And some of them will work, some of them will not, we’ll learn and learn from those that don’t and move on. So it’s — for us, it’s just a focus. And if you focus on something put the right people on it, you can do great things.
Ki Bin Kim: And your repairs and maintenance expenses in your same-store pool account for about 1% of total revenues. That’s at the lower end when I look at some other competitors that might be as high as 3%. I’m curious if that’s like a weather-driven snow removal cost driven type of item or some other things that you’ve been working on?
Chris Marr: Yes. Again, don’t have any idea what — how to answer what other folks do. You’d have to ask them why theirs is, and I’m sure they’ll help you out. From our perspective, we take — we have great properties, obviously, best-in-class in our industry. We take great care of them. And so when things need to be repaired, we repair them immediately and perhaps that saves us from having to incur incremental costs over the longer term by trying to ignore those day-to-day things. So it’s always been a point of focus. Our facility services team is world-class. And obviously, we believe in providing our customer with an excellent product and part of being an excellent product is making sure you’re maintaining your stores in the best way possible.
Operator: The last question comes from the line of Mike Mueller with JPMorgan.
Mike Mueller: Chris, I guess your comment earlier on about New York performance being a little bit better than the portfolio average. I guess, was that more of a 2023 comment as you move through 2023? Or is that intended to be a little bit more of a multiyear outlook for the next few years?
Chris Marr: The back half of 2023, the boroughs, as I said in the opening comments, I think will outperform. And I think that, again, in our expectation for a more normalized environment versus what we saw in ’21 in the first couple of months of ’22, I think the low beta, high-quality demographic markets, the more urban markets will tend to outperform some of the markets that saw great performance in ’21 and into the beginning of ’22.
Mike Mueller: Got it. Okay. And then — last question. You have a couple of developments coming online beginning of next year. Can you talk about the pipeline? Are we likely to see any starts this year? How do you think that will evolve?
Tim Martin: Mike, it’s Tim. It’s an area that we look at. And if you look historically, our development pipeline has been very focused on just a handful of markets. And the markets that we have been focused on have seen a fair amount of — have seen a fair amount of new supply, and we think that new supply will continue to diminish. We are focused though on trying to find opportunities that are great infill locations for us that are complementary to our existing portfolio where there is a need or a pocket so that we can expand and enhance an already dominant position in the handful of markets that we’ve developed in the past. So hard to predict whether we’ll be able to find opportunities to add to the development pipeline. But clearly, it’s tapered off here over the past several years. but we don’t expect it to taper off to 0. We’re looking for opportunities, and you shouldn’t be surprised to see a couple of projects pop up on that list as the year plays out.
