Lance Parker: No. So what I was referencing was, so there is – as you pointed out, we do have two mortgages, one that matures in May and the other that matures in December. And so what I was referencing was the earlier one. And so that was about $57 million.
Mitch Germain: Okay. So – later one then?
Lance Parker: Yes. So with regards to the mortgage that’s coming due in December, we’re looking at a variety of options around what we want to do with it. And so we’ll provide additional detail on that as it becomes available.
Mitch Germain: Got you. Last one for me, just speak, it seems like land contribution for the year is kind of flat to ish to maybe a little bit of a drag. So what creates that drag to your numbers? Is it just additional carry expenses with no – maybe just kind of talk over how you get a couple of pennies of decline from that pool.
Lance Parker: Mitch, you’re on the right track. And so effectively, we do have carrying costs associated with these remaining non-core assets that we have. And so to the extent that there is no land sale activity, then that would result in just those carrying costs being there.
Mitch Germain: Got you. Thank you.
Operator: Our next question comes from Brendan McCarthy with Sidoti. Please proceed.
Brendan McCarthy: Hey, good afternoon, guys, and thanks for taking my questions.
Lance Parker: Hi, Brendan.
Brendan McCarthy: Just to start off just as a follow-up on an earlier question about the acquisition environment, it sounds like obviously the market has kind of dried up a little bit, but are you seeing any distressed opportunities out there? And if so, what asset classes are you seeing them in?
Lance Parker: So maybe in reverse order, Brendan, I’d say there aren’t a lot of distressed opportunities in the marketplace, but that being said, I’m not sure that I would necessarily characterize our market as drying up. I’d say it’s typically been just on a relative basis to other U.S. markets, probably less marketed activity, which is typically why we view the fact that we’re here and we have the relationships as a competitive advantage to us. It’s not to say that we may not see some distress, but we don’t have a lot of these higher levered, sort of larger office portfolios or other asset classes that may lead to more distress situations here than you may see in other areas.
Brendan McCarthy: Got it. That’s helpful. Just a quick question on a line item in the FFO portion of the statements here, I think I saw there was a $4.3 million abandonment development, or, I’m sorry, $4.3 million cost related to abandoned development. What was that from?
Clayton Chun: Hey, Brendan, it’s Clayton. What we did have was some non-cash charges during the quarter. And the item that you’re thinking of as far as the abandonment of development costs was $2 million for the quarter. And so that was just effectively a non-cash charge as we were cleaning up our balance sheet.
Brendan McCarthy: Got it. Thanks, Clayton. And one more for me, just so on the lower G&A expense for 2023. I know you mentioned that was lower personnel expense or lower personnel I believe. Was that just due to lower headcount at the company?
Clayton Chun: Yes. So as we’ve been simplifying the company, we’ve been identifying ways in which we’re able to also simplify our overall overhead. And so I think it’s a reflection of that.
Brendan McCarthy: Okay. Thanks for that. That’s all from me.
Operator: [Operator Instructions] This concludes our question-and-answer session. I would like to turn the conference back over to Steve Swett for any closing remarks.
Steve Swett: Thank you, operator, and thank you all for joining us today. Do you have any follow-up questions, please feel free to call us at 808-525-8475 or email us at investorrelations@abhi.com. Aloha, and have a great day.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
