Hamid Moghadam: Yeah. There has not been a material delay in any of our construction project, if you look at them on an aggregated basis. So that is not — that has not shifted stabilizations from 2022 to 2023 or anything like that. Yeah, I can’t even think of an example that comes close. And even on the cost side, because we have been thoughtful about procurement and securing some of these type supplies ahead of time. That’s been actually something that we use as a competitive advantage in marketing to build-to-suits, because we have got a bunch of steel and we have got a bunch of air conditioning units and electric panels and things that are insured supply are already sitting in our warehouse waiting to be deployed into our land bank.
So no, there’s nothing funny going on about that, and by the way, the stabilizations are not just a function of completion of construction, but also leasing being stabilized at 90% or more and that factor hasn’t delayed stabilizations either. We have been leasing actually ahead of plan to this day and I think we will — I expect to continue to do that.
Operator: Thank you. Next question comes from John Kim with BMO Capital Markets. Please state your question.
John Kim: Thank you. On the subject of fund redemptions, there are some unlisted funds or non-traded REITs with a different leverage profile than yours, different investor base that are seeing a significant amount of redemption requests and I was wondering if you anticipate this will lead to increased asset sales on the block and potentially some more opportunities for you on the acquisition side?
Hamid Moghadam: I hope it does. I am not optimistic that it will, because if you look at even the denominator problem for most institutions and the fact that they generally have to reduce their exposure to real estate, they are likely not going to want to reduce their exposure to industrial. So I think and with these — most of the open-end funds, where it would be — where their mix, they are different property types, the industrial is what’s holding up their performance. So for them to disclose those would put them in even a more difficult situation. So I don’t think there will be a lot of for sellers in industrial, because to the extent that you are dealing with a leverage issue or a liquidity issue, if you sell your highest yielding assets, you keep tightening the coverage and noose around your neck.
So as much as I’d like to, I don’t think we will see a lot of that. I think where we could see opportunity is actually within our own open-end fund availabilities. If the redemptions continue and we think the values are good, first, we will offer that to all the third-party investors and then we will step in them buy and we like that real estate. We know it well, and we operate it, and if it’s priced right, we are all buyers, no problem.
Operator: Thank you. Next question comes from Michael Carroll with RBC. Please state your question.
Michael Carroll: Yeah. Thanks. I guess, Hamid, I understand that PLD in the industrial space in general are pretty well positioned in the current environment despite the uncertainty, but is there anything that you are watching out for any specific risks that you foresee for this space here in the next year plus or so?
