Bill Crooker: Thanks, Vince. That was a great opportunity for us and something that I think in a different capital market environment, something that we would not have been able to enter into. And when we acquired that, as I said, that the dirt was shovel ready and so we could begin construction almost immediately. From a profit margin, it’s going to be high teens. The reason why it’s maybe not higher is because we didn’t do any of the entitlement of the land, so a little bit lower on the risk spectrum. And from a yield basis, it’s going to be high 6 [ph] depending on exactly when we lease it high 6 [ph] is maybe even touch 7 [ph].
Vince Tibone: And is that a GAAP or a cash yield, the ones you just —
Bill Crooker: That’s cash.
Vince Tibone: Got it. No, that’s helpful. And then is this more of a one-off deal you mentioned, maybe you need a unique opportunity? Or do you expect to kind of look for more of these and start more development projects over the next year or so?
Bill Crooker: I mean we’d love to do more of these and this is a great opportunity. We have a great partner in the transaction. It’s not a JV. We own the whole thing but just who’s constructing it for us. As these opportunities present themselves, if we saw more opportunities like this would absolutely execute on it. It’s something that we think is, in the long term, the best interest of our stakeholders and something that in this environment, it’s better use of our capital than acquiring stabilized acquisitions.
Operator: Our next question comes from the line of Nick Thillman with Baird.
Nick Thillman: Maybe on the acquisition activity in the third quarter, you guys kind of acquired in Inland Empire. I know that’s a market that’s been a little bit too pricey there. So maybe a little bit more details on what you’re seeing in that market and what made that a good opportunity here.
Bill Crooker: Yes. I’ll pass it over to Mike Chase to answer that one.
Mike Chase: Yes. Thanks, Nick. The asset is located in the southern portion of the Riverside market which fortunately pulls tenant base from the Inland Empire and from San Diego which is something that we attracted us in terms of that — the transaction. In addition, there was 2 buildings, about 73,000 and 84,000 square feet. They break down to as little as 15,000 square feet. It was 100% occupied but with 7 tenants but it really meets the kind of the meat of the market in that area. And so that was really what kind of drove us to that transaction.
Nick Thillman: That’s helpful. And then maybe for Matts, it looks like reimbursement kind of ticked up sequentially. Just wondering if I could get a couple of more details on that. Maybe driving forward like changes.
Matts Pinard: Yes, absolutely, Nick. There’s really no theme there. This is very similar to what we’ve seen in previous quarters. But to your point, we’ve seen an increase in expenses which are 100% reimbursable. So we recommend looking at the aggregate line as opposed to the revenues and expense. Again, it’s just kind of a size-based percentage, right, the change on a smaller base versus change on a bigger base.
Operator: Our next question comes from Jason Belcher with Wells Fargo.
Jason Belcher: I guess, first, just following up on the Riverside, California acquisition. I think that’s your first foray or at least one of your first forays into the Southern California market. Is that going to be a new market that you’re targeting for additional growth? Or is it more of a one-off opportunity at this point?
