Michael Franco: At this point, we don’t really have any comment. I think Steve gave you a pretty good outline of where we are in 2023. The environment is fluid, as we said earlier this year, we don’t know how asset sales could impact what we have to do. I think the same goes for next year. So we’ll deal with the 2024 dividend and try to give a little bit more color as we get into 2024.
Michael Griffin: Right. I think it was more – sorry about this, but I think it was more just the expectation to pay it quarterly or wait until the end of the year, if you can comment at all.
Steven Roth: It’s not impossible that we will wait until the end of the year next year as we did this year.
Operator: Thank you. And our next question today comes from Alexander Goldfarb with Piper Sandler. Please go ahead.
Alexander Goldfarb: Hey good morning, Steve, and thanks for your comments at the start of the call. I appreciate it. So two questions here. The first is politics obviously has gotten, it’s pretty animated these days, especially around real estate. One of your peers just made a government hire, but when you think back to like the Robert Moses era and like Jackie Kennedy saving Grand Central, it seems like politics has always been pretty big in New York. So Steve, given some of the headlines recently, especially on the PENN District, would you say in your career, the current era of political involvement with regards to development, commercial development change of zoning. Would you say it’s different now? Or this is really what New York has always been and it’s just that we happen to be living in today versus had we been around in the 70s, 60s and before.
Steven Roth: Alex, that’s a very eccentric question. I think the times today are not very different at all from what the times have been over the last decade. The politics in the United States have always been interesting. The growth of the cities in the United States have always been fairly aggressive. And most cities want to grow. New York is in that category, by the way.
Alexander Goldfarb: Okay. And then the second question is, a few years ago – well, quite a few years ago, you guys announced an effort to trim G&A given the reduction in the size of the company with the different platform spin-offs, et cetera. As we look at FFO, it’s about half the level that it was eight or so years ago, but G&A is only down maybe 15%. So is there – as you think about, to the prior question on the dividend for next year, as you think about increasing shareholder returns, what’s your perspective on corporate overhead reduction as part of boosting earnings and growing the dividend?
Michael Franco: Alex, good morning, it’s Michael.
Alexander Goldfarb: Good morning, Michael.
Michael Franco: I think we were maybe the only company in our sector and certainly in the industry, I guess it’s almost three years ago now that a major reduction in the height of the pandemic. And that was a difficult reduction, but we did it. I think it was a responsible decision, and I think the company has performed fine and frankly, we elevated some young leaders that I think have done extraordinarily well, hungrier and quite capable. So, I think we’re pleased with what we did in retrospect. Look, we are constantly evaluating business both from a personnel standpoint, from a system standpoint, how do we do things more efficiently, et cetera. And we’ll do that as we enter year-end here. But I don’t see – we made some major cuts personnel wise.
And I think people have worked smarter, more efficiently, et cetera, so I wouldn’t wait by your printer looking for significant cuts there. From an overall corporate G&A standpoint, Tom and I, in particular, we look at that all the time. And we’re doing some things around the edges to help, and we’ll continue to do it. But I don’t think it’s going to be dramatic. I think we’re actually quite efficient. And yes, the earnings are down some for a variety of reasons. But I think the business is there’s not a lot of fat here, Alex.
Alexander Goldfarb: Okay, thank you.
