Brandon Togashi: And even with portfolio optimization strategies, Ki Bin, I mean it serves this topic as well right because to Dave’s earlier point, where we’re identifying assets or markets where we only have you know one, two, three assets and don’t see that opportunity or desire to really grow and if we can exit those and redeploy and densify further in other markets, that helps when you think about some of that operational overhead that that makes its way into the store level costs.
Ki Bin Kim: Thank you.
Brandon Togashi: Thanks, Ki Bin.
Operator: Our final question is from Juan Sanabria with BMO Capital Markets. Please proceed.
Juan Sanabria: Hi, just wanted to ask a follow-up on the cap rates, essentially, you said, you’d transacted on the most recent acquisitions in the third quarter around 6%, so just curious if you think that’s a good indication of spot yields or if that’s maybe a still number acquisitions where you kind of agreed to months back and not indicative of where rates are today. So just curious on the commentary with regards to transaction pricing today versus that 6% cap rate that you noted earlier for third quarter deals.
Dave Cramer: Yes, and good question, Juan. There’s little bit of legacy to those, to your point as we, those deals. Those deals have kind of materialized and really worked through the process. You know it’s hard with cap rate because it’s also these were one-off assets in one-off markets in – where you know that could dictate if it’s a 5% cap market or a 7% cap market, right. I mean, just depending on type of asset, type of quality, type of market. I think, I think cap rates today, they’re certainly starting to nudge up a little bit. But there’s still a big spread between seller’s expectation and buyer. And you know in our industry, you typically don’t see a lot of stress in the product type. And so you know we are seeing you know individual properties sell.
We’re seeing – smaller portfolio sell. And you know, I mean and we’re also seeing deals not trade because the expectation of prices not being met. But I would tell you, I would – if looking back to where we’ve come from ’21 to ’22, now to ’23, cap rates are definitely nudging up. And you know I don’t know if it’s 25 basis points, 50 basis points from where they were maybe a year ago. But it’s also by market, by property type, a lot of variances in there, right to drive that cap rate.
Juan Sanabria: Thank you very much.
Dave Cramer: Thank you.
Operator: We have reached end of our question-and-answer session. I would like to turn the conference back over to George Hoglund for closing comments.
George Hoglund: Thank you all for joining the call today. And we appreciate your continued interest in NSA. We remain confident in the long-term outlook for our business. And we look forward to seeing many of you at the NAREIT Conference in two weeks. Thanks.
Operator: Thank you. This will conclude today’s conference. You may disconnect your lines at this time and thank you for your participation.
