Hamid Moghadam: Absolutely. Because the margins embedded in the data center development, Mike, are orders of magnitude higher, certainly on the basis of market value under industrial use or purchase price under industrial use. So we would be doing that even if the market was tight as a drum. And by the way, let’s not get carried away. The market is in the high 4s occupancy, I mean, vacancy, sorry, that is absent 2021 and 2022 I would have said that would be my Christmas present would be vacancy rates that are sub-5 in any part of the cycle other than the last couple of years. So the markets are strong, but the data center opportunities, if you can get the power, the demand is there and it’s been boosted by AI and a bunch of other things. So we see sort of a rush of data center opportunities and the large players and they are all big credit players into the business and they can’t get enough of this stuff to keep up with demand.
Operator: And the next question comes from the line of Bill Crow with Raymond James. Please proceed with your question.
Bill Crow: Yeah. Thanks. Two quick questions. First of all, on the economy, I am wondering if you are seeing any changes to your watch list among your tenants or any sectors in particular that are starting to show weakness. And the second question is really in order to get the kind of 9% ROE returns on acquisitions, do you have to target longer waltz or how do you get that if we don’t see distress among current holders or owners? Thanks.
Hamid Moghadam: So our credit issues are fairly modest and they usually involve retailers and we have a build-in 85% plus mark-to-market on those leases that we have identified as potential risks. And we have actually captured some of those spreads and already improved our position by buying out those leases or just getting them back and releasing the space in a short period of time. So I don’t think credit is a particularly important consideration in this cycle.
Tim Arndt: And then the second question on the waltz, extended waltz being necessary for the kind of IRRs we are targeting in acquisitions.
Hamid Moghadam: We are using the same lease terms in acquisitions than we always have been. There is not — I mean, if you look at 30 years of history, I mean, our waltz have been between four and a half years and six years or something like that on average in our leases. So it doesn’t move around that much.
Tim Arndt: Yeah. I would just pile on there that we look at these opportunities of whether it be one year to three years or four years of negative leverage as an opportunity, really. We look at total return on every deal. And again, we take it through our filters of quality, mark-to-market and whether we want to hold it long-term or not and then we layer that on with our potential essentials, revenues and synergies and otherwise. So while it’s one consideration, so are all these other factors.
Operator: And the next question comes from the line of Blaine Heck with Wells Fargo. Please proceed with your question.
Blaine Heck: Great. Thanks. I just wanted to follow up on guidance. You touched on this a little bit, but guidance implies a decrease in FFO in the fourth quarter. Can you just talk a little bit more specifically about some of the moving pieces there and one-time items that are influencing the numbers in the third or fourth quarters and whether any of that noise is going to persist into 2024?
