EPR Properties (EPR) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Third Quarter 2023 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 your speaker today, Brian Moriarty, Vice President, Corporate Communications. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 2023 年第三季 EPR Properties 收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。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. Thank you, Victor. Thanks for joining us today for our third 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。謝謝你，維克多。感謝您今天加入我們的 2023 年第三季財報電話會議和網路廣播。今天電話會議的參與者包括董事長兼執行長 Greg Silvers； Greg Zimmerman，執行副總裁兼資訊長；執行副總裁兼財務長馬克彼得森 (Mark Peterson)。

I'll start the call by informing you that this call may include forward-looking statements as defined 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 the operations may continue -- 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》中定義的前瞻性陳述，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。該公司的實際財務狀況和經營業績可能會繼續——可能與此類前瞻性聲明中預期的結果有重大差異。

The discussion of these factors that could cause results to differ materially from these 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 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.

這些可能導致結果與這些前瞻性陳述有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 10-K 和 10-Q 表格的報告。此外，本次電話會議將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表現。這些指標與最直接可比較的 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 提供的補充資訊中。

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 third quarter 2023 earnings call and webcast. I'm happy to report another strong quarter, highlighted by top line revenue growth of approximately 17% and FFO as adjusted per share growth of approximately 27% versus the same quarter prior year. These results were driven by continued strong results in our experiential properties, along with significant deferral collections. With these results as a backdrop, we are pleased to announce that we are increasing our 2023 earnings guidance.

謝謝你，布萊恩。大家早安，感謝您參加今天的 2023 年第三季財報電話會議和網路廣播。我很高興地報告又一個強勁的季度，與去年同期相比，營收成長約 17%，FFO 調整後每股成長約 27%。這些結果是由我們的體驗式飯店持續強勁的業績以及大量的延期收款所推動的。在這些結果的背景下，我們很高興地宣布，我們將提高 2023 年的獲利指導。

A few matters on tenant health. As we previously announced, during the quarter, we significantly enhanced our theater portfolio as we entered into a comprehensive restructuring agreement with Regal, anchored by a new master lease. Additionally, Southern Theaters, our fourth largest theater tenant was acquired by Santikos Entertainment, who paid the full remaining deferred rent owed by Southern Theaters.

關於租戶健康的一些問題。正如我們之前宣布的那樣，在本季度，我們與 Regal 簽訂了以新的主租賃為基礎的全面重組協議，顯著增強了我們的劇院投資組合。此外，我們的第四大劇院租戶南方劇院被 Santikos Entertainment 收購，後者支付了南方劇院所欠的全部剩餘遞延租金。

While the actor's strike is still ongoing, resolution of the writer strike was an important milestone as theatrical exhibition continues its strong recovery. As of last weekend, year-to-date box office has already surpassed 2022 total box office revenues. As we emphasized previously, compelling content translates into theater attendance.

雖然演員的罷工仍在繼續，但隨著戲劇展覽繼續強勁復甦，編劇罷工的解決是一個重要的里程碑。截至上週末，年初至今的票房已超過2022年總票房收入。正如我們之前強調的，引人注目的內容會轉化為劇院的上座率。

Most recently, the -- our Barbenheimer event highlighted the power of theatrical exhibition as it brought in cohorts from diverse age and gender demographics. Additionally, it brought back many who hadn't been to the theater in years. With the Taylor Swift, The Eras Tour movie, we're seeing the true power of theatrical experience combined with highly engaging content. This is an excellent example of alternative content brought to life in a theatrical environment. Many in the industry are seeing the success of this movie as an indicator of opportunities for other genres and performers to bring their content to this entertainment platform.

最近，我們的巴本海默活動強調了戲劇表演的力量，因為它吸引了來自不同年齡和性別的人。此外，它還讓許多多年沒有去過劇院的人又回來了。透過泰勒絲《The Eras Tour》電影，我們看到了戲劇體驗與高度引人入勝的內容相結合的真正力量。這是在戲劇環境中將另類內容帶入生活的一個很好的例子。許多業內人士將這部電影的成功視為其他類型和表演者將其內容帶到這個娛樂平台的機會的指標。

Our non-theater portfolio continues to demonstrate strength, and our coverage remains strong with many tenants seeing increases in both attendance and revenue. While the macro environment remains challenging for REITs broadly, consumers continue to value experiences and their spending on these activities remains resilient. Accordingly, we are confident in our plan and our ability to identify and capitalize on compelling opportunities.

我們的非劇院投資組合繼續展現實力，並且我們的覆蓋範圍仍然強勁，許多租戶的上座率和收入均有所增加。儘管宏觀環境對房地產投資信託基金來說仍然充滿挑戰，但消費者仍然重視體驗，並且他們在這些活動上的支出仍然具有彈性。因此，我們對我們的計劃以及識別和利用引人注目的機會的能力充滿信心。

With a committed development and redevelopment pipeline of approximately $235 million to be funded over the next 2 years, with $173 million of cash on hand and no borrowings on our $1 billion unsecured revolving credit facility, we are well positioned to continue our growth without having to issue equity. Our current value proposition is strong with a solid balance sheet, a well-covered dividend and significant near-term catalysts with a recovering box office and the potential to realize meaningful percentage rent.

我們承諾在未來2 年內為約2.35 億美元的開發和再開發項目提供資金，手頭有1.73 億美元的現金，並且我們的10 億美元無擔保循環信貸融資中沒有任何借款，因此我們處於有利位置，可以繼續成長，而無需發行股權。我們目前的價值主張很強大，擁有穩健的資產負債表、充足的股息和重要的近期催化劑，票房正在復蘇，並且有可能實現有意義的租金百分比。

Additionally, we are the only diversified REIT focusing on the highly resilient experiential economy. We specialize in experiential real estate and, as such, have developed unique industry knowledge in the segments we target approach. This allows us to develop long-term relationships and provides the ability to be selective in the spaces in which we invest. As we continue to execute our plan, we anticipate an improvement in our cost of capital, which should allow us to achieve increased levels of growth.

此外，我們是唯一專注於高彈性體驗經濟的多元化房地產投資信託基金。我們專注於體驗式房地產，因此在我們的目標細分市場中累積了獨特的行業知識。這使我們能夠發展長期合作關係，並能夠在投資領域進行選擇性投資。隨著我們繼續執行我們的計劃，我們預計資本成本將會改善，這將使我們能夠實現更高的成長水平。

Now I'll turn it over to Greg Zimmerman for more details on the quarter.

現在我將把它交給 Greg Zimmerman，以了解有關本季度的更多詳細資訊。

Thanks, Greg. At the end of the quarter, our total investments were approximately $6.7 billion, with 359 properties in service and 99% leased. Beginning this quarter, we will exclude properties we intend to sell from our leasing occupancy statistics.

謝謝，格雷格。截至本季末，我們的總投資約為 67 億美元，共有 359 處物業投入使用，其中 99% 已出租。從本季開始，我們將從租賃佔用統計資料中排除打算出售的房產。

During the quarter, our investment spending was $36.8 million, bringing our total investment spending for the 9 months ending on September 30 to $135.5 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 and 2023.

本季度，我們的投資支出為 3,680 萬美元，使截至 9 月 30 日的 9 個月的投資支出總額達到 1.355 億美元。 100% 的支出用於我們的體驗式投資組合，包括為 2022 年和 2023 年開始的體驗式客製化開發專案和再開發專案提供持續資助。

Our experiential portfolio comprises 288 properties with 51 operators and accounts for 92% of our total investments or approximately $6.2 billion, and at the end of the quarter was 99% occupied. Our education portfolio comprises 71 properties with 8 operators, and at the end of the quarter, was 100% occupied.

我們的體驗式投資組合包括 288 處房產和 51 家營運商，占我們總投資的 92%（約 62 億美元），截至本季末，入住率達 99%。我們的教育投資組合包括 71 個物業和 8 個營運商，截至本季末，入住率為 100%。

Turning to coverage. The most recent data provided is based on a June trailing 12-month period. Overall portfolio coverage for the trailing 12 months continues to be strong at 2x. Coverage for the non-theater portion of our portfolio is 2.6x. Coverage for the theaters is 1.4x with box office for the 12 months ending June 30 at $8.1 billion.

轉向覆蓋範圍。提供的最新數據是根據 6 月過去 12 個月的數據。過去 12 個月的整體投資組合覆蓋率持續保持在 2 倍的強勁水準。我們投資組合中非戲院部分的覆蓋範圍是 2.6 倍。截至 6 月 30 日的 12 個月內，影院的覆蓋率增加了 1.4 倍，票房達到 81 億美元。

By way of comparison, if the restructured Regal deal, which I'll describe in more detail in a moment, had been in place for the trailing 12 months ending June 30, theater coverage would be 1.5x and overall coverage would be 2.1x. Beginning next quarter, to provide a more accurate view of coverage, we will report theater coverage as if the restructured Regal deal was in place for the full trailing 12 months.

相比之下，如果重組後的富豪交易（我稍後將更詳細地描述）在截至6 月30 日的過去12 個月內一直有效，那麼影院覆蓋率將是1.5 倍，總體覆蓋率將是2.1 倍。從下個季度開始，為了提供更準確的覆蓋範圍，我們將報告影院覆蓋範圍，就好像重組後的富豪交易在過去 12 個月內一直有效一樣。

Finally, with trailing 12-month box office growths through September 30 at $8.8 billion, we anticipate theater coverage is returning to our pre-pandemic range.

最後，截至 9 月 30 日，連續 12 個月的票房成長達到 88 億美元，我們預計戲院覆蓋率將恢復到疫情前的範圍。

Now I'll update you on the operating status of our tenants. As previously reported, we entered into a comprehensive restructuring agreement with Regal, anchored by a new master lease for 41 of the 57 properties previously operated by Regal. The new master lease became effective August 1.

下面我就來為大家介紹一下我們租戶的經營狀況。如同先前所報導的，我們與 Regal 簽訂了一項全面重組協議，其基礎是對 Regal 先前營運的 57 處房產中的 41 處進行新的主租賃。新的主租約於 8 月 1 日生效。

The 4 former Regal locations now managed by Cinemark and 1 managed by Phoenix are all open, ramping up and regaining market share. Performance is in line with our expectations. As we reported in August on July 17, Santikos Theaters LLC, acquired VSS-Southern Theaters 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.

目前由喜滿客管理的 4 家前 Regal 餐廳和由鳳凰城管理的 1 家餐廳均已開業，正在擴大規模並重新奪回市場份額。表現符合我們的預期。正如我們在 7 月 17 日報的那樣，Santikos Theaters LLC 透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 connection with the transaction, Southern paid in full its remaining deferred rent of $11.6 million, which was recognized as rental revenue in the third quarter. In the quarter, we took an impairment of $20.9 million related to a potential restructuring with a small regional theater chain. We are working on to finalize the agreement and we'll provide more detail on a future call. The third quarter was a continuation of box office recovery despite the headwinds of the writer's and actor's strikes. The writer strike was settled in September and approved by the Writers Guild in early October. The Screen Actors Guild remains on strike, and we don't have any insight into the timing of resolution.

與此交易相關的是，南方航空全額支付了剩餘的遞延租金 1,160 萬美元，該租金已在第三季確認為租金收入。本季度，我們因與一家小型區域連鎖影院的潛在重組相關而提列了 2090 萬美元的減值。我們正在努力敲定協議，我們將在未來的電話會議上提供更多細節。儘管面臨編劇和演員罷工的不利影響，第三季票房仍繼續復甦。作家罷工於九月解決，並於十月初得到作家協會的批准。演員工會仍在罷工，我們不知道解決的時間。

Box office for the first 3 quarters of 2023 was $7 billion, a 26% increase over the same time period in 2022 led by $955 million in combined box office gross during the quarter from Barbie and Oppenheimer, Q3 total box office was $2.6 billion, a 38% increase over Q3 2022. 6 films grossed over $100 million and 13 grossed over $60 million demonstrating the broad-based return of exhibition with contributions from both blockbusters and smaller films.

2023 年前 3 季票房為 70 億美元，較 2022 年同期成長 26%，其中《芭比與奧本海默》該季總票房為 9.55 億美元，第三季總票房為 26 億美元，較2022 年第三季成長38%。有6 部影片的票房收入超過1 億美元，13 部影片的票房收入超過6,000 萬美元，顯示放映大片和小電影的貢獻得到了廣泛的回報。

Q4 is off to a solid start, led by Taylor Swift: The Eras Tour, which grows $93 million on its opening weekend, the second highest October opening ever and the highest grossing concert film opening ever and has grossed $132 million through October 23. Through October 23, 21 titles have grossed over $100 million in 2023 and year-to-date box office gross stands at $7.44 billion, which exceeds the box office gross for all of 2022.

第四季在《泰勒絲：時代巡迴演唱會》的帶領下，取得了良好的開局，首映週末票房收入達9,300 萬美元，是有史以來10 月份首映票房第二高的影片，也是有史以來票房最高的音樂會電影首映票房，截至10 月23 日，票房收入已達1.32 億美元。10 月23 日消息，2023 年有21 部影片票房收入超過1 億美元，年初至今票房總額為74.4 億美元，超過2022 年全年票房總額。

Because of the continued strong performance, we believe domestic box office for 2023 will come in slightly above $9 billion, which is in line with the projections we shared in discussing our Regal resolution and would be a 24% increase over 2022 domestic box office gross.

由於持續強勁的表現，我們相信 2023 年國內票房將略高於 90 億美元，這與我們在討論 Regal 決議時分享的預測一致，並將比 2022 年國內票房總額增長 24%。

We are optimistic about the remainder of the year with Killers of the Flower Moon, which opened last weekend and grossed $23 million. Renaissance, a film by Beyoncé, Hunger Games: The Ballad of Songbirds & Snakes, The Marvels, Napoleon and Aquaman and the Lost Kingdom. Importantly, our high-quality theater portfolio continues to outperform the industry.

我們對《花月殺手》今年剩餘時間持樂觀態度，該片於上週末上映，票房收入 2,300 萬美元。 《文藝復興》、碧昂絲執導的電影、《飢餓遊戲：鳥與蛇之歌》、《奇蹟》、《拿破崙》、《海王與失落的國度》。重要的是，我們的高品質劇院組合繼續優於行業。

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, which is negatively impacting EBITDARM for some.

現在轉向我們其他主要客戶群的最新情況。在我們邁向價值導向目的地的各個領域，我們持續看到良好的成果和持續的消費者需求。總體而言，營運商正在管理增加的營運費用，這對某些人的 EBITDARM 產生了負面影響。

While attendance remains strong in some properties, we are seeing an anticipated pullback from peak post-pandemic attendance. Our Eat & Play assets continued their strong performance with portfolio revenue and EBITDARM up over Q3 2022.

儘管某些物業的客流量依然強勁，但我們預計客流量將較大流行後的高峰有所回落。我們的 Eat & Play 資產持續保持強勁表現，投資組合收入和 EBITDARM 在 2022 年第三季有所成長。

At its own expense, Topgolf renovated 5 of our assets in 2023, replacing the outfield turf in lighting, repainting and upgrading signage. Our attractions portfolio saw attendance gains. EBITDARM was pressured by increasing insurance and wage costs, but we still have comfortable rent coverage.

2023 年，Topgolf 自費翻新了我們的 5 處資產，更換了外野草坪的照明、重新粉刷和升級標誌。我們的景點組合見證了遊客數量的增長。 EBITDARM 受到保險和工資成本增加的壓力，但我們仍然擁有舒適的租金保障。

Construction of the indoor water park at the Bavarian Inn in Frankenmuth, Michigan is about 25% complete. And on schedule for a summer 2024 opening.

密西根州弗蘭肯默斯 Bavarian Inn 的室內水上樂園建設已完成約 25%。並按計劃於 2024 年夏季開業。

Attendance at City Museum in St. Louis is up 11% year-over-year, driving increased revenue and EBITDARM. Our Titanic museums also demonstrated strong attendance, revenue and EBITDARM growth year-over-year.

聖路易市博物館的參觀人數年增 11%，推動收入和息稅前利潤 (EBITDARM) 的成長。我們的泰坦尼克號博物館的參觀人數、收入和息稅折舊攤提前利潤 (EBITDARM) 也呈現強勁的同比增長。

Across our fitness offerings, we're seeing continued year-over-year growth in membership revenue as the post pandemic emphasis on fitness continues. We are also seeing improvements in EBITDARM and EBITDARM margin. Construction is underway for both the expansion of the Springs Resort in Pagosa Springs, which will open in early 2025, and the redevelopment of our Murrieta, California conference center into a new natural hot springs resort which is scheduled to open in early 2024.

在我們的健身產品中，隨著疫情後對健身的重視持續，我們看到會員收入持續年增。我們也看到 EBITDARM 和 EBITDARM 利潤率有所改善。帕戈薩斯普林斯(Pagosa Springs) 溫泉度假村的擴建工程正在進行中，預計將於2025 年初開業，而加州穆列塔(Murrieta) 會議中心將重新開發為新的天然溫泉度假村，預計於2024 年初開幕。

Construction on improvements to both gravity house Steamboat Springs and Aspen locations is also well underway. Vail reported season pass sales are up 7%, and Alyeska joins the Ikon Pass program for the coming season. We continue to be pleased with the strong performance of the Nordic Spa at Alyeska. Room renovations continue at Alyeska, including the addition of the Glacier lounge and new suites.

斯廷博特斯普林斯和阿斯彭地點的重力屋改良工程也正在順利進行中。 Vail 報告季票銷量成長了 7%，Alyeska 加入了下一季的 Ikon Pass 計畫。我們仍然對阿拉斯加北歐水療中心的強勁表現感到滿意。 Alyeska 的客房翻新工程仍在繼續，包括增設 Glacier 酒廊和新套房。

Our Margaritaville Hotel in Nashville, proximate to all of Nashville's famous downtown destinations, continues its upward trajectory in revenue, EBITDARM and occupancy. At both the Beachcomber and Bellwether resorts in St. Pete Beach, we continue to see increases in occupancy, operating revenue and EBITDARM while ADR and RevPAR are normalizing from post-pandemic highs.

我們位於納許維爾的瑪格麗塔維爾酒店毗鄰納許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。在聖彼得海灘的Beachcomber 和Bellwether 度假村，我們繼續看到入住率、營業收入和息稅前利潤(EBITDARM) 的增長，而平均房價(ADR) 和可售房收入(RevPAR) 也從疫情後的高點恢復正常。

Revenue and EBITDARM increased year-over-year in Q3 for our overall RV park portfolio. The conversion of the former Cajun Palms to Camp Margaritaville Breaux Bridge is complete, and we are starting to see improved results.

我們整個房車公園投資組合的收入和息稅前利潤在第三季同比增長。前卡津棕櫚樹 (Cajun Palms) 向瑪格麗塔維爾布勞克斯營地 (Camp Margaritaville Breaux Bridge) 的改建已完成，我們開始看到效果有所改善。

Construction on improvements at Jellystone, Kozy Rest in suburban Pittsburgh is underway to be complete by Memorial Day, and we have completed 80% of the redevelopment at Jellystone Warrens in the Wisconsin Dells.

匹茲堡郊區 Jellystone、Kozy Rest 的改善工程正在進行中，將於陣亡將士紀念日之前完成，威斯康星德爾斯 Jellystone Warrens 的重建工作已完成 80%。

Our education portfolio continues to perform well. With year-over-year increases through June 30 across the portfolio, up 12% in revenue and 6% in EBITDARM. Attendance is holding steady at very high levels and increased across the entire portfolio for June 2023 trailing 12 months.

我們的教育組合持續表現良好。截至 6 月 30 日，整個投資組合的營收年增 12%，EBITDARM 成長 6%。到 2023 年 6 月，整個投資組合的參觀人數在過去 12 個月中一直穩定在很高的水平。

Turning to capital recycling. As we reported in August, during the quarter, we sold 2 more KinderCare locations for which the lease was terminated for combined net proceeds of $13.9 million and a gain of approximately $1.5 million. Both will be operated at schools. We have now sold 3 of the 5 and have a signed purchase agreement for the fourth.

轉向資本回收。正如我們在 8 月報導的那樣，在本季度，我們又出售了 2 個已終止租賃的 KinderCare 地點，淨收益合計為 1,390 萬美元，收益約為 150 萬美元。兩者都將在學校運營。我們現已售出 5 套中的 3 套，並簽署了第四套購買協議。

Again, as we reported in July, in the third 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 around $750,000. We were not able to publicly market any of the 11 surrender Regal theaters we plan to sell until mid-July. I'm pleased to report that in the third quarter, we sold the first of the 11 for net proceeds of $3.7 million and a gain of about $300,000. As of today, we have either executed letters of intent or signed purchase and sale agreements for 6 of the remaining 10 former Regal theaters. As has been our experience over the past 2-plus years, the potential future uses are varied and dependent on the location of the real estate.

正如我們在 7 月報導的那樣，第三季度，我們出售了佛羅裡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，收益約為 75 萬美元。我們計劃在 7 月中旬之前出售 11 家投降的富豪影院，但我們無法公開推銷其中的任何一家。我很高興地報告，在第三季度，我們出售了 11 個項目中的第一個，淨收益為 370 萬美元，收益約為 30 萬美元。截至今天，我們已經為剩餘 10 家前富豪劇院中的 6 家簽署了意向書或簽署了買賣協議。根據我們過去兩年多的經驗，未來的潛在用途是多種多樣的，並且取決於房地產的位置。

Year-to-date, we have generated approximately $35 million in net proceeds from dispositions subject to satisfaction of customary closing conditions, we anticipate closing additional dispositions in Q4 and are thus revising our 2023 guidance for dispositions from a range of $31 million to $41 million to a range of $40 million to $60 million.

今年迄今為止，在滿足慣例成交條件的情況下，我們已從處置中獲得了約3500 萬美元的淨收益，我們預計將在第四季度完成更多處置，因此將2023 年的處置指導從3100 萬美元修改為4100 萬美元範圍為 4000 萬至 6000 萬美元。

In Q3, our investment spending was $36.8 million, bringing our total investment spending for the first 9 months of the year to $135.5 million. This consisted of funding of experiential development and redevelopment projects commenced in 2022 and 2023. We're narrowing our investment spending guidance range for funds to be deployed in 2023 and from a range of $200 million to $300 million to a range of $225 million to $275 million.

第三季度，我們的投資支出為 3,680 萬美元，使今年前 9 個月的投資支出總額達到 1.355 億美元。這包括為 2022 年和 2023 年開始的體驗式開發和再開發項目提供資金。我們正在縮小 2023 年部署資金的投資支出指導範圍，從 2 億至 3 億美元範圍縮小到 2.25 億美元至 275 美元範圍百萬。

At the end of Q3, we have committed an additional approximately $235 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 $63 million of that $235 million will be deployed over the remainder of 2023, and that is the amount included in our 2023 guidance range.

在第三季末，我們已承諾額外投入約 2.35 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 2.35 億美元中的約 6,300 萬美元將在 2023 年剩餘時間內部署，這也是我們 2023 年指導範圍內的金額。

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 be pleased with our pipeline and with new and existing customers and concepts. But as we have consistently said over the past several quarters, we are exercising discipline in evaluating new transactions given our cost of capital and the current interest rate environment.

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，我們都看到了收購以及客製化重建和擴張的高品質機會。我們仍然對我們的管道以及新舊客戶和概念感到滿意。但正如我們在過去幾季一直所說的那樣，考慮到我們的資本成本和當前的利率環境，我們在評估新交易時會嚴格遵守紀律。

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

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 third quarter, provide an update on our balance sheet and close with providing updated 2023 guidance. We had another strong quarter of results with FFO as adjusted $1.47 per share versus $1.16 in the prior year, up 27% and AFFO of $1.47 per share compared to $1.22 in the prior year, up 20%.

謝謝你，格雷格。今天，我將討論我們第三季度的財務業績，提供資產負債表的最新信息，並最後提供更新的 2023 年指導。我們又取得了強勁的季度業績，調整後的FFO 為每股1.47 美元，與去年同期的1.16 美元相比，增長了27%；AFFO 調整後的每股業績為1.47 美元，與去年同期的1.22 美元相比，成長了20%。

Now moving to the key variances by line item. Total revenue for the quarter was $189.4 million versus $161.4 million in the prior year, an increase of 17%. In addition to the effect of acquisitions, development and scheduled rent increases, a number of other items contributed to this increase.

現在轉向按行項目劃分的關鍵差異。本季總營收為 1.894 億美元，較上年同期的 1.614 億美元成長 17%。除了收購、開發和預定租金上漲的影響外，許多其他因素也促成了這一成長。

As we discussed last quarter, Regal emerged from bankruptcy on July 31, and the new master lease became effective on August 1. In connection with reestablishing accrual basis accounting for Regal, we recognized approximately $700,000 in straight-line rental revenue during the quarter as anticipated related to the new master lease with Regal.

正如我們上季度討論的那樣，Regal 於7 月31 日擺脫破產，新的主租約於8 月1 日生效。在為Regal 重新建立權責發生製會計方面，我們按預期在本季度確認了約700,000美元的直線租金收入與 Regal 的新主租約有關。

In addition, we recognized straight-line rental revenue that was not anticipated totaling $2.1 million, primarily related to recording a straight-line receivable on the master lease on the effective date related to 4 ground leases that are subleased to Regal.

此外，我們確認了未預期的直線租金收入總計 210 萬美元，主要與在生效日期在主租賃上記錄與轉租給 Regal 的 4 個地面租賃相關的直線應收帳款有關。

During the quarter, we collected a total of $19.3 million of deferral payments from cash basis customers that was recognized as additional revenue. This included, among other collections, the $11.6 million of remaining deferred rent received from Southern related to its sale to Santikos and Regal subrent and pre-petition rent for September of '22 totaling $3.8 million as I outlined on our last call.

本季度，我們從現金制客戶收取了總計 1,930 萬美元的延期付款，這些款項被確認為額外收入。除其他收款外，這還包括從南方公司收到的1,160 萬美元的剩餘遞延租金，該租金與其出售給Santikos 和Regal 的轉租有關，以及22 年9 月的申請前租金總計380 萬美元，正如我在上次電話會議中所概述的那樣。

We also received an additional $1.2 million of prior period property operating expense reimbursements from Regal that were not previously anticipated. Going forward, we could receive an amount related to our rejection damages with Regal that is treated as an unsecured claim in the bankruptcy, but any such amount is expected to be insignificant.

我們也從 Regal 收到了先前未曾預料到的額外 120 萬美元前期物業營運費用報銷。展望未來，我們可能會收到與 Regal 拒絕賠償相關的金額，該金額被視為破產中的無擔保索賠，但預計此類金額微不足道。

With Regal's bankruptcy resolution and the full deferral payment by Southern, the deferred rent receivable not on our books, excluding the amount held in advance related to Regal is reduced to approximately $12.7 million at quarter end. Of this amount, approximately $11.6 million relates to 1 cash basis attraction tenant whose repayment timing is based on an earnings threshold, which is not expected to be achieved in 2023. The remaining amount of approximately $1.1 million relates to 2 cash basis tenants that are paying according to agreed upon schedules through 2024.

隨著 Regal 的破產解決和南方公司全額延期付款，我們帳簿上未計入的遞延應收租金（不包括與 Regal 相關的預付金額）在季度末減少至約 1,270 萬美元。其中，約 1,160 萬美元涉及 1 個現金制吸引力租戶，其還款時間基於收入門檻，預計 2023 年不會實現。剩餘金額約 110 萬美元涉及 2 個現金制租戶根據商定的時間表，直至2024年。

Thus, while as you can see on the schedule of cash basis deferral collections, we have recognized significant amounts of such revenue in 2022 and through the third quarter of 2023, we expect such amounts to be nominal in the fourth quarter of '23 and for all of 2024.

因此，雖然正如您在現金制遞延收款時間表中看到的那樣，我們已在2022 年和2023 年第三季確認了大量此類收入，但我們預計這些金額在2023 年第四季和2023 年第四季將是名義上的。2024 年 全年。

After I go over our 2023 revised guidance, I will illustrate the impact these out-of-period deferral collections are expected to have on our anticipated growth in FFOs adjusted per share for 2023 versus prior year.

在我回顧了 2023 年修訂後的指導意見後，我將說明這些期外延期收款預計將對我們 2023 年調整後的每股 FFO 與上一年相比的預期增長產生影響。

Both other income and other expense relate primarily to our operating properties, the increases in these amounts of $3.1 million and $4 million, respectively, compared to the prior year were due primarily to the fact that 5 of the 16 theaters surrendered by and previously leased to Regal have been operated by third parties on EPR's behalf since early August. These properties experienced a slight loss during the third quarter as anticipated.

其他收入和其他費用主要與我們的經營性財產有關，與前一年相比，這些金額分別增加了310 萬美元和400 萬美元，主要是由於16 家劇院中的5 家已交出並先前出租給自 8 月初以來，Regal 一直由第三方代表 EPR 運營。正如預期的那樣，這些物業在第三季出現了小幅虧損。

In addition, the net profit of the remaining managed properties taken as a whole was also slightly lower than prior year. Percentage rents for the quarter increased to $2.1 million versus $1.5 million in the prior year, primarily due to increased revenue at 1 cultural property.

此外，其餘託管物業整體淨利也略低於去年。本季的租金百分比增加至 210 萬美元，而上一年為 150 萬美元，這主要是由於 1 個文化財產的收入增加。

On the expense side, G&A expense for the quarter increased to $13.5 million versus $12.6 million in the prior year due primarily to higher payroll costs including noncash share-based compensation expense as well as higher professional fees, including those related to the Regal resolution. Interest expense net for the quarter decreased by $1.5 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.

在費用方面，本季的一般管理費用增加至1,350 萬美元，而上一年為1,260 萬美元，主要是由於工資成本增加，包括非現金股份補償費用以及更高的專業費用，包括與Regal 決議相關的費用。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，本季利息支出淨額比去年同期減少 150 萬美元。

As Greg mentioned previously, during the quarter, we recognized impairment charges of $20.9 million related to 2 theater properties that are part of a workout with a small theater tenant. These charges are excluded from FFO, FFOAA and AFFO.

正如格雷格之前提到的，在本季度，我們確認了與 2 個劇院財產相關的 2,090 萬美元減值費用，這些劇院財產是與小劇院租戶協商的一部分。 FFO、FFOAA 和 AFFO 不包括這些費用。

Turning to the next slide, I want to 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 3.8x and both interest and debt service coverage at 4.5x.

轉向下一張投影片，我想回顧該公司的一些關鍵信用比率。如您所看到的，我們的覆蓋率仍然強勁，固定費用覆蓋率為 3.8 倍，利息和償債覆蓋率為 4.5 倍。

Our net debt to adjusted EBITDAre was 4.4x for the quarter. However, excluding the favorable impacts of out-of-period revenue and annualizing other items, net debt to annualized adjusted EBITDAre was 5.1x for the quarter, still at the low end of our stated range of 5 to 5.6x. We Additionally, our net debt to gross assets was 38% on a book basis at September 30. Lastly, our common dividend continues to be very well covered with an AFFO payout ratio for the third quarter of only 56%.

本季我們的淨債務與調整後 EBITDAre 比率為 4.4 倍。然而，排除期外收入和年化其他項目的有利影響，本季淨債務與年化調整後 EBITDA 之比為 5.1 倍，仍處於我們規定的 5 至 5.6 倍範圍的低端。此外，截至 9 月 30 日，我們的淨債務與總資產的帳面比率為 38%。最後，我們的普通股息繼續得到很好的支付，第三季 AFFO 支付率僅為 56%。

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%.

現在讓我們來看看我們的資產負債表，它的狀況非常好。截至季末，我們的合併債務為 28 億美元，所有債務要麼是固定利率債務，要麼是透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 4.5 years with no scheduled debt maturities in 2023 and only $136.6 million due in 2024. We had $173 million of cash on hand at quarter end and no balance drawn on our $1 billion revolver, which puts us in an enviable position given the difficult backdrop of the capital markets. We are pleased to be increasing our 2023 FFO as adjusted per share guidance to a range of $5.10 to $5.18 from a range of $5.05 to $5.15. I will go over the changes from our previous midpoint of guidance in a moment. Note that the revised 2023 guidance range implies an FFO as adjusted per share range for the fourth quarter of $1.10 to $1.18.

此外，我們的加權平均合併債務期限為4.5 年，2023 年沒有預定債務到期日，2024 年到期的債務只有1.366 億美元。截至季度末，我們手頭上有1.73 億美元的現金，10 億美元的左輪手槍沒有餘額，這使得我們在資本市場困難的背景下，處於令人羨慕的地位。我們很高興將 2023 年 FFO 調整後每股指引值從 5.05 美元至 5.15 美元提高至 5.10 美元至 5.18 美元。稍後我將回顧我們先前的指導中點的變化。請注意，修訂後的 2023 年指引範圍意味著第四季度調整後的每股 FFO 範圍為 1.10 美元至 1.18 美元。

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. We are narrowing our 2023 investment spending guidance to a range of $225 million to $275 million from a range of $200 million to $300 million, and we do not anticipate the need to raise additional capital to fund these amounts. We're increasing our guidance for disposition proceeds for 2023 to a range of $45 million to $60 million from a range of $31 million to $41 million.

正如我們之前所討論的，考慮到當前通膨環境下的資本成本，我們有意識地決定限制近期投資支出。我們將 2023 年投資支出指引從 2 億美元至 3 億美元縮小至 2.25 億美元至 2.75 億美元，我們預計不需要籌集額外資金來資助這些金額。我們將 2023 年處置收益指引從 3,100 萬美元至 4,100 萬美元上調至 4,500 萬美元至 6,000 萬美元。

Lastly, guidance for percentage rent and G&A expense is unchanged. I want to remind everyone 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 start being recognized in 2024. Guidance details can be found on Page 24 of our supplemental.

最後，租金和一般行政費用百分比指導保持不變。我想提醒大家，預計 2023 年的租金百分比與新的 Regal 主租賃無關，新的 Regal 主租賃基於租賃年度，預計將於 2024 年開始確認。指導詳情請參閱我們補充資料的第 24 頁。

I thought it would be helpful to provide a bridge from the midpoint of our previous FFO as adjusted per share guidance of $5.10 to the midpoint of our increased guidance of $5.14. As you can see on the slide, the $0.04 increase in guidance is driven primarily by the 2 favorable revenue items recognized during the third quarter that I discussed earlier. The $2.1 million of additional straight-line rent and the additional $1.2 million of operating expense reimbursements related to Regal.

我認為，在我們之前調整後的 FFO 每股指引值 5.10 美元的中點到我們增加的指引值 5.14 美元的中點之間架起一座橋樑，將會很有幫助。正如您在幻燈片中看到的，指導值增加 0.04 美元主要是由我之前討論過的第三季確認的 2 個有利收入項目推動的。與 Regal 相關的 210 萬美元額外直線租金和額外 120 萬美元營運費用報銷。

As I mentioned earlier, on the next slide, I want to illustrate the anticipated impact on growth in FFO as adjusted per share for 2023 when you remove the impact of out-of-period cash basis deferral collections from 2022 of $18.4 million or $0.24 per share and from the midpoint of guidance for 2023 of $36 million or $0.47 per share. As you can see on the slide, FFO as adjusted per share growth from 2022 to 2023 is expected to still be a healthy 4.9%.

正如我之前提到的，在下一張幻燈片中，我想說明當您消除2022 年期外現金基礎遞延收款1840 萬美元或每股0.24 美元的影響時，對2023 年每股調整後的FFO 成長的預期影響股，並從 2023 年指引中位數 3,600 萬美元或每股 0.47 美元開始。正如您在幻燈片中看到的那樣，從 2022 年到 2023 年，FFO 調整後的每股成長率預計仍將保持在 4.9% 的健康水平。

Finally, I want to make 1 last point that I think is important to understand and perhaps sets EPR apart in a difficult environment for all REITs. Over the next couple of years, given our low dividend payout ratio and modest debt maturities, we believe we can use excess cash flow, disposition proceeds and some of our line capacity to increase investments on a modest amount and still grow FFO as adjusted per share, excluding the impact from cash basis deferral collections by around 4% each year while maintaining our targeted debt-to-adjusted EBITDA range of 5 to 5.6x.

最後，我想提出最後一點，我認為理解這一點很重要，這可能會使 EPR 在所有 REIT 的困難環境中脫穎而出。在接下來的幾年裡，鑑於我們的低股息支付率和適度的債務期限，我們相信我們可以利用多餘的現金流、處置收益和我們的一些線路產能來適度增加投資，並仍然按每股調整後來增長FFO ，排除每年約 4% 的現金遞延收款影響，同時維持我們的目標債務與調整後 EBITDA 範圍在 5 至 5.6 倍。

When this growth is combined with a well-covered dividend yield of nearly 8% currently, we believe that EPR offers shareholders a compelling investment opportunity.

當這種成長與目前接近 8% 的良好股息殖利率相結合時，我們相信 EPR 為股東提供了一個引人注目的投資機會。

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，讓他作結束語。

Thank you, Mark. In conclusion, I want to leave you with a few salient points regarding our performance.

謝謝你，馬克。最後，我想向您介紹有關我們表現的幾個要點。

One, as Greg pointed out, 2023 box office is expected to be at or above $9 billion, a 24% increase over last year.

一，正如格雷格所指出的，2023年票房預計將達到或超過90億美元，比去年增長24%。

Two, our theater coverage normalized for the Regal transaction currently stands at 1.5x, and this is computed on a trailing 12-month box office of $8.1 billion. With an anticipated $9 billion box office for 2023, we expect that we will be back to our long-standing pre-pandemic theater coverage range of 1.6 to 1.8.

第二，我們的 Regal 交易標準化劇院覆蓋率目前為 1.5 倍，這是根據過去 12 個月 81 億美元的票房計算的。預計 2023 年票房將達到 90 億美元，我們預計將回到疫情前長期存在的 1.6 至 1.8 的戲院覆蓋範圍。

Three, even with the ongoing actor's strike, currently, most industry participants predict 2024 box office to be at least $9 billion.

第三，即使演員罷工仍在繼續，目前大多數行業參與者預測 2024 年票房至少為 90 億美元。

Four, our non-theater portfolio continues to significantly outperform pre-pandemic metrics.

第四，我們的非戰區投資組合持續顯著優於疫情前的指標。

As these points demonstrate our belief and the resilience of the experiential economy is grounded in performance. Not only have we collected over $150 million of deferred rents, but our properties are now performing at or above their pre-pandemic levels.

這些觀點顯示了我們的信念，體驗經濟的彈性是建立在績效上的。我們不僅收取了超過 1.5 億美元的遞延租金，而且我們的物業目前的表現已達到或高於大流行前的水平。

With that, why don't I open it up for questions? Victor?

既然如此，我為什麼不打開它來提問呢？勝利者？

(Operator Instructions) Our first question will come from the line of Joshua Dennerlein from Bank of America.

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

I appreciate the color in the opening remarks. Just kind of thinking about your guidance for the full year and then what it implies for 4Q. Could you kind of help us bridge like where you are in 3Q to 4Q, like implied range.

我很欣賞開場白中的色彩。只是想想你對全年的指導，然後它對第四季度意味著什麼。您能否幫助我們橋接您在第三季到第四季的位置，例如隱含範圍。

Yes. There's a lot to that reconciliation, Josh, but I can go over kind of the major components here in a second. So first of all, obviously, you've got about $0.25 of deferrals in Q3, and we expect that to be nominal in Q4. So that's a big one as you head from Q3 to Q4.

是的。喬希，這種協調有很多內容，但我可以稍後回顧這裡的主要組成部分。首先，顯然，第三季的延期付款約為 0.25 美元，我們預計第四季的延期金額只是名義上的。因此，從第三季度到第四季度，這是一件大事。

We also had straight-line rent kind of net of the $2.1 million, so that's another $0.03. And then if you think about it, once you get deferrals out of the way, the Regal base rent is higher for 1 month in Q3 than it is in Q4, and that's about another $0.02. So you work that down to get to about $1.17. Then ahead to Q4, there's a couple of things that are pretty big to keep in mind.

我們還扣除了 210 萬美元的直線租金，所以又多了 0.03 美元。然後，如果您考慮一下，一旦延期付款，Regal 第三季度 1 個月的基本租金將比第四季度高，大約又增加了 0.02 美元。因此，您可以將其降低到 1.17 美元左右。然後在第四季之前，有幾件事需要牢記。

The managed properties and JVs really drop in Q4. That's their off-season. So there's quite a bit of drop in FFO from Q3 to Q4 for those properties. But on the other side, about 50% of our percentage rent of that $12 million is recognized in Q4. So that's an up of about $0.05, whereas the timing of managed and JVs is kind of down about $0.08, then there's other minor items. So that's a long way of saying that's a way of getting from $1.47 this quarter to $1.14, but those are the major pieces as you head into Q4.

託管物業和合資企業在第四季度確實有所下降。那是他們的淡季。因此，從第三季度到第四季度，這些房產的 FFO 大幅下降。但另一方面，這 1,200 萬美元的租金百分比中約有 50% 在第四季得到確認。因此，這增加了約 0.05 美元，而託管和合資企業的時間表則下降了約 0.08 美元，還有其他小項目。因此，從本季的 1.47 美元升至 1.14 美元的方式還很長，但這些是進入第四季度時的主要部分。

Okay. All right. That's super helpful. I appreciate that. And then Mark, you did mention just kind of where you think the company can kind of stabilize on a go-forward basis for growth. I think without equity in your opening remarks, could you kind of go over that those assumptions again? And just kind of how you're thinking about it, maybe what could drive maybe upside to that growth rate?

好的。好的。這非常有幫助。我很感激。然後馬克，你確實提到了你認為公司可以在未來成長的基礎上穩定下來的地方。我認為如果您的開場白沒有公正性，您能否再次回顧這些假設？就你的想法而言，也許什麼可以推動這個成長率的上升？

Sur, so those comments are about over the next couple of years. So we're talking about 2024 and 2025. And we think can grow approximately 4% in both of those years, driven by the fact that free cash flow that we're investing of over $100 million at 8%, 8.25% cap. Also, if you think about next year, next year versus this year, we have the Regal percentage rents and operating theaters coming online that we didn't get the benefit of this year.

蘇爾，所以這些評論是關於未來幾年的。所以我們談論的是 2024 年和 2025 年。我們認為這兩年的成長約為 4%，這是由於我們投資的自由現金流超過 1 億美元（上限為 8%、8.25%）。另外，如果你考慮明年，明年與今年相比，我們有富豪百分比租金和上線的手術室，而我們今年沒有得到好處。

So this year, there's kind of a drop, the 20% drop in base rent. But next year, we'll get the benefit of the performance of those theaters as lease year -- during the lease year and the operating theaters for the whole year. So there's quite a bit of improvement there.

所以今年，基本租金有所下降，下降了 20%。但明年，我們將受益於這些劇院作為租賃年的表現——在租賃年內以及全年運營的劇院。所以那裡有相當多的改進。

And then I just think the investments -- some of the investments we did in '22, frankly, that was kind of outsized. If you remember, we did $600 million worth of deals, and those are starting to come online this year and next year. So you put that all together and you have some things going the other way as well. You put it all together though, we think that translates to about a 4% growth in both years.

然後我只是認為投資——坦白說，我們在 22 年所做的一些投資有點過大。如果你還記得的話，我們完成了價值 6 億美元的交易，這些交易將於今年和明年開始上線。所以你把所有這些放在一起，你也會發現一些事情朝著相反的方向發展。不過，如果把所有因素放在一起，我們認為這兩年的成長率約為 4%。

So fortunately, we have cash on hand and nothing drawn on our line. So -- and we only have the $136 million of maturities in '24 and then $300 million in '25. We don't think that if you do the math on our line that we all need to access the capital markets to achieve that 4% growth through 2025. So we're encouraged by that.

幸運的是，我們手邊有現金，沒有任何動用。因此，我們在 24 年只有 1.36 億美元的到期日，然後在 25 年有 3 億美元的到期日。我們認為，如果按照我們的思路計算，我們並不需要進入資本市場才能在 2025 年實現 4% 的成長。因此我們對此感到鼓舞。

Our next question will come from the line of Eric Wolfe from Citi.

我們的下一個問題將來自花旗銀行的埃里克·沃爾夫（Eric Wolfe）。

I think you had previously given a sort of run rate FFO guidance of like $471 million, which excluded sort of the impact on deferrals, but also included the impact on the restructure and other things. Is that still a good base from which to think about the growth that you just outlined?

我認為您之前曾給出過類似 4.71 億美元的 FFO 運行率指導，其中排除了對延期的影響，但也包括對重組和其他事項的影響。這仍然是思考您剛才概述的成長的良好基礎嗎？

When you look at run rate for us, it's a bit difficult because if you pick say fourth quarter "run rate," we've got build-to-suits going in service throughout the period. We have, of course, the Regal percentage rent and operating profit that really doesn't kick in until next year.

當你查看我們的運行率時，這有點困難，因為如果你選擇第四季度的“運行率”，我們在整個期間都會提供客製化服務。當然，我們的富豪百分比租金和營業利潤實際上要到明年才會生效。

So run rate picking a quarter or even a kind of run rate for the year. I think $471 million sort of base run rate is probably a little bit high, but we have that embedded growth that I talked about in terms of Regal, in terms of build-to-suits coming online and so forth.

因此，運行率選擇一個季度甚至一年的運行率。我認為 4.71 億美元的基本運行率可能有點高，但我們有我在 Regal 方面談到的嵌入式增長，在上線的定制套裝等方面。

But what I think you should focus on, if you remove the deferrals, which is important to Josh's previous comment, if you remove the deferrals, we think we can grow that base amount that $467 million that we showed in that slide by about 4% next year and then another roughly 4%. And we'll crystallize that number when we give guidance in February for the year, but that's how we look at it.

但我認為你應該關注的是，如果你取消延期，這對喬什之前的評論很重要，如果你取消延期，我們認為我們可以將我們在幻燈片中顯示的4.67 億美元的基本金額增加約4 %明年，再增加約 4%。當我們在二月給出今年的指導時，我們將具體化這個數字，但這就是我們的看法。

Got it. Makes sense. And then your cash balance grew by, I think, $73 million quarter-over-quarter. Just trying to understand sort of what drove that because it seemed like you actually had some investment activity in the quarter. And as you mentioned, your free cash flow is about a little over $100 million a year, so call it $25 million per quarter. So just I was just wondering why it grew so much during the quarter.

知道了。說得通。然後你的現金餘額季度環比增長了 7300 萬美元。只是想了解是什麼推動了這一點，因為看起來您在本季確實進行了一些投資活動。正如您所提到的，您的自由現金流每年約為 1 億多美元，因此稱其為每季 2500 萬美元。所以我只是想知道為什麼它在本季度增長如此之多。

Yes. We did collect the $19.3 million of deferrals that are shown on that schedule. So that's a huge number. Also, the timing of bond payments matters, and they're heavier in Q2 and Q4. So there's some reversal of that coming in Q4, just the timing of the way our bond payments work. But yes, it was a heavy high cash flow quarter given the low bond payments, the extra deferrals and then just the growth in our operating business.

是的。我們確實收到了該時間表中顯示的 1,930 萬美元的延期付款。所以這是一個龐大的數字。此外，債券支付的時間也很重要，第二季和第四季的支付量更大。因此，第四季情況會出現一些逆轉，只是我們的債券支付方式的時間安排發生了逆轉。但是，是的，考慮到債券支付量低、額外延期以及我們營運業務的成長，這是一個現金流量很高的季度。

Our next question will come from the line of Rob Stevenson from Janney Montgomery Scott.

我們的下一個問題將來自詹尼·蒙哥馬利·斯科特的羅布·史蒂文森。

Greg, obviously, you have expansion commitments made to partners that you're still working on. But beyond that, are any new investments really penciling today given where the bid-ask spread is and your cost of capital in this interest rate world?

格雷格，顯然，您已經向合作夥伴做出了擴張承諾，但您仍在努力。但除此之外，考慮到買賣差價以及您在這個利率世界中的資本成本，今天是否真的有任何新的投資？

I would say, Rob, the answer is yes. I think things are taking time because of that bid-ask spread and getting people comfortable with that. But again, as Mark pointed out, given that we're spending cash as opposed to issuing new equity, we think on a risk/reward standpoint, things are and as we implied in our future growth, we'll continue to do that.

我想說，羅布，答案是肯定的。我認為，由於買賣價差以及讓人們對此感到滿意，事情需要一些時間。但正如馬克指出的那樣，鑑於我們正在支出現金而不是發行新股，我們從風險/回報的角度來看，事情就是這樣，正如我們在未來成長中所暗示的那樣，我們將繼續這樣做。

It has taken more longer for -- to achieve that kind of price awareness that the market has moved substantially for everyone. But I think Greg, and I'll ask Greg to comment. We're still seeing things that again, we like the assets. We like the performance of these assets, but making them pencil to where we think is where value is, has taken a little longer, but we're seeing some movement in that area.

人們需要更長的時間才能獲得市場對每個人來說都已發生重大變化的價格意識。但我認為格雷格，我會請格雷格發表評論。我們仍然再次看到我們喜歡的資產。我們喜歡這些資產的表現，但讓它們達到我們認為的價值所在需要更長的時間，但我們看到該領域出現了一些變化。

Yes, Greg, I think that's absolutely right. And the other thing, Rob, I would add is that we're seeing these opportunities in most of our verticals. We're seeing the Eat & Play attractions, Experiential Lodging. So we still have what we feel is a pretty good pipeline. But I echo what Greg's comments are, it's just taking a little longer given the current environment.

是的，格雷格，我認為這是絕對正確的。羅布，我想補充的另一件事是，我們在大多數垂直領域都看到了這些機會。我們正在參觀美食和娛樂景點、體驗式住宿。所以我們仍然擁有我們認為非常好的管道。但我同意格雷格的評論，考慮到當前的環境，只是需要更長的時間。

Okay. And then, Mark, how should we be thinking about how the NOI from the $200-and-some millions of expansion commitments sort of comes in over the next couple of years, right? I mean, just round numbers, if I think about it as, call it, $300 million at a 7% cap. I mean how does that sort of proratably sort of hit in '24, '25, '26, what's the sort of end sort of period is when all of that stuff is income producing at full sort of speed?

好的。然後，馬克，我們應該如何考慮未來幾年 200 美元和數百萬美元的擴張承諾所帶來的 NOI 如何產生，對嗎？我的意思是，只是整數，如果我將其視為 3 億美元，上限為 7%。我的意思是，當所有這些東西都在全速產生收入時，24、25、26 年的那種按比例的打擊會是什麼樣的？

Yes. We show a scheduled property under development on Page 20 of the supplemental that shows spending on build-to-suit and then when it goes in service. And I think if you look from beginning of '24 forward, we've got about $127 million worth of build-to-suit spending as it finishes out.

是的。我們在補充資料的第 20 頁上展示了一個正在開發的預定房產，其中顯示了客製化支出以及投入使用的時間。我認為，如果從 24 年初開始往前看，我們將獲得價值約 1.27 億美元的客製化支出。

So -- and then it shows on that schedule sort of how that build-to-suit comes into service. And then on the mortgage side, of course, as we put the money out, that kind of earns that money right away. So by the way, don't think 7% caps think 8% or more in terms of when it goes in service. But I think that schedule is helpful to understand that timing. Like I said, of that $200-plus million, about $127 million of it will be spent over -- most of which will be spent in '24, but there is some into '25 as well.

那麼——然後它在時間表上顯示了定制產品如何投入使用。當然，在抵押貸款方面，當我們把錢拿出來時，就會立即賺錢。因此，順便說一下，就何時投入使用而言，不要認為 7% 的上限是 8% 或更多。但我認為這個時間表有助於理解這個時間安排。就像我說的，在這 2 億多美元中，大約有 1.27 億美元將被花費——其中大部分將在 24 年花費，但也有一些在 25 年花費。

Okay. And there is no meaningful delay like the water park that's going to be finished next summer. Does that start producing at full speed immediately? Or is there a ramp-up and it really doesn't start hitting at full speed until '25 that sort of thing.

好的。而且沒有像明年夏天竣工的水上樂園那樣有意義的延遲。那會立即開始全速生產嗎？或者是否有一個加速，直到 25 年之類的事情才真正開始全速發展。

Once it goes -- yes, once it goes in service, which is what we're showing on that schedule, it earns its full cap rate.

一旦它投入使用——是的，一旦它投入使用，這就是我們在時間表上展示的，它就可以獲得全額資本化率。

Our next question comes from the line of 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)。

This is actually Mitch here. Just help me out with the 2024 debt because you had suggested that you're not looking to tap the capital markets. So is that a suggestion that you're going to redeem the maturity?

這其實是米奇。請幫我解決 2024 年的債務，因為您曾表示您不打算利用資本市場。那麼這是建議您贖回期日嗎？

We would pay it off our line of credit. We have nothing drawn on our line of credit. So the plan currently is to pay it off our line. Of course, we'll look at the debt markets at that time and see if longer-term financing makes sense. But in the near term, we've got plenty of capacity through cash on hand and line of credit capacity to pay that off.

我們將從我們的信用額度中還清它。我們的信用額度沒有任何動用。所以目前的計畫是從我們的生產線上還清這筆錢。當然，我們會關注當時的債務市場，看看長期融資是否有意義。但在短期內，我們有足夠的能力透過手頭現金和信貸額度來償還債務。

Great. And then so when you talk about that 4% for next year, you're implying a little bit of dilution associated with the refi of that debt? Is that kind of the way you should think about it?

偉大的。那麼，當您談論明年的 4% 時，您是在暗示與該債務的再融資相關的一點稀釋嗎？你該這樣思考嗎？

Correct, correct because we're paying it off our line and it's cheaper. Yes, we are -- you're correct.

正確，正確，因為我們是在線支付的，而且更便宜。是的，我們是──你是對的。

Okay, great. And then what's Santikos long-term plan? Is that just a onetime purchase? Or do you think that they're going to look to maybe do some further consolidation?

好的，太好了。那麼桑蒂科斯的長期計畫是什麼？這只是一次性購買嗎？或者您認為他們會考慮進一步的整合嗎？

Again, I think, clearly, if you know the Santikos brand, I think their thoughts are to continue to operate theaters to be opportunistic if presented. So I think they're still looking to grow their chain. So I -- but Greg, any.

再次，我認為，如果你了解 Santikos 品牌，我認為他們的想法是繼續經營影院，以便在上映時投機取巧。所以我認為他們仍在尋求發展他們的連鎖店。所以我——但是格雷格，任何一個。

No. And Mitch, we've had the opportunity to meet with them at length and understand what they're doing, and we're pleased to have them as partners.

不。米奇，我們有機會與他們進行詳細的會面並了解他們在做什麼，我們很高興有他們作為合作夥伴。

Great. And then I think my last question is I think you -- Greg, you had mentioned $9 billion base case for 2024 box office, so kind of flattish year-over-year. Obviously, we continue to get some indication of some movies that are -- or big releases that are getting delayed. I mean do you think that there is any sort of downside risk to that number should the strike on the actor's side continue? Or are you pretty confident that, that kind of bakes in an elongated strike with regards to the actors?

偉大的。然後我想我的最後一個問題是，我想你——格雷格，你提到了 2024 年票房 90 億美元的基本情況，與去年同期相比持平。顯然，我們繼續收到一些跡象表明一些電影或大片的發行被推遲。我的意思是，你認為如果演員方面的罷工繼續下去，這個數字會有任何下行風險嗎？還是你非常有信心，這會對演員造成長期的打擊？

Well, again, there's always risk that we can't anticipate. I think what we've said all along is the first half of next year is fairly baked. I mean, again, a lot of things are complete. So we'll start to see. What's going to occur is when the strike gets resolved, which we know it will be resolved at some point, there's going to be a mad rush of, okay, completing anything that needs to be completed 24 versus starting new projects.

好吧，再說一遍，總是存在著我們無法預見的風險。我認為我們一直在說的是明年上半年的情況相當穩定。我的意思是，很多事情都已經完成了。那我們就開始看看吧。將會發生的是，當罷工得到解決時，我們知道它會在某個時候得到解決，將會出現瘋狂的衝動，好吧，完成任何需要 24 小時完成的事情，而不是開始新項目。

So how that breaks out. I mean, remember, again, even 2 months ago, Mitch, the estimate was probably closer to the high 9s. So that $9 billion kind of has some of that built in just kind of anticipating. I mean there's really not -- the only major release, Greg, that I'm aware of that's moved right now is MI-8, so we don't have a whole lot of things. And remember, Dune moved in to that period of time from this year. So again, right now, not a lot of significant movement. It's -- like I said, it's probably got a 10% factor in there from a high 9s to low 9s. But we'll still have to see.

那麼這是如何爆發的。我的意思是，再次記住，即使在 2 個月前，米奇，估計也可能接近高 9。因此，這 90 億美元的一部分只是基於預期。我的意思是真的沒有——格雷格，我知道現在移動的唯一主要版本是 MI-8，所以我們沒有很多東西。請記住，《沙丘》從今年開始就進入了那個時期。再說一遍，現在並沒有太多重大變動。就像我說的，從高 9 到低 9 之間可能有 10% 的因素。但我們仍需拭目以待。

Our next question will come from the line of Todd Thomas from KeyBanc Capital Markets.

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

I appreciate the update on the additional dispositions and the details around the theater portfolio. Can you just comment on the pace of dispositions relative to your initial estimate that was provided with the Regal resolution and your ability to mitigate the dilution from carrying those assets or generate the recovery rent that you previously outlined?

我很欣賞關於劇院組合的額外配置和細節的最新資訊。您能否評論一下相對於您在 Regal 決議中提供的初步估計的處置速度，以及您減輕因持有這些資產而造成的稀釋或產生您之前概述的回收租金的能力？

Yes, Todd, I think we said last quarter, the history we've had since COVID is selling 5 or 6 per year and we feel pretty comfortable about that pace continuing. As I mentioned, we have signed PSAs or LOIs for 6 of the remaining 10. So we -- and we're seeing good traction on all of them. So -- and that's from a standing start in July because we weren't able to market any of these before we announced the Regal deal.

是的，托德，我想我們上個季度說過，自從新冠疫情以來，我們每年銷售 5 或 6 台，我們對繼續保持這種速度感到非常滿意。正如我所提到的，我們已經為剩餘 10 個項目中的 6 個項目簽署了 PSA 或 LOI。因此，我們看到所有這些項目都取得了良好的進展。所以——這是從 7 月開始的，因為在我們宣布與 Regal 交易之前，我們無法推銷其中的任何產品。

The other thing I would add, Todd, is what we're achieving is consistent with the forecast that we gave at the time of the Regal. So I don't think we're changing from that expectation. Hopefully, it appears that, again, as Greg and his team has gotten into this, that they've achieved probably -- it's -- how long does it take to close them, but the interest has probably been faster than we had initially anticipated, which helps us, as you point out, not only with getting capital in, but eliminating some of those carrying costs and allowing us to deploy that capital and making it productive faster.

托德，我要補充的另一件事是，我們所取得的成就與君威時所做的預測是一致的。所以我認為我們不會改變這種期望。希望格雷格和他的團隊再次涉足這一領域，他們已經實現了可能需要多長時間才能關閉它們，但人們的興趣可能比我們最初預期的要快，正如您所指出的，這不僅幫助我們獲得資本，而且還消除了一些持有成本，使我們能夠部署這些資本並使其更快地發揮作用。

Okay. That's helpful. And then your comments about investing free cash flow and continuing to put capital out the door. As you look ahead, I'm assuming the committed pipeline pricing has been established on those investments, you're locked in, in that sort of 8% to 8.5% range. But are you seeing investment yields improve at all more recently such that you'd expect to be north of that 8% to 8.5% range going forward? Just curious if you're seeing any adjustment in pricing as you continue to have conversations about new investments here?

好的。這很有幫助。然後是您關於投資自由現金流和繼續投入資本的評論。當你展望未來時，我假設這些投資的承諾管道定價已經確定，你被鎖定在 8% 到 8.5% 的範圍內。但您最近是否看到投資收益率有所改善，以至於您預計未來投資收益率將超出 8% 至 8.5% 的範圍？只是好奇，當您繼續在這裡討論新投資時，是否會看到定價有任何調整？

I think it's a -- again, I wouldn't say necessarily -- there's always been kind of price awareness, but there's also issues of risk reward, meaning maybe we're we would have been 75% of a deal, and we're now 60% of a deal, but we're still at 8.5%. So again, it's -- all of those things come into play. I think what we'd say is we're comfortably in the 8s that we're very comfortable with the property types that we're seeing with the quality of those types, with the quality of our operators and building a resilient portfolio. But Greg...?

我認為這是——再說一遍，我不會說一定——總是有某種價格意識，但也存在風險回報問題，這意味著也許我們會達成交易的 75%，而且我們’現在已完成60 % 的交易，但我們仍處於8.5%。再說一遍，所有這些因素都會發揮作用。我認為我們想說的是，我們對我們所看到的房地產類型非常滿意，對這些類型的品質、我們營運商的品質以及建立有彈性的投資組合感到非常滿意。但是格雷格…？

And the breadth, as I mentioned before, I mean, we're seeing a lot of opportunities in many of our verticals, which is really reassuring.

正如我之前提到的，我的意思是，我們在許多垂直領域中看到了許多機會，這確實令人放心。

Okay. And just lastly, I think you mentioned in your prepared remarks that in the attractions category, you're seeing some softness from lower spend, maybe lower traffic. Can you just provide a little bit more detail around what you're seeing there and how operator performance has trended? And then can you also just comment on whether you're seeing any softness at any other property types? I didn't hear anything, but just curious about experiential lodging.

好的。最後，我想您在準備好的發言中提到，在景點類別中，您會看到支出減少（可能是流量減少）帶來的一些疲軟。您能否提供更多關於您所看到的情況以及操作員績效趨勢的詳細資訊？然後您是否也可以評論一下您是否看到任何其他房地產類型疲軟？我什麼也沒聽到，只是對體驗式住宿感到好奇。

Yes. I actually said, Todd, that we were seeing pressure on EBITDARM from insurance and wage costs, we're actually seeing attendance gains and attractions. So I would say, generally, the takeaway is there is some pressure mostly on wages and insurance in many of the verticals, but really hits attractions because it just got a larger insurance bill. And then I also mentioned in the experiential lodging, we're seeing some normalization on RevPAR and ADR, but I would consider that coming back to normal from pre-pandemic levels rather than a decrease. Greg, I'm done here.

是的。托德，我實際上說過，我們看到了保險和工資成本對息稅前利潤的壓力，我們實際上看到了上座率的成長和吸引力。所以我想說，總的來說，結論是，在許多垂直領域，主要是工資和保險方面存在一些壓力，但真正影響吸引力的是，因為它剛剛獲得了更大的保險費用。然後我還在體驗式住宿中提到，我們看到 RevPAR 和 ADR 有所正常化，但我認為這是從大流行前的水平恢復正常而不是下降。格雷格，我已經完成了。

Yes, I was going to add, I think what we would say is across the -- pretty much across the board, we're not seeing backing up from the consumer side. Whether it's revenues or attendance. I mean, almost across the board, we saw continued positive growth in that. As Greg pointed out, insurance cost for a lot of our operators have gone up substantially. So we have seen some margin pressure.

是的，我要補充一點，我認為我們要說的是，幾乎是全面的，我們沒有看到消費者方面的支持。無論是收入還是觀眾人數。我的意思是，幾乎在所有方面，我們都看到了持續的積極成長。正如格雷格指出的那樣，我們許多業者的保險費用大幅上漲。所以我們看到了一些利潤壓力。

But as the coverage indicates going -- on a quarter-over basis, we went from a 2.7% last quarter to a 2.6% this quarter. That's really about some of that expense pressure, but we've not seen any kind of pullback from the consumer at all, especially on experiential assets.

但正如報告所顯示的那樣——按季度計算，我們從上季度的 2.7% 升至本季度的 2.6%。這確實與部分費用壓力有關，但我們根本沒有看到消費者有任何形式的撤退，尤其是在體驗資產方面。

Our next question will come from the line of Aditi Balachandran from RBC.

我們的下一個問題將來自 RBC 的 Aditi Balachandran。

Just a quick question. Can you talk a little bit about the biomarker or like, I guess, the depth of the buyer market, especially as you still have these 4 Regal theaters to sell in the pipeline?

只是一個簡單的問題。你能談談生物標誌物，或者我想，買家市場的深度，特別是因為你還有這 4 家富豪影院在規劃中出售？

Yes. I think the buyer market is pretty good. I'd say again, this is rough, but about 50% of the theaters we're selling will likely go to an existing smaller theater chain and the rest to various uses. And again, it's all dependent on the location of the real estate. So it could be multifamily, it could be industrial, it could be retail. We always market broadly. So we don't just target any particular user. We hire a broker and target widely. So we feel like we have a pretty good handle on what the demand is for any particular asset.

是的。我認為買家市場還是不錯的。我想說一遍，這很粗糙，但我們出售的大約 50% 的影院可能會流向現有的較小的連鎖影院，其餘的則用於各種用途。再說一遍，這完全取決於房地產的位置。所以它可以是多戶型，可以是工業型，也可以是零售型。我們始終廣泛行銷。所以我們不只是針對任何特定用戶。我們聘請經紀人並瞄準廣泛的目標。因此，我們覺得我們對任何特定資產的需求都有很好的把握。

I would say Aditi, that the one indication is the speed at which Greg and his team have secured purchase and sale agreements or LOIs. When you look at that with 1 sold already in 6, that's 7 of 11. So that's a pretty high hit rate for what has really been about a 60-day period. So I think there's been a lot of interest. And I'll ask Greg to comment it, but multiple parties involved in most of these assets.

我想說的是阿迪蒂，一個跡像是格雷格和他的團隊獲得購買和銷售協議或意向書的速度。當你看到 6 件中已經售出 1 件時，即 11 件中的 7 件。因此，對於大約 60 天的時間段來說，這是一個相當高的命中率。所以我認為大家對此很有興趣。我會請格雷格對此發表評論，但其中大部分資產涉及多方。

That's...

那是...

And as you saw this quarter, and we expect the future slightly above -- in terms of price, slightly above what we're carrying that. So we're seeing some gains upon sale as well.

正如您在本季度看到的那樣，我們預計未來的價格將略高於我們目前的價格。因此，我們也看到了銷售帶來的一些收益。

Our next question comes from the line of Ray Zhong from JPMorgan.

我們的下一個問題來自摩根大通的鐘瑞。

I appreciate the color earlier. I have a question on other income line. I know you guys mentioned the operating assets are all in there. So assume Cartwright is there and operating theaters. I know you guys mentioned the theaters were actually at a little bit of loss this quarter.

我很欣賞早期的顏色。我對其他收入線有疑問。我知道你們提到營運資產都在那裡。因此，假設卡特賴特在那裡並且有手術室。我知道你們提到戲院本季其實有點虧損。

Just kind of help us out in terms of modeling maybe moving forward? I know you guys talked about the -- if the box office is $9 billion, what the other income should be for next year on the theaters, what about Cartwright, can you guys help us out a little bit on the seasonality and the magnitude how far is it from stabilized amount from here? Just anything help there would be appreciated.

只是在建模方面幫助我們前進嗎？我知道你們談論過——如果票房是 90 億美元，明年影院的其他收入應該是多少，卡特賴特怎麼樣，你們能幫我們了解季節性和規模如何嗎？距離穩定的數額還遠嗎？只要有任何幫助，我們將不勝感激。

Yes. So other income versus other expense, we were down about $900,000 this quarter. And really, there's a couple of things going on there. We had additional -- the loss we said from taking on those 5 theaters, which was about $400,000 to $500,000, and we expect that to reverse in the fourth quarter and still more or less breakeven in terms of that.

是的。因此，與其他支出相比，本季我們的其他收入減少了約 90 萬美元。事實上，那裡發生了一些事情。我們還有額外的損失——我們所說的收購這 5 家影院的損失約為 40 萬至 50 萬美元，我們預計這一情況將在第四季度扭轉，並且或多或少會實現盈虧平衡。

In terms of Cartwright, Greg mentioned the expense pressure on some of the -- some of our experiential lodging and actually the margin decrease there. And so that was the other contributor to that $900,000, if you will, degradation versus last year, both the operating theater, operating at a loss for the quarter and then the Cartwright having a slight increase in expenses that reduced their margin.

就卡特賴特而言，格雷格提到了我們的一些體驗式住宿的費用壓力，實際上那裡的利潤率下降了。因此，如果你願意的話，這是造成 90 萬美元損失的另一個因素，與去年相比，兩個手術室都處於虧損狀態，而卡特賴特醫院的費用略有增加，從而降低了利潤。

If you go to the fourth quarter, this year, other income over -- this quarter, other income over expense was $1.3 million. We expect that number to be a slight loss in Q4 just due to the seasonality of the managed properties. If you think about Cartwright, that's its off-season theaters will do better, that will slightly offset the Cartwright in fourth quarter, but really Cartwright's offseason is what's going to drive that number down in -- kind of net profit down in Q4.

如果你看看今年第四季的其他收入，本季的其他收入超過支出為 130 萬美元。我們預計，由於管理物業的季節性，第四季該數字將略有下降。如果你考慮一下卡特賴特，那就是它的淡季影院會做得更好，這將稍微抵消第四季度卡特賴特的影響，但實際上卡特賴特的休賽期會導致這個數字下降——第四季淨利下降。

Got it. And then just kind of is that a fair run rate on the Cartwright piece moving forward to think about a little over $1 million quarter on the 2Q and 3Q? Or is that -- there's still some run rate to stabilization there?

知道了。然後，卡特賴特文章的公平運行率是否會考慮第二季和第三季略高於 100 萬美元的季度？或者說——那裡仍然有一些穩定的運行速度？

Well, Cartwright has been interesting. It was this kind of the first year it's been open for a full year, and there was some balcony construction going on there. So we do expect that to improve hard to say with the expense pressure, how much that will improve. Remember, too, when you talk about run rates, you're going to have first and fourth quarter be lower than second and third quarter with respect to Cartwright because you have in-season second and third quarter and you have off-season sort of first and fourth quarter. So just make sure you get the timing of that right.

嗯，卡特賴特很有趣。這是它開放一整年的第一年，那裡正在進行一些陽台建設。因此，我們確實預期會因支出壓力而改善，但很難說會改善多少。還要記住，當你談論運行率時，就卡特賴特而言，第一和第四季度將低於第二和第三季度，因為你有賽季中的第二和第三季度，還有淡季的情況。第一季和第四季。所以只要確保你掌握了正確的時機即可。

But I do think we're hopeful that Cartwright improves over this year given the kind of the next year after the first year out of COVID having a full year and sort of having this balcony issue, which shut down some rooms for a while that will be fully open next year. So we're hoping for improved performance. But again, there is some expense pressure we're seeing in that regard -- in that property.

但我確實認為我們希望卡特賴特在今年有所改善，因為在新冠疫情結束第一年之後的明年，我們會經歷一整年的陽台問題，導致一些房間暫時關閉，這將導致明年全面開放。因此，我們希望能夠提高效能。但同樣，我們在這方面看到了一些費用壓力——在該房產中。

And I'm not showing any further questions in the queue. I'd like to turn the call back over to Greg Silver, CEO, for closing remarks.

我不會在隊列中顯示任何其他問題。我想將電話轉回給執行長格雷格·西爾弗 (Greg Silver)，讓其致閉幕詞。

Well, thank you, Victor, and thank you, everyone, for joining us today. We look forward to talking to you on our next call, and have a wonderful day. Thank you.

好吧，謝謝你，維克多，也謝謝大家今天加入我們。我們期待在下次通話中與您交談，並祝您度過愉快的一天。謝謝。

And with that, this concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。大家，祝你有美好的一天。