What’s important to know about that is that is our best estimate of what we think the cost will be to remediate those, but the actual cash outflow to remediate those issues across those buildings will be over a very long period of time, so we view that as an isolated, anomalous issue that’s occurring across all homebuilders in the U.K. The second piece is how the operations of our business are being impacted, and that’s primarily related to the external environment, record cost inflation, we had a number of COVID slowdowns that we’ve talked about over the past numbers of years within Telford specifically, so what we did in Q4 is we evaluated all of our projects, you saw that we impaired a number of assets and we took a $43 million loss in Q4 – for the full year, it was just shy of $50 million, and we believe that that’s contained, that that’s a very good estimate of the value of those assets going forward and that we’re at an inflection point going forward, and we expect under new leadership and with the tailwinds behind U.K. build-to-rent, that that business will continue to grow going forward.
Steve Sakwa: Okay, thanks. I’d just wonder, are you seeing any green shoots at all in the U.K. housing market from a demand perspective, or has that not yet started to pick up?
Bob Sulentic: A little bit, Steve. You know, we still have the economic circumstance that we have with high interest rates, with concerns about the economy that’s causing people to not spend the way they would spend normally, so that’s a little bit of downward pressure on the business, but we’re encouraged by what we see in terms of the longer term trend.
Steve Sakwa: Great, thanks. That’s it for me.
Operator: Thank you. Our next question is from the line of Michael Griffin with Citi. Please go ahead.
Michael Griffin: Great, thanks. Maybe we can go back to leasing for a second. I’m just curious how your strategy around that might be changing, just given the longer term implications that remote and hybrid work could have on performance and impacting the space. I think, Bob, you’ve talked about expanding in industrial, so maybe just how thoughts around that changed, and if you can remind us what percentage of the leasing revenue comes from the office sector, that’d be helpful.
Bob Sulentic: Okay. Emma, why don’t you–do you have that number, the percentage of our leasing that comes from office?
Emma Giamartino: It is about–it’s a little over 50%, and that’s come down if you compare that to 2019, for example – it was closer to 70%, so that has steadily come down.
Bob Sulentic: Yes, so Michael, what I’d say is our current assumption is that this downward pressure that we’ve seen on office leasing is going to sustain for the time being. We haven’t seen much change over the last few months in the return to office. We’ve built a plan for the next several years that assumes that that is going to be the case. We assume that there’s going to be a move over time from lesser quality to better quality assets, higher rates, higher rental rates, which will be a positive impact on the business, but definitely going forward we expect more of our income stream in the leasing business to come from industrial relative to office than it has–other than in last year, than it has in the longer term past, and we don’t see that changing. The comments that Emma made about our plan for the next several years, our growth plan, fully incorporate that view.
