Angela Aman: No, you’re right that the 75 to 110 basis-points is separate and apart, from the 150 basis-points of bankruptcy impact I made – I referenced in my prepared remarks. The only clarification I would make is, that the 150 is on NOI. So while the majority of that, the vast majority of that is in base rent. There was a small piece, probably about 35 basis-points of that, which is embedded in our expectations for net expense reimbursement.
Todd Thomas: Okay, got it. That’s helpful. And then in terms of the minimum rent growth that you’re forecasting again the 350 to 450 basis-points. I’m just curious, I guess two things, it’s obviously, it was elevated in the quarter at 4.9%. Is this quarter sort of the peak or do you see that maybe continuing to improve a little bit in the near-term? And then, can you break that out in terms of sort of the contribution or what you’re anticipating within that from occupancy, escalators and sort of lease rollover throughout the year? Just a little bit more detail there would be helpful?
Jim Taylor: Now let me hit that generally and I’ll let Angela get more specific, but it is not a peak. The momentum in terms of top-line growth continues, as Angela reflected that assumption for 2023 is net of space we expect to and frankly hope to recapture during the year. So that’s coming in the top-line expectation.
Angela Aman: Yes. I think just to follow-up on Jim’s point, sort of the range for the year given what a significant amount of impact we’ve embedded within that base rent, expectation of 350 to 450 from bankruptcy activity, the timing of that bankruptcy activity and exactly kind of how that bankruptcy activity plays out over the course of the year is going to matter a lot from a trajectory perspective. What I would very much emphasize though is, if you step-back and think about the pieces I gave, the guidance we gave is 400 basis-points at the midpoint of the range. That number is in-line with what we delivered in 2022, with an additional 100 basis-points of bankruptcy impact. So I think pulling that out, you can pretty clearly see, we would have been sort of 5% or better, pretty much in-line with the fourth-quarter number you referenced.
It is hard to give trajectory on that line-item, I think as we move through the year. But as I think both Jim and Brian have highlighted, we feel really good about the space that we’re recapturing and the ability to start 2024 and even 2025 up for even better long-term growth.
Todd Thomas: Okay. What about some of the moving pieces there? Maybe, if you could just in terms of like occupancy or tell us where sort of the average escalators are within the portfolio today? Just to help us get a sense for the contributions?
Angela Aman: Sure. Yes, the escalator pieces is somewhere between 110 and 120 basis-points today. The impacts from positive re-leasing spreads is probably in and around 150 basis-points, which leaves you with kind of 80 to 180 basis-points for occupancy gain, other impacts in the portfolio offset by that bankruptcy impact. But the two pieces that are easiest to quantify for you today are the contractual bumps and the spreads.
Operator: Our next question comes from Juan Sanabria with BMO Capital. Please proceed.
Juan Sanabria: Hi, thanks for the time. Just a little more details to Todd’s kind of last question in terms of the occupancy cadence. Should we expect a seasonal decline in the first-quarter, if you could just give us a sense of what’s assumed in guidance? And I’m not sure, if you can hit on kind of the range of expectations for year-end ’23, but if you can that would be helpful.
