Listen, I think Northern California has the most on the bone to come back. And what I’d point you to today is in Northern California, for us, that’s the Peninsula to be particular, San Jose and Marin County. We’re at 97.7% occupied today. What that tells me is demand exists. And at some point, we’re going to get that pricing power back, and we’re going to earn it back in. So, we’ll see. I called it at the beginning of this year, I thought it was going to be the winner, didn’t turn out to be true, Haendel. But that one could be back. San Diego continues to be a great market for us. Of course, Miami continues to be a great market for us. Philadelphia will be a tough market, I would call the first half of the year as we work through the balance of supply, but then we’re going to be in blue skies and clear sailing once we get past that because that supply will be behind us.
So, we’ll get into the more particulars when we get to January, but that’s the way I’d have you think about it.
Haendel St. Juste: Great. I appreciate that color. And then some question on the JV. How much capital is left to deploy there? I guess I assume that will be the first source of potential acquisitions other than maybe dispositions as you match fund. But clearly, I think where your cost of capital isn’t buying back shares, it’s more like that you use JVs. And then maybe on Raleigh as a market, you guys entered this quarter, curious what you saw there, what kind of exposure you’re looking to build there?
Terry Considine: I would say — Haendel, it’s Terry. But I’m going to call on Matt O’Grady, who’s our primary person responsible for the joint ventures, and then I’ll call on Josh for Raleigh. So, Matt?
Matt O’Grady: Hey Haendel. Just on the — our joint venture partners each have committed follow-on amounts to invest alongside us. And so, those amounts are in aggregate about $600 million, $700 million. But I would say that the objective is, we’re doing right by our partners, we’ll continue to do those. And I don’t think there’s a meaning — we partnered with folks with deep pockets, so we should be able to continue to draw on that in the future.
Terry Considine: Josh?
Josh Minix: Raleigh has been a target market for AIR, and we’re excited to be able to execute on multiple deals there this quarter to give us immediate scale in the market. We believe in the long-term outlook of Raleigh based on the favorable business environment, skilled labor force driven by the proximity to research universities, and science and technology companies. We think these factors will generate durable long-term job growth and population growth in the market.
Terry Considine: Haendel, I hate to — I have to amend what Josh said, but in various attractive features, he overlooked at the college basketball team. So I just…
Haendel St. Juste: I assume you mean North Carolina?
Terry Considine: I assume that will get worked out over the course of the season.
Haendel St. Juste: All right. Thank you, guys. I appreciate it.
Operator: Your next question comes from the line of Robyn Luu from Green Street.
Robyn Luu: I just want to go back on the prior question around the Bay Area. I noticed in the sup that in the 2024 table, you did actually mention that you expect sluggish leasing in Peninsula and San Jose. Are you — do you expect it to be tougher to track I guess, new demand — new tenants on your price points, or are you expecting broader demand softening next year in that area?
