And obviously, if things slow down, that would be, I think, viewed as a good thing for SFR. Now it will depend on how we pay for those things going forward. But we’ve got plenty of, as I mentioned before, third-party capital that would like to look at these opportunities with us. And we’d also like to invest as accretively as we can on the balance sheet.
Operator: Thank you. We now have Juan Sanabria from BMO Capital Markets. Your line is open.
Juan Sanabria: Hi, thanks. Just maybe a question, I guess, for Ernie, just on the rate side of the same-store revenue equation for €˜23 guidance. Just curious if you can comment on assumed market rent growth across your portfolio in ’23. And maybe how you should — how we should expect renewals to trend, given the moderating loss to lease. Do you think they could stay pretty sticky around the high single digits for the course of €˜23? Or should we expect that to moderate as well?
Ernie Freedman: Yes, implicit in our guidance and when I walk through the pieces, Juan, is that we’re looking at — for growth on rate, blended rate to be kind of in the mid-single-digits. I think honestly, that’s probably we have the best most upside opportunity with regard to our revenue. And we are going to be able to cautious is on the bad debt side. We got burned a little bit by that last year. I think we’ve built enough into our guidance that we’re probably okay there, but I want to be cautious there and balance those two. So I do think on the renewal side, we certainly have the opportunity to continue to stay at elevated levels, but it’s hard to say that I would say at the high-digits for the entire year. So I’d be cautious to say that would be more towards the high-end of our guidance range or even a little bit higher.
We feel very good about having some strong renewal growth throughout the rest of the year. But — and we put up some strong numbers here in January, and I wouldn’t extrapolate that for the rest of the year. But it’s certainly possible if the market — the designs that we’re seeing in the market is pretty strong. There’s a possibility that could happen. But I think if you do the math and how things will play out and taking consideration the number of 2-year leases we have, you’d solve to a number that gets to kind of the mid-single digits for blended growth rate for 2023.
Operator: Thank you. We now have Adam Kramer of Morgan Stanley. Please go ahead when you are ready Adam.
Adam Kramer: Hey, I just want to follow-up on an earlier question around JVs. Look, I think there’s been some kind of news in the press last kind of number of months about maybe JVs being more of an avenue that you guys would pursue. Certainly, a challenging environment for acquisitions in 2023 overall. Wondering just kind of the willingness or desire to maybe go that route. Obviously, you could pick up a little bit of fee income and change the economics a little bit in the model. So yes, I guess, just kind of generally around willingness to kind of go further down the JV path?
