H. Andrew Cantor: Haendel, this is Andrew. Good question. And we did quite €“ there is the opportunity for DCP recaps, I think in that space. It’s still a little early as it relates to that. We have done a few of them late last year. And we have begun to have some of those conversations, but I still think there is some discovery that needs to take place before we know for sure if those opportunities exist. But it’s definitely a place where we are going to €“ like Joe mentioned earlier that we have a reduced risk in that scenario where the property will be €“ have been completed. We will have cash flow. We will have the ability to get a loan that’s not a construction loan, so you can work with the agencies and so on. And so you are in a much safer position on those DCP type transactions, but it’s still been too early, but some additional conversations have been had.
Haendel St. Juste: Got it. Okay. Thank you and back to hear you Andrew.
Operator: Thank you. Our next question is from Rob Stevenson with Janney Montgomery Scott. Please proceed with your question.
Rob Stevenson: Good afternoon. How are you guys thinking about the regulatory environment where the industry’s lobbying time and money needs to be targeted over the next few years? You have got rent control, DOJ going after RealPage, tax is increasing everywhere and the potential for re-imposing eviction moratoriums. How are you guys thinking about this? And what’s most important, where are you targeting most of your efforts and prodding the industry to target theirs?
Chris Van Ens: Hey Rob, it’s Chris. Yes, that’s a really good question. I would say we are fighting on a lot of fronts. You mentioned rent control initiatives, right. We see those in six states or seven states thus far in the 2023 legislative sessions. We are still coming off COVID restrictions, whether that’s eviction moratoriums, couple of holdouts out there, eviction diversion programs, etcetera. And we are working with our trade groups, right. So, the California Apartment Association, places in Maryland, Florida Apartment Association, all that kind of stuff. And we are giving money. I would say rent control is obviously a top priority. The proposition to get rid of Costa-Hawkins in 2024 in California is going to be a top priority, and then everything else.
As you think about just cause eviction rules, fee limitations, longer rent increase notice periods, all that kind of stuff that we are seeing, which are going against landlords right now, we are working through, but those are probably lower priorities. So, most of our dollars are once again to go and go are those kind of top one, two, three things, and we are going to be working with the major trade groups to, not only fight the measures, but educate legislators on what a better solution is, right. It should be a supply-based solution. So, that’s kind of where we are working right now.
Rob Stevenson: And what do you guys €“ sorry.
Thomas Toomey: That’s alright. That is the correct answer, Chris gave, but I want to emphasize the education piece because California, I mean the capital right now of a regulatory landscape that’s all over the place. You actually go to the cities next door that aren’t proposing these and they embrace the idea that new development, new housing stock is a great way to enhance their city. And you take those cities as examples. I mean Huntington Beach, which we have been at for 10-plus years now, it has turned out to be a great city with a refreshed stock and competes very nicely against Newport, which is just the opposite. And so we think the best long-term path is, these cities that are embracing new supply, new product, particularly ESG focused, are going to realize the only way to solve their long-term housing and ESG directives is by opening up the development windows.
