EPR Properties (EPR) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q2 2023 EPR Properties Conference Call. [Operator Instructions]. I would now like to hand the conference over to your speaker today, Brian Moriarty, Vice President of Corporate Communications. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 2023 年第二季度 EPR 地產電話會議。 [操作員說明]。現在我想將會議交給今天的發言人，企業傳播副總裁布萊恩·莫里亞蒂 (Brian Moriarty)。請繼續。

Okay. Great. Thanks for joining us today for our second quarter 2023 earnings call and webcast. Participants on today's call are Greg Silvers, Chairman and CEO; Greg Zimmerman, Executive Vice President and CIO; and Mark Peterson, Executive Vice President and CFO.

好的。偉大的。感謝您今天參加我們的 2023 年第二季度財報電話會議和網絡廣播。今天電話會議的參與者包括董事長兼首席執行官 Greg Silvers； Greg Zimmerman，執行副總裁兼首席信息官；執行副總裁兼首席財務官馬克·彼得森 (Mark Peterson)。

I'll start the call by informing you that this call may include forward-looking statements as defined by 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.

我將在電話會議開始時通知您，本次電話會議可能包括1995 年《私人證券訴訟法》所定義的前瞻性陳述，用“將是”、“打算”、“繼續”、“相信”、“可能”、“期望”、“希望”、“預期”等詞語來識別或其他類似術語。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存在重大差異。

The discussion of these 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. Additionally, this call will continue 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.

對這些可能導致結果與前瞻性陳述存在重大差異的因素的討論包含在公司向 SEC 提交的文件中，包括公司的 10-K 表格和 10-Q 表格報告。此外，本次電話會議將繼續引用某些非公認會計準則衡量標準，我們認為這些衡量標準有助於評估公司的業績。這些指標與最直接可比的 GAAP 指標的調節包含在今天的收益發布以及根據 8-K 表向 SEC 提供的補充信息中。

If you wish to follow along, today's earnings release, supplemental and earnings call presentation are all available on the Investor center page of the company's website, www.eprkc.com. Now I'll turn the call over to Greg Silvers.

如果您想繼續關注，今天的收益發布、補充和收益電話會議演示都可以在公司網站 www.eprkc.com 的投資者中心頁面上找到。現在我將把電話轉給格雷格·西爾弗斯。

Thank you, Brian. Good morning, everyone, and thank you for joining us on today's second quarter 2023 earnings call and webcast. During the quarter, our top line revenue grew approximately 8%, and our FFO as adjusted per share grew approximately 9% versus the same quarter prior year. These results were driven by both a continued strong recovery in our experiential properties and consistent deferral collections.

謝謝你，布萊恩。大家早上好，感謝您參加今天的 2023 年第二季度財報電話會議和網絡廣播。本季度，我們的營收增長了約 8%，調整後的每股 FFO 與去年同期相比增長了約 9%。這些結果是由我們的體驗式酒店的持續強勁復甦和持續的延期收款推動的。

As we announced on June 28th, finalizing the Regal restructuring agreement was a significant step in strengthening our theater portfolio and enhancing our overall company profile. The agreement provides us with significant -- with a significantly stronger tenant, a long-term master lease and a percentage rent component allowing us to participate in a recovering box office.

正如我們於 6 月 28 日宣布的那樣，敲定 Regal 重組協議是加強我們劇院投資組合和提升我們整體公司形象的重要一步。該協議為我們提供了重要的——一個明顯更強大的租戶、長期主租約和百分比租金部分，使我們能夠參與復甦的票房。

This resolution, we also have more visibility in our -- into our earnings outlook, and we are pleased to provide earnings guidance for 2023. Also, as recently announced, Southern Theaters was acquired by Santikos theatres. Southern was our fourth largest theater tenant, and as part of the acquisition, we were paid the remaining deferred rent. This transaction demonstrates renewed confidence in the actual exhibition and strengthens our theater tenant base.

通過這項決議，我們對盈利前景也有了更多的了解，我們很高興提供 2023 年的盈利指引。此外，正如最近宣布的，南方劇院被 Santikos 劇院收購。南方劇院是我們的第四大劇院租戶，作為收購的一部分，我們獲得了剩餘的遞延租金。此次交易表明了人們對實際展覽的新信心，並增強了我們的劇院租戶基礎。

Over the last few weeks, we've witnessed the power of theater exhibition and the validation of studios, Apple and Amazon to commit the theatrical exhibition as the primary distribution platform for movie content. The combination of Barbie and Oppenheimer has become a societal event, which has transcended consumer demographics.

在過去的幾周里，我們見證了影院放映的力量，以及電影公司、蘋果和亞馬遜對將影院放映作為電影內容的主要發行平台的認可。芭比和奧本海默的結合已經成為一項社會事件，超越了消費者群體。

Separately, the low-budget Sound of Freedom blew away box office expectations generating over $150 million year-to-date. This type of outperformance is hard to predict for any single film yet over time, it has proven to be a consistent occurrence for select films.

另外，低成本電影《自由之聲》今年迄今為止的票房收入超過 1.5 億美元，超出了預期。對於任何一部電影來說，這種優異的表現都很難預測，但隨著時間的推移，事實證明，對於某些特定的電影來說，這種情況是一致的。

Through July 31, box office is up 20% versus 2022 and is currently tracking towards $9 billion for 2023. The writer and actor strikes present a fluid dynamic and may impact box office depending on the length of time to resolution. In a bit of a positive sign, it has been reported that the writer skilled in the studios have agreed to meet this Friday, which they have not done for 3 months.

截至 7 月 31 日，票房較 2022 年增長 20%，目前預計 2023 年將達到 90 億美元。編劇和演員罷工呈動態變化，可能會影響票房，具體取決於解決問題的時間長短。一個積極的跡像是，據報導，工作室的熟練編劇已同意在本週五會面，而他們已經三個月沒有這樣做了。

Regardless of this near-term dynamic, any impact is anticipated to be short term as the participants understand that a robust theatrical business is a necessary part of the landscape providing the primary path to economic viability for movies.

無論這種近期動態如何，預計任何影響都是短期的，因為參與者明白，強大的影院業務是電影經濟發展的主要途徑，是該領域的必要組成部分。

Shifting to capital spending. We've completed approximately $100 million of investments to date and are selectively growing our experiential portfolio while being prudent in our capital allocation. Additionally, we've committed to approximately $224 million of additional experiential development and redevelopment projects over the next 2 years, for which we already have the necessary capital. Now I'll turn it over to Greg Zimmerman for more details on the quarter.

轉向資本支出。迄今為止，我們已完成約 1 億美元的投資，並有選擇地擴大我們的體驗投資組合，同時謹慎地進行資本配置。此外，我們還承諾在未來兩年內投入約 2.24 億美元進行額外的體驗式開發和再開發項目，為此我們已經擁有了必要的資本。現在我將把它交給 Greg Zimmerman，了解有關本季度的更多詳細信息。

Thanks, Greg. At the end of the quarter, our total investments were approximately $6.7 billion, with 363 properties in service and 97% leased. During the quarter, our investment spending was $32.2 million, bringing our total investment spending for the first half of the year to $98.7 million. 100% of the spending was in our experiential portfolio and included continued funding for experiential build-to-suit development projects and redevelopment projects commenced in 2022.

謝謝，格雷格。截至本季度末，我們的總投資約為 67 億美元，共有 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 3220 萬美元，使上半年的投資支出總額達到 9870 萬美元。 100% 的支出用於我​​們的體驗式投資組合，包括為 2022 年開始的體驗式定制開發項目和再開發項目提供持續資助。

Our experiential portfolio comprises 290 properties with 51 operators and account for 92% of our total investments or approximately $6.2 billion, and at the end of the quarter was 98% occupied. Our education portfolio comprises 73 properties with 8 operators, and at the end of the quarter was 93% occupied. All of the vacancy in education is from the properties held for sale at the end of the quarter.

我們的體驗式投資組合包括 290 處房產和 51 家運營商，占我們總投資的 92%（約 62 億美元），截至本季度末，入住率達 98%。我們的教育投資組合包括 73 處房產和 8 家運營商，截至本季度末，入住率達 93%。教育領域的所有空缺都來自本季度末待售的房產。

Turning to coverage. The most recent data provided is based on a March 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 1.3x with box office for the 12 months ending March 31st at $7.7 billion. For reference, trailing 12-month box office through June 30th is $8.1 billion. Trailing 12-month coverage for the non-theater portion of our portfolio is 2.7x.

轉向覆蓋範圍。提供的最新數據基於 3 月份過去 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在 2 倍的強勁水平。過去 12 個月的影院覆蓋率是 1.3 倍，截至 3 月 31 日的 12 個月票房為 77 億美元。作為參考，截至 6 月 30 日的過去 12 個月票房為 81 億美元。我們投資組合中非影院部分的過去 12 個月覆蓋率為 2.7 倍。

Now I'll update you on the operating status of our tenants. Regal completed it's emergence from bankruptcy on July 31st, which is the effective date of the master lease and all ancillary documents. We received July rent and deferred rent from Regal. Mark will discuss amounts relating to our claims in conjunction with the completion of the bankruptcy case.

下面我就為大家介紹一下我們租戶的經營情況。 Regal於7月31日完成了破產重整，這一天是主租約和所有附屬文件的生效日期。我們收到了 Regal 的七月租金和延期租金。馬克將在破產案件完成時討論與我們的索賠相關的金額。

We're pleased to report that the 5 surrendered Regal theaters operating through management agreements are open. Based on our experience with operating theaters and our strong relationships with Cinemark and Phoenix, we were able to open the theaters less than 1 week after Regal turned the keys back to us. Cinemark is operating theaters in Houston, Columbia, Maryland, Orange County and Suburban Chicago, and Phoenix is operating a theater in Suburban Louisville.

我們很高興地報告，通過管理協議運營的 5 家已交出的富豪劇院現已開放。基於我們在運營影院方面的經驗以及我們與喜滿客和鳳凰城的牢固關係，在Regal 將鑰匙交還給我們後不到一周的時間裡，我們就能夠開業影院。 Cinemark 在休斯頓、哥倫比亞、馬里蘭州、奧蘭治縣和芝加哥郊區運營影院，菲尼克斯在路易斯維爾郊區運營影院。

On July 17, Santikos Theatres acquired VSS-Southern Theatres through an asset purchase agreement. With 10 theaters, Southern was our fourth largest theater holding. Santikos is owned by the San Antonio Area Foundation, one of the nation's premier community foundations. The combined Santikos entity operates 27 highly amenitized theaters in 8 Southeastern states making it the eighth largest theater circuit in North America.

7 月 17 日，Santikos Theaters 通過資產購買協議收購了 VSS-Southern Theaters。南方劇院擁有 10 家劇院，是我們第四大劇院控股公司。 Santikos 隸屬於聖安東尼奧地區基金會，該基金會是美國首屈一指的社區基金會之一。合併後的 Santikos 實體在東南部 8 個州經營 27 家高度便利的劇院，使其成為北美第八大劇院巡迴演出。

In anticipation of the Santikos transaction, we entered into a lease termination agreement on a ground lease theater property in New Iberia, Louisiana, in which we no longer have an interest. There was no change to our overall economics as a result of the termination. And in conjunction with the transaction, Southern paid it's entire remaining deferred rent of $11.6 million, which will be recognized as rental revenue in the third quarter of 2023. The second quarter was a continuation of box office recovery. Box office for the first 2 quarters was $4.4 billion, a 20% increase over the first half of 2022.

考慮到桑蒂科斯交易，我們就路易斯安那州新伊比利亞的一處地面租賃劇院物業簽訂了租賃終止協議，我們不再擁有該物業的權益。終止並沒有導致我們的整體經濟狀況發生變化。在交易的同時，南方公司支付了全部剩餘的 1160 萬美元遞延租金，這將在 2023 年第三季度確認為租金收入。第二季度是票房復甦的延續。前兩個季度票房為 44 億美元，比 2022 年上半年增長 20%。

Q2 total box office was $2.7 billion, a 15.5% increase over Q2 2022, led by the Super Mario Brothers movie, Spider-Man Across the Spiderverse, Guardians of the Galaxy Volume 3 and the Little Mermaid. 7 films grossed over $60 million and 3 grossed to over $100 million.

第二季度總票房為27 億美元，比2022 年第二季度增長15.5%，其中《超級馬里奧兄弟》電影、《蜘蛛俠穿越蜘蛛俠宇宙》、《銀河護衛隊第三卷》和《小美人魚》領銜。票房超過 6000 萬美元的影片有 7 部，票房超過 1 億美元的影片有 3 部。

Q3 is off to a robust start led by the record-shattering performance of Barbie and Oppenheimer, both of which continue to defy all expectations. Along with the unexpected hit Sound of Freedom, which has generated approximately $150 million to date.

在芭比和奧本海默破紀錄的表現的帶動下，第三季度迎來了一個強勁的開局，兩人繼續超出了所有人的預期。還有出人意料的熱門作品《自由之聲》，迄今為止已賺得約 1.5 億美元。

Fueled by Barbenheimer, July box office growth exceeded July 2019 box office gross. Through July 31st, 19 titles have grossed over $100 million in 2023 and year-to-date box office growth stands at $5.7 billion, a 20% increase over the same period in 2022.

在巴本海默的推動下，7 月票房增長超過了 2019 年 7 月的總票房。截至 7 月 31 日，有 19 部影片在 2023 年的票房收入超過 1 億美元，年初至今的票房增長達到 57 億美元，比 2022 年同期增長 20%。

Our high-quality theater portfolio continues to outperform the industry. Barbie grossed $162 million in its opening 3 days, an additional $26 million on each of Monday and Tuesday, the highest grossing Monday and Tuesday ever for Warner Bros, and $93 million on it's second weekend, also a Warner Brothers record. To date, Barbie has grossed $366 million. Oppenheimer grossed over $82 million on its opening weekend, $46 million on the second weekend and $181 million to date.

我們的高品質劇院組合繼續優於行業。 《芭比娃娃》在上映3 天就收穫了1.62 億美元，週一和周二各收穫了2600 萬美元，這是華納兄弟有史以來週一和周二的最高票房收入，第二個週末收穫了9300 萬美元，也創下了華納兄弟的紀錄。迄今為止，《芭比娃娃》的票房收入已達 3.66 億美元。 《奧本海默》首映週末票房收入超過 8200 萬美元，第二週末票房收入 4600 萬美元，迄今為止票房收入 1.81 億美元。

This is the first time a 3-day weekend had a film open to $100 million, while another open to $50 million. Barbenheimer weekend was the highest grossing 3-day weekend since the pandemic and the fourth biggest weekend ever. Importantly, this box office outperformance was not fueled by franchises or comic book characters, but by 2 unique, universally well-reviewed standalone movies, 1 about an iconic metal toy and the other -- historically accurate R-rated 3-hour movie about the development of the Atom Bomb.

這是電影首次在三天週末獲得 1 億美元的票房，而另一部電影則獲得 5,000 萬美元的票房。巴本海默週末是自大流行以來收入最高的三天週末，也是有史以來第四大周末。重要的是，這種票房表現並不是由特許經營權或漫畫人物推動的，而是由兩部獨特的、廣受好評的獨立電影推動的，一部關於標誌性的金屬玩具，另一部— —歷史準確的R 級3 小時電影，講述了原子彈的研製。

Barbie and Oppenheimer demonstrated that content can come from anywhere and be compelling in the hands of a good storyteller. Each reached broad demographics. And together, they created a cultural phenomenon reminding everyone of the power of good storytelling on the big screen. We are optimistic about the remainder of the year with Teenage Mutant Ninja Turtles, Mutant Mayhem, which opened this week, Killers of the Flower Moon, Hunger Games, the Ballad of Songbirds and Snakes, Napoleon and Aquaman and the Lost Kingdom rounding out the rest of the year.

芭比和奧本海默證明，內容可以來自任何地方，並且在優秀的講故事者手中都具有吸引力。每一個都覆蓋了廣泛的人口統計數據。他們共同創造了一種文化現象，提醒每個人在大銀幕上講好故事的力量。我們對今年剩餘時間持樂觀態度，包括本週上映的《忍者神龜》、《變異大亂鬥》、《花月殺手》、《飢餓遊戲》、《蛇蛇之歌》、《拿破崙》、《海王》和《失落的王國》。今年的。

Finally, there is a lot of press coverage of the writers and screen actor strikes. As Greg mentioned, it's been reported that studios and writers are scheduled to meet for the first time in 3 months tomorrow. Beyond that, we don't have any information on the timing for resolution of either strike. But for now, there's been limited movement of major titles into 2024.

最後，還有大量關於編劇和演員罷工的新聞報導。正如格雷格提到的，據報導，工作室和編劇定於明天舉行三個月來的首次會面。除此之外，我們沒有任何有關兩次罷工解決時間的信息。但就目前而言，到 2024 年，主要遊戲的變動有限。

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. Across the board, operators are managing increased operating expenses -- and while attendance remains strong, in some properties, we are seeing an anticipated pullback from -- from peak post-pandemic performance. Despite these headwinds, many of our operators are continuing to grow revenue and EBITDARM. Our Eat and Play assets continued their strong post-pandemic performance with portfolio revenue for Q2, up 9% and and EBITDARM up 2% over Q2 2022.

現在轉向我們其他主要客戶群的最新情況。在我們向價值導向型目的地邁進的各個領域，我們繼續看到良好的成果和持續的消費者需求。總體而言，運營商正在管理不斷增加的運營支出，儘管客流量依然強勁，但在某些物業中，我們預計會出現疫情后峰值表現的回落。儘管存在這些不利因素，我們的許多運營商仍在繼續增加收入和息稅前利潤。我們的 Eat and Play 資產在大流行後繼續保持強勁表現，第二季度投資組合收入較 2022 年第二季度增長 9%，EBITDARM 增長 2%。

Our well-located TopGolf in King of Prussia, Pennsylvania opened with strong numbers at the end of June. All our theme parks and water parks are now open for the summer season. Our operator Arcardia and Calypso Water Park is producing strong operating results as they complete 1 year of operating both properties.

我們位於賓夕法尼亞州普魯士國王的 TopGolf 地理位置優越，於 6 月底開業，客流強勁。我們所有的主題公園和水上公園現已在夏季開放。我們的運營商 Arcardia 和 Calypso 水上樂園已完成運營一年，取得了強勁的經營成果。

Attendance at City Museum in St. Louis is up 8% year-over-year, driving increased revenue and EBITDARM. Construction of the indoor water park at the Bavarian Inn and Frankenmuth, Michigan, is about 20% complete and on schedule for a summer 2024 opening. Construction is underway on our Titanic Costdriven chocolate shop in Pigeon Forge with opening scheduled by the end of this year.

聖路易斯市博物館的參觀人數同比增長 8%，推動收入和息稅前利潤 (EBITDARM) 的增長。密歇根州巴伐利亞旅館和弗蘭肯默斯的室內水上樂園施工已完成約 20%，並按計劃於 2024 年夏季開放。我們位於 Pigeon Forge 的泰坦尼克號成本驅動巧克力店正在建設中，計劃於今年年底開業。

Across our fitness offerings, we're seeing continued growth in membership revenue as the post-pandemic emphasis on fitness continues. Construction is underway for both the expansion of the Springs Resort in Pagosa Springs and the development of our Murrieta, California Conference Center into a new natural Hot Springs resort. Murietta Springs is scheduled to open in early 2024.

在我們的健身產品中，隨著疫情后人們對健身的重視繼續，我們看到會員收入持續增長。帕戈薩斯普林斯溫泉度假村的擴建以及加利福尼亞州穆列塔會議中心開發成新的天然溫泉度假村的建設正在進行中。 Murietta Springs 計劃於 2024 年初開業。

Construction on improvements to gravity house Steamboat Springs and Aspen locations is scheduled to commence this month. Except for North Star, where heavy late season snow kept the mountain open for skiing until the end of April, our ski resorts were closed for most of Q2. Year-over-year skier visits were up 27% across our portfolio driven by strong season pass sales. Alyeska Resort will join the Icon Pass program for the coming ski season, which should drive increased skier visits.

斯廷博特斯普林斯和阿斯彭地點的重力屋改進工程計劃於本月開始。除了北極星 (North Star) 的深季積雪使山上滑雪一直開放到四月底外，我們的滑雪場在第二季度的大部分時間都關閉。在季票銷售強勁的推動下，我們的滑雪者訪問量同比增長了 27%。 Alyeska Resort 將在即將到來的滑雪季節加入 Icon Pass 計劃，這應該會增加滑雪者的訪問量。

Our Margaritaville Hotel Nashville, proximate to all of Nashville's famous downtown destinations, continues it's upward trajectory in revenue, EBITDARM and occupancy. This weekend, Nashville will host a Big Machine Music City Grand Prix with the IndyCar Series racing on the streets of downtown Nashville.

我們的納什維爾瑪格麗塔維爾酒店毗鄰納什維爾所有著名的市中心目的地，在收入、EBITDARM 和入住率方面繼續保持上升趨勢。本週末，納什維爾將舉辦一場大機器音樂城大獎賽，印地賽車系列賽將在納什維爾市中心的街道上進行。

At both the Beachcomber and Bellwether resorts in St. Petersburg, we continue to see increases in occupancy and operating revenue, while ADR is normalizing from post-pandemic highs. Revenue and EBITDARM increased year-over-year in Q2 for all our overall RV park portfolio.

在聖彼得堡的 Beachcomber 和 Bellwether 度假村，我們繼續看到入住率和營業收入的增長，而 ADR 也從大流行後的高點恢復正常。我們所有的房車公園整體投資組合的收入和息稅折舊攤銷前利潤 (EBITDARM) 在第二季度同比增長。

Our education portfolio continues to perform well with year-over-year increases through March 31st across the portfolio of 17% in revenue and 25% in EBITDARM. Attendance is holding steady at very high levels. At the end of the quarter, we entered into a lease termination for a private school in Columbus, Ohio, as part of a larger settlement arising from a partial casualty.

我們的教育投資組合繼續表現良好，截至 3 月 31 日，整個投資組合的收入同比增長 17%，EBITDARM 同比增長 25%。出席人數穩定在非常高的水平。在本季度末，我們終止了俄亥俄州哥倫布市一所私立學校的租約，這是因部分傷亡而達成的更大和解協議的一部分。

We received a lease termination fee of $900,000 and and are marketing the property for sale. Turning to a quick update on capital recycling. During the quarter, we sold 1 of the 5 KinderCare locations, for which the lease was terminated for net proceeds of $4.3 million and recorded a loss of $575,000. After the close of the quarter, we sold another 2 KinderCare locations for combined net proceeds of $13.8 million and a gain of $1.5 million. All of these will be operated at schools. We are continuing to market the remaining 2.

我們收到了 900,000 美元的租賃終止費，並且正在推銷該房產。轉向資本回收的快速更新。本季度，我們出售了 5 個 KinderCare 地點中的 1 個，該地點的租約被終止，淨收益為 430 萬美元，並錄得 575,000 美元的虧損。本季度結束後，我們又出售了 2 個 KinderCare 地點，淨收益總計 1,380 萬美元，收益 150 萬美元。所有這些都將在學校進行。我們正在繼續銷售剩餘的 2 個。

Also after the end of the quarter, we sold a former Cinemex theater in Hialeah, Florida, for a non-theater use for net proceeds of $9 million and a gain of $747,000. Year-to-date, we have generated approximately $31 million in proceeds from dispositions -- in mid-July, we began publicly marketing the 11 surrender Regal theatres we planned to sell. It's early days, but we're pleased with the interest and we'll update you on our progress on future calls.

同樣在本季度末後，我們出售了佛羅里達州海厄利亞市的一家前 Cinemex 劇院，用於非劇院用途，淨收益為 900 萬美元，收益為 747,000 美元。今年迄今為止，我們已從處置中獲​​得了約 3100 萬美元的收益——7 月中旬，我們開始公開營銷我們計劃出售的 11 家投降富豪影院。現在還為時過早，但我們對大家的興趣感到高興，我們將在未來的通話中向您通報最新進展。

In Q2, our investment spending was $32.2 million, bringing our total investment spending for the first 6 months of 2023 to $98.7 million. In addition to the continued funding of experiential development and redevelopment projects commenced in 2022, we made our first investment in the SURF space with mortgage financing for the development of Good Surf's first location in Dallas.

第二季度，我們的投資支出為 3220 萬美元，使 2023 年前 6 個月的投資支出總額達到 9870 萬美元。除了繼續為 2022 年開始的體驗式開發和再開發項目提供資金外，我們還通過抵押融資對 SURF 領域進行了首次投資，用於開發 Good Surf 在達拉斯的第一個地點。

Good Surf is the first stand-alone, standing wave concept developed in an urban U.S. market. It combines surfing, food and beverage and outdoor entertainment into a unique experience. We have spent a lot of time understanding the Surf Space, and we're excited to be part of Good Surf's first project. We're maintaining our investment spending guidance for funds to be deployed in 2023 and in a range of $200 million to $300 million.

Good Surf 是第一個在美國城市市場開發的獨立駐波概念。它將衝浪、餐飲和戶外娛樂融為一體，帶來獨特的體驗。我們花了很多時間來了解衝浪空間，我們很高興能成為 Good Surf 的第一個項目的一部分。我們維持 2023 年部署資金的投資支出指導，範圍在 2 億至 3 億美元之間。

As of the end of Q2, we have committed an additional approximately $224 million in experiential development and redevelopment projects which we expect to fund over the next 2 years without the need to raise additional capital. We anticipate approximately $105 million of that $224 million, we deployed over the remainder of 2023 and that is the amount included at the midpoint of our 2023 guidance range.

截至第二季度末，我們已額外承諾投入約 2.24 億美元用於體驗式開發和再開發項目，我們預計將在未來 2 年內為這些項目提供資金，而無需籌集額外資金。我們預計，這 2.24 億美元中的約 1.05 億美元將在 2023 年剩餘時間內部署，這是我們 2023 年指導範圍的中點金額。

Cap rates continue to be in the 8% range -- in most of our experiential categories, we are seeing high-quality opportunities for both acquisition and build-to-suit redevelopment and expansion. We continue to have a good pipeline with new and existing customers and concepts.

資本化率繼續保持在 8% 的範圍內——在我們的大多數體驗類別中，我們看到了收購以及定制重建和擴張的高質量機會。我們繼續與新老客戶和概念保持良好的溝通渠道。

Likewise, we continue to exercise discipline, reducing our near-term investment spending and funding the investments primarily from cash on hand, cash from operations, disposition proceeds and borrowings under our unsecured revolving credit facility. As we have said for the past several quarters, we are limited by the recovery of our cost of capital, not by opportunity. I now turn it over to Mark for a discussion of the financials.

同樣，我們繼續遵守紀律，減少近期投資支出，並主要通過庫存現金、運營現金、處置收益和無擔保循環信貸額度下的借款為投資提供資金。正如我們在過去幾個季度所說的那樣，我們受到資本成本回收的限制，而不是機會。我現在將其交給馬克討論財務狀況。

Thank you, Greg. Today, I will discuss our financial performance for the second quarter, provide an update on our balance sheet and close with providing 2023 earnings guidance. We had another strong quarter of results with FFO as adjusted of $1.28 per share versus $1.17 in the prior year, up 9% and AFFO of $1.31 per share compared to $1.23 in the prior year, up 7%.

謝謝你，格雷格。今天，我將討論我們第二季度的財務業績，提供資產負債表的最新信息，並最後提供 2023 年盈利指引。我們又取得了強勁的季度業績，調整後的FFO 為每股1.28 美元，與去年同期的1.17 美元相比，增長了9%；AFFO 調整後的每股業績為1.31 美元，與去年同期的1.23 美元相比，增長了7%。

Now moving to the key variances by line item. Total revenue for the quarter was $172.9 million versus $16.4 million in the prior year. This increase was due to improved collections from cash basis customers the effect of acquisitions and developments completed over the past year as well as scheduled rent increases.

現在轉向按行項目劃分的關鍵差異。該季度的總收入為 1.729 億美元，而上年同期為 1,640 萬美元。這一增長是由於過去一年完成的收購和開發以及預定租金上漲的影響，現金制客戶的收款有所改善。

During the quarter, we collected a total of $7.8 million of deferral payments from customers, of which $7.3 million was from those on cash basis accounting that was recognized as additional revenue. Per court order, we also received an additional stub payment from Regal related to September 2022 minimum rent of approximately $0.7 million that was recognized as additional revenue this quarter.

本季度，我們總共向客戶收取了 780 萬美元的延期付款，其中 730 萬美元來自現金收付制會計的延期付款，被確認為額外收入。根據法院命令，我們還從 Regal 收到了一筆與 2022 年 9 月最低租金相關的額外存根付款，金額約為 70 萬美元，該款項已被確認為本季度的額外收入。

I will discuss how we expect cash basis deferrals in Regal's bankruptcy settlement on July 31st -- impact the remainder of this year and 2024, when I go over guidance. Percentage rents for the quarter increased to $2.1 million versus $0.5 million in the prior year, primarily due to improved performance at One Ski property.

當我回顧指導時，我將討論我們預計 7 月 31 日 Regal 破產和解中的現金基礎延期將如何影響今年剩餘時間和 2024 年。本季度的租金百分比增加至 210 萬美元，而上一年為 50 萬美元，這主要是由於 One Ski 物業業績的改善。

On the expense side, G&A expense for the quarter increased to $15.2 million versus $12.7 million in the prior year due primarily to higher professional fees, including those related to the Regal resolution, as well as higher payroll costs, including noncash share-based compensation expense. During the quarter, we recognized an impairment charge of $43.8 million, primarily related to 8 of the properties surrendered by Regal based on third-party appraisals.

在費用方面，本季度的一般管理費用增加至1520 萬美元，而上一年為1270 萬美元，這主要是由於專業費用增加（包括與Regal 決議相關的費用）以及工資成本增加（包括非現金股票補償費用） 。本季度，我們確認了 4,380 萬美元的減值費用，主要與 Regal 根據第三方評估放棄的 8 處房產有關。

This charge is excluded from FFO as adjusted. Interest expense net for the quarter decreased by $1.7 million compared to prior year due to an increase in interest income on short-term investments and an increase in capitalized interest on projects under development.

經調整後，該費用不包含在 FFO 中。由於短期投資利息收入增加以及開發中項目資本化利息增加，本季度利息支出淨額比去年同期減少 170 萬美元。

Lastly, FFO as adjusted from joint ventures for the quarter was $1.5 million versus $3.4 million in the prior year. The decrease was due primarily to a nonrecurring government incentive received in the prior year at our experiential lodging properties in St. Petersburg, Florida, as well as higher interest expense resulting from the refinancing of these properties last year.

最後，本季度根據合資企業調整後的 FFO 為 150 萬美元，而上一年為 340 萬美元。減少的主要原因是我們在佛羅里達州聖彼得堡的體驗式住宿物業上一年收到的非經常性政府激勵措施，以及去年這些物業的再融資導致的利息費用增加。

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 at 3.5x and both interest and debt service coverage ratios at 4.1x. Our net debt to adjusted EBITDAre was 5x, and our net debt to gross assets was 39% on a book basis at June 30th. Lastly, our common dividend continues to be very well covered with an FFO payout ratio for the second quarter of only 63%.

轉向下一張幻燈片，我將回顧該公司的一些關鍵信用比率。正如您所看到的，我們的覆蓋率繼續保持強勁，固定費用覆蓋率為 3.5 倍，利息和償債覆蓋率為 4.1 倍。截至 6 月 30 日，我們的淨債務與調整後 EBITDAre 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支付，第二季度的 FFO 支付率僅為 63%。

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%. Additionally, our weighted average consolidated debt maturity is under 5 years with no scheduled debt maturities in 2023 and only $136.6 million due in 2024.

現在讓我們看看我們的資產負債表，它的狀況非常好。截至季度末，我們的合併債務為 28 億美元，所有債務要么是固定利率債務，要么是通過利率互換固定的債務，混合票面利率約為 4.3%。此外，我們的加權平均合併債務到期日不到 5 年，2023 年沒有預定債務到期日，2024 年到期的債務僅為 1.366 億美元。

We had nearly $100 million of cash on hand at quarter end and no balance drawn on our $1 billion revolver. With the Regal resolution behind us, we are pleased to provide 2023 FFO as adjusted per share guidance of $5.05 to $5.15, representing an increase of approximately 9% at the midpoint versus 2022.

截至季度末，我們手頭有近 1 億美元的現金，但 10 億美元的左輪手槍沒有任何餘額。隨著 Regal 決議的通過，我們很高興提供調整後的 2023 年 FFO 每股指導值 5.05 美元至 5.15 美元，與 2022 年相比中值增長約 9%。

As we have discussed previously, given our cost of capital in the current inflationary environment, we have consciously decided to limit our near-term investment spending and fund these investments primarily with cash on hand and operating cash flow as well as disposition proceeds and borrowings under our unsecured revolving credit facility.

正如我們之前所討論的，考慮到我們在當前通脹環境下的資本成本，我們有意識地決定限制我們的短期投資支出，並主要用手頭現金和運營現金流以及處置收益和借款為這些投資提供資金。我們的無擔保循環信貸額度。

Accordingly, we are confirming our 2023 investment spending guidance range of $200 million to $300 million, and we do not anticipate the need to raise additional capital to fund these amounts. Disposition proceeds guidance for 2023 is $31 million to $41 million, and we have increased guidance for percentage rent by $1.5 million at the midpoint, primarily due to better performance at the ski property I discussed previously.

因此，我們確認 2023 年投資支出指導範圍為 2 億至 3 億美元，並且我們預計不需要籌集額外資金來資助這些金額。 2023 年的處置收益指導為 3100 萬至 4100 萬美元，我們將中點租金百分比指導提高了 150 萬美元，這主要是由於我之前討論的滑雪場表現更好。

Note that as in prior years, percentage rent is heavily weighted to the fourth quarter. Also note, as discussed in our recent call that none of the percentage rent expected for 2023 relates to the new Regal master lease, which is based on lease year and is expected to be recognized in 2024.

請注意，與往年一樣，租金百分比對第四季度的影響很大。另請注意，正如我們在最近的電話會議中所討論的，預計 2023 年的租金百分比與新的 Regal 主租賃無關，該租賃基於租賃年份，預計將於 2024 年確認。

Additionally, we are raising G&A expense guidance by $1.5 million at the midpoint due to higher professional fees, including those related to the Regal resolution and, to a lesser extent, higher payroll costs, primarily due to incentive compensation. I also thought it would be helpful to summarize our expectations for deferral collections and certain other amounts to be recognized as revenue in 2023 and included in our guidance, as well as our expectations for these amounts for 2024.

此外，由於專業費用增加，包括與 Regal 決議相關的專業費用，以及主要由於激勵性薪酬而在較小程度上增加的工資成本，我們將一般管理費用指導中值提高了 150 萬美元。我還認為，總結我們對延期收款和 2023 年確認為收入並納入我們的指導的某些其他金額的預期，以及我們對 2024 年這些金額的預期也會有所幫助。

As you can see on the slide, we expect to recognize a total of approximately $35.7 million in 2023 for cash basis deferral collections, Regal stub rent, Regal prepetition related to the master lease properties for the period from September 1, 2022, to September 6, 2022, and the lease termination fee for an education tenant that Greg described.

正如您在幻燈片中所看到的，我們預計將在2023 年確認總計約3570 萬美元，用於現金制遞延收款、Regal 存根租金、與2022 年9 月1 日至9 月6 日期間主租賃物業相關的Regal 預申請，2022 年，以及格雷格描述的教育租戶的租賃終止費。

Most of the $19.3 million estimated for the second half of 2023 is expected to be recognized as revenue in the third quarter due primarily to the collection of the entire remaining deferred rent from Southern theatres of $11.6 million in connection with the sale to Santikos as well as those amounts related to Regal's bankruptcy resolution.

2023 年下半年預計的 1,930 萬美元中的大部分預計將在第三季度確認為收入，這主要是因為向南方劇院收取了與向 Santikos 出售相關的全部剩餘遞延租金 1,160 萬美元以及這些金額與Regal 的破產解決方案有關。

While additional amounts may be received not shown on this slide related to our rejection damages with Regal that are treated as an unsecured claim, we expect any such amounts will be nominal. With Regal's bankruptcy resolution and the full deferral repayment by Southern, the deferred rent receivable not on our books, excluding the amount held in advance related to Regal is reduced to approximately $12.9 million. Of this amount, $11.5 million relates to one cash basis attraction tenant whose repayment timing is based on an earnings threshold, which is not expected to be achieved in 2023.

雖然可能會收到本幻燈片中未顯示的與我們向 Regal 提出的拒絕損害賠償相關的額外金額（被視為無擔保索賠），但我們預計任何此類金額都將是像徵性的。隨著Regal的破產解決和南方公司全額延期償還，不在我們賬簿上的遞延應收租金（不包括與Regal相關的預扣金額）減少至約1290萬美元。其中，1150 萬美元涉及一名現金制景點租戶，其還款時間基於收入門檻，預計 2023 年不會實現。

The remaining amount of approximately $1.4 million relates to 2 cash basis tenants that are paying according to agreed upon schedules through 2024. And thus, the amounts to be recognized in the fourth quarter and next year for these tenants are expected to be nominal as shown on the slide.

剩餘金額約為140 萬美元，涉及2 個現金制租戶，他們將按照商定的時間表在2024 年之前付款。因此，這些租戶在第四季度和明年確認的金額預計將是像徵性的，如圖所示幻燈片。

Finally, I want to remind everyone, given that Regal's master lease was effective on July 31st, this tenant was moved to accrual basis at that time. As discussed on our previous call, we expect the 5 theaters surrendered by Regal that we will operate will break even over the remainder of 2023, and this is what is included in the midpoint of guidance.

最後，我想提醒大家，鑑於富豪的主租約於7月31日生效，該租戶當時已轉為權責發生製。正如我們在之前的電話會議中所討論的，我們預計由 Regal 放棄的 5 家我們將運營的影院將在 2023 年剩餘時間內實現收支平衡，這也是指導中值中包含的內容。

Furthermore, we have also included in guidance the anticipated carrying costs for the 11 surrendered theaters that we intend to sell over time, which will be reflected in property operating expense. Guidance details can be found on Page 24 of our supplemental. Now with that, I'll turn it back over to Greg for his closing remarks.

此外，我們還在指導中納入了我們打算隨著時間的推移出售的 11 家放棄劇院的預期持有成本，這將反映在物業運營費用中。指導詳情請參閱我們的補充材料第 24 頁。現在，我將把它轉回給格雷格，讓他作結束語。

Thank you, Mark. As I stated in my opening comments, we are pleased to have delivered a favorable legal outcome, which combined with the Santikos acquisition, means that the 3 of our top 4 cinema tenants now have very high-quality balance sheets with minimal risk. Given these improvements in credit, the continued success of our noncinema portfolio and the demonstrated consumer preference for out-of-home entertainment, we continue to believe that EPR offers a very attractive value for investors with a well-covered dividend and an opportunity for multiple expansion. With that, why don't I open it up for questions?

謝謝你，馬克。正如我在開場白中所說，我們很高興取得了有利的法律​​結果，再加上對Santikos 的收購，意味著我們四大影院租戶中的3 家現在擁有非常高質量的資產負債表，風險最小。鑑於信貸方面的這些改善、我們的非電影投資組合的持續成功以及消費者對戶外娛樂的偏好，我們仍然相信 EPR 為投資者提供了非常有吸引力的價值，具有良好的股息支付和多重機會擴張。既然如此，我為什麼不打開它來提問呢？

(Operator Instructions) Our first question comes from Joshua Dennerlein of BofA.

（操作員說明）我們的第一個問題來自美國銀行的 Joshua Dennerlein。

I just wanted to ask about the -- I just wanted to ask about the writers strike. At what point would the strike start to impact your portfolio where the movies being released? I just kind of curious if there's any risk to 2023 box office within the strike and certain restrictions around the accessibility to the market during the strike.

我只是想問關於作家罷工的事。罷工什麼時候會開始影響您正在上映的電影的投資組合？我只是有點好奇，罷工期間 2023 年的票房是否會面臨任何風險，以及罷工期間進入市場是否會受到某些限制。

Joshua, what we know right now is there's been limited title movements yet. Again, it could be a potential if we see -- I mean, the product that we've seen for the balance is generally done for '23, but it really begins with studios if they're going to move product, either, one, to be supported promotionally by the actors or, two, if they have any last minute re-shoots. So it's really in the purview of the studio. So, we don't know right now. I think the only what we would call bigger title. We've had 1 move that we're aware of. Everything else right now is standing pat.

約書亞，我們現在知道的是，頭銜變動還很有限。再說一次，如果我們看到——我的意思是，我們看到的平衡產品通常是在23 年完成的，那麼它可能是一種潛力，但如果他們要移動產品，那麼它實際上是從工作室開始的，或者，一個，得到演員的宣傳支持，或者，兩個，如果他們有最後一刻的重新拍攝。所以這確實是在工作室的職權範圍內。所以，我們現在還不知道。我認為唯一我們稱之為更大的標題。據我們所知，我們已經採取了 1 項舉措。目前其他一切都按兵不動。

Hopefully, as we've talked about, as there is beginning to be some discussions that -- that will prove very fruitful and we can quickly move to kind of resolution of this and have little to no impact.

希望正如我們所討論的，因為已經開始進行一些討論，這將證明是非常富有成效的，我們可以迅速採取某種解決方案，並且幾乎沒有影響。

And for 2023 guide, sorry if I missed this, is there any percentage rent included in your guidance range for the back half of the year?

對於 2023 年指南，抱歉，如果我錯過了這一點，您下半年的指導範圍中是否包含租金百分比？

Yes. Yes, yes. For the back half of the year. Yes, we said that for percentage rents for the year are going to be $12 million. And as I said, percentage rent as it has been historically is kind of heavily weighted to the fourth quarter. So -- we expect about 50% of it in the fourth quarter and the remainder of what wasn't recognized in the first 6 months to be in the third quarter. So yes, there's definitely percentage rents in the back half. None related to Regal, if that was your question. Those -- that percentage rent is based on lease year, and we expect that to hit next year depending on box office.

是的。是的是的。就下半年而言。是的，我們說過今年的租金百分比將為 1200 萬美元。正如我所說，歷史上的租金百分比對第四季度的影響很大。因此，我們預計約 50% 的金額將在第四季度實現，而前 6 個月未確認的剩餘金額將在第三季度實現。所以是的，後半部分肯定有百分比租金。沒有與 Regal 有關的內容，如果這是你的問題的話。這些租金百分比是基於租賃年份的，我們預計明年會根據票房情況而定。

Our next question comes from Todd Thomas with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Todd Thomas。

Sorry about that. This first question. So I appreciate the detail in the earnings slide around the deferred rent payments and other revenue collections in the third quarter and really through 2024. So just to be clear, so after the incremental $11 million you expect to see in 3Q or $0.14, the decrease in 4Q versus 3Q that you're anticipating, that gets us to a relatively clean run rate in the fourth quarter as we think about 2024. Is that the right way to think about it in terms of the nonrecurring items, just leave us with a pretty clean run rate beginning in the fourth quarter of this year?

對於那個很抱歉。這是第一個問題。因此，我很欣賞第三季度乃至整個 2024 年遞延租金支付和其他收入收入的收益下滑細節。所以需要明確的是，在您預計第三季度增加 1100 萬美元或 0.14 美元之後，下降幅度在您預期的第四季度與第三季度中，當我們考慮2024 年時，這使我們在第四季度獲得相對乾淨的運行率。從非經常性項目角度考慮這是正確的方法嗎？從今年第四季度開始，運行率相當乾淨？

Correct. We only expect about $300,000 to impact as far as deferral is kind of out-of-period stuff to impact the fourth quarter. I think the fourth quarter will give you a clean run rate. But remember, we have some seasonal businesses and so forth and percentage rents heavily weighted to fourth quarter. So other adjustments rather than just taking it times forward to do, but it is a clean number as far as deferrals and stub payments and so forth. And like I said, only a very small number expected to be recognized in Q4.

正確的。我們預計僅會產生約 300,000 美元的影響，因為延期是一種對第四季度產生影響的過時因素。我認為第四季度會給你一個乾淨的運行率。但請記住，我們有一些季節性業務等，並且租金百分比對第四季度的影響很大。因此，其他調整不僅僅是推遲時間，但就延期付款和存根付款等而言，這是一個乾淨的數字。正如我所說，預計只有極少數人會在第四季度得到認可。

Got it. Okay. And then can you comment a little bit more on the theater sales? It sounds like there is interest from other existing theater operators. I'm just curious if you can discuss the potential timing and how we should think about those carry costs sort of coming off-line?

知道了。好的。那麼您能對影院銷售情況再發表一些評論嗎？聽起來其他現有劇院運營商也有興趣。我只是好奇你是否可以討論一下潛在的時間安排以及我們應該如何考慮那些離線的持有成本？

Sure, Todd. It's Greg. So historically, over the last 2.5 years, we've sold 10 theaters. 6 of those were for non-theater use or for theater use. So that kind of gives you the goalpost. We needed to wait to market these because Regal hadn't notified the individual theaters that they were closing and we wanted to be mindful of their employees, et cetera.

當然，托德。是格雷格。從歷史上看，在過去 2.5 年裡，我們售出了 10 家影院。其中 6 個用於非劇院使用或用於劇院使用。所以這給了你球門柱。我們需要等待營銷這些產品，因為富豪沒有通知各個劇院他們要關閉，我們希望留意他們的員工等。

So we really only started hard marketing last week. But we were out soft marketing before. I'd say of the 11, we've had interest of some sort in about 8 -- we're already approaching Labor Day. So the idea of being able to get something closed this year might be difficult given the timing of real estate transactions, but I would expect we'll start to see a cadence toward the end of this year, and into next year for selling those. And again, if you look at the run rate over the last 2.5 years, we saw about 3 or 4 a year.

所以我們上週才真正開始進行硬營銷。但我們之前就沒有進行過軟營銷。我想說的是，對於 11 個項目，我們對大約 8 個項目產生了某種興趣——我們已經臨近勞動節了。因此，考慮到房地產交易的時機，今年能夠完成某些項目的想法可能很困難，但我預計我們將在今年年底和明年開始看到出售這些房產的節奏。再說一次，如果你看看過去 2.5 年的運行率，我們會發現每年大約有 3 到 4 個。

Okay. And the discussions that you're having, negotiations at all, are they impacted at all by the strikes that are ongoing right now? Or is that not really a consideration? And then separately on the strikes, Greg, I'm just curious, to the extent that there is a resolution here, the strikes are extended a little bit further here, but you get a resolution. I mean, how quickly does production re-ramp and the release schedule get back on track to the extent that there are some delays here. Any sense there?

好的。你們正在進行的討論、談判是否受到目前正在進行的罷工的影響？或者這根本就不是一個考慮因素？然後單獨討論罷工，格雷格，我只是好奇，在某種程度上，這裡有一個解決方案，罷工在這裡進一步延長了一點，但你得到了一個解決方案。我的意思是，生產重新啟動和發佈時間表要多快才能回到正軌，以至於這裡有一些延遲。有什麼意義嗎？

So Todd, I'll take the first part, and then I'll let Greg answer the second part. Actually, I would say the answer is there's zero impact from the strike. As Greg mentioned in his remarks, the fact that Santikos was willing to buy Southern clearly shows that people are seeing the continued recovery of theatrical exhibition. And obviously, that's amplified by the just unbelievable success of Barbie and Oppenheimer, which just, as I said before, record shattering -- so we actually have quite a bit of interest from theatrical exhibitors for some of these theaters.

托德，我將回答第一部分，然後我將讓格雷格回答第二部分。事實上，我想說的答案是罷工的影響為零。正如格雷格在講話中提到的，桑蒂科斯願意收購南方劇院這一事實清楚地表明人們正在看到戲劇放映的持續復甦。顯然，《芭比和奧本海默》令人難以置信的成功進一步放大了這一點，正如我之前所說，它們創下了破紀錄的記錄——所以我們實際上對其中一些劇院有相當大的興趣。

I'll echo Greg's comments. I don't think it's actually -- I think most people in the industry are seeing this as a short-term issue. I mean if you think about these have occurred periodically. I think they're more encouraged by all the studio's commitment to theatrical and how it has bounced back. And I would say there's probably more rather than less optimism right now in the theater space.

我會回應格雷格的評論。我不認為這實際上是——我認為業內大多數人都認為這是一個短期問題。我的意思是，如果你想想這些都是周期性發生的。我認為他們對工作室對戲劇的所有承諾以及它的反彈感到更加鼓舞。我想說，目前劇院領域的樂觀情緒可能更多而不是更少。

As far as turning it on and ramping up new production is really about probably right now into the latter half of '24 and '25. Most everything through the first half of '24 is in post production. And so there's just kind of small minor reshoots or voiceover or promotional aspects of it. So I would think we believe that really right now, if we solve it sooner row than later, we'd have minimal impact on '24.

至於啟動並增加新產量，實際上可能是在 24 年和 25 年下半年。 24 年上半年的大部分內容都在後期製作中。因此，只是進行了一些小的重新拍攝、配音或宣傳方面的工作。所以我認為我們現在確實相信，如果我們早點解決這個問題，那麼我們對 24 小時的影響就會很小。

Our next question comes from Eric Wolfe with Citi.

我們的下一個問題來自花旗銀行的埃里克·沃爾夫。

So I understand your comment about the restructuring agreement not providing any sort of extra percentage rent from Regal this year. But just to confirm that the $12 million that's in your number, that doesn't include any sort of legal contribution whatsoever. And then if I were to think about let's just say the box office next year is $9.4 billion, in line with the presentation you put out, is all of the legal percentage rent -- did all of that extra operating income is sort of incremental to 2024? Or is some of that being included in the 2023 guidance?

因此，我理解您對重組協議今年未向 Regal 提供任何額外百分比租金的評論。但只是為了確認您的數字中的 1200 萬美元不包括任何形式的合法捐款。然後，如果我要考慮一下，我們可以說明年的票房為 94 億美元，與您提出的演示一致，是所有法定百分比租金 - 所有這些額外的營業收入是否都會增量到2024 年？或者其中一些內容是否包含在 2023 年指南中？

So none of the percentage rents or operating theater profit is in '23 guidance because the percentage rents are lease year driven and it really will hit sort of second and third quarter next year. And as far as operating theaters, while there could be some priority, we're budgeting that or including in our guidance sort of a breakeven amount this year.

因此，租金百分比或營業廳利潤均不在 23 年指導中，因為租金百分比是由租賃年驅動的，並且實際上會在明年第二和第三季度達到。就手術室而言，雖然可能有一些優先事項，但我們正在對其進行預算，或者在我們的指導中包括今年的盈虧平衡金額。

And then as Regal transitions to both Cinemark and Phoenix. And then as we go into next year, though, we definitely expect those to be profitable. And I think in our presentation, we said to the tune of about $6 million. So none of that's in this year and should hit next year.

然後，Regal 過渡到喜滿客 (Cinemark) 和鳳凰城 (Phoenix)。然而，當我們進入明年時，我們肯定希望這些能夠盈利。我認為在我們的演示中，我們提到了大約 600 萬美元。所以這些都不是今年的事，應該會在明年發生。

Okay. Right now effectively mean it's incremental to it. But -- so if I think about the $9.4 billion box office, I'm just curious, you outlined in your presentation like $14 million in percentage rent and operating income that would come from that. I'm talking about the restructuring agreement presentation you put out before. Like it's how much variability could there be around that number, assuming there's a $9.4 billion box office? Could that be $10 million or $18 million? Just curious if you assume a certain box office level, how much variability there would be around some of those numbers?

好的。現在實際上意味著它是增量的。但是，如果我想到 94 億美元的票房，我只是很好奇，您在演講中概述了由此產生的 1400 萬美元的租金和營業收入百分比。我說的是你之前提出的重組協議介紹。假設票房收入為 94 億美元，這個數字會有多大的變化？是 1000 萬美元還是 1800 萬美元？只是好奇如果你假設一定的票房水平，其中一些數字會有多大的變化？

Yes. I think you mentioned a $14 million number. That's the deferral in stub payments for '23 in our presentation for Regal. The number we put at that box office of around $9.4 million -- was $8.7 million.

是的。我想你提到了 1400 萬美元的數字。這是我們在 Regal 演示中推遲的 23 年存根付款。我們預計票房收入約為 940 萬美元，實際票房為 870 萬美元。

He's combining the two, 8 and the 6.

他將 8 和 6 兩者結合起來。

I got you, so, first of all, I think 1 of the benefits is we set that number basically at trailing 12 months, I think, 2022.

我明白了，所以，首先，我認為好處之一是我們將該數字基本上設置為過去 12 個月，我認為是 2022 年。

Yes. I mean, again, it should be as far as variability, the percentage rent is -- was really based upon Regal maintaining their current market share. So again, there was no -- so could it go up or down, but historically, if you look over years, they've had that market share. Now they've closed some theaters. So there could be -- that traffic is going to move to other places. So we could see a little bit of up in that.

是的。我的意思是，就可變性而言，租金百分比實際上是基於 Regal 維持其當前的市場份額。所以再說一遍，沒有——所以它可能會上升或下降，但從歷史上看，如果你多年來觀察，他們已經擁有了這樣的市場份額。現在他們關閉了一些劇院。因此，流量可能會轉移到其他地方。所以我們可以看到一些進展。

I would say the variability is going to be in the operating theaters. I mean, again, these are new theaters for these guys to operate. They -- now the good thing is they're getting their hands on them now, and we didn't budget anything. So they've got 4 or 5 months to get their hands on. But we worked with them to kind of come up with those numbers. But -- so I think if the box office delivers it, it's -- I think we're in good shape there.

我想說，變化將出現在手術室中。我的意思是，這些都是這些人經營的新劇院。他們——現在的好處是他們現在就可以使用它們，而我們沒有做任何預算。所以他們有四五個月的時間來上手。但我們與他們合作得出了這些數字。但是，所以我認為，如果票房能夠實現這一目標，我認為我們的狀況良好。

We've put together a schedule in our Regal presentation that kind of showed that variability. So if box office, for example, was at $9.4 billion, it was $9 billion. Percentage rents instead of $8.7 million is $7.1 million in profitability of the operating theaters. You can see that variability on the chart. -- that we showed in our Regal presentation that kind of vary based on box office. Now as Greg said, there's other things that could impact the individual performance of theaters versus box office, but the primary indicator of performance for both percentage rents and operating theater profit is box office.

我們在 Regal 演示中整理了一份時間表，顯示了這種可變性。例如，如果票房為 94 億美元，那麼它就是 90 億美元。手術室的盈利百分比是 710 萬美元，而不是 870 萬美元。您可以在圖表上看到這種變化。 ——我們在 Regal 演示中展示了這種情況根據票房情況而有所不同。正如格雷格所說，還有其他因素可能會影響影院與票房的個人表現，但租金百分比和營業影院利潤的主要表現指標是票房。

Our next question comes from RJ Milligan with Raymond James.

我們的下一個問題來自 RJ Milligan 和 Raymond James。

So I'm going to take a different stab at the box office projection questions. But -- on Slide 7, you guys showed the projections for the median, I guess, for multiple analysts for the box office projections for '23 and '24 of $9 billion and $9.8 billion. I'm curious if you've seen any movement in sort of that mean estimate for '23 or '24, just given what's going on with the writers strike. And I'm curious -- and I think Josh asked this question, but how long before you adjust your own internal projections of, I think it was $9.4 billion for the lease year and $9.8 billion for 2024 to sort of get to your numbers. How long does the strike need to last before you relook at those estimates and say, maybe we need to take those down?

因此，我將對票房預測問題採取不同的嘗試。但是，在幻燈片 7 上，你們展示了多名分析師對 23 年和 24 年票房預測的中位數預測，分別為 90 億美元和 98 億美元。我很好奇，考慮到作家罷工的情況，您是否看到了 23 或 24 年平均估計的任何變化。我很好奇——我想喬什問了這個問題，但是在你調整自己的內部預測之前需要多長時間，我認為租賃年需要 94 億美元，2024 年需要 98 億美元才能得到你的數字。罷工需要持續多長時間，然後您才能重新審視這些估計並說，也許我們需要將其取消？

Yes. I think, again, I think right now, I'll take the second part of that. First is the 9.4% is really about -- that runs from kind of July 31st to next year. As long as we don't see a lot of titles move, that number feels pretty good because if you think about -- that's the first half of the -- the last half of this year and first half of next year.

是的。我想，我想，現在，我將討論第二部分。首先是 9.4% 的實際情況是——從 7 月 31 日到明年。只要我們沒有看到很多遊戲發生變化，這個數字就感覺相當不錯，因為如果你考慮一下——這是上半年——今年下半年和明年上半年。

So I would say the risk is if it is prolonged is to the 9.8%, that meaning the second half of next year. But I still think that we feel that -- the good thing, R.J., is this trajectory is probably at risk of just balancing out, meaning that if we have -- if we thought it was going to be 9% and 9.8%, that it balances to 9.2% on both.

所以我想說，如果延長的話，風險是9.8%，這意味著明年下半年。但我仍然認為，我們認為，R.J.，好的事情是，這一軌跡可能面臨平衡的風險，這意味著如果我們認為會是 9% 和 9.8%，那麼兩者平衡至 9.2%。

If you look at currently what's going on, we're not making any changes because I said we really had 1 film that we're aware of any meaningful expectation that's moved -- and we've had such outperformance to date that we've overcome that. So this year's numbers, we haven't seen really a lot of people move. But if anything, people probably would be moving their number up this year, but they're kind of holding it right now. But Greg, do you have anything...

如果你看看目前正在發生的事情，我們不會做出任何改變，因為我說過我們確實有一部電影我們知道任何有意義的期望發生了變化——而且迄今為止我們的表現如此出色，以至於我們已經克服這一點。從今年的數據來看，我們並沒有看到很多人搬家。但如果有的話，人們今年可能會提高他們的數字，但他們現在有點堅持。但是格雷格，你有什麼...

I agree. I mean, I think, R.J., the critical point is whatever movie might have moved has been more than offset by the outperformance of Barbie, Oppenheimer and Sound of Freedom.

我同意。我的意思是，我認為，R.J.，關鍵的一點是，無論電影可能發生什麼變化，都被《芭比娃娃》、《奧本海默》和《自由之聲》的出色表現所抵消。

Got it. But the Barbenhamer duo is not -- would not be in your lease year or when you...

知道了。但巴本哈默二人組不會——不會在你的租賃年或當你……

Yes, some of it will be. I mean, right now, we're in the -- last week, we're in the Barbenhiemer period. And as Greg noted, second highest weekend ever -- so there's still -- we're still benefiting -- again, anytime if you talk to somebody in the industry when you're in August, and you have a -- even this weekend, where we're going to have probably between those 2 approaching $100 million or over $100 million out of those 2 films this weekend is a really strong August.

是的，其中一些會的。我的意思是，現在，我們正處於——上週，我們正處於巴本希默時期。正如格雷格指出的，有史以來第二高的周末 - 所以我們仍然受益 - 再次，如果你在八月份與業內人士交談，並且你有 - 即使這個週末，本週末這兩部電影的票房可能會接近1 億美元或超過1 億美元，這是一個非常強勁的八月。

Plus Teenage Mutant Ninja turtles.

加上忍者神龜。

Yes. So I mean we're probably easily going to have above $150 million top 10 film weekend. -- this is -- would be great in any August.

是的。所以我的意思是，我們很可能會輕鬆獲得超過 1.5 億美元的周末票房前 10 名電影。 ——這在任何八月都會很棒。

That's helpful. I wanted to -- I think it was Tom that commented on the clarity on the deferral and other revenue collections. So that's very helpful. But Mark, as I'm thinking about sort of the 2023 guidance and bridging to 2024, I think that you're going to see, at least according to this, it's about $35 million of lower stub and deferral payments expected, '23 versus '24. And then there's, I think, a $17.8 million reduction in a Regal rent. So that's about $52 million that's going to be coming out of '23 as we look into '24. And then what you need to add back is the operating theater profit and then the percentage rents. What else am I missing?

這很有幫助。我想——我認為是湯姆對延期和其他收入徵收的清晰度發表了評論。這非常有幫助。但是，馬克，當我考慮2023 年的指導和到2024 年的過渡時，我認為你會看到，至少根據這個，預計存根和延期付款將減少約3500 萬美元，“23 年與2024 年相比” '24。我認為，Regal 的租金將減少 1,780 萬美元。因此，當我們展望 24 年時，23 年將產生約 5200 萬美元。然後你需要加回的是手術室利潤，然後是租金百分比。我還缺少什麼？

Yes. Let me take that a little differently because I think maybe the Regal part of that might have been a bit overstated. So if you take the 510 guidance this year, as you mentioned, we have $35.7 million, most of which is nonrecurring. That's worth about $0.47 gets you to 463.

是的。讓我以不同的方式看待這一點，因為我認為其中的富豪部分可能有點被誇大了。因此，如果您採用今年的 510 指導，正如您提到的，我們有 3570 萬美元，其中大部分是非經常性的。價值約 0.47 美元，可讓您達到 463。

As far as Regal, if you think about it, we had -- once you get rid of all those deferrals, which I just did in stub payments and so forth, you end up with really, we had 7 months of full income in '22 that we don't expect in '23 because the last 5 months will be the same for both periods. So you have 7 months. So if you take those 7 months, it was around $7.3 million a month is what the old rent used to be, and you take about 22% of that because that was the base rent cut. That's worth about $11 million year-over-year.

就 Regal 而言，如果你想一想，我們——一旦你擺脫了所有這些延期，我剛剛在存根付款等方面做了這些，你最終會發現，我們真的有 7 個月的全額收入。我們預計23 年不會出現22 號的情況，因為這兩個時期的最後5 個月是相同的。所以你有7個月的時間。因此，如果您考慮這 7 個月，以前的租金約為每月 730 萬美元，您將獲得大約 22%，因為這是基本租金削減。同比價值約為 1100 萬美元。

So base rent going down $11 million. And then you have to add to that what you said, the percentage rents, let's call that $8.7 million. We'll take a look at that as we give guidance in February, but that's what we put out, and it seems to be tracking. -- an operating theater profits of another $6.3 million. That's $15 million going the other way. So it's actually -- once you back out deferrals and all this noise for Regal, Regal is actually going up next year, again, subject to box office, up about $3.7 million.

因此基本租金將下降 1100 萬美元。然後你必須加上你所說的租金百分比，我們稱之為 870 萬美元。我們將在二月份提供指導時對此進行研究，但這就是我們發布的內容，而且似乎正在跟踪。 ——手術室利潤又增加了 630 萬美元。反之則相當於 1500 萬美元。所以實際上——一旦你取消了《Regal》的延期和所有這些噪音，《Regal》明年實際上會再次上漲，取決於票房，上漲約 370 萬美元。

And then as we mentioned, we're also putting Regal on accrual basis accounting, which is worth about another $2.5 million. So kind of a $6.2 million increase for Regal. So again, you take the 510, subtract the $47 million, or at 463 added about $0.08 for the Regal impact. You're kind of sitting at 471-ish. -- before any growth from this year and next year and all the other puts and takes in G&A and so forth. But that kind of gives you a sort of a starting point.

然後，正如我們提到的，我們還將 Regal 採用權責發生製會計，其價值約為 250 萬美元。 Regal 的收入增加了 620 萬美元。同樣，您採用 510，減去 4700 萬美元，或者在 463 中增加約 0.08 美元，以體現富豪的影響。你有點坐在 471 左右。 ——在今年和明年的任何增長以及一般管理費用等所有其他投入和支出之前。但這給了你一個起點。

Our next question comes from Michael Carroll with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的邁克爾·卡羅爾。

I guess, not to belabor the writers strike, but Greg Silvers, I believe on the June call that you highlighted that if the writers strike was resolved in 40 to 50 days post that ended June call that there'll be minimal to no impact. I guess that would put us in to mid-August. So I mean if we get in through mid-August, and this is not resolved, is that when we should start thinking about this, could be having an impact on some of these movie delays?

我想，不是要痛斥作家罷工，而是格雷格·西爾弗斯（Greg Silvers），我相信您在6 月電話會議上強調，如果作家罷工在6 月電話會議結束後的40 到50 天內得到解決，那麼影響將很小甚至沒有。我想這會讓我們到八月中旬。所以我的意思是，如果我們到了八月中旬，而這個問題還沒有解決，那麼我們是否應該開始考慮這個問題，這是否會對某些電影的延遲產生影響？

Yes. I mean I think we're still consistent with that. And I think what I said was that we thought it's really -- we still believe that it's later in 2024. Now they could move titles. And remember, we're just moving titles from '23 to '24. And as we see out-performance in '23, if studios want to derisk some of that, they can move that kind of into '24.

是的。我的意思是，我認為我們仍然堅持這一點。我想我所說的是，我們認為這確實是——我們仍然相信那是在 2024 年晚些時候。現在他們可以轉移頭銜了。請記住，我們只是將標題從 '23 移至 '24。正如我們在 23 年看到的出色表現，如果工作室想要規避其中的一些風險，他們可以將這種情況轉移到 24 年。

But I think as we move into the August and September time frame is when we will start to see if titles are moving. And if or if there's progress in the discussions and they are -- don't feel -- or they feel that they're good on track. But Greg, I don't know -- that's consistent with what you think -- but so I think that logic still holds, Michael.

但我認為，當我們進入八月和九月的時間範圍時，我們將開始看看標題是否正在發生變化。如果或如果討論取得進展，他們是——不覺得——或者他們覺得自己已經步入正軌。但是格雷格，我不知道——這與你的想法是一致的——但我認為這個邏輯仍然成立，邁克爾。

Okay. That sounds good. And then the way that we should think about it too is, I mean, obviously, you have leases with a lot of these theaters, so you're not going to -- that's not going to impact it, but like the Regal percentage rents, your operating theaters, that's going to be impacted. How much percentage rents do you have outside of that Regal restructuring that could be impacted by some of those movements.

好的。聽起來很好。然後我們也應該考慮這個問題的方式是，我的意思是，顯然，你與很多這樣的劇院都有租約，所以你不會——這不會影響它，但就像富豪百分比租金一樣您的手術室將會受到影響。除了富豪重組之外，您的租金百分比有多少可能會受到其中一些變動的影響。

It's very minimum -- our percentage rent, for example, this year is non-theater related.

這是非常低的——例如，今年我們的租金百分比與劇院無關。

Okay. Great. And then going back to the investment market. I know you talked a little bit about the 11 assets held for sale. But what about the value for like the high-quality theaters I mean, is there a market forming where you could potentially sell some of your higher-end type assets, theater assets? Is there starting to be interest out there?

好的。偉大的。然後回到投資市場。我知道您談到了待售的 11 項資產。但是，像高質量劇院這樣的價值呢？我的意思是，是否存在一個市場，您可以在其中出售一些高端類型資產（劇院資產）？人們開始感興趣了嗎？

I think there's always, and I think as Greg talked about, some of these 11 that we take will probably be sold as theaters. But it's always about highest and best use. And if you look at if you look at what the theater that we sold this year that Greg just reported on, even though it's going to a non-theater use, this was based on previous rents, a low single-digit cap rate that we achieved on that.

我認為，正如格雷格所說，我們拍攝的這 11 部影片中的一些可能會作為影院出售。但它總是關於最高和最佳用途。如果你看看格雷格剛剛報導的今年我們出售的劇院，即使它將用於非劇院用途，這是基於之前的租金，我們的低個位數上限利率在此方面取得了成就。

So I think it's truly about -- and Greg and his team and our asset management team trying to just determine what is the highest and best use. It's always nice as we're starting to see now theater operators come in and starting to bid these properties. But it's the juxtaposition of, okay, does it have a higher and better use, and we can put non-theater use versus theater use as competing bids.

所以我認為這確實是關於格雷格和他的團隊以及我們的資產管理團隊試圖確定什麼是最高和最好的用途。這總是好事，因為我們現在開始看到劇院運營商進來並開始競標這些房產。但這是並列的，好吧，它是否有更高更好的用途，我們可以將非劇院使用與劇院使用作為競爭性投標。

Yes. And Michael, to the extent you're talking about selling theaters as theaters or cash flow, we're starting to see some green shoots there. And again, I think the fact that Santikos was willing to buy Southern shows that the theatrical exhibition business is recovering nicely.

是的。邁克爾，就你所說的將劇院作為劇院或現金流出售而言，我們開始看到一些萌芽。再說一次，我認為桑蒂科斯願意收購南方劇團的事實表明，戲劇放映業務正在恢復良好。

Our next question comes from Jyoti Yadav from JMP Securities.

我們的下一個問題來自 JMP 證券的喬蒂·亞達夫 (Jyoti Yadav)。

Guys, it's Mitch here. I think a lot of the Regal and other topics have been covered. I was curious a little bit about some of the dispositions. Greg, I think you said that they were the vacant assets, but I'm curious about potentially considering maybe some noncore or even core dispositions here in this environment on top of kind of what you're doing with KinderCare and Regal?

伙計們，我是米奇。我認為很多富豪和其他主題都已經涵蓋了。我對其中的一些配置有點好奇。格雷格，我想你說過它們是空置資產，但我很好奇，除了你在 KinderCare 和 Regal 所做的事情之外，在這種環境下可能會考慮一些非核心甚至核心配置？

Again, like I said, we'll always consider those things. I think we had a lot going on with resolving Regal and getting this and think about we had our fourth largest tenant, just changed hands. So -- over the quarter, we've had a lot going on. I think we've got quite a few dispositions that we're managing right now, but we're going to look at all of those things, Mitch, as we kind of -- as we kind of remove the overhang that was apparent for the first half of the year.

再說一遍，就像我說的，我們將始終考慮這些事情。我認為我們在解決富豪問題和解決這個問題方面做了很多工作，並考慮我們的第四大租戶，剛剛易手。所以——在這個季度，我們發生了很多事情。我認為我們現在正在管理相當多的配置，但我們將考慮所有這些事情，米奇，就像我們消除了明顯的懸而未決的問題一樣。今年上半年。

But kind of as we go forward, you start to look at some of the things we're talking about -- and as I said, our 3 of our 4 largest theater tenants now, if you look at Regal better -- we've been talking about that they're going to come out on a sub-3 balance sheet kind of debt to EBITDA. But if you look at the pro formas that they presented in their balance, they're actually going to come out sub-2.

但隨著我們前進，你開始關注我們正在談論的一些事情 - 正如我所說，我們現在 4 個最大的劇院租戶中的 3 個，如果你更好地觀察富豪 - 我們已經一直在談論他們將在資產負債表上列出低於3 級的EBITDA 債務。但如果你看看他們在平衡表中提出的預估，他們實際上會得出 sub-2。

And we're talking about Santikos that now may have little to no debt in their entire structure. So I think, overall, we have spent a lot of time getting that theater portfolio. And Greg and his team and Mark and his team are getting these things into a position that we have fantastic theater tenants into a rising and recovery box office.

我們談論的是 Santikos，現在其整個結構中可能幾乎沒有債務。所以我認為，總的來說，我們花了很多時間來獲得劇院作品集。格雷格和他的團隊以及馬克和他的團隊正在將這些事情置於這樣一個位置：我們擁有出色的劇院租戶，票房不斷上升和復蘇。

So I think that was our focus in getting those things right -- and now as we move forward, we've got an opportunity to create additional capital. As Greg has talked about many times, we have good opportunities and we'll start kind of balancing all of those things out to whether it's some of our operating education, which Greg relied is performing very well, and some of these other assets, we have a stated intent and continued belief to lower our theater exposure.

所以我認為這是我們把這些事情做好的重點——現在隨著我們的前進，我們有機會創造額外的資本。正如格雷格多次談到的那樣，我們有很好的機會，我們將開始平衡所有這些事情，看看是否是我們的一些運營教育，格雷格所依賴的表現非常好，以及其他一些資產，我們有明確的意圖和持續的信念來降低我們在劇院的曝光度。

And as that market comes back and as we're starting to see capital flow into exhibition. We're going to see more and more opportunities. So we're very encouraged about not only our ability to raise capital, but the ability for the market to recognize the improvements that have been made, not only in terms of the exhibition world, but in the terms of the quality of the tenants that we have now relative to their -- relative to that recovery. And I think it will create opportunity. But Greg?

隨著市場的複蘇，我們開始看到資本流入展覽。我們將會看到越來越多的機會。因此，我們不僅對我們籌集資金的能力感到非常鼓舞，而且對市場認可我們所取得的進步的能力感到非常鼓舞，不僅在展覽界方面，而且在租戶的質量方面。我們現在相對於他們的複蘇而言。我認為這會創造機會。但是格雷格？

No, I think that's right.

不，我認為這是對的。

Great. Last one for me. I know that you guys went over some of the puts and takes from '23 to '24. I'm curious how much G&A in '23 was allocated to Regal that kind of doesn't recur heading into '24.

偉大的。最後一張給我。我知道你們回顧了 23 至 24 年間的一些看跌期權。我很好奇 23 年有多少 G&A 分配給了 Regal，這種情況在 24 年不會再出現。

Yes, it's probably around a couple of million dollars, actually, that was kind of prolonged and a lot of work went into that. So we do expect G&A to come down next year.

是的，實際上可能需要幾百萬美元，這有點漫長，而且需要做很多工作。因此，我們預計明年的一般行政費用將會下降。

I'm showing no further questions at this time. So I would now like to turn the conference back to Greg Silvers for closing remarks.

我目前沒有提出任何進一步的問題。因此，我現在想請格雷格·西爾弗斯（Greg Silvers）致閉幕詞。

Thank you, Theresa, and thank you all for joining us. Again, we look forward to talking to you in the coming months. And as always, if you have any questions, be sure to reach out. So thanks, everyone, and have a great day. Bye-bye.

謝謝你，特蕾莎，也感謝大家加入我們。我們再次期待在未來幾個月與您交談。一如既往，如果您有任何疑問，請務必聯繫我們。謝謝大家，祝您有美好的一天。再見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。