TIP’s business model is predicated on investing in mobile site leases “as we find them.” That is, the deal that has already been struck between,, the tenant (the operator or tower company) and,, the site owner – that deal is good enough for us. We’re not confused about who we are: we are not a tower company. Tower companies seek to maximise co-location (site sharing), and they seek to maximise rents. In a sense, investments in physical infrastructure (like towers) are comparable to making an equity investment. Equity (stock) prices depend on future “upside.” In contrast, TIP’s investments in mobile site leases are comparable to bond investments: just like our tenants, we seek long-term, predictable, indeed “bond-like” cash flows. 1q1q1