Lisa Palmer : I’ll just point to our balance sheet and the fact that we’re generating $145 million of free cash flow. We do have development spend. But even we are able to access the debt markets and to the extent that we leverage that cash flow, even staying leverage neutral within our strategic net debt-to-EBITDA targets, that gives us investment potential north of $200 million. So we are positioned to be active. It has to be the right opportunity. And you all probably get tired of hearing me say this, right? If it checks the three boxes, we will be active. If it’s accretive to earnings, accretive to our future growth rate and accretive to our quality, we’re poised to act.
Anthony Powell : Thank you.
Operator: Thank you. Our next question is from Mike Mueller with JPMorgan. Please proceed with your question.
Mike Mueller : Hi. In your slides, you talked about five redevelopments that could start over the next, I think, it’s like 12 or 12 to 18 months. Just wondering, how should returns on those look compared to what’s already in process today?
Alan Roth : Thank you for the question, Mike. The simple answer is very similar to what we’ve seen historically. And so our target returns on redevelopments have not changed materially. And so when you look at our ones that we’ve recently completed and are ones that are in process, we’re targeting similar returns for our future redevelopments.
Mike Mueller : Got it. Okay. And then, Mike, I know there are a lot of moving parts with the ins and outs of occupancy. But what does guidance assume for the year and commenced occupancy level?
Michael Mas : I like to think about it in two layers, Mike. And it all kind of — it’s — I’ll summarize as to what I said in the call that it’s flat to slightly negative if the bankruptcies were to appear. But when I think about our lease — our base leasing plan. And again — and if I think about the SNO pipeline and the fact that we’re going to deliver that pipeline, that’s a rising level of percent commenced, and that is what’s driving that billable base rent line item. However, when you layer in the possibility of bankruptcies, that could lead us in my midpoint scenario to a flat to maybe slightly negative outlook for percent leased. So there’s a lot of good news in that occupancy outlook but there’s also the potential for some vacancy to come back our way. Not afraid of it to Alan’s comments really excited and actively working on re-leasing that space today. But that would be the best outlook on occupancy.
Mike Mueller : So the midpoint, we should think of it as roughly flattish?
Michael Mas : Including the scenario I outlined with respect to a reorganization scenario of the tenant in question.
Mike Mueller : Got it. Okay, that’s helpful. Thank you.
Operator: Thank you. Our next question is from Tayo Okusanya with Credit Suisse. Please proceed with your question.
Tayo Okusanya : Hi, good morning, everyone. Lisa, thanks for your comments around how you’re thinking about acquisitions. You guys also made some comments about the redevelopment pipeline. I’m just curious, just kind of given freshness cost of capital today. How do you guys kind of think about prioritizing or accelerating one versus the other acquisitions, development, redevelopment and as well as share repurchases?
