Mahbod Nia: It’s a great question. Look, if you look at the New Jersey overall rental growth during this period, it was around 5%. We’ve come in at 9%. I do think that the quality of the assets is second to none. And I do believe we have gone a long way towards rebuilding the operational platform with new people, new processes, new technology, and that’s an ongoing effort. So it’s difficult to say how much of that is property, how much of it is people, how much of it is market, but the combination on the whole is what’s delivering the results that you’re seeing. And we do feel there’s still some room to go there on the operational side to continue improving. It’s an ever-evolving initiative. And so we’re fortunate that we have great assets in great markets with supply-demand dynamics that put us in a very favorable position for the foreseeable future. And we have a team that is highly focused and capable in extracting the value from those assets.
Anthony Paolone: Okay, and just one follow-up. I think maybe it was perhaps mixed in with Nick’s question earlier, but where are you sending renewal notices out today?
Mahbod Nia: I think you should assume for the next couple of months we’ll land up in the mid-single digit, maybe a touch above that level.
Anthony Paolone: Okay, thank you. Thank you.
Mahbod Nia: Thank you.
Operator: Thank you. Next question comes from the line of Josh Dennerlein with Bank of America. Please go ahead.
Josh Dennerlein: Hey guys, thanks for the time. Just wanted to follow up on that operating platform initiative that you mentioned. I guess what’s the main focus that you want to improve over the next 12 months and maybe what kind of benefit might we see from our perspective?
Mahbod Nia: Well, good morning. You’ve seen already some of the benefits come through and the way we go about revenue management and the way we go about expense management. So you’ve seen that in how we price things and driving the top line, but you’ve also seen it in the improvement in our margins year-over-year. And that was really what I was alluding to is that there is, I do believe there’s still some further room to go and we will update in due course what some of those steps are that we’ve taken or plan to take, but they’re really centered around continuing to drive the top line, optimize and seek to mitigate the expense side of things, doing things differently, more efficiently, and utilizing technology where warranted to help us in achieving our goals there.
Josh Dennerlein: Okay, and then I see there’s some debt coming due in 2024. I guess, just what’s the plan with that, that refi or just pay down or how are you thinking about it? And maybe if it’s a refi, what kind of rate you’d say?
Mahbod Nia: Well, you’ve seen with the two refinancing that we just announced that despite the real estate commercial real estate debt markets being challenging at the moment, there is still liquidity available and there’s appetite to lend on high quality assets such as ours. And so the two assets you’re referring to for next year, those are high quality, very well-performing properties that we also anticipate getting attractive bids on. And so consistent with our approach this past quarter, you should assume that we’ll be proactive and at the appropriate time, look at options available to us to refinance those. To the extent that we choose to or require to somewhat pay down those loans, we’re also in a position of strength now and having liquidity available to us today, liquidity that we anticipate coming through the closing of remaining non-strategic assets that are under contract and potentially further assets beyond that.
And the business itself is now cash flow generative and so that gives us another source as well to the extent we choose to or require to do something of a pay down on those.
