GregMarcus: And it’s the original part of the Pfister building that’s getting the rooms renovation, not the whole hotel. The other hotel was the…
Jim Goss: Okay.
GregMarcus: Tower was done pre-pandemic. Yes.
Jim Goss: All right, that’s it for now. Thanks. Thanks very much.
Operator: [Operator Instructions] Our next question comes from Chris Potter of Northern Border Investments. Chris, your line is now open. Please go ahead.
Chris Potter: Hi, guys. I was just thinking about how well your business is cooking along. And in terms of revenue, with a couple of exceptions, a couple of quarterly exceptions, in 2019, this looks like this most recent quarter revenue was the highest in the company’s history. Your long term borrowings, if I’m looking at this right, are the lowest they’ve been in the company’s history. It just doesn’t seem like the market is giving you the credit it should in terms of your equity price. And I’m just wondering if you’ve given any thought to separating the businesses, spinning off the hotels from the theaters. If I had to guess, the hotel business is probably worth as much as the whole enterprise value of the company. Just curious about your thoughts on that.
GregMarcus: Well, they say – that’s a good question. Look, we…
Chris Potter: I’m guessing that separated the market would give them a lot more credit than combined for some reason.
GregMarcus: The only comment I could really make on that, obviously, and that is that we constantly look at our structure and what is the optimal structure for the company going forward and what is the best way to manage the balance sheet, to manage the returns, to manage the value of the public market valuations. We are – we look at it regularly. And I have nothing to announce here on this phone call, and – but – and I appreciate the thought and what you’ve just suggested. And the best I can say is we always look at these things. There’s no shortage of investment bankers who would call on us to present the ideas.
Chris Potter: Okay, thank you. I just had one more, if I can, and forgive me, I missed the beginning of the call. So if you already spoke about this, but, can you just comment on what the property market is like as you’re seeing it, in terms of, you know, these theaters that you close, and if there are other underperforming theaters that might be candidates for sale? What the appetite is for those kinds of properties?
GregMarcus: Well, the properties that we closed, one was just coming off lease, so that just is something that we are – we don’t have to deal with that anymore in terms of what the obligation is. The – of the other two, one is – has active interest, and the other one has – we just don’t know yet. But the math we really did was looked and said, okay, even with the cost of – at an absolute minimum, with the cost of carry because of where they sit in relation to other theaters, we will be better – we can capture enough business in the other theaters that the cost of carriers is just justified being closed. Very unique situation. We do not have too many of those floating around where we can do that.
Chris Potter: Understood. Thank you.
GregMarcus: Thank you.
Operator: Thank you. At this time, we have no further questions, so I’d like to turn the call back to Mr. Paris for any additional or closing remarks.
Chad Paris: Thanks, Alex. We would like to thank you once again for joining us today, and we look forward to talking to you again in late February when we release our fiscal 2023 fourth quarter results. Until then, thank you. and have a good day.
Operator: Thank you for joining today’s call. You may now disconnect your lines.
