Joe Fisher: Yes. I think one other thing we saw, obviously, early in COVID, we saw a lot of the dispersion of the tech jobs around the country. Similarly, what we have been taking a look at, and I know there has been a couple of reports out there on the warrant notices related to some of those layoffs. Our business intelligence team has done a lot of special analytics work looking at where those WARN notices are, and you would be shocked to see the distribution of them. So, it’s not just a San Francisco or in Austin and Seattle. When you look at the percentage of those layoffs that are taking place, or a percentage of the workforce in those markets, it’s not nearly as impactful as I think most of us typically think when we see the headlines just based off where certain companies are headquartered. So, there is more of a dispersed impact around our portfolio and as well as markets we are not in.
Brad Heffern: Okay. Appreciate that color. And then in the prepared comments, you mentioned that renters are taking longer to make decisions, even though the traffic levels are basically the same. I was just curious if you could delve into sort of what you meant by that comment and what the implication is?
Mike Lacy: Yes. Brad, I would tell you just to quantify that a little bit. The way we think about it is in terms of vacant days. And so it’s taking about two days longer just to move somebody in after they start trying to figure out where they want to live and when they want to move in, so about two days on average. Other than that, we haven’t seen much of a difference.
Brad Heffern: Okay. Thank you.
Operator: Thank you. Our next question is from Chandni Luthra with Goldman Sachs. Please proceed with your question.
Chandni Luthra: Hi. Thank you for taking my questions. So, you guys talked about inter-market differences between coastal and Sunbelt, but perhaps could you talk about intra-market differences, A versus B, urban versus suburban?
Mike Lacy: Yes. I am happy to go into that a little bit, just to give you an idea of what we are experiencing today and what we did experience. So, as it relates to A versus B, first of all, in €˜22, we did see our As outperform on a revenue basis. And what we expect in €˜23 and what we are seeing today, our Bs are likely to outperform As. As it relates to urban versus suburban, urban outperformed the suburban in 2022. We do expect that to flip as we move through €˜23. And I think just to point to something here, you can see on Attachment 11a, our MetLife portfolio, high-quality, urban in nature, we have 16% growth during the quarter. So, you can see what’s happening there just as it relates to different parts of what we are seeing in our mature portfolio. So, overall, it’s in good shape.
Chandni Luthra: Great. And for my follow-up, in the event that you don’t see viable acquisition or DCP opportunities or we stay in that price discovery mode for longer, how would you think about the appetite for buybacks this year?
Joe Fisher: Yes. We have definitely had the appetite and willingness and ability to pivot over time. So, I think our most recent $50 million buyback that we did in 3Q, 4Q, it was actually our third buyback in the last 5 years. So, we have got a demonstrated history of pivoting when we can. As we get through price discovery, continue to see where the fundamental picture develops, then importantly, what is that source of capital and the price of that capital, as those all come together, I think we will have a better picture on whether or not we have the capacity for buybacks. And if it makes a good risk return trade-off, it was somewhat of a fairly easy decision when we are thinking about it in 3Q and 4Q because we had done the forward equity back in March of €˜22.
