And so, that’s actually — we think that’s going to give us some great tailwinds in terms of demand for about the next 20-plus years. So extremely diverse set of drivers. Actually, we had a lot of interest and activity in terms of leasing activity from e-commerce-driven tenants, which actually was elevated this last quarter compared to prior quarters in a notable way. And that’s not surprising, by the way at all. We’re still in the early stages of seeing the impacts of e-commerce on our distribution market.
Nikita Bely: Got it. That’s great. Laura, can I ask you one other question? I think at some point, correct me if I’m wrong, did you talked about maybe the mark-to-market on the portfolio for the future like year-end 2024, year-end 2025. Is that something that you guys are willing or can provide at this point the recalculation of what you think your mark-to-market on the entire portfolio will be over the next several quarters?
Laura Clark: Yes. I mean, as we’ve communicated last quarter that we’re going to provide the mark-to-market as we see it each quarter, because, as we know, the mark-to-market changes actually daily. As we sign leases, we’re resetting the mark-to-market and moving that — and moving the mark-to-market into — will change on a quarterly and annual basis, dependent upon the leases that we sign. So we think that it’s most helpful to provide you all with the visibility into the mark-to-market every quarter at a point in time.
Nikita Bely: Okay. Wonderful. Thank you.
Operator: Your next question comes from the line of Anthony Hau with Truist Securities.
Anthony Hau: Hey, guys. Thanks for taking my question. I noticed that you guys added four million square feet of assets into the 2024 same-store pool, mostly in the Inland Empire West and Elliot County. And these assets appear to be under lease compared to the 2023 pool. I was curious if you can provide any color on these assets and maybe what do you think that the occupancy is going to be at year-end.
Laura Clark: Yes. Thanks, Anthony, for your question. In terms of the same-store pool, yes, we did add a number of assets into the same-store pool. There were a few assets in that pool that have lease-up opportunity. We’ve actually signed a number of leases this quarter that will contribute to occupancy of about 50 basis points actually as we move through the year. So we’re excited about the prospects there and the prospects for opportunity for growth.
Anthony Hau: Thanks.
Operator: [Operator Instructions] And our next question comes from the line of Vince Tibone with Green Street.
Vince Tibone: Hi, thanks for taking my question. Are you starting to see any distressed acquisition opportunities from spec developers and Inland Empire West? And would you be willing to actually grow your footprint in IEE, and take on some leasing risk if the price was right?
Howard Schwimmer: Hi, Vince. It’s Howard. Nice to hear your voice. I’ve heard a little bit, but I haven’t seen anything in mass in terms of any type of trend like that. As far as our appetite, we expect to take on large vacancy in a market that has that product supply. The answer would be simple no. It’s not an area that we’re putting any focus. We’re more interested if we’re going to buy anything in that market. And the product hasn’t been delivered to market and is not really easily replicable in terms of the underwriting side of it.
Vince Tibone: Got it. Makes sense. And then kind of as a follow-up to that. What do you think the stabilized cap-rate spread is today between IE West and Infill LA adjusted for a similar lease mark-to-market?
Howard Schwimmer: It’s hard to say, but from some of the transactions that I think we’re starting to see our product that we know is under contract, it’s probably somewhere in the plus or minus 50-basis-point range.
Vince Tibone: Great. Thank you.
Laura Clark: Thanks, Vince.
Operator: That concludes our Q&A session. I will now turn the conference back over to the management team for closing remarks.
Michael Frankel: Thank you very much for joining Rexford Industrial on today’s call. We look forward to reconnecting with you and wish you well for about the next three months.
Operator: This concludes today’s conference call. You may now disconnect.
