Unidentified Analyst: Hey. Thanks for taking the questions. A couple of things. Can you just give us an update on the strategy for the owned housing manufactured housing parks because in the 10-K, we can see, I think, two of the larger parks, the acreage owned actually decreased. So I don’t know if that’s – we’re developing the pads and we’re selling the pads or we’re developing the pads, putting units on it and then selling them. I believe in the past, there was some discussion about operating these parks and generating a rental stream. And it’s even laid out where we can see the number – the dollar amount of leased homes is actually, I think, declined from some previous levels. So can you just give us an update on what exactly is the strategy with the park development?
Duncan Bates: Yes, happy to. A couple of – there are a few questions in there. I’ll try to take them and if I miss something, just remind me. But first on the acreage change, I don’t know. I’ll have to follow up with you on why the acreage would change. We haven’t purchased any additional land since last quarter, and we also haven’t sold any additional land or any land since last quarter. So I’ll have to follow up with you on why the acreage changed. Overall, we do think that that potentially owning and operating these communities could be a good long term or could provide long-term consistent cash flows. That said, the development of them has taken longer than expected. And I mentioned earlier that the regulatory hurdles that you have to jump through and the time that these regulators take to make decisions is really – it’s mind-boggling.
And for the past couple of years, we’ve had enough orders where two external customers where we haven’t needed to – even if the communities were ready, we haven’t needed to put homes on them because we were at capacity and selling to other customers. But I think ultimately, the communities provide us with a lot of optionality, and there’s a lot of value to unlock there. And so one thing that’s kind of top of our agenda as we move into the middle part of the year is we’ve got the properties. They’re at various stages of development. There’s some that it probably makes sense for us to push through and finish. There’s others, and we’ve been approached by a lot of the larger community developers that may make sense to partner on and potentially be able to sell homes into and still retain some type of cash flow.
And then there’s some that we haven’t made much progress on developing that there may be another buyer that’s more suitable to combine this with additional land and to build bigger communities. So I think overall, we’re still making progress, but the strategy we’re diving into now on exactly what we want to do with each location. But we’re in these things for the right – we bought the land right. We’ve been very frugal with how we’ve allocated capital to these projects and there is value to unlock here. It’s just figuring out what the right path forward is.
Unidentified Analyst: Okay. That’s helpful. I would just clarify. My question on the acreage was, I guess, from 10-K this year, the 10-K last year, Bastrop County, Texas acreage is down 32 acres and Bexar County was down like 31%. So I don’t know if that was – we completed development with place units, someone approached us and we sold it. Is that what happened?
Duncan Bates: No, I need to check on it. I really – I don’t know why it would have changed.
Unidentified Analyst: Okay…
Duncan Bates: The one we really have made the most progress on. We’ve got Phase 1 coming, but I don’t know why it would have changed.
