Keegan Carl: That’s some great color there, Dave. And I guess shifting gears here, what are you guys currently seeing in the land market? And how is that impacting what markets you’re planning future development in. And just given — I think this is a relevant question given you have the second JV; can you just remind us how you decide what goes into the wholly-owned bucket versus your prospective JV land?
David Singelyn: Yes. Let me separate those two questions. Let me take the first half and I’ll have Chris talk about the allocation methodology between JVs and us. But today, the land market, if you look at our second quarter supplement, you’ll see that we did acquire some land, but it’s very nominal. And I would say we are kind of in the same place that we are in the development. We are seeing improvements in the marketplace and we’re getting ourselves closer to where the opportunities hit our underwriting models. But as of the second quarter, we bought just a few homes. With that said, keep in mind that we have a significant pipeline, and we are well set for the next few years with or without acquisitions. Our goal is to make sure that we replenish that for the 2026, 2027, 2028 time periods, but we’re well positioned in the near-term.
So, we have the ability to be patient. We have the utility to be disciplined, and we don’t need to chase opportunities just to have the opportunities. We’re going to make those opportunities be the right opportunities for us. With respect to the allocation, Chris, can you go?
Chris Lau: Yes, Keegan, Chris here. I would say taking a little bit of a step back the nature of the projects, whether they’re going into our on-balance sheet pipeline or into the JVs is indistinguishable in terms of location, quality, et cetera. The only nuance that today, it could be a touch different is as we think about the opportunity to capture some incremental projects with a slightly lower initial yield with a great long-term growth prospects that may have a similar total return profile, just slightly lower initial yield parameters. Those are a great fit for the joint venture context. So, that’s the one piece that could be a little bit different or nuanced today. But generally speaking, the projects are very, very similar, again, like I said, in terms of quality and location.
Operator: Our next question is from Adam Kramer with Morgan Stanley. Please proceed with your question.
Adam Kramer: Hey guys. Really good quarter there. So, congrats on the 10-year anniversary as well. I just want to ask about kind of new lease trends. Look, I think, Bryan, you gave some really good detail on the renewal in both July and then going forward. But maybe just kind of on the new lease side, where were you for July?
Bryan Smith: Thank you, Adam. I think you asked when we for July you cut out a little bit. July for new leases, we had an 8.5% increase. So that was really strong as well. The demand, as we talked about, has been fantastic through the spring leasing season continuing into July, and we’re seeing strength as we get into Q3 as well. I’d expect a slight moderation as we get into Q3 and Q4. I’d love to be able to continue at these levels. We’re going to do everything we can, but the expectations are that we’ll be moderating a little bit on the new side into maybe the 7%s for the balance of Q3.
Adam Kramer: Helpful. Thank you. And then just maybe a couple of short ones. Just where is the loss lease stand today? And then when you’re thinking about kind of full year market rent growth, I know you provided numbers earlier in the year for kind of the full year forecast. Are those the same today? Or are you seeing potentially more margin rent growth for the full year to be kind of the success that you’ve had so far this year?
