Alan Gold: I mean, I think they work when as though if — it’s very simple. If someone defaults on one lease, then they basically have defaulted on all their leases. And so there’s no picking and choosing which project they may be struggling with. They’re — all their leases are at risk, putting the entire company at risk. And so when companies enter into those cross-default provisions, they do them very carefully, very consciously, and with a great deal of thought and negotiation. Right now, we have — we believe that we have over 38% of our revenues are subject to cross-default provisions.
Tom Catherwood: And then last one for me. Just going back through the fourth quarter, operating an investment recap that you put out in mid-January, looks like there were roughly $157 million of transactions under PSA or LOI. So far, Ben I think you have covered $49 million of transactions that have closed this year. Some of which seem to be kind of above and beyond that original $157 million if I’m reading it. How is your acquisition pipeline sizing up right now? And then what are your thoughts on funding that as we get through 2023?
Alan Gold: Go ahead, Ben.
Ben Regin: Yes, talking about the pipeline in general obviously, there’s always ebbs and flows. But just as a general comment, there continues to be a tremendous amount of demand for capital in the industry overall. So we feel the pipeline is very healthy and we’re being very opportunistic, and thoughtful in our approach as to which of these transactions that we’re evaluating that we ultimately want to move forward with.
Operator: The next question comes from Connor Mitchell with Piper Sandler.
Connor Mitchell : So first, obviously, there are a lot of moving pieces here with different tenants and properties, either defaulting or maybe becoming current again. So would it be possible for you guys just to provide a brief update on the old back rent on situations such as Kings Garden or Sozo in the repayment of the security deposits?
Alan Gold: Well. First, we only have kind of like 28, 30 tenants. So it’s not that complicated. Two, as to Sozo. Sozo was granted a relief, and we used three months of security deposit. And so we’ve used the security deposit they placed for that rent, so there’s no back rent owed from Sozo. They do owe — they do — they are going to be required over the next the 12 months period of time to replace that security deposit, and we expect them to do just that. Back rent, I mean, the concept of back rent, I don’t understand, I guess the way you’re thinking about it. And I’d like to understand the way you’re thinking about it better is I mean, because we’ve collected the rents, the rents that have been collected, those who haven’t collected, they’ve been in default.
And then ones are in default are Kings Garden, Green Peak and Parallel. And as we discussed, we’re pursuing those individual transactions. They represent a total of — what of our total revenue? Do we know? Do we have that? Let me let’s work on that. And we’ll get back to you on that percent of our total revenue combined.
Connor Mitchell : And then regarding Kings Garden, Parallel, they both defaulted on developments. So, I guess, is there any change in how you guys are approaching these investments or whether you’re becoming more cautious about new development investments? And at the same time, how you’re comparing that to the risk profile of funding incremental existing asset expansions and CapEx in that matter?
