Laura Clark : Thanks so much for joining us. In terms of concessions, our free rent this quarter, free rent was actually 0.7 months. So lower than what we’ve experienced in the prior quarter. Year-to-date concessions are one month. That’s in line with our guidance and in line with our prior four quarter average. So as we look back year-to-date, we haven’t really seen a material increase overall in terms of concessions. Looking back to prior years, concessions have averaged about 1.25 months so we continue to be inside of that. Your question around TI, yes, your question around TI is no, we haven’t seen any material change in terms of TI.
Nick Thillman : That’s helpful, Laura. And then maybe just another question related to just GAAP leasing spreads. You guys have been big acquirers over the last 2 to 3 years. So when we’re looking at when you’re quoting GAAP leasing spreads, are you guys including the adjustment made to GAAP fair value of those leases when you’re quoting the spreads quarter-by-quarter? Just kind of seeing which is going to actually be flowing through to FFO going forward?
Laura Clark : Yes, that would be included in the acquired leases.
Operator: Our next question comes from the line of Vince Tibone with Green Street.
Vince Tibone : Occupancy guidance implies about a 75 basis point drop in the fourth quarter compared to third quarter levels. Can you just discuss the drivers there, whether it’s a known move out or just some conservatism in forecasting?
Laura Clark : Hi, Vince. Thanks for joining us today. In terms of our same property occupancy guidance, yes, as you mentioned, our guidance for the full year is 97.75%. So we did tighten our guidance range to the midpoint. That occupancy, the occupancy guidance implies a decline in the fourth quarter about 60 basis points. Just as a reminder, our prior guidance also implied a decline of about 30 basis points in the second half of the year, largely driven by down — a bit more downtime in some spaces where we are performing some light and moderate repo, and that factored into our prior guidance. New into our updated guidance, about is that we have a 30 basis point impact from a space that we got back from a tenant that was on our pre-watchlist, and that moved the guidance range to our midpoint.
That was a tenant. Just a little color there who went through an acquisition of their business earlier this year. We’ve had them on the pre-watchlist for several quarters now. They had some challenges in the integration of that merger. And so we were — so we did get that space back at the end of the quarter.
Vince Tibone : Great. And then since the port labor agreement has been finalized and some of the backups, the Panama Canal have gotten worse, have you seen any pickup in tenant interest or flooring activity or other side that SoCal industrial could benefit from some of these factors?
Howard Schwimmer : Hi, Vince. It’s Howard. Yes, we’re really pleased to see the increase in port activity. Keep in mind that our tenant base is really mainly serving the consumption occurring here in Southern California. So through cycles, we haven’t really seen impact from port slowdown shutdowns, et cetera, in terms of that tenant base that we focus on and is in the portfolio. But the ports are really more connected a super-regional global trade. So some of the larger buildings that typically you’ll see out in the Eastern and even the Western and Inland Empire and absolutely, certainly, that’s a benefit. There’s a lot of revenue generated from ancillary services and so forth throughout Southern California through port volumes. So it’s really nice to see those volumes increase and hopefully, that it’s a go-forward trend in terms of some further recovery.
Vince Tibone : Great. And if I could maybe squeeze in one more. I’d be curious to get your view on how the transaction and secured debt market have changed over the past few months since the treasury rates moved up pretty substantially here.
