities in 2023 and years after that. So, the good news is our leasing team has done a fantastic job this year of already commencing conversations on 162,000 square feet of new leases and taking space. Now, not all that will get done, but those are good conversations to start the year. And we feel good about filling vacant spaces throughout 2023 and really growing our net absorption.
Michael Griffin: All right, that’s it for me. Thanks for the time.
Mark Theine: Appreciate it.
Operator: Our next question comes from Ronald Camden with Morgan Stanley. Please go ahead.
