Michael Franco: Yes somebody wrestled with everyday Steve, I mean, some of those are talking about ’23 because ’24 again, we have a loan maturity, we have to determine what type of loan we’re going to refinance that with which is more of a ’24 issue than a ’23 issue. So on the mature in ’24, if we roll into a fixed rate loan, obviously no need to swap there. So we’ll see. I think the expectation for most of the loans that expire somewhere in caps is we’ll roll those. And I’m looking down our list right now. So we got two or three that expire middle, the latter part of the year. I would expect that we would roll those the next few months. Those tend to be an annual basis, although you can go out a couple of years. And then on the swaps we’ll continue to look for opportunities to turn some of those out too.
You are getting to the point where the Fed is looking like they’re close to being done and the curve is coming down. And so I think we’ve benefited waiting a little bit and locking some of those in we are recently but we’ll look at that as well and terming some of those out, but again, we got a couple of expire this year with maturities next year. And we have to make a decision on what type of financing we’re going to do on the asset before we finalize that decision.
Operator: And the next question is a follow up from Vikram Malhotra with Mizuho. Please go ahead.
Vikram Malhotra: And thanks for the follow up, Michael, just on the $0.55 you outline in terms of the headwinds. Does that incorporate these the known office move outs and the lower street retail rent that you reference?
Michael Franco: Vikram the only data points I gave you were on interest and asset sales. The rest is, we’ll see how the business performs. And there’s some pros/cons by and large, we’ve been probably neutral, but we can’t predict. It depends on what happens in terms of base leasing.
Vikram Malhotra: Okay, and then just the other follow up just I know, there are those moving pieces. So do we take that as the based on your current view of taxable income for ’23 you kind of right size, the dividend, but if some of these moving pieces don’t go your way, you might have to revisit the dividend, or have you incorporated some of the slack basically, that you just outlined?
Michael Franco: The dividend is a board decision. And we’re certainly not going to speculate on what might happen to the dividend and certainly not in it from a negative point of view. So that’s a question that we we can’t answer and won’t answer now.
Operator: There are no further questions at this time. I would like to turn the conference back over to Steven Roth for any closing remarks.
Steven Roth : Thank you, everybody. This is a an exciting time. We’re in the middle of a Federal Reserve tightening cycle. I think Owen Thomas, said in his opening remarks of his call a couple of days ago that commercial real estate is in a recession. I don’t want to, I wouldn’t quibble with that either way. But markets are soft, which we think makes it a fairly exciting time. We will get through this easily. We will see what opportunities come up. And we think the world will be a lot better on the other side. Happy Valentine’s Day and we’ll see you next quarter.
Operator: Ladies and gentlemen, this concludes today’s conference. Thank you for your participation. You may now disconnect.
