Lisa Palmer : Answering it first, it’s all of the above. It’s actually everything that you pointed to. It’s another three months of building the leasing pipeline. It’s another three months of seeing how our tenants are performing with sales continuing to rise and at our restaurants and our grocery stores. It’s three months of prior — three months ago, we were seeing literally no activity in the transaction markets, and those are starting to fall, and we’re seeing high-quality properties come to the market. And as I mentioned in my prepared remarks, competitive bidding situations for the types of properties that we want to own. So it’s really all of the above that is just giving us that confidence. I’m looking at Christy and Mike, to make sure that I can answer this question.
If I was forced to give guidance thee months ago, I would say it would be similar to what we just did. I just have a lot more confidence and conviction today than I did 3 months ago because of all the reasons that I just stated.
Craig Mailman : Great. Thank you.
Operator: Thank you. Our next question is from Juan Sanabria with BMO Capital Markets. Please proceed with your question.
Juan Sanabria : Hi, thank you. Maybe a question for Mike. I was just hoping you could maybe delve a little bit into the expense recoveries that you noted were elevated in the fourth quarter and for the year and how that changes or morphed a bit into ’23?
Michael Mas : Sure. Yeah, and you can see the impact in the supplemental, and I appreciate you asking the question and pointing that out. It’s about a 160 basis point positive impact in the quarter alone. It is diluted down for the full year to 30 bps. So there’s some seasonality actually in that line item in the fourth quarter. We do — the billings from a recovery perspective in that quarter tend to be on the higher end of the recovery ratio side. You can think of expenses like snow removal, like real estate taxes that just have a bit of a higher collection rate. Another component, it’s really a lot of little things, Juan, and I’m going to go through some of them. But one of the larger drivers is also a bit unique. Going back to the Equity One merger and Prop 13 impacts, it took remarkably long for the municipality to get through the supplemental tax billings.
And those billings ultimately were expensed as incurred, but then collected later and now you’re bringing in some cash basis tenancy impacts here as well. So thankfully, and gratefully, we’ve collected all of it in 2022. Some of that being accelerated into the fourth quarter so that’s causing a bit of the bump as well. So it’s really a combination of those 2 things driving that outsized impact in the fourth quarter. I feel really good about our collection rate. We’re in that 85%-plus area from a recovery rate perspective. I would anticipate that holding steady into 2023 as you think about your model.
Juan Sanabria : Great. And then just maybe a sensitive question, but on Amazon, what do you guys think from them across Whole Foods and their other brick-and-mortar concepts with regards to demand for space, appetite for new stores the lack thereof and how you’re using your space? And is there any signs of weakness there with regards to foot traffic versus other grocery concepts?
Alan Roth : Juan, I appreciate the question. So look, they’re still performing really strong in our portfolio. We have a great relationship, given the abundance of Whole Foods stores that we have in the portfolio. They’re expanding, as maybe Nick can touch on a bit in terms of his discussions on new stores and how they’re looking at that with our conversations. But foot traffic is certainly coming back with them, and they remain a great retailer that we really love merchandizing around in terms of the totality of our assets.
