Jade Rahmani: Thank you very much. On the cash flow performance side, cash flow was negative in the quarter. Just looking at the cash flow statement in the supplemental, one of the items was timing related due to the GSE multifamily business. I think proceeds from sale of mortgages were below the originations. The other big item looks to be in working capital on the payable side and also in receivables. Is that timing related? Was there anything outsized in the second quarter you wanted to call out?
Emma Giamartino: So specifically – first of all, I think it’s important to look at our free cash flow on a trailing 12-month basis, and that’s what I spoke to in my prepared remarks. And we’re really focused on what we expect for the year, which is in that $600 million to $800 million range. In the quarter, specifically, what’s been if you – what’s been impacting the decline is primarily the decline in core net income. All of the adjustments, the cash adjustments that get you to free cash flow are pretty much in line with what you saw last year for the second quarter.
Jade Rahmani: Okay. So nothing unusual in working capital?
Emma Giamartino: No.
Jade Rahmani: Okay. Post second quarter leasing, I recently heard that in New York City, in particular, there’s been a big uptick in office leasing, at least interest in certain buildings. Do you have any views on that?
Bob Sulentic: Yes. Jade, that’s an interesting story. And by the way, it’s a story that’s being pulled increasingly, and it’s this bifurcation between really good buildings and other buildings that are less attractive from an experience point of view for tenants. And what we’ve seen in New York, in particular, is that companies that want to get their people back into the office and believe it’s important, are very, very interested in getting the best possible space to create the best environment for those tenants to get them in. So there’s actually a little bit of a feeding frenzy for the best space in a place like Midtown Manhattan. In fact, I had a conversation with our senior most brokers, and we have 125 or so of them that qualify for this, we call Vice Chairman.
And we have a Vice Chairman in New York, that focuses mainly on hedge funds, investment companies, et cetera, in Midtown Manhattan. He told me a couple of weeks ago that this is going to be his best year ever in leasing, which is kind of at odds with everything you’re hearing about return to the office, the attractiveness of office space. But what it is, it’s those clients wanting to gobble up the best space, and by the way, at record rental rates so they can create this environment for their people. So we are going to see this circumstance continue to play out where the best buildings do quite well. And the buildings at the bottom really, really struggled in between, you’re going to see buildings repurpose because that – in the absence of those buildings in the middle being repurposed and moved up the spectrum in terms of their quality, there aren’t going to be places for these companies to go when they do want to create this environment for their people.
By the way, it’s one of the things that is a bit of an encouraging sign for companies like us who provide a lot of services to office buildings over the longer run.
Jade Rahmani: Thanks. I’m going to get back in the queue. Appreciate it.
Operator: Thank you. The next question we have comes from Stephen Sheldon from William Blair. Please go ahead.
