And a lot of those evictions are people not monetary defaults, but the persons like has a dog to bit somebody or is disruptive to their neighbors. So I feel pretty good about long-term that we are not going to be under siege. Clearly, for a politician, when rents go up 30%, they scream for rent control and they screen for, oh my god, there’s bad people doing thing. It’s almost like the — when energy prices go up and gasoline is $4.50 a gallon, they think the energy companies are the villains, right? But it’s really supply and demand driver there. I think the — we do have to be vigilant, though, because it is a politically expedient oftentimes to just say, well, we will put a cap on and we will do rent control, because that will help constituents.
But ultimately, we all know that and there’s lots of economic analysis on this, both left and right think tanks all think that rent control stifle supply, which ultimately creates the problem for folks. Good news for Camden is we are in the markets we are in. We don’t have a lot of major regulatory targets on us and I think that a lot of the — even like when you look at Florida, for example, where a couple of the markets have tried to put in rent control. I mean they are just getting massive push backs from both legally and from the state houses. So we do need to be vigilant, but I don’t think we are at risk of having some massive government making us do stuff.
Alexander Goldfarb: Thank you.
Operator: Our next question comes from Chandni Luthra with Goldman Sachs. Please go ahead.
Chandni Luthra: Hi. Thank you for taking my question.
Ric Campo: Sure.
Chandni Luthra: The first one is on TRS acquisition, so with the benefit of hindsight, as you think about the different moving pieces, especially around higher interest expense now versus at the time of the transaction. How would you qualitatively think about this deal now and the net accretion from it, especially when you consider the dynamic that has also increased your exposure to markets like Houston and DC that, as you mentioned, are your B-ish, B- kind of ratings in sort of the whole deck?
Ric Campo: Well, I think, the acquisition is still a great acquisition. At the time we financed it with equity, mostly equity, we had $600 million of cash and we executed a large equity transaction to pay for it. And so, ultimately, when I think about that portfolio, it was a very low risk acquisition for us, primarily because we either built them or bought them. We operated them, so there was really no transition risk or no, oh, gee, got you risk, because you didn’t know what was going on with those properties since we clearly knew everything that was going on with those properties and so from an accretion dilution perspective, it was accretive in 2022 and it’s accretive in 2023. When you look at or the walk that Alex showed in went through in our press release, the broader interest rates going up were a drag on our FFO, not as a result of that transaction per se, it was bonds coming due, they were at three, did some change that we are having to finance, at five we have some change now.
