Jeff Spector: Okay. Thank you.
Tim Martinr: Certainly. Thank you.
Operator: Thank you. And your next question comes from the line of Spenser Allaway from Green Street. Please go ahead.
Spenser Allaway: Thank you. Understood your comments in regards to the environment being a little bit difficult in terms of the transaction market and you guys have obviously been disciplined year-to-date. But can you just comment on the broader cap rate environment? What are you guys seeing to the extent that you are looking at deals? And what is the prevailing bid-ask spreads look like today?
Tim Martinr: Yeah, Spenser, it’s a continuation of what we’ve been talking about all year, which is there, there certainly has been a bid-ask spread. We talked about earlier in the year maybe two calls ago we talked about that for most things that we were looking at there were interest to us that that bid-ask spread from our perspective was kind of like 20%-ish. Last quarter we were talking about the fact that it was at least moving in the right direction, but we were still off call it 15%. As we progress through the year, we are getting a little bit more optimistic that we’re going to find some opportunities. We did put something under contract that we expect to close in the fourth quarter. And so, obviously, we finally found something that works for us that was attractive both from an opportunity standpoint, as well as the price at which that opportunity comes.
So getting a little bit closer, but still yet for most deals that we’re looking at there’s a little bit of a gap. We are super optimistic though that there is as I mentioned in my prepared remarks there’s a time coming here that we believe that we are super well-positioned both from a balance sheet standpoint. Our team is ready and willing and able to go when we — when the time is right to start pulling the trigger on a more frequent basis. We think there is some good opportunity coming ahead here as sellers start to get a little bit more realistic about where the market is and where buyers need to be.
Q – Spenser Allaway: Okay. Thank you. And then maybe just lastly on the operations front. You commented that some of the more urban markets, you’re seeing more strength there. How are you feeling about ECRIs and the ability to push rates in some of your other markets outside of those more urban markets?
Chris Marr: Yes, Spenser, across all of our markets the trend has been consistent here for the last several months. When we think about opportunities that presented themselves during the very robust times of 2021 and the first couple of months of 2022. We had gotten up to around call it 20%, on average across the portfolio in terms of the amount of the increase, as market pricing has gotten more competitive. And as — we’ve seen the results that we’ve seen throughout this year that had come back by May, June of this year into that 15% range, still higher than the kind of 10% we would have quoted on average pre-pandemic, but down from the peak. And that’s been consistent here during the third quarter. And as I mentioned in my prepared remarks, our current customers continue to exhibit signs of good health.
And we think there will be a little bit of downward on that 15%, if we continue to be in such a challenging market from pricing to new customers. But on a relative basis, still feel pretty constructive about the contribution that that will make to growth as we go forward.
Q – Spenser Allaway: Okay. Great. Thank you so much.
Operator: Thank you. And your next question comes from the line of Smedes Rose from Citi. Please go ahead.
