So there’s like a lot of amenities, a lot of housing all going in at once. So it’s a pretty good bet.
John Kim: My second question is a follow-up to Michael’s question on retained cash flow from your dividend cut and the use of proceeds. You talked about buybacks as an opportunity, multifamily, but you didn’t mention the office. And I was wondering if you
Jordan Kaplan: I didn’t — not mention office, whether it’d be office, residential, I mean, all of those are opportunities. And I think the opportunity — and I think there’s actually a reasonable chance that opportunity could be better in office than residential. I guess — just acquiring. I probably definitely put off on the list and I definitely — maybe residential, definitely office, but remember, residential has held up better, and stock on everything as almost.
Operator: The next question is from Dylan Burzinski with Green Street.
Dylan Burzinski: I guess just sort of on that acquisition piece. When you look at it or in your discussions with JV partners, are they interested in deploying capital in today’s environment?
Jordan Kaplan: Yes, they are. We’ve been in contact with all of our partners and explained the situation and explained to them what’s going on in our leasing pipeline and why we’re bullish on LA. And we consistently get a positive response, it’s great. If you find an interesting opportunity, please show it to us. I think they had confidence in the fact that — we put a lot of money to the deals, and they go, well, if you like it, we like it, basically.
Operator: The next question is from Tayo Okusanya with Credit Suisse.
Tayo Okusanya: Thank you for the earlier comments about Warner Bros. Just curious for some of the larger — other larger leases are expiring starting in 2023 into ’24, like UCLA and also William Morris, kind of some initial thoughts on those.
Jordan Kaplan: So we really only have two big leases in the portfolio, it’s Warner Bros. and then William Morris that you mentioned the act like large tenants. The rest of that list is multiple leases. I already spoke about UCLA. I think they have over 20 leases with us. They don’t act as a single entity or unit. But it’s Warner Bros. Jordan already kind of gave you his thoughts on prospects for that. William Morris has a bunch of years left. So I don’t think there’s anything to talk about with them for a while. And then everything else, like I said, all the other tenants on the list act like smaller tenants, they aren’t super material, it’s a bunch of leases.
Tayo Okusanya: And then also from a leasing perspective, again with your tenants, anything changing in terms of type of terms they’re looking for, is it taking longer for them to make decisions. Can you just kind of talk a little bit about just kind of what you’re seeing in that respect?
Stuart McElhinney: I think the notable change that we already talked about was that the average lease size for the Q4 results that we just published was down. It was smaller tenants that really held up our activity in Q4. We saw larger tenants not as active, not surprising given kind of what’s going on with the economy. Our tenants tend to generally zero in on a five year lease because they’re smaller and most of them are personally guaranteeing the leases, they don’t tend to feel comfortable going longer than that. Usually, what happens in a cycle is when the economy is down, they’re nervous and they tend to go a little shorter term. And then when the economy is doing well and they’re feeling good about their prospects, they’re a little comfortable going a little longer. But we’re almost always still zeroing in around that five year average, and that’s still what we saw last quarter.
Tayo Okusanya: And I mean since smaller tenants, they’re using more of your prebuilt product or are they actually building out space on their own?
