Michael Griffin: Great. That’s helpful. And then just a quick follow-up on that Talya, are you seeing any more appetite for — in the financing environment for SNFs? Is there any bridge to HUD financing that’s out there at favorable terms?
Talya Nevo-Hacohen: We are seeing non-bank lenders interested in lending on a bridge to HUD basis in the theories bridge to HUD. We’ve not been targeting that segment. We’ve looked at it quite a bit in the past. Yeah and it’s not cheap. The challenge that was different now than it was call it 1.5 years ago is that 1.5 years ago people were doing bridge to HUD lending, based on forward valuation that’s pretty much gone now from cost of capital and we will work on cost of capital to the expense to do that.
Rick Matros: Yeah. And also to reiterate, our philosophy of loans have to change. That is we do loans really specifically in relation to the relationships, we have with operators. So how is it helpful in the current relationship when an operator is trying to grow? Is there a load to own opportunity here? So we really don’t have interest even though we know there are opportunities our peers are doing it. And building a portfolio of loans.
Michael Griffin: Got you. That’s helpful, Rick. And then one last one if I may. I know you touched on the implications of the minimum staffing mandate in a question earlier. But can you give any maybe concrete initiatives that the industry is looking at whether it’s lobbying certain committees, trying to take litigation into different courts. I mean just kind of hard things that you’re seeing on the ground as the industry gears up to fight this thing.
Rick Matros: Yes. So, I really can’t talk about that too much other than to say that everything is in place. There is a bill on the hill. It’s not to bipartisan support in terms of legal action. Much of the groundwork has been done there as well. So — but beyond that I can’t really say probably about anything else. And most of our focus or most of the industry is focused — the trade association specifically is going to be on the legislative strategy.
Michael Griffin: Great. That’s it for me. Thanks for the time.
Operator: Your next question comes from the line of Vikram Malhotra from Mizuho. Your line is now open.
Vikram Malhotra: Good afternoon. Thanks for taking the questions. Just maybe going back to the first, just the quarter results. I just want to understand kind of how the sharp growth cadence trended. I think last call you mentioned January you saw 20-plus percent year-over-year growth and ended up at 9%. So I’m just wondering like what happened in Feb and March? And if you could, could you just give us a sense of how April has trended?
Talya Nevo-Hacohen: Well, I have some spot occupancies on April, and they are — and the spot occupancies through the end of April are versus first quarter are about 1% to 1.5% higher. So occupancy is continuing to grow. REVPOR is — I don’t know — I don’t have spot over for REVPOR but we’ve seen continued growth there. And I think the big piece that we’re seeing finally happen is expenses, specifically labor decelerate its growth. So while we’re still seeing some incremental growth, largely it’s the filling of vacant positions as opposed to labor wage growth. So I don’t have an April — cash NOI number for you to share at this point.
Michael Costa: And the other thing I’d say is, as we mentioned earlier and noted in the press release, there wasn’t as if there was a big drop off in the quarter. It was simply a comp issue to the prior year quarter where repairs and maintenance will exceedingly low, and they’re running at a normal run rate right now. And so, normalizing for that comp and those lower expenses, we would have been in mid-teens for our growth number for the quarter.
Talya Nevo-Hacohen: Yes. I also want to underscore another thing just to clarify. The same-store managed portfolio, that I spoke about a few minutes ago, is had 64 assets in it, right. It also includes the joint venture — I’m sorry, joint ventures at share. The portfolio we talked about last quarter as same-store had 51 assets. So we’re also talking about different pools here. So just add.
Vikram Malhotra: Would it be fair to say that given your team’s comment about adjusted team’s comment, like for the balance of the year — I’m not asking for a specific number but that team comment like should hold true as we go through the year, whether it’s 12 or 18, I don’t know but like do you see an accelerating trajectory decelerating? How should we just think about the cadence of growth for the balance of the year?
Michael Costa: Yes. I mean it’s going to be dependent on occupancy recovery, but I think what we have to continue to pivot back to reaffirm is we reaffirm guidance. And what we reported for first quarter is in line with what we had forecast for guidance. So I think that should provide all the information you need.
Rick Matros: We don’t see any trends that growth that are going to get in the way of either meeting or exceeding guidance.
Vikram Malhotra: Yes. I mean it just sounded like you had earlier mentioned you exceeded kind of your expectations, but you’re being conservative I guess just early on. And then it seems like the SHOP comp should get easier through the year given what you mentioned about expenses. So it sounds like you’re — I mean I’m not putting words in your mouth, but it sounds like if you take those components you could — numbers could go higher but that’s just the way I was thinking about it. Just to clarify on the acquisitions, could you — let’s just say you do see in the U.S. portfolios you like more real estate portfolios as opposed to loans can you just talk about how you’re thinking about funding these going forward?
Michael Costa: Sure. I think it’s going to be dependent on a couple of things. I think first off if we’re looking at SNF deals given where our stock is trading currently relative to our NAV and just on a yield basis that is a source of capital we could use to fund SNF deals use that to match fund with our line of credit. To the extent there’s any sales proceeds that come in there’s not a ton out there still but there’s always some sales proceeds in the normal course of business that will also be capital available for us to redeploy into other assets. And if we see SHOP deals or we see senior housing deals that we could pair up with skilled nursing deals when we look at that on a blended basis it would have to make sense on a blended base from a blended yield basis for us to use the ATM. But we think there’s opportunity there as well when you look at the totality of our investment pipeline.
