Tayo Okusanya: Okay. And if I may ask another one just around your NAV disclosures and the NOI there, just curious, again, just from a cap rate perspective, again, a lot of your assets are pretty unique. Again, you are in some unique markets. You are doing some interesting things in affordable housing and things like that. How does one kind of start thinking around kind of cap rates we should be applying to some of these kind of NOI streams to kind of come up with a decent kind of NAV value on you guys? Like what’s happening with cap rates? What are you seeing in some of the key buckets?
Matt Windisch: Yes. Well, I would say, look, transaction volumes are obviously significantly down. And I can only tell you, like, what’s happening with what we have sold. So, the apartment asset we sold in the quarter, we sold at just under a 5% cap rate. And then in other cases, we are buying stuff for higher cap rates. So, it’s hard to put an exact figure on it for sure. I would say for us, over the long run, we have a lot of faith in the assets we own. We believe in the business plans. There is obviously comps out there that we look at when we do our fair values and things like that, so happy to go through that in more detail offline. But I think overall, clearly, there has been an increase in cap rates over the past year.
I think that’s the fact. It’s just how much are they up, 25 basis points, 35 basis points, that’s harder to put your finger on. I could say as well, in our – if you look at our Irish portfolio, for example, there has been no trades in Dublin to speak of in that space. And a lot of these things we have owned for 6 years, 7 years. And in many cases, we have stabilized these at cap rates that are 9% or 10%. So, we feel very good about the portfolio.
Tayo Okusanya: Got it. And then last one from me, if you could indulge me, the 30% of debt that is floating rate debt, but has caps on it, again, the caps have, or all the swaps have 1.7-year duration. But just kind of given this idea of kind of rates being higher for longer, just curious how you kind of start thinking about that as the caps start coming off in 2024 and 2025. Do you let this stuff float? Do you have to put in new caps that’s going to increase the cost of debt around some of that debt as it starts to mature?
Matt Windisch: Yes. I mean for us, we are – as we mentioned, we are 100% hedged right now. We have historically been somewhere in the range of 90% to 100% hedged on our portfolio. So, we definitely like to keep it within that range. I think one thing is that we have done a lot of swaps historically. And as we are thinking about some of those swaps coming off, we are more likely to do caps at this point, as opposed to swaps, so that we are locking in the rate, but we are kind of fixing the cost of that hedge versus having an uncertainty around the value of the swap. So, we may change the way we hedge, but I think we are still going to remain somewhere in that 90% to 100% hedged range over the next year.
Tayo Okusanya: Got it. Thank you.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Bill McMorrow for any closing remarks.
Bill McMorrow: Well, thank you everybody on the call. As always, we remain available to talk to anybody that’s got any follow-up questions. So, have a great day. Thank you.
Operator: The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.
