Ladies and gentlemen, good morning and thank you for joining the Second Quarter 2014 DDR Corp. Earnings Call. My name is Ryan. I’ll be the operator on the event and at this time all participants are in listen-only mode. We will be opening the call to facilitate questions and answers. And at that time we do ask that you limit yourself to one question before putting yourself back into the queue. (Operator instructions) And as a reminder we are recording the call for replay. And now I will pass the call over to your host Ms. Meghan Finneran, Financial Analyst.

Thanks, Ryan. Good morning and thank you for joining us. On today’s call, you will hear from CEO, Dan Hurwitz; Senior Executive Vice President of Leasing and Development, Paul Freddo; and President and CFO, David Oakes. Please be aware that certain of our statement may be forward looking. Although we believe such statements are based upon reasonable assumptions, you should understand that these statement are subject to risk and uncertainties and actual results may differ materially from the forward-looking statements. Additional information about such risk and uncertainties that could cause actual results to differ may be found in the press release issued yesterday and filed with the SEC on Form 8-K and Form 10-K for the year ended December 31, 2013 as amended. In addition, we will discussing non-GAAP financial measures on today’s call including FFO and operating FFO. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures can be found in our earnings press release issued yesterday. This release and our quarterly financial supplements are available on our website at www.ddr.com. Last, we will be observing a one-question limit during the Q&A portion of our call in order to give everyone the opportunity to participate. If you have additional questions, please rejoin the queue. At this time, it’s my pleasure to introduce our CEO, Dan Hurwitz.

Thank you, Meghan. Good morning everyone and thank you for joining us today. I’d like to start today’s call by reiterating that we are very pleased with the consistency and the strength of the operating results achieved during the second quarter, and the strategic transactions we announced since our last earnings release. Our second quarter results mark a pivotal point in the continued execution of our strategic plan as we closed on the sale of our investment in Brazil, identified an attractive user proceeds and formed our their joint venture with Blackstone to acquire prime assets and posted strong operating results with more than 3 million square feet of leasing completed in the quarter and new leasing spreads of 19%. While the near-term benefits of these accomplishments are obvious, the longer-term positive impact of this quarter will be realized for many years to come and significantly enhances our ability to focus on our core business. As the back-to-school season approaches, I’d like to take a moment to address the significance of this selling season, the impact it has on our retailers and the trends we are following in the market. Back-to-school was the second retail season of the year and a time when retailers are highly invested in their inventory level as goods have been purchased for both back-to-school and the Christmas Holiday by this point in time. Over the past few weeks we have seen a steady increase in retail sales due to improve weather, pent-up demand and those increased inventory levels at each of our retailers. As a result, retailers are beginning back to school sales earlier than in past years to further incentivize consumers to shop and realize gains and market share. Not all sales and promotional activity however should be viewed as an indicator that retail…

Thanks, Dan. Strong leasing momentum continued in the second quarter resulting in 364 new deals and renewals for 3.1 million square feet matching the highest quarterly deal volume in company history. Similarly, spreads were also indicative of the strong leasing environment with an 18.8% pro rata new deal spread and 7.5% pro rata renewal spread. Our 2.4 million square feet of renewals represents that highest quarterly volume in company history and is further evidence that retailers are focused on securing high-quality locations in prime power centers. While I typically spend some time addressing the supply-and-demand dynamics, we all know that it remains heavily in the landlords favor as demonstrated by our quarterly results. Instead, I’d like to focus on how we’re taking advantage of this environment to continue to grow NOI and improve portfolio quality through our previously announced Project Accelerate initiative as well as ground up development. As we announced in late May and discussed with many of you at Nayreed [ph] Project Accelerate is allowing us to collaborate with retailers in the books, electronics, toys, office and traditional department store categories to regain control of locations in advance of natural lease expirations where we can then re-merchandise our assets with market share winning tenants and recognize rental upside of 30% to 40%. As we have discussed before, this is an ongoing multi-year initiative and we continue to work with these retailers on a regular basis to right-size their real-estate footprints. As such, in addition to the 21 previously announced recaptured boxes representing 550,000 square feet of prime power center space, we have finalized deals to recapture an additional five boxes totaling 160,000 square feet in prime assets in Boston, Miami, Charleston and Rowley [ph]. It’s important to remember that while we’re finalizing deals in 2014 to proactively recapture…

Thanks, Paul. Operating FFO was $101.3 million or $0.28 per share for the second quarter including non-operating items. FFO for the quarter was $82.1 million or $0.23 per share. Non-operating items primarily consisted of impairments related to land held for development that is currently being sold. The second quarter was again representative of DDR’s execution of its strategic transactional and balance sheet objectives. First, we closed on the acquisition of four prime power centers, three of which were sourced off market for $265 million. These acquisitions were focused in the top-30 MSAs and included anchors such as Target, Costco and Whole Fruits. The most significant acquisition was the Maxwell, a 240,000 square foot prime plus power center locate Chicago South Loop. The Maxwell features an impressive lineup of junior anchors including Nordstrom Rack, Dick’s Sporting Goods and T.J. Maxx sits directly adjacent to Whole Foods and offers a demographic profile of household incomes on $105,000 and population of 681,000 people in the trade area. DDR previously made a $21 million mezzanine loan on the project that was accompanied by advantageous acquisition rights allowing for a seamless acquisition prior to completion and stabilization, with additional upside for DDR given the 90% lease rate. We closed on the acquisition in May for $118 million and we expect the majority of the NOI to come online in the fourth quarter of 2014. The acquisition was partially financed by the issuance of 1 million OP units in order to provide tax efficiency and the remainder of the acquisition was financed through asset sale proceeds. Another acquisition that I would like to highlight is Waterstone Crossing [ph], a 425,000 square foot prime power center in Cincinnati that is anchored by Target and Costco. DDR sourced the acquisition off market as a result of a strong…

Thanks, David. Before turning the call over to questions, I would like to let you know that we are planning to host a property tour in Atlanta on November 4th in conjunction with Navy [ph]. As many of you know, Atlanta represents our largest market by square footage and second largest market by base strength and highlights numerous assets that clearly illustrate our investment thesis. Following the tour, we will host a dinner during which you will have unlimited access to ask senior management team as well as our local management team from our Atlanta office which is responsible for 116 assets totaling more than 30 million square feet in Georgia, Alabama, the Carolinas, Tennessee and Virginia. We look forward to our productive day and exchanging thoughts with those of you who can make the trip to Atlanta that would like to join us. Again, thank you for joining us today. I’ll now turn the call over to the operator for your questions.

(Operator instructions) Our first questions come to you from Christy McElroy with Citi. Christy McElroy – Citi: Hi, good morning, everyone.

Good morning. Christy McElroy – Citi: As recourse is built out there by online and pick up in a store and other initiatives, the high eCommerce, the bricks and mortar, Dan, as you talked about, are you finding any changes in retail or space needs at the center level or any differences in the way even with retailers are kind of looking at their space needs in a specific market as stores become increasingly a method for distribution?

That’s a great question, Christy, because it is something we discussed with a number of our retail partners now. And it’s really not a function of space needs. It’s how they’re going to configure the space to make the experience pleasant for the customer. Right now, as many of you know, in order to pick up goods or to experience the shop online pick up in store program, you either have to go into the store specifically and then in which point there’s someone to assist you to your car with whatever good it is which is not really convenient or you have to go to the back of the store where the dock is and unpleasant things like dumpster and bailers and things of that nature. So natural physical presence of the store is in question and how they layout the store and how they make a customer pick up experience pleasant is a topic of conversation for sure. And there’s no great answer yet to how to do that, although, one of the things that we are seeing is for those of you who are old enough to remember the Sears catalog and JC Penny catalog and Montgomery Ward catalog, et cetera, where they had specific areas for catalog people to pick up goods at the store, that does give you a clue as to probably we’re going back to the future if you will in a lot of those types of environment. So I do think that we’re going to continue dialog with retailers on this. I don’t think there’s an easy answer to it. But I think there will be not necessarily square-footage reductions or expansions, but there will be different space layout to try to create an environment that is exceedingly convenient for the consumer to come to the site, go to the store, pick up the goods, get in and get out quickly with the merchandise. And I think it will require us to make physical changes to some of our shopping centers and physical changes to the overall experience in the near future. Christy McElroy – Citi: Thank you.

Our next question comes to you from Ross Nussbaum with UBS. Jeremy Metz – UBS: Hey, good morning. Jeremy Metz with Ross. You guys talked about a number of developments you have going on. Can you just talk about what sort of spreads versus acquisitions you are underwriting today? Is that higher than say a year ago? And then just more broadly where institutional assets are trading on a cap rate basis today and if that’s compressed further?

Sure. As we referenced a little bit in the opening commentary and certainly it hopefully shows up in our actual transaction activity, the private market for quality shopping centers is extremely hot, it’s extremely competitive. There is a reasonable amount of product being listed, but it’s being overwhelmed by the amount of capital that’s looking at the space. And so the acquisition environment is very competitive, very challenging, that’s why you saw our activity for this quarter dramatically more focused on off market opportunities, more opportunities where we had some sort of advantage on the deal and that’s why we were pleased with the acquisitions that we created that we were able to complete this quarter. But that’s why you don’t see us out actively winning a great majority of the deals that we looked at. We’d say at this point, quality power centers are clearly trading no higher than the low six cap range and seeing many, many more deals not just in the beloved coastal markets but in a broader list of markets and not trading below 6% cap rate. And so an extremely competitive environment for acquisitions. We had sought other places to invest our capital. In some cases, it just means a timing issue where we’re patient and we’re disciplined and we’ll wait to put that capital out where we do find opportunities. In other cases it means that capital gets redeployed in a redevelopment activity which we’ve talked about quite a bit or some of the new development activity that Paul referenced to where I think consistently we are talking about getting 250 basis points or more of expected return beyond where we think those assets would trade in the private market. Obviously, there are some development risk in the projects we’re talking about, but we’re more discussing projects where we already own the land, is already entitled land, we think you’re talking about a considerable development spread there where you’re only taking a fraction of the traditional development risk if we were to be going out and buying unentitled land to work that to the process where we would need an even wider spread for that sort of activity. Jeremy Metz – UBS: Thanks.

Our next question comes from Alexander Goldfarb with Sandler O’Neill. Alexander Goldfarb – Sandler O’Neill: Good morning out there. Just a question, if you look at a number of the expanding concept like store [ph] cycle and the ballet concept and yoga, et cetera. And then you also see that expanding dental chains and things of that sort. Are retailers more accepting of those sorts of contract, co-locating it as the showing centers or are they still resistant because of legacy parking concerns or rather issues like that.

It’s gotten better Alex in terms of the retailer’s acceptance. I believe you mentioned a couple of different concepts. So I would have a separate dental from fitness especially some of the smaller fitness users like life cycle. The retailers have gotten to accept the L.A. Fitness of the world certainly not so of the huge, lifetime fitness type units. [Indiscernible] has become very common in a lot of shopping centers, well-planned and well-positioned is the key. That’s the comment we get back a lot of the time when we’re asking for consent for some of the ready to wear merchants or other anchors in our centers. So to position properly, it seemed they have their own parking, a terrible influence on the parking lane from the store, they’re accepting. Dental, medical, that’ a different thing you’re going to have some centers where there is some small shops base, or some outline space that makes sense for. But we’re not excited about putting that in line with our traditional retail centers anywhere and then we’d like to keep it in an off location if you will. And again, I don’t think you can compare the two uses.

Yes, I think the short answer, Alex, is yes. People are more – the retailers are more accepting. But particularly for the medical use, we’re not more accepting. And while certainly there are certain centers where that maybe appropriate, in most cases we’ve determined that those are centers that are non-prime and those are centers that we should shell. And so we are not actively in that market because once you go non-retail for a shopping center – and there are obviously certain services – fitness is one and there’s other spaces that are difficult to lease that may be appropriate. But once you go to the medical field and that becomes a major priority for a shopping center, it’s going to be very difficult to maintain the retail presence in the market share gains and achieve market share gains that you like. And we typically put those centers on the sale list and we’ve had success obviously selling them. And as you can tell where our leasing numbers without doing those deals, we’re doing just fine. Leasing to the people that we want to lease to. So we really haven’t needed to go to that level. And I don’t suspect that we will anytime soon.

And our next question comes to you from Craig Schmidt with Bank of America. Craig Schmidt – Bank of America: Thank you and good morning.

Good morning. Craig Schmidt – Bank of America: The top national retailers continue to grow its market share of the total shares, I’m just wondering what this means by shopping center format and particularly what that might mean for small shops in shopping centers.

Well, you want to see in our case anyway, Craig, where the small shops are becoming less relevant. The power center format, let me start with that, we don’t have a lot of small shops space. We think about it in small grocery and the local community centers. So we’ve been very focused on taking it to the point you’re talking about where we’re consolidating shops space, bringing in some of the national anchors, converting 3,000-foot units to one 9,000-foot unit. So you will see a reduction in it. I think the key in our business and certainly the way I look at it is, how much office space should any center have, right? And it’s not going to be a big component when you talk about the power center format. So we’re going to focus on the national retailers. We’re going to focus on the large 10,000 and up primarily. Certainly there’ll be some smaller that complement the mix. But we will see less and less shop space. And that is a little bit of a function of what’s happening with the business. There’s always going to be room for service and food, fast food particularly, some of the cell phone operators. So you will see shop space in all sort of categories. But in what we’re doing and what we’re focused on, we’re not going to see a heavy concentration of how to build the shop space as we used to know it.

Next question is from Kalan Beril [ph] with Goldman Sachs. Kalan Beril – Goldman Sachs: Hi, good morning. Is Dollar Tree on your list of largest tenants? And I’m sure you also have exposure to Family Dollar. Could you talk about any impact you expect the merge of those two companies to have on their square-footage plans?

Yes, Dollar Tree is quite a large player on our portfolio. But there is only one Family Dollar, so impact in terms of the merger. And we think it’s a great idea. I think that we’d like to see this growth exposure in some of our markets. Eighty-six is the number of Dollar Trees we have today. So again, just with one Family Dollar, we’re up to 87. And again, no impact on the merger in terms of growth

And we think the merger is a positive thing. When you have multiple retailers in the similar category with a similar pricing strategy, it makes sense for them to join forces. We’ve seen it with Office Max and Office Depot. We thought that was a good idea. And we certainly think that this is a good idea as well. We think that in general, though, one of the reasons why these events occur is because if you look at the companies individually, both of them had very, very high aspirational new store GLA growth strategies. Both of which were going to be extremely difficult to achieve on an independent basis particularly as we have rising occupancy rates. We have nothing new being built. And finding the square footage necessary to sustain those growth aspirations was going to be very, very difficult and I think near impossible. So I think as the combined chain looks for its growth opportunities, it is more likely to succeed in the guided square footage that they have planned than they would individually. And I think that was a big part of the conversation that leads to the merger because retailers as you know have to grow internally or externally. But internally is tough. Internally is tough in a non-inflationary environment. So external growth is actually critical for a successful retailer and growing market shares is absolutely critical. And independently when very little is being built and the supply-demand dynamic is they heavily favor the landlord, joining of the forces in that effort makes a lot of sense.

Next is Jonathan Pong with Robert Baird. Jonathan Pong – Robert W. Baird: Hey, good morning, guys. Dave, S&P has a positive outlook on your credit rating. Can you share anything about how those discussions are going [indiscernible] it will be and then what’s the biggest hurdle to getting that done?

Yes, I mean the outlook is obviously very important to where their headed that in terms of their bent to continue to have the rating more positively reflect our credit. They do very critically their own research. We try to be as open in front of them as possible with our disclosure that we share with everyone as well as with specific rating agency, business and disclosures. So we have no secret intel as to what their plans are, but obviously I think we keep making considerable progress, de-risking the company. That includes lowering debt to EBITDA, but a much broader list of de-risking activities like the Brazilian exit. And so we think as we continue to make progress, the rating agencies have recognized that we think they’ll continue to recognize that maybe even more importantly, I think if you look at where our bonds [indiscernible] the fixed income investment community has certainly been supported of our name that I think positions as well when we choose to return to the bond market.

Next comes through from Albert Lin with Morgan Stanley. Albert Lin – Morgan Stanley: Hey, good morning guys. Year-to-date, I think you guys are attracting around 3.2% same stores NOI growth which is slightly towards the higher end of your full year guidance, 2.5% to 3.5%. I’m curious what your thoughts are for the back half of the year. And how long do you think you can sustain this level of plus 3% NOI growth?

We’re please with that activity for the first half of the year. I would call it very consistent to modestly ahead of that guidance range. And we think it continues to be achievable for the second half of the year. I think everything we talked about for use of the upgrade of the portfolio quality with the upgrade of the underlying tenant base was meant to create a portfolio that could deliver this. And while there is much debate in the past as to whether our portfolio quality warranted pricing on par with the other shopping center companies, I think as result show up, it becomes harder and harder to justify the discounted which we trade. When you see that the underlying cash flow does not only grow on part and better than peers, but also I think represented the sort of consistency that is important to us and we think important to what stocks get attracted multiples or NAV premiums or small NAV discounts over time. And so we’re pleased with the activity to date. We think everything that we put in place with the portfolio as well as the leasing team not only the caliber of the people we have but the mandate that they very clearly have from all of us to continue to drive growth that focus on project to accelerate, to find those opportunities where we can create additional rental spreads, creating year [indiscernible] over and prove the quality and value of the portfolio, but also absolutely push things to NOI. Now counter intuitively, it may have a slight negative impact in 2014 where we’re creating vacancy or at least in the first half of 2015. But we think even with that, we can maintain very attractive same store NOI growth on an absolute basis in this 2.5% to 3.5% range and I think very attractive same store NOI growth relative to the peer group.

Next question comes from Jason White with Green Street Advisors. Jason White – Green Street Advisors: Hi, guys. Just a follow up on the previous discussion over [indiscernible] some of the [indiscernible] and some of those hands in your centers. How will you be able to add the specialty grocers and with the parking they demand, is it hope to find the place to fit them in your centers or is it pretty easy to restructure some of the other retailer’s expectation?

It’s actually been quite easy Jason. I mean, most of the specialty grocers [ph] we’ve done have been takeovers of existing space. Like the one example I gave with a fresh market where we’d be taking a Barnes location, fit into the exact footprint, no expansion, no reduction necessary. And Barnes and some of the other spaces we have recaptured, they were very demanding in the amount of parking in front of their stores initially. So we’ve got plenty of parking and then we’re [indiscernible] to fill those folks like the specialty grocers. But we don’t see any issue in terms of the parking demand at all. In fact, many of the centers we’ve built, we’re probably over-parked and now coming in with somebody who’s going to use up a little bit of that parking is a great add to the center.

Next we have Todd Thomas with Keybanc. Todd Thomas – Keybanc: Hi. Thanks, good morning. Dan, in light of your comments around the retail environment, you noted that you’re spending a lot of time analyzing retailers promotional campaigns and inventory levels and merchandising. And we’ve seen a modest uptick in bankruptcies and closures this year relative to prior years. Your comment seems to be focused more on the importance of this back-to-school and holiday season. I was just wondering, do you feel that this season is more important than in recent years for many retailers, maybe a tipping point of sorts or a situation where things shake loose a bit with regard to closure or even bankruptcies. I was just curious if you could elaborate a bit on your comments.

Sure. I don’t think this season is any more important than any other season from that perspective. Particularly because I think in general, if you look at the bulk of our cash flow and the credit quality of our cash flow, the tenants are going into this holiday season in good shape. Balance sheets are in good shape. I think they’ve figured out obviously, over the last several years, regardless of the news we heard yesterday, they figured out how to operate in a low GDP environment with modest wage growth and modest employment growth. And I think they’re well prepared for the holiday season and we’re all prepared for back to school. I think what’s interesting though and we did a property tour up to New England the last two days. And one of the things you are seeing is that inventory levels and promotional activity in retailers is early. It was early for back-to-school and I suspect we’ll see the same thing now for the holiday season. We’ve always waited sort of for after Thanksgiving and then everything moved to before Thanksgiving and I think everything is accelerating a week early or two early. And I think that’s a result of the inventory levels. I think it’s a result of the cooperation between the vendor and the retailer and the fact that the consumer isn’t skittish. The consumer smart and the consumer doesn’t like to pay full price and they need to be incentivized to shop and the retailers are figuring out how to do that. So I don’t really think this is any more important than any other important selling season. But I do think that you will see some changes in inventory levels. You will see some changes in promotional activity. I also think that we saw some changes in merchandise mix because of the importance of branded good off price. And that’s just something to watch, to see if it works quite frankly. To see if it’s the right move and to see if that’s what the consumer is looking for as we head into the two most important shopping seasons which obviously are back to school and holiday.

The next question is [indiscernible].

Hey, good morning everyone. I just want to go back to follow your comments about project accelerate. I appreciate the details and some of the examples you shared. I was just curious though, if we take a step back and think about 21 recaptured boxes and the five that are being recaptured. Of those, how many are released at this point and how many have you actually taken back at this point.

Basically, we’ve only taken back one but they’re happening – they’d staggered [indiscernible] and that’s part of the beauty of this. Part of our deals on the 26th now are controlling exactly when we will we get the space back and made the point that we want to be in a position where we’re signing leases with the replacement tenant prior to physically getting the space back. There will be a few more in the third quarter, several more by the end of this year. Pretty decent wave of recaptures early in 2015. And David mentioned, obviously, there will be a little bit of a hit with that. The stuff we haven’t captured, we have certainly concrete ideas on every one. Deals are not done with all 26 but we’re recapturing for a reason. We want that space. And so in many cases – and if I just had to give a percentage I’ll tell you 50%. We’ve got deals soon to be executed and the others are in LOI and negotiation stages but very comfortable with the space.

I think it’s very important to note to Paul’s point though is that we will stagger the take-backs. And in most cases, we will have signed leases before we actually take back the space because our agreements with these retailers give us the optionality of when we can take it back, obviously giving consideration to their peak sales times et cetera. So we will stagger it out to minimize the downtime as much as possible or maximize the cash flow as much as possible. But we’re in a good shape from a documents standpoint. So there are optionality on these spaces is what’s really creating enormous value. So as we announce these deals and as these deals come through, you will actually see deals that are signed, ready to go but might not have taken back the space yet. And we still have some time before we do that.

Next question is from Ki Bin Kim with SunTrust Robinson. Ki Bin Kim – SunTrust Robinson: Thanks. Just a couple of quick follow-ups. Along that similar lines. I feel like [indiscernible] there’s still maybe 25% of space that’s not owned by you. What are your plans on those types of spaces. And does that make sense for you to take some of those back into the own portfolio.

The one you’re looking at is typically where you have a shadow anchor whether it’s a Target or a Lowe’s or Wal-Mart. And we have looked in certain cases where it makes sense to convert to lease. But that’s not typically the preference of those larger retailers.

Yeah. You think about some of the costly capital standpoint as much as our positioning has dramatically improved in capital, the decrease, it’s a real struggle to say that are our cost of capital could compete with the Costco or a Wal-Mart who have consistently wanted to own a larger portion of their store base. At least for Wal-Mart’s large format stores.

Next question is from Michael Mueller with JP Morgan. Michael Mueller – JP Morgan: Hi. I was wondering for the Blackstone [ph] JV, did you consider taking, I guess, a higher ownership stake initially or not really because you have access to the top 10 centers that you wanted anyway.

I think the importance for us is the risk-adjusted return. And so to be able to get a very low-risk return on a preferred equity piece for a period of time during which we’ll be doing the extremely detailed underwriting above and beyond what you do in an acquisition process but what you do when you truly own and manage a center to see what would make sense. Assuming we can figure out another transaction with Blackstone to take several of those assets on a wholly owned basis. I think it speaks to our focus on risk overall. Our focus on portfolio quality overall where we didn’t have an interest to take on 100% of these 76 assets. But we think we have a very attractive structure here where we absolutely expect to help our good partners at Blackstone on this transaction and end up at the day with something that works extremely well for them and very well for us when we can achieve a good return and a consistent return up front. And potentially, an ownership interest of 100% of the smaller pool of highest quality prime assets. Do we want longer term? So there’s a structure that’s worked well. They are a partner that has worked extremely well, and so we’re excited to another one with them. And hopefully, we see it progress over the next several years the way that the first one has.

Next we have Christopher Lucas with Capital One Securities. Christopher Lucas – Capital One Securities: Hi. Good morning everyone. I just wanted to [indiscernible] on the last question which is David, maybe you could give us a sense of the aspirates between [indiscernible] in that ARCP portfolio.

I think there is a relatively widespread when you simply say there are 76 assets. When you truly look at where the value is focused, I think it’s pretty tightly focused on high quality shopping centers in major market. But to answer the most extreme thought of your question, I think there are high quality, major, major market asset that recent transactional activity would tell us our five caps or some five cap sort of assets in the Los Angeles area. And on the other end, there are some smaller market, single time in assets with less attractive demographics are underlying tenancy. They would probably be in the mid-eights. And so I think you do have a wide range of cap rates by that broadest definition of thinking about each one of the 76 assets. But when you truly look at where the value is, it is highly concentrated in the high quality major market prime, large scale power centers.

Next we have Rich Moore with RBC Capital Markets. Rich Moore – RBC Capital Markets: Hi guys. Good morning. Hey, I’m curious, now that development seems to be making its way back into the conversation not just with you guys but with others as well, where you are in terms of your development platform, in terms of your staff, your expertise, say, which of course you’ve had before. And I’m wondering where that is today post recession from a development standpoint.

We’re in good shape, Rich. And we had the redevelopment platform and we were very careful as we went in to the recession and during the recession. We knew we needed the development folks in the department and we kept a couple of key ones and we’ve added since. And we continue to look by the way. We’re always looking for quality people in that area, construction and development but we’ve kept enough of a pool of activity, if you will, going with the redevelopment pipeline and the occasional development that we feel good about where we are. We continue to look. We certainly don’t feel that we’re in a position where we’re short on quality staff for the extent of the pipeline we played out for you.

And it looks like we have some follow-up coming through from Ki Bin Kim with SunTrust Robinson. Ki Bin Kim – SunTrust Robinson: Thanks. Just a quick question, a follow up on Rich’s. What do you think – have you guys looked at your total portfolio and just maybe put some parameters around what you think the total redevelopment opportunity is, maybe within the next three years or so?

Yes, we have. I mean, there’s quite a bit that’s active today. I will tell you that we’ll be north for bringing about $100 million plus online in ‘14. And that number should be right around 150.15 million. That’s kind of the run rate we’re looking at. It could obviously bury it from year to year based upon when projects are brought into service. So we’ve got several hundred million in progress right now, different stages. That just means we’re not just thinking about it. We’re actually doing something about it whether it’s entitlements or consents or working deals. But a good run rate would be about 150 million to 200 million a year of activity and probably bringing in around 150 million a year for the next few years.

And we have no further questions in queue, so I’ll pass it back to DDR CEO Dan Hurwitz for any final remarks.

I just want to thank you all once again for joining us for our update on what was a busy second quarter. And hope that you will be able to join us in Atlanta on November 4th in conjunction with Navy. So thanks again. Have a good day.

Wonderful. Thank you very much for your time. [Indiscernible] and have a great rest of the day.