Matthew Mercier: Yes. So thanks, Nick. With regard to — I think I’ll go back to some of the comments I had, I think, from one of the first questions. So with regard to 0 to 1 megawatt, that’s on both the escalation and renewals tend to be influenced by inflation where CPI is coming in. So that’s going to be spread across the leases that are rolling, whether they be in North America versus EMEA. And those have come down since last year and more in that 3% to 4%, 3% to 4% range. And now on the greater than 1 megawatt, as I mentioned, we’re assuming, call it, current market pricing and that’s more heavily influenced by where the expiring rates are versus that. So that’s within the greater than the megawatt segment, which we’re assuming still positive and resulting in the 4% to 6% total that we’ve guided towards.
Operator: The next question comes from Brandon Nispel with KeyBanc Capital Markets. Please go ahead.
Brandon Nispel: Hey, thanks. Just a quick question. I think in the guidance for development capital, this is the first time it’s actually been guided to net of capital contributions. Can you maybe talk about what your total capital outlay will look like in ’24 versus ’23 on a like-for-like basis? Thanks.
Matthew Mercier: Sure. Yes. So I mean, obviously, the net is given the development joint ventures that we’ve established over ’23 and that will also close that are under contract in throughout ’24 in particular with the one we announced with Blackstone. Phase I is already closed and Phase II is later in the year. And if you’re looking at it from a gross basis in comparison, we’re expecting in ’24 on a gross basis, we’d be spending north of $3.5 billion in terms of total CapEx and it would be — which would be roughly 15% higher than the amount that we spent in 2023.
Operator: That concludes the Q&A portion of today’s call. I’d now like to turn the call back over to President and CEO, Andy Power, for his closing remarks.
Andrew Power: Thank you, Betsy. Digital Realty capped off a transformative 2023 with a strong fourth quarter that was highlighted by three key elements. First, we sourced over $12 billion of new capital and commitments from an array of hyperscale private capital partners, deleveraging our balance sheet and positioning the company for the future. Second, we posted another quarter of improving organic operating results with the best same-capital cash NOI growth in nearly a decade, and we are just on the cusp of the AI wave of demand. Third, we continue to grow our footprint and capacity around the world with record deliveries in 2023 to meet the accelerating needs of our growing customer base. These customers look to us to help enable their IT solutions, whether that is AI, cloud or even enterprises along their digital transformation journeys, our value proposition is resonating, I’d like to thank everyone for joining us today with a special thank you to our dedicated and exceptional team at Digital Realty, who keeps the digital world turning.
Thank you.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
