Alan Roth: Yeah, interestingly enough, I like the way you just phrased that. They are all over the map. However, I will tell you that we are double-digit certainly from a mark-to-market. I’d say, generally speaking 15% to 20%, but there is some really massive ones that can be in there, there are some flat ones. So — but generally I feel really good about certainly the upside depending on those that we get back.
Linda Tsai: Thank you.
Operator: [Operator Instructions] Our next question is from Mike Mueller with JPMorgan. Please proceed with your question.
Michael Mueller: Yeah, hi, just a really quick one here. Your 93.4% small-shop leased rate, what’s the commenced level that goes along with that and where do you think that commenced level can grind higher to, if at all?
Mike Mas: Let’s see here, we are at a 89.9 commenced shop occupancy. Our — the SNO on the shops is 350 basis points at year end. How much higher — what record are you going to set, Alan?
Alan Roth: North, so we’re going to continue to take it north, Mike. I would — I mean —
Mike Mas: We’re getting pretty close. Let me help out. We’re getting pretty close to. I mean we’re in thin air. As I’ve used the words to describe the level of leased rate that we have in our shop space, I like to think we can continue to grind it higher. We have great centers with really good spaces that are still available and a great leasing team. And we’ll keep pushing. The commence is just going to follow, right. So we are going to deliver on these leases. On balance, all in, that spread on a normal basis, including anchor, should be 175 basis points between leased and commenced.
Michael Mueller: Okay, so that spread applies to small shops too.
Mike Mas: The small shops spread will be wider. The anchor spread will be narrower. We’ll get back to you, Mike, on what kind of a long-term shop spread is.
Michael Mueller: Okay, okay. Appreciate it. Thank you.
Operator: Our next question is from Floris van Dijkum with Compass Point. Please proceed with your question.
Kenneth Billingsley: Hey, good afternoon. This is Ken Billingsley for Floris. Quick question on your guidance for ’24. Given the same economic conditions that are supporting your core business, you’re guiding to a 100 million in dispositions at approximately 5.5% cap rate. Can you provide some color as to why you’re seeing that given your confidence in this cap rate?
Nick Wibbenmeyer: Ken, this is Nick. I appreciate that question. As you know, our guidance on disposition is when we have clear visibility to that. And so, as we’ve stated over the last several years, now we feel really good about our portfolio, and don’t have the need to sell assets that have risk. But we still have non-strategic assets that we will prioritize for sale. And so, those assets and the guidance we do have visibility to that pricing. They’re non-strategic, and for instance a couple of them are single-tenant. And so, we feel good about that guidance, and we feel good about that cap rate given those the assets have been selected to be disposed off.
Kenneth Billingsley: Great. Thank you.
Operator: Thank you. There are no further questions at this time. I’d like to hand the floor over to Lisa Palmer for any closing comments.
Lisa Palmer: Thank you all for your interest in Regency. And hope everyone has a great weekend. Thank you.
Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.
