Ronald Kamdem : Great. Just maybe a couple of quick ones from me. The first is just on the AFFO growth, almost 10%, which is pretty impressive compared to some of the other triple-net peers in the sort of flat to 3% range. I was just wondering if we could sort of get a breakout of organic versus external growth of that number. So how much of that is being driven by sort of the inflation escalators versus some of the acquisitions that were done in ’22?
David Kieske : Ron, it’s David. Nice to talk here. It’s all driven by — well, said differently the way, we modeled the escalator in November with Caesars is 2%. We do not make any predictions about the future. My counsel next to me would be very upset. And then — so the acquisitions, as I mentioned in my remarks, are all baked in, including the PURE deal, which closed in early January as well as the reconsolidation in early January as well. And then it does not include Rocky Gap, which is still outstanding.
Edward Pitoniak : But — and Ron, if I understand your question right, there is no question that the rent escalation that kicked in, in November for Caesars, and I believe it’s January for Century definitely plays a role in generating that 10% AFFO growth. But to David’s point, we obviously have — toward the end of this year, we’ve only underwritten base level rent growth. We do not presume any kind of — we do not make any CPI assumptions for forward rent, if that’s of any help. And we don’t include any unclosed acquisitions, just to be clear or on loans that do not have fixed draw schedules yet.
Ronald Kamdem : Great. That’s helpful and clear. I can move on to sort of the pipeline. I think in past call, we’ve talked about sort of sizing the market, which we’ve sort of all have done. But I’m curious if you guys have any sort of quantifiable numbers on pipeline, the amount of deals that you’re in talk with, if it’s $10 billion, if it’s $50 billion, whatever, I think that would be sort of a helpful information?
Edward Pitoniak : John, you want to start?
John Payne : Yes, I don’t have a specific number on that right now. I would tell you as I talked earlier in this call about adding resources to our organization, to our business development team. So what I would tell you is that we’re active or more active in deal flow than we ever have done before. It’s obviously an uncertain time. We have to be incredibly thoughtful in any type of deal that we do in the underwriting that we do. But we’ve been able to expand not only in gaming, and you heard me talk about public companies and private companies. But in many of the sectors that we’ve talked in previous calls about. So we’re touching more companies, we’re meeting more companies than we ever have done before. We’re explaining how our capital ultimately can help those companies grow. But I don’t have the exact size for you. I don’t know if Danny is on the call and wanted to add anything to my answer.
Daniel Valoy: John, I think you covered it well. I mean we’ve talked about some of the opportunities that we look at within gaming and that ranging from anywhere from $40 billion to $50 billion of potential transactions. That’s not an all-encompassing blue sky numbers. Those are opportunities that we think are actionable at some point in time. But as we’ve talked about a lot here, the universe of opportunities is growing, especially as we look internationally, as we continue to study and explore other experiential sectors. So it’s difficult to give you a single number right now, Ron.
Edward Pitoniak : I would just add a little bit more to that, Ron. The last time we saw that the American commercial, I want to emphasize, commercial gaming sector was about 40% REITed that would contrast, say, with the mall space, which I believe is 70% plus REITed. The other thing to keep in mind is that we do have an American tribal gaming sector that is equal in size to American regional gaming. And we are now three or four tribal relationships, John and Danny. And that is a sector where those — that sector is led by operators. We’re very eager to do more business with in all the ways we can possibly think of. The thing I’ll finally add is that there are obviously new jurisdictions opening up to gaming. And we just saw a headline this morning about Governor Abbott of Texas saying, if we’re going to get gaming in Texas, I want it to be — how did he put it, John?
Great Wolf Lodge type of gaming. I can’t remember exactly how — yes. And we read that headline, we go that’s great because we’re already in business with Great Wolf, and we definitely are in business in gaming. So you look at a market like Texas and needless to say, we get quite excited given the capital allocation opportunities, a market like that could represent
Operator: We’ll now turn to David Katz from Jefferies.
David Katz : You’ve covered an awful lot of detail and we don’t need to sort of double back over those. But what I wanted to just throw out there is a question that’s come up with investors in my travels, which is the next couple of years, we spend time thinking about potential capital raising and more so equity than debt for obvious reasons on our side. Can you just talk through what you have in front of you? And obviously, the Caesars pipeline as well? And what the prospects for you could be or having to go out and raise some more equity and under what circumstances you might do that?
Edward Pitoniak : Well, as a starting point, David, and I’ll turn this over to John in just a moment. As a starting point as a REIT, you can be confident we will perpetually raising equity. But we will be perpetually raising equity for years to come as all good growing REITs do to fund accretive growth that benefits all shareholders. And that’s been our track record to date. It’s evidenced by the kind of AFFO growth per share we’re producing in 2023 and have on a compounded basis since our beginning in 2018. But again, so we will raise equity when the opportunities are there to do so. And we will raise equity to fund accretive acquisitions. In terms of the pipeline, I’ll turn it over to John because we obviously have opportunities like the Indiana assets in our future. John?
John Payne : Yes, David, good to talk to you this morning. And as Ed alluded to, in our view is the opportunity with Caesars to our put/call opportunity with two Indianapolis assets that are performing incredibly well. That put/call is kind of live right now, and we’ll see how that ultimately plays out. But that is a really nice opportunity that we hope we can bring into our portfolio in the coming years. And then obviously, I’ve spent a lot of time on this call already talking about the numerous relationships that we’re building in gaming and in non-gaming. And I hope part of our growth will be with our existing tenants, whether that’s an opportunity as they grow into new jurisdictions like New York or as Ed mentioned, maybe Texas will break at some point. And I hope it’s also growth with new tenants as well.
Edward Pitoniak : Hey, David, if I could just add one more thought…
David Katz : Please.
