Justin Hutchens: Okay. Hi, it’s Justin. Let me start with the first question. So, we do have — we have 75 communities in our same store that are operated by Holiday by Atria. Those communities were performing relatively better, and they continue to do that. I can tell you that they’re now managing a more streamlined and focused portfolio with a high sense of urgency. They want to do well. I mean this is a company that’s very focused on this. They’ve been extremely focused on sales execution and getting tour conversions up and they’ve had good results in the third quarter, and we’re going to stay very close to this and monitor it closely, and expect to see good results. And then in terms of Brookdale, we are really happy to see improved performance across our portfolio, and it’s been consistently improving. And has coverage, good coverage, and we’ll look for more progress in that portfolio moving forward.
Operator: Our next question comes from the line of Nick Yulico with Scotiabank. Please go ahead.
Nick Yulico: Thanks. I just wanted to ask a little bit more about pricing trends and how to think about going forward, particularly in the IL segment. I mean, if we’re just seeing kind of broader multifamily, broader housing prices come down from an inflationary standpoint. Is there a dynamic there on pricing for independent-living that may be different versus assisted-living going forward? Any thoughts on that?
Justin Hutchens: And we certainly track the resolver markets and particularly as it pertains to independent living. But quite frankly, this price volume optimization I’ve been speaking to has been working for us, and we’ve seen really both move together price and volume moving together. And so I’d say the pricing power remains significant, and we’re pleased to see the pickup in occupancy as well.
Debra Cafaro: Thanks Nick.
Operator: And our next question does come from Michael Carroll with RBC Capital Markets. Please go ahead.
Michael Carroll: Thanks. I just want to circle back on the investments. I know that Ventas has been kind of highlighting that there’s more investment opportunities. But how active can the company be, I guess, over the next year or so? I mean are there larger portfolios out there that you’re interested in or tracking? Or can you actually start pursuing some smaller deals and maybe kind of lump them in with some of your current operators that might want additional scale in their specific markets.
Justin Hutchens: Yes, sure. So, we are looking at smaller opportunities to really continue to expand our existing relationships and add new relationships and using a variety of different sources of capital to do that. I mentioned benchmark. That’s an exciting new relationship for us. And certainly, we have the capability to do larger transactions as well. So, we see most of what’s on the market and a lot of what’s not on the market, and we’re very interested in expanding in senior housing.
Operator: We do have another question from the line of Austin Wurschmidt with KeyBanc Capital Markets. Please go ahead.
Austin Wurschmidt: Great. Thanks for taking the question. I just wanted to circle back on the public M&A deal this week. I know you’ve said now a couple of times you want to lean into senior housing. But just curious, I mean, are you underwriting that transaction? And is it something that you’d be interested in pursuing at this point?
Debra Cafaro: We’d love to help you out, but we have a firm policy on not commenting on other transactions, and we have a great outpatient medical and research business, as I described, and we’re really interested in investing in senior housing. And so I think you should defer those questions to the companies themselves.
Operator: I would now like to turn the call over to Ventas’ management team for closing remarks.
Debra Cafaro: Thanks so much. We’re very pleased to deliver a strong quarter for our shareholders and improve our outlook. And all of us at Ventas really appreciate your attention, your interest in our company and we look forward to seeing you in Los Angeles. Thanks.
Operator: I’d like to thank our speakers for today’s presentation and thank you all for joining us. This now concludes today’s call, and you may now disconnect.
