Each of the carriers will think about how they deploy capital, how they budget that capital a little bit differently. But those offsets generally over a long period of time in the tower business have mostly offset each other to the point where we just haven’t seen a lot of movement and a lot of movements up and down in terms of the overall CapEx. And I think we will see in spending and focus on network deployment, I think we will see a similar thing during 5G. Thus far, as I made in my €“ pointed to in my comments, thus far, 5G has looked relatively similar in terms of its deployment activity as what we saw when 2.5G, 3G, 4G were deployed where the carrier is focused on upgrading the sites that they were already on and then the discussions start to move towards the second half of it and start to think about infill sites.
I think what’s different about 5G that we’re seeing, obviously, in our small cell business as alluded to previously on the increase in the number of nodes that we signed as well as the larger transactions that we announced previously, those infills are going to come from a combination of both tower sites and small cells. So I think the unique thing about 5G, we saw a little bit of this at the end of 4G, but the unique thing about 5G is the necessity in those infill sites to use both towers and small cells. And we’re starting to see the real beginnings of that as we start to accelerate. So similar to past and excited about our forward growth, excited about our 5% plus organic tower growth this year. We think there is a long runway of continuing at that level of north of 5% growth in tower site.
Simon Flannery: And on the M&A?
Jay Brown: Yes. On the M&A side, no change to the comments that we’ve made historically, we are focused on making sure we deploy capital at very high returns that increase the dividend and elongate our opportunity for growth. We have chosen based on the opportunities and price sets that have been in front of us and assets that we have looked at. We’ve made the decision that the best opportunity has been to invest in assets that we’re building. But we think about acquisitions the same way we think about CapEx. We look at it as what’s the best alternative for that use of capital. And thus far, we think the best opportunity at scale for the use of capital has been to deploy fiber and small cells. And so we will continue to look, and we would be open to it if we found an asset that was €“ met our return criteria for what I articulated previously of growing the dividend and elongating the growth rate could be interesting to us and €“ but really excited about the opportunity for us to continue to invest capital to deploy small cells.
Simon Flannery: Thanks a lot.
Operator: The next question is from Philip Cusick of JPMorgan. Please go ahead.
Philip Cusick: Hi, guys. Thanks. How are you?
Jay Brown: Good morning.
Philip Cusick: Thanks for your time. Just to follow-up on some of the small cell stuff. How many do you think will be upgraded versus about half are done today? And anything shifting in the small cell expansion mix of overlay versus 5G €“ overlay of 5G versus new locations? And when do you think infill should start to ramp? Thank you.
