EPR Properties (EPR) 2025 Q1 法說會逐字稿

Hello and welcome to the EPR Properties Q1 2025 earnings call. (Operator Instructions) Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.

您好，歡迎參加 EPR Properties 2025 年第一季財報電話會議。（操作員指示）另外，提醒一下，今天正在錄製本次會議。如果您有任何異議，請立即斷開連接。

I will now hand the call over to Brian Moriarty, Senior Vice President, Corporate Communications.

我現在將電話交給企業傳播資深副總裁 Brian Moriarty。

Great. Thank you. Thanks for joining us today for our first-quarter 2025 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.

偉大的。謝謝。感謝您今天參加我們的 2025 年第一季財報電話會議和網路廣播。參加今天電話會議的有董事長兼執行長 Greg Silvers； Greg Zimmerman，執行副總裁兼首席資訊長；以及執行副總裁兼財務長 Mark Peterson。

I'll start 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, the results of the operations may vary materially from those contemplated in such forward-looking statements.

首先我要通知您，本次電話會議可能包含《1995 年私人證券訴訟法》所定義的前瞻性陳述，這些陳述以將、打算、繼續、相信、可能、預期、希望、預期或其他類似術語來標識。本公司的實際財務狀況、經營績效可能與此類前瞻性陳述中預期的大不相同。

Discussion of those factors that could cause results to differ materially from those who are 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. The 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 on 8-K.

有關可能導致結果與預期大不相同的因素的討論包含在公司提交給美國證券交易委員會的文件中，包括公司 10-K 和 10-Q 表報告。此外，本次電話會議將提及某些非公認會計準則指標，我們認為這些指標對評估公司績效很有用。這些指標與最直接可比較的 GAAP 指標的對帳已包含在今天的收益報告和透過 8-K 表格向美國證券交易委員會 (SEC) 提供的補充資訊中。

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

如果您希望關注，今天的收益報告、補充報告和收益結果介紹均可在公司網站 www.eprkc.com 的投資者中心頁面上找到。

Now, I'll turn the call over to Greg Silver.

現在，我將把電話轉給格雷格·西爾弗。

Thank you, Brian. Good morning, everyone, and thank you for joining us on today's first quarter of 2025 earnings call and webcast. I am happy to report that our first-quarter results reflect continued strength in our portfolio with top-line revenue up, 4.7%, and FFO as adjusted per share of 5.3% year over year. Additionally, we are pleased to announce that we are increasing our 2025 earnings guidance.

謝謝你，布萊恩。大家早安，感謝您參加今天的 2025 年第一季財報電話會議和網路廣播。我很高興地報告，我們的第一季業績反映了我們產品組合的持續強勁增長，營業收入同比增長 4.7%，調整後每股 FFO 同比增長 5.3%。此外，我們很高興地宣布，我們將上調 2025 年獲利預期。

During the quarter, we made progress with our investment pipeline, deploying capital into accretive opportunities that support our long-term growth strategy. As part of our investment spending during the quarter and subsequent to the quarter-end, we are introducing two new experiential asset types to our portfolio: a construction-themed attraction and a private golf club with expansive amenities. We are delighted to add these properties to our portfolio as they reflect the attributes we seek in our experiential investments.

本季度，我們的投資管道取得了進展，將資本部署到支援我們長期成長策略的增值機會。作為本季及季末之後投資支出的一部分，我們將在投資組合中引入兩種新的體驗式資產類型：以建築為主題的景點和擁有廣泛設施的私人高爾夫俱樂部。我們很高興將這些房產添加到我們的投資組合中，因為它們反映了我們在體驗式投資中尋求的屬性。

While we remain prudent in our investment spending given the current cost of capital, we are encouraged by our ability to continue to find attractive investments. We are also -- we also advance our capital recycling strategy focused on the sale of theater and education assets and accretively redeploying this capital into target experiential properties. This strategy remains a top priority for us as we continue to refine our portfolio with the goal of further expanding our experiential portfolio across high-quality properties.

儘管考慮到當前的資本成本，我們在投資支出方面仍保持謹慎，但我們對自己繼續尋找有吸引力的投資的能力感到鼓舞。我們也推進了資本回收策略，重點是出售劇院和教育資產，並將這些資本重新部署到目標體驗式資產。隨著我們不斷完善投資組合，以進一步擴大我們在優質物業中的體驗式投資組合為目標，這項策略仍然是我們的首要任務。

Turning to an overview of our product portfolio, our first-quarter consolidated coverage remains at 2.0, which is consistent with the recorded coverage on our year-end call. We are pleased with the with the momentum and resilience we're seeing at the box office. Thus far, we've seen success around multiple genres, including original content as most recently evidenced by the performance of Sinners, franchise films including Captain America, Brave New World, and Mufasa: The Lion King, and animated features like Dog Man and Moana 2. The upcoming film slate is strong, and we remain optimistic about seeing continued solid performance and theatrical exhibition.

回顧我們產品組合的概況，我們的第一季綜合覆蓋率仍為 2.0，這與我們年終電話會議上記錄的覆蓋率一致。我們對票房的勢頭和韌性感到滿意。到目前為止，我們已經看到多種類型的電影取得了成功，包括最近表現出色的《罪人》等原創內容、《美國隊長》、《美麗新世界》和《獅子王：木法沙》等系列電影，以及《狗俠》和《海洋奇緣 2》等動畫片。即將上映的電影名單很強大，我們仍然對看到持續的穩定表現和戲院展覽持樂觀態度。

Our ski properties also delivered solid results supported by robust season pass sales and favorable weather conditions. As we've discussed previously, our snowmaking capabilities at these properties help to mitigate weather risks. While our eat-and-play sector experienced some year-over-year declines, our coverage in the space remains healthy, and we are confident about the sector's resilience.

由於強勁的季票銷售和有利的天氣條件，我們的滑雪場也取得了穩健的業績。正如我們之前所討論的，我們在這些地方的造雪能力有助於減輕天氣風險。雖然我們的餐飲娛樂業同比有所下滑，但我們對該領域的覆蓋範圍仍然健康，並且我們對該行業的韌性充滿信心。

Lastly, amid ongoing uncertainty, we wanted to highlight the long-term resiliency of experiential spending in many of these sectors that we invest in. As is highlighted on the chart, spending on these experiences has consistently grown over the last 25 years throughout macro cycles. Additionally, the data illustrates that these sectors are resilient during challenging economic periods and have the potential to exhibit robust recoveries.

最後，在持續的不確定性中，我們希望強調我們投資的許多行業中體驗式支出的長期彈性。如圖表所示，過去 25 年，在整個宏觀週期中，這些體驗的支出一直在持續成長。此外，數據表明，這些行業在經濟困難時期具有韌性，並有潛力實現強勁復甦。

We believe that consumers often seek away-from-home entertainment and leisure options even during more challenging period due to a mix of psychological, behavioral, and economic factors. These types of experiences offer affordable escapism by providing value-oriented entertainment and a temporary escape.

我們相信，由於心理、行為和經濟因素等多種因素，即使在更具挑戰性的時期，消費者也經常尋求戶外娛樂和休閒選擇。這些類型的體驗透過提供價值導向的娛樂和暫時的逃避，提供了負擔得起的逃避現實的方式。

History suggests there is also some substitution effect, whereby consumers may trade down rather than opt out, opting for local, more budget friendly experiences instead of expensive vacations or high-end purchases. This trade down effect can make our venues more appealing during downturns.

歷史表明，還存在一些替代效應，即消費者可能會降低消費水平而不是選擇退出，選擇本地的、更經濟實惠的體驗，而不是昂貴的假期或高端購買。這種降價效應可以使我們的場館在經濟低迷時期更具吸引力。

With that, I'll turn it over to Greg Zimmerman to go over the business in greater detail.

接下來，我將把話題交給 Greg Zimmerman，讓他更詳細地討論這項業務。

Thanks, Greg. At the end of the quarter, our total investments were approximately $6.8 billion with 331 properties that are 99% leased or operating, excluding vacant properties we intend to sell. During the quarter, our investment spending was $37.7 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 68 億美元，擁有 331 處房產，其中 99% 已出租或經營，不包括我們打算出售的空置房產。本季度，我們的投資支出為 3,770 萬美元。 100% 的支出都用於我們的體驗式投資組合。

Our experiential portfolio comprises 276 properties with 51 operators and accounts for 94% of our total investments or approximately $6.4 billion. And at the end of the quarter, excluding the vacant properties we intend to sell was 99% leased or operated. Our education portfolio comprises 55 properties with 5 operators and, at the end of the quarter, was 100% leased.

我們的體驗式投資組合包括 276 處房產和 51 家營運商，占我們總投資的 94%，約 64 億美元。截至本季末，除我們打算出售的空置房產外，99% 的房產已被出租或營運。我們的教育投資組合包括 55 處房產，由 5 家營運商經營，截至本季末，租賃率已達 100%。

Turning to coverage, the most recent data provided is based on a March trailing 12-month period. Overall portfolio coverage remains strong at 2 times the same as last quarter.

談到報道，所提供的最新數據是基於截至 3 月的過去 12 個月的數據。整體投資組合覆蓋率依然強勁，為上一季的兩倍。

Turning now to the operating status of our tenants. The rebound in North American box office continues. Q1 box office was $1.4 billion, down 11.6% compared to Q1 2024, largely because of the significant underperformance by Snow White. We've seen a quick rebound with the outstanding performance of several films in Q2 to date. Q2 box office through this week was $11 billion which brings year-to-date box office to $2.5 billion, a 17.1% increase over the same period in 2024.

現在來談談我們租戶的經營狀況。北美票房持續反彈。第一季票房為 14 億美元，與 2024 年第一季相比下降 11.6%，主要是因為《白雪公主》的表現明顯不佳。截至目前，我們已經看到第二季多部電影的出色表現，市場迅速反彈。截至本週的第二季票房為 110 億美元，這使得年初至今的票房達到 25 億美元，比 2024 年同期成長 17.1%。

A Minecraft movie opened to 163 million, both the largest opening in 2025 and the largest opening weekend ever for a video game movie. To date, Minecraft has grossed $398 million. Akin to Barbie, Minecraft was a cultural phenomenon fueled by consumers seeing the movie several times and interacting with the screen.

《我的世界》電影首映週末票房達到 1.63 億，既是 2025 年首映週末票房最高的電影，也是有史以來電玩電影首映週末票房最高的電影。截至目前，Minecraft 的總收入已達 3.98 億美元。與芭比娃娃類似，《我的世界》也是一種文化現象，其推動力來自消費者多次觀看電影並與螢幕互動。

Beyond Minecraft, the well-reviewed genre-bending horror film, Sinners, has grossed $180 million to date, and the faith-based the King of Kings has grossed $58 million. Last week, Thunderbolts, the latest installment of the Marvel Cinematic Universe, opened to $74 million.

除了《我的世界》之外，廣受好評的跨類型恐怖片《罪人》迄今已獲得 1.8 億美元的票房收入，而宗教主題的《萬王之王》已獲得 5800 萬美元的票房收入。上週，漫威電影宇宙的最新一部《雷霆特工》首映票房達到 7,400 萬美元。

With these strong early Q2 performances, as of the first week of May, we are back on track for our projected year-to-date box office gross. As history has shown, when product is flowing, the box office is resilient. And when there is a consistent flow of good product, consumers are in the habit of going to multiple movies.

憑藉第二季初期的強勁表現，截至 5 月第一周，我們已重回預期的年初至今票房總收入的軌道。歷史表明，當產品流通時，票房就會具有彈性。當優質產品源源不絕時，消費者就會養成去看多部電影的習慣。

For the remainder of Q2, beyond Minecraft, eight titles are projected to gross over $100 million, including four projected to gross over $175 million: Thunderbolts, Lilo & Stitch, Mission: Impossible - The Final Reckoning, and How to Train Your Dragon. The slate for the remainder of the year is also strong, including the Fantastic Four: First Steps, Superman, Jurassic World: Rebirth, and Avatar: Fire and Ash.

在第二季的剩餘時間裡，除了《我的世界》之外，預計有 8 款遊戲的票房收入將超過 1 億美元，其中 4 款遊戲的票房收入預計將超過 1.75 億美元：《雷霆特工隊》、《星際寶貝》、《碟中諜 4：最終清算》和《馴龍高手》。今年剩餘時間的影片名單也很精彩，包括《神奇四俠：第一步》、《超人》、《侏羅紀世界：重生》和《降世神通：火與灰燼》。

Box office gross ties directly to the number of titles released, particularly wide releases from the nine major Hollywood studios, which typically generate around two-thirds of the North American box office. As of May, we anticipate 2025 will have 78 major studio releases and 60 smaller studio releases.

票房總收入與上映影片的數量直接相關，尤其是好萊塢九大電影公司的大片上映，這些影片通常佔北美票房的三分之二左右。截至 5 月，我們預計 2025 年將有 78 部大型製片廠上映的電影和 60 部小型製片廠上映的電影。

At this point in 2024, there were 64 major studio releases on the calendar. The 78 major studio releases currently scheduled for 2025 are forecasted to gross $800 million more than the major studio releases scheduled at this point in 2024. Our estimate of North American box office for calendar year 2025 remains between $9.3 billion and $9.7 billion.

截至 2024 年此時，日曆上已有 64 部主要製片廠上映的電影。目前計劃於 2025 年上映的 78 部主要製片廠影片預計票房收入將比 2024 年此時計劃上映的主要製片廠影片多出 8 億美元。我們預計 2025 年北美票房仍將在 93 億至 97 億美元之間。

Another important element supporting the health of exhibitor profitability is the ongoing expansion of food and beverage offerings. These expanded offerings are driving increased consumer spending, revenue per patron, and levels of profitability per patron.

支持參展商獲利能力健康的另一個重要因素是食品和飲料供應的不斷擴大。這些擴展的服務正在推動消費者支出、每位顧客的收入以及每位顧客的獲利水準的提高。

Based on AMC and Cinemark public filings from 2019 through 2024, per-patron ticket prices increased by approximately 26%, while F&B spending per patron increased by approximately 60%. Ticket margin is around 46%, while F&B margin is around 82%. This notable increase in higher-margin F&B spending meaningfully boosts gross profit per patron and has a positive impact on the bottom line.

根據 AMC 和 Cinemark 從 2019 年到 2024 年的公開文件，每位顧客的票價上漲了約 26%，而每位顧客的餐飲支出上漲了約 60%。門票利潤率約46%，餐飲利潤率約82%。高利潤餐飲支出的顯著成長顯著提高了每位顧客的毛利，並對獲利產生了積極影響。

When adjusting for the current per-patron spending mix, we estimate that North American box office gross of around $9.5 billion today will generate rent coverage levels in our portfolio equal to those generated at an $11.3 billion box office in 2019. While box office metrics, obviously, will remain an important benchmark, the industry's story has evolved, and strong per patron profitability now plays an important role in sustaining operator health. We believe that returning to 2019 box office levels is not necessary to maintain solid rent coverage or for the industry to remain financially healthy.

當根據目前的每位觀眾支出組合進行調整時，我們估計，目前北美約 95 億美元的票房總收入將在我們的投資組合中產生與 2019 年 113 億美元票房相當的租金覆蓋水平。雖然票房指標顯然仍將是一個重要的基準，但該行業的故事已經發生了變化，強勁的每位顧客獲利能力現在在維持營運商健康方面發揮著重要作用。我們認為，無需恢復到 2019 年的票房水準即可維持穩定的租金覆蓋率或維持產業的財務健康。

Turning now to an update on our other major customer groups. Despite continuing pressure on operating expenses and in select cases, attendance and revenue declines, we saw good results across our drive-to value-oriented destinations. Our eastern ski areas benefited from a good snow year. And for the season, both Q1 and Q1 trailing 12-month revenue and EBITDARM were up across the ski portfolio over last year's season.

現在來介紹一下我們其他主要客戶群的最新情況。儘管營運費用持續承壓，在某些情況下遊客量和收入出現下降，但我們在以價值為導向的目的地仍取得了良好的業績。今年我們的東部滑雪場雪況良好。就本季而言，與去年同期相比，整個滑雪組合的第一季和第一季過去 12 個月的收入和 EBITDARM 均有所上升。

Andretti Karting is under construction in Kansas City, Oklahoma City, and Schaumburg, with opening scheduled for mid '25 and early '26. Our eat-and-play coverage remains strong and above pre-COVID levels, but Q1 trailing 12-month revenue and EBITDARM were both down over the same period in '24.

安德雷蒂卡丁車賽道目前正在堪薩斯城、俄克拉荷馬城和紹姆堡建設中，預計於 2025 年中期和 2026 年初開放。我們的餐飲娛樂覆蓋範圍依然強勁，且高於新冠疫情之前的水平，但第一季過去 12 個月的收入和 EBITDARM 均較 24 年同期下降。

Many of our attractions were closed for the season in Q1. The 100,000-square-foot indoor water park edition at Bavarian Inn in Frankenmuth, Michigan, opened in Q1. Our iconic Hotel de Glace at Valcartier celebrated its 25th anniversary with its usual strong performance. Santa Monica Pier was adversely impacted by the Southern California wildfires, including being shut down for several days. Some road closures are ongoing.

我們許多景點在第一季因季節原因而關閉。位於密西根州弗蘭肯默斯的巴伐利亞酒店 (Bavarian Inn) 佔地 100,000 平方英尺的室內水上樂園於第一季開幕。我們位於 Valcartier 的標誌性酒店 Hotel de Glace 以其一貫的強勁表現慶祝了其成立 25 週年。聖莫尼卡碼頭受到南加州山火的不利影響，包括關閉數天。部分道路正在封閉。

We're very pleased with the strong performance of our fitness and wellness investments. The Springs Resort in Pagosa Springs opened its $90 million expansion in early April to good reviews. Ramp-up continues at a Murrieta Hot Springs resort. Across our fitness and wellness portfolio, we saw increases in both revenue and EBITDARM in the trailing 12 months through March 2025 over the same period in '24.

我們對健身和健康投資的強勁表現感到非常滿意。帕戈薩斯普林斯的溫泉度假村 (The Springs Resort) 耗資 9000 萬美元擴建而成，於 4 月初開業，並獲得了好評。穆列塔溫泉度假村的建設仍在繼續。在我們的健身和健康產品組合中，截至 2025 年 3 月的過去 12 個月中，我們的收入和 EBITDARM 均比 24 年同期有所增長。

Our education portfolio continues to perform well. Our customers trailing 12-month revenue across the portfolio for 2024 was up, while EBITDARM over the same period decreased, driven largely by increased operating costs for one operator.

我們的教育投資組合持續表現良好。我們的客戶在 2024 年的整個投資組合中過去 12 個月的收入有所增長，而同期的 EBITDARM 則有所下降，這主要是由於一家運營商的營運成本增加所致。

Our investment spending for Q1 was 37.7 million, which included funding for experiential projects which have closed but are not yet opened. During the quarter, we acquired Diggerland USA in West Berlin, New Jersey, 20 miles east of Philadelphia for $14.3 million. Diggerland is the only construction-themed attraction and water park in the country and is our second investment with IAM, further diversifying our tenant base.

我們第一季的投資支出是3770萬，其中包括對已經結束但尚未開業的體驗式項目的資助。本季度，我們以 1,430 萬美元收購了位於新澤西州西柏林（費城以東 20 英里）的 Diggerland USA。Diggerland 是全國唯一以建築為主題的景點和水上樂園，也是我們與 IAM 的第二筆投資，進一步豐富了我們的租戶基礎。

Subsequent to the end of the quarter, we made two additional investments. We made our first investment in the traditional ball space, acquiring land for $1.2 million and providing $5.9 million in mortgage financing secured by the improvements to Evergreen Partners for an existing private club in Georgia.

本季結束後，我們又進行了兩項額外投資。我們在傳統球場地進行了首次投資，以 120 萬美元的價格購買了土地，並以 Evergreen Partners 的改進項目作為擔保，為佐治亞州現有的一家私人俱樂部提供了 590 萬美元的抵押貸款融資。

We've spent a lot of time analyzing traditional golf while building deep relationships. And we are delighted to announce our foray into what we think is an exciting growth opportunity in a resilient space with a growing operator. We also acquired our second Pinstack eat-and-play venue in Northern Virginia for $1.6 million with a commitment to provide build-to-suit financing up to $19 million. This project is expected to open in 2026.

我們花了很多時間分析傳統高爾夫運動，同時建立深厚的關係。我們很高興地宣布，我們將進軍這個我們認為在一個有彈性的領域中、在不斷成長的運營商的幫助下，獲得令人興奮的成長機會。我們還以 160 萬美元的價格收購了位於北維吉尼亞州的第二家 Pinstack 餐飲娛樂場所，並承諾提供高達 1,900 萬美元的客製化融資。該項目預計於2026年開放。

Pinstack features bowling, food and beverage, and redemption games. We continue to see high-quality opportunities for both acquisition and build-to-suit development in our target experiential categories. Given our cost to capital, we will continue to maintain discipline and to fund those investments primarily from cash on hand, cash from operations, proceeds from dispositions, and with the borrowing availability under our unsecured revolving credit facility.

Pinstack 提供保齡球、食物和飲料以及兌換遊戲。我們繼續在目標體驗類別中看到收購和客製化開發的高品質機會。考慮到我們的資本成本，我們將繼續保持紀律，主要透過庫存現金、營運活動現金、處置收益以及無擔保循環信貸額度下的借款來為這些投資提供資金。

We're maintaining our investment spending guidance for funds to be deployed in 2025 in the range of $200 million to $300 million. We have committed approximately $148 million for experiential development and redevelopment projects that have not closed but are not yet funded to be deployed over the next two years. We anticipate approximately $87 million of the $148 million will be deployed in 2025, which is included at the midpoint of our 2025 guidance range.

我們維持 2025 年投資支出指引在 2 億至 3 億美元之間的目標。我們已承諾投入約 1.48 億美元用於尚未結束但尚未獲得資金的體驗式開發和再開發項目，以便在未來兩年內部署。我們預計 1.48 億美元中的約 8,700 萬美元將在 2025 年部署，這包含在我們 2025 年指導範圍的中點。

We continue to execute on our strategy to focus our portfolio on diversified experiential assets. To that end, in Q1, we sold 10 leased early education centers, demonstrating our ability to strategically monetize our education portfolio. We also sold a vacant theater, two operating theaters, and one vacant early childhood education center.

我們將繼續執行我們的策略，將我們的投資組合集中在多元化體驗資產上。為此，我們在第一季出售了 10 家租賃的早期教育中心，展示了我們策略性地將教育組合貨幣化的能力。我們還出售了一家空置劇院、兩家手術室和一家空置幼兒教育中心。

Net proceeds for these transactions totaled $70.8 million and we recognized the gain of $9.4 million. Finally, we received $8.1 million in net proceeds for the payment in full of two mortgages secured by two additional early childhood education centers.

這些交易的淨收益總計 7,080 萬美元，我們確認了 940 萬美元的收益。最後，我們收到了 810 萬美元的淨收益，用於全額償還由另外兩個幼兒教育中心擔保的兩筆抵押貸款。

The activity in the education portfolio was anchored by the sale of a portfolio of nine leased early childhood education centers to an investor at a 7.4% cap rate, demonstrating the high-quality and value of our education portfolio. For the other three operating early childhood education assets, the existing operator purchased and/or paid-off mortgage financing at a blended rate of around 8.3%.

教育投資組合活動的核心是向一位投資者出售九個租賃的幼兒教育中心，資本化率為 7.4%，證明了我們教育投資組合的高品質和高價值。對於其他三家營運的幼兒教育資產，現有業者以約 8.3% 的混合利率購買和/或償還了抵押貸款融資。

In the past four years, we have sold 27 theaters. We only have three vacant theaters, two of which are under contract. We have no vacant early childhood education centers.

在過去四年裡，我們已售出27家影院。我們只有三家空置戲院，其中兩家已簽約。我們沒有空置的幼兒教育中心。

As we noted on our year-end call, we also have signed purchase and sale agreement to sell two theater properties to a smaller operator that currently leases both locations. Although there can be no assurance, we continue to anticipate this sale will occur by June 30. We are revising our 2025 disposition guidance to the range of $80 million to $120 million from a range of $25 million to $75 million.

正如我們在年終電話會議上指出的那樣，我們還簽署了買賣協議，將兩處影院物業出售給目前租賃這兩處場地的一家規模較小的營運商。儘管無法保證，但我們仍然預計此次出售將在 6 月 30 日之前完成。我們正在將 2025 年處置指導金額從 2500 萬美元至 7500 萬美元修改為 8000 萬美元至 1.2 億美元。

I now turn it over to Mark for a discussion with (technical difficulty)

現在我把它交給馬克討論（技術難度）

Thank you, Greg. Today, I'll discuss our financial performance for the first quarter, provide an update on our balance sheet, and close with an update on 2025 guidance. FFOs adjusted for the quarter was $1.19 per share versus $1.13 in the prior year, an increase of over 5%. Additionally, AFFO for the quarter was $1.21 per share compared to $1.12 in the prior year, an increase of 8%.

謝謝你，格雷格。今天，我將討論我們第一季的財務業績，提供我們資產負債表的最新情況，最後提供 2025 年指引的最新情況。本季調整後的 FFO 為每股 1.19 美元，而去年同期為 1.13 美元，成長超過 5%。此外，本季的 AFFO 為每股 1.21 美元，而去年同期為 1.12 美元，成長了 8%。

Before I walk through the key variants, I want to go over two gains recognized during the quarter. As Greg discussed, during the quarter, we continue to make progress reducing our investments in theater and education properties and recycling those proceeds into other experiential assets.

在介紹主要變數之前，我想先介紹一下本季實現的兩項收益。正如格雷格所討論的，在本季度，我們繼續減少對劇院和教育資產的投資，並將這些收益回收到其他體驗資產中。

Net proceeds from dispositions totaled $78.9 million. We recognize the net gain on sale of $9.4 million. We also recognize the net benefit for credit losses of $652,000. Note that both of these gains are excluded from FFOs adjusted and AFFO.

處置所得淨收益總計 7,890 萬美元。我們確認銷售淨收益為 940 萬美元。我們也確認了 652,000 美元的信貸損失淨收益。請注意，這兩項收益均不包含在調整後的 FFO 和 AFFO 中。

Now moving to the key variances, total revenue for the quarter was $175 million versus $167.2 million in the prior year. Within total revenue, rental revenue increased $4.1 million versus the prior year, mostly due to the impact of investment spending and higher percentage rents. Percentage rents for the quarter were $3.3 million versus $1.9 million in the prior year, and the increase was due primarily to $1.1 million recognized from one early childhood education center tenant. The increase in mortgage and other financing income of $4.1 million was due to additional investments in mortgage notes over the past year, as well as $1.8 million of participating interest income related to a ski property.

現在來看看主要的差異，本季總營收為 1.75 億美元，而去年同期為 1.672 億美元。在總收入中，租金收入比前一年增加了 410 萬美元，主要原因是投資支出和更高比例租金的影響。本季的百分比租金為 330 萬美元，而去年同期為 190 萬美元，成長主要歸因於從幼兒教育中心租戶處獲得的 110 萬美元。抵押貸款和其他融資收入增加 410 萬美元，是由於過去一年對抵押貸款票據的額外投資，以及與滑雪物業相關的 180 萬美元參與利息收入。

I would like to note that the $1.1 million in percentage rent and $1.8 million of participating interest income relate to prior periods, the calculations for some of these amounts were under review with our customers, and agreement was reached as to the amounts during the first quarter. Later, I will discuss how this impacts our 2025 guidance.

我想指出的是，110 萬美元的百分比租金和 180 萬美元的參與利息收入與前期有關，其中一些金額的計算正在與我們的客戶一起審查，並在第一季就金額達成協議。稍後我將討論這對我們 2025 年的指導有何影響。

Both other income and other expenses relate primarily to our consolidated operating properties, including the Kartrite Hotel & Indoor Waterpark and our operating theaters. As Greg discussed, during the quarter, we sold two operating theaters and currently have four operating theaters remaining.

其他收入和其他支出主要與我們的合併經營物業有關，包括 Kartrite 酒店和室內水上樂園以及我們的手術室。正如格雷格所討論的，在本季度，我們出售了兩家手術室，目前還剩下四家手術室。

The first quarter was off season for our two remaining unconsolidated RV park joint ventures that had a carrying value at quarter end of (technical difficulty) Interest expense net for the quarter increased by $1.4 million compared to the previous year due to an increase in borrowings under an unsecured revolving credit facility, which had no balance in the prior year.

對於我們剩下的兩家未合併的房車公園合資企業來說，第一季是淡季，其季度末的帳面價值為（技術難度）。本季利息支出淨額與上年相比增加了 140 萬美元，原因是無擔保循環信貸額度下的借款增加，而去年則沒有餘額。

Turning to the next slide, I will 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 3.2 times and both interest and debt service coverage ratios at 3.8 times. Our net debt to adjusted was 5.3 times for the quarter.

翻到下一張投影片，我將回顧該公司的一些關鍵信用比率。如您所見，我們的覆蓋率持續保持強勁，固定費用覆蓋率為 3.2 倍，利息和債務服務覆蓋率為 3.8 倍。本季我們的淨債務調整率為 5.3 倍。

If you adjust this ratio to include the annualization of investments placed in service, acquired, or disposed of during the quarter, and the annual utilization of percentage rent and participating interest as well as other items, this ratio is 5.1 times that quarter end, which is at the low end of our targeted range. Additionally, our net debt to gross assets was 39% on a book basis at quarter end, and our common dividend continues to be very well covered with an AFFO payout ratio of 71% for the first quarter.

如果調整該比率，使其包括本季度投入使用、收購或處置的投資的年化，以及百分比租金和參與權益以及其他項目的年度利用率，則該比率為該季度末的 5.1 倍，處於我們目標範圍的低端。此外，本季末我們的淨負債與總資產的帳面比率為 39%，且我們的普通股股息持續得到良好的覆蓋，第一季的 AFFO 派息率為 71%。

Now let's move to our balance sheet, which is in great shape. At quarter end, we had consolidated debt of $2.8 billion, of which $2.7 billion is either fixed rate debt or debt that has been fixed through interest rate swaps with an overall blended coupon of approximately 4.4%. Our liquidity position remains strong with $20.6 million of cash on hand at quarter-end and $105 million drawn on our $1 billion revolver.

現在讓我們來看看我們的資產負債表，它狀況良好。截至本季末，我們的合併債務為 28 億美元，其中 27 億美元為固定利率債務或透過利率互換固定的債務，整體混合票面利率約為 4.4%。我們的流動性狀況依然強勁，季末持有現金 2,060 萬美元，並從 10 億美元的循環信貸中提取了 1.05 億美元。

Subsequent to quarter, we repaid $300 million in senior unsecured notes at maturity using funds available under our revolver. We have no other debt maturities in 2025. Our strong liquidity position provides us great flexibility, which is particularly important given the recent market volatility. We are increasing our 2025 FFOs adjusted per share guide to a range of $5 to $5.16 from a range of $4.94 to $5.14, representing an increase over the prior year 4.3% at the midpoint.

本季之後，我們使用循環信貸額度下的可用資金償還了到期的 3 億美元無擔保優先票據。2025 年我們沒有其他債務到期。我們強大的流動性狀況為我們提供了極大的靈活性，這對於近期的市場波動來說尤其重要。我們將 2025 年 FFO 調整後每股收益指南從 4.94 美元至 5.14 美元上調至 5 美元至 5.16 美元，比上年中位數成長 4.3%。

As we have discussed previously, given our current cost of capital, we are limiting our near-term investment spend. We are confirming our 2025 investment spending guidance of $200 million to $300 million. We are increasing guidance for disposition proceeds for 2025 to a range of $80 million to $120 million from a range of $25 million to $75 million.

正如我們之前討論過的，考慮到我們目前的資本成本，我們正在限制近期的投資支出。我們確認 2025 年投資支出指引為 2 億至 3 億美元。我們將 2025 年處置收益指引從 2,500 萬美元至 7,500 萬美元提高至 8,000 萬美元至 1.2 億美元。

On the next slide, we are increasing our percentage rent and participating interest income to a range of $21.5 million to $25.5 million from a range of $18 million to $22 million. This increase is primarily related to the 2.9 million in prior-period income recognized in the first quarter that I discussed previously, as well as additional amounts expected related to the current year.

在下一張投影片中，我們將把百分比租金和參與利息收入從 1,800 萬美元到 2,200 萬美元提高到 2,150 萬美元到 2,550 萬美元之間。這一增長主要與我之前討論過的第一季確認的 290 萬美元上期收入以及預計與本年度相關的額外金額有關。

We are increasing our D&A expense to a range of $53 million to $56 million from a range of $52 million to $55 million with the largest increase at the midpoint related to non-cash stock grant amortization. Note that given the fact that our expected percentage rents of participating interest income continues to be weighted to the second half of the year as does the performance of our operating properties due to seasonality. FFOs has adjusted for shares expected to be significantly higher in the second half of the year versus the first half.

我們將 D&A 費用從 5,200 萬美元至 5,500 萬美元提高至 5,300 萬美元至 5,600 萬美元，其中間點的最大增幅與非現金股票贈與攤銷有關。請注意，鑑於我們預期的參與權益收入百分比租金將繼續向下半年傾斜，並且由於季節性因素，我們的經營物業的表現也將繼續向下半年傾斜。FFO 已進行調整，預計下半年股價將較上半年大幅上漲。

Guidance details can be found on page 23 of our supplemental. Finally, we are pleased to have increased our monthly common dividend by 3.5% to 3.54% per share annualized, which began with the dividend payable April 15 to shareholders of record as of March 31.

指導細節可以在我們的補充資料第 23 頁找到。最後，我們很高興將每月普通股股息提高 3.5%，達到每股 3.54%，這從 4 月 15 日開始向 3 月 31 日登記在冊的股東支付股息。

We expect our 2025 dividend to be well covered with an AFFO per share payout -- payout continuing to be at about 70% based on the midpoint of guidance.

我們預計 2025 年的股息將由每股 AFFO 派息充分覆蓋——根據指導中點，派息率將繼續保持在 70% 左右。

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

現在，我將把發言權交還給格雷格，請他作最後發言。

Thanks, Mark. As today's results indicate, our portfolio of experiential properties continues to deliver quality results. I also wanted to comment on recent announcements about possible tariffs impacting the film industry.

謝謝，馬克。正如今天的結果所示，我們的體驗式資產組合繼續帶來優質的成果。我還想對最近有關可能影響電影業的關稅公告發表評論。

At this point, there is significant uncertainty about the viability, scope, and timing to implement such proposals. However, both sides of the debate have a stated objective of producing a robust slate of films that drive a successful film exhibition industry. We will closely monitor these developments, but we take comfort that the entire 2025 slate and most, if not all, of the 2026 slate is already in post-production, which we believe should limit any near-term impact.

目前，實施此類提案的可行性、範圍和時間存在很大的不確定性。然而，爭論雙方都明確表示，他們的目標是製作出一批優秀的電影，以推動電影放映業的成功。我們將密切關注這些事態發展，但讓我們感到欣慰的是，2025 年的所有影片以及 2026 年的大部分影片（如果不是全部的話）都已進入後期製作階段，我們相信這應該會限制任何短期影響。

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

既然如此，為什麼我不開始提問呢，愛麗絲？

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Anthony Paolone, JPMorgan.

摩根大通的安東尼保隆 (Anthony Paolone)。

Great. Thanks. My first question is on the golf investment. Can you maybe spend a minute and give us a little bit more color around how you see, the yields, deal structure, and just maybe a little bit more on the first transaction here in terms of like what equity is behind it, who the operator is, experience, that sort of thing.

偉大的。謝謝。我的第一個問題是關於高爾夫投資的。您能否花一點時間向我們詳細介紹一下您對收益率、交易結構的看法，以及第一筆交易的更多信息，例如背後的股權、運營商是誰、經驗等等。

Sure. I think -- and then I'll let Greg Zimmerman add on to this. I think what we've done is done a deep dive in this, Tony. And there's -- yeah, nearly 2,000 courses across the US have been eliminated over the last five years. So there clearly a scarcity has been introduced into it.

當然。我認為——然後我會讓 Greg Zimmerman 對此進行補充。我認為我們對此進行了深入研究，托尼。是的，過去五年來，美國各地有近 2,000 門課程被取消。因此，顯然存在著稀缺性。

This, that we're involved in is a private club. So the actual membership and fees and everything tie to the land and run with the homeownership. So we think it's a very, very solid and reliable income flow, but we also think there are good opportunities that are going to continue to develop in this scarce environment. But Greg?

我們參與的是一個私人俱樂部。因此，實際的會員資格和費用以及一切都與土地和房屋所有權掛鉤。因此，我們認為這是一個非常非常穩固和可靠的收入來源，但我們也認為，在這種稀缺的環境中，良好的機會將繼續發展。但是格雷格？

Yeah. Tony, I'm going to say this is a private club. We're also monitoring daily fee clubs, which we would have an interest in as well. I think the deal structure you'll see is flexible like our traditional deal structures. We'll either approach this as a sale leaseback or in this case, it was mortgage financing.

是的。東尼，我想說這是一個私人俱樂部。我們也在監控每日費用俱樂部，我們也對此感興趣。我認為您看到的交易結構與我們傳統的交易結構一樣靈活。我們要么將其作為售後回租來處理，要么在這種情況下，將其作為抵押融資來處理。

The operator is a growing operator. They have a couple of clubs and, a deep bench of talent. So we believe it's an opportunity to grow with them.

該運營商是一家成長型運營商。他們擁有幾傢俱樂部，並且擁有一群優秀的人才。因此我們相信這是一個與他們共同成長的機會。

And lastly, I will say as we always do, we spent a lot of time over the last five years, understanding the industry, and developing deep roots, I think. As we've said repeatedly over the last year or so, we really believe that fitness and wellness is a growth opportunity in this portfolio and that helps us round out our offerings.

最後，我想說，正如我們一貫的做法，過去五年來我們花了很多時間了解這個行業，並紮下了深厚的根基。正如我們在過去一年左右反覆說過的那樣，我們確實相信健身和健康是這個投資組合的一個成長機會，這有助於我們完善我們的產品。

Okay. Thanks for that. And then just my second one's really a two-parter on the disposition side of things. One, just, would love to hear the nature of the buyers that you're seeing out there. I mean, it seemed like good portfolio execution on the early childhood education sale.

好的。謝謝。然後，我的第二個故事實際上在性格方面分為兩個部分。首先，我很想聽聽你所看到的買家的性質。我的意思是，早期兒童教育銷售的投資組合執行似乎很好。

And then also just more nuanced related to the guidance, you have about $40 million, I think, of mortgage receivables that come due later this year, and I was wondering if that's, if you expect to get paid back on those or if those get extended, if it's in the disposition guidance or just what happens there?

然後還有與指導相關的更細微的差別，我認為您有大約 4000 萬美元的抵押貸款應收款將於今年晚些時候到期，我想知道您是否預計會收回這些款項，或者這些款項是否會延期，這是否在處置指導中，或者只是在那裡發生了什麼？

Yeah. I would say, first of all, it was a robust process with multiple bids and buyers in that the depth of the buyer was good. This was a private fund that specializes in education. And like I said, I think Greg would say on most of our sales right now, we're at least two or three deep on quality bids for our assets. So that's strong. As far as the repayment of the mortgages, I think we have one built in there, but it's -- Mark, maybe you have --

是的。我想說，首先，這是一個穩健的過程，有多個投標和買家，而且買家的深度很好。這是一家專注於教育領域的私募基金。就像我說的，我認為格雷格會說，就我們目前的大部分銷售而言，我們至少有兩到三個深度的資產品質競標。所以這很強大。至於抵押貸款的償還，我認為我們已經有一個內置方案，但這是——馬克，也許你有--

Yeah. There are two mortgages, as you say, maturing. I think we -- in our guidance that more than $10 million -- $10.75 million number that we have in our guidance. The other one, we'll see what happens, but more likely gets extended.

是的。正如您所說，有兩筆抵押貸款即將到期。我認為，在我們的指導中，這個數字超過 1000 萬美元——1075 萬美元。另一個，我們將拭​​目以待，但更有可能的是延長。

Bennett Rose, Citi.

花旗銀行的貝內特·羅斯。

Okay, thanks. Hi. I wanted to ask you just two questions. One, I'm sure you saw that Six Flags is closing their Hurricane Harbor, Annapolis, and apparently doing kind of a strategic review of a number of their properties. I was just wondering if they are communicating with you about any of your Hurricane Harbor properties or kind of what coverage looks like there.

好的，謝謝。你好。我只想問你兩個問題。首先，我相信您已經看到六旗正在關閉其位於安納波利斯的颶風港，顯然正在對其一些資產進行戰略審查。我只是想知道他們是否與您溝通過有關颶風港的任何財產或那裡的保險範圍。

Again, I would say clearly we're in contact with Six Flags all the time as a good tenant. We don't anticipate any of our properties closing, and I think as it develops that will show you that they've got a higher and better use for that property and will generate substantial value associated with it.

我再次明確表示，我們作為六旗的良好租戶一直與六旗保持聯繫。我們預計我們的任何房產都不會關閉，而且我認為隨著事態的發展，您將會看到這些房產得到了更高、更好的利用，並將產生與之相關的巨大價值。

Okay. And then I was just wondering, used the credit line to pay down the bonds that were the bonds that were coming due. Would you expect to do kind of a term that out later this year, or maybe you could just talk a little bit about how you're thinking about that?

好的。然後我就想知道，用信用額度來償還即將到期的債券。您是否希望在今年稍後對此做出某種解釋，或者您是否可以稍微談談您對此的看法？

Yeah, we have some flexibility when it comes to that. If you think about it, we have, like you said, $105 million on the line, paid off the debt subsequent to end, which was about -- took us to about $400 million on the line. And then you kind of look at investment spending and cash flows over the remainder of the year, it's probably a net -- $100 million more on the line.

是的，在這方面我們有一定的彈性。如果你仔細想想，就像你說的，我們已經投入了 1.05 億美元，還清了結束後的債務，這大約花費了我們約 4 億美元的資金。然後你再看看今年剩餘時間的投資支出和現金流，它可能是淨額——還有 1 億美元。

So the good news is if we don't do anything, we're only about half drawn on the line, but I will say in our guidance, we do expect to do a bond transaction. And turn that out to your point -- if you did a $400 million dollar transaction, we'd be down to about $100 million at your end. So I think the good news is we have some flexibility with respect to that.

因此，好消息是，如果我們什麼都不做，我們只會完成一半，但我要說的是，在我們的指導中，我們確實希望進行債券交易。照你的觀點來看——如果你進行了一筆 4 億美元的交易，那麼你這邊的損失就會減少到 1 億美元左右。所以我認為好消息是我們在這方面有一定的彈性。

We're monitoring the market both in the 5-year and 10-year realm. But widely, we would do a bond transaction. We're also monitoring sale transactions as well.

我們正在監測 5 年期和 10 年期的市場。但廣泛而言，我們會進行債券交易。我們也在監控銷售交易。

Okay. Where do you think a 5-year or 10-year would price now for you?

好的。您認為現在 5 年期或 10 年期債券的價格是多少？

So, a 5-year spread wise would probably be in the [1.80, 1.85] area. So if you look at, today's treasury, it'd probably be in the [5.70 5.75] area. And that's probably 60 basis points when you count the rate and spread difference between that and the 10-year, about 60 basis points less than what a 10 year would be.

因此，5 年期利差可能在 [1.80, 1.85] 區域。因此，如果你看一下今天的國庫，它可能處於 [5.70 5.75] 區域。如果算上該利率與 10 年期債券之間的利率和利差差異，那大概是 60 個基點，比 10 年期債券的利率低約 60 個基點。

Frankly, we think our spreads are still higher than they should be. And hopefully quarters like this, and as the box office recovers and people take note of that, we hope those spreads come in a bit.

坦白說，我們認為我們的利差仍然高於應有的水平。希望像這樣的季度，隨著票房復甦和人們注意到這一點，我們希望這些差距能夠縮小一些。

RJ Milligan, Raymond James.

RJ米利根，雷蒙德詹姆斯。

Hey, guys. Dispositions in the quarter, a little bit, more than expected. And so I think on a standalone basis that would lead to a decrease in guidance, but guidance was up and Mark, you touched on this in your comments, but I'm just curious if you could maybe quantify some of the components. Obviously, higher percentage rent, but what else is going in there?

嘿，大家好。本季的處置量略高於預期。因此，我認為從獨立角度來看，這會導致指導減少，但指導卻上升了，馬克，你在評論中提到了這一點，但我只是好奇你是否可以量化其中的一些組成部分。顯然，租金百分比更高，但還有什麼其他影響？

And then the second part to that question is, as we think about the 508 at the midpoint for the year, how much of that is sort of non-recurring or one-time prior period collections that we should strip out as we think about 2026?

然後，問題的第二部分是，當我們考慮今年中點的 508 時，其中有多少是非經常性或一次性的前期收集，當我們考慮 2026 年時我們應該將其剔除？

Yeah. Let me walk you through that. So we're at [5.04] midpoint. We increased percentage rent guidance to the midpoint by 3.5 million. That's about [$0.045]. And about 2.9 of the 3.5 was prior period, as I mentioned, so call that [$0.035] or so of the 4.5% increase in percentage rents. And then going the other way, we increase G&A by about a [$0.01].

是的。讓我來跟你解釋一下。所以我們處於 [5.04] 中點。我們將租金指導百分比提高至中間值 350 萬。這是關於[0.045美元]。正如我所提到的，3.5 中的大約 2.9 是前期的，所以這相當於 4.5% 的租金百分比增幅中的 [0.035 美元] 左右。然後反過來，我們把 G&A 增加約[0.01 美元]。

So on the two explicit things that we provide that gets you to about [5.07]. To your point, the remaining two items, there's probably about a $0.02 impact of the incremental dispositions. From a GAAP point of view, those average about a 9 cap, from a GAAP perspective, even though we're much lower than that on a on a cash basis. So $0.02 on the dispositions and offsetting that going the other way, about $0.025 is lower interest expense, and that's partially because we moved back the timing of our bond offering.

因此，我們提供的兩個明確內容可以讓你了解[5.07]。正如您所說，剩下的兩項，增量處置的影響可能約為 0.02 美元。從 GAAP 的角度來看，這些平均值約為 9 倍上限，儘管我們在現金基礎上的數值遠低於這個數字。因此，處置費用為 0.02 美元，而抵銷掉其他費用後，利息支出約為 0.025 美元，部分原因是我們推遲了債券發行的時間。

So anyway, 5.04, the two explicit -- to 5.07 and kind of the net impact of about another [$0.01]of less interest expense on the positive side and incremental dispositions on the negative side. I call it negative from an earnings perspective. It certainly was positive from a portfolio management point of view.

所以無論如何，5.04，這兩個明確的 - 到 5.07 和大約另一個 [$0.01] 的淨影響，積極的一面是減少利息支出，消極的一面是增量處置。從獲利角度來看，我稱之為負面。從投資組合管理的角度來看，這無疑是正面的。

Okay. And then just the follow-up to that is in the [5.08] number, how much of it is prior-period rent collections that we should think about pulling out for a run rate for '26?

好的。然後，接下來就是 [5.08] 這個數字，其中有多少是前期租金收取，我們應該考慮將其提取出來作為 26 年的運行率？

Right, really it's just that percentage rents, $2.9 million, we don't have any out-of-period deferral collections in this quarter, nor do we plan any in our guidance. So it's really, through the first quarter, the expectation for the year right now is just the $2.9 million prior period (multiple speakers)

是的，實際上只是百分比租金，290 萬美元，我們本季沒有任何期外延期收款，我們也沒有在我們的指導中計劃任何延期收款。因此，第一季的預期僅為上一季的 290 萬美元（多位發言者）

Thank you for that. Stock has done well so far this year. Obviously, you guys have been self-funding through dispositions and free cash flow. At what point or stock price do you guys start getting a little bit more aggressive and thinking about issuing equity to increase the investment activity?

謝謝你。今年迄今為止，股票表現良好。顯然，你們一直透過處置和自由現金流進行自我融資。在什麼情況下或股價達到某一水準時，你們會開始採取更積極的態度，考慮發行股票來增加投資活動？

Again -- RJ, it's Greg. It's really about accretive growth. And so, it's really a function of the spread that you can get and where you can issue at. I think -- and I credit the team here, we're delivering kind of at the top -- near the top end of sector growth without having to issue equity.

再說一次——RJ，我是格雷格。這實際上是一種累積性成長。因此，這實際上是您可以獲得的利差和您可以發行的位置的函數。我認為——我對這裡的團隊表示讚賞，我們在無需發行股票的情況下就實現了行業增長的頂端——接近頂端。

As opportunities -- and Greg and his team find those opportunities, we'll take a look at it. I think from an absolute standpoint, probably as we get at or near an 11 multiple, it starts to get kind of much more interesting. We've talked about the depth of our opportunities. But when you can drive, 4% growth with a 7% dividend and deliver 11% total shareholder return with what we think is very little execution risk and no capital markets, we think that should be quite appealing to investors and the opportunity to do more as we continue to demonstrate our ability to execute.

當格雷格和他的團隊發現機會時，我們會對其進行審視。我認為從絕對角度來看，當我們達到或接近 11 倍數時，它就會開始變得更加有趣。我們已經討論了我們的機會的深度。但是，當你能夠實現 4% 的成長、7% 的股息，並為股東帶來 11% 的總回報，而我們認為執行風險非常小，並且不需要資本市場，我們認為這對投資者來說應該很有吸引力，而且隨著我們繼續展示我們的執行能力，我們也有機會做更多的事情。

Justin Haasbeek, RBC Capital Markets.

賈斯汀‧哈斯貝克，加拿大皇家銀行資本市場部。

Thanks for taking the question. Can you just provide some color on the investment pipeline and the types of opportunities in the market?

感謝您回答這個問題。您能否提供一些有關投資管道和市場機會類型的詳細資訊？

Yeah. And I'll let Greg jump in on this. I think overall, as we kind of demonstrate, it's a depth and breadth that we're trying to take advantage of and, as we talked about before, look at opportunities which provides opportunities for future growth. Like even in the golf, we've signed agreements where this hopefully will lead to future growth as we go forward. And Greg and his team do a great job of not only finding a deal, but finding a pipeline of deals or supporting existing tenants. But Greg?

是的。我會讓格雷格參與其中。我認為總的來說，正如我們所展示的，我們正在嘗試利用它的深度和廣度，並且正如我們之前所討論的，尋找為未來成長提供機會的機會。就像在高爾夫球運動中一樣，我們已經簽署了協議，希望這將推動我們未來的發展。格雷格和他的團隊不僅在尋找交易方面表現出色，而且在尋找交易管道或支持現有租戶方面也做得非常出色。但是格雷格？

Yeah. And to follow-up on a couple of things here, Justin. If you look at the depth and breadth, we've announced deals in eat-and-play attractions and fitness and wellness this year. To Greg's point, on the golf deal, we have a forward commitment for funding. Our Pinstack deal is our second with this operator and our IAM deal was our second with that operator. So that's the way we like to grow the business.

是的。賈斯汀，我想跟進這裡的幾件事。如果從深度和廣度來看，我們今年已經宣布了在餐飲娛樂景點以及健身和健康方面的交易。正如格雷格所說，在高爾夫交易方面，我們有預先的資金承諾。這是我們與該運營商的第二筆 Pinstack 交易，也是我們與該運營商的第二筆 IAM 交易。這就是我們想要發展業務的方式。

As I said, and I mentioned earlier on the call, I think we see a lot of opportunities in the fitness and wellness space, which we broadly define and includes our hot springs, resorts, and alcohol. So I would say we're seeing opportunities in all of our sectors, probably not so much in gaming right now, but all the other verticals, a lot of opportunities.

正如我所說，並且我在電話會議中早些時候提到過，我認為我們在健身和健康領域看到了很多機會，我們對此進行了廣泛的定義，包括我們的溫泉、度假村和酒精。所以我想說，我們在所有領域都看到了機會，目前遊戲領域可能機會不多，但在其他所有垂直領域都有很多機會。

Okay. Thanks. And then the last one for me, can you just expand on the current macroenvironment and how that could impact your underlying tenant base and then any impacts on future investment activity?

好的。謝謝。然後對我來說最後一個問題，您能否詳細說明一下當前的宏觀環境以及它將如何影響您的潛在租戶基礎，以及對未來投資活動的影響？

Again, as we kind of laid out, there's actually, notwithstanding the moniker of consumer discretionary, there's a lot of resilience in what we think is affordable entertainment and leisure options. It will ebb and flow within. But like we said, eat-and-play was down a little. Ski was up. Theaters are up 17% year to date.

再一次，正如我們所闡述的，儘管被稱為非必需消費品，但我們認為負擔得起的娛樂和休閒選擇仍然具有很大的彈性。它會在內部起伏。但就像我們所說的那樣，吃和玩的次數有所減少。滑雪場已建好。今年迄今為止，影院票房已上漲 17%。

So again, those things will ebb and flow, but people don't give up fun. And we've continued to see those kind of resiliency both in the current environment as we look back through history. And we'll continue to be mindful of what we think are those value-oriented drive-to destinations that demonstrate that kind of resiliency and continue to deploy capital in a way that we think creates high-quality and resilient cash flow streams that support rising dividends.

所以，這些事情會再次消退，但人們不會放棄樂趣。回顧歷史，我們在當前環境中仍然看到這種彈性。我們將繼續關注那些我們認為具有這種彈性的價值導向型目的地，並繼續以我們認為能夠創造高品質、有彈性的現金流的方式部署資本，以支持股息的上漲。

Greg, I would also add, one of our strong thesis is in the fitness and wellness space is that that's the change in culture and that people are going to want to continue to spend money in those spaces despite the economic conditions. And again, we're seeing that in the fitness and wellness portfolio.

格雷格，我還想補充一點，我們在健身和健康領域的一個強有力的論點是，這是文化的變化，無論經濟狀況如何，人們都願意繼續在這些領域花錢。我們再次在健身和健康產品組合中看到了這一點。

Kathryn Graves, UBS.

凱瑟琳‧格雷夫斯，瑞銀。

Great. Good morning. Thank you for taking my questions. My first AMC on their earnings call said they expect 2026 box office to surpass 2025. So is that consistent with the conversations that you're having with others, and does that, at all, influence how you're thinking about theaters in the longer term?

偉大的。早安.感謝您回答我的問題。我第一次在 AMC 的收益電話會議上表示，他們預計 2026 年的票房將超過 2025 年。那麼這與您與其他人的對話一致嗎？這是否會影響您對劇場的長期看法？

I think that is consistent that we think it, it's really driven by the content and the slate of movies. And that's kind of where everybody starts that and the slate continues to get deeper.

我認為這與我們的想法一致，它實際上是由電影內容和電影陣容所驅動的。這就是每個人開始這樣做的地方，而這個計劃會越來越深入。

I don't think it changes our perspective on theaters. We have continued to say that we want to lower that level of concentration and increase our diversity. Probably what it does is it creates better opportunities to execute on that strategy.

我認為這不會改變我們對劇場的看法。我們一直說，我們希望降低集中度並增加多樣性。它的作用可能是為執行該策略創造更好的機會。

But listen, it continues to improve the health and sustainability of the environment. If you look at someone like Cinemark, they're now trading back at levels pre-2019. So again, we're very excited about kind of that continuing evolvement of box office. And as we've said on the slide that we presented, the mix has changed, and we now have, with food and beverage, even at $9.5 billion, which is kind of the midpoint of what we're talking about this year EBITDARM contributions should be at or near back to box office levels that were 11.3. So we're really excited about where's the direction we go.

但聽著，它繼續改善環境的健康和永續性。如果你看看 Cinemark 這樣的公司，他們目前的交易水準已經回到了 2019 年之前的水準。所以，我們對票房的持續成長感到非常興奮。正如我們在幻燈片中所說的那樣，組合已經發生了變化，現在食品和飲料業務的營收甚至達到了 95 億美元，這差不多是我們今年所說的 EBITDARM 貢獻的中點，應該回到或接近 11.3 的票房水平。所以我們對我們的發展方向感到非常興奮。

Just to add to that, that should increase our real percentage rent that goes through July. So we've got, a nice momentum this year and expect an increase given the box office improvement expected for the following year. And keep in mind, we also have the other half of the AMC bump. So I think we have good results forecasted for this year and that momentum continues in the next year.

除此之外，這應該會增加我們七月的實際租金百分比。因此，我們今年的發展勢頭良好，考慮到明年票房的預期成長，我們預計還會有所增長。請記住，我們還有 AMC 的另一半衝擊。因此我認為我們今年的業績預測良好，並且這股勢頭將在明年繼續延續。

Got it. Thank you. That's helpful. And then my second question, you've discussed sort of the tariff and inflation resistance of the existing experiential portfolio, but I was wondering -- maybe a little bit more on tariffs. How are you thinking about the possible impact to your development pipeline? Has the tone of negotiation shifted at all following April 2? Are there any concerns for things like projects getting delayed or paused at all or anything like that?

知道了。謝謝。這很有幫助。然後我的第二個問題是，您已經討論了現有體驗式投資組合的關稅和通膨抵抗力，但我想知道——也許更多地談論關稅。您如何看待這可能會對您的開發流程產生的影響？4 月 2 日之後談判基調是否有所轉變？是否擔心專案會延遲或暫停或類似的事情？

I think that's a very good point. I think clearly there's a lot more discussions on build-to-suit projects. Everything that we have right now is kind of priced out with GMD pricing. So pricing is locked in prior to the prior to the implementation of the tariffs. But as we go forward, there's no doubt that people are going to be looking at those things.

我認為這是一個非常好的觀點。我認為顯然關於定制項目的討論還有很多。我們現在擁有的所有東西的價格都與 GMD 定價一致。因此，在關稅實施之前，價格就已經鎖定了。但隨著我們不斷前進，毫無疑問人們會注意這些事情。

For what we have in our forecast right now, we feel good about because we've got kind of locked-in pricing. But we're quite confident that it will at least be a topic of discussion, as we go forward, whether that's lumber, steel, equipment, all of those things are going to be brought to bear. And we'll just have to see kind of as we go forward. Right now, as I said, we feel good about where we're at right now, and we'll just see how it impacts as we move forward.

對於我們目前的預測，我們感覺很好，因為我們已經鎖定了價格。但我們非常有信心，隨著我們前進，這至少會成為一個討論的話題，無論是木材、鋼材還是設備，所有這些東西都將被利用。我們只能拭目以待，繼續前進。現在，正如我所說，我們對目前的狀況感到滿意，我們只會看到它對我們未來的影響。

Mitch Germain, Citizens Capital Markets and Advisory.

米奇‧傑曼 (Mitch Germain)，公民資本市場與顧問公司。

Hey, good morning. I think there was some previous commentary by an industry group in the theater industry about a significant amount of capital spend, several billion dollars of capital spend planned for theater upgrades. And I'm curious if that process is underway and you think there could be any disruption given what's happening in the macro.

嘿，早安。我認為劇院行業的一個行業團體之前曾對大量資本支出發表過評論，計劃花費數十億美元用於劇院升級。我很好奇這個過程是否正在進行，考慮到宏觀上正在發生的事情，您認為可能會出現任何中斷。

The process is already underway, and we're seeing it impacts some of our property. So that's -- but it's not -- it's literally kind of what we would call kind of expansions into large format and IMAX and new seating and things. We don't really see an impact to that, nor do we see a lot yet that that's being impacted by anything related to tariffs that most of those commitments have already been ordered and made. So they laid them out in future schedules. So I haven't seen any backup of that yet. Greg?

這個過程已在進行中，我們看到它對我們的部分財產產生了影響。所以這就是——但事實並非如此——這實際上就是我們所說的向大格式、IMAX、新座位等的擴展。我們並沒有真正看到這方面的影響，也沒有看到與關稅相關的任何事情對其產生很大影響，因為大多數承諾已經下達並做出。所以他們將這些都安排在未來的行程中。所以我還沒有看到任何相關備份。格雷格？

And Mitch, I would say even though it's a big number, they announced, it's, per house, a relatively limited impact. So it doesn't take that long to make these conversions. And they're all economically beneficial. So we're very supportive of that.

米奇，我想說，儘管這是一個很大的數字，但他們宣布，對每個家庭的影響相對有限。因此，進行這些轉換並不需要太長時間。而且它們都具有經濟效益。因此我們對此非常支持。

Great. That's helpful. And then, I hope I didn't miss it, Mark. Was there anything specific that drove the percentage rent activity in the first quarter?

偉大的。這很有幫助。然後，我希望我沒有錯過，馬克。有什麼具體因素推動了第一季的租金百分比活動嗎？

Yeah. As I mentioned, we had $2.9 million of prior-period percentage rents that hit percent of rents and interest. And then, in addition, we had some additional percentage rents. As I mentioned, we took up our guidance $3.5 million. A lot of that relates to what happened in Q1.

是的。正如我所提到的，我們前期的租金百分比為 290 萬美元，達到了租金和利息的百分比。此外，我們還收取一些額外的百分比租金。正如我所提到的，我們提出的指導金額為 350 萬美元。其中很多都與第一季發生的事情有關。

And when I say it's percentage rents and percentage interest, it is two different line items. Percentage rent is rental income and percentage interest is mortgage and financing income, but that was the big delta.

當我說百分比租金和百分比利息時，這是兩個不同的項目。百分比租金是租金收入，百分比利息是抵押貸款和融資收入，但這是一個巨大的差異。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

Great. Thank you. Greg, maybe you can talk about the strength of the consumer today and if you're seeing any impact on consumer spend at least in the near term. The longer-term chart that you provided was helpful, but just curious what you're seeing today as it relates to consumer spend and behavior.

偉大的。謝謝。格雷格，也許您可以談談當今消費者的實力，以及您是否看到至少在短期內對消費者支出有任何影響。您提供的長期圖表很有幫助，但我只是好奇您今天看到的與消費者支出和行為相關的圖表。

Thanks. Yeah. I think it's really, again, resilient. We're seeing pockets where it's stronger and pockets where we're seeing weakness. I would say if anything is going through there, it's on the food spend. Even when we look at our eat-and-play, it's kind of the eat side of that's kind of down. So people are still enjoying the activities but not spending as much on that. So, again, that's consistent with what we've seen historically.

謝謝。是的。我認為它確實具有彈性。我們看到有些地方表現較強，有些地方表現較弱。我想說，如果那裡發生什麼事的話，那就是食品支出。即使當我們審視我們的吃和玩時，我們也發現吃的方面有點不足。因此人們仍然享受這些活動，但花費卻沒有那麼多。所以，這與我們歷史上看到的情況一致。

So we still see -- like I said, we saw fitness and wellness, we saw eat-and-play down slightly. So this is the benefit of having a diversified portfolio in the experiential. And it manifests itself out and the coverage kind of stayed the same.

所以我們仍然看到——就像我說的，我們看到健身和健康，我們看到吃和玩略有下降。這就是體驗式多元化投資組合的好處。它表現出來了，而且報道內容基本上保持不變。

But right now, there may be some real pressure at the lowest end of the consumer. But in that lower middle through the middle, we still feel it's highly supportive. When we talk to our tenants, they say that.

但目前，最底層消費者可能確實面臨一些壓力。但在中下層，我們仍然覺得它具有很強的支持性。當我們與租戶交談時，他們這麼說。

So as long as -- the key indicator when we talk to them, as long as employment remains good, people are incorporating these experiential avenues and venues into their everyday lives. And we see no reason for that to not continue. But Greg?

因此，只要——我們與他們交談時的關鍵指標是，只要就業率保持良好，人們就會將這些體驗途徑和場所融入他們的日常生活中。我們認為沒有理由不繼續下去。但是格雷格？

Yeah. I think probably the best metric is we've had five straight weeks of $100 million or more at the box office, including two weeks of over $200 million. So people are still spending. And as we mentioned, both Cinemark and AMC reported in the past week, and they have per caps of around $8 that are holding steady through the first quarter. So, that's a real-time indicator that things aren't so bad.

是的。我認為最好的衡量標準可能是，我們的票房已經連續五週達到或超過 1 億美元，其中兩週超過 2 億美元。所以人們仍在消費。正如我們所提到的，Cinemark 和 AMC 都在上週發布了財報，其人均票房約為 8 美元，並且在第一季保持穩定。所以，這是一個即時指標，顯示情況並沒有那麼糟。

And the other metric I point to is the fact that we're, 2 times covered across the portfolio. That's higher than 1.9% pre-COVID. So we're still tracking on a trailing 12-month basis higher than pre-COVID.

我指出的另一個指標是，我們的投資組合覆蓋率是 2 倍。這高於新冠疫情前的 1.9%。因此，我們仍然認為過去 12 個月的業績高於新冠疫情之前。

Okay. Great. Thank you. That was helpful. And then, the box office has had a good start at 2Q, but there's some anticipation that we might get over $4 billion in the box office this summer, which only happened once since the pandemic due to Barbie and Oppenheimer. Just curious, how do you anticipate the box office trending, heading into the summer months and then later in the second half? Thanks.

好的。偉大的。謝謝。這很有幫助。然後，票房在第二季開局不錯，但有人預計今年夏天的票房可能會超過 40 億美元，自疫情爆發以來，由於《芭比娃娃》和《奧本海默》，這種情況只發生過一次。只是好奇，您如何預測票房趨勢，進入夏季以及下半年晚些時候？謝謝。

Yeah. Right now, we did -- like I said, we build everything up bottom-up in our analysis. I will tell you, and we tell people all this time, we are horrible at picking movie by movie. I don't think there's a person sitting in this room with me that thought Minecraft was going to do $400 million. And it will cross that this weekend. But the titles, the depth, and the quantity of titles looked strong when you start to look.

是的。現在，我們確實——就像我說的，我們在分析中自下而上地建構了一切。我會告訴你，而且我們一直告訴人們，我們在挑選一部電影時非常糟糕。我認為坐在我這個房間裡的任何人都不會想到 Minecraft 會賺到 4 億美元。本週末我們將突破這一界限。但是當你開始看的時候，標題、深度和標題的數量看起來都很強大。

If you look at Lilo & Stitch that's coming up is now trending higher in free sales than Minecraft. So it really looks like we have a good shot at setting at all-time -- not COVID, I'm saying all-time Memorial Day weekend record with the Mission: Impossible film and Lilo & Stitch on their own doing together over $200 million.

如果你看一下即將推出的《星際寶貝》（Lilo & Stitch），你會發現它的免費銷售趨勢比《我的世界》（Minecraft）更高。因此，看起來我們真的很有可能創下歷史最高紀錄——不是新冠疫情，我是說陣亡將士紀念日週末票房最高紀錄，《碟中諜》電影和《星際寶貝》加起來的票房收入就超過 2 億美元。

So, again, when you have a constant flow of product, and you've heard us talk about this many times, it's not necessarily the individual film, it's the stacking up films week after week, and where people get into the habit and going to that film and seeing those previews drives them to go more.

所以，再說一次，當你有源源不斷的產品時，而且你已經聽我們多次談論過這個問題，它不一定是單一電影，而是一周又一周的電影堆積，人們養成了去看電影的習慣，看預告片會驅使他們去看更多電影。

And we're getting back into that -- so if you look at the kind of Greg's comments, if you look at 8 films over the next kind of couple of months that are expected to do $100 million or more, that means we're getting a big expected hit every weekend. And that kind of performance really is what drives kind of the excitement about the summer and beyond.

我們又回到這個問題——如果你看看格雷格的評論，如果你看看未來幾個月預計票房收入將達到 1 億美元或以上的 8 部電影，那就意味著我們每個週末都會看到一部大賣的電影。而這樣的表現確實會激發人們對這個夏天及以後的興奮。

And then the second half of the year looks really strong with franchises, Fantastic Four, Superman, Jurassic World, Avatar, depending on the year.

今年下半年，隨著《神奇四俠》、《超人》、《侏羅紀世界》、《阿凡達》等系列電影的上映，票房表現將十分強勁，具體情況取決於年份。

And then we got Wicked, the second half of Wicked coming in. So there's a lot of good titles. And again, it's also a nice balance. We're getting back into that. You've got Mission: Impossible. You've got Lilo & Stitch, you got that -- that drives 18- to 24-year-old males but also drives the family. And as we get to that kind of good content and consistent number of high-quality films that leads to good box office results.

然後我們得到了《魔法壞女巫》，《魔法壞女巫》的後半部分即將上映。所以有很多好標題。這也是一個很好的平衡。我們正在重新討論這個問題。你已經完成了《不可能的任務》。你有《星際寶貝》，你就知道了——它不僅吸引了 18 至 24 歲的男性，也吸引了整個家庭。當我們獲得這種優質內容和持續數量的高品質電影時，就會帶來良好的票房成績。

Spenser Glimcher, Green Street.

史賓塞‧格里姆徹 (Spenser Glimcher)，綠街。

Okay. Well, just one for me. As you look across your various investment opportunities as you continue recycling capital, have you noticed changes to bid/ask spreads or cap rate movements in any of the sectors you're underwriting?

好的。嗯，對我來說就一個。當您在繼續循環資本的同時審視各種投資機會時，您是否注意到您承保的任何行業的買賣價差或資本化率變動發生了變化？

Not big movements. Again, we've consistently said we're comfortably in the eights. That's kind of stayed there. And now again, I would say, Spenser, when you look at -- quality variations may move that a little bit, but not a lot of changes in the bid/ask spread. Greg?

沒有太大動作。再說一遍，我們一直說我們可以輕鬆地進入前八名。就那樣留在那裡了。現在，我想再說一次，史賓塞，當你觀察時——品質變化可能會稍微改變這一點，但不會對買賣價差產生太大的影響。格雷格？

No. Not in this sector.

不。不屬於這個領域。

Jana Galan, Bank of America Merrill Lynch.

美銀美林的 Jana Galan。

Hi. Thank you. Good morning and congrats on a great start to the year. Just a quick follow-up on the 2.9 million percentage rent and participating interest true-up in the first quarter. Just wanted to clarify, is that completely retroactive? Or you mentioned some type of agreements, just curious if that impacts level of percentage rents or participations going forward.

你好。謝謝。早上好，恭喜您新的一年有個美好的開始。只是對第一季 290 萬百分比租金和參與權益的真實情況進行快速跟進。只是想澄清一下，這完全具有追溯力嗎？或者您提到了某種類型的協議，只是好奇這是否會影響未來的百分比租金或參與程度。

Yeah. So as I mentioned, we're taking guidance of $3.5 million. $2.9 million is prior period. So there is an incremental current-year impact to percentage grants as we -- from those tenants and borrowers as well as -- kind of looking at the overall mix. So there's kind of two components to it, a lot of its prior period, but there is a current-year component as well.

是的。正如我所提到的，我們的指導金額為 350 萬美元。 290 萬美元為前期金額。因此，當我們從租戶和借款人的角度考慮整體組合時，今年的補助百分比會產生增量影響。因此，它有兩種組成部分，一種是前期的，另一種是當年的。

I'll jump in and add on that. Again, a credit to our asset management staff who are kind of constantly evaluating these, and this related to kind of a discussion. With these tenants and how they were calculating versus how we were calculating, it resolved favorably to our interpretation. So not only does it impact prior periods, but it's going to benefit us as we go forward as well.

我會加入並補充這一點。再次感謝我們的資產管理人員，他們一直在評估這些，這與某種討論有關。有了這些租戶以及他們的計算方式和我們的計算方式，結果對我們的解釋有利。因此，它不僅會影響之前的時期，而且也會使我們未來的發展受益。

Yeah. A lot of that conversation was about the deductions that were taking that we politely disagreed with. And then like Greg said, we resolved that this quarter.

是的。很多談話都是關於我們禮貌地表示不同意的扣除額。然後就像格雷格所說的那樣，我們在本季解決了這個問題。

There are no more questions. So I will now turn the call back over to Greg Silvers for any closing remarks.

沒有其他問題了。因此，我現在將電話轉回給 Greg Silvers，請他做最後發言。

I just want to thank everyone. I appreciate the opportunity to spend time with you, and we look forward to seeing you at Nareit in June. Thanks, everyone.

我只是想感謝大家。我很感謝有機會與您共度時光，我們期待六月在 Nareit 見到您。謝謝大家。