David Simon: Down.
Ki Bin Kim: Okay, thank you.
Brian McDade: Yes, remember that that was the enterprise value, added some debt. So that was an equity value. But it was – just when you say $18 billion that’s enterprise value as opposed to equity because.
Ki Bin Kim: Okay, thank you.
Brian McDade: Sure, no problem.
Operator: Our next question is from Haendel St. Juste with Mizuho Securities. Please proceed with your question.
Haendel St. Juste: Hi, good evening out there.
David Simon: How are you?
Haendel St. Juste: I’m doing great, sir. Hope you’re well too. Question I have is on your side, but not yet opened pipeline. I think last quarter or you previously outlined is about 200 basis points of embedded occupancy from that side but not yet open pipeline. So maybe you can give us an update on where that stands today. And then also maybe what’s embedded in the guide for bad debt and lease term fees this year. Thank you.
Brian McDade: So, Simon opens a little bit north of 200 basis points. We’ve been kind of holding that, we open stores and find new leases, so we’re holding steady around 200 basis points. We are assuming a normal level of bad debt, which is about 25 basis points to total revenue would be our expectation on that.
Haendel St. Juste: Lease term fees.
Brian McDade: A normal rate of lease term fees. I think the answer – the number for the year is about $30 million.
Haendel St. Juste: Thank you.
David Simon: Okay, thank you. Operator.
Operator: Our next question is from Juan Sanabria with BMO Capital Markets. Please proceed with your question.
Juan Sanabria: Hi, good evening. Just a quick one for me, just curious on the current state of affairs with Jamestown, and how that relationship is progressing more talk about mixed-use, so just curious if there’s anything In the works or in the planning stages that you’re doing with them and how you are thinking about that particular relationship. Thank you.
David Simon: Yes, thank you. So, we haven’t quite have the year under our belt, but very pleased with the relationship and the partnership and we continue to look at opportunities both within our pipeline and obviously, what they do on behalf of investors. So, a lot of good feedback going both ways and We we’re working on one project. I mean we have one development project where we’re working on together, but other than that it’s a lot of corporate. There is – it is more strategic and more of a corporate discussion than property-level specifics other than one where we are partners on and going through the development process in that now in the Southeast.
Juan Sanabria: Thank you.
David Simon: Sure.
Operator: There are no further questions at this time. I’d like to hand the floor back over to the management for closing comments.
David Simon: Okay. Thank you. And obviously, Tom and Brian, are available. And we really appreciate everybody’s participation. Talk to you soon.
Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.
