EPR Properties (EPR) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the EPR Properties third-quarter 2024 earnings conference call. At this time, all participants are on a listen-only mode. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 EPR Properties 2024 年第三季財報電話會議。此時，所有參與者都處於僅監聽模式。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Brian Moriarty. Please go ahead.

現在我想將會議交給今天的第一位發言者布萊恩·莫里亞蒂。請繼續。

Thank you. Thanks for joining us today for our third-quarter 2024 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.

謝謝。感謝您今天加入我們的 2024 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 operations may vary materially from those contemplated by such forward-looking statements. Discussion of those 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 Forms 10-K and 10-Q.

我將在電話會議開始時通知您，本次電話會議可能包含 1995 年《私人證券訴訟法》中定義的前瞻性陳述；由諸如將、是、打算、繼續、相信、可能、期望、希望、預期或其他類似術語來標識。本公司的實際財務狀況和經營業績可能與此類前瞻性聲明中的預期有重大差異。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，包括公司的 10-K 表格和 10-Q 表格報告。

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

此外，本次電話會議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.

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均可在公司網站 www.eprkc.com 的投資者中心頁面上取得。

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

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 2024 earnings call and webcast.

謝謝你，布萊恩。大家早安，感謝您參加今天的 2024 年第三季財報電話會議和網路廣播。

In the third quarter, we continued to make meaningful and steady progress in further positioning the Company for continued growth. A key milestone was entering into a new $1 billion revolving credit facility that enhances our already strong liquidity profile while providing more favorable terms. This facility underscores the confidence our banking partners have in our strategic direction and strengthens our financial health as we invest in select experiential properties.

第三季度，我們在進一步推動公司持續成長方面繼續取得有意義且穩定的進展。一個重要的里程碑是簽署了一項新的 10 億美元循環信貸安排，該安排增強了我們本已強勁的流動性狀況，同時提供了更優惠的條款。該貸款強調了我們的銀行合作夥伴對我們策略方向的信心，並在我們投資精選的體驗式物業時增強了我們的財務健康狀況。

Our investment strategy remains on track as we continue recycling proceeds from the sale of non-core assets and use free cash flow to invest in diversified experiential assets. We are excited about our newest investment in fitness and wellness as we continue to build out our portfolio of investments of premier hot springs properties, capitalizing on the growing demand for wellness-focused experiences. As evidenced by our investments in well-located climbing gyms, our deliberate focus on growing non-commodity areas of the fitness and wellness industry affords us the opportunity to source these proven investments.

我們的投資策略仍在正軌上，我們繼續回收出售非核心資產的收益，並利用自由現金流投資多元化的體驗資產。我們對健身和健康領域的最新投資感到興奮，我們將繼續利用對以健康為中心的體驗不斷增長的需求，建立我們的優質溫泉物業投資組合。正如我們對位置優越的攀岩館的投資所證明的那樣，我們對健身和健康行業不斷增長的非商品領域的刻意關注為我們提供了獲得這些經過驗證的投資的機會。

Overall, our coverage remains strong, although it moderated slightly moving from 2.2 to 2.1 times. Our non-theater coverage was unchanged, highlighting sustained consumer demand. While we did see a decline in our theater coverage as we had anticipated due to the production calendar. Quarterly momentum continues to build in theater exhibition with key titles delivering very strong results.

總體而言，我們的覆蓋範圍仍然強勁，但略有放緩，從 2.2 倍降至 2.1 倍。我們的非戲院覆蓋範圍沒有變化，凸顯了持續的消費者需求。正如我們預期的那樣，由於製作日程的原因，我們確實看到了戲院覆蓋率的下降。戲劇展覽的季度勢頭繼續增強，主要作品取得了非常強勁的成績。

Separately, we were also pleased to hear the announcement by the National Association of Theatre Owners that eight of the largest theater chains will be investing more than $2.2 billion to modernize and upgrade theaters of all sizes over the next three years. It's expected that these updates will include adding the latest projection and sound technology, along with upgraded seating and key maintenance areas such as air conditioning, signage, and lighting. All further enhancing the moviegoing experiences for audiences nationwide.

另外，我們也很高興聽到全國劇院業主協會宣布，八家最大的連鎖劇院將在未來三年內投資超過 22 億美元，對各種規模的劇院進行現代化和升級。預計這些更新將包括添加最新的投影和聲音技術，以及升級的座椅和空調、標誌和照明等關鍵維護區域。所有這些都進一步增強了全國觀眾的觀影體驗。

Also during the quarter, Topgolf Callaway announced its intention to spin off Topgolf into a separate entity. We believe that this will be a positive event for Topgolf as it will enhance the Company's strategic focus as a highly successful eat & play brand. This spin-off is expected to leave Topgolf well-capitalized and debt-free, positioning it for success. We have continued to see strong performance from our Topgolf portfolio and have a great relationship with the Topgolf management team. We look forward to their continued success as they move forward with their strategic plan.

同樣在本季度，Topgolf Callaway 宣布打算將 Topgolf 分拆為一個獨立的實體。我們相信，這對 Topgolf 來說將是一件積極的事情，因為它將增強公司作為一個非常成功的飲食和娛樂品牌的策略重點。此次分拆預計將使 Topgolf 資本充足且無債務，為成功做好準備。我們繼續看到 Topgolf 產品組合的強勁表現，並與 Topgolf 管理團隊保持良好的關係。我們期待他們在推進戰略計劃的過程中繼續取得成功。

Lastly, our hearts are with those impacted by the recent hurricanes. Our hotel properties in St. Petersburg Beach were significantly impacted, and we recognize the devastation these events have had on the lives of those who work and live in the area.

最後，我們的心與那些受到最近颶風影響的人們同在。我們在聖彼得堡海灘的酒店物業受到了嚴重影響，我們認識到這些事件對該地區工作和生活的人們的生活造成了嚴重破壞。

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

現在我將把它交給格雷格·齊默爾曼（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 $6.9 billion, with 352 properties that are 99% leased, excluding properties we intend to sell. During the quarter, our investment spending was $82 million. 100% of the spending was in our experiential portfolio.

謝謝，格雷格。截至本季末，我們的總投資約為 69 億美元，其中 352 處房產的 99% 已出租，不包括我們打算出售的房產。本季度，我們的投資支出為 8,200 萬美元。 100% 的支出都在我們的體驗投資組合中。

Our experiential portfolio comprises 283 properties with 52 operators, and accounts for 93% of our total investments or approximately $6.4 billion. And at the end of the quarter, excluding the properties we intend to sell, was 99% leased.

我們的體驗式投資組合包括 283 個物業和 52 家營運商，占我們總投資的 93%，約 64 億美元。截至本季末，不包括我們打算出售的房產，99% 已出租。

Our education portfolio comprises 69 properties with 8 operators. And at the end of the quarter, excluding the properties we intend to sell, was 100% leased.

我們的教育投資組合包括 69 處房產和 8 家業者。截至本季末，不包括我們打算出售的房產，已 100% 出租。

Turning to coverage. The most recent data provided is based on a June trailing 12-month period. Overall portfolio coverage remains strong at 2.1 times, down slightly from last quarter. Trailing 12-month coverage for the non-theater portion of our portfolio remains at 2.6 times. Trailing 12-month coverage for theaters is 1.5 times with box office at $8.1 billion for the same period. Our theater coverage reporting assumes that the Regal deal was in place for the entire trailing 12-month period.

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。整體投資組合覆蓋率仍然強勁，為 2.1 倍，較上季略有下降。我們投資組合中非戲院部分的過去 12 個月覆蓋率仍維持在 2.6 倍。影院過去 12 個月的覆蓋率是同期的 1.5 倍，票房達到 81 億美元。我們的戲院報告假設 Regal 交易在過去 12 個月內一直有效。

The slight reduction in theater and overall coverage was driven by the dip in box office during the trailing 12-month period, as we had anticipated, from the writers' and actors' strikes impact on the release schedule. We expect this is the last remnants of the negative impact of the strikes and with the rising box office, we will see a recovery of theater coverage into Q4 and Q1 of 2025.

正如我們所預期的那樣，影院和整體報導的小幅下降是由於過去 12 個月內票房下降所致，原因是編劇和演員罷工對上映時間表的影響。我們預計這是罷工負面影響的最後殘餘，隨著票房的上升，我們將看到戲院覆蓋率恢復到 2025 年第四季和第一季。

Before updating you on the operating status of our tenants, I wanted to address the impact of Hurricanes Helene and Milton on our Florida properties. First and foremost, our thoughts remain with all those in the community who have been affected by the devastating storms. Our only assets significantly impacted by the storms were our two joint venture hotels on St. Petersburg Beach, the Bellwether Beach Resort and the Beachcomber, which sustained considerable damage.

在向您介紹我們租戶的營運狀況之前，我想先談談颶風海倫和米爾頓對我們佛羅裡達州房產的影響。首先，我們的思念與社區中所有受到毀滅性風暴影響的人們同在。我們唯一受到風暴嚴重影響的資產是我們位於聖彼得堡海灘的兩家合資酒店：Bellwether Beach Resort 和 Beachcomber，它們遭受了相當大的損失。

Given the hurricanes hit within a two-week period, we are still finalizing a comprehensive assessment of the damage. As of now, we do not anticipate either will be able to re-open until well into 2025. We plan to work in good faith with our joint venture partners, the non-recourse debt provider, and the insurance companies to identify the path forward, which we expect will result in the eventual removal of both hotels from our portfolio. Accordingly, during the quarter, we recognized impairment charges on the joint ventures of $12.1 million and fully wrote off our carrying values.

鑑於颶風在兩週內襲擊，我們仍在完成對損失的全面評估。截至目前，我們預計這兩家公司要到 2025 年才能重新開放。我們計劃與我們的合資夥伴、無追索權債務提供者和保險公司真誠合作，確定前進的道路，我們預計這將最終將這兩家酒店從我們的投資組合中刪除。因此，在本季度，我們確認了合資企業的減損費用 1,210 萬美元，並完全沖銷了我們的帳面價值。

Turning to the operating status of our tenants. We continue to see a rebound in North American Box Office. Q3 box office totaled $2.7 billion and ended at $6.2 billion for the first nine months. The first six months of 2024 were down 19% for the same period in 2023, but the first nine months were only down 12%. And while July 2024 was down 13% from July 2023, largely because we were comping against the outperformance of Barbie, August was up 10% and September was up 25%. Led by the outsized performance of Deadpool and Wolverine, six titles released in Q3 exceeded $100 million in North American Box Office.

說到我們租戶的經營狀況。我們繼續看到北美票房的反彈。第三季票房總額為 27 億美元，前 9 個月票房為 62 億美元。2024 年前 6 個月較 2023 年同期下降 19%，但前 9 個月僅下降 12%。雖然 2024 年 7 月比 2023 年 7 月下降了 13%，主要是因為我們與芭比娃娃的出色表現進行了比較，但 8 月增長了 10%，9 月增長了 25%。在《死侍》和《金鋼狼》的出色表現的帶動下，第三季發行的六部影片北美票房突破了 1 億美元。

Box office gross ties directly to the number of titles released. As I previously mentioned, heading into Q4, we are confident the negative impact on box office resulting from the lack of new releases related to the writers' and actors' strikes is behind us. To date, 16 films have grossed more than $100 million in 2024, another 12 have grossed between $60 million and $100 million. Titles to be released in Q4 and projected to gross over $150 million include Venom 3, Gladiator II, Wicked, Moana 2, Sonic the Hedgehog 3, and Mufasa: The Lion King. We are optimistic that the quantity and quality of the slate for the last quarter and into 2025 and 2026 will continue to propel an upward trajectory in box office.

票房總額與發行的影片數量直接相關。正如我之前提到的，進入第四季度，我們相信，由於編劇和演員罷工而導致的新片缺乏而對票房造成的負面影響已經過去。迄今為止，有 16 部影片在 2024 年的票房收入超過 1 億美元，另外 12 部影片的票房收入在 6,000 萬至 1 億美元之間。預計第四季發行的票房收入將超過1.5 億美元的遊戲包括《毒液3》、《角鬥士II》、《魔法壞女巫》、《莫阿娜2》、《刺蝟索尼克3》和《木法沙：獅子王》。我們樂觀地認為，上個季度以及 2025 年和 2026 年的電影數量和品質將繼續推動票房上升。

Based on the results through September 30, we are increasing our guidance for box office in calendar year 2024 to between $8.3 billion and $8.7 billion from our prior expectation of between $8.2 billion and $8.5 billion compared to last year's $8.9 billion.

根據截至9 月30 日的結果，我們將2024 日曆年的票房指引從先前的82 億美元至85 億美元之間的預期（去年為89 億美元）上調至83 億美元至87 億美元之間。

Finally, despite the encouraging uptick in box office results in most of Q2 and Q3, box office for the Regal lease year, the trailing 12-month period ending July 31, was $7.9 billion, owing to the lack of product from the strikes. This is consistent with the forecast we provided last quarter.

最後，儘管第二季和第三季的大部分時間票房結果令人鼓舞，但由於缺乏罷工產品，《富豪租賃》年度（截至 7 月 31 日的過去 12 個月）的票房為 79 億美元。這與我們上季度提供的預測一致。

Turning now to an update on our other major customer groups. We saw good results across our drive to value-oriented destinations. Our operators are seeing continued expense pressure and at certain properties, experienced slight decreases in revenue, which combined, led to slight decreases in EBITDARM.

現在轉向我們其他主要客戶群的最新情況。我們在推動以價值為導向的目的地的過程中看到了良好的成果。我們的營運商面臨持續的費用壓力，並且某些物業的收入略有下降，這些因素綜合在一起導致息稅折舊攤銷前利潤 (EBITDARM) 略有下降。

Andretti Karting is under construction in Kansas City and Oklahoma City, and finalizing entitlements for plans in Schaumburg. Topgolf completed self-funded refreshes at another four of our assets, taking the number of self-funded refreshes to 8% or 20% of our portfolio. Six Flags and Cedar Fair completed their merger in July and are focused on driving cost efficiencies and enhancing the customer experience.

安德烈蒂卡丁車場正在堪薩斯城和俄克拉荷馬城建設中，並正在確定紹姆堡計劃的權利。Topgolf 完成了我們另外四項資產的自籌資金更新，使自籌資金更新數量達到我們投資組合的 8% 或 20%。六旗和 Cedar Fair 於 7 月完成合併，專注於提高成本效率和增強客戶體驗。

Our Gravity Haus in Breckenridge was named the eighth best hotel in the world in Conde Nast Traveler's Readers' Choice Awards. Construction of the extensive expansion at the Springs Resort in Pagosa Springs continues with opening schedule for spring 2025. Even with the constructions, the Springs continues its strong performance, and we're confident the expansion will drive growth at this outstanding asset. Finally, our Murrieta Hot Springs Resort is completely open and continues its ramp-up while receiving good reviews.

我們位於布雷肯里奇的 Gravity Haus 在《Conde Nast Traveler》讀者選擇獎中被評為全球最佳酒店第八名。帕戈薩斯普林斯溫泉度假村的大規模擴建工程仍在繼續，計劃於 2025 年春季開幕。即使進行了建設，Springs 仍將保持強勁的表現，我們相信擴建將推動這一傑出資產的成長。最後，我們的穆列塔溫泉度假村完全開放，並在獲得好評的同時繼續發展。

In our experiential lodging portfolio, collectively, our operators revenue was up slightly year-over-year. Our education portfolio continues to perform well. Our customers revenue across the portfolio was up 3% year-over-year while EBITDARM decreased by 1%, driven largely by wage increases. KinderCare, which operates 15 of our early childhood education assets under their CREM brand, went public after the end of the third quarter.

在我們的體驗式住宿組合中，我們營運商的整體收入較去年同期略有成長。我們的教育組合持續表現良好。我們的客戶整個投資組合的收入年增 3%，而 EBITDARM 下降 1%，主要是由於薪資上漲。KinderCare 在其 CREM 品牌下經營我們的 15 項幼兒教育資產，並於第三季末後上市。

Turning to our operating properties. Our managed theaters continued to show improvement with the box office recovery. Performance at our joint venture experiential lodging assets was lower than expected, driven primarily by the impact of the two hurricanes on St. Petersburg and other weather-related issues.

轉向我們的經營物業。我們管理的戲院隨著票房的復甦繼續呈現改善。我們的合資體驗式住宿資產的表現低於預期，主要是由於聖彼得堡的兩次颶風的影響以及其他與天氣相關的問題。

During Q3, our investment spending was $82 million and year-to-date is $214.6 million. We closed on a $52 million mortgage financing for Iron Mountain Hot Springs in Glenwood Springs Colorado. Owned by Off Road Capital Partners, who also developed WorldSprings at Grandscape in The Colony, Texas, Iron Mountain Hot Springs has both natural hot springs and WorldSprings pools with the same minerality as several hot springs throughout the world. Iron Mountain Hot Springs is consistently well-reviewed and among the three top hot springs attractions in the United States for attendance and EBITDA.

第三季度，我們的投資支出為 8,200 萬美元，年初至今為 2.146 億美元。我們為科羅拉多州格倫伍德溫泉的鐵山溫泉完成了 5,200 萬美元的抵押貸款融資。鐵山溫泉由 Off Road Capital Partners 擁有，該公司還在德克薩斯州科勒尼的 Grandscape 開發了 WorldSprings，它擁有天然溫泉和 WorldSprings 池，其礦物質含量與世界各地的幾個溫泉相同。鐵山溫泉一直受到好評，在遊客人數和 EBITDA 方面躋身美國三大溫泉景點之列。

We are pleased to add such an outstanding asset to our growing stable of iconic assets in the space, which also includes the Springs Resort in Pagosa Springs and the recently opened Murrieta Hot Springs Resort.

我們很高興將這樣傑出的資產添加到我們不斷增長的該領域標誌性資產中，其中還包括帕戈薩斯普林斯的溫泉度假村和最近開業的穆列塔溫泉度假村。

We're narrowing our investment guidance for funds to be deployed in 2024 to a range of $225 million to $275 million, from a range of $200 million to $300 million. Through quarter end, we have committed approximately $150 million for experiential development and re-development projects that have closed, but are not yet funded to be deployed over the next two years.

我們正在將 2024 年部署的資金投資指引範圍從 2 億美元到 3 億美元縮小到 2.25 億美元到 2.75 億美元。截至本季末，我們已承諾投入約 1.5 億美元用於體驗式開發和再開發項目，這些項目已結束，但尚未資助在未來兩年內部署。

In most of our experiential categories, we continue to see high-quality opportunities for both acquisition and build-to-suit re-development and expansion. Given our cost of capital, we will continue to maintain disciplined and to fund those investments primarily from cash-on-hand, cash from operations, proceeds from dispositions, and with our borrowing availability under our increased unsecured revolving credit facility.

在我們的大多數體驗類別中，我們繼續看到收購和客製化再開發和擴張的高品質機會。考慮到我們的資本成本，我們將繼續保持紀律，並主要透過庫存現金、營運現金、處置收益以及我們增加的無擔保循環信貸額度下的可用借款來為這些投資提供資金。

In Q3, we sold two vacant former Regals and a former KinderCare school for combined net proceeds of $8.7 million, resulting in a loss of approximately $3.4 million. For the first nine months of the year, disposition proceeds totaled $65.1 million.

第三季度，我們出售了兩所空置的前 Regals 學校和一所前 KinderCare 學校，淨收益合計為 870 萬美元，導致損失約 340 萬美元。今年前 9 個月，處置收益總計 6,510 萬美元。

Subsequent to the end of the quarter, we sold another vacant Regal theater for net proceeds of $2.6 million. A little over 14 months after the conclusion of the Regal bankruptcy and taking possession of 11 vacant former Regal theaters, we have sold nine. We have a signed purchase and sale agreement for one of the remaining two, and control due to market the final one. In addition, as indicated on last quarter's call, shortly after Labor Day, we closed a former vacant Regal theater in California, which Cinemark was operating for us. It is now being marketed for sale. Beyond these three former Regal theaters, we have a vacant Xscape theater and one remaining vacant AMC theater.

本季末後，我們又出售了另一座空置的富豪劇院，淨收益為 260 萬美元。在 Regal 破產結束並接管 11 家空置的前 Regal 劇院 14 個多月後，我們已經出售了 9 家。我們已就剩餘兩份中的一份簽署了購銷協議，並根據市場情況控制最後一份。此外，正如上個季度的電話會議所示，勞動節過後不久，我們關閉了加州一家前空置的富豪劇院，該劇院由喜滿客為我們運營。它現在正在市場上出售。除了這三座前 Regal 劇院外，我們還有一座空置的 Xscape 劇院和一座空置的 AMC 劇院。

Since early 2021, we have disposed 23 theaters. We are very pleased with the overall disposition cadence and particularly, with the pace of selling the vacant former Regal theaters. Based on that progress, we are updating our 2024 guidance for dispositions to $70 million to $100 million.

自2021年初以來，我們已處置23家影院。我們對整體處置節奏非常滿意，特別是對出售空置的前富豪劇院的速度。基於這項進展，我們將 2024 年的處置指引更新為 7,000 萬至 1 億美元。

I now turn it over to Mark for a 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 an update on 2024 guidance.

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，並以 2024 年指導的最新信息作為結束語。

FFO as adjusted for the quarter was $1.30 per share versus $1.47 in the prior year. And AFFO for the quarter was $1.29 per share compared to $1.47 in the prior year. Note that there were no out-of-period deferral collections from cash-basis customers included in income for the quarter versus $19.3 million in the prior year, resulting in a decrease of about $0.25 per share versus prior year. Excluding this impact, FFO as adjusted per share increased by over 6% versus prior year.

本季調整後的 FFO 為每股 1.30 美元，而前一年為每股 1.47 美元。本季的 AFFO 每股價格為 1.29 美元，而去年同期為每股 1.47 美元。請注意，本季的收入中沒有包含現金基礎客戶的期外延期收款，而去年同期為 1,930 萬美元，導致每股較去年減少約 0.25 美元。排除此影響，調整後的每股 FFO 比前一年增長了 6% 以上。

Now moving to the key variances. Total revenue for the quarter was $180.5 million versus $189.4 million in the prior year. Within total revenue, rental revenue decreased by $15.3 million versus the prior year. The positive impact of net investment spending over the past year was more than offset by the reduction in out-of-period deferral collections that I just mentioned.

現在轉向關鍵差異。本季總營收為 1.805 億美元，去年同期為 1.894 億美元。在總收入中，租金收入比前一年減少了 1,530 萬美元。過去一年淨投資支出的正面影響被我剛才提到的期外延期收款的減少所抵消。

Within rental revenue, percentage rents for the quarter were $5.9 million versus $2.1 million in the prior year. The increase related to percentage rent for the theaters under the Regal master lease as well as an increase in percentage rents from other tenants. The increase in mortgage and other financing income of $3.4 million was due to additional investments in mortgage notes over the past year.

在租金收入中，本季租金百分比為 590 萬美元，而前一年為 210 萬美元。這一增長與富豪主租約下劇院的租金百分比以及其他租戶的租金百分比增加有關。抵押貸款和其他融資收入增加了 340 萬美元，這是由於去年抵押貸款票據的額外投資。

Both other income and other expense related primarily to our consolidated operating properties, including the Kartrite Hotel & Indoor Waterpark and seven operating theaters. The increase in other income and other expense compared to the prior year was due primarily to the additional five theaters surrendered by and previous to leased to Regal, which have been operated by third parties on EPR's behalf since early August of 2023. Please note that on September 20, as previously discussed, we closed one of these theaters and we plan to sell this location.

其他收入和其他支出主要與我們的綜合營運物業有關，包括 Kartrite 酒店和室內水上樂園以及七個營運劇院。與前一年相比，其他收入和其他費用的增加主要是由於 Regal 放棄並之前租賃了另外 5 個劇院，這些劇院自 2023 年 8 月初以來一直由第三方代表 EPR 運營。請注意，如前所述，我們於 9 月 20 日關閉了其中一間劇院，並計劃出售該場地。

On the expense side, G&A expense for the quarter decreased to $11.9 million versus $13.5 million in the prior year, due primarily to lower payroll costs, including non-cash share-based compensation expense as well as lower professional fees, including those related to the Regal resolution. Interest expense net for the quarter increased by $1.7 million compared to prior year, due to an increase in borrowings under our unsecured revolving credit facility as well as a decrease in interest income on short-term investments.

在費用方面，本季的一般管理費用從上一年的 1,350 萬美元減少到 1,190 萬美元，主要是由於工資成本降低，包括非現金股份補償費用以及專業費用降低，包括與富麗堂皇的決議。由於我們的無擔保循環信貸安排下的借款增加以及短期投資的利息收入減少，本季的利息支出淨額比去年同期增加了 170 萬美元。

Lastly, FFO as adjusted from joint ventures for the quarter decreased by $1.1 million versus the prior year, primarily due to higher expenses, including insurance and interest as well as weather issues, including the impact in late September of Hurricane Helene, which forced the shutdown of both of our experiential lodging properties in St. Pete Beach, Florida.

最後，本季經合資企業調整後的 FFO 比去年同期減少了 110 萬美元，主要是由於保險和利息等費用增加以及天氣問題，包括 9 月底颶風海倫的影響，迫使工廠關閉我們位於佛羅裡達州聖皮特海灘的兩間體驗式住宿飯店。

Additionally, as a result of the damage incurred by Hurricane Helene as well as the additional damage from Hurricane Milton in October, we determined that our investment in the unconsolidated joint ventures that hold the St. Pete Beach properties was not recoverable. Accordingly, during the quarter, we recognized $12.1 million of impairment charges on these joint venture to fully write off our carrying values. These impairment charges are excluded from both FFO as adjusted as well as AFFO.

此外，由於海倫颶風造成的損害以及十月米爾頓颶風造成的額外損害，我們確定我們對持有聖彼得海灘財產的未合併合資企業的投資無法收回。因此，在本季度，我們確認了這些合資企業 1,210 萬美元的減損費用，以完全沖銷我們的帳面價值。這些減損費用不包括在調整後的 FFO 和 AFFO 中。

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 3.4 times and both interest and debt service coverage ratios at 4.0 times. Our net debt-to-adjusted EBITDAre was 5.0 times for the quarter. Additionally, our net debt-to-gross assets was 39% on a book basis at September 30. And our common dividend continues to be very well-covered with an AFFO payout ratio for the third quarter of 66%.

轉向下一張投影片，我將回顧該公司的一些關鍵信用比率。如您所看到的，我們的覆蓋率持續保持強勁，固定費用覆蓋率為 3.4 倍，利息和償債覆蓋率為 4.0 倍。本季我們的淨負債與調整後 EBITDA 比率為 5.0 倍。此外，截至 9 月 30 日，我們的淨負債與總資產的帳面比率為 39%。我們的普通股息繼續得到很好的支付，第三季 AFFO 支付率為 66%。

Now let's move to our balance sheet, which is in great shape. At quarter end, we had consolidated debt of $2.9 billion, of which $2.8 billion is either fixed rate debt or debt that has been fixed through interest rate swaps, with a blended coupon of approximately 4.4%.

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 29 億美元，其中 28 億美元是固定利率債務或透過利率互換固定的債務，混合票面利率約為 4.4%。

During the quarter, we repaid in full our $136.6 million of Series A private placement notes using funds available under our line of credit. Accordingly, at quarter end, our weighted average consolidated debt maturity is just under four years, with only $300 million maturing through 2025.

在本季度，我們使用信貸額度下的可用資金全額償還了 1.366 億美元的 A 系列私募票據。因此，截至季末，我們的加權平均合併債務期限不到四年，到 2025 年只有 3 億美元到期。

As previously announced on September 19, we amended and restated our $1 billion revolving credit facility to extend the maturity to October 2028, with extensions at our option for a total of 12 additional months subject to conditions. We are pleased that the new facility reduces the interest rate spread we pay on borrowings under the facility by 15 basis points, lessens our financial covenants consistent with being investment-grade rated, and modifies and simplifies the capitalization rates used to value assets under the facility.

正如先前於 9 月 19 日宣布的那樣，我們修改並重申了 10 億美元的循環信貸安排，將期限延長至 2028 年 10 月，並可以根據條件選擇再延長總共 12 個月。我們很高興新貸款將我們根據該貸款支付的利差降低了15 個基點，減少了我們與投資級評級相一致的財務契約，並修改和簡化了用於對該貸款下的資產進行估值的資本化率。

As you can see, our liquidity position remains strong, with $35.3 million of cash-on-hand at quarter end and only $160 million balance drawn on our new $1 billion revolver, which positions us well going forward.

正如您所看到的，我們的流動性狀況仍然強勁，季度末手頭現金為3530 萬美元，而我們新的10 億美元左輪手槍僅提取了1.6 億美元的餘額，這使我們在未來的發展中處於有利地位。

We are narrowing our 2024 FFO as adjusted per share guidance to a range of $4.80 to $4.92 from a range of $4.76 to $4.96; and investment spending guidance to a range of $225 million to $275 million from a range of $200 million to $300 million. We are increasing our disposition proceeds guidance to a range of $70 million to $100 million from a range of $60 million to $75 million.

我們將 2024 年 FFO 調整後每股指引範圍從 4.76 美元至 4.96 美元縮小至 4.80 美元至 4.92 美元；投資支出指引範圍為2.25億美元至2.75億美元，範圍為2億美元至3億美元。我們將處分收益指引從 6,000 萬美元至 7,500 萬美元提高至 7,000 萬美元至 1 億美元。

Additionally, due to higher percentage rent during the third quarter, we are increasing our percentage rent and participating interest guidance to a range of $13.5 million to $16.5 million from a range of $12 million to $16 million; and confirming our general and administrative expense of $49 million to $52 million.

此外，由於第三季租金百分比較高，我們將租金百分比和分紅利息指引從 1,200 萬美元至 1,600 萬美元提高至 1,350 萬美元至 1,650 萬美元；並確認我們的一般及行政費用為 4,900 萬至 5,200 萬美元。

On the next slide, we have detailed the guidance we are providing on our wholly-owned operating properties and those held in joint ventures. We are revising the guidance for other income to a range of $54 million to $60 million from a range of $55 million to $65 million; and other expense to a range of $53.5 million to $59.5 million from a range of $54 million to $64 million, resulting in reduction of net profit from wholly-owned operating properties of $500,000 at the midpoint. These changes relate primarily to the performance of the Kartrite Indoor Waterpark & Hotel.

在下一張投影片中，我們詳細介紹了我們為全資營運物業和合資企業持有的營運物業提供的指導。我們正在將其他收入的指導從 5500 萬美元至 6500 萬美元修改為 5400 萬美元至 6000 萬美元；和其他費用從 5,400 萬美元到 6,400 萬美元增加到 5,350 萬美元到 5,950 萬美元，導致全資經營物業淨利潤中點減少 50 萬美元。這些變化主要與 Kartrite 室內水上樂園及飯店的業績有關。

Lastly, we are revising our equity and loss from JVs to a range of $13 million to $10 million from a range of $10 million to $7 million; and FFO as adjusted from JVs to a range of negative $3 million to zero from a range of zero to $3 million. This reduction is mostly due to weather issues, particularly the severe damage caused by the hurricanes at our hotels in St. Pete Beach. Because we expect the eventual removal of both of these properties from our portfolio, we have reduced our expected EBITDA on these properties to zero for the fourth quarter.

最後，我們將合資企業的股本和損失從 1,000 萬美元至 700 萬美元調整為 1,300 萬美元至 1,000 萬美元； FFO 從合資企業調整為負 300 萬美元到零，範圍從零到 300 萬美元。這種減少主要是由於天氣問題，特別是颶風對聖皮特海灘酒店造成的嚴重破壞。由於我們預計最終將從我們的投資組合中刪除這兩個房產，因此我們已將這些房產第四季度的預期 EBITDA 降至零。

Note also that if these properties are removed from the portfolio, we expect the impact on 2025 earnings to be nominal due to the increased costs we have been experiencing at these properties prior to the hurricanes, including both insurance and interest expense.

另請注意，如果將這些房產從投資組合中刪除，我們預計對 2025 年收益的影響將是名義上的，因為在颶風之前我們在這些房產上經歷的成本增加，包括保險和利息費用。

Guidance details can be found on page 24 of our supplemental.

指導詳情請參閱我們補充資料的第 24 頁。

On the next slide, I wanted to illustrate, as I did the last several quarters, the anticipated impact on growth in FFO as adjusted per share for 2024 at the midpoint of guidance. When you remove the impact of out-of-period cash-basis deferrals from 2023 of $36.4 million or $0.08 per share and the amount we expect to collect in 2024 of $0.6 million or $0.01 per share. As you can see on this schedule, we continue to expect FFO as adjusted per share growth without deferral collections from 2023 to 2024 to be 3.2%. Additionally, note that in the fourth quarter, we begin to lap a more comparable result as we collected only $600,000 of out-of-period deferrals in Q4 2023.

在下一張幻燈片中，我想說明，正如我在過去幾個季度所做的那樣，按指導中點調整的 2024 年每股 FFO 增長的預期影響。如果剔除 2023 年起的期外現金基礎遞延的影響，即 3,640 萬美元或每股 0.08 美元，我們預計 2024 年收取的金額為 60 萬美元或每股 0.01 美元。正如您在此時間表中所看到的，我們繼續預計 2023 年至 2024 年，在不考慮延期收款的情況下，調整後的 FFO 每股成長率將為 3.2%。此外，請注意，在第四季度，我們開始獲得更具可比性的結果，因為我們在 2023 年第四季僅收取了 60 萬美元的期外延期付款。

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. As evidenced by our call today, experiential focused properties continued to perform well in the current environment. And our theater portfolio will benefit substantially from a return to a more normalized film schedule in 2025. Our recent credit line renewal at more favorable terms demonstrates our credit partner's faith in our strategy. We look forward to continuing to reward our shareholders and capital providers as we move forward into 2025 and beyond.

謝謝你，馬克。正如我們今天的電話會議所證明的那樣，注重體驗的酒店在當前環境中繼續表現良好。我們的戲院投資組合將因 2025 年恢復更正常化的電影時間表而受益匪淺。我們最近以更優惠的條件更新了信用額度，這表明了我們的信用合作夥伴對我們策略的信心。我們期待在 2025 年及以後繼續回報我們的股東和資本提供者。

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

既然如此，我為什麼不打開它來提問呢？操作員？

At this time, we will conduct the question-and-answer session. (Operator Instructions)

這時，我們將進行問答環節。（操作員說明）

Joshua Dennerlein, BofA Securities.

約書亞‧登納林 (Joshua Dennerlein)，美國銀行證券公司。

Hi. This is Farrell Granath on behalf of Josh Dennerlein. A question about the box office projections. I'm curious just based on last year's results and kind of the back-half weighted of a lot of the movie results coming out or the releases as well as the slow pickup of Venom in their box office performance. What's giving you the confidence for the increased guide as well as what's going to be driving the acceleration?

你好。我是法雷爾‧格拉納特 (Farrell Granath)，代表喬許‧丹納林 (Josh Dennerlein)。關於票房預測的問題。我很好奇的是，根據去年的結果，以及許多即將上映的電影結果或上映的後半部分加權，以及《猛毒》票房表現的緩慢回升。是什麼讓您對增加的指南充滿信心以及什麼將推動加速？

I think, fundamentally, the issue that you're looking at is pure number of titles. Again, as we've seen and as Greg has talked about in many of his comments, we're seeing a more normalization to the number of titles released that's more consistent with what we saw kind of pre-pandemic, and we're seeing that growth in that. Again, as far as expectations, the reality is no one title generally moves the needle substantially. So the number of titles and the expectations of those, you heard some of the titles, there will all always be titles that underperform and overperform. But if we have the appropriate number of wide release titles, we get much more confident in that. But Greg, I don't know if --

我認為，從根本上來說，您所關注的問題純粹是遊戲的數量。再次，正如我們所看到的，正如格雷格在他的許多評論中談到的那樣，我們看到發行的遊戲數量更加正常化，這與我們在大流行前看到的情況更加一致，我們看到在那方面的成長。再次強調，就預期而言，現實情況是沒有任何一款遊戲能帶來實質的推動。因此，從遊戲的數量和對這些遊戲的期望來看，你聽說過一些遊戲，總是會有表現不佳和表現優異的遊戲。但如果我們擁有適當數量的廣泛發行的遊戲，我們就會對此更有信心。但是格雷格，我不知道是否--

Yeah. And just some metrics on it. Through Q2, we were down four major releases in 2024 compared to 2023. And that translated to about $850 million less in box office. In Q3, we had the same number of major releases in 2024 as we had in 2023. And that was a $300 million increase in box office.

是的。只是一些指標。與 2023 年相比，第二季我們在 2024 年減少了四個主要版本。這意味著票房減少了約 8.5 億美元。在第三季度，我們 2024 年的主要版本數量與 2023 年相同。票房增加了 3 億美元。

The other thing that we say all the time, to repeat what Greg just said, is we're not good at predicting the individual performance of each title. So the fact that Venom is down a little bit, okay; but no one expected Inside Out 2 to do $653 million or Deadpool to do $636 million. So as Greg said, we look at all that and are confident in our projections.

我們一直在說的另一件事，重複格雷格剛才所說的話，是我們不擅長預測每個遊戲的個人表現。事實上，《毒液》的銷量有所下降，好吧；但沒有人預期《腦筋急轉彎 2》和《死侍》的票房收入分別為 6.53 億美元和 6.36 億美元。正如格雷格所說，我們審視了這一切，並對我們的預測充滿信心。

Okay. Thank you. And also pivoting a little bit with the news of Topgolf and the spin-off, I was curious on your kind of strategy of your exposure with them going forward. Is this relationship you'd want to be expanding or just maintaining or even reducing slightly?

好的。謝謝。隨著《Topgolf》及其衍生產品的消息發生了一些轉變，我很好奇你未來與他們的接觸策略。您想要擴大這段關係還是只是維持甚至稍微減少這段關係？

I think we're comfortable with our exposure. As we've noted before, we clearly -- we've done three Topgolfs over the last four years. So it's not rapid. We've stated publicly, we like major markets. So if you look at the three that we've done, San Jose, suburban LA, and King of Prussia, all open to top five locations for their chain. So given our position and the strength of the properties that we have, we're very comfortable with our exposure. We like the fact that they are, again, being -- if it occurs, spun out, with no financial leverage, and $200 million of cash. So what we see -- I don't know that it's a rapid or even a high growth area for us, but we're very comfortable with our exposure and the performance of our assets. But Greg, I don't know if you have any --

我認為我們對自己的曝光感到滿意。正如我們之前指出的，我們顯然在過去四年中舉辦了三屆頂級高爾夫比賽。所以速度並不快。我們已經公開表示，我們看好主要市場。因此，如果您看看我們已經完成的三個項目，即聖荷西、洛杉磯郊區和普魯士國王，它們都向其連鎖店的前五個地點開放。因此，考慮到我們的地位和我們擁有的資產實力，我們對自己的投資感到非常滿意。我們喜歡這樣一個事實：如果發生這種情況，它們將再次被分拆出來，沒有任何財務槓桿，並且擁有 2 億美元的現金。所以我們看到的是——我不知道這對我們來說是一個快速甚至高成長的領域，但我們對我們的風險敞口和資產的表現非常滿意。但是格雷格，我不知道你是否有--

No. I think you covered it, Greg.

不。我想你已經涵蓋了，格雷格。

Thank you.

謝謝。

Smedes Rose, Citi.

斯梅德斯·羅斯，花旗銀行。

Hi. Thank you. I was just wondering if you have any thoughts at this point of what the box office could look like for 2025?

你好。謝謝。我只是想知道您現在對 2025 年的票房有什麼想法嗎？

I would tell you what we've seen from others. We have not completed ours. But I would say most people are thinking kind of mid-9s. Is that consistent with what the analysis that you've seen, Greg?

我會告訴你我們從其他人那裡看到了什麼。我們還沒有完成我們的。但我想說，大多數人的想法都在 9 年代中期。格雷格，這與你看到的分析一致嗎？

Yes. And Smedes, we're also just seeing more visibility into titles on the slate. In October of last year, we thought there'd be 76 titles in 2024. Now we think there's going to be 99 titles in 2025 in October. So that shows you we have more -- there's 23 more titles on the slate. So we're feeling much better about the cadence.

是的。斯梅德斯，我們也看到了名單上的標題有了更多的可見度。去年 10 月，我們預計 2024 年會有 76 款遊戲。現在我們認為 2025 年 10 月將會有 99 部作品。這表明我們還有更多 - 名單上還有 23 部作品。所以我們對節奏感覺好多了。

Okay. And then I just wanted to ask you just in general, as you're kind of looking at opportunities that you've been more focused on, what does the transaction market kind of look like and maybe any kind of change in pricing or kind of sellers up there?

好的。然後我只是想問你一般性的問題，因為你正在尋找你更關注的機會，交易市場是什麼樣的，也許定價或類型有任何變化那裡有賣家？

I don't know that we've seen a lot of change in pricing. I mean, we've been consistently in the 8s. And I think we have -- we are there. As Greg mentioned in his comments, given our capital constraints, we're very disciplined in how we're deploying that capital. We're not trying to fill a bucket that's multibillion. So I think Greg and his team and their disciplined approach allows us to be selective and go for the assets like what you saw this time, which is an iconic hot springs asset. It took time to get that asset, but we're very focused on the ones we want. And I think they've done a great job of doing that.

我不知道我們是否看到定價發生了很大變化。我的意思是，我們一直處於 8 年代。我認為我們已經做到了。正如格雷格在他的評論中提到的，鑑於我們的資本限制，我們在如何部署資本方面非常嚴格。我們並不是想填滿一個數十億美元的水桶。因此，我認為格雷格和他的團隊以及他們嚴格的方法使我們能夠有選擇性地選擇像您這次看到的資產，這是標誌性的溫泉資產。獲得該資產需要時間，但我們非常專注於我們想要的資產。我認為他們在這方面做得很好。

Yeah. And Smedes, I would say, as I said in my prepared comments, I mean, we're generally seeing opportunities in almost all of our verticals. So the pipeline is full. As Greg said, we're being disciplined.

是的。至於 Smedes，我想說，正如我在準備好的評論中所說，我的意思是，我們通常在幾乎所有垂直領域都看到了機會。所以管道已經滿了。正如格雷格所說，我們正在受到紀律處分。

Thank you.

謝謝。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Thank you. Just kind of going back on the last question there and talking about pricing. Just given maybe the lack of like fee-simple regular-way acquisitions and the focus on the mortgage loans, was the pricing that you're referencing, that kind of mid-8s number, what you're seeing on your ability to lend? Or is that where you're seeing cap rates are now for fee-simple acquisitions? And if not, what kind of gets you to those type of deals?

謝謝。只是回到最後一個問題並討論定價。考慮到可能缺乏像收費簡單的常規方式收購以及對抵押貸款的關注，您所參考的定價是 8 年代中期的數字，您對自己的貸款能力有何看法？或者說，這就是您現在看到的費用簡單收購的資本化率嗎？如果沒有，是什麼讓您達成此類交易？

John, I would say it's important to remember that even on this financing, we have conversion possibility, so we can convert that loan into a fee-simple net lease structure. So there's some expansion that's anticipated there. So the structure that you see really is almost all of our mortgage have the ability for some period of time to convert that in. So we generally look like there's always a plan in our mortgage features to have that ability to convert that. So I would think of that just as kind of an ownership, but a structural issue moving into fee-simple net leased asset.

約翰，我想說，重要的是要記住，即使在這筆融資中，我們也有轉換的可能性，因此我們可以將該貸款轉換為費用簡單的淨租賃結構。因此，預計會有一些擴展。所以你看到的結構實際上是我們幾乎所有的抵押貸款都有能力在一段時間內將其轉換。因此，我們通常看起來在我們的抵押貸款功能中總是有一個計劃來具有轉換它的能力。因此，我認為這只是一種所有權，但結構性問題正在轉向費用簡單淨租賃資產。

Got it. Thank you. And then I guess maybe just on your cost of capital in general, you're talking about being capital constrained. Could you just walk us through how you're thinking about it today and then the math of when you're thinking about does the buyback makes sense or at what multiple does that get attractive for you to start issuing equity?

知道了。謝謝。然後我想也許就您的一般資本成本而言，您正在談論資本受限。您能否向我們介紹一下您今天的想法，然後計算一下您何時考慮回購是否有意義，或者回購的倍數對您開始發行股票有吸引力？

Well, again, it's a function of what you're buying at. But if you look at kind of the point of accretion, it's very simple to say, what multiple are you trading at, what's the inverse of that, and what is your equity costing. And we're generally financing things at a 60/40 basis. So if you do that, unless you're -- I mean, again, it probably gets you to somewhere in the 9s, so unless you're buying something in the double-digit area, it's really not attractive to issue equity right now.

嗯，再說一次，這取決於你購買的東西。但如果你看一下增值點，就很簡單地說，你的交易倍數是多少，其倒數是多少，以及你的權益成本是多少。我們通常以 60/40 的比例進行融資。因此，如果你這樣做，除非你——我的意思是，它可能會讓你達到 9 的水平，所以除非你購買兩位數區域的東西，否則現在發行股票確實沒有吸引力。

And so, again, we're not going to grow just for growth sake. As Mark has demonstrated his numbers, we can still comfortably grow in that 3% to 4% range with what we're doing. And combine that with our dividend, is still, we think, a very attractive double-digit kind of total shareholder return.

因此，我們不會僅僅為了成長而成長。正如馬克所展示的那樣，透過我們正在做的事情，我們仍然可以在 3% 到 4% 的範圍內輕鬆成長。我們認為，與我們的股息相結合，仍然是非常有吸引力的兩位數股東總回報。

So again, I think as we go forward and as people get more comfortable with some recovery of these assets, that we will see a return to a more kind of attractive cost of capital that we've enjoyed in the past. And we will again then start to look at being more expansive in our capital deployment. But again, we're stewards of people's capital. So we're not going to just execute growing assets without the correspondent accretive per share results.

因此，我再次認為，隨著我們的前進，隨著人們對這些資產的部分回收感到更加滿意，我們將看到我們過去所享受的更具吸引力的資本成本的回歸。然後我們將再次開始考慮更廣泛地進行資本部署。但再次強調，我們是人民資本的管家。因此，我們不會僅僅執行不斷成長的資產，而沒有相應的每股業績增值。

We always remind people that stock buybacks are not leverage neutral. So we look at it on a leverage-neutral basis. And right now, at today's prices, that's not a compelling option to buy back stock. And in addition, we're able to service our clients and our customers, which we think is very helpful over the long term.

我們總是提醒人們，股票回購不是槓桿中立的。因此，我們在槓桿中性的基礎上看待它。目前，以今天的價格來看，這並不是回購股票的一個令人信服的選擇。此外，我們能夠為我們的客戶和客戶提供服務，我們認為從長遠來看這非常有幫助。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Rob Stevenson, Janney Montgomery Scott.

羅布史蒂文森，珍妮蒙哥馬利斯科特。

Good morning, guys. Greg, you're moving on from those St. Pete lodging assets. Is that just a result of the hurricane damage? Or was the previous operating performance not strong enough to warrant continued or even incremental investment on your part given Mark's comments on increased interest in insurance costs?

早安，夥計們。格雷格，你要離開聖皮特的那些住宿資產了。這只是颶風造成的破壞嗎？或者鑑於馬克對保險成本興趣增加的評論，之前的經營業績是否不足以保證您繼續甚至增量投資？

Well, I will say it's probably a combination of both. I mean, our insurance costs over the last two years have gone up substantially. I mean, it has been a very, very eye-opening situation. And then when you look at the idea that you have two named storms, which creates two separate deductibles, and you think about what the rebuild costs are going to be like there and bringing up things to new codes, we just don't think, as I said, being kind of stewards of our shareholders' capital, that that's not the best deployment of our capital. But Greg or Mark?

好吧，我會說這可能是兩者的結合。我的意思是，過去兩年我們的保險費用大幅上漲。我的意思是，這是一個非常非常令人大開眼界的情況。然後當你看到有兩個命名的風暴的想法，這會產生兩個單獨的免賠額，並且你會想到重建成本會是什麼樣子並將事情帶到新的規範中，我們只是不認為，正如我所說，作為我們股東資本的管理者，這不是我們資本的最佳配置。但格雷格還是馬克？

Yeah. And that, Rob, on top of that, I would mention there have been a couple of other storms where there wasn't necessarily water damage, but significant wind damage. We didn't make a claim. But the point is these hotels have been hit repeatedly by storms over the past three or four years. And to put a number on it for you, the insurance costs were essentially 9% of revenue. So it was significant.

是的。羅布，除此之外，我還想提一下，還有其他幾場風暴，這些風暴不一定造成水災，但會造成嚴重的風災。我們沒有提出索賠。但關鍵是，這些飯店在過去三、四年裡屢屢遭受暴風雨襲擊。幫你算一下，保險費用基本上佔收入的 9%。所以這很重要。

In addition to the operating costs, including insurance, interest costs have also risen because we had a SOFR-based loan for the loan agreement needed to buy a cap on that expired in June. So obviously, putting that cap on again at a cap of 3.5% of SOFR was kind of expensive. So I'd say also interest had risen. So it was marginally profitable. I don't think it's going to have a big impact in 2025 earnings. But certainly, the hurricane, deductibles involved, and sort of what we're looking at made it a fairly easy decision.

除了包括保險在內的營運成本之外，利息成本也有所上升，因為我們有一筆基於 SOFR 的貸款，用於購買 6 月到期的貸款協議上限。顯然，再次設定 SOFR 3.5% 的上限是有點昂貴的。所以我想說，興趣也有增加。因此，它的利潤微乎其微。我認為這不會對 2025 年的獲利產生太大影響。但可以肯定的是，颶風、涉及的免賠額以及我們正在考慮的事情使之成為一個相當容易的決定。

And then just one more thing, not to continue. We have no visibility into what insurance premium cost will be going forward after this kind of devastation. So there was significant concern about that as well.

然後還有一件事，不再繼續。我們不知道在這種破壞之後保險費將會是多少。因此，人們對此也非常擔憂。

I guess that last comment, does that basically influence your desire to invest in any type of property in coastal Florida for the foreseeable future? Or is it case by case?

我想最後的評論，這是否基本上影響了您在可預見的未來投資佛羅裡達州沿海任何類型房產的願望？還是具體情況而定？

It's case by case. I mean, as Greg noted earlier, most of our other properties actually sustained little to no damage in Florida. This is very unique that it's set right on the beach and therefore, it's exposure and it's insurability have become increasingly troublesome for us.

這是具體情況而定。我的意思是，正如格雷格之前指出的那樣，我們在佛羅裡達州的大多數其他財產實際上幾乎沒有受到任何損害。這是非常獨特的，因為它坐落在海灘上，因此，它的暴露和可保性對我們來說變得越來越麻煩。

Okay. And then, Mark, I know that gap sometimes is materially different than than reality. Are you expecting any proceeds when you exit these assets or is getting out without paying anything additional victory here?

好的。然後，馬克，我知道差距有時與現實有很大不同。當您退出這些資產時，您是否期望獲得任何收益，或者在沒有支付任何額外勝利的情況下退出？

We don't expect any cash impact going forward. Now, I would say the accounting is a little bit still to be decided, but kind of economically, we think we're sort of likely, I say likely, done with the property. There could be some costs that we report, but from a real cash perspective, we don't expect any cash outflows.

我們預計未來不會產生任何現金影響。現在，我想說，會計問題還有待決定，但從經濟角度來看，我們認為我們很可能，我說可能，已經完成了該財產的處理。我們可能會報告一些成本，但從實際現金的角度來看，我們預計不會出現任何現金流出。

Okay. And then the investment this quarter in the hot spring, the mortgage, is mortgage the way that you'll be investing in these types of assets in the future or is this just this case particularly lent itself to a loan and you'd own assets as well? How should we be thinking about future asset acquisitions or investments in the hot spring and similar businesses?

好的。然後本季的溫泉投資，抵押貸款，是抵押貸款，您將來將投資這些類型的資產，或者只是這種情況，特別是貸款本身，而您擁有資產還有？我們該如何考慮未來對溫泉及類似業務的資產收購或投資？

Again, I think this is mortgage to fee ownership. There are some expansion. There are some other things that are going --

再說一遍，我認為這是抵押費用所有權。有一些擴展。還有一些其他事情正在進行中--

Tax credits.

稅收抵免。

There's tax credits that are involved there that we couldn't without jeopardizing those. So I would not, as I said to the earlier caller, I would not think of this like as a mortgage vehicle, it's just an interim step to a net lease fee ownership.

其中涉及稅收抵免，我們無法在不損害這些稅收抵免的情況下進行。因此，正如我對先前的來電者所說，我不會將其視為抵押貸款工具，這只是獲得淨租賃費所有權的臨時步驟。

And Rob, just for clarification, Pagosa Springs and Murrieta Hot Springs are both net leases.

羅布，請澄清一下，帕戈薩斯普林斯和穆列塔溫泉都是淨租賃。

Okay. And then last one for me. The market for well-located and occupied movie theaters, that's still frozen, and any transaction starting to happen out there in the marketplace for anything other than vacant or soon- to-be vacant assets?

好的。然後是我的最後一張。位置優越且已被佔用的電影院市場仍然處於凍結狀態，除了空置或即將空置的資產之外，市場上是否開始發生任何交易？

I don't think we've seen a lot of transactions with good theaters. Greg, I don't --

我認為我們並沒有看到很多與優秀影院的交易。格雷格，我不--

No, I think that's right. But I also think we're expecting the box office to continue to heal which, hopefully, along with rate reductions, will unfreeze the market a bit.

不，我認為這是對的。但我也認為我們預計票房將繼續恢復，希望隨著利率的降低，市場會稍微解凍。

Not surprising to us as there haven't been a lot of transactions.

我們並不感到驚訝，因為交易量並不多。

Okay. Thanks, guys. Appreciate your time this morning.

好的。謝謝，夥計們。感謝您今天早上的時間。

Thank you, Rob.

謝謝你，羅布。

Michael Carroll, RBC.

麥可卡羅爾，加拿大皇家銀行。

Thanks. Greg, I wanted to touch on the asset sale plans. I know, obviously, you have a little bit still kind of baked into guidance right now. Should we think of that as just that the five vacant theaters and beyond those potential sales, how should we think about that activity going into 2025-2026? I mean, is there stuff that you'd still want to sell? Or should we expect some type of typical pruning within the portfolio that could continue to occur?

謝謝。格雷格，我想談談資產出售計畫。我知道，顯然，你現在還沒有完全融入指導中。我們是否應該僅將其視為五個空置劇院以及除了這些潛在銷售之外，我們應該如何考慮進入 2025-2026 年的活動？我的意思是，你還有想賣的東西嗎？或者我們是否應該預期投資組合中可能會繼續發生某種類型的典型修剪？

I mean, I think the other thing that you will expect to see is we're starting to look more aggressively at our education portfolio and what we can harvest from there as we continue this redeployment of capital. So Greg and his team have done a great job getting us through a lot of the vacant properties. And now if we're wanting to continue to recycle and enhance our capital availability, we're going to start to look and get more thoughtful about our education portfolio as another lever for us to generate available capital for us to deploy in experiential properties.

我的意思是，我認為您期望看到的另一件事是，我們開始更積極地審視我們的教育投資組合，以及隨著我們繼續資本重新部署，我們可以從中收穫什麼。因此，格雷格和他的團隊做得很好，幫助我們處理了許多空置房產。現在，如果我們想繼續回收並提高我們的資本可用性，我們將開始審視並更加深思熟慮我們的教育投資組合，將其作為我們產生可用資本以部署在體驗式地產中的另一個槓桿。

And Michael, we also have two vacant education assets as well as the theaters.

邁克爾，我們還有兩個空置的教育資產以及劇院。

Okay. And then on education sales, is that going to be kind of broken up into smaller transactions or could it potentially be a bigger deal?

好的。那麼在教育銷售方面，這是否會被分解成較小的交易，或者是否可能成為一個更大的交易？

Do you know what? It's kind of highest and best if we think that there's a deeper pool for breaking it apart. We'll do that, if somebody comes along and wants to pay us a good price for a large portfolio. Again, ours is just driving the best value that we can for our shareholders.

你知道什麼嗎？如果我們認為有一個更深的池子可以將其分解，那就是最高和最好的。如果有人願意為我們的大型投資組合支付優惠價格，我們就會這樣做。再說一遍，我們只是盡我們所能為股東創造最大價值。

And then I guess, Mark, on the guidance changes, can you kind of highlight what drove the percentage rents number higher or is it just the box office? I mean, I know you explained why the JV income is lower, but what about the other income and expenses? Is that just due to challenges at Kartrite?

然後我想，馬克，關於指導意見的變化，你能強調一下是什麼推動了租金百分比上升，還是只是票房？我的意思是，我知道你解釋了為什麼合資企業的收入較低，但是其他收入和支出呢？這僅僅是因為 Kartrite 面臨的挑戰嗎？

Yeah. So with respect to percentage rents, Regal kind of came in as we expected. So it was non-Regal percentage rents that took it up $1 million. With respect to other income and other expense, really, that is the Kartrite. There's kind of a reduction in revenue. We've been able to offset that reduction in revenue by offsetting expenses. Net-net, it's down $500,000, as I mentioned, and it's all Kartrite driven.

是的。因此，就租金百分比而言，富豪的表現符合我們的預期。因此，非富豪百分比的租金佔了 100 萬美元。至於其他收入和其他支出，實際上，這就是 Kartrite。收入有所減少。我們已經能夠透過抵消支出來抵消收入的減少。Net-net，正如我所提到的，它下降了 50 萬美元，而且都是由 Kartrite 驅動的。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Thank you.

謝謝。

Anthony Paolone, JPMorgan.

安東尼保隆，摩根大通。

Thanks. I guess, Mark, just trying to maybe avoid a miss on 2025 or not getting this right looking into next year, but if you think about net other income and then this JV FFO going forward, I mean, how should we start to think about those two since they're related to the operating assets and the weather matters, like what that looks like year-over-year? Because it just seems like it could be a pretty big swing factor and I've kind of lost the thread a bit on whether Kartrite is still ramping and where that goes. So any help there would be great.

謝謝。我想，馬克，只是想避免錯過 2025 年，或者在明年沒有得到正確的考慮，但如果你考慮其他淨收入，然後考慮這個 JV FFO 的未來，我的意思是，我們應該如何開始考慮這兩個因素與營運資產和天氣問題有關，就像去年同期的情況一樣？因為看起來這可能是一個相當大的波動因素，而且我有點不知道 Kartrite 是否仍在增加以及它會走向何方。所以任何幫助都會很棒。

Yeah. We're hopeful Kartrite ramps next year. That one's a little harder to predict. So we're not expecting massive increases there. I think with respect to the JVs, our prior midpoint for JVs was about $1.5 million, I'd say about $0.5 million of that was St. Pete related. So that will go away in the future. So a pretty modest impact from St. Pete should we remove those properties from the portfolio. I do expect sort of, hopefully, the remaining JVs to grow a bit in 2025 or 2024 given some of the investments. I mean, one of them, one of the RV parks just completed construction in 2024. So it really is going to have its first full year following construction. It's a pretty modest investment that we have in JVs, particularly when we remove the two St. Pete properties. So these are huge numbers that we're talking about. But I do expect it to go down for St. Pete, then have a bit of a growth in the other JVs.

是的。我們希望 Kartrite 明年能夠上線。這個有點難以預測。因此，我們預計不會大幅成長。我認為就合資企業而言，我們之前的合資企業中點約為 150 萬美元，我想說其中約 50 萬美元與聖彼得堡相關。所以這種情況在未來將會消失。因此，如果我們從投資組合中刪除這些房產，聖皮特的影響相當有限。鑑於一些投資，我確實預計剩餘的合資企業將在 2025 年或 2024 年有所成長。我的意思是，其中之一是 2024 年剛完工的房車公園之一。因此，它確實將迎來施工後的第一個完整年度。我們對合資企業的投資相當有限，特別是當我們移除聖皮特的兩處房產時。所以我們正在談論的這些數字是巨大的。但我確實預計聖彼得堡的銷量會下降，然後其他合資企業會有一些成長。

Okay. But then, I guess, just understanding that in the JVs, it sounds like even if, from an accounting basis, that they may operate at a loss or something, if you're going to get rid of them, like you'll just take that out of numbers and so it's therefore not a major impact, is that kind of what's likely to happen?

好的。但是，我想，只要了解在合資企業中，聽起來即使從會計基礎來看，如果你要擺脫它們，它們也可能會虧損或其他什麼情況，就像你會這樣做一樣從數字中剔除這一點，因此這不會產生重大影響，這種情況有可能發生嗎？

Yes. Correct. We'll see how the accounting shakes out. We removed the EBITDA from St. Pete in the fourth quarter in our guidance. But yes, the expectation is that it will just be removed. The EBITDA, the interest, and so forth going forward will be just taken out of the numbers.

是的。正確的。我們將看看會計結果如何。我們在第四季度的指導中取消了聖彼得堡的 EBITDA。但是，是的，人們期望它會被刪除。未來的 EBITDA、利息等都將從數字中剔除。

Okay. And then my second question is, I think you all mentioned that some of your tenants are seeing cost pressures and so forth, can you comment on just any sort of watch list or even any smaller tenants that we might not be seeing on the major tenant list that are giving you any concern or (inaudible) on the coverage side at this point?

好的。然後我的第二個問題是，我想你們都提到你們的一些租戶正在面臨成本壓力等等，你能否對任何類型的觀察名單甚至我們可能在主要租戶上看不到的任何較小租戶發表評論列出目前在承保方面給您帶來任何擔憂或（聽不清楚）的內容？

Not really, Tony. I mean, again, our coverage is still to (inaudible), which is 30% higher than when we went into with pre-COVID. So again, it's holding up. I think everybody is dealing with the idea that it's not as easy to pass these cost pressures on. So on the margin, we're seeing, as Greg mentioned, slight decreases in EBITDA, not enough that it's moved the needle yet, but there's no one that's kind of standing out as saying I'm feeling it disproportionately or getting an area of concern for us. As we've said, our watch list is probably smaller than it's ever been in the last four or five years, given all the work that we did through COVID.

不完全是，托尼。我的意思是，我們的覆蓋範圍仍然是（聽不清楚），比新冠疫情爆發前高出 30%。所以再一次，它仍然有效。我認為每個人都在思考這樣的想法：要轉嫁這些成本壓力並不容易。因此，正如格雷格所提到的，我們在邊緣看到 EBITDA 略有下降，還不足以起到推動作用，但沒有人站出來說我感覺它不成比例或得到了一個領域對我們的關心。正如我們所說，考慮到我們在新冠疫情期間所做的所有工作，我們的觀察名單可能比過去四到五年裡的任何時候都要小。

Okay. Thank you.

好的。謝謝。

Thank you, Tony.

謝謝你，托尼。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

Great. Thanks for taking my question. And this pertains to the two St. Pete Beach assets. Was there any business disruption insurance there that you can collect? And if so, can you share with us any timing associated with that?

偉大的。感謝您提出我的問題。這涉及聖彼得海灘的兩處資產。那裡有可以領取的業務中斷保險嗎？如果是這樣，您能否與我們分享相關的時間安排？

Again, we're going through -- there was business interruption. The question that we're having to see, was it JV and is that something that -- let's be clear that the lender will take control of all insurance proceeds. And given the level of issue here, this could be long prolonged issue. And when we look at the economics of this going forward, for many of the reasons that we've discussed today, we made this decision that this is not a good investment for the additional capital that we would have to put in given the cost structures that are experienced there now. So we'll just have to see how this plays out and plays out with our partner.

我們再次遇到業務中斷的情況。我們必須看到的問題是，它是合資企業嗎？考慮到這裡問題的嚴重程度，這可能是個長期存在的問題。當我們考慮未來的經濟狀況時，出於我們今天討論的許多原因，我們做出了這樣的決定：考慮到成本結構，這對於我們必須投入的額外資本來說不是一項好的投資現在那裡有經驗。所以我們只需要看看這件事會如何進行，以及與我們的合作夥伴一起進行。

But we took what we think is the conservative approach with this and kind of laid this out. We don't think, as Mark said, there's a huge upside of anything here that there's expenses being covered right now for remediation already and to stop any sorts of issues. And our partners are doing those kinds of thing now. Upal, I just don't -- we don't know how all that's going to play out.

但我們採取了我們認為保守的方法，並對此進行了闡述。正如馬克所說，我們認為現在已經支付了用於補救和阻止任何類型問題的費用，這並沒有什麼巨大的好處。我們的合作夥伴現在正在做這些事情。烏帕爾，我只是不知道——我們不知道這一切會如何發展。

Okay. Got it. That was helpful. And then you mentioned the non-commoditized fitness and wellness assets in your prepared remarks. Could you just give us a little more color on what these assets are and do you plan on doing more of those in the future?

好的。知道了。這很有幫助。然後您在準備好的演講中提到了非商品健身和健康資產。您能否給我們更多介紹一下這些資產是什麼？

I think what we're talking about is what you've seen, Upal, what we've done whether it's the hot springs, whether it's the climbing gyms. I mean, this isn't your on-the-corner fitness facility with a bunch of machines. These are curated experiences for which people are willing to pay a premium and for where there's increased demand for. Its really approaching two major demographic groups, that being the baby boomers and the millennials, both of those people or groups are valuing this kind of curated health and wellness. And we feel that that's a much greater kind of area of emphasis for us rather than the kind of commoditized fitness gym.

我想我們談論的是你所看到的，烏帕爾，我們所做的，無論是溫泉，還是攀岩館。我的意思是，這不是街角有一堆機器的健身設施。這些是人們願意支付溢價並且需求不斷增加的精心策劃的體驗。它確實接近兩個主要的人口群體，即嬰兒潮世代和千禧世代，這兩個人或群體都重視這種精心策劃的健康和保健。我們覺得這對我們來說是一個更大的重點領域，而不是那種商品化的健身房。

And I would add, on the wellness side, in addition to the three hot springs resorts, we also have invested with Mirbeau, which is a spa hotel concept. And to Greg's point, we have three climbing gyms. So we're looking at holistically fitness and wellness.

我想補充一點，在健康方面，除了三個溫泉度假村外，我們還投資了 Mirbeau，這是一個水療酒店概念。對格雷格來說，我們有三個攀岩館。因此，我們正在關注整體健身和健康。

Jyoti Yadav, Citizens JMP Securities.

Jyoti Yadav，JMP 證券公民。

Hey. It's Mitch here, actually. I'm curious about I think you had said that the new loan in the Colorado fitness asset, the hope was to convert that to net lease. So is there an option for that? Or is that a negotiation at the end of the term?

嘿。其實是米奇。我很好奇，我想你說過科羅拉多州健身資產的新貸款，希望將其轉換為淨租賃。那麼有沒有辦法呢？還是這是任期結束時的談判？

No. There's a hard option. That has some tax credits that would be recoverable if we convert it within a certain period of time. But beyond that, we have a free right to just convert it to a net lease asset.

不。有一個艱難的選擇。如果我們在一定時間內將其轉換，則可以收回一些稅收抵免。但除此之外，我們還有自由權利將其轉換為淨租賃資產。

So was that -- Greg, I guess to expand that, is this sort of similar with some of the bigger tickets in your loan book where there are actual options that exist with the loan to convert from loan --

那麼 - 格雷格，我想擴展一下，這與您的貸款簿中的一些更大的票據類似，其中存在與貸款轉換為貸款的實際選項--

Generally, you're 100%, correct, Mitch. I mean, generally, the mortgages are structure to a net lease investment. And almost all of ours have that feature to convert it with defined economics that just allow us to flip the switch and get there.

一般來說，你是 100% 正確的，米奇。我的意思是，一般來說，抵押貸款是淨租賃投資的結構。幾乎我們所有的產品都具有這樣的功能，可以將其轉換為既定的經濟學，讓我們只需輕輕一按即可實現目標。

And to that point, our mortgages, a lot of them have interest increases, which you typically wouldn't see in a mortgage just because it's kind of like at lease.

就這一點而言，我們的抵押貸款，其中許多增加了利息，這在抵押貸款中通常不會看到，因為它有點像租賃。

Yeah. They read and look like a lease if you read them.

是的。如果你讀過它們，它們看起來就像是一份租約。

Got you. Okay. And then Mark, while I have you, just piggybacking on Tony's question about the JV FFO, some seasonality, obviously, because of some of your lodging exposure, does that go away? Is that the way to think about it? Or will there still be some of that going forward?

明白你了。好的。然後馬克，當我有你的時候，只是藉用托尼關於合資 FFO 的問題，一些季節性，顯然，因為你的一些住宿暴露，這種情況會消失嗎？是這樣思考的嗎？或者說未來還會有這樣的事情發生嗎？

I'd say most of the seasonality is probably related to the RV parks. I think there were some seasonality related to St. Pete Beach. Just the magnitude of the numbers go down because St. Pete Beach was the biggest investment in the group of JVs. But I think there will will be some seasonality. If you think about RV parks, the sort of second and third quarter are their primary seasons.

我想說大部分季節性可能與房車公園有關。我認為聖彼得海灘有一些季節性。只是數字的大小有所下降，因為聖彼得海灘是這組合資企業中最大的投資。但我認為會有一些季節性。如果您考慮房車公園，第二季和第三季是它們的主要季節。

Well, and they're also subject to (inaudible) Mitch, because they're outdoors --

嗯，他們也受到（聽不清楚）米奇的影響，因為他們在戶外--

Yeah.

是的。

So (inaudible) impacts.

所以（聽不清楚）影響。

Thank you.

謝謝。

Thank you, Mitch.

謝謝你，米奇。

Spenser Allaway, Green Street.

史賓塞·阿拉維，格林街。

Thank you. I know you mentioned just starting to get constructive on perspective assets held within the education portfolio. So I realize it may be a little early to ask this, but just curious, based on your history in the space, do you have any sense of the composition of the debt or debt of the potential buyer pool for those assets?

謝謝。我知道您提到剛開始對教育投資組合中持有的遠景資產持建設性態度。所以我意識到現在問這個問題可能有點早，但只是好奇，根據您在該領域的歷史，您對這些資產的潛在買家池的債務或債務的組成有任何了解嗎？

Spenser, I think we've always felt like it's a pretty widely held asset within the net lease group. And therefore, we've had a lot of interest in it. Folks from public players and private players. I think, again, as we start to think about our recycling, we've just been engaging more from there, and Greg, maybe you could comment, but I think we've had interest both from public and private, large and small.

史賓塞，我認為我們一直覺得它是淨租賃集團內相當廣泛持有的資產。因此，我們對此非常感興趣。來自公共玩家和私人玩家的人們。我再次認為，當我們開始考慮回收問題時，我們只是從那裡開始更多的參與，格雷格，也許你可以發表評論，但我認為我們已經引起了公共和私人、大大小小的興趣。

Yeah. It's a fairly deep pool.

是的。這是一個相當深的水池。

Okay, great. Thanks. And then as it relates to your Topgolf assets, these tend to be large assets. In the event that you did decide down the road to sell assets, can you just talk about the fungibility of these assets or perhaps the underlying real estate value just given where they tend to be located?

好的，太好了。謝謝。然後，由於它與您的 Topgolf 資產相關，因此這些資產往往是大型資產。如果您確實決定出售資產，您能否談論這些資產的可替代性，或者考慮到它們往往位於何處，潛在的房地產價值？

Yeah. I mean, again, these are generally large parcels and remember, our ownership is generally very major metropolitan area. So again, these are high-quality performing. And if you go back and you look at Topgolf sales, most of the Topgolf sales have been low 7s or below. I mean, we've got records of Fort Myers, I think, sold at a 5 here in the last two years. So again, it's generally been a fairly robust market for they're well-located assets.

是的。我的意思是，這些通常都是大地塊，請記住，我們的所有權通常是非常大的都會區。再說一遍，這些都是高品質的表演。如果你回頭看看 Topgolf 的銷售量，你會發現大多數 Topgolf 的銷售量都在 7 或以下。我的意思是，我們有邁爾斯堡的唱片，我想，過去兩年在這裡以 5 美元的價格出售。再說一次，由於它們的資產位置優越，這通常是一個相當強勁的市場。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to Greg Silvers for closing remarks.

謝謝。問答環節到此結束。現在我想請格雷格·西爾弗斯（Greg Silvers）發表結束語。

Well, thank you, everyone, for joining us today. We look forward to talking to you soon and have a happy Halloween tonight. Thanks so much. Bye-bye.

好的，謝謝大家今天加入我們。我們期待盡快與您交談，並祝今晚萬聖節快樂。非常感謝。再見。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。