And I hope that we’ll get an opportunity to look at some of those types of opportunities. And I would expect that in the sector, we’ll still see opportunities for consolidation. Invitation Homes today is the combination of four or five different companies as it currently sits. And I would expect that there’ll be opportunities to buy additional businesses or portfolios in the coming years. So expect us to kind of continue to keep an eye towards growth as we always have. But it’s been a little bit of a weird year in terms of uncertainty and candidly just the limited amount of supply in the marketplace.
Operator: Thank you. We now have Austin Wurschmidt of KeyBanc Capital Markets. Please go ahead, when you are ready, Austin.
Austin Wurschmidt: Yes, thanks for taking the follow-up here. I don’t believe this has been hit on, but just wanted to ask about the qui tam and sort of the latest update how you guys are thinking about a potential lengthy court proceedings, what the potential cost of that could be and whether or not you’re considering or evaluating a potential settlement in order to be mindful, I guess, of the overall cost? Just any update there you can provide? Thanks.
Dallas Tanner: Thanks, Austin. This is Dallas. First, like, obviously, as we said before, we don’t comment really in great detail on ongoing legal matters. In relationship to the qui tam, this will be likely a long process. We’re not even to a discovery phase. It’s still kind of at the front end of the administrative side. I’ll say what we’ve said before. We feel like we have really good facts on our side. We will and reserve the right to defend ourselves appropriately. And we’ll obviously update The Street and you guys as — or if we had new information when it, come to us, but no update there at this point in time.
Operator: Thank you. We have the final question on the line from Anthony Powell of Barclays. Your line is now open.
Anthony Powell: Hi, hello? Can you hear me?
Dallas Tanner: We can hear you.
Ernie Freedman: We can.
Anthony Powell: Yes, thanks. Sorry for the earlier . I guess on turnover, mentioned a lot of times that turnover was increasing. I wanted to confirm that, that’s really isolated to Southern California and other — another bad debt situation. This is not really a general increase in turnover in your portfolio.
Ernie Freedman: No, no, it’s across the board because we’re still working through in all our markets, residents that haven’t paying rent an issue in Southern Cal, there’s certainly more there. So across the board, we’re going to see an increase in turnover. And in fact, honestly, California may take a little longer for us to get there, because of the situation in the regulatory environment. So the bad debt number, and it’s being elevated is going to be because of Southern California and because it’s more difficult to move forward with residents who aren’t paying there. But eventually, it’s going to turn here with — which hopefully continues to be with where the rules are. But it’s going to be more across the board as we kind of clean up from the remainder of what was going on during the pandemic environment in most of our markets.
Anthony Powell: Got it. But it’s not like due to tenants just not accepting rent increases and moving out, it’s more of a bad debt tenants, can clean up. Is that fair?
