Hamid Moghadam: So two things. I think the Essentials business, in terms of percentage growth, I think, our mobility business would be the biggest, because it’s the smallest right now to start with. So any growth will be the biggest. But in terms of dollar contribution, I would say, solar and storage are coming on the strongest today and operations is to close second behind. I will pitch it to Gary if he has any more to say about that after this. Second part of the question was — oh, cap rate. So cap rates are really misleading. So we got to be careful about that. Cap rates at market, assuming that you had a building a year and a half ago at market and you have a building at market today, I would guess it’s 50 basis points to 75 basis points maybe 100 basis points, okay?
It’s — call it, 50 basis points to 100 basis points. But you have had all this rental growth in between. So the observed cap rates for the same building this year versus last year with rents that are higher by, I don’t know, 10%, 15% or something, would not have moved as much. So, and if you get into weird situations, like some building that was leased five years ago when it comes on the market and it’s — and the in-place rent is less than half of what market is, that building could have a lower cap rate than it would have had a year ago. IRR is what’s really important based on reasonable assumptions and my guess is that if I were going to pick a number, I would say, low to — low 7, 7.25-ish in the U.S. and maybe a little bit lower than that in Europe with growth of, say, 4%-ish percent across a 10-year projection, something like that, approximately.
Gary, anything on.
Gary Anderson: I think you got it exactly Hamid. I mean to say, in 2023, our mix is going to be about 50% operations and about 50% energy and mobility. The growth rate, obviously, mobility is going to be much higher because it’s coming off of basically a zero base. Where are we investing? We are investing in our energy and mobility businesses. And that’s where we are doing the capability, because actually see the most significant growth of 2025 and beyond. But I mean, just to put a set of stake in this, we are very, very convicted about the potential for these businesses. We are on track to generate our $300 million in revenues and tax benefits by 2025, which we have talked about before and that is going to deliver about $0.25 per share in FFO.
And that would be a little bit above our — that will be about 100 basis points of growth per year compared to our 2019 Investor Day estimates of about 50 basis points. So net-net, look, we are in great shape, that business is growing right on plan and we are going to continue to make investments in that business and this year it’s going to be in mobility and energy.
Hamid Moghadam: By the way, that 2025 number that Gary just mentioned, it’s going to be recapturing maybe 15%, 20% of the total opportunity within our portfolio. So there will be a huge runway for growth, and frankly, we are beginning to see more deals out of our own platform, because customers are taking us to buildings that they lease from other people to do the same level of service to them in those other situations. So I can’t even begin to quantify that out of platform opportunities. So we are really excited about our Essentials business. Okay.
Jamie Feldman: Thanks.
Hamid Moghadam: I think we are at the top of the hour. I know we have one more question, but maybe we can take that outside the call, Anthony, with our apologies. But thank you for your interest in the company and we look forward to seeing you next quarter. Take care.
Operator: Thank you. This concludes today’s conference. All parties may disconnect. Have a great day.