EPR Properties (EPR) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Quarter 4 EPR Properties Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to Brian Moriarty. Please go ahead.

美好的一天，謝謝你的支持。歡迎參加第 4 季度 EPR Properties 收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想將會議交給 Brian Moriarty。請繼續。

Thank you, Chris. Thanks for joining us today for our fourth quarter and year-end 2022 earnings call and webcast. Participants on today's call are Greg Silvers, Chairman and CEO; and Greg Zimmerman, Executive Vice President and CIO; and Mark Peterson, Executive Vice President and CFO.

謝謝你，克里斯。感謝您今天加入我們，參加我們 2022 年第四季度和年底的財報電話會議和網絡直播。參加今天電話會議的有董事長兼首席執行官 Greg Silvers；執行副總裁兼首席信息官 Greg Zimmerman；執行副總裁兼首席財務官 Mark Peterson。

We'll start the call by informing you that this call may include forward-looking statements as defined in the Private Securities Litigation Act of 1995, identified by such words as will be, intend, continue, believe, may, expect, hope, anticipate or other comparable terms. The company's actual financial condition and the results of operations may vary materially from those contemplated by such forward-looking statements. Discussion of those factors that could cause results to differ materially from those forward-looking statements are contained in the company's SEC filings, including the company's reports on Form 10-K and 10-Q.

我們將通過通知您開始電話會議，本次電話會議可能包括 1995 年《私人證券訴訟法》中定義的前瞻性陳述，這些陳述由 will be、intend、continue、believe、may、expect、hope、expected 等詞標識或其他類似條款。公司的實際財務狀況和經營業績可能與此類前瞻性陳述中預期的情況存在重大差異。對可能導致結果與前瞻性陳述產生重大差異的因素的討論包含在公司提交給美國證券交易委員會的文件中，包括公司關於 10-K 和 10-Q 表格的報告。

Additionally, this call will contain references to certain non-GAAP measures which we believe are useful in evaluating the company's performance. A reconciliation of these measures to the most directly comparable GAAP measures are included in today's earnings release and supplemental information furnished to the SEC under Form 8-K.

此外，本次電話會議還將提及某些我們認為有助於評估公司業績的非 GAAP 指標。這些措施與最直接可比的 GAAP 措施的對賬包含在今天的收益發布和根據 8-K 表格提供給 SEC 的補充信息中。

If you wish to follow along, today's earnings release, supplemental and earnings call presentation are available on the Investor Center page of the company's website, www.eprkc.com.

如果您想繼續關註今天的收益發布、補充和收益電話演示，請訪問公司網站 www.eprkc.com 的投資者中心頁面。

Now I'll turn the call over to Greg Silvers.

現在我將把電話轉給 Greg Silvers。

Thank you, Brian. Good morning, everyone, and thank you for joining us on today's fourth quarter and year-end 2022 earnings call and webcast. For the full year, we delivered 52% per share growth in FFO as adjusted, demonstrating our continuing recovery and the resilience of our experiential investments. .

謝謝你，布萊恩。大家早上好，感謝您參加今天的第四季度和 2022 年底財報電話會議和網絡直播。全年，我們調整後的 FFO 實現了 52% 的每股增長，證明了我們的持續復甦和我們體驗式投資的彈性。 .

This resilience is also reflected in our improving theater rent coverage levels and the continued strength of our non-theater rent coverage. Even against the backdrop of recession fears, the consumer continues to support our affordable drive to experiential properties.

這種彈性也反映在我們不斷提高的劇院租金覆蓋率水平和我們非劇院租金覆蓋率的持續增長上。即使在經濟衰退擔憂的背景下，消費者仍繼續支持我們以負擔得起的方式購買體驗式房產。

We are also pleased that in the fourth quarter and through February 2023, we have received all scheduled rent and deferral payments from Regal as we are working through the process toward a resolution.

我們也很高興，在第四季度和 2023 年 2 月之前，我們已經收到了 Regal 的所有預定租金和延期付款，因為我們正在努力解決這個問題。

Our tenant industries continue to demonstrate healthy momentum. This is particularly evident at the box office, which was up by more than 64% in 2022. Sustained wide release content continues to be the key ingredient for success as the number of wide release films have grown, ticket cells have grown and major studios have reasserted their focus on theatrical releases.

我們的租戶行業繼續展現出健康的勢頭。這在票房上尤為明顯，票房在 2022 年增長了 64% 以上。隨著廣泛發行的電影數量的增加、票房的增加以及主要製片廠的投入，持續的廣泛發行內容仍然是成功的關鍵因素重申了他們對院線上映的關注。

During the year, we also resumed our investment spending, deploying capital in a disciplined manner across a variety of experiential properties. After pausing our investment spending for nearly 2 years during the pandemic, our efforts in 2022 validate our ability to identify, underwrite and close quality transactions in the experiential space.

在這一年中，我們還恢復了投資支出，在各種體驗式物業中以有紀律的方式部署資本。在大流行期間暫停我們的投資支出近 2 年之後，我們在 2022 年的努力驗證了我們在體驗領域識別、承銷和完成優質交易的能力。

For the year, we closed transactions valued at over $600 million with over $400 million being deployed in 2022 and the balance being deployed in 2023 and 2024. We are able to fund these commitments without raising additional capital and the average cap rate on these investments was over 8%.

今年，我們完成了價值超過 6 億美元的交易，其中超過 4 億美元在 2022 年部署，餘額在 2023 年和 2024 年部署。我們能夠在不籌集額外資金的情況下為這些承諾提供資金，這些投資的平均上限率為8%以上。

As we've stated in the past, the vast majority of our investments come through our network of tenants and partners. Our depth and breadth of knowledge in the experiential real estate investing is unmatched among REITs. In 2022, this was evidenced by our expansion in the burgeoning areas of fitness and wellness, such as the community of climbing gyms, new wellness opportunities and the time-tested experience of natural hot spring SPAs and our new partnership with Colorado-based Gravity Haus.

正如我們過去所說，我們的絕大部分投資來自我們的租戶和合作夥伴網絡。我們在體驗式房地產投資方面的知識深度和廣度在房地產投資信託基金中是無與倫比的。 2022 年，我們在新興的健身和健康領域的擴張證明了這一點，例如攀岩健身房社區、新的健康機會和經過時間考驗的天然溫泉 SPA 體驗，以及我們與總部位於科羅拉多州的 Gravity Haus 的新合作夥伴關係.

In 2023, we expect to continue expanding our experiential portfolio with select investments in properties consistent with our growth strategy. Our growth pipeline remains robust as new and existing concepts and clients continue to grow to meet the demands of their experience-focused customers.

到 2023 年，我們預計將繼續擴大我們的體驗式投資組合，選擇符合我們增長戰略的物業投資。隨著新的和現有的概念和客戶不斷增長以滿足他們以體驗為中心的客戶的需求，我們的增長渠道仍然強勁。

Our challenge remains not one of opportunity rather that our cost of capital has not recovered as quickly as our properties. We will, however, remain steadfast in our disciplined approach, focusing on the highest quality and the best risk-to-reward investments.

我們的挑戰仍然不是機會之一，而是我們的資本成本沒有像我們的財產那樣迅速恢復。然而，我們將堅定不移地堅持我們的紀律方法，專注於最高質量和最佳風險回報投資。

At this time, we aren't providing earnings guidance due to the uncertainty of Regal's bankruptcy proceeding. However, we remain confident in our outlook and are maintaining our well-covered monthly dividend to common shareholders at its current level. While we still have work to do to regain our full momentum, we are heartened by our significant progress, and we remain resolute and confident in the quality of our properties.

目前，由於 Regal 破產程序的不確定性，我們不提供盈利指引。然而，我們對我們的前景仍然充滿信心，並將我們對普通股股東的月度股息維持在目前的水平。雖然我們仍然需要努力恢復我們的全部勢頭，但我們對我們取得的重大進展感到鼓舞，並且我們對我們的物業質量保持堅定和信心。

Lastly, I'm pleased to welcome John Case to our Board of Trustees. John brings a wealth of knowledge and experience in net lease real estate, and we are excited to benefit from his expertise as we continue to grow and expand our portfolio of experiential assets.

最後，我很高興地歡迎 John Case 加入我們的董事會。約翰在淨租賃房地產方面擁有豐富的知識和經驗，我們很高興能在我們繼續發展和擴大我們的體驗資產組合的過程中受益於他的專業知識。

Now I'll turn the call over to Greg Zimmerman, who will cover our business in greater detail.

現在我將把電話轉給 Greg Zimmerman，他將更詳細地介紹我們的業務。

Thanks, Greg. At year-end, our total investments were approximately $6.7 billion, with 363 properties in service and 97% leased. During the quarter, our investment spending was $81.2 million, bringing the total investment spending for 2022 to $402.5 million. 100% of the spending was in our experiential portfolio, and included the acquisition of a project for redevelopment and additional financing for an existing asset.

謝謝，格雷格。截至年底，我們的總投資約為 67 億美元，其中 363 處物業投入使用，其中 97% 已出租。本季度，我們的投資支出為 8120 萬美元，使 2022 年的總投資支出達到 4.025 億美元。 100% 的支出都在我們的體驗組合中，包括收購一個重建項目和為現有資產提供額外融資。

Our experiential portfolio comprises 289 properties, with 49 operators and accounts for 92% of our total investments or approximately $6.2 billion, and at the end of the quarter was 97% occupied.

我們的體驗式投資組合包括 289 處物業和 49 家運營商，占我們總投資的 92% 或約 62 億美元，本季度末已入住 97%。

Our education portfolio comprises 74 properties with 8 operators, and at the end of the quarter, was 100% occupied. Our value-oriented drive-to destinations provide a compelling value proposition for families. To date, we have not seen meaningful impact on our operators from inflation, and we remain confident they will continue to prove resilient.

我們的教育組合包括 74 個物業和 8 個運營商，在本季度末，已 100% 被佔用。我們以價值為導向的自駕游目的地為家庭提供了令人信服的價值主張。迄今為止，我們還沒有看到通貨膨脹對我們的運營商產生重大影響，我們仍然相信他們將繼續保持彈性。

Turning to coverage. The most recent data provided is based on a September trailing 12-month period. Overall portfolio coverage for the trailing 12 months continues to be strong at 2x. Trailing 12-month coverage for theaters is 1.4x with box office at $7.7 billion for the same period.

轉向報導。提供的最新數據是基於 9 月份連續 12 個月的數據。過去 12 個月的整體投資組合覆蓋率繼續保持強勁，為 2 倍。過去 12 個月的影院覆蓋率是 1.4 倍，同期票房為 77 億美元。

Trailing 12-month coverage for the non-theater portion of our portfolio is 2.7x. Now I'll update you on the operating status of our tenants. Q4 total box office was $1.8 billion. Total North American box office for 2022 was $7.4 billion compared to $4.5 billion in 2021.

我們投資組合中非影院部分過去 12 個月的覆蓋率為 2.7 倍。現在我將向您介紹我們租戶的經營狀況。第 4 季度總票房為 18 億美元。 2022 年北美總票房為 74 億美元，而 2021 年為 45 億美元。

Our high-quality theater portfolio continues to outperform the industry. When strong pictures are available theatrically, the public is responding very favorably and the results prove it out. Three films released after the pandemic are among the top 9 highest grossing North American box office films of all time.

我們高質量的影院組合繼續跑贏行業。當強大的影片在影院上映時，公眾的反應非常好，結果也證明了這一點。大流行後上映的三部電影躋身北美有史以來票房收入最高的 9 部電影之列。

Spider-Man: No Way Home is #3 at $814 million. Top Gun: Maverick is #5 at $719 million. And Avatar: The Way of Water, which opened on December 16, and is #9 at $658 million to date.

《蜘蛛俠：無路可歸》以 8.14 億美元的票房排名第三。 Top Gun：Maverick 以 7.19 億美元排名第五。以及於 12 月 16 日上映的《阿凡達：水之道》，迄今為止以 6.58 億美元的票房排名第 9。

We are eagerly anticipating the 2023 slate. The top 5 announced titles, each of which could exceed $200 million in North American box office are Ant-Man and The Wasp: Quantumania, which opened February 17 and generated $120 million in domestic box office over the President's Day holiday weekend.

我們熱切期待 2023 年的名單。北美票房收入可能超過 2 億美元的前 5 名影片是《蟻人》和《黃蜂女：量子狂熱》，該片於 2 月 17 日上映，在總統日假期週末創造了 1.2 億美元的國內票房。

Guardians of the Galaxy 3, Little Mermaid, Captain Marvel 2 and Aquaman 2. As a recovering box office demonstrates, when there are movies to see, consumers of all ages are returning to the theater. They still want to see good films on the big screen. Studios recognize the economic benefit of the theatrical run and have increased production and refocused on theatrical exhibition post COVID.

《銀河護衛隊 3》、《小美人魚》、《驚奇隊長 2》和《海王 2》。正如票房復甦所表明的那樣，當有電影可看時，各個年齡段的消費者都在重返影院。他們仍然希望在大銀幕上看到好電影。工作室認識到影院放映的經濟效益，並增加了產量並重新關注 COVID 後的影院展覽。

We remain confident that the supply of films for theatrical release will continue to grow. As previously disclosed, on September 7, 2022, Cineworld filed for bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas.

我們仍然相信院線上映的電影供應量將繼續增長。如前所述，2022 年 9 月 7 日，Cineworld 向美國德克薩斯州南區破產法院申請破產保護。

We have received our entire October, November, December, January and February rent payments, along with the deferred rent payments due in those months, and we have also received court ordered September stubborn payments in December, January and February.

我們已經收到了整個 10 月、11 月、12 月、1 月和 2 月的租金，以及那幾個月到期的延期租金，我們還收到了法院下令在 12 月、1 月和 2 月支付的 9 月頑固付款。

Because the bankruptcy process is ongoing, beyond those updates, we will not comment about Cineworld. Turning now to an update on our other major customer groups. We continue to see good results and ongoing consumer demand across all segments of our drive-to value-oriented destinations.

由於破產程序仍在進行中，除了這些更新之外，我們不會對 Cineworld 發表評論。現在轉向我們其他主要客戶群的更新。在我們以價值為導向的目的地的所有細分市場中，我們繼續看到良好的結果和持續的消費者需求。

Our Eat & Play assets continued their strong post-pandemic performance with portfolio revenue for 2022 up 13% and EBITDARM up 12% over 2021. Many of our attractions and cultural portfolio had increased revenue and attendance in 2022 versus the prior year.

我們的 Eat & Play 資產在大流行後繼續保持強勁表現，2022 年的投資組合收入比 2021 年增長 13%，EBITDARM 增長 12%。與上一年相比，我們的許多景點和文化組合在 2022 年的收入和上座率都有所增加。

Primarily because of increased labor costs, several assets had lower EBITDARM, but performance remained strong. We are particularly pleased with the performance of Santa Monica Pier and the City Museum in St. Louis. Both continue their post-COVID upward momentum.

主要是由於勞動力成本增加，一些資產的 EBITDARM 較低，但業績依然強勁。我們對聖莫尼卡碼頭和聖路易斯城市博物館的表現特別滿意。兩者都延續了 COVID 後的上升勢頭。

Revenue and attendance exceeded our expectations and projections at our 2 Canadian parks,Village Vacances Valcartier and Calypso WaterPark, The Hotel de Glace opened for the season on January 4 and will close on March 18. Both Titanic museums had record years for attendance, revenue and EBITDARM and were under construction to add the Titanic [custard] and Chocolate shop in Pigeon Forge.

在我們的 2 個加拿大公園，Village Vacances Valcartier 和 Calypso WaterPark，The Hotel de Glace 於 1 月 4 日開放並將於 3 月 18 日關閉的收入和參觀人數超過了我們的預期和預測。泰坦尼克號博物館的參觀人數、收入和EBITDARM 正在建設中，以便在 Pigeon Forge 添加 Titanic [蛋奶糊] 和巧克力店。

We continue to see strong occupancy and ADR growth at the Springs Resort. We anticipate commencing construction in Q2 for both the expansion of the springs and the redevelopment of the Murrieta conference center into a natural hot springs resorts.

我們繼續看到 Springs Resort 的入住率和 ADR 增長強勁。我們預計在第二季度開始建設，以擴建溫泉和將 Murrieta 會議中心重建為天然溫泉度假村。

In our fitness portfolio, membership has exceeded pre-pandemic numbers with revenue continuing to grow year-over-year. Midway through the 2022-'23 season performance across our ski portfolio is strong.

在我們的健身組合中，會員人數已超過大流行前的人數，收入繼續逐年增長。在 2022-23 賽季中期，我們的滑雪產品組合表現強勁。

Q4 revenue was up significantly from Q4 2021. Visits are up, resorts are returning to normal staffing levels from both services, including F&B outlets, some of which were closed intermittently in the 2021-2022 season.

與 2021 年第四季度相比，第四季度的收入顯著增加。訪問量增加，度假村的兩種服務都恢復到正常的人員配置水平，包括餐飲店，其中一些在 2021-2022 賽季間歇性關閉。

Good early season snowfall helped Northstar. And while snowfall in the East wasn't quite as strong, performance has still been favorable. Room renovations are underway at Resort in Alaska, which will further strengthen the leading Four Season resort in Alaska.

良好的早季降雪幫助了 Northstar。雖然東部地區的降雪沒有那麼強烈，但表現仍然不錯。阿拉斯加度假村正在進行客房裝修，這將進一步加強阿拉斯加領先的四季度假村。

Our Margaritaville Hotel Nashville approximate to all of Nashville's famous downtown destinations had an excellent 2022 with significant increases in all metrics. Now that renovations at both the Beachcomber and bellwether resorts in St. Petersburg complete, we're seeing stronger ADR and RevPAR numbers.

我們的納什維爾瑪格麗塔維爾酒店靠近納什維爾所有著名的市中心目的地，2022 年表現出色，所有指標均有顯著增長。現在，聖彼得堡的 Beachcomber 和 bellwether 度假村的翻新工程已經完成，我們看到了更強勁的 ADR 和 RevPAR 數字。

As of January 1, we rebranded our Cajun Palms RV Resort to Camp Margaritaville [Breaux] Bridge to go along with our very successful Camp Margaritaville RV Resort and Lodge in Pigeon Forge.

自 1 月 1 日起，我們將 Cajun Palms RV Resort 更名為 Camp Margaritaville [Breaux] Bridge，以配合我們在 Pigeon Forge 非常成功的 Camp Margaritaville RV Resort and Lodge。

Our education portfolio continues to perform well with year-over-year increases across the portfolio through Q3 of 13% in revenue, 8% in EBITDARM and 3% in enrollment. As noted on our last quarter call, during Q4, KinderCare acquired Creme de la Creme, which we view as a credit enhancement.

我們的教育產品組合繼續表現良好，截至第三季度，整個產品組合的收入同比增長 13%，EBITDARM 增長 8%，入學人數增長 3%。正如我們在上一季度電話會議中指出的那樣，在第四季度，KinderCare 收購了 Creme de la Creme，我們認為這是一種信用增強。

During Q4, we received $7 million as a participation payment in connection with the sale of Creme de la Creme. We anticipate that KinderCare will execute a preexisting lease termination right in Q2 for 5 early education properties representing $2.8 million in annual contractual rent. We have plans to sell all 5 properties and redeploy the proceeds in experiential assets.

在第四季度，我們收到了 700 萬美元作為與銷售 Creme de la Creme 相關的參與付款。我們預計 KinderCare 將在第二季度對 5 個早教物業執行現有的租賃終止權，年合同租金為 280 萬美元。我們計劃出售所有 5 處房產，並將收益重新部署在體驗資產中。

The remaining KinderCare leases contain contractual rent adjustment effective January 1, 2024, based on performance, which we anticipate will partially offset the anticipated rent reduction based on terminations.

剩餘的 KinderCare 租約包含根據業績從 2024 年 1 月 1 日起生效的合同租金調整，我們預計這將部分抵消基於終止的預期租金減免。

Turning to a quick update on capital recycling. During the quarter, we sold a vacant theater for net proceeds of $1 million and recognized a gain of $300,000. We continue discussions with multiple parties on our 2 remaining vacant theaters.

關於資本回收的快速更新。本季度，我們以 100 萬美元的淨收益出售了一個空置劇院，並確認了 300,000 美元的收益。我們繼續與多方討論我們剩餘的 2 個空置劇院。

During Q4, our investment spending was $81.2 million. On our Q3 call, we noted that in early Q4, we closed on a commitment with a new partner to provide up to $68 million in long-term mortgage financing for the expansion of existing project, but we couldn't give details pending our customers' public announcement.

第四季度，我們的投資支出為 8120 萬美元。在我們第三季度的電話會議上，我們注意到在第四季度初，我們與新合作夥伴達成了一項承諾，即為現有項目的擴展提供高達 6800 萬美元的長期抵押貸款融資，但我們無法提供細節，等待我們的客戶' 公告。

Now we can. The investment will fund the addition of an indoor water park at the Barbarian in lodge in Frankenmuth, Michigan, Located in 1.5 hours from Detroit, Frankenmuth is Michigan's little Bavaria. With 3 million annual visitors, it's one of Michigan's leading tourist attractions known for its annual October Fest, the world's largest Christmas store and many other popular events and festivals.

現在我們可以了。該投資將資助在密歇根州弗蘭肯默斯的 Barbarian in lodge 增加一個室內水上樂園，弗蘭肯默斯距底特律 1.5 小時車程，是密歇根州的小巴伐利亞州。它每年接待 300 萬遊客，是密歇根州的主要旅遊景點之一，以一年一度的十月節、世界上最大的聖誕商店和許多其他受歡迎的活動和節日而聞名。

Travel and Leisure recently named Frankenmuth 1 of the top 20 most beautiful winter towns in America. The Zender family has operated the Bavarian in lodge for nearly 40 years, and we are very excited to participate with the family to expand this iconic property. In addition, in a new partnership we funded $56.8 million of an approximately $64.5 million commitment for mortgage financing secured by 6 fitness and wellness properties operated by Gravity Haus, in Breckenridge, Aspen, Vail, Steamboat Springs, Winter Park and Truckee

Travel and Leisure 最近將弗蘭肯默斯評為美國 20 個最美麗的冬季城鎮之一。 Zender 家族經營 Bavarian in lodge 近 40 年，我們很高興能與家族一起擴建這一標誌性酒店。此外，在一項新的合作夥伴關係中，我們資助了 5680 萬美元，其中約 6450 萬美元的抵押貸款承諾由 Gravity Haus 在布雷肯里奇、阿斯彭、韋爾、斯廷博特斯普林斯、溫特帕克和特拉基運營的 6 家健身和健康物業擔保

We've also entered into a relationship agreement to finance future growth. Gravity Haus is a cutting-edge club model concept providing fitness, wellness, dining and lodging and outstanding experiential locations.

我們還簽訂了一項關係協議，為未來的增長提供資金。 Gravity Haus 是一個尖端的俱樂部模式概念，提供健身、健康、餐飲和住宿以及出色的體驗場所。

Conde Nast Traveler, recently named Gravity Haus Breckenridge, the 10th best hotel in the Southwest. We're delighted to partner with Gravity Haus. Both these new relationships demonstrate our industry-leading ability to source and curate unique experiential opportunities. Finally, in our continuing partnership with Northgate Resorts, we acquired Jellystone Kozy Rest in Harrisville, Pennsylvania, near Pittsburgh, with a plan to expand and renovate the asset.

Conde Nast Traveler 最近將 Gravity Haus Breckenridge 評為西南地區最佳酒店第 10 名。我們很高興與 Gravity Haus 合作。這兩種新關係都展示了我們在尋找和策劃獨特體驗機會方面的行業領先能力。最後，在我們與 Northgate Resorts 的持續合作中，我們收購了位於匹茲堡附近賓夕法尼亞州哈里斯維爾的 Jellystone Kozy Rest，併計劃擴建和翻新該資產。

EPR's interest is 62%. Our portion of the purchase price was $6.5 million, and our portion of the debt for expansion and renovation is expected to be around $13.9 million. This brings our RV resort investments to 4 as we build out this stable experiential lodging asset class.

EPR 的權益為 62%。我們的購買價格部分為 650 萬美元，我們用於擴建和翻新的債務部分預計約為 1390 萬美元。隨著我們建立這種穩定的體驗式住宿資產類別，這使我們的房車度假村投資達到 4 個。

Cap rates for 2022 exceeded 8% and continued to be in that range in 2023, which should create compelling long-term value. As I mentioned, our total investment spending for 2022 was $402.5 million, entirely in our experiential portfolio.

2022 年的資本化率超過 8%，並在 2023 年繼續保持在該範圍內，這應該會創造引人注目的長期價值。正如我提到的，我們 2022 年的總投資支出為 4.025 億美元，全部用於我們的體驗投資組合。

A number of these transactions will be funded through 2023 and 2024, so the total value of transactions closed in 2022 was over $600 million. We're extremely pleased with the quality and breadth of our experiential diversity we achieved in 2022. This was all driven by the hard work of our investments and underwriting team, leveraging our unmatched network of tenants and partners.

其中一些交易的資金將持續到 2023 年和 2024 年，因此 2022 年完成的交易總價值超過 6 億美元。我們對我們在 2022 年實現的體驗多樣性的質量和廣度感到非常滿意。這都是由我們的投資和承銷團隊的辛勤工作推動的，他們利用了我們無與倫比的租戶和合作夥伴網絡。

We added one-of-a-kind properties, including villages, and Calypso Waterpark in Canada and the Bavarian in Frankenmuth. We developed a new relationship with Gravity Haus, a cutting-edge operator with 6 well-located assets. We broke ground on a new TopGolf in densely populated King of Prussia, Pennsylvania, and opened a top golf in the dominant Ontario, California market.

我們添加了獨一無二的屬性，包括村莊、加拿大的 Calypso 水上樂園和弗蘭肯默斯的巴伐利亞。我們與 Gravity Haus 建立了新的關係，Gravity Haus 是一家擁有 6 個位置優越的資產的尖端運營商。我們在人口稠密的賓夕法尼亞州普魯士王市破土動工新建了一家頂級高爾夫球場，並在占主導地位的加利福尼亞州安大略市場開設了一家頂級高爾夫球場。

We strengthened our Springs Resort in Pagosa Springs and invested in the acquisition and redevelopment of a conference center in Murrieta, California, into a brand-new natural hot springs resort in a densely populated market proximate to both Los Angeles and San Diego. We acquired a movement climbing yoga fitness location in Lincoln Park in Chicago, and we added to our investment in Alyeska Resort, Alaska's premier Four Season resort.

我們加強了我們在帕戈薩斯普林斯的溫泉度假村，並投資收購和重建加利福尼亞州穆列塔的一個會議中心，使其成為一個位於洛杉磯和聖地亞哥附近人口稠密市場的全新天然溫泉度假村。我們在芝加哥林肯公園收購了一個運動攀岩瑜伽健身場所，並增加了對阿拉斯加首屈一指的四季度假村 Alyeska Resort 的投資。

We're issuing investment spending guidance for funds to be deployed in 2023 in a range of $200 million to $300 million. Through the end of 2022, we committed approximately $250 million for experiential development and redevelopment projects that have closed but are not yet funded to be deployed over the next 2 years. We anticipate approximately $175 million of that $250 million will be deployed in 2023, and that is the amount included at the midpoint of our 2023 guidance range.

我們正在為 2023 年部署的資金發布投資支出指南，範圍為 2 億至 3 億美元。到 2022 年底，我們承諾投入約 2.5 億美元用於已經關閉但尚未獲得資金以在未來 2 年內部署的體驗式開發和重建項目。我們預計這 2.5 億美元中的大約 1.75 億美元將在 2023 年部署，這是我們 2023 年指導範圍的中點所包含的數額。

In almost all of our experiential categories, we continue to see high-quality opportunities for both acquisition and build-to-suit redevelopment and expansion. We have a robust pipeline with new and existing customers and concepts.

在我們幾乎所有的體驗類別中，我們繼續看到高質量的收購和建造再開發和擴張的機會。我們有一個強大的管道與新的和現有的客戶和概念。

Given the current backdrop, we are exercising discipline and have consciously decided to reduce our near-term investment spending and to fund those investments primarily from cash on hand, cash from operations and with our borrowing ability under our unsecured revolving credit facility.

鑑於當前的背景，我們正在遵守紀律，並有意識地決定減少我們的近期投資支出，並主要從手頭現金、運營現金以及我們在無擔保循環信貸額度下的借貸能力為這些投資提供資金。

As Greg noted, we are limited by the recovery of our cost of capital, not by opportunity. We are being more judicious with future investments with our disciplined approach to acquisitions to Shepherd Capital until economic conditions improve and our cost of capital returns to historical levels.

正如格雷格指出的那樣，我們受到資本成本回收的限制，而不是機會。在經濟狀況改善並且我們的資本成本恢復到歷史水平之前，我們對未來的投資更加審慎，我們會以嚴謹的方式收購 Shepherd Capital。

Our focus on development and redevelopment investments in 2022 will lead to increased revenue in 2023 and 2024 as these investments fully come online.

我們在 2022 年對開發和重建投資的關注將導致 2023 年和 2024 年的收入增加，因為這些投資將全面上線。

I now turn it over to Mark for a discussion of the financials.

我現在將其轉交給馬克討論財務狀況。

Thank you, Greg. Today, I will discuss our strong financial performance for the quarter and provide an update on our balance sheet. FFOs adjusted for the quarter was $1.25 versus $1.08 in the prior year, and AFFO for the quarter was $1.27 per share compared to $1.11 in the prior year. .

謝謝你，格雷格。今天，我將討論我們本季度強勁的財務業績，並提供我們資產負債表的最新情況。本季度調整後的 FFO 為 1.25 美元，上年同期為 1.08 美元，本季度 AFFO 為每股 1.27 美元，上年同期為 1.11 美元。 .

Before getting into the details, at a high level, our results for the quarter significantly exceeded the midpoint of our guidance due to the following: first, additional rent and deferral collections from Regal; second, additional deferral collections from non-Regal customers; third, additional percentage rent received; and fourth, better performance at our JVs and managed properties.

在進入細節之前，在較高的層面上，由於以下原因，我們本季度的業績大大超過了我們指導的中點：首先，來自 Regal 的額外租金和延期收款；第二，來自非 Regal 客戶的額外延期收款；第三，收到額外百分比的租金；第四，我們的合資企業和託管物業的表現更好。

Now moving to the key variances by line item. Total revenue for the quarter was $178.7 million versus $154.9 million in the prior year. This increase was due primarily to improved collections from certain tenants, which continue to be recognized in revenue on a cash basis or had previously received abatements. With respect to Regal, we received all monthly rent and deferral payments for October through December as well as a portion of the September monthly rent and deferral payment.

現在按行項目移動到關鍵差異。本季度總收入為 1.787 億美元，上年同期為 1.549 億美元。這一增長主要是由於某些租戶的收款有所改善，這些租戶繼續以現金方式在收入中確認或之前收到了減免。關於 Regal，我們收到了 10 月至 12 月的所有月租和延期付款，以及 9 月的部分月租和延期付款。

Both the December deferral payment of approximately $1.5 million and the partial September payment of approximately $0.8 million were not included in the midpoint of prior guidance as we had not yet received these amounts by the time of our last call.

大約 150 萬美元的 12 月延期付款和大約 80 萬美元的部分 9 月付款均未包括在先前指導的中點內，因為我們在上次通話時尚未收到這些款項。

Also contributing to the increase for the quarter versus prior year with scheduled rent increases as well as the effect of acquisitions and developments completed over the past year, this increase was partially offset by the impact of property dispositions.

計劃租金上漲以及過去一年完成的收購和開發的影響也導致本季度與上一年相比有所增長，這一增長被財產處置的影響部分抵消。

During the fourth quarter, we also collected all deferred rent and interest due from non-Regal customers. Recall that we did not include approximately $0.5 million in the midpoint of our prior guidance representing the December deferral payment due from these customers.

在第四季度，我們還收取了非 Regal 客戶的所有延期租金和利息。回想一下，我們沒有將大約 50 萬美元計入我們先前指導意見的中點，代表這些客戶應於 12 月支付的延期付款。

In total for the quarter, including Regal, we collected $6.2 million of deferred rent from cash basis customers that was recognized as revenue when received. At December 31, we had approximately $117 million of deferred rent owed to us not on the books, which will continue to be recognized only as cash as received.

在本季度，包括 Regal 在內，我們從現金制客戶那裡收取了 620 萬美元的遞延租金，這些租金在收到時被確認為收入。截至 12 月 31 日，我們有大約 1.17 億美元的延期租金不在賬面上，這些租金將繼續僅在收到時確認為現金。

Regal makes up approximately $87 million of this balance and is subject to the bankruptcy negotiation. Note also, as Greg mentioned, we have already received full rent and deferral payments from Regal in January and February and have collected all Non-regal deferral amounts owed for those 2 months as well.

Regal 佔該餘額的大約 8700 萬美元，並且需要進行破產談判。另請注意，正如 Greg 所提到的，我們已經在 1 月和 2 月收到了 Regal 的全額租金和延期付款，並且還收取了這 2 個月欠下的所有非 regal 延期付款。

Finally, we collected $4.6 million of deferred rent from accrual basis tenants that reduced receivables leaving on a balance on our books at December 31 of only $2.1 million, we expect to collect approximately $1.6 million of this remaining balance in 2023.

最後，我們從權責發生製租戶那裡收取了 460 萬美元的遞延租金，這些租戶減少了截至 12 月 31 日賬面餘額僅 210 萬美元的應收賬款餘額，我們預計在 2023 年收取剩餘餘額中的約 160 萬美元。

Moving on, we had higher other income of $7.7 million versus the prior year, primarily due to $9.1 million in sales participation income recognized during the quarter offset by a gain on insurance recovery of $1.2 million recognized in the prior year.

繼續前進，我們的其他收入比上一年增加了 770 萬美元，這主要是由於本季度確認的 910 萬美元銷售參與收入被上一年確認的 120 萬美元的保險追回收益所抵消。

The sales participation income included $7 million in cash received in connection with the sale of Creme de La Creme's early childhood education business to KinderCare and $2.1 million in cash received in connection with the sale of a ski property that secured a mortgage loan, which was paid in full in 2019.

銷售參與收入包括因將 Creme de La Creme 的幼兒教育業務出售給 KinderCare 而收到的 700 萬美元現金，以及因出售獲得抵押貸款的滑雪場而收到的 210 萬美元現金，該款項已支付2019 年全部完成。

Note that the sale participation income has been excluded from FFO adjusted and AFFO. Additionally, we expect KinderCare to exercise a lease termination right with respect to 5 early education properties during the second quarter of 2023, representing $2.8 million in annual rental income.

請注意，銷售參與收入已從調整後的 FFO 和 AFFO 中排除。此外，我們預計 KinderCare 將在 2023 年第二季度對 5 處早教物業行使終止租賃權，這相當於 280 萬美元的年租金收入。

The remaining 16 leases have a contractual rent adjustment based on performance that is effective on January 1, 2024. We anticipate this adjustment will partially offset the anticipated rent reduction related to these lease terminations. We expect to sell these 5 early education properties and redeploy the proceeds into experiential assets.

其餘 16 項租約根據 2024 年 1 月 1 日生效的績效進行了合同租金調整。我們預計這一調整將部分抵消與這些租約終止相關的預期租金減少。我們預計出售這 5 個早教物業，並將收益重新部署到體驗資產中。

Percentage rents for the quarter totaled $5 million or $6.9 million in the prior year. The decrease versus prior year primarily related to less percentage rent from an early education tenant based on our restructured lease, which has higher base rents in 2022. Percentage rents exceeded the midpoint of our guidance by $1.4 million due to outperformance across several of our experiential property types.

本季度的租金百分比總計為 500 萬美元，去年同期為 690 萬美元。與上一年相比減少的主要原因是根據我們重組後的租約，早期教育租戶的租金百分比較低，該租戶在 2022 年的基本租金較高。由於我們幾個體驗式物業的表現出色，租金百分比超過我們指導的中點 140 萬美元類型。

G&A expense was right in line with expectations, increasing by $2.6 million versus prior year, primarily to an increase in payroll and benefit costs, including stock grant amortization as well as an increase in travel expenses and professional fees.

G&A 費用符合預期，比上一年增加 260 萬美元，主要是由於工資和福利成本的增加，包括股票授予攤銷以及差旅費用和專業費用的增加。

During the quarter, we've reassessed the holding period of the 5 KinderCare properties subject to the lease terminations as well as 2 of the Regal theater properties that were subject to a prior motion to reject leases. As a result of this reassessment, we recognized a total of $23 million in impairment charges on these properties.

在本季度，我們重新評估了 5 處租賃終止的 KinderCare 物業以及 2 處先前提出拒絕租賃動議的 Regal 劇院物業的持有期。作為這次重新評估的結果，我們確認了這些物業的總計 2300 萬美元的減值費用。

These impairment charges were excluded from FFO as adjusted and AFFO. Lastly, FFO as adjusted from joint ventures decreased by $1.2 million versus prior year to a loss of $1.7 million due to the fact that we have more JVs versus the prior year and the seasonal nature of these businesses.

這些減值費用被排除在調整後的 FFO 和 AFFO 之外。最後，由於我們擁有比上一年更多的合資企業以及這些業務的季節性，因此從合資企業調整後的 FFO 比上一年減少 120 萬美元，虧損 170 萬美元。

Despite the increase in loss versus the prior year, the performance of our JVs was better than anticipated in the midpoint of our prior guidance.

儘管虧損與上一年相比有所增加，但我們合資企業的業績好於我們之前指導意見中點的預期。

Shifting to full year results. FFO as adjusted was $4.69 per share versus $3.09 in the prior year, and AFFO was $4.89 per share compared to $3.26 in the prior year. Both measures being up about 50% versus the prior year demonstrate our strong recovery from the impact of the COVID-19 pandemic.

轉向全年業績。調整後的 FFO 為每股 4.69 美元，上年為 3.09 美元，AFFO 為每股 4.89 美元，上年為 3.26 美元。這兩項指標都比上一年增長了約 50%，表明我們從 COVID-19 大流行的影響中強勁復甦。

In 2022, full year, we collected approximately $18 million in deferred rent and interest from cash-basis customers that was recorded as income and approximately $25 million from accrual basis customers that reduced receivables.

在 2022 年全年，我們從收付實現制客戶那裡收取了約 1800 萬美元的延期租金和利息，並記錄為收入，並從權責發生製客戶那裡收取了約 2500 萬美元，減少了應收賬款。

In total, for 2022, we generated operating cash flow in excess of dividends of over $175 million. Turning to the next slide, I'll review some of the company's key credit ratios. As you can see, our coverage ratios continue to be strong with fixed charge coverage of 3.4x, and both interest and debt service coverage ratio is at 4x.

總的來說，到 2022 年，我們產生的運營現金流超過 1.75 億美元的股息。轉到下一張幻燈片，我將回顧公司的一些關鍵信用比率。如您所見，我們的覆蓋率繼續保持強勁，固定費用覆蓋率為 3.4 倍，利息和償債覆蓋率均為 4 倍。

Our net debt to adjusted EBITDA was 5x, and our net debt to gross assets was 39% on a book basis at December 31. Lastly, our common dividend continues to be very well covered with an AFFO payout ratio for the fourth quarter of 65%. Now let's move to our balance sheet, which is in great shape. At quarter end, we had consolidated debt of $2.8 billion, all of which is either fixed-rate debt or debt that has been fixed through interest rate swaps with a blended coupon of approximately 4.3%.

截至 12 月 31 日，我們的淨債務與調整後 EBITDA 之比為 5 倍，淨債務與總資產之比為 39%。最後，我們的普通股息繼續得到很好的覆蓋，第四季度的 AFFO 支付率為 65% .現在讓我們轉到我們的資產負債表，它的狀況很好。截至季度末，我們的合併債務為 28 億美元，全部為固定利率債務或通過利率掉期固定的債務，混合票面利率約為 4.3%。

Additionally, our weighted average consolidated debt maturity is 5.3 years with no scheduled debt maturities until 2024. We had nearly $108 million of cash on hand at quarter end and no balance drawn on our $1 billion revolver.

此外，我們的加權平均綜合債務期限為 5.3 年，直到 2024 年沒有預定的債務到期日。截至季度末，我們手頭有近 1.08 億美元的現金，我們的 10 億美元左輪手槍沒有提取餘額。

We are not providing 2023 guidance for FFO as adjusted on this call due to the uncertainty related to Regal's bankruptcy. We will provide this guidance subsequent to the resolution of these proceedings. As we have previously discussed, given our current cost of capital in the current inflationary environment, we have consciously decided to limit our near-term investment spending and fund these investments primarily from cash on hand, cash from operations and borrowings under our unsecured revolving credit facility.

由於與 Regal 破產相關的不確定性，我們沒有提供在本次電話會議上調整後的 FFO 2023 年指導。我們將在這些程序解決後提供此指南。正如我們之前所討論的，鑑於當前通脹環境下我們當前的資本成本，我們有意識地決定限制我們的近期投資支出，並主要通過手頭現金、運營現金和無擔保循環信貸下的借款為這些投資提供資金設施。

Accordingly, our 2023 investment spending guidance is $200 million to $300 million, of which approximately $175 million relates to commitments on closed experiential development and redevelopment projects, and we do not anticipate the need to raise additional capital to fund these amounts.

因此，我們 2023 年的投資支出指導為 2 億美元至 3 億美元，其中約 1.75 億美元與已結束的體驗式開發和重建項目的承諾有關，我們預計不需要籌集額外資金來資助這些金額。

Our 2023 guidance for percentage rent is $8.5 million to $12.5 million, and our G&A guidance is $54 million to $57 million. Guidance details can be found on Page 24 of our supplemental.

我們 2023 年的租金百分比指導為 850 萬至 1250 萬美元，我們的 G&A 指導為 5400 萬至 5700 萬美元。指導細節可以在我們補充的第 24 頁找到。

Now with that, I'll turn it back over to Greg for his closing remarks.

現在，我將把它轉回給格雷格，聽取他的結束語。

Thank you, Mark. Outstanding growth in FFO, strong investments in pipeline and continuing consumer resilience were just a few of the key themes of our call today. And I wanted to take a moment and acknowledge and thank our entire team of associates that work so hard to produce these results. .

謝謝你，馬克。 FFO 的顯著增長、對管道的強勁投資和持續的消費者彈性只是我們今天電話會議的幾個關鍵主題。我想花點時間感謝我們整個團隊的同事們，他們為取得這些成果而努力工作。 .

We take pride in driving value for our shareholders, and we look forward to continuing our progress in 2023. With that, Chris, why don't we open it up for questions?

我們為為股東創造價值而感到自豪，我們期待在 2023 年繼續取得進展。克里斯，既然如此，我們為什麼不公開提問呢？

(Operator Instructions) Our first question comes from the line of Joshua Dennerlein with BofA Securities.

（操作員說明）我們的第一個問題來自美國銀行證券公司的 Joshua Dennerlein。

Yes. I guess I was just looking for a little bit more color on -- in the press release, you mentioned Regal initially, I guess, filed a motion to reject 3 leases for -- or reject leases for 3 properties and then decided not to proceed with those.

是的。我想我只是在尋找更多的顏色——在新聞稿中，我猜你最初提到 Regal 提出了拒絕 3 項租約的動議——或拒絕 3 項房產的租約，然後決定不繼續和那些。

Is there any kind of additional color you can provide on that? And...

您可以提供任何其他顏色嗎？和...

Yes. Josh, it's Greg. I wouldn't read in very much into that. I mean it's a very fluid situation. If you look at the way the bankruptcy process, there's been properties moved in and out of motions. So I think it's -- like I said, I don't know that that's reading into that is positive or negative.

是的。喬希，是格雷格。我不會讀太多。我的意思是這是一個非常不穩定的情況。如果你看一下破產程序的方式，就會發現有一些財產在動議中進進出出。所以我認為它 - 就像我說的那樣，我不知道這是正面還是負面的解讀。

It's just a lot of tactics that go on with that. But Greg, maybe you want to add more to that?

這只是很多策略。但是格雷格，也許你想補充更多？

No. I think that summarizes it.

不，我認為這就是總結。

Got it. And then maybe 1 more on Regal. I guess if you were to get assets back, I guess, how are you thinking about what you would do with those assets? Is it your preference to kind of sell them, redevelop the properties or just continue operating them as theaters with a different operator?

知道了。然後可能還有 1 個關於 Regal。我想如果你要收回資產，我想，你是如何考慮如何處理這些資產的？您是傾向於出售它們、重新開發這些資產，還是繼續將它們作為劇院與不同的運營商一起運營？

Again, it's probably 1 of very property specific. If there are opportunities, whatever kind of drives value, the best value. So we'll explore all of that. We've talked openly about the fact that we've created optionality that if we want to have these properties managed that Greg and his team have created that optionality for us. .

同樣，它可能是非常特定於屬性的 1。如果有機會，無論哪種驅動價值，都是最好的價值。所以我們將探索所有這些。我們已經公開談論了一個事實，即我們已經創建了可選性，如果我們想要管理這些屬性，那麼 Greg 和他的團隊已經為我們創建了可選性。 .

I'm sure, depending upon where the property is located and its alternative uses, we would explore sale. So until we get a good sense of not only specific properties, but how many it's really hard to comment on the variety of kind of alternatives we would pursue. But Greg?

我敢肯定，根據房產所在的位置及其替代用途，我們會探索出售。因此，在我們不僅對特定屬性有很好的了解之前，還很難對我們將追求的各種替代方案發表評論。但是格雷格？

Josh, I think coming out of the pandemic, we executed on all 3 strategies. We released some theaters. We sold some theaters. And then, as Greg mentioned, we managed 2 theaters. So we have all those options available in this case as well.

喬希，我認為從大流行中走出來，我們執行了所有 3 種策略。我們發布了一些影院。我們賣掉了一些劇院。然後，正如 Greg 提到的，我們管理著 2 個劇院。所以我們在這種情況下也有所有這些選項。

This question comes from Rob Stevenson of Janney Montgomery Scott.

這個問題來自 Janney Montgomery Scott 的 Rob Stevenson。

Just a follow-up on the last question, Greg. Outside of AMC and Regal, how would you characterize the health and the expansion plans over the next couple of years of the smaller regional operators? Are they going to be in a position to be the retenant on whatever Regal or whoever gives back over the next few years? Or do they have their own problems and they're going to -- the vast majority of these theaters are going to have to be redeveloped as something else?

格雷格，只是對最後一個問題的跟進。在 AMC 和 Regal 之外，您如何描述小型區域運營商未來幾年的健康狀況和擴張計劃？在接下來的幾年裡，他們是否能夠成為 Regal 或任何回饋的人的保留者？或者他們是否有自己的問題並且他們將要 - 這些劇院中的絕大多數將不得不重新開發為其他東西？

Again, and I'll let Greg jump in. But I think the health generally of the nonpublic tenants were substantially helped by government assistance as we saw coming into and out of this favour stages program. So I think, again, as we've always said, good theaters will find a home, and they will have people who are very interested in either operating or leasing those I don't think it's going to be for a lack of opportunities that we have.

再次，我會讓 Greg 插話。但我認為非公共租戶的健康總體上得到了政府援助的極大幫助，因為我們看到進入和退出這個有利階段計劃。所以我認為，就像我們一直說的那樣，好的劇院會找到歸宿，他們會有對經營或租賃這些劇院非常感興趣的人，我認為這不會是因為缺乏機會我們有。

I think what's good for the industry is I don't think you're going to see a lot of new ground-up growth. So really, what we're talking about is people will be looking for opportunities that can be very quickly taken over and brought back into production relative. But Greg?

我認為對行業有利的是我認為你不會看到很多新的基礎增長。所以真的，我們談論的是人們將尋找可以很快接管並重新投入生產的機會。但是格雷格？

Yes, I think that's accurate. And Rob, also I would say our theater coverage is 1.4x. And we do have within that coverage a number of regional theaters that continue to perform fine and well.

是的，我認為這是準確的。 Rob，我還要說我們的劇院覆蓋率是 1.4 倍。我們確實在該覆蓋範圍內擁有許多繼續表現良好的地區劇院。

Okay. And then just turning to the education side. What is the market these days for decently leased education assets? Is there -- the cap rates, if you wanted to sell more of that portfolio than just the 5 that you're getting back from KinderCare, is that available to you at a reasonable pricing? Is that pricing not really there yet today and it's better to hold these? I know that the education has been reduced for you guys for a while. But how does that timeframe work? And what are you guys thinking about there?

好的。然後轉向教育方面。如今，體面租賃的教育資產市場如何？有沒有——上限利率，如果你想出售更多的投資組合，而不僅僅是你從 KinderCare 取回的 5 個，你能以合理的價格獲得嗎？那個定價今天還沒有真正存在並且持有這些更好嗎？我知道你們的教育已經減少了一段時間。但是這個時間框架是如何運作的呢？你們在想什麼？

Yes. I think it's the approach. And again, I'll let Greg Zimmerman contact. I think the market is still rather good if you're wanting to sell one-off assets. This is a market that still is sought after by the 1031 buyer. So there's a lot lot of interest there.

是的。我認為這是方法。再一次，我會讓 Greg Zimmerman 聯繫。如果您想出售一次性資產，我認為市場仍然相當不錯。這是一個仍然受到1031買家追捧的市場。所以那裡有很多興趣。

I think as you start to kind of put large portfolios together, it's really about the debt markets and the availability of debt. So I think at that point, it kind of trades not that vastly different from a lot of net lease assets and therefore, just kind of finding the right opportunity.

我認為當你開始將大型投資組合放在一起時，這實際上是關於債務市場和債務的可用性。所以我認為在那個時候，它的交易與很多淨租賃資產並沒有太大的不同，因此，只是找到了合適的機會。

But I think it's still, as evidenced by the performance, a very strong, resilient asset class that there's still good demand for.

但我認為，正如業績所證明的那樣，它仍然是一個非常強大、有彈性的資產類別，仍然有很好的需求。

I agree. And the other thing I would say, Rob, is that these buildings are pretty easily used for other, I'll call it, service retail use, be it a medical use or dental office. So there are other opportunities beyond just education.

我同意。羅布，我要說的另一件事是，這些建築物很容易用於其他用途，我稱之為服務零售用途，無論是醫療用途還是牙科診所。因此，除了教育之外，還有其他機會。

Okay. And then one last one for Mark. What is your best guess as to where AMC will go off cash basis accounting, assuming no major issues going forward? And then how long after Regal would exit bankruptcy, would it be reasonable for them to go off cash basis accounting, given what you know today?

好的。最後一張給馬克。假設未來沒有重大問題，您對 AMC 將在哪裡停止現金制會計的最佳猜測是什麼？然後，根據您今天所知道的情況，在 Regal 退出破產保護後多久，他們取消收付實現制會計是否合理？

Really, we want to see continued stabilization of the box office, frankly, and stabilization of the tenant credit. So we don't really put a timeframe on that. We're going to be conservative with respect to that. Frankly, we're getting paid in recognizing revenue similarly to what we'd be recognizing otherwise.

坦率地說，我們真的希望看到票房繼續穩定，租戶信用也穩定。所以我們並沒有真正設定時間表。我們將對此持保守態度。坦率地說，我們在確認收入時得到的報酬與我們在其他情況下確認的收入類似。

And we're not in a hurry to put a whole lot of straight-line rent on the books, which would be the result when we put them back from cash basis to accrual. So I don't really have a timeframe, but we want to continue to monitor, like I said, box office improvement and certainly tenant performance before we make that decision.

而且我們並不急於將大量直線租金記錄在賬簿上，這將是我們將它們從收付實現制放回到應計製時的結果。所以我真的沒有時間表，但我們希望在做出決定之前繼續監控票房的改善，當然還有租戶的表現。

This next question comes from Ki Bin Kim of Truist.

下一個問題來自 Truist 的 Ki Bin Kim。

Going back to the theater business, the 1.4x coverage, these operators obviously have to pay themselves, pay G&A, pay the bank back. What is, from their perspective, a healthy level of coverage because it probably has to be more than 1.4? And if you can break at that with what you think or what the industry thinks 2023 box office sales will be and where that coverage might drift up to?

回到影院業務，1.4 倍的覆蓋範圍，這些運營商顯然必須自己支付費用，支付 G&A，償還銀行。從他們的角度來看，什麼是健康的覆蓋率水平，因為它可能必須超過 1.4？如果您可以根據您的想法或行業對 2023 年票房銷售額的看法以及覆蓋率可能上升到哪裡來打破這一點？

Again, Ki Bin, I think the first point is, we operated for 20 years, probably in a range of 1.6 to 1.8 as a theater coverage metric. So I think kind of bracketing around that kind of 1.7 kind of midpoint has been deemed to be quite healthy. .

同樣，Ki Bin，我認為第一點是，我們運營了 20 年，作為劇院覆蓋指標可能在 1.6 到 1.8 的範圍內。所以我認為圍繞那種 1.7 的中點進行包圍被認為是非常健康的。 .

I think -- and I'll let Greg comment on this. I think that you're seeing kind of all over the board kind of expectations on 2023 because candidly, the film slate is still coming together, and everybody has kind of circulated around what really drives the box office number is the number of wide release films.

我想——我會讓 Greg 對此發表評論。我認為你看到了對 2023 年的各種期望，因為坦率地說，電影名單仍在聚集，每個人都在談論真正推動票房數字的是廣泛發行的電影數量.

And so I think that's kind of -- I think we feel like we're going in the right direction. I think with what's in production in 2020 -- headed towards 2024 as kind of the first real kind of stabilization number that I think -- and I'll speak and then Greg, that for 2024, we're seeing closer to a return to a $9 billion type of number.

所以我認為這有點——我認為我們覺得我們正朝著正確的方向前進。我認為隨著 2020 年的生產——朝著 2024 年邁進，這是我認為的第一個真正的穩定數字——我會說，然後格雷格，到 2024 年，我們將看到更接近回歸一個價值 90 億美元的數字。

What it gets there this year between last year and that will be really about films and do they move into that -- into '24 or '23, so there's still a lot of cloudiness as we sit here in the first quarter as to where that ends, but the trajectory of where we're going based upon what the studios are saying right now is very positive toward a kind of a stabilization.

它在去年和去年之間發生了什麼，這將真正與電影有關，他們是否會進入電影領域 - 進入 24 年或 23 年，所以當我們在第一季度坐在這裡時，仍然存在很多陰霾結束了，但是根據工作室現在所說的話，我們前進的軌跡對某種穩定非常積極。

Now even at $9 billion and above, that's still, call it, 20% down. But in that environment of 20% down, we think we still have a very healthy business. But Greg?

現在即使達到 90 億美元及以上，也仍然下降了 20%。但在下降 20% 的環境下，我們認為我們的業務仍然非常健康。但是格雷格？

Yes, Ki Bin, the other thing I would say is sort of Greg is absolutely right. The number of major releases is of critical importance because major releases generally average about $70 million a title, but we also need smaller films to draw additional traffic to reach audiences that may have stopped coming to the theater.

是的，Ki Bin，我要說的另一件事是 Greg 是完全正確的。大片上映的數量至關重要，因為大片上映的平均票房約為 7000 萬美元，但我們還需要較小的電影來吸引更多流量，以吸引可能已經停止來影院的觀眾。

The ramp-up production is continuing. I think studios are understanding that they're going to make money in theatrical. I'll give you an example. Magic Mike's last dance was greenlit for HBO Max with the change in leadership at Warner Bros., they've decided to release it theatrically and it's made nearly $20 million.

增產仍在繼續。我認為製片廠明白他們將在戲劇中賺錢。我給你舉個例子。隨著 Warner Bros. 領導層的變動，Magic Mike 的最後一支舞為 HBO Max 開了綠燈，他們決定在影院上映，賺了將近 2000 萬美元。

So we're kind of getting back to where we were in 2019 with theatrical bleeding industry, streaming and studios using flexible windows. So all that is pointing in the right direction as we heal the theatrical business.

因此，我們有點回到了 2019 年的狀態，戲劇行業、流媒體和使用靈活窗口的工作室。因此，當我們治愈戲劇業務時，所有這些都指向正確的方向。

And when you compare Regal's rent coverage ratios versus AMC, I think last time we spoke, it was pretty similar. Can you just remind us if that's the case? And when you look at your Regal locations, I'm just trying to better bracket out the downside, how many good competing operators are within like a reasonable radius of the Regal locations? I'm just trying to understand if other competitor even you take the lease?

當你將 Regal 的租金覆蓋率與 AMC 進行比較時，我認為我們上次談話時非常相似。如果是這種情況，你能提醒我們一下嗎？當您查看您的 Regal 位置時，我只是想更好地排除不利因素，即 Regal 位置的合理半徑範圍內有多少優秀的競爭運營商？我只是想了解是否有其他競爭對手甚至您接受租約？

Yes. I mean, again, I think there is -- there's no great -- not huge disparity as far as kind of the coverage idea. And I think, again, as we talked about earlier, it's truly kind of market by market. .

是的。我的意思是，再一次，我認為就覆蓋範圍的想法而言，沒有很大的差異。而且我認為，正如我們之前談到的那樣，它確實是一種逐個市場的市場。 .

And I think there's -- there will be demand for a substantial number of these assets. We don't have any doubt of that. So I think it's -- again, it's going to be kind of market by market because when you have 57 assets, you can't paint kind of with a general brush. But Greg?

而且我認為會有 - 對這些資產中的大量需求。我們對此沒有任何懷疑。所以我認為它——再一次，這將是一個市場一個市場地進行，因為當你擁有 57 項資產時，你不能用一般的畫筆進行繪畫。但是格雷格？

Yes. That covers it. Yes.

是的。這涵蓋了它。是的。

This question comes from the line of R.J. Milligan of Raymond James.

這個問題來自 R.J.雷蒙德·詹姆斯的米利根。

I was just curious if you can give us any indication or ballpark as to when you expect the negotiations with Regal to be concluded?

我只是想知道您是否可以給我們任何關於您預計與 Regal 的談判何時結束的指示或大致情況？

That would be a great idea, R.J. And if you had any insight into that, we would appreciate it. As -- again, that's -- it's not that we don't want this process to end, but let's just look at kind of the overall timeframe. .

那將是個好主意，R.J.如果您對此有任何見解，我們將不勝感激。同樣，這並不是說我們不想結束這個過程，而是讓我們看一下總體時間框架。 .

When they entered bankruptcy in September, they said they would be out at the end of February. I think their latest plan says now they're going to be out in June. So again, there's just a lot of dynamics that go into it. If you think about what's going on in that, not only do they have landlords they're negotiating but they're also negotiating with existing lenders where they filed plans to convert about $3 billion to $3.5 billion worth of debt into equity.

當他們在 9 月進入破產程序時，他們說他們將在 2 月底退出。我認為他們的最新計劃現在說他們將在六月外出。再說一次，其中只有很多動態。如果您考慮其中發生的事情，他們不僅要與房東進行談判，而且還要與現有的貸方進行談判，他們提交了將價值約 30 億至 35 億美元的債務轉換為股權的計劃。

And so there's a lot of moving parts that they are continuing to work through. I think there are times that -- again, I just want people in the -- for transparency, even if we -- and we haven't, but let's just say in a month from now, we negotiate a deal, it may be until the end of the bankruptcy before we can announce that deal because of they may want us to keep that information confidential and not share what we are negotiating -- what we've negotiated with relative to other landlords.

因此，他們正在繼續努力解決許多活動部分。我想有時候——再一次，我只是希望人們參與——為了透明度，即使我們——我們還沒有，但我們可以說，從現在開始一個月後，我們談判達成協議，可能是直到破產結束，我們才能宣布這筆交易，因為他們可能希望我們對信息保密，不分享我們正在談判的內容——我們與其他房東談判的內容。

So R.J., I appreciate the frustration. I appreciate the desire to want to kind of dimensionalize kind of both the timeframe and the impact, it's just very hard for us to do that at this time.

所以 R.J.，我很感激這種挫敗感。我很欣賞想要對時間框架和影響進行某種維度化的願望，目前我們很難做到這一點。

And while we'd like to clear the uncertainty, while we wait, we're getting paid 100% rent and 100% deferral payments. So we're doing fine as we wait, but we would like to resolve it.

雖然我們想消除不確定性，但在我們等待的同時，我們將獲得 100% 的租金和 100% 的延期付款。所以我們在等待的過程中做得很好，但我們想解決它。

Okay. That makes sense. And then my second question is for the 5 childhood education centers that are closing, is there anything specific about those as to why they're closing? And is that any indication in terms of the performance of the overall childhood education portfolio?

好的。這就說得通了。然後我的第二個問題是關於即將關閉的 5 個兒童教育中心，關於它們關閉的原因，是否有任何具體說明？這是否表明了整個兒童教育組合的表現？

And I'll let Greg elaborate on this. But again, I don't know that there's anything -- I'm sure there's some performance issues, but you just went through a major acquisition M&A combination. So I'm also -- there's probably -- there's performance, there's rationalization, there's a lot of things that I think go into that mindset. .

我會讓格雷格詳細說明這一點。但同樣，我不知道有什麼——我確定存在一些性能問題，但你剛剛經歷了一次重大的收購併購組合。所以我也 - 可能 - 有表現，有合理化，我認為有很多事情會進入那種心態。 .

Again, I think we're very pleased with having KinderCare, as Greg mentioned, as a credit upgrade, a public company so that we'll be able to have greater visibility to that. We -- as part of kind of when we did this 4 or 5 years ago, we have a rent reset that we think will recover a substantial portion of that back and it also gives us assets that free up to sell to recycle capital.

同樣，我認為我們很高興有 KinderCare，正如 Greg 提到的那樣，作為一家上市公司的信用升級，這樣我們就能夠對此有更大的了解。我們 - 作為我們 4 或 5 年前這樣做的一部分，我們進行了租金重置，我們認為這將收回大部分租金，並且它還為我們提供了可以自由出售以回收資本的資產。

So I don't think there's any read-through on the kind of general health of the early Ed because as Greg spoke about, actually, we had attendance up, we had revenues up. So these were strong -- we had strong performance in the portfolio.

所以我認為沒有任何關於早期 Ed 的總體健康狀況的通讀，因為正如 Greg 所說，實際上，我們的出勤率上升了，我們的收入也上升了。所以這些很強大——我們在投資組合中表現出色。

Interestingly, by the time you have the rent reset, which we think will offset the annual decrease, plus add in the fact that we got $7 million, plus we will sell these 5 properties in time. By the time we redeploy that, overall, when you look at it and step back, probably come up better than we were before in terms of NOI, although it will take a little time to get there.

有趣的是，當您重置租金時，我們認為這將抵消每年的減少，再加上我們得到了 700 萬美元，我們將及時出售這 5 處房產。到我們重新部署它時，總的來說，當你看它並退後一步時，就 NOI 而言可能會比以前更好，儘管到達那裡需要一些時間。

This next question comes from the line of [Aditi Balachandran] of RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 [Aditi Balachandran]。

Just 1 quick question from me. Going on with KinderCare, are there any other tenants with similar lease termination rents in KinderCare?

我只有 1 個快速問題。繼續 KinderCare，KinderCare 是否有其他租戶有類似的終止租約租金？

Not really. We don't -- I mean, remember, this was negotiated when we -- this is probably -- Greg, you helped me 5, 6 years ago, when we did the Children's Learning Adventure moving into this -- the new operator prior to KinderCare?

並不真地。我們沒有——我的意思是，記住，這是在我們——這可能是——格雷格，你在 5、6 年前幫助了我，當時我們將兒童學習冒險轉移到這個——之前的新運營商去幼兒園？

Creme de la Creme.

Creme de la Creme。

Creme de la Creme to do that. But from a broad speed, termination rights are not something that we have in our portfolio.

Creme de la Creme 來做到這一點。但從廣義上講，終止權不在我們的投資組合中。

This next question comes from the line of John Massocca of Ladenburg Thalmann.

下一個問題來自 Ladenburg Thalmann 的 John Massocca。

Turning to the 4Q investment as you think about the investment in to the variant and Gravity Haus, just given how those were structured, what do you -- what are maybe just the rough LTVs on the mortgage investments you're doing in kind of the experiential lodging space?

當你考慮對變體和 Gravity Haus 的投資時，轉向 4Q 投資，考慮到這些投資的結構，你是什麼 - 也許只是你正在做的抵押貸款投資的粗略 LTV體驗式住宿空間？

Again, I'll let Greg, but I think it's closer to 60%-65%, and so they're pretty relative low LTVs and in a lot of these scenarios and Greg can speak to this. We also have conversion rights that we can at some point in time in the future, convert these to long-term thesis. So we are creating what we think is good optionality for us to control the property long term, but different than a development lease in a mortgage structure, you gain immediate income from those mortgage those notes. And then if we preserve the right to convert those in the future, it gives us a little bit better kind of income and visibility and deployment and impact.

再次，我會讓 Greg，但我認為它接近 60%-65%，因此它們的 LTV 相對較低，在很多情況下，Greg 可以就此發表意見。我們也有轉換權，我們可以在未來的某個時間點，將這些轉換為長期論文。因此，我們正在創造我們認為對我們長期控制財產的良好選擇權，但與抵押結構中的開發租賃不同，您可以從這些票據抵押中獲得直接收入。然後，如果我們保留在未來轉換這些內容的權利，它會給我們帶來更好的收入、知名度、部署和影響。

Okay. That's very helpful. And then going back to Regal. If you think about the $87 million of kind of deferred rent that's owned by the tenant, if you do get assets handed back in bankruptcy, should we expect that amount to be reduced kind of on a one-for-one basis roughly to the amount of leases that are rejected, i.e., ex percentage of leases get rejected, it will be that deferral amount would be reduced by a similar percentage?

好的。這很有幫助。然後回到Regal。如果您考慮租戶擁有的 8700 萬美元的遞延租金，如果您確實在破產中收回了資產，我們是否應該期望這一數額在一對一的基礎上大致減少到被拒絕的租約的百分比，即被拒絕的租約百分比，延期金額是否會減少類似的百分比？

(inaudible), because it's actually driven by what the rent is on the various kind of properties that get the leases. And so they're not -- all leases are not $87 million divided by 57, and they're all -- so it would be very much kind of driven by the income associated to that specific lease.

（聽不清），因為它實際上是由獲得租約的各種房產的租金驅動的。所以他們不是——所有租約都不是 8700 萬美元除以 57，它們都是——所以這在很大程度上是由與特定租約相關的收入驅動的。

Okay. So it's going to be very bespoke to the assets that either do or don't get...

好的。所以這將是非常定制的資產，要么做要么不做......

Yes. Yes.

是的。是的。

Okay. all right. That's it for me. And (inaudible) congrats any chief spends on the other end of the line.

好的。好的。對我來說就是這樣。並且（聽不清）祝賀線路另一端的任何主要支出。

Thank you.

謝謝。

This comes from the line of Ki Bin Kim of Truist.

這來自 Truist 的 Ki Bin Kim 的路線。

Just a quick one. So excluding the theater tenancy, how are you thinking about bad debt for the remainder of the portfolio in 2023?

只是一個快速的。因此，不包括劇院租賃，您如何看待 2023 年剩餘投資組合的壞賬？

Yes. We put in kind of a general 1% reserve, frankly, with the coverage being at 2.7, we feel pretty good about that higher than it was in 2019, but we always put some reserves in for bad debt.

是的。坦率地說，我們設置了一般 1% 的準備金，覆蓋率為 2.7，我們對高於 2019 年的水平感到非常滿意，但我們總是為壞賬準備一些準備金。

And any kind of more noticeable kind of concentrations within that bad debt or is it general...

以及該壞賬中任何一種更明顯的集中，或者它是普遍的......

Well, it's kind of a general reserve because, frankly, we really don't see many issues at all within our non-theater portfolio.

嗯，這是一種一般儲備，因為坦率地說，在我們的非劇院投資組合中，我們真的看不到很多問題。

So it's just a general, it's not kind of specific, Ki Bin.

Ki Bin，所以這只是一般性的，並不具體。

Okay. Great. And then just 1 more question on mortgage loans that you make. Are you -- is it all current right now, any kind of aging that's noticeable?

好的。偉大的。然後還有 1 個關於您提供的抵押貸款的問題。你——現在一切都流行嗎，有任何明顯的衰老嗎？

No. None. All current.

沒有。沒有。所有電流。

That concludes our Q&A segment for this presentation. I'll turn it back over to Greg Silvers for any further remarks.

本次演示的問答部分到此結束。我會把它轉回給 Greg Silvers 以徵求進一步意見。

I just want to say thank you for everyone's participation today. We look forward to talking to you soon. And again, thanks to John for reminding us that we are the home of Super Bowl Champion, so we greatly appreciate that as well. So thanks, everyone. Have a great day.

我只想說謝謝大家今天的參與。我們期待盡快與您交談。再次感謝約翰提醒我們，我們是超級碗冠軍的故鄉，我們也非常感謝。所以謝謝大家。祝你有美好的一天。

Thanks.

謝謝。

And thanks, again. This does conclude the program. You may now disconnect.

再次感謝。這確實結束了程序。您現在可以斷開連接。