Jordan Kaplan: I think we have one large entertainment tenant, and we know they’re leaving. So I don’t think we have any other big entertainment tenants?
Stuart McElhinney: Not big ones but we do small – we do small tenants, small leases with writers groups and other small entertainment groups.
Jordan Kaplan: Yes.
Camille Bonnel: Yes. Just trying to get a sense of like the smaller guys are coming back to the table to have conversations, looking to start new projects? Just trying to get a sense if anything has changed since?
Jordan Kaplan: Well, I mean you saw – I mean, you just saw a renewal of the tenant in Beverly Hills that we renewed is an entertainment tenant.
Camille Bonnel: Got it. And for my second question, I was just wondering if you’re able to provide any additional color on the same-store NOI outlook for office versus multifamily?
Stuart McElhinney: Yes. We don’t break that out between the two. I think that the recent trends that you’ve seen are – would be helpful for you to think about going forward. Residential has remained pretty strong, and we’re dealing with the occupancy drag that’s office a little bit. So that will be the case for 2024 as well I’d assume.
Camille Bonnel: Okay. Thank you.
Operator: The next question comes from Bill Crow with Raymond James. Please go ahead.
Bill Crow: Good afternoon guys. Two quick questions. First of all, is there any real organic or nonorganic, I guess, demand in your markets? In other words, is it just a market share gain still? Are you seeing actual new space demands?
Jordan Kaplan: I think we – I don’t think from large tenants, we’re seeing new space demands, but I think we’re seeing kind of from the smaller ones, I think we’re seeing a lot of business as usual. But larger ones for us are really like over 10,000 or 20,000 feet. So it’s impactful when they don’t grow or don’t renew.
Bill Crow: Okay. And second on downtown, and I know it’s not your market, but the flow out of downtown can be helpful. Have we reached bottom on this downward cycle? Or is it still – is the market still declining?
Jordan Kaplan: Well, downtown – most of the downtown went to Century City, right? I mean a couple of other deals. And it was probably pretty positive. It was pretty positive for Century City. I’m not sure how the cycle downtown will play out. I mean if you’re there, you maybe have a better feel than I do. I mean, there’s a lot of people that are focused on getting that area recovered, but there’s a lot of tenants that have said, for better or worse, my next 10 years is going to be on the West side. It’s not going to be in downtown. So that’s certainly going to have an impact. I don’t know how that’s going to play out.
Bill Crow: So you’re still seeing out migration from downtown?
Jordan Kaplan: I don’t think we’ve been – I mean, our markets have been a beneficiary. I’m not sure that we’ve been a primary beneficiary. So what we are in particular seeing, I cannot say that we’re seeing anything meaningful from that.
Bill Crow: Okay. All right. Thanks for the time.
Jordan Kaplan: All right.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Jordan Kaplan for any closing remarks.
Jordan Kaplan: Well, thank you for joining us, and we look forward to speaking with you again in a quarter.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
