Gaming and Leisure Properties Inc (GLPI) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Gaming and Leisure Properties First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Joe Jaffoni. Please go ahead.

您好，歡迎參加博彩和休閒地產 2023 年第一季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹你們的主持人喬·賈弗尼 (Joe Jaffoni)。請繼續。

Thank you, Stacy, and good morning, everyone, and thank you for joining Gaming and Leisure Properties First Quarter 2023 Earnings Call and Webcast. The press release distributed yesterday afternoon is available on the Investor Relations section on our website at www.glpropinc.com. On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today. Forward-looking statements may include those related to revenue, operating income and financial guidance as well as non-GAAP financial measures such as FFO and AFFO.

謝謝史黛西，大家早上好，感謝您參加遊戲和休閒地產 2023 年第一季度收益電話會議和網絡廣播。昨天下午發布的新聞稿可在我們網站 www.glpropinc.com 的投資者關係部分獲取。在今天的電話會議上，管理層準備好的評論和對您問題的回答可能包含 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。前瞻性陳述涉及受風險和不確定性影響的事項，這些風險和不確定性可能導致實際結果有所不同實質上來自今天討論的內容。前瞻性陳述可能包括與收入、營業收入和財務指導以及非公認會計準則財務指標（例如 FFO 和 AFFO）相關的陳述。

As a reminder, forward-looking statements represent management's current estimates, and the company assumes no obligation to update any forward-looking statements in the future. We encourage listeners to review the more detailed discussions related to risk factors and forward-looking statements contained in the company's filings with the SEC, including its 10-K -- 10-Q and in the earnings release as well as the definitions and reconciliations of non-GAAP financial measures contained in the company's earnings release.

提醒一下，前瞻性陳述代表管理層當前的估計，公司不承擔未來更新任何前瞻性陳述的義務。我們鼓勵聽眾仔細閱讀該公司向 SEC 提交的文件中包含的與風險因素和前瞻性陳述相關的更詳細討論，包括其 10-K - 10-Q 和收益報告中的內容，以及定義和調節表。公司收益發布中包含的非公認會計準則財務指標。

On this morning's call, we are joined by Peter Carlino, Chairman and Chief Executive Officer of Gaming and Leisure Properties. Also joining today's call are Brandon Moore, Chief Operating Officer, General Counsel and Secretary; Desiree Burke, Chief Financial Officer and Treasurer; Steve Ladany, Senior Vice President and Chief Development Officer; and Matthew Demchyk, Senior Vice President and Chief Investment Officer.

博彩和休閒地產公司董事長兼首席執行官彼得·卡利諾 (Peter Carlino) 出席了今天上午的電話會議。參加今天電話會議的還有首席運營官、總法律顧問兼秘書 Brandon Moore； Desiree Burke，首席財務官兼財務主管； Steve Ladany，高級副總裁兼首席開發官；以及高級副總裁兼首席投資官 Matthew Demchyk。

With that, it's my pleasure to turn this call over to Peter Carlino. Peter, please go ahead.

至此，我很高興將這個電話轉給 Peter Carlino。彼得，請繼續。

Well, thank you, Joe, and good morning. We are happy, of course, to report another very positive quarter as well outlined in our release yesterday. As always, I think our team has done a very thorough job of giving you all the information that you would want, it's very well encapsulated there. But I'll highlight a couple of things and then, of course, turn the floor over to Desiree and to Matthew.

好吧，謝謝你，喬，早上好。當然，我們很高興報告另一個非常積極的季度，正如我們昨天發布的新聞稿中所概述的那樣。與往常一樣，我認為我們的團隊已經做了非常徹底的工作，為您提供了您想要的所有信息，這些信息都被很好地封裝在那裡。但我會強調一些事情，然後，當然，請德西蕾和馬修發言。

I'm happy to say that through this quarter, our stock price hit its highest level ever, [I expect] we'll be back there soon. And our dividend was at an all-time high as well. So we've been very successful in achieving most of the goals that we've had. And this success has been accomplished against the backdrop of turmoil and pretty rough going for many in the market today, which I hope underscores what we've been saying for many, many years, that gaming revenues are incredibly stable, and that's reflected in our performance even in tough times.

我很高興地說，在本季度，我們的股價達到了歷史最高水平，[我預計]我們很快就會回到那個水平。我們的股息也達到了歷史最高水平。因此，我們非常成功地實現了大部分目標。這一成功是在當今市場動盪和相當艱難的背景下取得的，我希望這強調了我們多年來一直在說的，即遊戲收入非常穩定，這反映在我們的即使在困難時期也能表現出色。

There are a number of significant achievements this quarter, but I'm going to leave those to Desiree and Matthew to share and then, of course, will be directed by your questions. And I should say that while nothing is certain, I think that we believe that the balance of 2023 should prove to be a very good year for the company and for our shareholders.

本季度取得了許多重大成就，但我將把這些留給 Desiree 和 Matthew 來分享，然後，當然，將由你們的問題來指導。我應該說，雖然沒有什麼是確定的，但我認為我們相信 2023 年的剩餘時間對於公司和我們的股東來說應該是非常好的一年。

And with that, Desiree, you are on.

就這樣，Desiree，你就開始了。

Thanks, Peter. Good morning. We reported yet another quarter of record results for our first quarter of 2023 and our total income from real estate exceeded the first quarter of 2022 by over $40 million. This growth was driven by the addition of the Bally's Black Hawk and Rock Island as well as Biloxi and Tiverton properties, which drove an increase in cash rental income of $15 million. The quarter's live transactions increased cash rental income by approximately $8 million and the Trop LV land lease created cash rental income of $2.6 million.

謝謝，彼得。早上好。我們公佈的 2023 年第一季度業績再創新高，我們的房地產總收入比 2022 年第一季度增加了超過 4000 萬美元。這一增長是由 Bally 的 Black Hawk 和 Rock Island 以及 Biloxi 和 Tiverton 物業的增加推動的，這推動了現金租金收入增加 1,500 萬美元。本季度的實時交易使現金租金收入增加了約 800 萬美元，Trop LV 土地租賃創造了 260 萬美元的現金租金收入。

The recognition of escalators and percentage rent increases on our leases also added $4.7 million of cash rent and then we had a combination of higher noncash revenue gross ups, investment in leases and straight-line rent adjustments, which drove a collective year-over-year increase of approximately $9.7 million. Our operating expenses declined by $26.8 million, but that is primarily due to noncash items such as the reversal of prior period provisions for credit losses on our Cordish leases, resulting from improved property performance partially offset by an increase in depreciation expense, primarily related to our recent transactions.

自動扶梯的確認和租賃租金增加的百分比還增加了 470 萬美元的現金租金，然後我們獲得了更高的非現金收入總額增長、租賃投資和直線租金調整，這推動了集體同比增長增加約 970 萬美元。我們的運營費用下降了 2680 萬美元，但這主要是由於非現金項目，例如我們 Cordish 租賃的前期信用損失撥備的轉回，這是由於物業業績的改善部分被折舊費用的增加所抵消，主要與我們的折舊費用增加有關。最近的交易。

We continue to see strong rent coverage across our leases and from a balance-sheet perspective. During the first quarter, we settled the forward agreement and issued 1.3 million shares, raising net proceeds of $64.6 million. We used these proceeds to partially fund the redemption of our $500 million, 5.375% notes, which were coming due in November of '23. Our leverage is now under 5x EBITDA. Our $1 billion at-the-market program remains unused as of today. We've refined our full year guidance for 2023 for AFFO per diluted share in OP units to be ranging from $3.63 to $3.67 per diluted share and OP units. Please note that this guidance does not include the impact of future transactions. With that, I will turn the call back to Peter.

從資產負債表的角度來看，我們繼續看到整個租賃的租金覆蓋率很高。第一季度，我們達成了遠期協議並發行了 130 萬股股票，籌集了 6460 萬美元的淨收益。我們用這些收益部分資助了我們 5 億美元、利率為 5.375% 的票據的贖回，這些票據將於 2023 年 11 月到期。我們的槓桿率現在低於 5 倍 EBITDA。截至目前，我們 10 億美元的市場計劃仍未使用。我們已將 2023 年 OP 單位稀釋後每股 AFFO 的全年指引細化為每股稀釋後每股和 OP 單位 3.63 美元至 3.67 美元。請注意，本指南不包括未來交易的影響。這樣，我會將電話轉回給彼得。

And I won't keep it for long. Matthew?

而且我不會把它保留太久。馬修？

Thanks, Peter, and thanks to everyone for joining us this morning. It's certainly been interesting how increasingly unpredictable macro environment has been. Amidst this backdrop, the stability of regional gaming cash flows continues to hold up while other real estate sectors are experiencing meaningful secular and economic challenges. The relative track record continues and the institutionalization of our asset class is as justified as ever.

謝謝彼得，也感謝大家今天早上加入我們。宏觀環境變得越來越不可預測，這當然很有趣。在此背景下，區域博彩現金流繼續保持穩定，而其他房地產行業正在經歷重大的長期和經濟挑戰。相對的記錄仍在繼續，我們的資產類別的製度化一如既往地合理。

At GLPI, we have worked hard to prepare for this environment. Our focus on stability and dependability continues to show in the consistency of cash flows, which we worked tirelessly to protect and perfect. Nowhere is this more evident than in our PENN lease restructuring. We will continue to seek opportunities to improve the quality of our leases cash flow. In addition, after a few years of playing the long game with a focus on deleveraging, our balance sheet remains purposefully conservative. We respect its role as the foundation for all that we do.

在 GLPI，我們努力為這種環境做好準備。我們對穩定性和可靠性的關注繼續體現在現金流的一致性上，我們不懈地努力保護和完善現金流。這一點在我們的 PENN 租賃重組中體現得最為明顯。我們將繼續尋找機會提高租賃現金流的質量。此外，經過幾年專注於去槓桿化的長期遊戲，我們的資產負債表仍然刻意保守。我們尊重它作為我們所做一切的基礎的作用。

In addition to managing debt to EBITDA under the high 4s, we also managed a staggered maturity profile with our next maturity not due until September of 2024 and close to $1.7 billion of available liquidity. We continue to be positioned to pounce on attractive opportunities as we see them. Headwinds in the banking sector have set the stage for a more robust and wide-reaching dialogue with potential counterparties. Lending costs and bank relationships that used to be more predictable could be less so over the coming months and years and that reality is not lost on the folks that we talk to.

除了將 EBITDA 債務管理在 4 左右之外，我們還管理了交錯的到期日狀況，下一個到期日要到 2024 年 9 月才到期，可用流動性接近 17 億美元。我們將繼續做好準備，抓住我們所看到的有吸引力的機會。銀行業的逆風為與潛在交易對手進行更強有力和更廣泛的對話奠定了基礎。過去更可預測的貸款成本和銀行關係在未來幾個月和幾年內可能會變得不那麼可預測，而且我們所交談的人們並沒有忽視這一現實。

We've always been a dependable capital partner, one that our partners can be confident can get to the finish line. And in the current backdrop, the value of that dependability has gone up substantially. And I make that comment for both our current tenant partners and also for new potential partners. GLPI is built to last. The reality that is widely appreciated. Our unique structure, including our access to multiple capital sources makes us an ideal choice for counterparties that want not just a transaction but a bespoke financing solution, which is our specialty.

我們一直是值得信賴的資本合作夥伴，我們的合作夥伴可以相信我們能夠到達終點線。在當前背景下，這種可靠性的價值已大幅上升。我對我們當前的租戶合作夥伴以及新的潛在合作夥伴發表了這一評論。 GLPI 經久耐用。現實受到廣泛讚賞。我們獨特的結構，包括我們獲得多種資本來源的渠道，使我們成為那些不僅想要交易而且想要定制融資解決方案（這是我們的專長）的交易對手的理想選擇。

Our partners want not only to solve their current needs, but often to have a partner who can predictably continue to meet those needs well into the future. As we move forward with our strong and sound financial foundation, we remain focused on improving what we have and unearthing new opportunities for the prudent deployment of our shareholders' capital.

我們的合作夥伴不僅希望解決他們當前的需求，而且往往希望擁有一個可以預見地在未來繼續滿足這些需求的合作夥伴。在我們憑藉強大而穩健的財務基礎向前邁進的同時，我們將繼續專注於改善我們現有的條件，並挖掘新的機會，以審慎地配置股東資本。

With that, I'll turn the call back to Peter.

這樣，我會將電話轉回給彼得。

Thank you, Matt. I think it says it pretty well. Stacy, would you open the floor to questions?

謝謝你，馬特。我覺得它說得很好。史黛西，您可以開始提問嗎？

(Operator Instructions) First question, Greg McGinniss with Scotiabank.

（操作員說明）第一個問題，豐業銀行的 Greg McGinniss。

So Peter, in your opening remarks, you touched on the stability of gaming revenues, but you kind of also saw rent coverage ratios decline across the board this quarter. In your view, are we seeing the beginning of a trend or maybe more of a normalization following the pandemic? And are there any leases where escalators might be more at risk?

彼得，在您的開場白中，您談到了博彩收入的穩定性，但您也看到本季度的租金覆蓋率全面下降。在您看來，我們是看到了一種趨勢的開始，還是大流行之後的正常化？是否存在自動扶梯面臨更大風險的租約？

The quick answer is that the movement has been very, very small in a long, long way, given our coverage, from any threat to us. I mean I guess the point I'd make kind of not so subtly is no matter what happens, we get paid. And so we see absolutely no threat on the horizon. Des, you wanted to comment?

簡單的回答是，鑑於我們的報導，從對我們的任何威脅來看，這場運動在很長一段時間內都非常非常小。我的意思是，我想我想表達的一點不那麼微妙的是，無論發生什麼，我們都會得到報酬。因此，我們絕對看不到即將出現的威脅。德斯，你想發表評論嗎？

Yes. Our rent coverage ratios are still well above the 2019 pre-COVID levels. And so we feel they're still very strong for our collection of rent.

是的。我們的租金覆蓋率仍遠高於 2019 年新冠疫情前的水平。所以我們覺得他們對我們收取租金的能力仍然很強。

And look, you're going to have to hit disaster before we don't get paid. So for obvious reason, we don't get rent, you don't open the front door. So I can't think of anything further from -- and listen, the one point I'd make, and we do talk about this internally, I've been at this for a very long time, and I can tell you absolutely, having -- I used to say in talking with many investors that gaming revenues were solid as a rock, but it would take an atomic attack to threaten our revenues. Well, we had that in the form of the equivalent of a neutron bomb that shut down the country. We and our contemporary companies all got paid. So I don't know what it takes to make clear that people just do not give up their entertainment. So enough said. I think the proof has been well identified.

聽著，在我們拿不到報酬之前，你必須遭遇災難。因此，出於顯而易見的原因，我們不收租金，你也不打開前門。所以我想不出任何進一步的事情——聽著，我要提出的一點是，我們確實在內部討論過這個問題，我已經從事這個工作很長時間了，我可以絕對地告訴你，我曾經在與許多投資者交談時說過，博彩收入堅如磐石，但只有原子彈攻擊才能威脅到我們的收入。好吧，我們擁有相當於中子彈的形式，使國家陷入癱瘓。我們和我們當代的公司都得到了報酬。所以我不知道如何才能表明人們不會放棄娛樂。說得夠多了。我認為證據已經明確。

Okay. And then just a bit of a multi-parter on development. Could you please provide an update on Hollywood Baton Rouge, expected total cost spent to date. And then we also saw a news article on Belle of Baton Rouge being approved for $91 million renovation after a $35 million renovation was announced late last year. Are you taking part in that investment. And then with all this investment going on in Baton Rouge, do you have any thoughts on the market, whether customer demand can support and justify those investments?

好的。然後就是多方參與開發。您能否提供好萊塢巴吞魯日的最新信息以及迄今為止預計花費的總成本。然後我們還看到一篇關於巴吞魯日貝爾 (Belle of Baton Rouge) 翻新工程的新聞報導，繼去年年底宣布進行 3500 萬美元的翻新工程後，又批准了 9100 萬美元的翻新工程。您是否參與該投資？然後，隨著所有這些投資在巴吞魯日進行，您對市場有什麼想法嗎？客戶需求是否能夠支持和證明這些投資的合理性？

So I'll start with Baton Rouge, and we at GLPI have about $31 million in cash left to fund. And with that, I'm going to turn it over to Steve to talk about the other projects that you're asking of.

我將從巴吞魯日開始，GLPI 尚有大約 3100 萬美元的現金可供資助。接下來，我將把它交給史蒂夫來討論你所要求的其他項目。

Sure. Yes, I think your second part of your question was with respect to the Belle of Baton Rouge. We do own the land and building at the Belle, and Casino Queen is our tenant there. We have had ongoing dialogue with them. They're also the tenant in the Hollywood Casino Baton Rouge property that you just asked about previously. So we have ongoing dialogue with them. We are always looking for ways to be supportive of not only them but all of our tenants. And we are going to continue to have dialogue around that project, and we'll provide an update once we have something to definitively tell you.

當然。是的，我認為你問題的第二部分是關於巴吞魯日的美女。我們確實擁有百麗酒店的土地和建築物，而賭場皇后是我們那裡的租戶。我們一直與他們進行對話。他們也是您之前詢問過的巴吞魯日好萊塢賭場物業的租戶。因此，我們正在與他們進行持續對話。我們一直在尋找方法不僅支持他們，而且支持我們所有的租戶。我們將繼續圍繞該項目進行對話，一旦我們有明確的信息要告訴您，我們將提供最新信息。

Yes. Let me add that things are moving pretty well in the Hollywood Baton Rouge landside project. There have been difficulties along the way in just getting materials, which we all are aware of on a national basis, trying to get HVAC equipment, for example, is tough. All that being said, I think we have visibility on an early -- well, let's just say safely, we're targeting September as a probable date barring any equipment that doesn't show on time. So that project is well along and looks terrific, by the way.

是的。讓我補充一點，好萊塢巴吞魯日陸側項目進展順利。我們在全國范圍內都知道，在獲取材料方面一直存在困難，例如，試圖獲取暖通空調設備就很困難。話雖這麼說，我認為我們可以儘早看到——好吧，我們安全地說，我們的目標是 9 月作為可能的日期，除非有任何未按時展示的設備。順便說一句，這個項目進展順利，看起來很棒。

With respect to depth of market in Baton Rouge, we feel very confident and comfortable with the marketplace there. It's obviously a city that has a government presence and a state university. And so it's actually a growing demographic. We feel very good about the longevity of the market there.

就巴吞魯日的市場深度而言，我們對那裡的市場非常有信心和滿意。顯然，這是一座擁有政府機構和州立大學的城市。所以它實際上是一個不斷增長的人口。我們對那里市場的長壽感到非常滿意。

Okay. So Desiree is the total spend on Baton Rouge, that's still well, I think $70 million from the last call?

好的。 Desiree 是巴吞魯日的總支出，這還不錯，我想上次通話的支出為 7000 萬美元？

Yes. It might be just a slight higher, but it's about $70 million. That's right.

是的。可能只是稍微高一點，但大約是 7000 萬美元。這是正確的。

Next question, Smedes Rose with Citi.

下一個問題是花旗銀行的 Smedes Rose。

I just wanted to ask you a little bit of as you assess potential opportunities in the marketplace. Have you seen any changes and who else is also looking and just in terms of competing with maybe more traditional sources of capital, do you think you might be at a relative advantage here just given what's going on with some of the issues that we're seeing across the regional banks? Or just kind of interested and maybe if you could just speak to that broadly.

我只是想在您評估市場上的潛在機會時問您一些問題。您是否看到了任何變化？還有誰也在關注，就與可能更傳統的資本來源競爭而言，考慮到我們正在解決的一些問題，您認為您可能處於相對優勢嗎？看看各個地區銀行？或者只是有點興趣，也許您可以廣泛地談論這一點。

Well, I think the quick answer is I think we are. But Matt, you look like you want to add to that?

嗯，我認為快速的答案是我認為我們是。但是馬特，你看起來想補充一下嗎？

Yes. I mean we mentioned last quarter, and I think I mentioned a little in my prepared remarks, the banking evolution in that environment has changed the availability and cost of funding. And if you look at the private equity folks that started to poke around, certainly, their business model is not as robust as it was, and they're not as competitive as they were.

是的。我的意思是我們在上個季度提到過，我想我在準備好的發言中提到了一點，那種環境下的銀行業演變改變了融資的可用性和成本。如果你看看那些開始涉足的私募股權人士，你會發現他們的商業模式當然不像以前那麼強大，而且也不像以前那麼有競爭力。

And Peter's intro underscored that we've got access not just to debt like others, but we've also got access to common equity, to OP units, which we've used to good effect. So you put those things together and our total cost of capital relative to the competitors. And we're in a lot stronger relative position now than a year or 2 years ago compared to other folks.

彼得的介紹強調，我們不僅可以像其他人一樣獲得債務，而且還可以獲得普通股、OP 單位，我們已經利用這些取得了良好的效果。因此，您將這些因素放在一起，以及我們相對於競爭對手的總資本成本。與其他人相比，我們現在的相對地位比一年或兩年前要強得多。

And I suspect, if things stay the way they are, we won't see a lot of new folks trying to push into this space. The only wildcard is some of the other public companies. We've certainly heard interest verbalized from others for a little while now. But remember, if we've got the relationships we've have and the leases we have as large as they are, we're the best buyer of assets for the tenants you see in our earnings release if you look through the names. So we're well positioned, and we hope to use that to find new opportunities.

我懷疑，如果事情保持現狀，我們不會看到很多新人試圖進入這個領域。唯一的通配符是其他一些上市公司。我們肯定已經聽到其他人表達了興趣一段時間了。但請記住，如果我們擁有足夠的關係和足夠大的租約，那麼我們就是您在收益報告中看到的租戶的最佳資產買家。因此，我們處於有利位置，我們希望利用這一點來尋找新的機會。

Yes. And I guess...

是的。我猜...

Sticking my neck out. We've got a number of interesting things in the shop here that we're working on. You got to bring them over the finish line. But we think the market for us is in a pretty good place.

伸出我的脖子。我們正在開發一些有趣的東西。你必須帶領他們衝過終點線。但我們認為市場對我們來說處於一個非常好的位置。

And in terms of just kind of overall -- I mean, it sounds like you're assessing opportunities, which you've talked about, I think, on the last call as well. I mean is it that sort of potential deal flow, has that been relatively steady? Or has it picked up? Or I'm just kind of curious if people are interested in because as you mentioned in your opening remarks, in other sectors, we've seen definitely a decline in transaction activity. And I'm just kind of wondering if you guys are seeing that as well.

就整體而言，我的意思是，聽起來您正在評估機會，我想您在上次電話會議中也談到了這一點。我的意思是，這種潛在的交易流是否相對穩定？或者已經接起來了？或者我只是好奇人們是否感興趣，因為正如您在開場白中提到的那樣，在其他領域，我們已經看到交易活動肯定有所下降。我只是想知道你們是否也看到了這一點。

It certainly hasn't cut enthusiasm for gaming. Steve, do you want to take that?

當然，這並沒有削弱人們對遊戲的熱情。史蒂夫，你想接受這個嗎？

Yes. Look, I think it goes without saying large-scale M&A has clearly slowed. The credit market impact along with adjustment needed for valuations has caused a little bit of a slowdown on that front. But with respect to strategic one-off type property transactions, those are still plentiful and people are still looking to enhance their portfolios, whether that means a divestiture of an asset to someone else or an addition of an asset that could be strategic.

是的。看，我認為不言而喻，大規模併購已經明顯放緩。信貸市場的影響以及估值所需的調整導致了這方面的放緩。但就戰略性一次性類型房地產交易而言，此類交易仍然很多，人們仍在尋求增強其投資組合，無論這意味著將一項資產剝離給其他人，還是增加一項可能具有戰略意義的資產。

I think we're seeing plenty of deal flow, whether it be on the greenfield side with respect to states like Illinois, Virginia and New York, which are expanding or even simply construction and redevelopment of existing properties, like we've already announced with PENN and like we're doing in Hollywood Baton Rouge. So there continues to be plenty of deal flow. It just might be in slightly different buckets than it has been in years passed.

我認為我們看到了大量的交易流，無論是伊利諾伊州、弗吉尼亞州和紐約州等州的綠地方面，這些州正在擴張，甚至只是現有房產的建設和重建，就像我們已經宣布的那樣PENN，就像我們在好萊塢巴吞魯日所做的那樣。因此，仍然有大量的交易流。它可能只是與過去幾年的情況略有不同。

Next question, Todd Thomas with KeyBanc Capital Markets.

下一個問題是 KeyBanc Capital Markets 的托德·托馬斯 (Todd Thomas)。

I guess just following up with that line of questioning on the discussion around GLPI as a financing solution in the current environment. Have you changed your return hurdles at all when underwriting new deals? I mean how are you thinking about the appropriate spread that you need, the amount of accretion that you're looking for in new investments here?

我想只是跟進圍繞 GLPI 作為當前環境下的融資解決方案的討論的一系列問題。在承銷新交易時，您是否完全改變了回報門檻？我的意思是，您如何考慮您需要的適當利差以及您在這裡尋求新投資的增值量？

I mean we haven't changed our approach at all. We need an appropriate spread, but that really varies by opportunity. I mean it's a function of the risk of the specific opportunity, the market. So you should continue to watch us, think about things in the exact same way. And it may take different forms as we figure out how we, again, try and create solutions compared to banks or others not being there the way they used to be. But you'll have to stay tuned to see where we end.

我的意思是我們根本沒有改變我們的方法。我們需要適當的價差，但這確實因機會而異。我的意思是，它是特定機會（市場）風險的函數。所以你應該繼續關注我們，以完全相同的方式思考事情。當我們弄清楚我們如何再次嘗試創建解決方案（與銀行或其他機構不再像以前那樣存在時）相比，它可能會採取不同的形式。但你必須繼續關注我們的結局。

Okay. And then, I guess, a question about Bally's Lincoln, where you have an option through '24. That may or may not happen. You have a predefined lease yield. How do you think about funding or maybe prefunding that potential investment today or in the near term versus -- where you can lock in your cost of capital or lock in that spread versus the risk of waiting to see where your cost of capital trends over the next several quarters? How do you sort of think about that and weigh your options?

好的。然後，我想，這是一個關於 Bally's Lincoln 的問題，你可以選擇 '24。這可能會發生，也可能不會發生。您有一個預定義的租賃收益率。您如何看待今天或短期內為潛在投資提供資金或預先提供資金，以及鎖定資金成本或鎖定利差與等待觀察資金成本趨勢的風險接下來幾個季度？您如何看待這個問題並權衡您的選擇？

Well, Todd, when we did the original equity raise around this broader announcement, we raised enough equity to be able to have either paths work from a debt-to-EBITDA perspective. So we've effectively prefunded majority of the transaction, if you look at where our leverage is right now. I mean, incrementally, we've got locked in a term loan that we can effectuate at closing. So the actual cash would come from that, a large majority.

好吧，托德，當我們圍繞這一更廣泛的公告進行最初的股權融資時，我們籌集了足夠的股權，以便能夠從債務與 EBITDA 的角度來看這兩種路徑都有效。因此，如果你看看我們現在的槓桿水平，我們實際上已經為大部分交易提供了預先融資。我的意思是，逐漸地，我們已經鎖定了一筆可以在交易結束時實施的定期貸款。所以實際的現金大部分來自於此。

Yes. So the Bally's transaction, that transaction would actually have to be funded through our bank debt through our credit agreements. We have a revolving facility that we've [tagged the piece] because we have allowed Bally's to guarantee our debt if we do that transaction. So I think the real answer to your question is probably we're at a wait and see. We'll see what the market's rates drive. That is at our option. If for some reason, our pricing did not look accretive for GLPI, we would make that assessment at the time. But assuming it is, we would be using our credit agreement in order to effectuate that transaction.

是的。因此，巴利的交易實際上必須通過我們的信貸協議通過我們的銀行債務提供資金。我們有一個循環設施，我們已經[標記了這件作品]，因為如果我們進行該交易，我們就允許 Bally's 為我們的債務提供擔保。所以我認為你問題的真正答案可能是我們正在觀望。我們將看看市場利率的驅動因素。這是我們的選擇。如果由於某種原因，我們的定價看起來沒有增加 GLPI，我們會在當時進行評估。但假設是這樣，我們將使用我們的信貸協議來完成該交易。

Next question, Barry Jonas with Truist Securities.

下一個問題是 Truist 證券公司的巴里·喬納斯 (Barry Jonas)。

Wynn just put out some details on its plans for the UAE. Curious to get -- to see if you have any thoughts on that market or maybe any other international markets where you could see potential future involvement for GLPI?

永利剛剛公佈了其阿聯酋計劃的一些細節。很想知道您對該市場或任何其他國際市場是否有任何想法，您可能會看到 GLPI 未來可能參與其中？

Steve, do you want to take that?

史蒂夫，你想接受這個嗎？

Thanks for the question, Barry. I mean we've obviously seen some transactions come across in Canada more recently. We do continue to look internationally. We have not taken a deep dive on the UAE. But with respect to each of these international opportunities, we do spend a bunch of time to better understand not only the legal regimes and set up both in the government that will be transacting in.

謝謝你的提問，巴里。我的意思是，我們最近顯然看到加拿大發生了一些交易。我們確實繼續放眼國際。我們還沒有深入研究阿聯酋。但對於每一個國際機會，我們確實花了很多時間來更好地了解法律制度，並在將要進行交易的政府中建立這兩個制度。

But more importantly, the tax arrangements and how that would impact any type of transaction economics that we would potentially pursue. So we have -- we will continue to look internationally. We have an interest in expanding internationally, but it's on a country-by-country basis and a deep dive of analysis.

但更重要的是，稅收安排以及這將如何影響我們可能追求的任何類型的交易經濟學。因此，我們將繼續放眼國際。我們有興趣在國際上擴張，但這是在逐個國家的基礎上進行深入分析。

Got it. And then just as a follow-up, I wanted to touch on Trop. Not sure how much you could say, but the word is that the A's have selected another site for a baseball stadium. So is it sort of back to square 1 for large-scale developments there? Or are there still options being discussed that you think could involve a transformation of your asset there?

知道了。作為後續行動，我想談談特羅普。不知道你能說多少，但有消息說運動家隊已經選擇了另一個地點作為棒球場。那麼大規模開發是否又回到了第一個方向呢？或者您認為是否仍在討論可能涉及您那裡的資產轉型的選項？

We can't -- yes, just to be clear, we can't speak to what Bally's does or doesn't intend to do with the site. And we've read the same articles that you're referencing with respect to the A's acquisition of some land from the Fertittas. But as far as how that all plays out and where it all goes, we don't have an ability to state anything on that front.

我們不能——是的，需要明確的是，我們不能談論 Bally's 打算或不打算對該網站做什麼。我們讀過您所引用的有關 A 集團從費爾蒂塔家族收購一些土地的文章。但至於這一切如何展開以及一切走向何方，我們沒有能力在這方面發表任何言論。

Next question, Daniel Guglielmo with Capital One Securities.

下一個問題是第一資本證券公司的 Daniel Guglielmo。

The first 1 is on the Cordish live casinos. It looks like those casinos have been taking market share in their respective cities, just based on state gaming data and also the allowance balances that you all have been reporting. It seems like they found a recipe for what the new gaming generation wants. So now that it's been a year, how do you all think that relationship -- how big do you all think that relationship can get over the long term?

第一個是 Cordish 真人賭場。僅僅根據州博彩數據以及你們報告的津貼餘額，這些賭場似乎已經在各自的城市佔據了市場份額。他們似乎找到了滿足新一代遊戲需求的秘訣。那麼現在已經過去一年了，你們都如何看待這種關係——你們認為這種關係可以長期發展到什麼程度？

Right. Look, we're very optimistic about that. Look, these guys are really good operators, just plain flat-out good. I have been on the floor when David Cordish himself is on the floor for promotions and the like, basically giving away money. It is very impressive to see how personally involved, he, his sons, team are involved in their properties. It's incredible. Frankly, it is incredible. So we think the opportunity is tremendous going forward. We stay very close with them. We want to do more with them. And I think -- I can't speak for them, but I would hope and expect that they'd like to do much more with us as well. So that's a very, very positive thing. They are terrific operators.

正確的。看，我們對此非常樂觀。瞧，這些人真的是優秀的運營商，簡直就是優秀。當大衛·科迪什本人在場進行促銷等活動時，我也在場，基本上是在送錢。看到他、他的兒子、團隊如何親自參與他們的財產，令人印象深刻。太不可思議了。坦白說，這令人難以置信。因此，我們認為未來的機會是巨大的。我們與他們保持非常密切的關係。我們想與他們一起做更多事情。我想——我不能代表他們說話，但我希望並期望他們也願意與我們一起做更多的事情。所以這是一件非常非常積極的事情。他們是很棒的運營商。

Great. And then the second one is just -- so only a few operators have reported. But there was some mention about some softness in Louisiana and Mississippi. You guys don't have that much exposure there, but there is some in the Pinnacle lease, and I really appreciate the coverage ratio disclosures by lease. But it does look like that's trended down slightly over the last few quarters. Any comments on what you think is going on there for those markets and how those will evolve over the next few years?

偉大的。第二個是——所以只有少數運營商報告了。但有人提到路易斯安那州和密西西比州有些疲軟。你們在那裡沒有那麼多的曝光度，但平博的租約中有一些，我真的很欣賞按租約披露的覆蓋率。但在過去幾個季度中，這一趨勢似乎略有下降。您對這些市場的情況以及未來幾年將如何發展有何評論？

Well, as you know, we don't get by-property information from the tenants. But in our dialogues with our tenants holistically, we're getting the sense that the market as a whole, the domestic U.S. has been holding up and relatively flat in line from a year-over-year perspective. So I think that, that might be a regional phenomenon that hit in 1 quarter. I don't get the sense from any of our tenant discussions that people are running for the hills or there's any type of hysteria around some of the quarterly trends. But I do feel like people feel very comfortable about the state of the gaming market domestically.

嗯，如您所知，我們不會從租戶那裡獲得物業信息。但在我們與租戶的整體對話中，我們感覺到美國國內市場作為一個整體一直保持穩定，並且與去年同期相比相對持平。所以我認為，這可能是一季度出現的區域性現象。從我們與租戶的討論中，我沒有感覺到人們正在逃之夭夭，或者對某些季度趨勢有任何類型的歇斯底里。但我確實覺得人們對國內游戲市場的狀況感到非常滿意。

Next question, Haendel St. Juste with Mizuho.

下一個問題是 Haendel St. Juste 和 Mizuho。

So I found your comments earlier on the stability of gaming and mitigating balance sheet risk during this period of uncertainty, interesting. So I was hoping you could talk about the risk. But more holistically and how you're thinking about managing risk in the current environment of more restrictive debt availability, the macro uncertainty and how that could be impacting not only how you're thinking about managing the balance sheet, but incrementally riskier investments like development, maybe mezz lending within gaming and also potentially how you're considering investing potentially outside of gaming?

因此，我發現您之前關於在這個不確定時期遊戲穩定性和降低資產負債表風險的評論很有趣。所以我希望你能談談風險。但更全面地講，在當前債務供應限制更加嚴格的環境下，您如何考慮管理風險，宏觀不確定性以及這不僅會影響您如何考慮管理資產負債表，還會影響開發等風險逐漸增加的投資，也許是遊戲內的夾層貸款，以及您如何考慮在遊戲之外進行潛在投資？

Well, first, I would say that every transaction is a one-off and looked at market to market, sponsor to sponsor, what you might do with one on -- in a master lease, strong operator might be different from something you do on a one-off in some other market. I mean 1 advantage for us and this team is that we've been in this business for a very long time.

好吧，首先，我想說，每筆交易都是一次性的，並且要考慮市場與市場、贊助商與讚助商之間的關係，您可能會用一筆交易做什麼——在主租賃中，強大的運營商可能會與您在一筆交易中所做的事情有所不同在其他市場上是一次性的。我的意思是我們和這個團隊的第一個優勢是我們從事這個行業很長時間了。

I'd like to think we have a pretty good understanding of the business, its risks, the competitive set and so forth. So it's deal by deal. And our concern is the same that you've raised. Are we going to get paid. It's as simple as that. So Matt, do you want to add something to that?

我想我們對業務、風險、競爭環境等都有很好的了解。所以這是一樁樁交易。我們的擔憂與您所提出的相同。我們會得到報酬嗎？就這麼簡單。那麼馬特，你想補充一些東西嗎？

I mean at a high level, you know Haendel, we've got really a commitment to investing with caution and focusing on a margin of safety. And that means if things go the way we think they will, we're good. And if things don't go the way we think they will, we're still in good shape. And we've been in a really frothy market for a long time. There's been mispriced risk in a lot of places. And you brought up outside of gaming, it's kind of been a double hurdle. If you had gaming, not trading where it should based on our view of it, and then everything else outside of gaming trading probably more expensively than it should.

我的意思是，在高水平上，你知道亨德爾，我們確實承諾謹慎投資並關注安全邊際。這意味著如果事情按照我們想像的方式發展，我們就很好。即使事情沒有按照我們想像的方式發展，我們仍然處於良好狀態。很長一段時間以來，我們一直處於一個充滿泡沫的市場。很多地方都存在風險定價錯誤的情況。如果你是在遊戲之外長大的，這對你來說是一個雙重障礙。如果您進行遊戲，但沒有按照我們的觀點進行交易，那麼遊戲交易之外的其他所有交易可能都會比應有的成本更高。

So things haven't lined up yet, looking for durable, predictable cash flows outside of gaming. But we keep looking. We've got deep relationships. And to the extent something makes sense, we'll move forward on it. And we continue to use tools, too. You look at what we've done to date. We've got master leases that give us really protection from known, unknowns when you think about either macro, micro risks, new licenses, et cetera and also layering on corporate credit protections, operator selection, et cetera, we'll continue to use that same mentality as we assess new opportunities.

所以事情還沒有安排好，在遊戲之外尋找持久、可預測的現金流。但我們一直在尋找。我們有著深厚的關係。只要事情有意義，我們就會繼續前進。我們也繼續使用工具。你看看我們迄今為止所做的事情。當您考慮宏觀、微觀風險、新許可證等時，我們擁有主租賃，可以真正保護我們免受已知和未知的影響，並且還分層企業信用保護、運營商選擇等，我們將繼續使用我們在評估新機會時也抱著同樣的心態。

That's helpful. I was curious, what's the current house view on investing in tribal? And how would you get comfortable with that if you couldn't own the land?

這很有幫助。我很好奇，目前公司對投資部落有何看法？如果你不能擁有這片土地，你怎麼能接受呢？

Well, that's actually a good question. I mean, look, we and probably everybody else in the gaming business has been looking at tribal for years. I'm going to let Brandon, who's been silent so far, to speak a little bit about that. We spend a lot, lot of time (inaudible) underscore, looking at tribal opportunities and giving thought to how can we protect ourselves to the degree we might get involved. Brandon, do you want to put some color?

嗯，這實際上是一個好問題。我的意思是，你看，我們以及遊戲行業的其他人可能多年來一直在關注部落。我將讓迄今為止一直保持沉默的布蘭登談談這一點。我們花了很多很多時間（聽不清）強調，尋找部落機會，並考慮如何在可能參與的範圍內保護自己。布蘭登，你想加點顏色嗎？

Yes, I'm happy to. I mean I think when we -- when you think about tribal gaming, there's obviously 2 different types of tribal gaming. There's the commercial side and then there's the side that you focused on where the land is held in trust with the government. And I think that has been the challenge for us and others that have sought to invest in tribal gaming on trust land.

是的，我很高興。我的意思是，我認為當我們想到部落遊戲時，顯然有兩種不同類型的部落遊戲。有商業方面，還有您關注的方面，即土地由政府託管。我認為這對我們和其他尋求在信託土地上投資部落遊戲的人來說是一個挑戰。

I think that over the course of the last decade or so, the protections in place for banks and others have become more routine and robust. And so I think that you have to look at those markets and see -- and look at those protections and see if you can port those over to the real estate -- long-term real estate ownership model. I don't know that anybody has perfected that yet. I'm not -- I think it is possible -- and I think it depends on the tribe. I mean there are a lot of very unique tribal situations in trust land across the country, and each of them is a little different. And so I'm optimistic that, that is a wheel we can round, but I don't think we've done it quite yet.

我認為，在過去十年左右的時間裡，對銀行和其他機構的保護措施已經變得更加常規和有力。因此，我認為你必須關注這些市場，看看那些保護措施，看看是否可以將這些措施轉移到房地產領域——長期房地產所有權模式。我不知道有人已經完善了這一點。我不是——我認為這是可能的——而且我認為這取決於部落。我的意思是，全國各地的託管土地上有很多非常獨特的部落情況，每個都有點不同。因此，我樂觀地認為，這是一個我們可以扭轉的輪子，但我認為我們還沒有做到這一點。

That's helpful, true, Brandon. I guess -- could I ask you, since you've been looking into it, is there any historical data that you've been able to see. I'm curious -- I think a lot of us are curious how tribal assets performed during economic downturns. Certainly, I understand the stickiness of say, more regional gaming assets, but curious about the history of tribal as well as, I guess, I'm curious, is there any history between PENN -- has PENN ever really invested or had much relationships or history with tribal?

這確實很有幫助，布蘭登。我想，既然您一直在研究這個問題，我可以問一下您是否能夠看到任何歷史數據。我很好奇——我想我們很多人都很好奇部落資產在經濟衰退期間的表現如何。當然，我理解更多區域性遊戲資產的粘性，但對部落的歷史感到好奇，我想，我很好奇，PENN 之間是否有任何歷史——PENN 是否曾經真正投資過或有過很多關係還是部落的歷史？

If we start from the last question, you may recall that PENN did manage a facility for a tribe in Canada, and that was a very successful relationship and operation. PENN had a less successful relationship with the tribe outside of San Diego with the Jamul tribe where they developed a beautiful facility for that tribe several years ago. I think that this goes back to depending on tribe by tribe and situation by situation. As far as the tribe's performance during COVID, I haven't seen anything specific and others here can certainly chime in if they did.

如果我們從最後一個問題開始，您可能還記得 PENN 確實為加拿大的一個部落管理過一個設施，這是一次非常成功的關係和運作。 PENN 與聖地亞哥以外的 Jamul 部落的關係不太成功，幾年前他們為該部落開發了一個漂亮的設施。我認為這可以追溯到取決於部落的部落和情況的情況。至於該部落在新冠疫情期間的表現，我還沒有看到任何具體的表現，如果看到的話，這裡的其他人肯定可以發表意見。

I think generally, they performed similarly to the other regional casinos because keep in mind, a lot of these tribal casinos that are held in trust land are in states like California, Oklahoma, Florida, where there aren't commercial facilities around. So those really are the commercial facilities for the population densities in those states. And so from what I have seen, I think that their experiences were very similar to the commercial casinos that you see out there today.

我認為一般來說，他們的表現與其他地區賭場類似，因為請記住，許多託管土地上的部落賭場位於加利福尼亞州、俄克拉荷馬州、佛羅里達州等州，周圍沒有商業設施。所以這些確實是這些州人口密度的商業設施。因此，從我所看到的情況來看，我認為他們的經歷與您今天看到的商業賭場非常相似。

Next question, David Katz with Jefferies.

下一個問題是大衛·卡茨（David Katz）和杰弗里斯（Jefferies）的回答。

I wanted to just get a little broader color on what the opportunity set of deals is looking like, right? The presumption is last 9 months, the world has changed. Cost of capital has gone up. And specifically, whether new developments are just far less available and/or whether there's shifts in the financing and refinancing market that may be bringing opportunities your way and some increasing numbers. That's -- I'm just getting a sense of what your flow looks like.

我只是想對交易機會集有更廣泛的了解，對嗎？推測過去9個月，世界已經改變。資本成本上升了。具體來說，新開發項目是否越來越少，和/或融資和再融資市場是否發生變化，可能會為您帶來機會，並且數量會不斷增加。那是——我只是了解一下你的流程是什麼樣的。

Let me suggest this. This is my personal thing, we haven't talked internally. My sense is there's as much interest in developing gaming facilities today as there was at any other time. I have not noticed any sense -- I have no sense of diminution of interest. Gaming, as I say, again and again, is in a class by itself. And Steve, you're at this day to day.

讓我建議一下。這是我個人的事情，我們內部沒有談過。我的感覺是，如今人們對開發遊戲設施的興趣與以往任何時候一樣大。我沒有註意到任何感覺——我沒有感覺到興趣減弱。正如我一次又一次所說，遊戲本身就是一類。史蒂夫，你每天都這樣。

No, I think that's completely accurate. I mean there are some -- look, there -- of course, there are some development projects that seem like they've been kind of floating around for years. That's not correlated to the state of the credit markets, that's correlated to the underwriting opportunity.

不，我認為這是完全正確的。我的意思是，有一些——看，那裡——當然，有一些開發項目似乎已經存在多年了。這與信貸市場的狀況無關，而與承保機會相關。

So I think from a credit market perspective, I think Matt hit on it in his opening remarks the traditional banks have tightened the purse strings, the typical lender you could go to and end up with -- end up with less than optimal rates, they're still around, the rates are even further less optimal, and then there became this middle open ocean area where anyone that has a cost of capital and is willing to roll up their sleeves and try to underwrite might be able to play. And so I think we're no different than others that are sitting in the same seats as we are. I'm sure all of us are getting similar phone calls from folks that are trying to figure out how they can get their projects financed and off the ground. So we're seeing plenty of opportunities. Some are interesting and some are not. And it all depends on a by-project, by-property underwriting process.

因此，我認為從信貸市場的角度來看，我認為馬特在他的開場白中談到了這一點，傳統銀行已經收緊了錢包，你可以去的典型貸方最終會得到低於最佳利率的結果，他們仍然存在，利率甚至更不理想，然後就出現了這個中間開放海域，任何有資本成本並願意捲起袖子嘗試承保的人都可以參與其中。因此，我認為我們與坐在同一座位上的其他人沒有什麼不同。我確信我們所有人都接到過類似的電話，他們試圖弄清楚如何為他們的項目籌集資金並啟動。所以我們看到了很多機會。有些很有趣，有些則不然。這一切都取決於按項目、按物業的承保流程。

Next question, Ronald Kamdem with Morgan Stanley.

下一個問題是摩根士丹利的 Ronald Kamdem。

A couple of quick ones. Just so starting just on the leverage. If you think about just how much cash flow the company is generating, where do you think you're going to end sort of 2023 and going into 2024 on a leverage level because we can get to sort of the 4.7x, 4.6x range. Curious where you guys are thinking?

幾個快速的。就這樣從槓桿開始。如果你考慮一下公司正在產生多少現金流，你認為 2023 年和 2024 年的槓桿水平會在哪裡，因為我們可以達到 4.7 倍、4.6 倍的範圍。好奇你們在想什麼？

Yes. Given our current guidance and again, assuming no transactions, we still expect to end around the 4.8x range net leverage.

是的。鑑於我們目前的指導，並且再次假設沒有交易，我們仍然預計淨槓桿率最終將達到 4.8 倍左右。

Great. And then on the guidance, just can you be specific on what drove that $0.01 bump? Is it core NOI? Is it interest income? Just what was the change there?

偉大的。然後在指導方面，您能具體說明是什麼推動了 0.01 美元的上漲嗎？它是核心NOI嗎？是利息收入嗎？到底有什麼變化呢？

Yes. So the average interest rate assumption that we used in our guidance on the low end came in better than what we had expected. And then the average interest rate that we use on our high end, it's not better than what's in our high end. So it is really related to interest in general.

是的。因此，我們在低端指導中使用的平均利率假設比我們的預期要好。然後我們在高端使用的平均利率並不比我們高端的更好。所以這確實與一般興趣有關。

Excellent. And then the last one, just another 1 on the Bally's transaction. I think 2 pieces to it. Number one, is there any sort of timing, any event that we should look forward prior to that December 2024 deadline that's going to let us know whether it's more or less likely, is number one. And then number two, given the events of the past sort of 1 month, 1.5 months in terms of getting the lender consent, does that -- does anything change there? Is it more likely, less likely? Like, just trying to get a sense of how we should think about the impact of the past month, 1.5 months on potential scenarios here.

出色的。然後是最後一項，只是 Bally 交易上的又一個 1。我認為有 2 塊。第一，在 2024 年 12 月的最後期限之前，我們應該期待什麼時間、任何事件，讓我們知道它的可能性是更大還是更小，這是第一。然後第二點，考慮到過去 1 個月、1.5 個月的事件，在獲得貸方同意方面，有什麼變化嗎？是可能性更大還是可能性更小？就像，只是想了解我們應該如何考慮過去一個月（1.5 個月）對此處潛在情景的影響。

Thank you. Steve, go ahead.

謝謝。史蒂夫，繼續吧。

Sure. With respect to the timing goals, look, I think we will continue on a quarterly basis to try to provide whatever updates we have available to us. And certainly, we'll keep you apprised. Whenever we actually hear from them that there is an opportunity to effectuate the option, we'll make our decision. It's got to be timely. And we'll be back to the marketplace, either informing you that we've announced and signed up the deal or that we've decided to pass on it. So I think one way or another, you'll be up to date with that.

當然。關於時間目標，我認為我們將繼續每季度嘗試提供可用的任何更新。當然，我們會及時通知您。每當我們真正從他們那裡聽到有機會實現該選擇時，我們就會做出決定。一定要及時。我們將回到市場，要么通知您我們已經宣布並簽署了該交易，要么我們決定放棄該交易。所以我認為無論如何，你都會了解最新情況。

With respect to the recent credit markets, how that may play into what's going on. Look, I think the reality is they're most likely going to end up needing to refinance their credit facility to create an opportunity to remove the language that's prohibiting them from selling that asset. So I don't foresee the easier path being through a lender consent.

就最近的信貸市場而言，這可能會如何影響正在發生的事情。看，我認為現實情況是，他們很可能最終需要為其信貸安排進行再融資，以創造機會消除禁止他們出售該資產的語言。因此，我預計不會有更簡單的途徑是通過貸方同意。

But again, we're not involved in their dialogues with their lenders. Those are their discussions with either their current lenders or maybe future lenders if they were to pursue a refinancing. So we're kind of sitting here anxiously awaiting some kind of movement on that front, but that would be the -- that would be my perception of what the easiest path forward would be.

但同樣，我們沒有參與他們與貸方的對話。這些是他們與當前貸款人或未來貸款人（如果他們要尋求再融資）的討論。因此，我們坐在這裡焦急地等待這方面的某種進展，但這就是我對最簡單的前進道路的看法。

(Operator Instructions) Next question comes from John DeCree with CBRE.

（操作員說明）下一個問題來自 CBRE 的 John DeCree。

Matt, you had an interesting comment in your prepared remarks about some of the stress that other real estate asset classes are seeing, whether it's economic or secular or banking related. But kind of highlights Peter's point all the time, it's just how durable the gaming business is. So a broad question for whoever wants to take it is, as we see stress in other real estate asset classes, are there any implications, good, bad or indifferent for your business? And I realize that's kind of broad. So maybe the more specific question is have people from outside of the gaming industry, who need capital, have been reaching out to you guys, given your position? Or have you seen other pockets of institutional capital that haven't traditionally looked at gaming assets step in?

馬特，您在準備好的發言中對其他房地產資產類別所面臨的一些壓力發表了有趣的評論，無論是經濟、長期還是銀行業相關的壓力。但一直強調彼得的觀點是，遊戲業務的持久性。因此，對於任何想要接受它的人來說，一個廣泛的問題是，正如我們看到其他房地產資產類別面臨的壓力一樣，這對您的業務是否有任何影響，無論是好、壞還是無關緊要？我意識到這有點寬泛。因此，也許更具體的問題是，考慮到你們的職位，來自遊戲行業之外需要資金的人是否已經與你們接觸過？或者您是否看到其他傳統上不關注遊戲資產的機構資本介入？

And have you kind of started to cross paths with maybe some additional competitors that are looking for new types of investments. So kind of broad, but kind of seeing if there's more or less players or any implications that you've seen yet?

您是否已經開始與一些正在尋找新型投資的其他競爭對手產生聯繫？範圍很廣，但想看看是否有更多或更少的玩家，或者你已經看到了什麼影響？

Well, a quick answer is, look, a lot of people look enviously at where we are. I can't say I blame them, but getting here is not as easy as some have found. Matt, do you want to address that one?

好吧，一個快速的答案是，看，很多人羨慕地看著我們所處的位置。我不能說我責怪他們，但到達這裡並不像某些人發現的那麼容易。馬特，你想解決這個問題嗎？

Yes. Look, we've now added a few years of track record, and that's certainly something on a relative basis that stands out compared to other asset classes in real estate. Thinking back to financial crisis, and how things got treated, banks very quickly recategorized how they look at real estate, and its -- they're licking their wounds, and it's not a position where they're really aggressively lending into and that tends to impact all real estate.

是的。看，我們現在已經增加了幾年的業績記錄，與房地產中的其他資產類別相比，這在相對基礎上肯定是突出的。回想一下金融危機以及處理事情的方式，銀行很快就重新分類了他們對房地產的看法，他們正在舔舐傷口，這並不是他們真正積極放貸的地方，而且往往影響所有房地產。

So to the extent something like that happens again, it makes us that much more attractive as a solution because we've got money. We're pretty fairly priced in this environment, and we're ready to go, and you can count on us. So that should work to our benefit.

因此，如果類似的事情再次發生，這會讓我們作為解決方案更具吸引力，因為我們有錢。在這種環境下，我們的價格相當合理，而且我們已做好準備，您可以信賴我們。所以這應該對我們有利。

And yes, there have been some incomings from folks we've talked to for a long time where the bid-ask gap has been incredibly wide around where we would be able to do something and want to do something and what they're looking for. And now it's tighter. We're not there yet or you would have seen an announcement. But certainly, we're being looked at as an alternative a lot more realistically than we were historically for even things outside of gaming and for the development loans Steve talked about. So the world is moving in our direction in that sense. But I think we need to season this environment a little more too before you see a whole lot of volume. Everything has happened kind of quickly and things still are in a state of flux.

是的，我們已經與一些人交談了很長時間，他們收到的一些信息顯示，在我們能夠做某事、想要做某事以及他們正在尋找什麼方面，買賣差距非常大。 。現在更緊了。我們還沒有到達那裡，否則您會看到公告。但當然，我們被視為比歷史上更現實的替代方案，即使是在遊戲和史蒂夫談到的開發貸款之外的事情上。所以從這個意義上說，世界正在朝著我們的方向發展。但我認為，在你看到大量的交易量之前，我們還需要對這個環境進行更多的調整。一切都發生得很快，而且仍然處於不斷變化的狀態。

So I don't think -- if someone's planning their business for the next 10 or 20 years that they're going to look at a spreadsheet and confidently plug in something and say, "Hey, we're going to use you because you're better than something." But we seem to be getting there. So let's watch over the next couple of few quarters and see what falls into place.

所以我不認為——如果有人在規劃未來 10 年或 20 年的業務，他們會查看電子表格並自信地插入一些內容並說：“嘿，我們將使用你，因為你比什麼都好。”但我們似乎正在實現這一目標。因此，讓我們關注接下來的幾個季度，看看會發生什麼。

Next question, John Massocca with Ladenburg Thalman.

下一個問題是約翰·馬索卡和拉登堡·塔爾曼。

Maybe sticking with Matt's comments on kind of bid-ask spread. I know you talked about it in terms of non-gaming assets. Has there been any kind of movement on bid-ask spread, if you will, for gaming investment opportunities over the last couple of months or quarters?

也許堅持馬特對買賣價差的評論。我知道您談到了非博彩資產。如果您願意的話，過去幾個月或幾個季度的博彩投資機會的買賣價差是否有任何變化？

Go ahead, Steve.

繼續吧，史蒂夫。

I think on the buyer side, yes. And on the seller side, not quite yet. So look, I think people are still anchored into valuations that were -- that let's be honest, 12 months ago, right? Valuations were in a different place. Credit markets were in a different place. It hasn't been that long that the kind of the credit markets have been materially changed.

我認為從買方角度來看，是的。而在賣方方面，還沒有完全實現。所以說，我認為人們仍然依賴於 12 個月前的估值，對吧？估值處於不同的位置。信貸市場則處於不同的境地。信貸市場的類型在不久的將來就發生了重大變化。

So I think -- look, I think on the seller side, I think from a valuation perspective, people are still seeking what they knew was a potential reality not too long ago. I think from a buyer side, people are realizing that, that means they have to put a current day credit market cost into their math and in some cases, people's equity prices are down too. So I do think there's a little bit of a disconnect, and it really comes down to, is there a strategic rationale that allows someone to kind of look beyond the short-term perspective and take a longer view.

所以我認為——看，我認為在賣方方面，我認為從估值的角度來看，人們仍在尋求他們不久前知道的潛在現實。我認為從買方角度來看，人們正在意識到，這意味著他們必須將當前的信貸市場成本納入計算中，在某些情況下，人們的股價也會下跌。因此，我確實認為存在一點脫節，而這實際上歸結為是否存在一種戰略原理，可以讓某人超越短期視角並採取更長遠的眼光。

And in some cases that might come to fruition, in others it might not. So I think that's where we find ourselves at the moment.

在某些情況下，這可能會實現，而在其他情況下則可能不會。所以我認為這就是我們目前的處境。

Okay. And then outside of PENN where you obviously have a deal already in place, what is the broad appetite of either current tenants or even new partners for development funding at existing assets? And is that a major part of the investment conversation today or are your talks more focused on kind of de novo deals?

好的。然後，在 PENN 之外，顯然已經達成了一項協議，當前租戶甚至新合作夥伴對現有資產的開發資金的廣泛興趣是什麼？這是今天投資對話的主要部分還是你們的談話更關注某種從頭交易？

It's a constant ongoing dialogue. Many of our tenants are constantly doing projects. I would tell you that I feel like more of our tenants are starting to reinvest in their properties through capital improvements and focus on the properties they own, whether it be hotel remodels, and things of that line.

這是一個持續不斷的對話。我們的許多租戶都在不斷地做項目。我想告訴你，我覺得我們越來越多的租戶開始通過資本改善對他們的房產進行再投資，並專注於他們擁有的房產，無論是酒店改造還是類似的事情。

So we are in kind of a constant dialogue with them around our desire and willingness to help fund those projects. They sometimes will pursue our financing and other times, will finance the projects themselves. But that's an ongoing dialogue that has continued, and I actually think that people are starting to put more dollars to work into the properties in the recent months.

因此，我們正在與他們就我們為這些項目提供資金的願望和意願進行持續對話。他們有時會尋求我們的融資，有時會自己為項目融資。但這是一個持續不斷的對話，我實際上認為最近幾個月人們開始投入更多的資金來投資這些房產。

Okay. I know it's kind of bespoke deal by deal, but is there kind of a broad sum, return hurdle difference between what you would do for those kind of developments at existing assets versus kind of straight acquisition sale leasebacks?

好的。我知道這是一種逐筆定制的交易，但是您對現有資產的此類開發與直接收購出售回租之間是否存在廣泛的金額和回報障礙差異？

No. Look, I think we're trying to see accretion in all transactions. So we we're not offering sweetheart dilutive transaction pricing to folks for doing projects inside the buildings we already own. So we're constantly trying to make sure that we're being good stewards for our stakeholders and trying to earn an accretive return. But depending on the time of the market and where we sit, our accretive financing may, in fact, be still appealing to where someone might have to go raise capital.

不。聽著，我認為我們正試圖看到所有交易的增長。因此，我們不會向在我們已經擁有的建築物內進行項目的人們提供親愛的稀釋交易定價。因此，我們不斷努力確保成為利益相關者的好管家，並努力賺取增值回報。但根據市場的時間和我們所處的位置，我們的增值融資實際上可能仍然對有人可能必須去籌集資金的地方有吸引力。

Next question, Chris Darling with Green Street.

下一個問題是 Green Street 的 Chris Darling。

I'm hoping to get your perspective on the recent acquisition of Diamond Jacks in Bossier City by Cordish. Is this a project you'd like to get involved with potentially in some capacity? And then additionally, just any thoughts you have on the market's ability to absorb the incremental supply over time?

我希望了解您對 Cordish 最近收購波西爾城 Diamond Jacks 的看法。這是一個您想以某種身份參與的項目嗎？另外，您對市場隨著時間的推移吸收增量供應的能力有何想法？

Steve, I'm going to let you stick with that one.

史蒂夫，我會讓你堅持下去。

Look, I think Cordish -- we've talked to Cordish about the project. They seem very excited about the project and the opportunity. So of course, we wish them the best of luck with that. As far as the market goes, I think that, that marketplace did support that casino previously. There have been some issues in Shreveport due to the smoking ban over there. So Bossier has reaped some benefits. I think that marketplace is clearly able to absorb an additional competitor for now. But I do continue to wonder what might come if there is gaming expansion in Texas.

聽著，我認為科迪什——我們已經與科迪什討論了這個項目。他們似乎對這個項目和機會感到非常興奮。當然，我們祝他們好運。就市場而言，我認為該市場之前確實支持了該賭場。由於那裡的禁煙令，什里夫波特出現了一些問題。所以Bossier已經收穫了一些好處。我認為該市場目前顯然能夠吸收更多的競爭對手。但我仍然想知道如果德克薩斯州的遊戲擴張會發生什麼。

Let me add that they're very bullish about this project. They genuinely are. We haven't talked about anything past that, but they are obviously committed. And as I said earlier, they're terrific operators, so I would never bet against them.

讓我補充一點，他們非常看好這個項目。他們確實是。我們沒有談論過任何事情，但他們顯然已經做出了承諾。正如我之前所說，他們是出色的運營商，所以我永遠不會做空他們。

It's helpful. And I guess speaking of their acumen as operators, just switching gears a bit, the Live! Maryland lease, I believe this is the first time you've disclosed the rent coverage there at that property. And just given how healthy that coverage level is, I'm curious to understand how that kind of compares to maybe what you originally underwrote when you acquired that property.

這很有幫助。我想談到他們作為操作員的敏銳性，只是稍微切換一下，Live！馬里蘭州租賃，我相信這是您第一次披露該房產的租金承保範圍。考慮到該承保水平有多健康，我很想了解這種情況與您購買該房產時最初承保的情況相比如何。

Yes. So they're right at 2x, which is...

是的。所以他們的正確率是 2x，也就是說......

Maryland.

馬里蘭州。

Maryland is [3x], sorry, Pennsylvania is 2x, yes. So they are actually performing better than what we underwrote at the time. But we -- it's what we expect. There's nothing -- we're happy with it, obviously, clearly, but we did underwrite the 2 properties kind of looking at them together. The acquisition, the relationship with Cordish not just 1 lease at a time.

馬里蘭州是 [3x]，抱歉，賓夕法尼亞州是 2x，是的。所以他們的表現實際上比我們當時承保的要好。但我們——這正是我們所期望的。沒有什麼——我們對此很滿意，顯然，很明顯，但我們確實承保了這兩個屬性，將它們放在一起查看。這次收購，與 Cordish 的關係不僅僅是一次租賃一項。

Yes. But we originally on a pro forma basis, we're looking at 2.6x, if you recall. So this is a really strong outcome for that property.

是的。但如果您還記得的話，我們最初在預估的基礎上考慮的是 2.6 倍。因此，對於該房產來說，這是一個非常強勁的結果。

Thank you. I would like to turn the floor over to Mr. Carlino for closing remarks.

謝謝。我想請卡利諾先生致閉幕詞。

Well, it sounds like we're at the end. So I thank you all very much. I hope you leave with the idea that we're pretty excited about what we see ahead this year and hope that we can deliver some very positive news as we meet next quarter. So thanks again. Have a great day. Thanks, operator.

嗯，聽起來我們已經到了最後。所以我非常感謝大家。我希望您離開時能想到，我們對今年的前景感到非常興奮，並希望我們能夠在下季度的會議上傳遞一些非常積極的消息。所以再次感謝。祝你有美好的一天。謝謝，接線員。

This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路，感謝您的參與。