Eric Wolfe: Got it, that’s very helpful. And I guess for the [non-core] (ph) that you referenced there a second ago, are you assuming any business interruption insurance proceeds in the fourth quarter? And then, thinking about how we should model this for next year, do you think that the sort of total NOI that you’re showing there for this year is a good base from which to grow into 2024, meaning that we shouldn’t make any sort of one-time adjustments or anything, we can use that as a one way going into next year for those properties?
Paul Seavey: Yeah. I mean, it’s a little bit challenging because we do have properties that’ll switch from non-core into core next year. And when you think about the business interruptions specifically, part of the outperformance in the third quarter from the non-core properties was those properties that were offline last year that I just mentioned returning to operations maybe at the same time that we are receiving business interruption for prior periods. So, we have this timing issue that we’ve talked about before in terms of the receipt of the business interruption cash. I think that’ll taper off and those properties will return to normal operations. So that’s really what we’re expecting.
Eric Wolfe: Okay. All right. Thank you.
Marguerite Nader: Thanks, Eric.
Operator: Thank you. Please stand by for our next question. Our next question comes from the line of Brad Heffern with RBC. Your line is open.
Brad Heffern: Hey, good morning, everybody. Just as a follow-up to that last question on the business interruption, in the fourth quarter, are you in the same position where you’re maybe over earning a little bit or getting BI proceeds from prior periods that’s having a positive impact on earnings, or when does that kind of cross over?
Paul Seavey: I think the fourth quarter is a little bit lighter because the fourth quarter looks back to the summer season for properties in Florida. So, it kind of evens itself out, so to speak, in the fourth quarter.
Brad Heffern: Okay, got it. And then, for the 50% of the MH communities that have been noticed already, is that representative of the other 50% that has not, or is there a difference in how those are priced?
Paul Seavey: It’s a little bit more heavily weighted to the long-term agreements that we’ve talked about. Those tend to have January renewals. So, as Patrick mentioned earlier in the call, the impact of the CPI in the market increases. They have greater influence as we move through the rest of the 50% during 2024.
Brad Heffern: Okay, got it. And then, I was wondering if you could just talk through what cap rates you’re seeing currently across the business, and if anything is transacting? I suspect the answer is no if you’re saying that cost of debt is in the sixes, but any color there would be great.
Marguerite Nader: Certainly. So, as an industry, there really haven’t been a lot of transactions. We look at all marketed deals as well as continuing all of our outbound efforts and staying connected with owners, waiting for them to kind of become sellers. Up to this point, we haven’t seen a lot of stress from owners in terms of refinancing or distress sales. I really think that the page will turn on the calendar really before there’s a pick-up in activity. So it’s difficult to quote cap rates when there just really haven’t been a lot of transactions.
Brad Heffern: Okay. Thank you.
Marguerite Nader: Thanks.
Operator: Thank you. Please stand by for our next question. Our next question comes from the line of Samir Khanal with Evercore. Your line is open.
