We funded our business without issuing any equity basically since 2012. The last 10 years or 11 years we have not issued any equity. How we financed our business is by disposing of real estate that was non-strategic to us, logistics real estate and we have done a lot of dispositions. You can think of the data center strategy as a way of funding our growth. That’s where the growth capital is going to come from. We are not at the moment interested in being in that business in terms of long-term ownership, it’s more of a development and harvest strategy and that capital that comes out of the margins of those deals will be a substantial contributor to our growth going forward. Dan, you want to talk about the initial yields on the data center?
Dan Letter: Well, what I would say is, on this particular data center, we are under a strict confidentiality. So we can’t be speaking about any particular yield points by any means. But what I would say is, we have been building capabilities internally to ensure that we hit the market for these deals and you will see those play out as we announce more data centers going forward.
Tim Arndt: What I would say, generally, though, without getting specific on this opportunity, we think the margins that come out of our data center business, by definition, based on our historic cost of land or even the market value of land, will be orders of magnitude higher than they would be under logistics build-out. So multiples of a normal margin.
Operator: And the next question comes from the line of Steve Sakwa with Evercore ISI. Please proceed with your question.
Steve Sakwa: Yeah. Thanks and good morning. I just wanted to follow up on the development and just make sure I understand on the fourth quarter, I think, you have got something like $1.9 billion of planned starts, given that you have done about $1.4 billion year-to-date. So just curious, does that include other data centers or is that all traditional industrial? And if so, what is the mix between spec and build-to-suit on that fourth quarter starts volume? Thanks.
Dan Letter: Sure, Steve. This is Dan. So the lion’s share of our Q4 starts are logistics starts. We have one, maybe two smaller data center starts that we have forecasted. But overall, it’s about 50-50 build-to-suit and spec. And let me just highlight that we have been calling for a back-end loaded forecast for about four quarters now. As we talk about market development starts now at 65% — I guess down 65% from the peak, this is playing out exactly as we expected and we have been gearing up all year for a really heavy Q4 start volume.
Tim Arndt: Yeah. The portion of build-to-suit is obviously a lot higher than that if you include the data centers. What Dan meant was a mix of logistics and logistics spec versus build-to-suit.
Dan Letter: Correct.
Operator: And the next question comes from the line of Todd Thomas with KeyBanc Capital Markets. Please proceed with your question.
Todd Thomas: Hi. Thanks. Question, as you think about 2024, Tim, you mentioned that market rent growth increased 60 basis points relative to last quarter. That’s down from 2.5% last quarter. I think you indicated that market rent growth is expected to be positive in the year ahead. As we think about the trajectory of rent growth and what you are anticipating, do you see potential for sequential or year-over-year decreases in market rents in the U.S. or globally over the next few quarters as deliveries outpace absorption or do you expect rent growth to stay positive throughout that period during that timeframe?
Chris Caton: Hey, Todd. It’s Chris Caton. Thanks for the question. Yes. We expect rent growth to remain positive throughout that time period. Market conditions are stable and there are a handful of markets that we have talked about that are softer, but by and large, markets are proving resilient with rent growth in line or ahead of inflation.
