Ric Prentiss : Great. I appreciate it. Thanks a lot.
Operator: Next we’ll hear from Batya Levi with UBS.
Batya Levi: Great, thank you. To the extent that you moved forward with holistic deals, could you talk about if that would change your view on leverage targets? And getting pretty close with investment grade and ‘25 seems to be a year where you have a bunch of issues coming in, can we expect you to put that as a top priority in the near term? And then, another question on the activity, Verizon suggests that lighting up most C-band spectrum is now going to require new antennas. What’s your view of more C-band spectrum coming in? Would you think that that would create more activity? Thank you.
Batya Levi: Got it. Thank you.
Operator: And next we’ll hear from Simon Flannery with Morgan Stanley.
Simon Flannery: Great, thank you very much. Jeff, you said the M&A market was pretty slow. I wonder if you could just expand on that. Is it that there’s just not much available or not much available at attractive prices? And then I was wondering if you could just also, just expand on the infill comment and we’ve heard a lot of bullish stuff from the telcos on FWA and I was just wondering if you’re having more conversations about, if they wanted to add capacity for that, what that might mean for their bill programs over the medium term?
Simon Flannery: And are you mostly looking in your existing markets or would you be open to new markets?
Simon Flannery: Great. And anything on infill you could share on, you know if they do decide to act…
Jeff Stoops: Our customers have all been very, and they haven’t said anything different to us, have all been very careful to describe fixed wireless as a product that really is just for excess capacity on the 5G network and I don’t know if that’ll change or not. I mean, they’re all – well, the ones that are offering it more intentionally are doing very well. So, I mean you could see at some point that there is specific capital allocation, purely justified off of the fixed wireless. But I cannot tell you today that any activity that we’re seeing is predominantly there because of fixed wireless.
Simon Flannery: Right, and perhaps your comments around the CTIA study, that might be a – some of that spectrum might be good for fixed wireless as well.
Jeff Stoops: Oh yeah, it absolutely would be. But you got to have to deploy it. You got to have to deploy at a minimum radios for that and in most cases probably antennas too.
Simon Flannery: Great! Thank you.
Operator: Our next question comes from Phil Cusick with JP Morgan.
Phil Cusick: Thanks, guys. So two different subjects if I can. First, there’s been a lot of discussion of DISH. Credit markets are concerned what would happen there. Can you remind us where at DISH your contracts lie? And if DISH were to stop building, what your sort of remaining security looks like. And then second, completely different. South Africa, there’s been a lot of power issues and growing power issues. Any changes in how you address this on your tower’s interested involvement in supporting the country in power and your carriers? Thank you.
Phil Cusick: Thank you.
Operator: And next we’ll hear from Brett Feldman with Goldman Sachs.
