T-Mobile and DISH really were the two big ones last year for the industry. Verizon and AT&T were busy. And that really hasn’t changed a whole lot this year other than the aggregate amounts when you add it all up, what we expect for this year in terms of the volume of activity is going to be a little bit off from last year.
Jonathan Atkin : Thank you.
Operator: And next, we’ll hear from Walter Piecyk with LightShed.
Walter Piecyk: Thanks. I guess a follow-up, and sorry for not knowing this, but what is the size of that loan, meaning that how much more you need to pay down, obviously given the rate environment understood. What would you allocate there?
Jeff Stoops: So, the revolver is $595.0 million Wal and absent some other use of capital allocations, that’ll be paid off by the end of this year.
Walter Piecyk: Got it. So, I mean, the rates have been so volatile obviously, but there’s – can we assume there’s just no reason to keep any of it, meaning that like we should just assume zero share repurchase until that’s done. And then when it’s done, you kind of unleash on the share repurchase or is there other elements in your cap structure that I’m not remembering that would impact the timing of when the share repurchase would kick back in.
Jeff Stoops: I think your intuition is, is directly correct. I mean, right now we’re using dollars to pay back 6.5% debt. When that’s paid down, we won’t be earning 6.8% on our cash. So we’ll be looking for other uses.
Walter Piecyk: And then similar I guess question on the dividend, not that I’m ever complaining about steady dividend growth, because obviously that helps to broaden the investor base, but I guess I have to ask the question. Why increase the dividend to that amount, if at all, if it makes more sense to maybe get rid of that element of your debt?
Jeff Stoops: You know we’re very confident of the debt, unless we spend additional money on something that will be obviously better, will be gone this year. So we didn’t want to get off of a long-term dividend trend that we’re trying to establish here just for the sake of less than a year.
Walter Piecyk: Understood, and just one last question. I think the cable companies have been, this is my opinion, I don’t know, I’m not stating this as facts, but maybe have been delayed in building infrastructure, maybe because of some vendor issues associated with some of the spectrum that they have. And I’m just curious, and it seems like that may be coming or that might be loosening up going forward. I’m just curious if you can kind of characterize any of relationships with, however you wanted to describe them. Basically I’m asking about the cable companies, in terms of as their subscribers and usage ramp, do you see an appetite for starting to add more assets on your towers?
Jeff Stoops: Yeah, I think they will for sure, but they rely very heavily on outsourcing to Verizon’s network, at least Charter and Comcast. So with that in mind, it’s kind of their built-in default system. What they have to do around their other spectrum that they can develop is more limited. We are getting some business from them, but of course it pales in comparison to the four traditional wireless service providers.
Walter Piecyk: Yes, thank you.
Operator: And next, we’ll hear from David Arden with Bank of America.
