Greg McGinniss: And thank you for the very robust opening remarks. You can’t leave me with many of my questions that I was going to ask. But I do still have a couple of reserve here. So one, Jason, if you could just touch on the types of assets in the pipeline right now? Where are you seeing the most success in terms of assets with the more reasonable cap rates from a tenant and property type perspective.
Jason Fox: Yes, sure. So just to kind of go through the kind of the visibility and the deal volume that we have, I mentioned over $700 million, and that’s comprised of about $500 million of pipeline that we call investments at advanced stages. The rest of it is either deals that have closed already year-to-date or these capital projects and other commitments that we have each year that are scheduled to complete in 2023. That’s probably about $150 million of that $700 million. In terms of the types of deals in our pipeline, it’s more weighted towards the U.S. right now and maybe North America more broadly. That seems to be the source of more actionable deals, as I mentioned earlier, transaction markets in Europe are still a little bit left to room to go to adjust to the sharper rate increases we saw in Europe.
So a little bit more weighted towards the U.S. and North America. Property type is consistent with what we’ve been buying in the past. It’s 2022. I think 70% of our deals were industrial, both warehouse and manufacturing and some R&D. And I think the remainder was probably retail. That’s true for the pipeline as well. It’s going to be predominantly industrial, R&D, warehouse production, and then we do have some retail both in the U.S. and Europe that we’re looking at. And I should say the bulk of what we’re doing, again, or sale-leasebacks, the larger transactions in this pipeline are private equity-backed deals and really in support of M&A activity. So there is a little bit of uncertainty on how the timing works, more moving parts when you’re closing transactions concurrently with the buyout.
But of course, execution plays or execution risk is something that the sellers are much more focused on. And I think for that reason, we’re a great partner in and it’s reflected in the pricing we can get from those deals.
Greg McGinniss: Okay. Thank you very much for the color there. Just a couple of quick questions on lease expirations. First is does the 3.9% that’s expiring in 2023 include the 1% for Marriott. And then recent rent recapture has been fairly strong, especially on the industrial assets. Can we view this as maybe more of a new normal for those warehouse and industrial leases?
Jason Fox: Brooks, do you want to take that?
Brooks Gordon: Sure. So the 3.9% does include Marriott. So if you back that off, it’s about 2.8%, another, call it, 50 basis points has sort of already been resolved since. And so that leaves about 2.3% of ABR expiring in 2023, so quite manageable. With respect to your question on the actual leasing metrics, certainly, we’ve had a good run of results there, and we’re quite encouraged by that. That said, I wouldn’t extrapolate any specific quarter or even a couple of quarters. We really like to look at more of a trailing eight number and that’s in and around 102% recapture. So hard to extrapolate a given quarter, it’s very transaction-specific. But I agree there are some tailwinds, especially in our warehouse and industrial assets that have been benefiting us, and we look to keep capturing that.
Greg McGinniss: Okay, thank you.
