And two of those deals are very much – we’re very much focused on. No documentation has been signed for either one. I would expect we would do one of them in the next two or three months, maybe both of them. But I have high hope and feeling that, that we’ll get to terms – fair terms for us and the seller on one of these deals. We’re always looking. The Southeast is very attractive to us for a series of reasons. Number one, it’s business friendly. New York is not business friendly. I would never build another restaurant in New York. The amount of business we can do in Florida equals anything that we can do up here given the size of the sites and where they’re located. And the rents are substantially less. The legislators are more favorably inclined than New York is to pass business laws that don’t add additional expenses to operators.
So yes, we’re focused more on Florida and the Southeast than the Northeast.
Unidentified Analyst: Thank you. I guess part of – as long-term investors, I mean, you guys have done a great job certainly and the acquisitions you’ve done have been at super multiple, super low. The challenge with having sort of a decentralized restaurant base that doesn’t have a sort of a common brand is that as you noted in your 10-K, I think your terminology is something like fixed costs don’t decrease proportionately with sales? So the hard thing is how do you ever get to much higher levels of EBITDA leaving aside the Meadowlands opportunity unless you just have a lot more restaurants to spread over that fixed cost base?
Michael Weinstein: So it’s certainly a fair question. And if you just look at the stock price over time, it hasn’t moved very much, but we have been a dividend payer and we paid a couple of special dividends along the way. We’re very aware of your comment. And I guess, if I go way back, and I’m going 25 years back, when we did the Las Vegas deal, all of a sudden, we were doing in those dollars, $35 million, $40 million in one location. And we said that’s the model we want to replicate. We want to find those locations where we could put in a lot of different concepts and have the economics of one general manager, one executive chef over seven, eight, 10 operations in one site. That never worked for us. We were never able to find the site.
We came close twice. We were very close pre-pandemic and then pandemic shutdown that idea. We were looking at a site in the Midwest and the developer and us, just decided during the pandemic not to go forward. So that was always the idea. Then what happened is when we bought Rustic, Rustic was doing $1.5 million and for $7.5 million, we bought the $1.5 million, but we also bought the land underneath it. And we thought it was a mispriced restaurant back then, and we thought we could improve the $1.5 million. And the economics of doing a sales leaseback were hugely favorable. I mean if somebody – it didn’t make a difference to the capital, I’ll use. If we were going to pay somebody $1 million for – on a sale leaseback, if we’re going to pay $1 million in rent, we thought we can get $12 million for something that we paid $7.5 million for and still have an operation doing $500,000.
