Operator: We’ll take our next question from Anthony Powell with Barclays. Please go ahead.
Anthony Powell: Hi, good morning. Thanks. Just a question on new lease spreads and pricing going into the spring. What would cause you to get a bit more, I guess, confident on pushing rate more as you get to the peak leasing season, would it be just general improvement and economic sentiment, job to be where it is, the market continuing to do well? Just curious how you may change your approach to pricing in spring if things get a bit better?
Tim Argo: Yes. I mean, generally, it’s going to be €“ it will be that. It’s the economy and the demand, and we look at lead volume, we look at exposure, we look at rent to income and various things there that drives some of our decisions on €“ we are always sort of balancing how much we want to push price versus occupancy. So there’s nothing €“ there is no blinking red lights right now that would suggest that we see any sort of downturn. We’re kind of we’re kind of monitoring all those various metrics right now and everything looks about what you would typically think during this time of the year, during the winter. So it will really be as we get into spring and summer as demand picks up and traffic pick up and we pick up that will be really the determining factor on where 2023 heads in terms of demand.
Anthony Powell: Okay, thanks. And turnover seemed pretty consistent. And any changes in how certain residents responded to lease renewals, price increases? And any trends there you want to call out?
Tim Argo: Yes. I mean the turnover was €“ remains pretty low. Historically speaking, it was up a little bit in Q4, but the reasons for turn have been pretty consistent. We’ve actually seen the move-out to rent increase decline a little bit, but it’s still €“ it’s a job transfer and buy a house are still the two biggest factors, but those have certainly been down from what we’ve seen in the past. But no notable trends one way or the other.
Anthony Powell: Right. Thank you.
Operator: We’ll move next with Chandni Luthra with Goldman Sachs. Please go ahead.
Chandni Luthra: Hi, good morning and thank you for taking my question. Could you spend some time talking about the expense outlook for 2023, what would get you to the low end versus the high end? And guidance does talk about property taxes in there, but perhaps you could spend some time on other elements? And then, what are the markets where you see more tax pressures versus others? Thank you.
Albert Campbell: Chandni, this is Al. I’ll start with that and then maybe Tim can give some color on some of that. I think the way to think about that as you go into 2023 is, we’re continuing to see general inflationary pressures a bit in our expenses, but really taxes and insurance are the drivers of the main pressure. And as I mentioned in my comments, those two together are over 7% and so that’s really — and taxes are 35% of all operating expenses. So it’s very meaningful. And then the other expenses together are about 5.5%. I think we’re beginning to see some moderation in personnel, repair maintenance and those things. And I think you’ll see that manifest, and Tim can talk about components of it, but as we move more into the back of the year, you’ll see a little more of that manifest in those loan items.
