I’d like to thank our teams for continuing to execute through this challenging environment. Back to you, Brian.
Brian Mitts: That’s it. We got — we’ll open up for questions.
Operator: [Operator Instructions]. We have a question from the line of Kyle Katorincek with Janney Montgomery Scott. Please go ahead.
Kyle Katorincek: Okay. Good morning guys. What’s driven the decision to raise the dividend by 10% versus buying back stock or paying down additional debt at this time?
Brian Mitts: Hey, Kyle. The incremental dividend on a just a nominal dollar basis is $4 million roughly. And at a current share price of $25, $26, it’s $130,000-ish of — or 130,000 shares of stock to repurchase. Our strategy has always been to generate high single-digit same-store NOI growth, earnings growth and dividend growth. And we think that’s an important aspect of our strategy. And given that we have these dispositions on tap for the Q4 and early Q1 to retire all the remaining unhedged debt and enter the ’24 year with the ability to reaccelerate earnings. We were — we just thought that was the better use of capital and just an effective tenet of our strategy for the last eight years.
Kyle Katorincek: Okay. Thank you. And then related to the Atlanta/Las Vegas markets. You had mentioned last quarter that Atlanta courts opened in 2Q. So where do those backlogs stand today versus where they were at last quarter?
Brian Mitts: I think the Atlanta backlog was 70,000-ish skips and evictions. Is that right, Bonner?
Bonner McDermett: Across the Atlanta market for seven months this year, it’s on about 70,000 evictions. When you look at our AR balances and our actual net bad debt, we’ve seen, I think, the peak for net bad debt at June of this year. We think that continues to moderate and we close the year sub-3% bad debt there. So it’s getting better. It’s also getting better in Vegas as well. We’ve seen, I think, a healthier balance there as well. So getting better. It’s been a bit of a struggle, but we see some positive momentum heading into the end of the year in ’24.
Kyle Katorincek: And then one last one for me. What does unit turnover been for this quarter and last quarter? And where does that compare to historical levels?
Bonner McDermett: Yes. It’s been pretty consistent in the low 50% — or I guess, turnover in the mid to high-40s, retention in the low 50s, and that’s been pretty consistent. Our strategy going into Q4 and Q1, we’ll continue to prioritize renewals. And as I mentioned in the prepared remarks, keep the back door closed.
Kyle Katorincek: Okay. Thanks guys. Appreciate it.
Operator: There are no further questions at this time. I would now like to turn it over to the management team for closing remarks.
Brian Mitts: Great. Thank you. Appreciate everyone’s time. I’ll probably see some of you at NAREIT in a few weeks. Thank you.
Operator: I would like to thank our speakers for today’s presentation, and thank you all for joining us. This now concludes today’s call. You may now disconnect.
