Dan Booth: I don’t think it changes. I think — it’s just a matter of sourcing good deals with quality credits and getting a return that makes sense in the current capital market.
Taylor Pickett: The one thing I would say, Tayo, just to add to what Dan spoke about is, I’d love to put our $300 million of cash to work at 10%. So we are looking pretty hard at those type of opportunities. As you can model out, that’s versus the overnight rate of something in the like 3. That’s pretty powerful.
Tayo Okusanya: Got you. And then if you look in those one more on the regulatory front, one of the popular topics last year was Biden trying to push for minimum staffing levels at skilled nursing facilities. I have not heard much about that in 2023. Just curious if you could give any update on that initiative and kind of what you are hearing on that front?
Megan Krull: I mean it’s still operating in the background and you still have ACA pushing for something that is reasonable and funded and I think that’s the big piece of it, right? It needs to be funded, because just there’s not much staffing out there to begin with and so that problem needs to be solved. But we haven’t heard anything substantial there.
Tayo Okusanya: Great. Thank you.
Operator: The next question is from David Rodgers with Baird. Please go ahead.
David Rodgers: Yeah. Good morning, everybody. Just a couple of quick ones for me, I guess, excluding the named tenants, the 3%, 2.4% and the 2.2%, are you in active negotiations with any other tenants and what percentage of the portfolio would that be for either deferral, rent reductions, forgiveness loans, et cetera?
Dan Booth: So, yeah, there’s active negotiations, but they are all small. They are all — would be operators that would represent less than 1% of revenue.
David Rodgers: But in the aggregate, I guess, nothing that we should be worried about here in the near-term?
Dan Booth: Nothing that adds up to any material number.
David Rodgers: Okay. Thank you. And then, Bob, one for you maybe, as we model out interest income for the year in totality and you gave specific operators. But I guess maybe in totality, can you give us the sense of how much of that might be on non-accrual, how much is actual cash interest and then the paid-in-kind component. I don’t know, as a percentage or dollars, whatever is easiest?
Bob Stephenson: Not off the top of my head. Again, because some of these, as Dan mentioned, like LaVie, part of that is still going on with that negotiation, as well as some of these others. And from FAD, remember that’s only based on cash received. So I am not worried about the accrual side of it.
David Rodgers: Okay. All right. Thanks, guys.
Operator: The next question is from John Pawlowski with Green Street Advisors. Please go ahead.
John Pawlowski: Thanks. Good morning. My apologies if I missed this. Could you provide the average value per bed for the first 11 LaVie dispositions and the average value per bed anticipated on the next tranche of the dispositions?
Dan Booth: They are just north of 100,000 of that, I believe, on both.
John Pawlowski: Okay. For that — for the first group of sales that have already closed, how much lower do you think it would have traded if you didn’t provide seller financing or could you find another buyer at all without seller financing?
Dan Booth: That’s tough to predict what would have could have happened in the past, I don’t know. It’s difficult to say.
John Pawlowski: Were there other bidders in the tent with the financing or the seller financing needed to actually get it across the finish line?
