Lisa Palmer : And I’ll just add. I appreciate Mike’s comments about that. We really do believe that a year like 2023, may really shine a spotlight on that in terms of making sure that we are proactively managing the quality of our portfolio. And we believe that, that really does fortify sustainable NOI growth over the long term. So while that disposition guidance did come with a 7% cap rate that as Mike said, that’s a placeholder. We looked at last year’s transactions and just added a little bit of perhaps market movement to that. But more to come, and we’ll have more clarity as we move through the year with regards to that market. But again, it’s an important part of our strategy and one that we remain committed to, and I believe has enabled us to deliver same property NOI growth at the higher end of the industry.
Operator: Thank you. Our next question is from Craig Mailman with Citi. Please proceed with your question.
Craig Mailman : Good morning. Just want to follow up on the transition of tenants back to accrual accounting from cash. I’m just kind of curious, as we sit here today. I mean, could you just give a little bit of color on what types of tenants you guys move back in the fourth quarter? And of the 7%, maybe what’s the probability of moving more and where you think that 7% to move to by the end of the year or what’s a more normalized level?
Michael Mas : Sure. Hey, Craig. So we’re at 7% at year-end, as I mentioned in the remarks, and that’s down significantly. I think the high watermark at the peak of — in 2020 was 27% of our ABR. The answer to your question of who is that and what is that it’s largely just a reflection of who was originally. And that is small shop tenants, more local credit, personal services. It actually has a bit of a West Coast bias to it now because those are the tenants who are — who kind of came out of the impacts from it later. And there being very specific requirements that we’ve set up internally to qualify for conversion. So current on all rent no same deferred billings, and have been current for a period of time around nine months or so is what we anticipate.
So they’re meeting pretty strict hurdles. And I mentioned on the call, we’re extraordinarily satisfied with the quality and health of our tenancy at this point in time. To your point on 2023, we have included about $2.5 million of conversion forecast into our expectations. That is worth about 2% of ABR. So another 2% brings us down to the 5% area. That is probably in the ZIP code of where we — I think we settle out from a cash basis tenancy perspective. A touch higher than if you were to look over our shoulders years ago, and it’s a touch higher than that. But I think 5% given the new standard with respect to the accounting for that impact is about in the ZIP code of where we’ll be.
Craig Mailman : That’s helpful. And then separately, maybe Lisa going back to your commentary of better visibility today than three months ago. Could you just give a little bit of color on what aspects of the business you feel like you have more visibility on today, whether it’s leasing, you talk about the transaction market a bit, tenant credit? And also, I’m just kind of curious, if you were forced to give guidance three months ago versus today, what — directionally kind of where we sit today versus three months ago?
