Joseph Saffire: Right. Thanks, Todd. What we put in there, we feel very confident about. Obviously, our guidance for future acquisitions, for at least ’23, is much smaller given the market conditions than the last 3 years. So actually, there’s not a lot in that 9% to 13% FFO growth from future acquisitions. So really, it’s what we see, what’s controllable. We have very clear visibility in our 3PM pipeline going forward. We have signed contracts of stores that are opening over the next 12 to 18 months. That’s in there. We see our expansions program, where they are in the pipeline. There were some supply chain issues that helped some of them back over the last few years. We’re catching up. We know when they’re going to open and we have a really good track record of understanding how they’re going to lease up.
And then obviously, we did $3.3 billion in acquisitions over the last few years in the Sunbelt. We feel very strongly about the demographics of the Sunbelt. And all of that is embedded in the ’24. So we feel very confident, Todd.
Todd Thomas: Okay. And then just, yes, in terms of the process here, can you talk a little bit about how the Board thinks about maximizing shareholder value over time? I think you said the Board conducted a robust review of the company’s valuation and value potential. Has the Board engaged with a third party to provide a valuation for the company? Or is there another way that the Board defines value in terms of sort of a target multiple or NAV? And does — what does the Board view as the current NAV of the company?
Joseph Saffire: Todd, I’m not going to get into what the Board looks at and their process. We talked a lot about in the presentation. I will say that the Board is always open to and will regularly evaluate any opportunities that are put in front of them. What we talked about today was one proposal put in front of them and I won’t say more about it.
Todd Thomas: Okay. And I guess one last question, if I could. You talked about some of the risk of the third-party management contracts, I guess, may be falling out in the event of an acquisition by PSA, maybe some impact around some of the joint ventures. I mean, are you seeing an impact today on discussions that you’re having with potential parties, either for joint ventures, for third-party management. I mean is there a hesitation around them moving forward? Is this having an impact at all on business today?
Joseph Saffire: Absolutely no impact on our business today. The feedback we got about a potential transaction, that was unsolicited. We’ve gotten many calls from JV partners and third-party management owners, telling us that they’re not going to stay. It’s a risk.
Operator: Your next question is coming from Steve at Evercore ISI.
Unidentified Analyst: If I’m doing my math correctly, I think FFO growth is projected at around 5% this year at the midpoint of your guidance. And effectively, Joe, you’re saying that you can double FFO growth in ’24. I know you’ve laid out a bunch of drivers. Which ones are the biggest contributors to that accelerating, I guess, earnings growth? Or which ones are creating big headwinds this year that you think may get neutralized or become tailwinds next year?
Joseph Saffire: Steve, I’ll let Alex jump in a little bit here.
