Chris Lau: Yes. It’s a good question. Insurance is something that is — you’re right, it’s a small line item from an expense standpoint, but very top of mind for us as we’re thinking about managing of the business. Again, our insurance renewal for this year is done. That’s what we see coming through with the increase in the 20s. As a reminder, that’s pretty consistent with what we had contemplated in guidance. But more broadly, I think we touched on this a bit last quarter. I would say our increase really reflects the state of the broader property insurance market, which is in trouble after multiple years of catastrophic losses that are now rippling through rate increases across the board for everyone. And unfortunately, it’s somewhat difficult to envision a scenario where the insurance landscape looks materially better in the near future, which as we shared before, we think creates the opportunity to take more control of our insurance trajectory through creative solutions like the captive, for example, so you’re exactly right.
A couple of years ago, we formed our own captive company as we knew it would be important to control more of our insurance programs over time. And our captives don’t need more time to mature. Today, what we’re ensuring is relatively small, a couple of million dollars of captive insurance layer on an annual basis. But we see opportunities into the future to use it a little bit more broadly to help us control third-party insurance increases and absolute costs over time. But while doing it responsibly, that doesn’t change the overall kind of risk complexion of the portfolio.
Operator: Our next question comes from Eric Wolfe with Citi. Please proceed with your question.
Eric Wolfe: Thanks. We just saw SREIT sell a smaller portfolio. Just curious whether you looked at it, if you had any opinion on the quality growth prospects of it there. And if you’re also seeing other portfolio being marked as well?
David Singelyn: Thanks Eric, it’s Dave. Yes, the portfolio that traded, we’re very familiar with the portfolio. It’s not the first time that this portfolio substantially this portfolio has traded. We did not bid on this portfolio when we look at this portfolio, the way we would envision is, we’re looking at the quality of the assets. We’re looking at the location and we’re looking at the location of those assets as to whether it’s an area that we want to grow at this time. And because of our development program and the ability and the quality of those assets that I’ve already referred to and the yields that we get off of those assets, we have the ability to be disciplined and discerning in all of our acquisitions. So, as I said in prepared remarks, today, the majority of what we are seeing on the MLS and portfolios as well as national builders, we’re largely out of the market, but it doesn’t mean that we won’t get back in.
With respect to the second part of your question, Eric, on the portfolios that are out there, we do continue to see portfolios very consistent with what we talked about last quarter. Most of them are much smaller than the one that traded. And much of them don’t meet our quality of assets or economic yield requirements.
Operator: Our next question is from Jamie Feldman with Wells Fargo. Please proceed with your question.
Jamie Feldman: Thank you. I guess sticking with investment opportunities, how do you think about your capital sources if you were to find larger transactions and opportunities to buy, I guess, along those lines, how big can a JPMorgan JV get? And how are you thinking about the value of your equity or other partnerships or JVs or anything along those lines?
