Nick Goodman: So that was, as you said, capital allocation, so taking the consolidated cash flow that we have, we used that to retire corporate bonds within BPY, which I think we’ve talked about in the past, deleveraging that corporate balance sheet as a capital allocation decision when we weigh up that against other things we can do. So that’s where the cash went in the quarter.
Operator: Our next question comes from the line of Geoffrey Kwan with RBC Capital Markets.
Geoffrey Kwan: Discount to NAV remains wide but it has narrowed meaningfully in the past couple of quarters. And just given your outlook for capital deployment, how has that changed your appetite for share buybacks given where the discount is today?
Nick Goodman: Geoff, I think it remains the same. We have complete conviction not only in the intrinsic value of the business. But if you listen to all the remarks today, the growth potential and the tailwinds that we have across the franchise, we still see tremendous growth from here to date. So we still see buybacks being a very attractive use of our capital, we weigh that up against other opportunities that we have, and we have lots of strategic initiatives going on in the organization, a couple executed recently, which are all highly additive to the franchise, but they’re just as attractive now as they’ve been over the last few months.
Geoffrey Kwan: And just my second question, maybe expanding on Ken’s question on the T&D monetization. I mean, if we’re looking at over the next five years, if we’ve seen the monetization market, call it, opens up at some point this year. Do you see that monetization of the T&D portfolio as you’ve got a, I don’t know, call it, a material amount of the portfolio that could get monetized kind of call it out of the gate or is it something that may be a little bit more back end loaded thinking about that profile?
Nick Goodman: Listen, Geoff, I think we’ll just take it as the market comes, like to be clear, T&D still is good real estate. These are good assets. We’re comfortable running them. And when the transaction market improves, if transactions are at levels that are attractive, we’ll look to monetize. We think over the next five years that market will be there, but we’re under no pressure to do this. And when you think about it in the context of the overall business of Brookfield, this is not a material driver to us achieving our strategic objectives. This is about rightsizing the business over time and we’ll do it when it makes sense. So that’s how I’d summarize the approach.
Operator: Thank you. I would now like to turn the call back over to Ms. Angela Yulo for closing remarks.
Angela Yulo: Thank you, everybody, for joining us today. And with that, we’ll end the call.
Operator: This concludes today’s conference call. Thank you for participating, and you may now disconnect.
