Todd Thomas: First, I was just wondering. Apologies if I missed this. But are you able to share where occupancy in the portfolio is today and what that looks like year-over-year from the new same-store pool?
Chris Marr: Yes. You didn’t miss it. So for the new same-store pool as of yesterday, the occupancy in that portfolio is running around at the end of January, rather, at 91.3%, which is down about 130 basis points from that new pool’s occupancy at the end of January 22.
Todd Thomas: Okay. And so that’s a little bit of a sequential decrease from where you are at the end of the year. When is occupancy starting to pick up a little bit at this point ahead of the peak rental season. I know the peak rental season doesn’t really begin for a little bit longer here. But are you starting to see that uptick in occupancy and also in rents?
Chris Marr: Yes. We haven’t really seen the beginnings of the rental season yet. February, obviously, still dealing with weather and all sorts of other things. I mean, it’s hard to say that — I don’t think your statement that’s sequent — and it is factually correct that sequentially. That’s 10 basis points there. We used to have an entirely different — a pretty different pool. So it’s kind of apples to oranges. But yes, and I haven’t seen it yet. March, early March, mid-March, I think, is when we typically start to see the spring moving season start to kick in. I think on the rent side, as I think I answered in the prior question, you are starting to see the positive movement in rents as we’ve moved past January.
Todd Thomas: Okay. And then back to New York City, I hear the comments around new supply diminishing a little bit, having a positive impact there on activity. Can you talk a little bit about rental rate to New York City and rental demand and what you’re expecting in terms of occupancy trends there throughout the year?
Chris Marr: Yes. I think again, the answer to some prior question, occupancies are up basis points or so over last year in the New York City same stores. It’s the only market with positive occupancy versus prior year. Rents are up to new customers, about 3%, and it’s one of a small number. And I think the only of the top 5 markets where we’ve got rents that are in positive place at this point relative to what we were doing in January and February of ’22. So demand is pretty good. Occupancies are good. Vacate pattern there continues to be very constructive.
Todd Thomas: Will you be able to increase rents to existing customers in the New York portfolio sort of an outsized rate relative to the balance of the portfolio this year and also relative within New York relative to what you did last year?
Chris Marr: Yes, I’m not sure necessarily at any higher rate than what we did in ’22, but I do think relative to other markets that are seeing a different shift in the way population is moving. I think we have a greater opportunity in the urban markets, New York in particular than we do in some of those suburban markets. .
Operator: The next question comes from the line of Keegan Carl with Wolfe Research.
Keegan Carl: Maybe first one here, just what’s your anticipated cadence and magnitude of ECRI throughout ’23? And how is that going to stack out what you guys did in ’22.
