Cesar Bracho: Got it. Thank you. And how will that be with respect to small shop? Will you see any sort of potential move outs that could impact your overall occupancy from the small shop?
Stuart Tanz: No. Small shop is sitting at about 96% right now. We expect that will be the range for the balance of the year.
Cesar Bracho: Okay. Got it. Thanks. And then quickly, on the amortization of leases, like was that jump in this quarter. Was that related to, I would guess, the anchors that vacated during the quarter?
Michael Haines: Yes, it was really the one anchor in Q1. Yes. That left. That didn’t. Yes expired basically. It was one anchor.
Cesar Bracho: Yes. Probably will normalize sort of on a go forward basis. Is that fair assumption?
Michael Haines: Yes, fair. That’s the prior year. That’s more the typical like $2.5 million is the typical quarterly run rate.
Cesar Bracho: Got it. Thanks. One more quick one. With respect to the other guidance item that you provided in last call, like bad debt reserve, interest expense, G&A like, are there any changes to those numbers? Or would you expect those to be the same?
Michael Haines: So I would expect those to be the same, yes, as we move through the year. I mean so we just put that guidance out eight, nine weeks ago. That was kind of early, premature. I don’t see any changes in those yet. But if there’s anything that causes that to move, we’ll provide updated guidance in the next call.
Cesar Bracho: Okay, got it. Thank you for taking our questions.
Stuart Tanz: Thank you.
Operator: Thank you. One moment for our next question. Our next question comes from Paulina Rojas-Schmidt with Green Street. Your line is open.
Stuart Tanz: Good morning.
Michael Haines: Good morning, Paulina.
Paulina Rojas-Schmidt: Good morning. You mentioned sellers moving back to the sidelines, and I was wondering if you could provide some color on how you have seen potential buyers behave. I’m thinking in particular about institutional investors in shopping centers and if you have seen any pickup in interest in this cycle as a result of other property types, apartments, office shifting weakening fundamentals.
Stuart Tanz: Yes, I mean, look, I can’t really comment on other property types because that’s not our focus nor our specialty. But in terms of shopping centers, in the first quarter of the year, the buyers, when interest rates were lower than they were today, it did look like there were a number of buyers coming back to market. But as I said in my comments over the last several weeks, as interest rates, moved quite higher or moved higher quite rapidly, we have seen a number of these buyers again move to the sidelines. So, going forward, it will just depend on interest rates, capital flows. I don’t see many institutional institutions coming back into the market yet. 1031 market is active. And then there has been some shift from other sectors to retail from a buyer profile perspective.
And I think maybe that’s really where your question was going. We have seen buyers that were very heavily invested in industrial multifamily, certainly move to the retail side where today they feel, I think, that their investment is in a different place in terms of the cash flow and stability of the NOI, but more importantly, retail. Given the strength that we’re seeing out there has attracted more of these other buyers.
Paulina Rojas-Schmidt: Thank you. You got it. And then a question about the balance sheet. Your average debt maturity is the shortest or the second shortest in the strip center space. So I was wondering if you have the goal to increase that average maturity and what level would make you comfortable, or if you’re comfortable where you are?
Michael Haines: Thanks, Paulina. This is Mike. I think when we go back to the bond market; we’ll look to do a 10 year deal. We did the deal last September on a five year because we were everything us, like everyone else, was expecting rates to start coming down. It is, the market is where it is. And when we come back to the market later this year, the goal is to do a tenured fixed rate offering, which will push the maturity debt or extend that maturity debt out. And as we move through our debt refinancing stack, we’ll be looking to do long-term fixed rate bonds on a tenure basis.
Paulina Rojas-Schmidt: Okay. Thank you.
Michael Haines: Thank you.
Operator: Thank you. [Operator Instructions] One moment for our next question. Our next question comes from Michael Mueller with JPMorgan. Your line is open.
Michael Mueller: Yes. Hi. Thanks.
Michael Haines: Good morning, Mike.
Michael Mueller: Hey, good morning. Hey, two quick ones here. I guess. What made the two disposition properties, properties that weren’t long term holds? And I may have missed it, but did you mention the types of users that you have for those four new anchored leases?
Stuart Tanz: Well, the anchor leases are national players, and in one location we broke up the space to regional players. In terms of the dispositions – yes, I mean, primarily, one is a single tenant property and the other is a property that we’ve actually owned for quite some time. We’ve completed a lot of lease up of the property, bringing in some really strong tenants. And it’s just one that we don’t see a lot of future growth in. So from our perspective, it was time to sell it.
