But in terms of revenue, we’re a little over $1 billion EBITDA. It’s about $355 million. Unlevered AFFO is about $290 million. So that gives you a little bit more information to kind of piece through and kind of assume where we may — the way we may have. I don’t want to get into too much direct guidance. We’ll certainly lay that out when we complete our strategic review, which — the good news is we’re happy with the way the process is evolving. We’re confident we’ll be concluding it this year just as we’ve previously mentioned, once we do, we’ll let the investors know exactly what we’ve concluded and what we plan to do there. We’ve said that our goal, and we’re on track to achieve our goals, which is to sell a majority equity stake to a financial investor.
We’ve said between 51% and 100%, the reality is it’s probably going to be a majority stake. We probably will retain a stake, so it will be somewhere between that 61% and 100%. That’s where we’re kind of directing the process at this point. But again, we are confident that the process will conclude in the next couple of months. And when it does, we’ll let the investors know exactly what we’ve done.
David Barden: Thanks so much, guys. Appreciate it. Good luck everybody.
Rod Smith: Thanks.
Operator: And next, we’ll move to Rick Prentiss with Raymond James. Please go ahead.
Richard Prentiss: Guys, I’ll echo the bell head, thanks for the memory, Tom. it’s been great working with you. I think we went to your first NAREIT like, 14 years ago.
Tom Bartlett: Absolutely. You set up the table for us at the NAREIT conference, Rick, I remember that.
Richard Prentiss: Yeah. And Steve, been great working with you in the past, and we look forward to the new role.
Rod Smith: Thanks, Rick.
Richard Prentiss: Yeah. I want to go back to the dividend question from a couple of different angles as well. Rod, I think you mentioned $6.45 a share approximately current dividend announcing getting paid shortly would imply a little bit higher than that $6.48. Are we thinking it’s in that range or is the $6.45 million more we should be thinking about?
Rod Smith: Yeah. I think at this point, think about it being flat year-on-year. So, of course, every quarter, we get the dividend approved by the Board. But our intention is to hold the dividend flat annually year-over-year to help support deleveraging balance sheet strength and ultimately, AFFO growth as well as total shareholder returns.
Richard Prentiss: Okay. I appreciate the comments that you’re trying to kind of decouple from AFFO, more related to the REIT taxable income, it sounds like as well, but sort of implicit in that isn’t also that thought that the India sale is anticipated and that also can kind of affect what the dividend might have been prior thoughts.
Rod Smith: Yeah. I guess, Rick, I would say that’s not correct. The India business isn’t in our REIT at this point. So it really doesn’t drive into the retaxable income issue. I think Tom articulated all the drivers with that, which it’s really — this is a management decision and certainly supported by our Board to prioritize capital to prioritize deleveraging and balance sheet strength, it’s not impacted by the India process at all. And Tom highlighted, there are certain REIT rules that allow one-time items in some pretax earnings to be moved from one period to another. So there have been times in the past where we’ve been over under distributed, and we can move some of that over or under distribution back and forth from year-to-year, which is helpful.
So in this case, it really is a decision to drive balance sheet strength and using our capital in the best way we can again, to drive total shareholder return in the short term and in the long term. And in this market with uncertain interest rates going forward, we think that’s prudent and that’s really the driving factor.
Richard Prentiss: Okay. And then, you said there was a small acquisition from AT&T/SBCs talking about history lesson. Can you talk a little bit about what you’re seeing in the marketplace as far as multiples in the U.S., Europe and other places.
Rod Smith: Yeah, Rick. I would — let me highlight first that we don’t see compelling M&A on our pipeline. I think everyone kind of knows that, I’ll just reiterate that. We are seeing some things out there. Certainly, there is — not as robust, but there is a market in the U.S. with some smaller portfolios. And I don’t want to get into a lot of detail in terms of what we see. I think we still see very high prices, even though they may have pulled back slightly from where they were, let’s say, a year ago. And for that, we still look at the small deals if we can find compelling ways to expand total shareholder return. We have a little flexibility there. We don’t see anything major. But we also just see the majority of the deals are probably still priced a little higher than what today’s cost of capital would suggest that they should be.
The small acquisition you see in our numbers is really just a buyout of a prior SBC sublease, which you’ll be familiar with. It was a small tranche.
Richard Prentiss: Okay. Was that some of the final purchase option stuff as well?
Rod Smith: Yeah. That’s exactly what it is. It’s not the final one. It’s just another tranche, and that will continue for a few more years.
Richard Prentiss: Makes sense. And last one for me then. I think you’ve mentioned that all assets are coming on the tail we reviewed with India getting closer to this process. Any update as far as what you’re looking at on the balance sheet that might be possible to say it’s not where they are, where we thought it would be or maybe someone else wants to pay more, given private versus pilot multiples?
Rod Smith: Yeah. I would say, Rick, we routinely review the portfolio performance across our business globally. We do that from a couple of perspectives. One is, there could be capital recycling opportunities, which we think could be very good for our shareholders over the long term, that certainly the decisions we saw driving our exit from the Mexico fiber business. It also is what is driving our consideration around what we’re doing in India. So I’ll highlight that, I don’t want to get into specific other places where we might be looking. But we are looking at our portfolio, and it’s something we do constantly. The other thing we do is, we constantly look at our capital deployments. And from that perspective, we can throttle those back or up depending on where the opportunities are.
We can also reallocate or redistribute that capital to where we feel that investments will most — will be most aligned with our priorities of driving organic growth in the short term and the long term, quality of earnings and consistent durable industry-leading AFFO growth and ultimately, total shareholder return. So I wouldn’t just look at whether or not we sell a business here or there, those would be kind of operational decisions as well as recycling capital, but also kind of our CapEx programs, how much are we investing? Where are we investing? What kind of assets. And again, those decisions are made each and every year, really each and every quarter, and they are meant to and do align with our priorities.
Richard Prentiss: Okay. Thanks, guys. And again, best wishes everybody.
Tom Bartlett: Thanks, Rick.
Operator: And next — pardon me, next we go to Matt Niknam with Deutsche Bank. Please go ahead.
Matthew Niknam: Hey, guys. Thanks for taking the question. Just two related to the U.S. Maybe first on services. So it was a pretty sizable drop off maybe less surprising in terms of what’s going on in the industry, but services revenue looks like they dropped off in third quarter. Just wondering if you can share any color in terms of whether this is broad-based or related to one or two customers in particular and how to think about sort of forward trajectory into 4Q? And then, maybe on a somewhat related note, in terms of colo and amendment activity in the U.S., so, 3Q held in relatively stable to what you saw in the first half. I think the implied number for 4Q is around $53 million. Just wondering whether that’s sort of an appropriate run rate to consider into next year or whether we should anticipate sort of incremental moderations by virtue of just a broader low in the industry? Thanks.
