Marguerite Nader: Yes. I think the demand is very strong for our RVs. Our locations are where people want to be there in the winter or in the summer. So, I think that I don’t see a change to that. I do see that we have less available sites like I just mentioned. So that’s going to have an impact. But we’ve been able to push rate on the transient side, and we continue to be able to do that. So, I think that shows the strength of the market.
Anthony Hau: Okay. And just one last question for me. So, you quarter the quarter-over-quarter office sites for the core portfolio was down 130. I know this is not a material number, but I don’t think I’ve seen this since ELS started reporting this metric. Can you provide some color on what you’re seeing on the ground today?
Paul Seavey: Well, I think you’re talking the sequential quarter. The full year occupancy was essentially flat. I think we were down 15 sites for the, call it, plan. And in the quarter, there was some impact associated with the storm on our .
Marguerite Nader: And that impact was a result of homes coming back to us, but also our inability to sell homes through the hurricane and during the hurricane.
Operator: Thank you. Our next question comes from the line of Joshua Dennerlein with Bank of America Securities. Your line is open.
Joshua Dennerlein: Goos morning every one. I guess there were two same-store spend line items we didn’t touch on payrolls and real estate taxes. I guess just curious what kind of trend you assumed in both of those for your guide. And then if you could remind us on the real estate taxes, like is that a projection at this point, like a best assumption? Or is that kind of totally unknown or known?
Paul Seavey: For the most part — to your latter question, for the most part, real estate taxes are a projection. Obviously, our greatest exposure is in the state of Florida. Florida, Texas are billed in the current year, same calendar year bill as payment, but we don’t have visibility into the expected increases until August or September. The assumption is, call it, a mid-single-digit type increase for real estate taxes, which is right in line with our historical experience. And then with respect to payroll, I would characterize that assumption as being closer to API through 2023.
Joshua Dennerlein: Closer to headline CPI or core CPI? Or just…
Paul Seavey: Yes, headline CPI.
Joshua Dennerlein: Okay. Great. And then just for your guide, the same-store revenue, it’s lower than your same-store expense growth guidance. Just kind of curious how we should be thinking about that on kind of a more go-forward basis? Is this kind of a one-off? Or should we kind of assume that same-store revenues can exceed expenses in a more normalized go-forward basis?
Paul Seavey: Yes. I mean I think if you look at our long history, certainly, we’ve not found ourselves in an environment with CPI showing as much volatility as it has in the last 12 to 15 months. So, our long history, certainly, our increase in revenues was, call it, 100 basis points higher than CPI. And kind of trending close to that. And — sorry, expenses trending close to that. I think going forward, kind of as we settle out, the opportunity for us is to identify where we’ll be able to maintain and/or improve margin that type of . I think there are opportunities in the form of automation and technology implementation and so forth, . But necessarily look at 223 as the model for the forever future.
