And all of the different owners had unique expectations. And that, in part, created distractions. Those distractions were of concern that they would impact the core business, which is really where we make our money. So with the limited synergies and the distractions, we made the decision. And at this time, this is not a platform that we are pursuing.
Adam Kramer: Thanks so much, Dave. I really appreciate it.
Operator: Our next question is from Alan Peterson with Green Street. Please proceed.
Alan Peterson: Thanks for the time. Chris, you mentioned controllables are benefiting 23 expenses, but can you give us a sense on the tax appeals that you guys filed over the course of the year and if you’re seeing any benefit to expenses from those, or if you anticipate any benefit into next year from those tax appeals as well?
Chris Lau: Sure. Morning, Alan. The latest update is, as we were expecting, this has been a very heavy appeals volume year for us. At this point, we have filed something in the ballpark of over 23,000 individual appeals. We’ve heard back on a good number of those. Not all of them are back in hand yet, but at this point, the important piece that we’ve been watching closely is the Texas appeals process. And at this point, we’re now pretty much through appeals in Texas. And as we were expecting, we did see a higher post-appeal value than we were originally contemplating at the start of the year. We’ve talked about this in past quarters. And we expect that to likely be offset by this year’s property tax relief rate reductions when those bills get officially released over the next couple of months or so, which continues just to be another component of our unchanged full-year property tax outlook of 9% at the midpoint.
And then I would just add, in Texas, even though this year is likely going to be a push, as we think about the benefit of the property tax relief rate reductions and the fact that those are going to be in place through next year, to the extent we continue to see moderation in home values translating into potentially values in Texas, we see that as being potentially a positive read through into next year just in terms of level of property tax growth.
Alan Peterson: Understood. I appreciate that. And maybe just shifting over to the top line and the performance that you guys are seeing in your markets, Southwest is a little bit weaker than the Southeast. Bryan, can you give us a sense for what’s driving some of the underperformance in markets like Las Vegas or San Antonio, for example?
Bryan Smith: Yes thanks, Alan. I think the easiest way to look at it is there’s been some increased supply in a few of the markets. San Antonio comes top of the list. We see this increase in supply, especially for our well located homes, to be kind of temporary in nature. Specifically in Las Vegas, we’ve seen a little bit of a pullback on rate growth, but occupancy has rebounded nicely in October. So we’re already seeing a little bit of a reversal there. I would expect that with migration patterns out of California for Las Vegas to be very healthy for a really long time to come.
David Singelyn: Yes, Alan, it’s Dave. Let me just add a couple of points. This is a short-term absorption issue on additional supply. This is not something that is new to 2023. We have seen this a couple of times already in Phoenix. We’ve seen it in Charlotte. And it’s very short-term as homes come on. And as soon as they’re absorbed, we have gone back to very, very strong fundamentals. The underlying fundamentals of both of those or all of those cities is still very, very strong, especially with respect to job growth and population growth and migration trends requiring housing. So what we are looking at, in my mind, is very short-term. We already, as Bryan mentioned, have seen that absorption pretty much get picked up in Las Vegas in October.
Alan Peterson: I appreciate that. Thanks for the time.
David Singelyn: Thanks, Alan.
Operator: Our next question is from Daniel Tricarico with Scotiabank. Please proceed.
