Alan Gold: Well, first of all, it’s extremely unfair to put any sort of budget or any sort of commitment, given the fact that we’ve just spent a great deal of time describing how difficult to not only the industry is experiencing capital raising, but also the real estate industry and how interest rates have come — have increased significantly, and our cost of capital has increased significantly. As to — I think we’ve talked about a very strong pipeline, but a pipeline that is conditioned upon us having access to capital, and we’re exploring all sorts of avenues for capital, we believe that there is secured debt capital out there, we could be looking at that. We could be looking at unsecured debt capital. We have some other unique opportunities that we’re looking at.
And as we move forward down the path of exploring that capital, we will match fund that with acquisitions as we’ve done in the past. So, I — we aren’t going to give any guidance. We aren’t going to give any indication as to how much additional acquisitions that we’re going to do. This management team is highly focused on making sure that rents are collected, that we can recapture any value from transactions where we get the assets back and appropriately deploying capital when we think it makes the most sense.
Operator: Our next question comes from Eric Des Lauriers with Craig-Hallum Capital Group.
Eric Des Lauriers : So just kind of a high level one for me. So as we look out over the past year, it’s clear that price compression risk and regulatory risk have increased. Looking at New York, I think it’s clear that a flip from medical to adult use doesn’t always equate to outsized growth for the existing operators. I’m just wondering, on a high-level, can you just talk about how these developments have influenced any changes to your capital allocation strategy? Or maybe it’s more any changes to your lease terms? You’ve got some more cross-default provisions in there, as we’ve mentioned? Could you just kind of talk high level, how these developments have influenced any changes to sort of which markets you’re looking at, what kind of operator, just any sort of high level changes to help us understand sort of how you’re thinking, in response to some of these recent developments would be great?
Alan Gold: No, I mean, I think the cross-default section is something that we are highly focused on. We haven’t changed, or the length of our leases, we’re still going down that process. We’re still very interested in new markets that have the ability to limit licenses. Even though that that’s the case in New York, we can’t force the government to apply the law to everybody. But we certainly hope that they get the message that it’s an important thing to do. We are being opportunistic, and we are focusing in on the best operators with the greatest amount of capital and certainly have become much, much more cautious with any new start-ups with hoping to grow into their space or grow into their development over time. So, I think that’s the best we can do.
We do believe this industry continues to be a very exciting industry. Even with all what we talked about, with all the cautionary tales, we are still looking at new states such as Oklahoma, Ohio, Minnesota maybe, Kentucky, New Hampshire, maybe even with Pennsylvania having adult use and there’s others that we can look at. So there’s still a great opportunity for us in this industry over the long-term. And even revenue — or total revenues for the industry, I think we’re up 13% or 14% for 2022 and are expected to continue to grow in 2023 and beyond. And so we are cautiously optimistic on 2023, but certainly very optimistic on the long-term aspects of this industry.
