Keith Kimmel: So what we’ve seen in the Bay Area is that we’ve seen some strengthening as it comes to demand with leasing apartments. So one of the things that had been for – as you might recall, over the past 18 months or so, there was this outgoing of folks that would go work remote and different things. And what we’ve seen on the ground is, is people coming back. And so it’s not clear to me if that’s a reflection of some of these tech layoffs that are occurring that essentially, people are coming back saying, I want to get back to the hubs and the home basis of these companies. The point I would give you is our occupancy in the Bay Area is in the high 97s, and we had struggled previously being at 95 as an example. So we are seeing a shift that’s there. Now the rents haven’t fully recovered. The Bay Area was one of the slowest and most impacted. And so there’s still more work to be done, but we’re feeling good about where the Bay Area is as we start the year.
Rich Anderson: Okay. Good results guys. Congrats.
Terry Considine: Thank you.
Operator: Thank you, Mr. Anderson. The next question comes from the line of John Pawlowski with Green Street. You may proceed.
John Pawlowski: Thanks for the time. Please bear with me one more question on new lease changes. Paul, can you just give us a sense without revenue CapEx, how much lower new lease changes in rates and months would have been versus the roughly 10% reported?
Paul Beldin: John, that’s a question that we’re going to have to dive into and get back to you on because when we talk about the contribution from revenue-enhancing CapEx, that revenue enhancing is a little bit of a misnomer, because it’s not all revenue enhancing, but it’s also expense reducing. And so there is a mix issue there, and I don’t want to give you a number off the top of my head that isn’t precise. So let us follow-up with you on that.
John Pawlowski: Okay. No problem. Then just a few quick market level questions. Keith, your Miami portfolio, obviously, the composition of the assets has changed and rents are up massively in the market. Can you just give us a sense for rent-to-income ratios in your current Miami portfolio, how that compares to the total portfolio?
Keith Kimmel: So the renting – let me see if I have that right at my fingertips here. It’s – well, so I’ve got Matt Homes who’s just giving me the detail right here. We’ve been running at 20% rent-to-income ratio in Miami, which is actually quite similar. And the reason that is, is because we don’t actually have a different requirement from city to city. So regardless of the product type, what we do is whether the rents are $8,000 a month or $4,000 a month, we have a very high standard of having the incomes being substantially high enough to cover and to grow into it. So it’s about 20% in Miami.
John Pawlowski: Okay. Last one for me. The 1% sequential decline in revenues in Washington, D.C. Keith, can you provide a little more color about what’s going on in terms of demand trends in the D.C. Metro?
