That certainly would be a good fact. But that could remove that 8% headwind on us. FX and the VIL situation in India, both are somewhat unpredictable. But if you put those aside, we feel really good about our global operating business in that upper single-digit growth rate in this environment. And of course, with these uncertainties around FX and maybe recessions in the US and other places, we’ll watch and see how that unfolds. But absent the volatility in India, absent the FX and the financing headwinds, we feel very good about an upper single-digit sort of a growth rate from our operating units. And that’s all driven and underpinned by growth in mobile data consumption around the globe and the need for tower space. And our portfolio is just really well positioned to benefit from that.
David Barden: Okay. Great. Thank you guys. Appreciate it.
Rod Smith: Yes. Thanks. David.
Tom Bartlett: Thanks.
Operator: Your next question comes from the line of Phil Cusick from JPMorgan. Please go ahead.
Richard Choe: Hi. This is Richard for Phil. Just wanted to follow-up on the builds. So what do you see as the most attractive markets right now internationally?
Rod Smith : When it comes to our build program, Richard, I mean, we’re going to build about 4,000 sites this year. That’s the expectation. The biggest chunks here really come from Africa and India in the range of 1,600, 1,700 sites each in those areas. In Europe, we’re going to drive just over 400. In Latin America, maybe just under 300 sites. So there’s an opportunity to build in all of these markets. And we get really good NOI yields in these markets kind of across the board. So it’s not just about the volume of sites. Certainly, we like the idea of increasing our footprint Europe, in particular, driving more builds there with very highly credit quality customers in really attractive economies. So the 400 plus, 400 to 500 sites we’ll build there are very attractive to us.
But as Tom talked about with scaling the core, anywhere where we have management teams and assets and customers, to the extent we can add assets through an internal CapEx program with high NOI yields, it creates a lot of value for our shareholders long-term. It’s good for our customers as well. So we think all of these markets are attractive in terms of our ability to build new assets.
Tom Bartlett: Just adding on to that, one of the really interesting, I think, parts of the build is what we’re doing in Africa, because we’re really focused on building green sites in Africa with Airtel and really leveraging a lot of the power and fuel competencies that we’ve created in that market. We brought in solar to over 15,000 sites. We brought over lithium-ion in over 19,000 sites. We’ve reduced 5 million liters of diesel over the last several years. And so there is an incredible competency that we’re building with regards to Power as a Service in that marketplace. And we’re able to bring that then on to those green sites that we’re building in conjunction with our — with the agreement with Airtel. So that’s a particular interest that we’re really excited about over the next couple of years.
Richard Choe: And coming back to the US, you said about the carriers are about 50% of your sites are 5G. When can we see, I guess, more densification activity? Do you think that’s coming at the end of this year or into next year?
