Joseph Saffire: So every year, it’s kind of a constant building of our pipeline, our area managers, our store managers and we kind of like bring up ideas and we have a whole committee around it, we looking for opportunities. And it can be everything from just knocking down an old drive-up facility and building up 3 stories climate control. It could be just changing the front of an office. It could be all sorts of things, Michael. It really depends on the project. We’ve had complete knockdowns. We had a store in the Sunbelt that just kind of kept flooding over a few years. And we ended up knocking the whole thing down and building a next-gen 3- or 4-story climate control building. And when you do that, obviously, climate control, you get better rates per square foot and so forth. So it really depends on the project but it’s a great program for us. It’s a great use of our capital.
Mike Mueller: Okay. And then just lastly on the view that margins are expanding about 70 basis points over the next, I forget if it was a year 2, is that more driven on the expense side? Or is that more driven on the revenue side? Just any color you can shine on that.
Alex Gress: Michael, it’s Alex. I reiterate what we said a few moments ago. When you think — when you look forward in the next couple of years, 70 basis points at least of margin initiatives, predominantly on the expense side. And so that’s a reflection of what we said, the investment in technology and then the benefit of our scaling coming through our numbers. And so we would see benefits on payroll, Internet marketing and also continued rationalization of other expenses.
Operator: Your next question for today is coming from Michael Goldsmith at UBS.
Michael Goldsmith: In your presentation, you talked a lot about the Sunbelt and the continued growth there. Can you talk a bit about the performance of the Sunbelt relative to the rest of the portfolio in ’22? And what are the expectations for that region and its impact on your ’23 and ’24 guidance?
Alex Gress: Yes, Michael, it’s Alex. And I think you can — when you look at 2022 in our markets in the Sunbelt, really good production coming out of some of the key states in the area. I’d specifically call out obviously, Florida, Georgia as kind of the prime ones. So that’s a good setup — that’s part of the good setup into 2023.
Joseph Saffire: Yes. I mean it’s just — it continues to be — if you go to Florida, I was just down there a couple of weeks ago, no one’s talking about recession, it’s incredible. So I mean, the demographics, the job growth speaks for themselves. And obviously, Florida has been just on fire for us the last couple of years and we expect that to continue, Michael.
Michael Goldsmith: And you had a big acquisition year in 2021. So I guess I would expect that there would be a large contribution from some of the lease-up properties impacting your FFO growth in ’22 and ’23. But you’re looking at like 5% growth. So I’m just wondering and there’s an acceleration in your ’24 guidance. So just trying to better understand the dynamics from the lease-up properties and the acquisitions on the earnings growth over the next couple of years.
Alex Gress: Michael it’s Alex again. Yes. I mean, go back to what we talked about in ’24. It’s really coming from a number of factors. And so we’re not going to comment on the weighting. But definitely, it’s continued growth of our same-store pool. Yes, it’s the strong performance of acquisitions that we’ve done to date. $5.5 billion that’s wholly owned and of course, there’s a JV number in there as well. So while we’re not going to go into specific weightings, it’s couple of different factors. And certainly the continued performance of our lease-up pool as part of it.
