Ki Bin Kim: Thanks and good morning. I was curious about the investment capacity that you show in your supplemental of $1.5 billion is down from $4.2 billion. I just want to understand what that actually represents? And tying that to your comments about contributions perhaps picking back up if conditions settle out, how does that comment compared to the $1.5 billion capacity and how much river room do you ultimately have an increase on that capacity? Thank you.
Tim Arndt: Hey, Ki Bin. So what I would do with regard to investment capacity is relying more on the way I am describing it in our prepared remarks, the $20 billion and $4 billion or $5 billion across the funds. The number that’s presented in the sup, which is what I think you are referring to is a bit technical about the current amount of equity that can be drawn in the funds and then that number is levered slightly, so that’s why it’s a bit understated. The number we supplemented with in prepared remarks is looking at the overall leverage of the fund and how much more capacity sits beyond just that of committed equity post-leverage. So, for example, our USLF venture is very low leverage, just about 10% and that creates an incredible amount of debt capacity, as you can imagine. And I think that winds up addressing your second question, which is the liquidity and the funds for contributions, there’s a lot there for us to have over time.
Operator: Thank you. Our next question comes from Derek Johnston with Deutsche Bank. Please state your question.
Derek Johnston: Hi, everyone. How are you doing? Can you give us an update on the markets in Europe, the mark-to-market there, any leasing trends? I think you touched briefly on the private market transaction backdrop. We definitely see the U.S. mark-to-market getting wider. I guess how do you view demand in Europe and the differences between the U.S. and Europe unfolding in 2023? Thank you.
Hamid Moghadam: Yeah. Let me start with some general comments. Europe is generally a mild and more muted version of the U.S. both on the way up and on the way down and the market is — has a lower vacancy rate than the UAE — than the U.S., if you can believe it. So that’s a general backdrop. That’s very consistent with the way Europe has behaved in the last 10 years or 15years. As to the specifics on mark-to-market and alike, Dan, do you want to cover that?
Dan Letter: Yeah. Sure. Mark-to-market — lease mark-to-market in Europe is about 28%, and I would say, just overall, we feel very good about the leasing demand in Europe right now. We talked about at the — in the remarks about an expansion in the vacancy, but overall, we feel really good about where it’s headed.
Hamid Moghadam: And the — you might ask what about the U.K., because that’s the one you hear about all the time, and actually that’s really strong, too, so far. So we have actually been surprised on the positive side with the U.K. The other place that is really held up well is actually Germany, which you would have guessed with energy issues would be softer, it hasn’t been and there’s virtually no vacancy in Germany. And some of the manufacturing coming back, particularly autos, et cetera, are really strengthening Central and Eastern Europe the markets, particularly in Poland, where there’s this perennial vacancy. It’s sort of tightening up.
Operator: Thank you. Our next question comes from Nick Yulico with Scotiabank. Please state your question.
Nick Yulico: Thanks. I want to dig in a little bit to the sectors that you are seeing driving leasing demand, let’s say, in the fourth quarter and so far this year, whether you have seen any changes in types of customers taking space versus a year ago? And then, I guess, when we think about the broader retailer bucket, where you did see some retailers reporting year-over-year sales declines in the back half of last year, wondering if any pieces of that category are you seeing less demand?
