Megan Krull: No. I mean, look, I think it’s going to get there. We’ve got demographics on our side that’s coming into play. And quite frankly, at some point, as those demographics come back into play, we’re going to have maybe a shortage of nursing homes in certain areas.
John Pawlowski: Okay. Last question for me. Just curious, whether you think Guardian could be a leading indicator for other operators that may just be fatigued and then staring out at a burdensome labor mandate? Do you see other operators? Do you see this is the beginning of a wave of additional operators back to the new business?
Taylor Pickett: No. I think Guardian is really idiosyncratic, very unique. If you look through the rest of the portfolio, it just doesn’t have similar issues. I will say that the state of Pennsylvania in general has been a little bit more difficult operating environment. And so there’s a bit of that and we do have a decent presence in the State of Pennsylvania but most of that is with operators in big master leases where a little bit of pressure or feeling in Pennsylvania is offset by really good results in other geographies. So, now I don’t — it may be a little bit of an indicator in Pennsylvania for Pennsylvania-only operators but we really don’t have that as an issue.
Operator: Our next question comes from the line of Juan Sanabria with BMO. Juan, your line is live. Our next question comes from the line of Ayo Okusanya with Deutsche Bank.
Omotayo Okusanya: So the question I have is it sounds pretty much like fundamentals are kind of all moving in the right direction at this point. And I guess, again, there’s still some tenants that on the margin are still having issues. So I’m trying to understand thematically where the pressure points still remain and whether indeed all this is slowly behind us and things will be hunky dory going forward? Or if there’s still kind of issues out there that could still persist for longer than anticipated. It sounds like part of it is occupancy and just kind of labor constraints, making it very hard to drive occupancy higher. Curious if any of it is just as Medicare Advantage continues to grow, the pressure it’s putting on profitability. I’m just kind of curious where else there could be some potential kind of fundamental issues one has to worry about in terms of just operator profitability?
Taylor Pickett: Yes, Tayo, I think the short answer is what you said at the beginning. The fundamentals are all strong. And the residual clean-up that we have now is just that. We’ve been in the business for 3 decades and you’re always going to have certain issues that come up in this business. But I think that’s what we’re going to be looking at in the back half of 2024, just a sort of normal way business. Medicare Advantage, it’s been around forever. I don’t see — there’s really no incremental pressure there. And I think the market’s really sorted itself well in terms of operators that can provide the clinical care for the advantaged providers that works effectively and we’re aligned with most of our big operators are already aligned with those organizations. So I feel good about all of that. And look, we’ve been pretty transparent. We’ve sold dozens of issues. We’re down to a handful. And I think we have a lot of visibility around that.
Omotayo Okusanya: That’s helpful. And then just one other quick one. Did you discuss the cap rate or the NOI associated with the Levi sales in November to $205 million.
Taylor Pickett: No. As Dan mentioned, really, it’s per bed sale prices which cover that between 90,000 and 100,000 of bed is where Florida’s traded. Those facilities all have some turnaround component in them. So the cap rate is really — really doesn’t mean anything.
