So, we’re encouraged by our activity and that’s really due to again investment in amenities at our first and main building downtown, it’s one of the three top buildings in that marketplace and the activity we’re seeing is representative of that.
Operator: And our next question today comes from Ronald Camden with Morgan Stanley. Please go ahead.
Adam Kramer: Hey, guys. It’s Adam Kramer on for Ron. Good to chat as always. Just wanted to ask about the maturity schedule for your outstanding debt. It looks like 2024 pretty limited, I think just 100 million senior notes in July, but I think in early ’25, it looks like a number of debt pieces that come due. I think kind of totaling it looks like around $500 million, a little bit over $500 million of maturities through kind of early 2025. I’m wondering if you could just kind of walk what you guys are thinking in terms of kind of these $500 million maturities. Again, I know some of it’s not for a little bit, but we are getting close to 2024 here, so it’s not too far away. So maybe just walk through plans for maturities here.
Ernest Rady: That’s the hardest question I’ve ever heard, because interest rates are so uncertain and the economy is so uncertain. But we will have options available to us that are available to anybody in the marketplace. And so, we’ll just have to wait till we get there and see what the landscape looks like. But we have a history of being able to take advantage of the opportunities when they’re available, and we look upon that as an opportunity. So, I don’t know what the hell is going to happen two years out.
Robert Barton: I just want to add to Ernest’s comments. So, in the script, we also talked about it as well. I don’t know if you were listening to that. But we have $100 million maturity in July of 2024. And we have a lot of options. We got $100 million plus on cash in the bank right now. We got a $400 million unsecured revolving line of credit that’s untapped. So, there’s a lot of ways we can go including doing a short-term payoff on that $100 million maturity in July of ’24 and take that out to the maturities of ’25 roll that all into to a public debt offering if all the stars align on that. And we’ve already been to the public debt market. So, we’re people know who we are. Additionally, part of ’25 has a couple looks like extensions that we options to extend if we want to, so for probably half of that.
There’s a lot of ways to go. We could go term loan, private placement we could go, I mean the one thing that we know is that interest rates will, interest expense will go up and we’re factoring that into our 2024 guidance when we share that in February ’24. But all in all, I think we’re really in pretty good shape. We have a lot of ways to go, great banking syndicate and hope that answers your question.
Adam Kramer: Yes, it does. That’s helpful. Maybe just on the occupancy, and I know you talked about this in the prepared remarks too. But just looking at kind of sequentially, it looks like office occupancy and lease percentage was down a bit. I know multifamily was up. I know part of that is from the kind of the student housing element and I think multifamily to 89.5% is probably still below kind of industry averages. Maybe just walk through, I guess, first on the office side, kind of where we can expect at least the percentage to be? And then on multifamily, kind of how do we get that maybe a little bit closer looks to industry averages in the low-90s?
