Brandon Nispel : Great! Multipart question for you Jeff. Can you talk about booking’s activity in terms of unsigned lease applications and how that’s trending this quarter from like a year-over-year perspective? Then you had mentioned a number of drivers in terms of why we should still be bullish on 5G investments, including Verizon, AT&T, CBAN that’s not being cleared, T-Mobile licenses, dual band radios and DISH. Which of these is the largest potential driver for leasing for you over the next couple of years. Thanks.
Jeff Stoops: Yeah, I think the – well, the biggest drivers will be the ones that I believe are most likely. It’s got to be the dual band equipment. And obviously we need to get the T-Mobile licenses that they went and paid for, freed up out of the FCC. So those will be drivers that really get – and we know that the CBAN spectrum will be cleared by the end of this year, which just particularly in AT&T’s case will coincide with when they’ll see good availability of the dual band 3.45 and CBAN radios. So all those things I think are going to be positively impactful you know late ’23, certainly into 20224. And because I answered your second question first – oh, the backlog. Yeah, the backlog is probably down a little bit from where it was a year ago, but it’s been holding steady for the last quarter or two.
Brandon Nispel : Great, thanks. And one follow-up, when do you expect to see lease applications for some of these dual band radios? Thanks.
Brandon Nispel : Will they just – I believe it might have even been just last week that the FCC approved by waiver, the 3.45 and the C-Band dual radio equipment from Ericsson.
Jeff Stoops: Got it, thank you.
Operator: And next we’ll hear from Ric Prentiss with Raymond James.
Ric Prentiss : Hey everybody!
Ric Prentiss : Hey, I wanted to follow-up on Walt’s question about the dividend. You mentioned that the long term churn in the dividend, when do you think dividend payout ratio caps off and does that kind of imply 20% growth is here for a good percent of your future subject to votability ?
Jeff Stoops: Yeah, I would think it’s not going to be a steady 20%. I would think it will – as it has since we started the dividend, it will decline a little bit each year or so over time so we can continue – while still increasing that, what may be the REIT industry’s fastest growth dividend, still growing at a very fast clip, while we maintain a relatively low, relative to our peers AFFO payout ratio. That’s been the strategy from the start Ric.
Ric Prentiss : Right, right. You guys have been a very good allocator of capital. Is there a capital that’s obviously got some international properties that are probably not covered by the REIT exclusion in the U.S. Just wondering, was the cap out like at 70%, 80% or anything?
Brendan Cavanagh: It should be much less than that. I mean maybe way out long term, I would say its closer to 45%, 50%, because ultimately when we’re through our NOLs, it will obviously match our net income, or taxable net income. So at this stage the relationship of the tax net income to AFFO is somewhere in that 40% to 50% range.
Ric Prentiss : Okay. And then you mentioned to David’s question on the Oi insurance, can you just remind us of what the total Oi insurance or is that still left to be addressed possibly and how that’s factored into what your total results are number wise?
Ric Prentiss : Follow-on for me, on the Sprint churn, a follow-up on Mike’s question, $6.5 million is in the first quarter with another $25 million to $30 million Sprint churn is in ‘23. Remind us of what’s left out there in kind of the timeframes that you expect coming in maybe in ’24, ’25, ’26, just so you have those carrier consolidations and those kind of make sure that the market’s got those similar models.
