Hamid Moghadam: Yes. Let’s just put some numbers since you asked on it. I think in the Analyst Day, we talked about a three-year forecast for ’24, ’25 and ’26 rental growth of — sorry, 4% to 6%. I would say we’re at the lower end of that range and maybe a little bit lower than that when you look at it over a three-year period. My number, and this is not the official number, my number would be north of 3% and around 4% probably, just shy of 4%.
Chris Caton: And then just on the detailed question on what’s happening in market rent growth in the first quarter. Southern California, down 6%, and US down about 1%, 1.2%. So when you multiply it through, you can see all other markets are flat.
Operator: And the next question comes from the line of Nicholas Yulico with Scotiabank. Please proceed with your question
Nicholas Yulico: Yeah, hi. I was just hoping to get a feel for, again, going back to the occupancy guidance, if there’s a way that you can give us a feel for how much decline in new leasing commencements you have been embedded in the number this year. Because it sounds like the retention ratios have been better, so leasing velocity on the new side seems subdued. You talked about that leasing demand forecast being down, I think it was 30% on the numbers you gave, the 250 million to 175 million in the US. How much is like new leasing in the portfolio going to be down this year for the guidance?
Tim Arndt: Well, this is Tim. I’ll give it to you in this way. And this might help some of the folks who have struggled looking at the supplemental and some of the stats there, and our messaging. Because what you don’t see in the supplemental would be things like, well, how much lease signing occurred in the first quarter. And that was down. Even though you see strong occupancy, that’s on commencements, signings were off about 12% in the first quarter. So that’s down. You can see that when you look through our pages in our leasing versus occupied statistic where there’s only about a 10 basis point difference in those versus a more historical norm of 40 to 50 basis points. So those are the pieces a little bit underneath the surface that are guiding our view that the pre-leasing that we’re normally looking for at this point, which is ranging four to six months ahead of commencements is shy and why we think the average occupancy is ultimately going to be lower.
Operator: And the next question comes from the line of Todd Thomas with KeyBanc Capital Markets. Please proceed with your question
Todd Thomas: Hi. Thanks. Two questions. I guess, first, can you discuss your rent change expectations for the full year and whether anything has changed there as it pertains to the revisions to your outlook? And it looked like rent change on signings was trending in the low 70% range through February, which was higher than the rent change in the quarter. I guess, any thoughts about rent change — trends relative to this quarter and for the year? And then my second question, in terms of the occupancy breakout by unit size and your comments about larger and smaller spaces earlier in the call, do you expect a recovery later in the year to be broad-based from a space or unit size? Or do you expect to see more strength or maybe more persistent weakness in either the larger or smaller unit size as conditions tighten up in a few quarters?
Tim Arndt: Hey, Todd, it’s Tim. Yes. On rent change, so as mentioned, we had 67% start in the quarter. The signings were 70. So you do get a sense that it can move up and down each quarter. You may also recall, we had very strong rent change on signings in Q4, which may leave you wondering why didn’t that show up here in Q1 on the commencements? And that’s speaking to just how long this pre-leasing period can be. It can be more than just three months. And for that reason, I expect we’ll probably see rent change right now, my view would be it’s going to be above Q1, in Q2, and then also higher on the full year, in the low to mid-70s, over 2024 is our current view.
Chris Caton: As it relates to the contours, I think I’d first point you to the market color that was given earlier as illustrating the shape of the recovery going forward. As it pertains to different size categories, there is more vacancy and more availability in the over 500,000 category, but that’s also where, in the last 90 days, we’ve seen a little bit of a pickup. So I think we’ll see size categories advancing at a similar pace over the course of the year, and there’ll be real differentiation across the different markets.
