Steve Sakwa: Okay. And then maybe just circling back, I know there was a question on expense growth. And Chris, you talked — touched a little bit on the employee side. But I’m just curious, from a technological perspective and as you kind of use more technology, I guess, how much more cost savings or FTE savings do you sort of get at the property from here going forward. .
Chris Marr: Yes. That’s the evolving question. I think it relates on both sides. What and how does the consumer of our product, what do they want to use and how do they want to be engaged with. And we are doing an awful lot of work and an awful lot of testing to figure out that balance. It’s not surprising, and it’s not necessarily entirely demographically related, but there’s a portion of our customers who are entirely comfortable with a self-service model, no different than our kids texting from upstairs asking what time dinner is. And there’s a segment of our population who absolutely want that in-person service and want to know that there’s a store team made available to assist them with their storage needs. And to try to find that balance is what we’ve been really focused in on, and it’s a combination of video, it’s a combination of chat and it’s using smart rental more efficiently.
So we’re going to continue to navigate through that. To date, we’ve been able to find some really good operational efficiencies through the testing that we’ve done, and we’re just going to continue to attack that here in 2023. I just don’t think our model ever ends up being one where it’s entirely self-service. I don’t think we ever end up in a model where it’s entirely an in-person store teammate. I think ultimately, it will vary by market and by property and we’ll find that balance. I think there’s still good opportunity though for us to continue to be more efficient.
Operator: The next question comes from the line of Ki Bin Kim with Truist.
Ki Bin Kim: Just a couple of questions on the expense front. In 4Q, your personnel expenses were down 9%. I’m curious if that’s an efficiency-driven type of metric? Or were you just not fully staffed? I’m just trying to understand kind of the forward path for that line item?
Tim Martin: Yes. I wouldn’t overread into that being a forward path that has a little bit to do with the comp issue from last year. So I think it’s less to do with what we were doing this year and a little bit more to do with what we were doing last year and creating an easier comp.
Ki Bin Kim: Okay. And your expense growth in 2023 was only 3%, beating your guidance and even for 2023, your expense guidance is lower than your peers. So I’m curious if you think that’s a little bit of a geographic-driven item? Or going back to your other comments, is it other things you’re working on that are keeping those expenses lower.
Chris Marr: Ki Bin, it’s Chris. I can’t comment on what our peers are doing. You have to ask them for what their focus is. But back to my opening comments, we had a thesis at the beginning of ’22 that those companies that focusing on operational excellence, being lean and agile are going to be best positioned to navigate through uncertain economic times. And institutionally, we had a keen focus on just doing things more efficiently, operating smarter. And I think you combine that with the answer to the previous question in terms of how do you think about — how do you think about how the customer wants to be served. And I think we found ways to continue to be as lean as we possibly can. I think we’ve got some continued possibilities there in 2023, we will — as we always do, we will test and try a variety of different techniques.
