Mark Peterson: Yes. We show a scheduled property under development on Page 20 of the supplemental that shows spending on build-to-suit and then when it goes in service. And I think if you look from beginning of 2024 forward, we’ve got about $127 million worth of build-to-suit spending as it finishes out. So — and then it shows on that schedule sort of how that build-to-suit comes into service. And then on the mortgage side, of course, as we put the money out, that kind of earns that money right away. So by the way, don’t think 7% caps think 8% or more in terms of when it goes in service. But I think that schedule is helpful to understand that timing. Like I said, of that $200-plus million, about $127 million of it will be spent over — most of which will be spent in 2024, but there is some into 2025 as well.
Robert Stevenson: Okay. And there is no meaningful delay like the water park that’s going to be finished next summer. Does that start producing at full speed immediately? Or is there a ramp-up and it really doesn’t start hitting at full speed until 2025 that sort of thing.
Mark Peterson: Once it goes — yes, once it goes in service, which is what we’re showing on that schedule, it earns its full cap rate.
Robert Stevenson: Okay, that’s helpful. Thanks guys. I appreciate the time.
Mark Peterson: Thanks Rob.
Operator: One moment for our next question. Our next question comes from the line of Jyoti Yadav from JMP Securities. Your line is open.
Mitch Germain: Hey guys. This is actually Mitch here. Just help me out with the 2024 debt because you had suggested that you’re not looking to tap the capital markets. So is that a suggestion that you’re going to redeem the maturity?
Mark Peterson: We would pay it off our line of credit. We have nothing drawn on our line of credit. So the plan currently is to pay it off our line. Of course, we’ll look at the debt markets at that time and see if longer-term financing makes sense. But in the near term, we’ve got plenty of capacity through cash on hand and line of credit capacity to pay that off.
Mitch Germain: Great. And then so when you talk about that 4% for next year, you’re implying a little bit of dilution associated with the refi of that debt? Is that kind of the way you should think about it?
Mark Peterson: Correct, correct because we’re paying it off our line and it’s cheaper. Yes, we are — you’re correct.
Mitch Germain: Okay, great. And then what’s Santikos long-term plan? Is that just a onetime purchase? Or do you think that they’re going to look to maybe do some further consolidation?
Gregory Silvers: Again, I think, clearly, if you know the Santikos brand, I think their thoughts are to continue to operate theaters to be opportunistic if presented so I think they’re still looking to grow their chain. So I — but Greg, any.
Gregory Zimmerman: No. And Mitch, we’ve had the opportunity to meet with them at length and understand what they’re doing, and we’re pleased to have them as partners.
Mitch Germain: Great. And then I think my last question is I think you — Greg, you had mentioned $9 billion base case for 2024 box office, so kind of flattish year-over-year. Obviously, we continue to get some indication of some movies that are — or big releases that are getting delayed. I mean do you think that there is any sort of downside risk to that number should the strike on the actor’s side continue? Or are you pretty confident that, that kind of bakes in an elongated strike with regards to the actors?
