Jon Clark: Yeah. The syndicate is a decent sized group. You could always have one bank or two banks in the syndicate that decide they don’t want to do term loans at any given time. I think that’s one of the benefit of, frankly, having a really strong group of supportive syndicate banks. At any given moment, a particular bank might not want to do a term loan, but the others will step up. So we also could always add another syndicate to it if we wanted to. But we think we have got a really strong banking group, and we really appreciate all their support and we think they will be there for us if we wanted to increase the term loan borrowing.
Craig Mailman: All right. Great. Thank you.
Michael Gamzon: Thanks, Craig.
Operator: The next question is from Tom Catherwood with BTIG. Please go ahead.
Tom Catherwood: Thanks, and good morning, everyone. Maybe sticking with kind of one of Craig’s questions, Michael, how much capacity do you kind of feel comfortable with for pursuing opportunistic investments versus kind of funding developments on owned land right now?
Michael Gamzon: Yeah. I mean, again, I don’t think we have given specific targets out in terms of dollars and amounts. But I think we are looking at both. We think we have capacity to do some of each. Again, on developments as discussed between land and future development. There’s really not significant capital for that other than finishing the one deal in our pipeline for quite a while. So, in some ways, if we find land that we like or really a year away from funding the land and then if we commence construction, that will fund over the following year. So we feel that gives us time to assess over time where our capital is, what capital is available and at what cost to influence that, obviously, if we are looking at buildings or acquisitions in the market today, we obviously need that capital much more immediately.
So we think there’s capacity for both. Again, the land and development is going to be a much more longer tailed, but we think we have capacity to add incremental acquisitions today, if we find the right opportunities, and again, it’s kind of an interesting market. There’s very little trading. From our point of view, most of the things that we have seen that have closed in the markets we track or have been awarded and suppose they are going to close soon. We will have to see, obviously, they have been in the market. Typically have been at cap rates below where I think everyone would expect things to trade based just on the news and headlines. And so we are still going to look, we are not sure we have found the right opportunities for us yet.
But we think we have capacity, and again, we have some optionality in our balance sheet and our debt capacity and continuing to recycle capital.
Tom Catherwood: Appreciate that, Michael. And can I stick with that cap rate comment that you made, obviously, you are in a select targeted set of markets. But with the comment that the cap rates on transactions would be below kind of what the market is expecting right now. Do you have a sense of how much cap rates have moved in your specific markets?
