Dan Donlan: Yes, hey, Ravi. Look, where you raise equity is highly dependent upon the opportunities that you see. Right now, the opportunities that we see relative to our cost of equity as it is, there’s not adequate spread there. So we’re not going to ever put a number on where we would raise capital or not raise capital. It’s ultimately going to depend upon the opportunity set where that’s priced, and where are we trade relative to that opportunity set.
Ravi Vaidya: Got it. And you ended the quarter with leverage at 4.2, and inclusive of the forward. What are you willing to let leverage tick up to in order to execute on your capital deployment goals?
Dan Donlan: So our stated leverage range is 4.5 times to 5.5 times, and I think you should expect us to operate within that range in 2024 and beyond. Obviously that we’re mindful of the range, and I think you’re probably likely see us shake closer to the midpoint of that range over time.
Ravi Vaidya: Got it. Thanks, guys.
Dan Donlan: Thanks.
Operator: [Operator Instructions]. Our next question comes from Alec Feygin with Baird.
Alec Feygin: Yes, thank you, guys for taking my question. Quick question, just on dispositions, solid slight uptick in that. Do you guys plan on continuing to dispose of some properties in the portfolio and what’s the opportunities up there?
Mark Manheimer: Yes, we do. I would expect the dispositions to ramp up a little bit here in the fourth quarter, and potentially beyond the fourth quarter. We do see a pretty attractive opportunity to not only accretively recycle capital, but also extend out lease terms by replacing those assets with longer lease term assets with better rental increases and potentially better properties, and we believe we can do that accretively.
Alec Feygin: Got it. Thank you. That’s it for me.
Mark Manheimer: Thanks.
Operator: Our next question comes from Linda Tsai with Jefferies.
Linda Tsai: Hi. Last quarter, you didn’t have any shares outstanding under your forward equity program, but then this quarter you have about 6 million shares?
Dan Donlan: Yes, yes, that’s correct.
Linda Tsai: Oh. Just wondering what happened during the quarter.
Dan Donlan: Yes, we um, we sold those shares during the quarter through a forward block.
Linda Tsai: Okay, got it. And then just on Big Lots. Are there any updates there on — you know, I know they are on your watchlist but is there any overall view on what’s happening with them?
Mark Manheimer: Yes, sure. I mean, obviously, they’ve had a less-than-great run over the past several quarters, but they are making some efforts to try to improve their free cash flow, which was neutral last quarter. But that was really driven by cuts to their working capital and you really can’t do that for several quarters in a row. So we’re really kind of trying to look to see them improve their operations and get the positive EBITDA after CapEx to start to feel better about their tenant health, but we are expecting to see some improvement in their gross margin here in a month when they announce earnings. So we’ll be looking forward to that.
Linda Tsai: Thanks.
Operator: Our next question comes from Ki Bin Kim with Truist Securities.
Ki Bin Kim: Thanks. Good morning. If you had to go raise new debt in the bank markets today, what are you getting quoted?
Mark Manheimer: Yes, hey Ki Bin, we’re getting quoted in the mid-fives, but to be frank, already we have, you know, $100 million basically of unsettled equity. We have $100 million that we have yet to draw down on the existing term loan. There really isn’t any need right now to pull down any type of — to do any incremental long-term debt issuance if you can call term-loan debt, long-term debt.
