Conor Fennerty: Yes, Paulina, I think an important — if you look back our disclosures from October 30, I think our new lease spreads averaged over 30% in the last four years for the Curb portfolio. I think one of the things we really like about the property type is that mark-to-market is achievable, meaning the duration of the leases is such that we can actually get at that market rent as opposed to you think about a grocery-anchored asset or a large form an asset, the biggest mark-to-market is with the biggest national tenants in the back, i.e., the grocer or someone else, and you’re never going to get out that mark-to-market. So it’s an important differentiator of the property type that we really like is there’s real mark-to-market, and we can get at it, which isn’t always the case in other open-air formats.
Paulina Rojas: Thank you. And then my second question is, you made clear, that you are prioritizing dispositions. And I wonder if it was at all a consideration trying to accelerate acquisitions to maximize during 1031s?
Conor Fennerty: Yes. It’s a really good question, Paulina. Just given this is a taxable spin, we’re actually better off not 1031 gains because effectively then that gain is passed on to the stakeholders. So the other point I would just make is we actually don’t have material gains, I should say, at the portfolio level. There’re certain assets that have significant tax gains, but on an overall blended portfolio basis, I don’t think it’s significant relative to the enterprise. So for both of those reasons, the 1031 market is less of a focus for us today.
Paulina Rojas: Thank you.
Operator: The next question comes from Mike Mueller with JPMorgan. Please go ahead.
Mike Mueller : Hi. Just a few questions on Curb. First of all, can you give us a sense as to when we look at your blended rent spreads, how they would compare if you would break them out between Curb and kind of the legacy SITE stuff that you want to sell?
Conor Fennerty: Yes, Mike, there’s — we haven’t broken them out again to my question, Paulina — response to Paulina, the spreads for Curb we provided in — with the October presentation, I will point out, though, there is a little bit different approach — or not a little bit. There is a different approach for Curb. We are likely to include all spreads included in that, not just spreads that have a tenant that moved out within the last 12 months for a variety of reasons. One, we just — it’s a bigger pool, and two, we think it’s just a more relevant metric. But if you look with that kind of differentiated new approach, our spreads have averaged 30%. That’s not dramatically different than SITE. It’s just the capital to get that spread is a lot lower. So again, I’d point you back to the October 30 presentation, just the only caveat being that’s a little bit different approach, and that includes all spaces, not just those vacant less than 12 months.
Mike Mueller : Sorry, I miss part of that. I think my signal went out for a little bit during the last question. And then one other question, too. I guess in the supplemental, you typically break out redevelopment expansion. And I guess when we’re looking at that, is it safe to say that pretty much everything tied to that goes theoretically with the legacy site? Or when you look at the Curb portfolio a year out or so, would you envision having some activity like that, whether it’s like a renovation or expansion spend as well?
Conor Fennerty: Just what’s in the site, the up today for SITE and or shops at framing him, that’s new Starbucks pad. That is part of Curb, and University Hills that as part of Curb as well, but I’ll defer to David on the old spend path.
David Lukes : Going forward, I certainly think that our redevelopment activity will be minimal at best at this point. It’s a renewals business. The purpose of the business is to buy real estate where we can raise rents with low CapEx. Having said that, the larger the portfolio gets the more renovation work is required here and there. So I think we will have some activity, but I would not expect us to be having a large redevelopment component in this business.
Mike Mueller: Got it. Okay, thank you.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to David Lukes for any closing remarks.
David Lukes : Thank you all for joining our call, and we will talk to you next quarter.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
