Jackson Hsieh: Yes. I would say probably on the JV side, I don’t probably not — we’re probably not going to pursue that this year. There’s clearly opportunity for us to do it. I think it just complicates the story for us. And in terms of strategic, I mean look, I think if we found a compelling transaction that could redefine what we’re doing increased growth, obviously, we would pursue that and finance it accordingly. My guess is we’re going to end up just may seem kind of boring, but just sort of stick to this basic plan. And when we get to the end of the year, say, hey, look, everyone, we’ve bought close to $5 billion of real estate, really good real estate is performing really well, and we see more opportunity to do more.
And I think that’s going to be — I think that will be an important aspect of what we do to try to get this cost of capital in the right place. I mean, look, I can tell you, our senior management team is very aligned long-term with shareholders. I mean if you look at our 2020 performance stock awards that were issued, I mean, basically, those were completely surrendered because of performance. And if you look at our 2021s, ’22s and ’23s, our senior management team as executive team is basically 100% PSA. There’s no restricted stock awards time-vested that we received. So we are really aligned with shareholder performance and that’s all and so we believe that what we’re doing will basically improve our cost of capital and put us in a good position.
Operator: Our next question comes from John Massocca with Ladenburg Thalmann.
John Massocca: Maybe just going back to disposition market quickly. As we’re kind of 2 months into the year here, what are you seeing in terms of the mix between institutional buyers and kind of more 1031 or individual buyers for the assets you’re trying to capital recycle out of. And you essentially had that 1031 buyer held up in kind of a new tax year, if you will.
Ken Heimlich: Yes. This is Ken. The overall answer is that it’s a mix of all those. Yes, the 1031 buyers are still there. They may not be there in the numbers they’ve been a year or 2 years ago. But it’s safe to say that there are 1031 buyers out there looking to transact about 40% of our dispose or individual buyers, 1031 some cash. About 60% were institutional. So we’re seeing what we like, which is a healthy mix. We’re not relying on one specific segment to complete dispositions.
Jackson Hsieh: I also think like some of the buyers were focused on accelerated depreciation to not into last year. So some of the car washes present really good opportunities for that. So my guess is, as the year progresses, people will look to take advantage of accelerated depreciation and some of the asset types that we own that can provide that depreciation.
John Massocca: Okay. That’s very helpful. And then just a quick line item one. Impairments were a little elevated in the quarter. Just wondering if there was something specific driving that, or if that was just tied to dispositions or kind of future capital recycling.
Mike Hughes: Yes. I mean, about half of that was related to Regal. Initially, we had a couple of properties on the rejection list. One come off for now on has been rejected. So we impaired a few there and then a few are just related to some future non-renewals.
Operator: Our next question comes from Linda Tsai with Jefferies.
Linda Tsai: Could you indicate what percentage of your investment guidance is due to revenue-enhancing CapEx? And is the idea that as long as you’re more focused on industrial revenue enhancing CapEx remains elevated?
