I think based on our property level budgets, we are probably in the mid to high-single digits for this portfolio. So, I think that we can be patient and continue to ride some of the increases. And overall, it’s a nice complement to our net lease portfolio. So, I think we will just be more opportunistic on what path we chose here.
Mitch Germain: Thank you.
Jason Fox: You’re welcome.
Operator: Thank you. The next question is coming from Anthony Paolone of JPMorgan. Please go ahead.
Anthony Paolone: Thank you. First one is just on Lineage. I think you marked it up, but you talked about not getting like a dividend this year. Just wondering if you could reconcile that on what’s happening there.
Toni Sanzone: Yes. We received a dividend from Lineage in the January of 2022, which we believe was reflective of kind of in their taxable income positioning. We didn’t get that same dividend in January of this year. But I think as you have highlighted, it’s really the value of the investment is what we are looking at, and it continues to appreciate. We have marked it up with an offering that they did this year, and we are at about $400 million. So, we really think they are performing continually well, but the cash flow that they are generating off of the investment is probably somewhat variable from year-to-year.
Anthony Paolone: Okay. Understand. And then Toni, you addressed the gap between the same-store sort of bumps year-over-year versus the comprehensive same-store in 2022. So, as we are thinking about €˜23 that 4% that you outlined, do you think that’s the number that converts down to AFFO, or like as the comprehensive same-store, or do you think there are some drags to that?
Toni Sanzone: I think you are right, the 2022 and even 2021, there was somewhat of a kind of a lot of moving parts and comprehensive with rental recoveries and that sort of thing. So, it did move from period-to-period. I would say pre-pandemic and kind of historically for us, we are seeing usually about 100 basis point drag or so from the top line kind of contractual same-store. And I think that’s a reasonable expectation for us into the future is that there will always be kind of some offsets that run through there. But that 100 basis point drag against the top line is probably a good expectation for us.
Anthony Paolone: Okay. And so I think, I guess just to make sure I understand it. So, if we are thinking about a build, you start with the four, maybe there is 100 basis points of drag and then we make whatever FX assumptions we want, I guess would be on top of that, kind of think through what really slows down.
Toni Sanzone: That sounds right, yes.
Anthony Paolone: Okay. And then just last one, just to clarify. I think you said $100 million in operating property NOI for €˜23. And I didn’t catch if you said this, that include 11 months of the Marriott properties, or does that not include the Marriott stuff?
Toni Sanzone: That does include the Marriotts. They are embedded in that $100 million.
Anthony Paolone: Okay. Got it. Thank you.
Operator: Thank you. Our next question is coming from Brad Heffern of RBC Capital Markets. Please go ahead.
