Anne Olson: Yeah, I think there’s two facets to what we’re looking at from an opportunity perspective for investment to your question. One is existing developments that might have refinance risk and or a developer who wants to redeploy that capital because of timing or otherwise, we are interested in stepping in probably not at an early stage, at least up that we have before taking properties that are between 75 and 90, or just coming into stabilization, where you really have that first full year of lease expirations to work through. That would have been the case for us with Lyra, which we acquired in Denver in September of 2022, that had just finalized lease up had a developer that, for numerous reasons needed to get out of it.
So, we are looking for those opportunities, we think that pipeline is going to grow. And then the other side is developers who are needing additional equity, we’re really, out there looking for opportunities to place mezzanine financing, that might give us an opportunity to own the asset upon stabilization. So, we’ve taken a few of those, full circle in the past couple of years. And that’s another place where we see opportunities in that development pipeline for us.
Michael Gorman: Okay, great. Thank you.
Operator: Thank you, Michael. We will now take a follow-up question from John Kim from BMO Capital Markets. John, your line is now open. Please go ahead.
Robin Haneland: Hi, Robin here again. We’ve heard reports on new tenant application fraud, is this anything you’ve seen in your market? And what is your bad debt today? And where do you see it going in the near term?
Anne Olson: Yeah, we haven’t seen very much fraud historically. We’ve had a little, when we did the new implementation with ERD, we really beefed [technical difficulty] processes. So, we have kind of a dual verification process and we haven’t I’ve seen very much fraud there on the bad debt side. Bhairav can comment on that.
Bhairav Patel: Yeah. So, for Q3, our bad debt was about 30 basis points to 40 basis points. That is consistent with pre-COVID trends. So, we have seen a return to normalization over there. We typically see that fluctuates between 25 basis points and 50 basis points, and we’ve been towards the lower end of that throughout the year. Got it.
Robin Haneland: Got it. Thank you.
Operator: Thank you, John. We have no further questions registered. So, with that, I’ll hand back to your host, Anne Olson for final remarks.
Anne Olson : Thank you. Thanks, everyone, for joining. And I’d like to thank our team for the tremendous work they have done. It’s been a year of uncertainty and everyone here at Centerspace has continued to prioritize, what is really important to drive results. So, I’m grateful to be here and for all of you that joined us this morning. Have a great day.
Operator: This concludes today’s call. Thank you for your participation. You may now disconnect your lines.
