Brandon Togashi: Yes, Todd, all good questions. I’ll try to — try to work through them, and you’ll tell me if I miss – any of the ones you threw out there. So my comment about multi-quarter execution was definitely all-encompassing meaning you know the debt raise we did, post quarter end in October the share repurchases that we did in the quarter. All of the portfolio optimization strategies that Dave spoke to that you know will be a source of capital for us. All of those things is what I was referring to when I said the multi-quarter execution. And so when you wrap all those things together back to Jeff’s question, I think that’s where you’ll see us bring leverage you know back towards the midpoint of our you know range of comfort at 5.5 times to 6.5 times.
The share repurchases. You know, we have a lot of conviction in it. I think the execution in Q3 speaks for itself in terms of the dollar volume. We only have about $28 million left on that current program. So to your question, you know, will we — could we do more? You know we would obviously have to refresh the program there and that will be something that we disclose when we do it, but it remains a possibility. And it was something that we’ll talk about as a management team and with our Board. I think that you – are right with seasonality in our business. Sure. You hold everything steady and you just roll forward fourth quarter, typical seasonality from third quarter, it would imply, our leverage ticks up, but look by the time, we’re talking again in February, I would hope that whether it’s in the fourth quarter as of December 31 or post year-end, I would think that we would have a good update for you and others about execution on these other strategies that would bring that that number in.
Todd Thomas: Okay. And you know I guess, sticking with that a little bit, can you provide a little bit more color maybe book end, you know, how much of the portfolio that you might be looking to sell or recapitalize? Sounds like you know joint ventures on the table, you know perhaps some outright dispositions. And just to you know continue there. You know is the strategy focused on you know what – in terms of the portfolio optimization, you know is the strategy focused on the geographic footprint of the portfolio, you know the competitive landscape and where you operate or you know just sort of growth or something else altogether, I mean how should we think about you know what that recap or the dispositions might be looking to accomplish?
Dave Cramer: Yes. Sure, Todd. Thanks for the question. You know I’m not going to give a whole lot of color about size, so obviously, we’re still working through a number of factors there. What I will tell you, you’re right about is, you know we’ve had tremendous growth one since IPO and really and if you look at the years of ’21 and ’22, we were able to, to buy a few sizable portfolios and when you buy portfolio certainly, you have assets. Then those portfolios that maybe do not fit strategically long-term where you want to go. And so what I would tell you we did is we really look at the portfolio, top to bottom and we ask ourselves, you know if you looked at a 9010 rule for an example and ask yourself 10% of the assets that you know where are they positioned, do we have synergies, do we have operations synergies, do we have multiple properties, are we able to grow?
Are we happy with rent growth, you know all the factors we look at as far as long-term owning assets in those markets. And the team did a good job just analyzing across the country that we were not geographically focused on one area, we were asking ourselves, as you look at markets, where they’re singles, where they’re doubles in these markets. Have we not grown or had the ability to grow? Do we not like the demographics of the market and or do, if we do like the demographics, you know, is it something long-term that we can continue to improve our position on and we’ve identified a list of products out there that might be good candidates for dispositions. As you look at you know from that aspect of it, we were having great discussions and the team has done a good job working that plan and we think there are real opportunities to go out and really execute on you know sale and disposition of the assets.
You know from a portfolio recapitalization and JVs, it’s a little bit different approach here. I mean you look for stores where maybe you want delever some of the risk you have in particular markets. You look at maybe opportunities where you can infuse capital and improve performance of the properties, things like that that long-term properties we want back, properties we want to own long-term, but it certainly gives us an advantage or an opportunity to go out and kind of you know re-look at those properties, re-infuse those properties and the JVs that provide good opportunity for that.
Todd Thomas: Okay. And Dave. One more question if I could, you know you mentioned in your prepared remarks that the PROs continue to make acquisitions outside of the REIT. Can you just speak to that a little bit maybe put some numbers around that activity and I’m just curious, you know, how they’re sourcing deals, how they’re going about that and you know maybe talk a little bit about the pricing and also where they’re sourcing capital from today?
Dave Cramer: Yes, sure, sure. Great question, you know and that is an advantage. Our PROs have done this for years, they’re very good at it. They have raised money for years, they have friends and family networks, they have seen on small, small investment firms that have certainly invested them over the years and you know with the NSA program, that’s one of the advantages that they can roll those in and take AP — OP units, at the time when they want to roll the properties into the REIT, of course. You know, I would say numbers, you know if you think about what they’re looking to buy, some of them are developing, some of them are value add where they buy a small property and building expansions. Some folks are buying maybe CO deals that they think are great opportunity that it’s the right time to be buying those – pieces of it.
