Mr. Brian Moran:

I will let Mr. Gaine talk about who might sell. On the quality of the developments, IIP did a note on this issue. It is important to note the build-to-rent standards, on average, are approximately 11% higher than the European norm for apartments.

The build-to-sell standards we have are approximately 19% higher than the European norm. The units being built under the permits that are there are of high quality relative to Madrid, Berlin or Paris in terms of quality and size. They are by no means bad designs; they are of a much higher standard than was the case back in the 1970s or 1980s. Mr. Gaine may wish to address the issue of whether developers might sell.