Jeff Olson: I mean, you got to get into the details behind all this. But we think that within these two properties, we should be able to get 3% to 4% growth over the next five years. And that’s before any opportunities that might come to us that are just unexpected. Jeff, do you want to add anything?
Jeff Mooallem: Yeah. I mean, Samir, like the one thing we’ve learned over many years of doing this is when you buy large-format properties, things come up, opportunities show up that you can’t possibly underwrite in a 60- or 90-day initial review period. So, whether it’s expansion or densification on part of one or more of both of these parcels or just anchor repositioning, we think we’ll have visibility to some growth beyond what’s in our model. But as Jeff said, we do believe we’ll be at 3% to 4% CAGR over the next five years just based upon some embedded rent increases and some new occupancy coming online.
Samir Khanal: Got it. And then I guess my second question, I know you talked about sort of the leasing being strong, the business trending better, and you kind of reiterated that sort $1.31 to $1.39 for Investor Day that you provide. I mean is there — given the strength of the business, I mean, could we see you sort of even go towards the high end of that range? I mean, how do you think about that at this point?
Jeff Olson: We’re not prepared to go there yet. I mean, obviously, since April, interest rates have gone up a lot, so that’s a factor. And even though we only have less than 20% of our debt maturing between now and 2026, we’re still going to have some rollover, and it’s really still impossible to determine where the consumer is going and what the demand is going to look like going into ’24 and ’25. So, at this point, we feel very good about getting to that $1.35 and we’re reiterating that on the call.
Samir Khanal: Thanks a lot, guys.
Jeff Olson: Thank you.
Operator: [Operator Instructions] Our next question comes from Ron Kamdem with Morgan Stanley. Please proceed.
Ron Kamdem: Hey. Just two quick ones. So obviously, this was a good recycling if you’re selling at in the high 4%s and sort of buying it at a 7%. Just trying to figure out as you sort of look at the remaining of the portfolio, where could sort of a next sort of interesting recycling opportunity come from? Is it Puerto Rico? Is it other assets? And then, maybe a little bit more color on the $100 million that’s marked to be sold? Any sort of cap rate color there would be helpful.
Jeff Olson: I mean, on the $100 million that’s in the market now, I mean, we’re generally in the mid-5% cap rate range. And it’s in a collected group of assets that includes another industrial property, there’s a self-storage facility. There’s a single-tenant asset included in there. Too early to tell on the next round and much of it will depend upon the opportunities that are out there to buy. As you know, our tax basis in a lot of our properties is pretty low. The beauty of the East Hanover, Boston trade is we are able to make a spread of about 200 basis points, but we did it in a 1031 transaction where we were able to defer, I believe, the $150 million gain that otherwise would have been paid had we not done the 1031 transaction.
Ron Kamdem: Got it. And then, my second one, so the guidance raised on FFO, I think you mentioned due to the external growth transactions. But I also saw the guidance raise obviously on the same-store. Is there anything specific that drove that? Or is it just generically better leasing, better occupancy, just the same-store guidance, anything to call out there? Thanks.
