Brett Feldman: Thanks. Two questions if you don’t mind. For many years now in the U.S., a lot of the new tower that have been constructed have been done by privately funded operators who achieve access to capital or signing leases with their carrier tenants with terms that we just – we’re never going to match, and as a result we haven’t seen develop a lot of towers in the U.S. for a number of years now. I’m curious what the market for a new site development in the U.S. looks like. It would seem that with the carriers using higher frequencies than they’ve ever used before, there’d be some need for identification of the actual infrastructure. But I really don’t know, so I’m curious whether that could be an opportunity for you.
And then a separate topic, American tower sold their Mexican fiber business, citing that it really has ended up being a more difficult business than they thought. You’ve been pretty selective in terms of where you’ve invested in fiber in your international market. I’m curious how those businesses are performing and whether maybe you’re considering any portfolio lending there as well. Thank you.
Jeff Stoops: Well, other than some assets which are very de minimis to the operation of our data center in Brazil or our towers internationally, we don’t have any fiber businesses internationally Brett, so nothing really to divest there. In terms of new builds, over time they should continue to be a steady, although I don’t know if it will be growing number of new build opportunities. The new build market in the U.S. has slowed somewhat as carriers have focused more on amending their existing sites to roll out most efficiently their 5G. And I will also tell you that the cost of new builds have gone up tremendously in the last five years. They may have doubled over that period of time. So I think that’s providing a bit of a damper on activities as well.
Brett Feldman: Are you still seeing those same private operators out there bidding for what’s available or has that cooled down at some degree?
Jeff Stoops: Yeah, the same names are still out there, but the volumes are well down.
Brett Feldman: Thank you.
Operator: Our next question comes from Brendan Lynch with Barclays.
Brendan Lynch: Great, thanks for taking my question. Jeff, you mentioned the dual-band radios. I was wondering if you give us a little bit more color on that and what you’re expecting from the carriers. Have they been holding back in anticipation of this or what do you really expect them to change starting in the second half once you get those applications?
Jeff Stoops: Yeah, I don’t want to speak for our customers, but I will tell you that the literature that’s available on this topic from organizations like Light Reading for example really go into quite a bit of detail as to what our customers plans are with respect to those dual band radios, including one of our customers said to not deploy any of certain amounts of spectrum that they already have until those dual-band radios are. So I mean that’s what I know and I don’t want to really talk more about specific customer discussions, but I think if you look at that literature, you will see a picture that is very clear that there’s, there has been holdback in terms of what our customers would otherwise do, pending the availability of that type of equipment.
And in particular, you know right now the deployment is a separate radio and antenna for C-Band and 3.45. It’ll be a more efficient form function when they are combined and to the extent that they were doing that in one truck roll with the two different radios, they would have the efficiencies of a single truck roll. So that’s a long-winded way of saying, yeah, we think it’s going to be a positive development when that equipment is available.
