Justin Hutchens : Sure. Well, first of all, really similar to how everyone is contributing to the NOI growth in ’23, all of our operating partners are contributing to the improvement in managing the labor cost and it’s done a few ways. One was to professionalize the recruitment of line staff where that had been a local priority. It’s become a central priority for operators. That’s done through automation. It’s also done by gearing your recruitment professionals towards that person. There’s more emphasis on retention as well. There was wage increases at our competitors that were put in place all the way back starting in ’21 and throughout ’22 to help to be more competitive. And then just extra emphasis where you have — the leading indicator is always agency which we probably noted in our numbers that’s been coming down.
But the communities entering agency or markets entering agency, that’s an indicator to make, put additional focus on that locality. So really good execution. And there has been, I think, changes that have been made that will be lasting in terms of just process improvement.
Operator: Your next question will come from the line of Juan Sanabria with BMO
Juan Sanabria: Just a question on FAD CapEx, maybe to piggyback off of Vikram’s question. Just curious I guess what the guide is for what we should be thinking about is in the ’23 guide? And then as well as maybe little bit of color on what gets included in the ICE versus normal FAD CapEx. if I kind of add the two together and compare that to the average units for ’22, it implies about $2,300, $2,400 per unit per year, which seems a little low given the inflation. So just curious on cap rate, kind of what we should be expecting for the year?
Debra A. Cafaro : Well, I mean start out with the principle that FAD CapEx is really routine recurring non-income producing kind of steady state activity. And then Bob will go further.
Bob Probst : The second premise is, ICE is really function of either transitioned or acquired assets, bringing up to market standard. And part of what you will see in ’23 versus ’22 is a reduction, significant reduction in ICE because — simply because we haven’t had that activity in the last call it a year. So that flushes out of the system. Bringing you back to core CapEx in FAD, which I would expect to see some acceleration in, I mentioned that earlier. Again, our best use of cash to invest behind the properties, both front of house and back of house. So you will see an increase in that. And more meaningfully, the increase in redev, which is really these front-of-house refresh ROI projects, which we mentioned a $100 million number as a placeholder. So both will be going up. I think net-net-net, I would think about it in terms of the bottom line FAD contribution in 2023 also growing driven by the cash flows of the properties.
Juan Sanabria: Any dollar guidance for total CapEx spend then?
Bob Probst : No, simply the change. I’ll give you a redev up by $100 million as a year-on-year as a number.
Debra A. Cafaro : You’ve got something out of him, Juan.
Operator: Your next question will come from the line of Tayo Okusanya with Credit Suisse.
