Steve Sakwa: Yes, thanks. Emma, I just on the share buybacks. I know in the last call, you had talked, I think about doing $600 million, you guys did a little north of $500 million this quarter. So I guess, are you still sticking with that $600 million number for the back half kind of implying a fairly low fourth quarter number? I know that kind of ties in maybe with lack or less free cash flow. So just any thoughts around buybacks for the rest of the year?
Emma Giamartino: Steve, that’s the right way to think about it. We were going into the latter half of the year, our expectation was for $600 million. As you said, we did $500 million in this quarter. So we are on track to deliver the same amount we were thinking last quarter.
Steve Sakwa: Okay. And look, I know everybody is highly focused on the sales environment that really seems to kind of be the linchpin for the company. Bob, you’ve obviously talked about maybe a second half recovery. Just sort of trying to think through kind of the timing? And is it more the economy that you think is driving people uncertainty? Is it the absolute level of interest rates? Is it the fact that the banks and insurance companies aren’t really lending money. I know all of it impacts it. But is there one factor that you think is more pronounced than another?
Bob Sulentic: Uncertainty around interest rates is one really prominent fact and the expectation that they are now going to come down later than we previously thought. Number two, there is still a view that values are going to come down some that private privately held assets haven’t come into line yet and maybe another 5% to 10% decline in asset values. But Steve, I really think it’s important to remember this about our business. Those assets are real, and they are held by investors, and there is buyers with massive amounts of capital. Waiting to make trades when those two things sort out, we will get back to an active trading environment. It’s not like some things that go away and never come back, right? The assets are there.
The base of assets is actually growing and the people that hold the assets, there is a significant number of them and a significant volume of them that want to trade those assets with buyers ready to go. And buyers are watching closely the interest rates and watching closely the valuations and things are starting to come in-line to the point where we think there will be trading again in the second half of next year.
Steve Sakwa: Okay. And then one just small technical one. I guess we noticed that the tax rate in the quarter came in much lower than expected. I think that might have helped kind of EPS. Just kind of what are your thoughts and what drove that in the quarter? And I guess is that sort of a sustainable lower tax rate? Or is that more of a one-off issue in the quarter?
Emma Giamartino: That is a one-time tax planning benefit that we had this quarter. For the full year, we’re expecting our tax rate to come in at about 21%. And excluding that benefit this quarter, our tax rate is about 20% in Q3.
Steve Sakwa: Great. Thank you.
Operator: Thank you. Our next question comes from the line of Jade Rahmani with KBW. Please proceed with your question.
Jade Rahmani: Thank you very much. On leasing, if new tenants are taking 10% to 20% less space, and there is some pressure on net effective rents on the office side as well as the overall uncertainty around demand for office space. And then you mentioned some of the slowdown in industrial and then I would characterize retailers mixed. Do you think that leasing would be negative in 2024?
