EPR Properties (EPR) 2025 Q3 法說會逐字稿

Welcome to EPR Properties Q3 2025 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded. If you have any objections, please disconnect at this time.

歡迎參加EPR Properties 2025年第三季財報電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。如有任何異議，請立即斷開連接。

I would now like to turn to Brian Moriarty, Senior Vice President of Corporate Communications.

現在我想請企業傳播資深副總裁布萊恩‧莫里亞蒂 (Brian Moriarty) 發言。

Thank you, Sophie. Thanks for joining us today for our third 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.

謝謝你，索菲。感謝您今天參加我們2025年第三季財報電話會議和網路直播。今天參加電話會議的有：董事長兼執行長 Greg Silvers；執行副總裁兼資訊長 Greg Zimmerman；以及執行副總裁兼財務長 Mark Peterson。

I 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 such comparable terms. The company's actual financial condition and the results of operations may vary materially from those contemplated by such forward-looking statements.

首先我要告知各位，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，這些陳述通常使用諸如“將會”、“打算”、“繼續”、“相信”、“可能”、“預期”、“希望”、“預計”等詞語或其他類似表述。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所設想的情況有重大差異。

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 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.

可能導致實際結果與這些前瞻性聲明有重大差異的因素的討論，已包含在公司向美國證券交易委員會提交的文件中，包括公司提交的 10-K 表格和 10-Q 表格報告。此外，本次電話會議將提及某些非GAAP指標，我們認為這些指標有助於評估公司的表現。

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. 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.

這些措施與最直接可比較的 GAAP 措施的調節表包含在今天的收益發布和根據 8-K 表格向美國證券交易委員會提供的補充資訊中。如果您想了解最新動態，今天的收益報告、補充資料和收益電話會議簡報都可以在公司網站 www.eprkc.com 的投資者中心頁面上找到。

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

現在我將把電話交給格雷格·西爾弗斯。

Thank you, Brian. Good morning, everyone, and welcome to our third quarter 2025 earnings call and webcast. The third quarter marked another period of steady progress as we continue to position the company for accelerated growth and expansion. We are pleased to report a 5.4% increase in FFO as adjusted per share versus the same quarter last year and an increase at the midpoint in our FFO as adjusted guidance for the current year. Our disciplined deployment strategy is enabling us to expand our portfolio of experiential properties.

謝謝你，布萊恩。各位早安，歡迎參加我們2025年第三季財報電話會議和網路直播。第三季標誌著公司又一個穩定發展的時期，我們繼續為公司加速成長和擴張做好準備。我們很高興地宣布，經調整後的每股 FFO 較去年同期增長 5.4%，並且本年度經調整後的 FFO 指引中位數有所上調。我們嚴謹的部署策略使我們能夠擴大體驗式資產組合。

Our team is leveraging both existing relationships and new partnerships and we have a pipeline of investments that are actionable over the next 90 to 120 days. However, given the fluidity of timing, we felt it prudent to not raise investment spending guidance at this time. Larger opportunities are now accessible, and we're moving decisively to capture them as we look towards 2026.

我們的團隊正在利用現有的人脈關係和新的合作關係，並且我們已經有了一系列可在未來 90 到 120 天內實施的投資項目。然而，鑑於時機的不確定性，我們認為此時不提高投資支出預期是謹慎的做法。現在有了更大的機遇，展望 2026 年，我們將果斷行動，抓住這些機會。

During the quarter, we also made continued progress on our strategic capital recycling program. This program has largely been focused on planned noncore theater and opportunistic education dispositions with targeted reinvestment in growth experiential sectors. Our work here has materially strengthened our portfolio and provided for accretive reinvestments.

本季度，我們的策略資本循環利用計畫也取得了持續進展。該計劃主要側重於有計劃的非核心戲劇和機會主義教育傾向，並有針對性地對成長體驗領域進行再投資。我們在這裡所做的工作極大地增強了我們的投資組合，並為增值再投資提供了可能。

Turning to our portfolio and industry health. Our third quarter consolidated coverage remained strong at 2.0, reflecting continued portfolio stability. At the box office, we anticipate a robust fourth quarter and expect 2025 to set a new post-COVID high. The continued recovery of the Box Office has led to a significant increase in percentage rent from our Regal lease. We believe this percentage rent feature has strong upside in the future as we anticipate continued growth at the Box Office.

接下來，我們來看看我們的投資組合和產業健康狀況。第三季綜合覆蓋率維持在 2.0 的強勁水平，反映出投資組合的持續穩定性。票房方面，我們預計第四季將表現強勁，並預計 2025 年將創下後新高。票房的持續復甦導致我們與 Regal 劇院的租賃租金百分比大幅上漲。我們相信，隨著票房持續成長，這種以百分比出租的模式未來具有強勁的成長潛力。

We continue to be pleased with the resilience that our tenants have exhibited as consumers prioritize experiences. At the same time, to mitigate potential economic pressures on consumers, many of our tenants have launched new initiatives. These include EngoPass programs with bundled discounts, dynamic daypart pricing and group discount offerings.

消費者越來越重視體驗，而我們的房客也展現了強烈的韌性，我們對此感到欣慰。同時，為了減輕消費者可能面臨的經濟壓力，我們的許多租戶都推出了新的措施。其中包括 EngoPass 套餐優惠、動態時段定價和團體折扣。

We are also seeing widespread adoption of enhanced technology across our tenant base, which has the potential to both improve the customer experience and create greater efficiencies. I'd also like to remind everyone that we've successfully navigated many economic cycles over the past 25 years. During this time, we've witnessed the importance of the resilience of congregate value-oriented entertainment and leisure in the daily lives of consumers.

我們也看到，我們的租戶群體正在廣泛採用增強型技術，這不僅可能改善客戶體驗，也有可能提高效率。我也想提醒大家，在過去的25年裡，我們已經成功度過了許多經濟週期。在此期間，我們見證了以價值為導向的團體娛樂休閒活動在消費者日常生活中的重要性。

Lastly, I would like to comment on the status of the proposed transaction involving the sale of our Cat Skills Land affiliated with the Resorts World Gaming property. We've been advised that the bond transaction, which we understand would be used to fund the exercise of the purchase option will be delayed pending the recently announced proposed merger among gaming entities.

最後，我想就擬議的出售我們與 Resorts World Gaming 物業相關的 Cat Skills Land 的交易現狀發表一些看法。我們獲悉，這筆債券交易（據了解，該交易將用於為行使購買選擇權提供資金）將因最近宣布的博彩實體間擬議合併而推遲。

While our tenant has indicated their desire to complete a bond transaction and option exercise in 2026, the timing and outcome of such a transaction remains uncertain. Regardless of whether the option is exercised, our strong balance sheet and clear visibility into future opportunities positions us to materially accelerate investment spending in 2026.

雖然我們的租戶已表示希望在 2026 年完成債券交易和選擇權行使，但此類交易的時間和結果仍不確定。無論是否行使該選擇權，我們強勁的資產負債表和對未來機會的清晰認識使我們能夠在 2026 年大幅加快投資支出。

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

現在，我將把發言權交給格雷格·齊默曼，讓他更詳細地介紹一下這項業務。

Thanks, Greg. At the end of the quarter, our total investments were approximately $6.9 billion with 330 properties that are 99% of these store operated. During the quarter, our investment spending was $54.5 million. 100% of the spending was in our experiential portfolio.

謝謝你，格雷格。截至季末，我們的總投資額約為 69 億美元，擁有 330 處物業，其中 99% 由門市營運。本季度，我們的投資支出為5,450萬美元，全部投入體驗式投資組合。

Our experiential portfolio comprises 275 properties with 53 operators and accounts for 94% of our total investments or approximately $6.5 billion. And at the end of the quarter was 99% leased store 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 275 個物業，由 53 家營運商經營，占我們總投資的 94%，約 65 億美元。到季度末，99%的租賃門市已投入營運。我們的教育房地產組合包括 55 處房產，由 5 家營運商經營，截至季末已 100% 出租。

Turning to coverage. The most recent data provided is based on its (technical difficulty) trailing 12-month period. Overall portfolio coverage remains strong at 2 times

轉向覆蓋範圍。提供的最新數據是基於其（技術難度）過去 12 個月的周期。整體投資組合覆蓋率依然強勁，達到2倍。

Turning to the operating status of our tenants. Q3 box office was $2.4 billion, down from $2.7 billion in Q3 2024. Seven titles grossed over $100 million. led by Superman, Jurassic World, Rebirth and a Fantastic 4 1st steps.

接下來，我們來看看租戶的營運狀況。第三季票房收入為 24 億美元，低於 2024 年第三季的 27 億美元。七部影片票房超過 1 億美元，包括《超人》、《侏羅紀世界》、《重生》和《神奇四俠1》。

The Q3 2025 comparison was difficult because Q3 2024 was anchored by the strong performance of from Deadpool and Wolverine, Despicable Me, Twisters, and Beetlejuice Beetlejuice. The slate for the fourth quarter is anchored by three films projected to gross over $200 million: Zootopia 2, Wicked: For Good, and Avatar Fire & Ash. Box Office through the first three quarters was $6.5 billion, a 4% increase over the first three quarters of 2024.

2025 年第三季的比較很困難，因為 2024 年第三季的業績受到《死侍與金鋼狼》、《卑鄙的我》、《龍捲風》和《陰間大法師》等電影強勁表現的影響。第四季的影片陣容以三部預計票房超過 2 億美元的電影為核心：《瘋狂動物城 2》、《魔法壞女巫：為了正義》和《阿凡達：火與灰》。前三個季度的票房收入為 65 億美元，比 2024 年前三個季度增長了 4%。

Our estimate of North American box office for calendar year 2025 is between $9 billion and $9.2 billion, an increase of approximately 6% at the midpoint from 2024. Turning now to an update on our other major customer groups. And ready Carbon opened strongly in Oklahoma City in July.

我們估計 2025 年北美票房收入將在 90 億美元至 92 億美元之間，比 2024 年增長約 6%（取中間值）。接下來，我們來報告其他主要客戶群的最新情況。7 月，Ready Carbon 在俄克拉荷馬城強勢開幕。

The Kansas City location opens in mid-November and Chamber Illinois is expected to open in the second quarter of 2026. Our second end stack located in Northern Virginia is also expected to open in Q2. Notwithstanding macro pressures on consumers, our play coverage remains strong and above precoded levels, and metrics are stable when compared to Q3, 2024.

堪薩斯城分會將於 11 月中旬開業，伊利諾伊州商會預計將於 2026 年第二季開業。我們位於維吉尼亞州北部的第二個終端堆疊預計也將在第二季投入使用。儘管消費者面臨宏觀壓力，但我們的播放覆蓋率依然強勁，高於預編碼水平，與 2024 年第三季相比，各項指標保持穩定。

We saw increased EBITDAR across our attractions portfolio, buoyed by strong performance in our Canadian assets and at enchanted Forest World Safari. As we have said for some time, we see a lot of momentum and investment potential in the [Hot Springs] space. We are very pleased with the performance of all three of our Hot Springs investments, driven by attendance growth and the $90 million expansion at the Springs Resort in Pagosa Springs, EBITDAR and revenue for the portfolio are up year-over-year.

我們看到旗下所有景點的 EBITDAR 均有所增長，這主要得益於我們在加拿大的資產以及迷人的森林世界野生動物園的強勁表現。正如我們之前所說，我們看到[溫泉]領域蘊藏著巨大的發展動能和投資潛力。我們對三項溫泉投資的業績都非常滿意，這得益於遊客人數的增長以及帕戈薩斯普林斯溫泉度假村 9000 萬美元的擴建，投資組合的 EBITDAR 和收入均同比增長。

Both Iron Mountain Hot Springs and Murrieta Hot Springs Resort continue their attendance and revenue growth. Because of the strong performance at Iron Mountain Hot Springs, in Q3, we funded $18.25 million in according financing, which reflects our conservative acquisition underwriting practices.

鐵山溫泉和穆列塔溫泉度假村的遊客人數和收入均持續成長。由於 Iron Mountain Hot Springs 在第三季表現出色，我們為此提供了 1,825 萬美元的融資，這反映了我們保守的收購承銷做法。

Our underwriting thesis was that this asset would continue to grow and outperform expectations. We work with our operator to include an according feature, which contemplated additional investment once the assets achieved agreed upon metrics.

我們的承銷邏輯是，這項資產將繼續成長並超越預期。我們與營運商合作，加入了一項相應的功能，該功能考慮在資產達到約定的指標後進行額外投資。

The expansion of our Jellystone Cosi Resort near Pittsburgh, helped drive overall growth in our experiential lodging portfolio with gains in EBITDAR and revenue across the portfolio in Q3 over Q3, 2024. Our ski properties experienced revenue growth over the summer month, it's too early differentiation on the upcoming ski season. Our education portfolio continues to perform well.

我們在匹茲堡附近的 Jellystone Cosi 度假村的擴建，推動了我們體驗式住宿組合的整體成長，與 2024 年第三季相比，第三季整個組合的 EBITDAR 和收入均有所增長。我們的滑雪物業在夏季月份實現了收入增長，現在對即將到來的滑雪季做出區分還為時過早。我們的教育投資組合持續表現良好。

Our customers' trailing 12-month revenue for Q2 was essentially flat with EBITDA down due to expense increases. Our investment spending for Q3 was $54.5 million entirely in experiential assets and includes funding for projects that we have closed but are not yet open. Our year-to-date investment spending is $140.8 million.

由於支出增加，我們客戶過去 12 個月的收入在第二季度基本持平，而 EBITDA 下降。第三季我們的投資支出為 5,450 萬美元，全部用於體驗式資產，其中包括我們已經完成但尚未開放的專案的資金。今年迄今為止，我們的投資支出為 1.408 億美元。

During the quarter, in addition to the $18.25 million accordion funding in Iron Mountain Hot Springs, we made our first investment with the high-end Canadian fitness firm, Altea Active, providing approximately $20 million in mortgage financing secured by their club and Winnipeg, Manitoba.

本季度，除了向 Iron Mountain Hot Springs 提供 1825 萬美元的額外資金外，我們還對加拿大高端健身公司 Altea Active 進行了首次投資，提供了約 2000 萬美元的抵押貸款，該貸款以其俱樂部和加拿大曼尼托巴省溫尼伯市為擔保。

We are excited to start a new relationship with one of the best fitness operators in Canada and to provide growth capital to Altea as they look to expand their brand. We anticipate continuing to increase our investment spending cadence in the coming quarters. We continue to see high-quality opportunities in both acquisition and build-to-suit development in our target experiential categories.

我們很高興能與加拿大最好的健身營運商之一建立新的合作關係，並為 Altea 提供成長資金，協助其品牌擴張。我們預計未來幾季將繼續提高投資支出成長速度。我們持續看到目標體驗類別中存在高品質的收購和客製化開發機會。

As Greg noted, our disciplined deployment strategy has enabled us to expand the depth and breadth of our portfolio of experiential properties. As we have mentioned frequently, we are especially bullish on the fitness and wellness space. And given our deep relationships, the increased focus on fitness and wellness among multiple generations and demographics and the wide range of investment opportunities from hot springs to spas to fitness.

正如格雷格所指出的，我們嚴謹的部署策略使我們能夠擴展體驗式資產組合的深度和廣度。正如我們多次提到的，我們特別看好健身和健康領域。鑑於我們深厚的人際關係，以及不同世代和人群對健身和健康的日益關注，還有從溫泉到水療中心再到健身等廣泛的投資機會。

Our investment spending this quarter reflects these deep relationships and high-quality investment opportunities. As we approach year-end, we are narrowing our investment spending guidance for funds to be deployed in 2025 from the range of $200 million to $300 million to the range of $225 million to $275 million.

本季我們的投資支出體現了這些深厚的合作關係和高品質的投資機會。隨著年底臨近，我們將 2025 年的投資支出指引從 2 億美元至 3 億美元縮小到 2.25 億美元至 2.75 億美元。

We have committed over $100 million for experiential development and redevelopment projects that have closed, but are not net funded to be deployed over the next 15 months. We anticipate approximately $25 million of this amount will be deployed in Q4, which is included at the midpoint of our 2025 guidance.

我們已經投入超過 1 億美元用於體驗式開發和重建項目，這些項目已經完成，但在未來 15 個月內沒有淨資金投入。我們預計這筆款項中約有 2,500 萬美元將在第四季度投入使用，這筆款項已計入我們 2025 年業績指引的中點。

Our team is leveraging both existing relationships and new partnerships to develop a pipeline of investments actionable over the next 90 to 120 days. Given that some could fall into 2026, we did not think the timing was right to raise investments on any guidance now. As we look forward into 2026, we are also seeing larger opportunities and are moving decisively to capturing.

我們的團隊正在利用現有的人脈關係和新的合作關係，制定未來 90 至 120 天內可實施的投資計畫。鑑於有些投資可能會持續到 2026 年，我們認為現在根據任何指導方針增加投資的時機都不合適。展望 2026 年，我們也看到了更大的機遇，並且果斷地抓住這些機會。

As we noted on our Q2 call early in Q3, we sold our last vacant AMC theater in Hamilton, New Jersey to the Children's Hospital of Philadelphia. We also sold a vacant [parcel] in in Q3. Combined net proceeds were approximately $19.3 million with a combined gain of approximately $4.6 million. In the past four years, we have sold 31 theaters. We have one remaining vacant theater.

正如我們在第三季初的第二季電話會議上提到的那樣，我們將位於新澤西州漢密爾頓的最後一家空置的 AMC 影院出售給了費城兒童醫院。我們在第三季還售出了一塊空地。合併淨收益約 1,930 萬美元，合併收益約 460 萬美元。在過去四年裡，我們售出了 31 間戲院。我們還有一個空置的劇場。

Subsequent to the end of the quarter, we received approximately $18 million in a pay down of our mortgage with Gravity house, resulting from their sale of their asset in (technical difficulty) France. Through the end of Q3, we sold approximately $133.8 million of assets. We are increasing our 2025 disposition guidance to the range of $150 million to $160 million from a range of $130 million to $145 million.

季度末之後，我們收到了 Gravity House 償還的約 1800 萬美元抵押貸款，這是由於他們出售了在（技術困難）法國的資產。截至第三季末，我們出售了約 1.338 億美元的資產。我們將 2025 年資產處置預期從 1.3 億美元至 1.45 億美元上調至 1.5 億美元至 1.6 億美元。

I now hand it over to Mark for a discussion on the [financials].

現在我把這個話題交給馬克，讓他跟我討論。[財務數據]

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 2025 guidance. FFO as adjusted for the quarter was $1.37 per share versus $1.30 in the prior year, an increase of 5.4% and AFFO for the quarter was $1.39 per share compared to $1.29 in the prior year, an increase of 7.8%.

謝謝你，格雷格。今天，我將討論我們第三季的財務業績，更新我們的資產負債表狀況，並最後更新2025年的業績指引。經調整後的本季度 FFO 為每股 1.37 美元，而去年同期為 1.30 美元，成長 5.4%；經調整後的本季 AFFO 為每股 1.39 美元，而去年同期為 1.29 美元，成長 7.8%。

Before I walk through the key variances, I want to explain two offsetting items excluded from FFO as adjusted and AFFO. First, with regard to dispositions for the quarter, net proceeds totaled $19.3 million. We recognized a net gain on sale of $4.6 million. Also included in gain on sale for the quarter was a $3.5 million gain related to the exercise of an early termination option of a ground lease.

在詳細介紹主要差異之前，我想先解釋一下 FFO 調整後和 AFFO 中排除的兩個抵消項目。首先，就本季資產處置而言，淨收益總計 1,930 萬美元。我們確認出售所得淨收益為 460 萬美元。本季度出售所得收益中還包括因行使提前終止土地租賃選擇權而獲得的 350 萬美元收益。

Second, provision for credit losses net was $9.1 million for the quarter, and related to fleet reserving one mortgage note receivable for $6 million related to our only investment with one small borrower and changes our estimated current expected credit losses mostly due to macroeconomic conditions.

其次，本季淨信貸損失準備金為 910 萬美元，與車隊為一筆 600 萬美元的抵押貸款應收款計提準備金有關，該應收款與我們唯一一筆針對小型借款人的投資有關，並且由於宏觀經濟狀況，我們估計的當前預期信貸損失發生了變化。

Now moving to the key variances. Total revenue for the quarter was $182.3 million versus $180.5 million in the prior year. Within total revenue, rental revenue increased $6.2 million versus the prior year, mostly due to the impact of investment spending, rent bumps, and higher percentage rents.

現在來看關鍵差異。本季總營收為 1.823 億美元，而去年同期為 1.805 億美元。在總收入中，租金收入比前一年增加了 620 萬美元，這主要是由於投資支出、租金上漲和更高的租金百分比的影響。

Percentage rents for the quarter were $7 million versus $5.9 million in the prior year, and the increase was due primarily to higher percentage rent recognized from one of our theater tenants offset by lower percentage rents recognized from our attraction properties.

本季租金收入為 700 萬美元，而去年同期為 590 萬美元。收入增加的主要原因是，我們劇院租戶收取的租金收入增加，但景點物業收取的租金收入減少，抵消了租金收入的增加。

Both other income and other expense related primarily to our consolidated operating properties, including the Cartright hotel and indoor water park and our four operating theaters. The decrease in hub income and other expense versus prior year is due primarily to the sale of three operating theater properties in the first half of this year.

其他收入和其他支出主要與我們的合併經營物業有關，包括卡特賴特酒店和室內水上樂園以及我們的四個手術室。與前一年相比，樞紐收入和其他支出的減少主要是由於今年上半年出售了三家手術室物業。

On the expense side, G&A expense for the quarter increased to $14 million versus $11.9 million in the prior year due primarily to higher estimated incentive pay, including noncash share-based compensation expense.

在支出方面，本季一般及行政費用從上年的 1,190 萬美元增加到 1,400 萬美元，主要原因是預計激勵性薪酬增加，包括非現金股份支付費用。

Interest expense net for the quarter increased by $371,000 compared to the previous year, due primarily to an increase in our weighted average interest rate on outstanding debt due to additional borrowing on our unsecured revolving credit facility to pay off lower-rate senior unsecured notes at their maturity last quarter.

本季度淨利息支出較上年同期增加 371,000 美元，主要原因是由於上季度我們利用無擔保循環信貸額度額外借款償還到期的低利率高級無擔保票據，導致未償債務的加權平均利率上升。

Equity and income from joint ventures for the quarter was $2.9 million compared to a loss of $851,000 in prior year. This increase is due to our decision to exit our joint ventures in Broadridge, Louisiana and St. Pete, Florida in late 2024 as well as better performance at our two RV Park joint ventures.

本季合資企業的權益和收入為 290 萬美元，而上年同期虧損 85.1 萬美元。這一增長是由於我們決定在 2024 年底退出我們在路易斯安那州布羅德里奇和佛羅裡達州聖彼得堡的合資企業，以及我們兩家房車公園合資企業的表現更好。

FFO as adjusted for the nine months ended September 30 was $3.81 per share compared to $3.64 in the prior year, an increase of 4.7%. And AFFO for the same period was $3.83 per share compared to $3.61 in the prior year, an increase of 6.1%.

截至 9 月 30 日的九個月，經調整後的 FFO 為每股 3.81 美元，而去年同期為 3.64 美元，成長了 4.7%。同期調整後營運資金 (AFFO) 為每股 3.83 美元，而去年同期為每股 3.61 美元，成長了 6.1%。

Turning to the next slide, I read some of the company's key credit ratios. As you can see, our coverage ratios continue to be very strong with fixed charge coverage at 3.6 times in both interest and debt service coverage ratios at 4.2 times.

翻到下一張投影片，我閱讀了該公司的一些關鍵信用比率。如您所見，我們的償債能力比率依然非常強勁，固定費用償債能力為 3.6 倍，利息償債能力比率為 4.2 倍。

Our net debt to annualized adjusted EBITDAR was 4.9 times at quarter end, which is below the low end of our targeted range. Additionally, our net debt to gross assets was 38% on a booked basis at quarter end, and our common dividend continues to be very well covered with an AFFO payout ratio of 64% for the third quarter.

截至季末，我們的淨債務與年化調整後EBITDAR之比為4.9倍，低於我們目標範圍的下限。此外，截至季末，我們的淨負債與總資產之比（以帳面價值計算）為 38%，我們的普通股股利仍得到良好的保障，第三季的調整後營運資金 (AFFO) 派息率為 64%。

Now, let's move to our balance sheet, which is in great shape to support our expected growth. At quarter end, we had consolidated debt of $2.8 billion, of which $2.4 billion is either fixed rate debt or debt that has been fixed through interest rate swaps with an overall blended coupon of approximately 4.3%. During the quarter, we amended our unsecured revolving credit facility agreement to remove the SOFR index adjustment, which decreased our all-in interest rate by 10 basis points.

現在，讓我們來看看我們的資產負債表，其狀況良好，足以支持我們預期的成長。截至季末，我們的合併債務為 28 億美元，其中 24 億美元為固定利率債務或透過利率互換固定的債務，綜合票息約為 4.3%。本季度，我們修改了無擔保循環信貸協議，取消了 SOFR 指數調整，使我們的綜合利率降低了 10 個基點。

Our liquidity position remains strong with $13.7 million cash on hand at quarter end and $379 million drawn on our $1 billion revolver. While our leverage is below the low end of our range and our 2025 guidance continues to have no equity issuance assumed, we plan to finalize our new ATM program in Q4.

我們的流動性狀況依然強勁，截至季度末，我們手頭現金為 1,370 萬美元，並從 10 億美元的循環信貸額度中提取了 3.79 億美元。雖然我們的槓桿率低於預期範圍的下限，而且我們 2025 年的業績指引仍然假設不會發行股票，但我們計劃在第四季度完成新的 ATM 計劃。

We currently have a direct share purchase plan in place for equity issuance, but the ATM program will provide us with an additional tool in our toolbox for raising such capital. We are increasing our 2025 FFO as adjusted per share guidance to a range of $5.05 to $5.13 from a range of $5 to $5.60, represented an increase over the prior year of 4.5% at the midpoint.

我們目前已製定直接股票購買計劃用於股權發行，但 ATM 計劃將為我們籌集此類資金提供額外的工具。我們將 2025 年經調整後的每股 FFO 預期從 5 美元至 5.60 美元上調至 5.05 美元至 5.13 美元，中位數較上年增長 4.5%。

Please note that as in prior years, our fourth quarter FFO as adjusted per share is expected to be lower than our third quarter primarily due to the seasonality related to the Carrie Potel and into a water park and our joint venture RV properties. We're also narrowing our 2025 investment spending guidance to a range of $225 million to $275 million from a range of $200 million to $300 million.

請注意，與往年一樣，我們第四季度經調整後的每股 FFO 預計將低於第三季度，這主要是由於 Carrie Potel 酒店、水上樂園以及我們的合資房車物業的季節性因素所致。我們將 2025 年的投資支出指引範圍從 2 億美元至 3 億美元縮小到 2.25 億美元至 2.75 億美元。

We are increasing guidance for disposition proceeds for 2025 to a range of $150 million to $160 million from a range of $130 million to $145 million. On the next slide, we are narrowing our percentage rent and participating interest income to a range of $22.5 million to $24.5 million from a range of $21.5 million to $25.5 million, and raising the low end of our estimate for G&A expense to a range of $54 million to $56 million from a range of $53 million to $56 million.

我們將 2025 年處置收益的預期範圍從 1.3 億美元至 1.45 億美元提高到 1.5 億美元至 1.6 億美元。在下一張投影片中，我們將租金和參與利息收入的百分比範圍從 2,150 萬美元至 2,550 萬美元縮小到 2,250 萬美元至 2,450 萬美元，並將一般及行政費用的估計下限從 5,300 萬美元至 5,600 萬美元提高到 5,400 萬美元。

We are also updating the guidance for our consolidated operating properties, which is provided by giving a range for other income and other expense. Guidance details can be found on page 23 of our supplement. Now with that, I'll turn it back over to Greg for his closing remarks. Thank you, Mark.

我們也正在更新合併營運物業的指引，該指引透過給予其他收入和其他支出的範圍來提供。指導詳情請參閱本補充資料第 23 頁。現在，我將把發言權交還給格雷格，請他作總結發言。謝謝你，馬克。

As our results demonstrate, our portfolio continues to be strong and resilient. We have executed on a very aggressive capital recycling plan this year with our guidance implying over $150 million of sales. Notwithstanding this capital recycling, we are projecting to deliver over 4.5% growth in FFO as adjusted.

我們的業績表明，我們的投資組合依然強勁且具有韌性。今年我們執行了一項非常積極的資本回收計劃，預計銷售額將超過 1.5 億美元。儘管進行了資本再利用，我們預計經調整後的FFO仍將成長超過4.5%。

As a result of recycling and cash flow generation, we have positioned ourselves to materially accelerate our capital deployment in 2026. We are very pleased and excited as we bring 2025 to an end and look forward to 2026.

透過循環利用和現金流的產生，我們已做好準備，在 2026 年大幅加快資本部署。2025年即將結束，我們感到非常高興和興奮，並期待2026年的到來。

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

那麼，我何不開放提問環節呢？蘇菲？

(Operator Instructions) Smedes Rose, Citi.

（操作說明）Smedes Rose，花旗銀行。

Hi, thank you. I wanted to ask a little bit more about the credit losses that you're reserving for? You mentioned a $6 million mortgage note and then just some changes -- expectations around the broader macro economy. Could you maybe just talk about that a little more? And any incremental detail around what happens with the underlying property there?

您好，謝謝。我想再問一下關於你們提列的信​​用損失準備金的問題？你提到了一筆 600 萬美元的抵押貸款票據，然後又提到了一些變化——對更廣泛的宏觀經濟的預期。能否再詳細談談這件事？那麼，關於底層屬性會發生什麼變化，還有什麼更詳細的說明嗎？

Sure, Smedes. I think, first of all, again, it's a small tenant that we will -- we will see how they continue to perform. We just thought it was prudent to reserve that. If not, we have assets related to that, that we can look to take control of and so then the larger macro issue is just -- I'm going to get this wrong, it's (technical difficulty) how that works. And there's a lot of factors that go into that.

當然可以，斯梅德斯。我認為，首先，這畢竟是一個小租戶，我們會看看他們接下來的表現如何。我們認為最好還是預留出來。否則，我們還有與此相關的資產，我們可以考慮控制這些資產，因此更大的宏觀問題就是——我可能說錯了，這是（技術難題）它是如何運作的。這其中涉及很多因素。

Mark, maybe you can give some more detail on that.

馬克，或許你能詳細說說這件事。

Yeah. So there's macroeconomic indicators that go into that can move up and down as it does every quarter, sometimes positive, sometimes negative. So really, I think just the outsized number this quarter was really the $6 million note as Greg said, that we determined we needed to reserve. Again, it's the only investment we have with that small tenant.

是的。因此，宏觀經濟指標會像每季一樣上下波動，有時是上漲，有時是下跌。所以，我認為本季最大的數字正如格雷格所說，是我們需要預留的 600 萬美元票據。再說一遍，這是我們與這位小租戶的唯一投資。

Okay. And then I just wanted to ask you, too, you've talked a little bit about accelerating acquisition volumes in 2026. Could you maybe just put some scope around that in terms of where you think volumes could go and let's putting aside the whole getting thing for a minute. But if you wanted to stay leverage-neutral for '26?

好的。然後我還想問您，您之前也談到要加快 2026 年的收購量。您能否就銷量可能的發展方向給出一些預測，我們暫且把獲取銷量這件事放在一邊。但如果你想在 2026 年保持槓桿中性呢？

Well, I think that's the question. And I think we need to be really clear about this that we -- in this acceleration plan, the Genting was never requirement for us to do that. Again, and Mark can detail this, we've significantly moved leverage down to below -- at or below the low end of our leverage range. So when we think about taking that up to what is our natural in the midpoint of that at $5.3 million -- and looking at our cash flow generation, we feel comfortable that we can go to that $400 million to $500 million range without any additional need of capital recycling.

嗯，我想這就是問題所在。我認為我們需要非常明確地說明這一點——在這個加速計畫中，雲頂集團從來都不是我們必須這樣做的必要條件。再說一遍，馬克可以詳細說明，我們已經大幅降低了槓桿率，使其低於——達到或低於我們槓桿率範圍的下限。因此，當我們考慮將目標提高到我們自然的中間值 530 萬美元時——並且考慮到我們的現金流產生情況，我們感覺我們可以達到 4 億至 5 億美元的範圍，而無需任何額外的資本回收。

So when we talk about those levels, we're very comfortable without (technical difficulty) or without any transaction involving that property being able to do that -- so I think the narrative that we need that to occur in order to allow us to do those levels is factually inaccurate. But Mark, maybe --

所以當我們談到這些水平時，我們完全可以接受沒有（技術困難）或任何涉及該房產的交易能夠做到這一點——所以我認為，我們需要發生這種情況才能讓我們達到這些水平的說法在事實上是不准確的。但馬克，也許--

Yeah. And just to add to that, if you just do the math, forget Genting, do the math on, say, $500 million investment spending when you utilize our cash flow, a little bit of disposition do the math. you end up still probably below the midpoint of our targeted leverage range, again, because we're beginning so low at about 5 times. So we'll be below [5.3%], if you do the math. The Genting thing purely becomes an opportunity to delever our balance sheet by about 0.3 turns if you do the math on that.

是的。補充一點，就算不考慮雲頂集團，假設我們投資5億美元，利用現金流和一些資產處置，算一下，最終的槓桿率可能仍然低於我們目標槓桿範圍的中點，因為我們的初始槓桿率很低，只有5倍左右。所以，如果你算一下，我們會低於[5.3%]。如果你仔細計算一下，雲頂集團的收購純粹是讓我們資產負債表去槓桿化的機會，槓桿率大約降低 0.3 倍。

So again, as Greg said, we view Genting as an opportunity not an overhang, not necessary to execute our plan, but would provide us additional dry powder, but again, not necessary to execute our plan next year to grow significantly.

所以，正如 Greg 所說，我們認為雲頂集團是一個機會，而不是一個負擔，它不是執行我們計劃的必要條件，但會給我們提供額外的資金，但同樣，它也不是我們明年大幅增長計劃的必要條件。

Okay, thank you. I appreciate it.

好的，謝謝。謝謝。

Kathryn Graves, UBS.

凱瑟琳‧格雷夫斯，瑞銀集團。

Hi, good morning. Thank you for taking my questions. My first -- I'm wondering if you could just provide some capital on the duration of the mortgage financing investment with Altia Active? And then maybe just talk a bit about how that investment fits within your larger array of investments that you have available to you?

您好，早安。謝謝您回答我的問題。我的第一個問題是——我想知道您是否可以提供一些資金，用於在 Altia Active 的抵押貸款融資投資期限內進行投資？然後或許可以稍微談談這項投資如何融入你現有的更廣泛的投資組合中？

Sure. Greg, do you want to --

當然。格雷格，你想…--

Yeah. So it's structured as a mortgage mostly because of implications of Canadian currency, et cetera. And the idea is to provide growth capital for patio as they grow their business, is structured as I believe, 20 years mortgage -- so longer mortgage, not short-term financing, and we expect to be in a long-term partnership with Altia.

是的。因此，它的結構主要是抵押貸款，這主要是因為加元匯率等因素的影響。我們的想法是為露台業務的成長提供成長資金，我相信，其結構是 20 年抵押貸款——也就是較長的抵押貸款，而不是短期融資，我們希望與 Altia 建立長期的合作夥伴關係。

I would say I would echo what Greg said. What we found often in Canada is for taxation purposes, mortgage structures, allowing you to have a more efficient structure. And so we've leaned into that. But I would tell you that mortgage is probably more like a synthetic mortgage it reads like the lease -- synthetically, I'm sorry.

我同意格雷格的說法。我們在加拿大經常發現，出於稅務目的，抵押貸款結構可以讓你擁有更有效率的結構。所以我們就順應了這個趨勢。但我要告訴你，抵押貸款可能更像是合成抵押貸款，它讀起來就像租賃合約——抱歉，是合成的。

Got it. That's helpful. Thank you. And then my second question, a little bit more retail-focused peers have reported seeing increased competition for deals from private players, say offices, et cetera. And I'm wondering if you also seen any of this competition in your acquisition landscape or whether you're asset class and the uniqueness of it, maybe it helps buffer from some of that competition.

知道了。那很有幫助。謝謝。我的第二個問題是，一些更專注於零售業的同儕反映，他們面臨著來自私人參與者（例如辦公室等）日益激烈的交易競爭。我想知道您是否也在收購領域感受到了這種競爭，或者您的資產類別及其獨特性是否有助於緩衝一些競爭。

And then -- has that also allowed cap rates to stay where they are? Have you seen some compression more recently in your current pipeline?

那麼——這是否也使得資本化率得以維持在目前的水準？最近您在目前的生產流程中是否發現壓縮現象？

I'll let Greg also jump in. But I would say always, I think there's competition out there. I don't think it's -- as many debt play in our spaces as do in the retail space. But I do think there is -- as we talked about, there's been increased deal flow. I think that's starting to work in our favor. And I think cap rates have fairly -- been fairly stable, right?

我也會讓格雷格插話。但我認為，競爭始終存在。我不認為——在我們這個領域，債務交易的數量會像零售領域那麼多。但我認為確實如此——正如我們討論的那樣，交易量有所增加。我認為這開始對我們有利了。我認為資本化率一直都相當穩定，對吧？

Yeah. I think cap rates are stable, sure. And again, we'll run into all those investors in larger deals. But as we say repeatedly, we've got a pretty granular approach, our team is out all over the country in Canada looking for deals. So that's how we're able to find great assets like Altia Active And some of our Hot Springs resorts.

是的。我認為資本化率是穩定的，沒錯。而且，在更大的交易中，我們還會再次遇到所有這些投資者。但正如我們一再強調的，我們採取了非常細緻的方法，我們的團隊遍布加拿大各地尋找交易機會。所以，我們才能找到像 Altia Active 這樣的優質資產，以及我們的一些溫泉度假村。

So I think we're pretty comfortable that in that space, we've got a very nice run rate. And as we increase our ability to participate in larger ticket deals, we'll probably run into more of the competitors (technical difficulty)

所以我覺得我們在這個領域很有信心，我們取得了非常好的成績。隨著我們參與更大額交易的能力不斷增強，我們可能會遇到更多競爭對手。（技術難題）

That's really helpful. Thank you for the color.

這真的很有幫助。謝謝你提供的色彩。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

Hey, good morning. Thanks for my question. Could you touch on the larger investment opportunities that you're seeing in the market today?

嘿，早安。謝謝你的提問。您能否談談目前在市場上看到的較大的投資機會？

Well, without disclosing any specific, I think it's pretty broad-based. I think we're seeing nice large opportunities in several of our verticals, so it's not limited to one area. And like I said, we think of those as over $100 million and over. And I think there's probably somewhere between 3% and 5% in the market right now. So I think it's again, somewhat of a change from what we've seen from the first half of the year, no doubt.

嗯，在不透露具體細節的情況下，我認為它的影響範圍相當廣泛。我認為我們在幾個垂直領域都看到了不錯的巨大機遇，所以它並不局限於某個領域。正如我所說，我們認為這些都超過 1 億美元。我認為目前市場上的持股比例可能在 3% 到 5% 之間。所以我認為這與今年上半年的情況相比，無疑又有所改變。

So it's both exciting. And as we talked about in the spaces that we play, we're very much known to all the players. And so we're seeing all these deals, and we're excited about the opportunity set.

所以既令人興奮又令人沮喪。正如我們在比賽場地所討論的那樣，我們被所有球員都非常熟悉。因此，我們看到了所有這些交易，我們對這些機會感到興奮。

Okay. Great. That was helpful. And then I appreciate the ATM program status update you provided. Could you provide some color on your strategy and how you plan to issue equity in terms of what your pricing is and when?

好的。偉大的。那很有幫助。此外，我非常感謝您提供的ATM程式狀態更新資訊。能否詳細說明您的策略，以及您計劃如何發行股票，包括定價和發行時間？

Yeah, as we mentioned, we're not dependent on equity for next year's plan with just debt financing and our free cash flow, et cetera. We'd be under the midpoint of our range. That said, opportunistically, we may decide to raise equity. Certainly, the price has to be at a point where it makes sense, and that would just allow us to delever further and provide more dry powder.

是的，正如我們所提到的，我們明年的計畫不依賴股權融資，只依靠債務融資和自由現金流等。我們會低於我們預期範圍的中點。也就是說，我們可能會伺機增發股票。當然，價格必須達到合理的水平，這樣我們才能進一步降低槓桿率，提供更多可用資金。

And our ATM program will allow us to do that in an effective way. Currently, we have a direct share purchase plan and we can also dribble out stock, but we are excited about the ATM program and the ability to do forward type deals and so forth.

我們的ATM程式將使我們能夠有效地做到這一點。目前，我們有直接股票購買計劃，也可以分批出售股票，但我們對 ATM 計劃以及進行遠期交易等的能力感到興奮。

So -- but it's entirely contingent on the market and the market is in a good place, a good price for us and does it make sense to issue equity to lower our leverage.

所以——但這完全取決於市場，而市場目前狀況良好，價格對我們來說也不錯，那麼發行股票來降低槓桿率是否有意義呢？

Okay, great. Thank you so much.

好的，太好了。太感謝了。

Jana Galan, Bank of America Merrill Lynch.

Jana Galan，美國銀行美林證券。

Hi, good morning. Thank you for quantifying the larger deals on the market that you're looking at. Can you also give some color on the smaller ones and then maybe yield differential between the large and smaller investment opportunities?

您好，早安。感謝您對市場上您正在關注的大宗交易進行量化分析。您能否也介紹一下規模較小的投資項目，以及大型和小型投資機會之間的收益率差異？

Yeah, and I'll let Greg also join in. I mean, we've made a lot of our path over the last several years of what we would say is the $25 million to $75 million deals, and those are still very much out there. Those are the, what I would say, much more of the bespoke relationship deals that we have, and those have always been part of what we have done.

是的，我也會讓格雷格加入。我的意思是，過去幾年我們取得的許多成就都來自於2500萬美元到7500萬美元的交易，而這些交易現在仍然有很多機會。我認為，這些才是我們更多的客製化合作關係，而這些一直是我們工作的一部分。

I think those are less -- they're less competitive in their -- again, because of the bespoke maker, how we get those deals. But I think those are still comfortably in the 8s. I think it gets a little more competitive when you get into larger deals and people looking for volume. It doesn't mean that those are materially moving that may be 25 basis points. But I think we feel like we're in a position to be competitive with those given our understanding of those deals.

我認為這些產品競爭力較弱——同樣，這是因為客製化製造商的運作方式，以及我們達成這些交易的方式。但我認為這些數字仍然穩居8分以上。我認為，當交易規模增大，人們追求成交量時，競爭就會變得更加激烈。但這並不意味著25個基點的變動就具有實質影響。但我認為，鑑於我們對這些交易的了解，我們有能力與它們競爭。

But Greg, probably --

但格雷格，可能--

No, I think it's perfect.

不，我覺得它很完美。

Great. And then just maybe on the new ATM mortgage loan and maybe it's due to the discussion you had about the way it was structured. But just curious on the yield there. Is that more representative of the Canadian market?

偉大的。然後，或許是因為你們之前討論過新的 ATM 抵押貸款的結構方式。我只是好奇那裡的產量是多少。這是否更能代表加拿大市場？

No. I mean the number we quoted is in US dollars. And so if you use US dollars, the yields we're getting are similar to what we would get in the US.

不。我的意思是，我們報出的數字是以美元計價的。因此，如果使用美元，我們獲得的收益率與我們在美國獲得的收益率相似。

Thank you. This completes the allotted time for questions. I will now turn the call back over to Greg Silvers for any closing remarks.

謝謝。提問環節到此結束。現在我將把電話轉回給格雷格·西爾弗斯，請他作總結發言。

Thank you, everyone. We appreciate your time and attention. Look forward to talking to you guys many times in the call, and have a great day. Thank you.

謝謝大家。感謝您的時間和關注。期待在通話中與大家多次交流，祝大家今天過得愉快。謝謝。