Michael Gamzon: Yeah. I will start and Jon or Ashley can chime in. I think in my remarks, I mentioned, we have the one tenant that’s kind of tripled in size in our Connecticut park. They are leaving probably earlier than we expected their existing facility. I think the good news is we sort of delivered the new facility a little earlier than we had sort of expected and they were able to get operational quicker than they had thought. So they are moving a little bit earlier out of the other facility. So I think, we are saying that, that likely probably doesn’t get backfilled in the fourth quarter. Mitch, we are seeing good tenant interest in that space as well, but just by the time you sign a lease and get things going, it probably takes a little while.
And then other than that, we have a little bit, probably, not a whole lot that comes up in 2023, but even just having one vacancy that’s less than 1% of our portfolio is still going to impact same-property NOI when we were 100% in the same-property pool, I think, for the last five quarters or four quarters or five quarters. So I think that’s — there’s not a lot of vacancy coming up, but we think there’s kind of this one that we, obviously, are going to work to lease and feel good about the opportunities there and have a couple of small leases coming up in 2023. I think that’s what he was alluding to, I don’t know, Jon or Ashley, if I missed anything there.
Jon Clark: No. You have covered, Michael.
Mitch Germain: Great. Appreciate it. And so I am trying to understand, Michael, about your willingness to develop in this market. We have got a couple that delivered. We have one underway. We have some land that’s being craft or secured. So is the goal as that land becomes available to commence or are you likely to begin some pre-leasing efforts before you put any real capital behind development here?
Michael Gamzon: Yeah. I think, as we disclosed, we have one project under development and a couple of the forwards coming next year. We feel great about that portfolio. On the other land sites we have disclosed and landside we are looking at today in the market, our view is we are just going to evaluate market conditions and decide if we move forward or not. The two — the one other land that we currently own today that’s entitled is also in the Lehigh Valley. I think our view is let’s get the one building we have further along and then consider that other building. The other thing with that land site is we are looking to see if there’s a land site that’s adjacent to it that we may be able to purchase and combine to make the site plan, grow the building a little and change the site plan.
So we are sort of working on that as well. So every land site that we have that’s either close to entitlements or entitled, we are going to market as a pre-lease or a build-to-suit for sure, if we haven’t started SPAC. But I think on SPAC, we are just going to wait and see on future market conditions based on the current pipeline we have and in the markets we are in. And we think land continues to be, as I mentioned earlier, really hard to find good land sites. It’s — once something is built on the land side, it’s a building and buildings kind of trade and just becomes really a price question, but there’s buildings in every market. You can buy a building and you just have to pay the price. There just isn’t going to be land in all the markets we are looking at and located in the locations we like.
