Michael Lewis : Thank you. So first, I’d like to echo that we certainly wish Tim a full and speedy recovery as well. And Dave, for you, you could correct me if I’m wrong. I think last quarter, you guys said you had like $72 million of acquisitions you expected to close by the end of the year. I don’t know — if that’s the case, what caused some of those to slip into this year? And I’m wondering if there were any under contract that got scuttled completely or if this is simply a timing issue.
Dave Dupuy : Michael, thanks again for your words about Tim. As far as the acquisitions are concerned, we were — we really were highly motivated. We wanted to get those closed in the fourth quarter. But I think we just ran into some issues. Once you get past Thanksgiving, it’s kind of a sprint to get things closed, and there were just a handful that ended up not getting closed. But as you point out, we ended up acquiring a couple of those so far this year that we talked about subsequent to the year-end. And then we have four additional properties, as we mentioned, at $20.1 million that we’re looking to close here over the next few months. So nothing was scuttled. And so what we’re doing is just continuing to work on getting those properties closed through due diligence and done.
And I think we just ran out of time a little bit. Some of the third-party diligence folks started shutting things down a couple of weeks before Christmas, and that resulted in us not getting where we wanted to get to.
Michael Lewis : Okay. Great. And then I’ve asked you about this before. In each of the past several quarters, your presentation slides have included these dialysis center developments for a potential $60 million. I don’t think you’ve closed on any since that program was announced. Are there projects underway? Or what’s happening with that pipeline? I don’t think any anticipated timing was provided like you’ve done for some of your other identified acquisition targets.
Dave Dupuy : Yeah. And candidly, Michael, we’re a little bit disappointed that, that has been slow. And the reason it’s been slow is since that operator received some private equity funding, they’ve been very focused on acquisitions, and a lot of our prior work with them, and frankly our term sheets, were related to development. And so I think they have been focused more on the acquisition front. We do have a term sheet on a development project and we’re negotiating that with them now, but it’s been a slower process than we would have hoped and expected. But listen, I understand — and these acquisitions that I referenced that this operator is making don’t have real estate as part of the acquisition. It’s all leased real estate.
And so it’s been a little bit slower than what we would have hoped. We are hopeful and expecting to start seeing some of the fruits of their development activity and really hope to see that. But we’ve been intentional in not putting a time line on it because we just don’t have a good sense for how quickly those projects are going to come online. And candidly, there could be an acquisition that does have real estate as part of it that we would hope to be a part of as well. But at this point, we don’t have a ton of visibility on that term sheet.
Michael Lewis : Okay. Got it. And then my last question, also dialysis related. I saw Fresenius is considering selling its dialysis business. So I don’t know if you’ve been following that, but I was wondering if you thought there were any read-throughs to the future of the industry or any impact or opportunity or anything in terms of your company.
