And a number of cases those local regional developers have been flipped the land, or built the building and sold it on a forward basis and things like that, where we’ve seen in a couple of cases that Denver land acquisition we made recently, the one in Tampa, we’ve got another one that we’re optimistic about one in Austin, where those developers got to the end, and they hadn’t caught I guess I should have backed up where they’ve done all this work, while it’s under contract that haven’t closed yet. So that ability with the forward window tightening, then they needed to look for capital sources to move forward. And it feels like my analogy it’s been, we’ve been able to jump into the game in the fourth inning rather than the first inning.
And like in Denver, for example, they had worked on the site for several years. And we broke ground within I think, call it, 60 days of closing, and the same thing in Tampa and some of these were all of a sudden those opportunities we were getting out bid for years, because people want [Nuveen, Heitman] [ph], you name that different companies wanting to get capital out. Now, we’ve become a source for them. Well, again, we’ve said they’ve created all this work. And if they don’t close, the value they created reverts back to that seller. And so they’re looking for capital, and we’ve been able to step in, and I guess really circumvent an awful lot of that development cycle.
Alexander Goldfarb: Okay. And then so as a follow-up to that, sort of going back to, I think was Craig Mailman, who asked about sort of looking into the next year, you guys traditionally are always a cautious group. You always think that like this year was good, next year will be tougher, but you have the big COVID rent uptick that creates a wonderful mark-to-market in your portfolio, you’re the sole developer. So what’s really the risk here going forward? Is it that your stock remains depressed, thus, you can’t really issue equity and that slows down your growth? Or is it truly tenant issues, which so far have not seemed to be an issue? So I’m just wondering in a tangible way, what is really the risk here to growth? Is it more your equity price? Or potential for tenant challenges?
Marshall Loeb: Yeah, I’ll take a stab. And then Brent can correct me if he disagrees. To me, the risk is always that we’ve said for years, we’re way less about supply than we do demand given, not many people build what we build, and especially today that’s got an exclamation point at the end, I do worry about our October [ph] balance sheets with all prices higher, labor wages higher, interest rates higher, rents higher, it’s a lot on them. So I worry about the tenant demand. But if we can stay full, we do have land for development, we do have – I guess in reverse order, we’ve got the ability to push rents first and then organic growth, and then we can develop and fund it with dispositions or this or that, it’s great to have the equity when we do and we can take advantage of it in this market.
But I’d also say we don’t feel compelled, I think we’ve got a perfectly good company. And if we don’t buy a lot, we’ll be alright on that. It’s a way to accelerate our growth, but we’ll have growth one way or the other. And we’ll just, I think the way we’ve tried to view it is be nimble and what the market allows us, we’ll take advantage of it. And we want to change our strategy, but we may change the way we implement it. And for several years, when everybody wanted to own U.S. industrial, our attitude was it’s better to create it than outbid people for it. And now if there’s some good acquisition opportunities, we’ll pivot to that doesn’t mean we’ll stop development if it’s there, but we’ll pivot to those.
And then sometimes it’s okay to sit on your hands and wait for a window to open too. And thankfully, we’ve got that organic growth that you were talking about.
Alexander Goldfarb: Okay. Thank you.
Marshall Loeb: Sure.
Operator: Our next question comes from Nick Thillman with Baird. Please go ahead with your question.
Nick Thillman: Hey, good morning, there. Maybe touching on the acquisition opportunities. You guys were pretty active in Las Vegas recently. Are there any like specific markets that you’re kind of targeting where you’re seeing more opportunities in?
Marshall Loeb: Good question. As we think about it is really, we’ll look at our percent NOI kind of as a portfolio and then kind of where we are. And in that market, Las Vegas has been a really strong market, I’ll compliment Mike Sacco, our guy, who has been really push rents in Las Vegas over the last couple of years, and we’re under allocated, and it’s about looking back 3% of our NOI, so strong market, and really just the way our pricing worked out. And really our story, I’m not pretty positive on one, if not both of those that we acquired, there were higher offers, but again, we were the most certain buyer, we believe. And so the West Coast in the last few years, we’ve been under allocated to that market. And we try to look at it, what’s the right real estate, the right sub-market, and then also by market, we don’t want any market, we spent a lot of time bringing Houston down from 20% into the 10s as a percent of our NOI too.
So that’s part of its the real estate itself. And then part of it is how much we allocate to that market. And then we think having more of our NOI from Las Vegas positions as long-term to have higher cash same-store NOI, higher releasing spreads, all the things we get measured by each quarter. But that’s kind of one of the markets that really does high performing markets, you’ve seen us do a lot in Austin, El Paso has been a strong market, Florida has had a great run in the last couple of years as well.
Nick Thillman: That’s helpful. And then maybe you touching a little bit on development lease up. And you’ve really pulled demand from existing parks historically. Maybe just an update on kind of what you’re seeing from tenants in your existing parks like willing to expand? Are they a little bit more cautious today than maybe, say, 6 months from now? Or like 6 months ago? Like any commentary around that would be helpful?
Marshall Loeb: Yeah. No, we feel good about our development pipeline that we’ve pulled half dozen buildings in and we can maybe talk I’ll save it for later in the call and kind of parsing our development pipeline, answering your question, I would say, yes. And understand, really, so people are we have activity, and we’re getting leases signed, getting people, closing in once you get in the red zone seems slow. And I think it’s all about the economy, it’s hard to feel confident to expand your business, probably given the larger climate. So I appreciate – from a future bad debt perspective, I appreciate our tenants and our prospects being a little bit more hesitant than shooting from the hip. So, yes, it was felt a little frenzied kind of post-COVID to the point where you felt it made you a little bit nervous of brokers saying things they hadn’t seen in years in their career, revoking offers to tenants and things like that, because the time clock had passed, and things that people told us they’d never done.
