Charles Meyers: So in terms of the Analyst Day, I mean, I think we’ll — that will actually be progressed well into the year, and I think we’ll be able to give you a continued update on momentum in a number of areas. But I think we’ll also continue to give you visibility in how we’re evolving, driving the evolution to a more comprehensive platform value proposition. We’ll really talk about being the infrastructure platform of choice for customers as they implement hybrid and multi-cloud as the architecture of choice. And so, I think updating you on what that means for our sort of traditional interconnected colo business and what that means for expansion of the platform, continued improvement of the customer experience. And then on the digital services side, how we’ll continue to evolve the platform in terms of the service offerings with probably a real focus on Metal as a foundational piece of that.
And then also on cloud networking. Networking is definitely an area of value add that we have always had for our customers and I think an area that we can continue to evolve the platform in terms of how we make it easier for customers to interconnect a variety of forms of infrastructure in a very cloud-centric world. And so, I think we’ll talk you through those evolutions of the strategy and update you on where we’re making investments and how we see the long-term outlook playing out as a result.
Operator: Our next question will come from Eric Luebchow with Wells Fargo. Your line is open.
Eric Luebchow: So just curious on your development pipeline, I think it’s about as big as I’ve ever seen in terms of new expansion capacity. Maybe you can talk about, based on pretty tight industry supply, what kind of fill rates your utilization rates you expect to deliver on new development. Is it happening faster than it has in some historical periods? Then in terms of development cost inflation, have we started to see that cost curve flatten out? And do you think that, to some extent, could dictate how much your ability is to raise rents, excluding power pass-throughs as we look throughout the year?
Charles Meyers: Yes. I mean, we’re definitely seeing strong fill rates and that’s informing the continued investment in the development pipeline for sure. And I would say that we’re — so that’s — I think that’s — and I think we’re seeing — we’re underwriting to return profiles in light of that, that I think are very consistent with what we’ve seen in the past. I definitely do think, on the second part of your question, that we are — we’ve seen a meaningful uptick in cost, and we are expecting and anticipating and managing toward increases in pricing to maintain a consistent return profile. And thus far, I think we’re seeing that our ability to have those price increases materialize in the market, in other words, our pricing power remains strong.
So I think — and in terms of whether they’re stabilizing, I do think that, as Keith said, the supply chain situation, I think, is a bit more stable, and we were, I think, due to a good strong execution on our part and our scale and some of the capabilities we have, I think we managed it quite effectively. And I think we’re continuing to be diligent about that going forward. So, I think we’ve stabilized a lot of the risks on the supply chain side. Labor is tight still in some markets. And there, like for example, in France, where with the Olympics coming up, it’s just finding the ability to advance those projects on the time lines that you want is a challenging task for sure. So, I would say the labor piece is probably the one on the supply chain that is a little bit more an area to watch for us.
