Alex Jessett: Yeah. Yeah. Absolutely. So in our guidance, we are not assuming any capital transactions. Obviously, we are watching the market closely. Rates have been coming down until this morning and spreads have been tightening. So we are watching that closely. If we have the opportunity, we will take out some of this floating rate debt with fixed rate debt. But at this point in time, we are sort of operating under the thesis that interest rates are going to come down as we go through the year and based upon that it probably makes sense to push out fixing rates really as long as we can. So that’s what’s baked into our model, as I said, we are going to be opportunistic though and if we see an option we will take it.
Rich Anderson: Okay. Fair enough. Thanks. Thanks, everyone.
Keith Oden: Yeah.
Operator: Our next question comes from Wes Golladay with Baird. Please go ahead.
Wes Golladay: Hey, everyone. Thanks for taking the time. I just want to follow up on that last question, if I understand it correctly. So it looks like you can borrow today around 4.5% and have a 1% interest savings on that floating rate debt. Would you have a penalty to pay that off, and I guess, that would just be upside to guidance if you were to take it out today, but it sounds like you just want to be a little bit more, I guess, aggressive at this point, and I think, you get a little bit lower than the 4.5% I just cited?
Alex Jessett: Yeah. And I will tell you, I mean, spreads came in this week alone about 30 basis points, and so if you would have asked me on Monday, I would have told you number was 48, 45 this morning, and so obviously, that’s heading in the right direction. But we want to see — we want to see where rates continue and whether or not we can get any better on that. On the floating rate debt that’s associated with the Fund transaction that we assume there is a 1% penalty. Obviously, 1% is really not that much, and certainly, that can go into the math pretty easily. When we look at what’s on our line and what’s on our term loan, there is no penalty. So that really does give us tremendous flexibility and if this — if the unsecured market continues to improve, there is some potential upside there.
Wes Golladay: Okay. And then going back to Houston, I think, you cited supply of 15,000. Is that — a lot of that supply directly impacting your portfolio and then if you were to look out to next year, would you expect supply to be comparable for now?
Keith Oden: So actually most of the stuff that is being built in Houston right now is not directly comparable with our portfolio. Some of it is obviously the Downtown assets and Midtown assets, there’s been a reasonable amount of construction in both of those submarkets. But our portfolio in Houston suburban and there really just hasn’t been that much new supply built in the suburban markets in Houston. It just gotten started maybe a year and a half ago and now it’s slowed considerably in terms of new starts. So I think we are — as with most of these markets, when you see a scary headline number, on completions. A good example would be Austin, there’s 20,000 apartments that are set to be completed in Austin this year and kind of headline number just it’s sort of you got to take a double take when you see at 20,000 starts in a market like Austin.
