Christopher Lau: Yes. Adam, Chris here. Simple answer is yes. There are plenty of opportunities. But let me just take a step back from more of a higher level strategic standpoint. As we’ve shared many times before, given the right attractive and accretive opportunities, our focus is to prioritize growth on the balance sheet as much as possible. But with that said, we also believe that a mix of joint venture capital is strategically very important, giving us additional opportunity to leverage our platform and fixed costs over a larger base of assets with compensation through fees. JVs create really unique opportunities for attractive longer term economics via our promoted interests. And then very importantly, during times of public capital market uncertainty and volatility like right now, they strategically provide access to high-quality, long-term forms of capital, which is exactly the thought process and strategy behind the recent agreement to upsize our joint venture with JPMorgan Asset Management, which — as a reminder, provides nearly $300 million of increased JV capital capacity that enables us to remain opportunistic on incremental land and development opportunities that might not make sense right now relative to our current on-balance sheet cost of capital.
Adam Kramer: Thanks so for the time. Appreciate it Chris.
Christopher Lau: Thanks Adam.
Operator: Our next question is from Keegan Carl with Wolfe Research. Please proceed with your question.
Keegan Carl: Thanks for the time guys. I know it’s touched on a little bit earlier, but as we enter peak leasing season, just kind of curious how demand compares both the last year and pre-pandemic levels. It was touched on about website traffic and home visits, but maybe where application is at and kind of how do they compare to previous periods?
Bryan Smith: Thank you, Keegan. We looked at kind of year-to-date and I talked about it in the prepared remarks, one of our key metrics is our check-ins per rent ready. So those are distinct shoppers going into our homes. And as I mentioned, that was up around 20% based compared to a rolling historical average. That’s one component of it. And then getting those check-ins to applications is the next piece. So, far this year, the application activity and the leasing activity has been fantastic. We’re very pleased at how it started continuing through February. We’ve had good absorption of homes in the portfolio. I’m optimistic that, that’s going to continue. And if it does, we’ll have really good pricing power coming in the spring leasing season.
One thing that I would expect to see this year potentially is kind of a return to a more normal sequence where peak leasing season, we’re allowed to push re-leasing rates. And then really in the first and fourth quarter of the year, you see more strength maybe on the renewal side, just to kind of match the way it used to look historically. But as it sits right now, demand continues to be really strong across all metrics. The new website has made it easier to navigate, especially from a mobile perspective. So, we’re getting really good feedback from our prospects from that side there. They are coming onto the website and staying longer and getting to the relevant check-in and application pages quicker than they did under the old website. So, that’s been real positive.
And we’re going to hope to continue to see those benefits as we enter the busier season.
