Adam Kramer: Great. That’s super helpful. Thanks for all that color, Michael. Just maybe switching gears a little bit to development. If I’m not mistaken, I don’t think it was mentioned much in kind of the opening comments. I know it’s — obviously not kind of your biggest part of your business, but you probably do a little bit more development than some of your peers. I’m just wondering kind of what the thoughts are there? Are there going to be starts in €˜23 or is that kind of more on the back burner now kind of given some of the uncertainties in the environment?
Mark Parrell: Yes. Thanks for that question, Adam. We have a terrific development team, both the in-house team that started and built $400 million towers as well as much smaller projects. And then we’ve got the JV with Toll and others. So, we think development is a nice complement to our acquisitions, particularly in these expansion markets. The instruction that Alec and I have sort of given both our outside partners as well as our internal teams is find things that you can work on for the next few months that we can start late this year and sometime next. Maybe the capital will be a little more reasonable, maybe the underwriting will be a little bit better, maybe the cost structure will make a little more sense. And so, let’s be thoughtful about starting a lot right now where you really feel like your opportunity is likely to be in the acquisition market.
But we’d love to tactically start. We’ve got a few things already in the sort of inventory we’d like to do, but it’s just got to make sense. I mean, we’re just not going to plow ahead and put our shareholders’ money into a development deal if acquisition is a cheaper alternative or if just the costs and the risks involved are too significant. So to answer your question about development, it’s very important to us. We don’t have any starts really in the budget for this year. But just like acquisitions, we don’t have any of those either. But we’re happy to do plenty of them. Bob commented on the balance sheet strength. I think the debt markets would support a big EQR issuance to fund either of those, if we thought that was a good idea. So, we’ll just keep watching it closely.
And if there’s something that comes there on the development side, like I said, we got the internal team, we got the Toll folks, we’ve got others. I mean we can put that into gear. But we’re happy to have it at zero, too, if that’s the right decision for the shareholders.
Operator: And our next question comes from the line of Haendel St. Juste with Mizuho. Please go ahead.
Haendel St. Juste: Hey. I just want to follow up on that last question a bit first. So understanding that this early season pickup maybe in line with the historical trends as you mentioned. I guess, I’m more curious on your comments about expectations for normal spring leasing season and what that would imply near term for new lease rates. So maybe can you give some more color on how that normal trend has played out historically, what that could mean for new lease rates here into the spring season? Thanks.
