Michael Frankel : Sure. It’s pretty interesting in terms of what we’re seeing in the market. Demand is pretty broad-based. And despite economic concerns generally in the overall economy, we see demand from consumer products, food industry, the beverage industry, a lot of incremental demand reflected in the leasing activity during the quarter from those sectors. We continue to see the electric vehicle market as a very strong contributor towards demand. We continue to see distribution companies, whether they’re e-commerce driven or 3PLs. Obviously, all the change in shifting in the 3PL market, given the incredible growth in demand they saw during the pandemic. But nonetheless, we continue to see very healthy demand from the 3PL market and e-commerce players in general.
And omni-channel distribution for your traditional retailers is here to stay. It’s a path to survival for retailers. And so we continue to see demand from traditional all-time retailers who are building out — continue to build out their omni-channel distribution capability, requiring warehouses closer to their end points of distribution. So pretty broad-based demand drivers, actually, which is great to see.
Operator: Our next question comes from the line of Craig Mailman from Citigroup.
Nicholas Joseph: It’s actually Nick Joseph here with Craig. Just following up on the disposition comments. I was hoping you could quantify maybe how much you have out-to-market and where they stand in terms of the process?
Michael Frankel : Hi, Nick. Thanks so much for joining us today. And it’s similar to our acquisition activity. There are so many factors that contribute to whether or not we close a certain volume of transactions on the acquisition side in any given quarter or year, that we don’t give acquisition guidance. Similarly, on the disposition front, although we have as Laura mentioned a range of properties as with the potential disposition candidates that are actively in process, there’s so many factors that play into when and whether they close and in what timeframe. So we just are ready to give that kind of guidance, but we hope that you’ll be pleased when we actually announce closings.
Nicholas Joseph: Yes. No, I appreciate that. I guess not necessarily looking for guidance, but I think you obviously talked on the acquisition pipeline. So hoping kind of a similar comment on, at least, just a broad range of where the dispositions could be? Are we talking $100 million? Are we talking $500 million? Just recognize things can fall in or out of that pipeline.
Michael Frankel : Again, with regard the reason we give a visibility on the pipeline for acquisitions is arguably, there are more things in our control because we’re the buyer and on the disposition front, there are fewer things in our control because we just can’t predict how a prospective buyer may behave or may close. So we just don’t give that kind of guidance, and I apologize. But just not — we just don’t find a big benefit in giving that kind of guidance.
Nicholas Joseph: All right. And then just one other question on the dispositions. You mentioned maybe harvesting some of that value, would it have an impact on the mark-to-market for the existing portfolio? Or are these assets that have maybe been leased more recently? Or should we not expect any impact on that number?
Michael Frankel : Well, consistent with the notion that we’re harvesting our value creation, we wouldn’t expect the impact to be terribly material.
Craig Mailman : It’s Craig here with Nick. Just wanted to follow up on the San Gabriel acquisition. The yield there is almost close to 7. Can you just talk about the nature of that asset and what the upside of that could be? Is this more of a sale leaseback and future redevelopment? Is this just any kind of color would be helpful.
