Third quarter turned the tide, fourth quarter, I think we’re going to do the same on into ’24 and kind of march our way back, hopefully, to 92 above next year. We don’t have those numbers until December investor, and we’ll see. But that’s where it is. No more or less relevant than saying we set a stretch of 1.7 million square feet of lease signed. Today, we sit at almost $1.3 million signed actually, how much if you had in post quarter? About $1.3 million. So there’s a good chance we’ll be over in our leases signed, which also sets up well for ’24 but we’re dancing on the heads of tens of basis points. And I’m not throwing into — yet. Let’s try MIG-92,and let’s keep at the pipelines there. We just got to close those deals quick.
Caitlin Burrows: Got it. And yes, I appreciate that you guys have mentioned that those goals can be stretched goals. Maybe then separately on the dividend. I know last call you mentioned you want to keep the dividend as close to the current levels as possible. So just wanted to see if you thought the G&A savings you’re pursuing could help you maintain the dividend next year? Or any updated thoughts to share?
Marc Holliday: Yes. I — my comments, I think, on the last call, as it related to dividend, where there were some companies that were in the process of cutting or eliminating dividends, was along the lines of we think the dividend is an important and almost fundamental reason that people invest in REIT stocks, I still believe that to be the case, and we’re going to work hard to maintain that dividend as best we can, always in light of where our FFO and FAD is for the year. So that’s the one thing. I just — we don’t have next year’s numbers publish it, so we couldn’t on this call, begin to give you a sense of where that is. It’s about FFO, it’s about Fed’s, about taxable income. But our goal in everything we do, when I mentioned earlier about cutting our capital to only that we need to spend next year, cutting our expenses is all for the basic reason of meeting our obligations and paying a dividend and we’ll do everything possible.
But got a way until December or maybe it’s just before December when we announced, we meet as a Board, we’ll set the level for next year. It will be based off of taxable income. And we recognize the importance, we’re all aligned with shareholders, and we’ll try to maintain as best we can.
Operator: Thank you. One moment for our next question. Our next question comes from the line of Michael Griffin from Citi.
Michael Griffin: Maybe getting back to the potential asset sales. I’m curious if you can give some color around return hurdles or IRR that potential investment partners are looking for in order to get interested?
Marc Holliday: Well, that’s — Michael, that’s broad because the market coming up there’s going to be so many ways to play it and therefore, the return hurdles will be a lot different. I mean there will be people trying to take position in first lien positions. That will be more debt and credit liking there, there’ll be meaning position, there’ll be equity positions. I think it’s fair to say whatever the return hurdles were sort of before the rate increases, if you will, that the return hurdles sort of generally across the board are probably up 250 to 300 over for various positions. In that range, so maybe what was low teens might be mid-teens, mid-teens, high teens, ever, what might have been a 7.5% unlevered discount might be 10%.
I mean in that range is kind of the level of movement, but it just — it depends what’s the asset class, where is it? Where are you investing in that asset class? And is it from an ownership perspective or from a mezzanine origination perspective, et cetera. But I think 250 to 300 up in return requirements is probably a good number. I don’t know, Andrew, you think.
