So, we had proceeds available. We had a set price. We also sold that asset in Southern California. So, I think as we expose some of these assets to market, see where they come in on pricing, we will be able to potentially take proceeds from that to determine do we want to do more operational acquisitions and put that into our platform and get the lift we typically see. Do some of the DCP transactions we talked about earlier, help fund potential development starts and then of course, buybacks will be on that menu as well.
Chandni Luthra: Great. Thank you.
Operator: Thank you. And our next question is from Rich Anderson with SMBC. Please proceed with your question.
Joe Fisher: Hey Rich, check and see if you are on mute.
Rich Anderson: Sorry about that. Can you hear me?
Joe Fisher: You are good.
Rich Anderson: Okay. Sorry about that. I think the question earlier, Sakwa asked about the cadence of performance over the course of the year, and you gave a good answer there. And then when I think about the year ahead, it’s somewhat of a pedestrian year except for the fact that you have this 5% earn-in. So, you are kind of whittling away this great growth profile you had last year. So, when you think about the end of the year, is it the best probability that you will be looking at like a return to CPI plus type of growth in 2024 or what has to happen for €“ to have another year of above-average growth and for the story to continue, or just curious what the building blocks might be when you are looking at December of this year?
Joe Fisher: Yes. Good question. And obviously, we are not macroeconomists, but we can kind of focus on what we can control and see coming down the pipe. So, I would say two things that are beneficial as you start to go into €˜24. One on the supply side, I mentioned the total housing stock already starting to come down. I think that’s going to only continue when you look at permanent start activity on single-family, and what we are starting to see roll over in terms of permits and starts on the multifamily side. So, you start to bring down total housing stock. The other thing is the relative affordability piece that we have talked about quite a bit, that should be beneficial. So, those all help market rent growth. Beyond that, then you still have innovation, which we talked about that adding 50 basis points here in the 2023 numbers.
I think you have at least another year of 50 basis points coming in 2024 when we think about what we have coming, especially on building wide WiFi and some of the other initiatives that will roll into the pipeline. So, I think there is a couple of dynamics that hopefully help get us above inflationary type of numbers as we go into €˜24. And then beyond that, you have still a very strong balance sheet in terms of lack of maturities coming due really in 2024 with only $100 million. So, you don’t have the debt resets. And then we also have capital allocation. We will see where our cost of capital goes, and where we can deploy, but hopefully, some opportunities there.
Rich Anderson: Okay. Great. And just a follow-up, just a quick one. earn-in typically 1% or 2% in a normal year?
Mike Lacy: Yes. Our historical average is right around 1.5%.
