Gaming and Leisure Properties Inc (GLPI) 2023 Q3 法說會逐字稿

Greetings, and welcome to Gaming and Leisure Properties, Inc. Third 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, Investor Relations. Thank you, Mr. Jaffoni, you may begin.

您好，歡迎參加 Gaming and Leisure Properties, Inc. 2023 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人喬·賈弗尼（Joe Jaffoni），投資者關係部門。謝謝賈弗尼先生，您可以開始了。

Thank you, Andrew, and good morning, everyone, and thank you for joining Gaming and Leisure Properties Third Quarter 2023 Earnings Call and Webcast. The press release distributed yesterday afternoon is available on the Investor Relations section on the company's website at www.glpropinc.com.

謝謝安德魯，大家早上好，謝謝您參加遊戲和休閒地產 2023 年第三季財報電話會議和網路廣播。昨天下午發布的新聞稿可在公司網站 www.glpropinc.com 的投資者關係部分查閱。

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.

在今天的電話會議上，管理階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.

提醒一下，前瞻性陳述代表管理階層目前的估計，本公司不承擔未來更新任何前瞻性陳述的義務。

We encourage listeners to review the more detailed discussions related to the risk factors and forward-looking statements contained in the company's filings with the SEC, including its Form 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.

我們鼓勵聽眾仔細閱讀該公司向 SEC 提交的文件（包括 10-Q 表格和收益報告）中包含的與風險因素和前瞻性陳述相關的更詳細討論，以及非營利的定義和調節。公司收益報告中包含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. And joining Peter will be Brandon Moore, Chief Operating Officer, General Counsel and Secretary; Desiree Burke, Chief Financial Officer and Treasurer; Steven 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。與 Peter 一起加入的還有首席營運長、總法律顧問兼秘書 Brandon Moore； Desiree Burke，財務長兼財務長； Steven Ladany，資深副總裁兼首席開發長；以及資深副總裁兼首席投資長 Matthew Demchyk。

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

現在，我很高興將電話轉給彼得·卡利諾。彼得，請繼續。

Well, thank you, Joe, and good morning, everyone. As always, you will hear from most of our team this morning, though almost everything relevant has been highlighted in our earnings release. However, let me underline these -- a couple of accomplishments this quarter.

好吧，謝謝你，喬，大家早安。像往常一樣，今天早上您會聽到我們團隊大多數成員的聲音，儘管幾乎所有相關內容都在我們的收益發布中得到了強調。然而，讓我強調一下這些——本季取得的一些成就。

We expanded our footprint with the addition of the Hard Rock Casino in Rockford, Illinois, by signing a 99-year ground lease generating an initial $8 million in rent. Plus, we've agreed to fund up to $150 million of construction costs at 10%. This construction, you should know, is well underway, and the temporary facility there is doing exceedingly well, with great management looking at the Hard Rock Group going forward.

我們簽署了一份為期 99 年的土地租約，初始租金為 800 萬美元，從而擴大了業務範圍，在伊利諾伊州羅克福德增建了硬石賭場。此外，我們也同意以 10% 的利率資助最多 1.5 億美元的建造成本。您應該知道，這項建設正在順利進行，那裡的臨時設施運作得非常好，出色的管理層著眼於硬石集團的未來。

And as you recall, we sold our Hollywood facility in Baton Rouge to Casino Queen. And as part of that sale, we retained the right to design, build and construct the land site facility, eliminating our old boat. Our $78 million spend will produce a yield of 8.5%. The new casino is doing spectacularly well. And I must say, for the money invested there, to say this is an issue of personal pride, it's a terrific facility, and it's kicking butt. So -- but I'll leave to the Queen folks to release the numbers when they're ready to do so. But performance numbers are terrific.

正如您所記得的，我們將位於巴吞魯日的好萊塢工廠出售給了賭場女王。作為此次出售的一部分，我們保留了設計、建造和建造陸地設施的權利，從而淘汰了我們的舊船。我們花費 7,800 萬美元將產生 8.5% 的收益率。新賭場經營得非常好。我必須說，對於在那裡投資的錢來說，這是一個個人自豪感的問題，這是一個很棒的設施，而且非常出色。所以，但我將讓女王的人們在準備好時公佈這些數字。但性能數據非常出色。

As part of managing our design build capability, we hired Jim Baum, who was our Head of Construction at Penn National in my time there. Our team here with Jim built many round-up casinos and major projects over the years. Now Jim gives us the ability to assess and monitor the flow of money into new projects or expansion of existing properties, and we have a number of those on the horizon.

作為管理我們設計建造能力的一部分，我們聘請了吉姆·鮑姆（Jim Baum），他是我在賓州國立大學期間的建築主管。多年來，我們的團隊和吉姆一起建造了許多綜合賭場和重大項目。現在，吉姆使我們能夠評估和監控資金流向新項目或現有物業擴建的情況，而我們即將實現許多此類項目。

With that capability in mind, we acquired the land and certain improvements of Casino Queen Marquette, with an annual rent increase to our Queen master lease of $2.7 million with a commitment of at least $12.5 million for new construction, perhaps more at the property. I should highlight, it's not our goal to become a construction company, but Jim expands our capability to keep an eye on money as it's put out in these construction situations, brings a great deal of experience, plus we are doing more thorough examination of our properties, oversight, understanding utility costs, some of the things that we need to know these days. And making sure that the major systems are inspected on a periodic basis. Jim runs that process as well.

考慮到這種能力，我們購買了馬凱特皇后賭場的土地和某些改進，將我們的皇后主租約的年租金增加了270 萬美元，並承諾至少1250 萬美元用於新建築，也許更多是在該地產上。我要強調的是，我們的目標不是成為一家建築公司，但吉姆擴大了我們在這些建築情況下關注資金的能力，帶來了大量的經驗，而且我們正在對我們的資金進行更徹底的檢查。財產、監督、了解公用事業成本，這些都是我們現在需要了解的一些事情。並確保定期檢查主要係統。吉姆也負責這個流程。

So I had suggested over the last couple of quarters that 2023 would be a good year for us, and I think it's going to pan out to be a very good year for us. And looking at our probable pipeline, 2024 should be strong as well.

因此，我在過去幾季中曾表示，2023 年對我們來說將是美好的一年，而且我認為這對我們來說將是非常美好的一年。從我們可能的管道來看，2024 年應該也會很強勁。

So with that, I'm going to turn it over to Desiree.

因此，我將把它交給 Desiree。

Thank you, Peter. Good morning. For the third quarter of 2023, our total income from real estate exceeded the third quarter of 2022, once again by over $25 million. The addition of the Bally's, Biloxi and Tiverton properties drove an increase in cash rental income of about $12 million. The Tropicana Las Vegas land lease increased our cash rental income by $2.5 million. The Rockford acquisition increased cash rental income by $700,000. The Casino Queen Marquette acquisition and the Baton Rouge land site development increased cash rental income by $900,000.

謝謝你，彼得。早安. 2023 年第三季度，我們的房地產總收入超過 2022 年第三季度，再次超過 2,500 萬美元。 Bally's、Biloxi 和 Tiverton 物業的增加帶動現金租金收入增加約 1,200 萬美元。 Tropicana Las Vegas 土地租賃使我們的現金租金收入增加了 250 萬美元。收購 Rockford 後，現金租金收入增加了 70 萬美元。收購 Queen Marquette 賭場和巴吞魯日土地開發使現金租金收入增加了 90 萬美元。

The recognition of our escalators and percentage rent adjustments on our leases added $2.9 million of cash rent. And the combination of higher noncash revenue gross-ups, investment in leases and straight-line rent adjustments drove a collective year-over-year increase of approximately $6.6 million. Our operating expenses were impacted by the prior year recognition of a onetime gain due to the sale of the Tropicana building and other noncash increases such as depreciation.

自動扶梯的確認和租賃的租金百分比調整增加了 290 萬美元的現金租金。較高的非現金收入總額、租賃投資和直線租金調整共同推動了約 660 萬美元的年成長。我們的營運支出受到前一年因出售麗陽大樓而確認的一次性收益以及折舊等其他非現金成長的影響。

We still anticipate an annualized rent reduction in the amended Penn lease percentage rent between $5 million and $6 million beginning in November of this year, which was negatively impacted by casino closures from COVID during the 5-year reset period. We also expect full escalation of $4.2 million annualized on this lease. In addition, $3.5 million of escalation on the Penn 2023 master lease.

我們仍然預計，從今年 11 月開始，修正後的賓州租賃百分比租金的年化租金將減少 500 萬至 600 萬美元，這受到了 5 年重置期內因新冠疫情導致的賭場關閉的負面影響。我們也預計該租賃年化費用將全面增加 420 萬美元。此外，賓州大學 2023 年主租約的費用增加了 350 萬美元。

Also, around 10 amended Pinnacle and Boyd master leases have rent resets occurring on May 1, 2024. While it is too early to predict with confidence, we expect these resets will increase percentage rent adjustments because the resets that occurred on May 1, '22 included months where the casinos were closed due to COVID.

此外，大約10 個修訂後的Pinnacle 和Boyd 主租約於2024 年5 月1 日進行了租金重置。雖然現在自信地預測還為時過早，但我們預計這些重置將增加租金調整百分比，因為發生於2022 年5 月1 日的重置其中包括賭場因新冠疫情而關閉的月份。

From a balance sheet perspective, our pro forma net leverage is at 4.74x EBITDA. We raised approximately $211 million at a net price of $48.24 under our $1 billion at-the-market program this quarter, which we used primarily to fund the Rockford transaction and repay some short-term borrowings. Our current rent coverage ratios remained strong, ranging from 1.96 to 2.78 on our master leases as of the end of June 30.

從資產負債表的角度來看，我們的預期淨槓桿率為 4.74 倍 EBITDA。本季度，我們根據 10 億美元的市場計劃以 48.24 美元的淨價籌集了約 2.11 億美元，主要用於為羅克福德交易提供資金並償還一些短期借款。截至 6 月 30 日，我們目前的主租約租金覆蓋率依然強勁，為 1.96 至 2.78。

We have refined full year 2023 guidance for AFFO per diluted share in OP units to a range of $3.68 to $3.69 per diluted share, which now includes the impact of Rockford and the Marquette transactions. Please note that this guidance does not include the impact of future transactions.

我們已將 OP 單位稀釋後每股 AFFO 的 2023 年全年指引細化至每股稀釋後 3.68 美元至 3.69 美元的範圍，其中現在包括羅克福德和馬凱特交易的影響。請注意，本指南不包括未來交易的影響。

With that, I'll turn it back to Peter.

這樣，我會把它轉回給彼得。

Okay. Thanks, Desiree. Matt, do you want to add some comments up front?

好的。謝謝，德西麗。馬特，你想預先添加一些評論嗎？

Sure. Thanks, Peter, and good morning, everyone. Our decision to use our ATM program during the quarter was driven by the health and composition of our investment pipeline. The quarter also prevented a unique event with our addition to the S&P 400 MidCap Index. The $200 million that we issued bolsters our offensive capability. Done $100 million in proceeds utilized already for Rockford, the remainder allows capacity for new opportunities.

當然。謝謝彼得，大家早安。我們決定在本季使用 ATM 計劃是由我們投資管道的健康狀況和組成決定的。本季也避免了我們被納入 S&P 400 MidCap Index 的獨特事件。我們發行的2億美元增強了我們的進攻能力。 1 億美元的收益已用於羅克福德，剩餘部分可用於新的機會。

On the topic of new opportunities to grow the portfolio, we remain disciplined, thoughtful and measured. In this environment, traditional sources of capital are not as abundant and are also proving to be less predictable. At the same time, the value and the kind of bespoke solutions that we offer is as relevant as ever.

在擴大投資組合的新機會這個主題上，我們仍然保持紀律、深思熟慮和謹慎。在這種環境下，傳統的資本來源就沒那麼豐富，也難以預測。同時，我們提供的客製化解決方案的價值和類型與以往一樣重要。

Our recently announced Rockford ground lease is a prime example of what is possible in this environment. A relatively bite-sized $100 million 99-year ground lease at an 8 cap or about 30% of overall development cost with 2% fixed escalation would have been unthinkable just 12 months ago, when banks and other providers of capital were much more aggressive.

我們最近宣布的羅克福德地面租賃就是在這種環境下實現可能性的典型例子。相對較小規模的1 億美元、99 年期土地租賃，上限為8 美元，或占整體開發成本的30% 左右，固定增量為2%，就在12 個月前，銀行和其他資本提供者的態度更為激進，這是不可想像的。

We've in effect, waited for the world to come our way, and it's beginning to. Over the past year, we have been comfortable waiting to be throwing strikes. Rockford was a strike. And the current environment holds the promise of throwing a few more. We will see. Dialogue with potential counterparties has been healthy around a number of generally smaller potential opportunities and we remain highly focused on risk-adjusted returns in this environment. As Peter likes to say, many are called and few are chosen.

實際上，我們一直在等待世界向我們走來，而它已經開始了。在過去的一年裡，我們一直在等待罷工。羅克福德是一次罷工。目前的環境有望引發更多的關注。我們會看到。圍繞著一些普遍較小的潛在機會，與潛在交易對手的對話一直很健康，我們仍然高度關注這種環境下的風險調整回報。正如彼得喜歡說的，被呼召的人很多，被選上的人卻很少。

No mention of opportunities would be complete in this environment without a discussion around funding. Our funding philosophy remains the same: do it right and sleep at night. When we approach transaction funding and our overall business model, you can expect to see the same continued discipline around match and prefunding that results in GLPI locking in transaction accretion for the benefit of our shareholders, and avoiding equity overhang and avoiding what I'd like to call, getting off sites.

在這種環境下，如果不討論資金問題，任何機會的提及都是不完整的。我們的融資理念保持不變：做正確的事，晚上睡覺。當我們處理交易融資和我們的整體業務模式時，您可以期望看到圍繞匹配和預融資的相同持續紀律，這會導致GLPI 鎖定交易增值，以造福我們的股東，並避免股權過剩和避免我想要的事情打電話、下車。

Our leverage and liquidity are at levels that strengthen and support our business model, with net debt in the high-4s, a staggered maturity profile, our next maturity not due until next September, and over $1.8 billion of available liquidity between our revolver and quarter end cash position. Our balance sheet continues to be a solid foundation for all that we do, and you should expect that to continue.

我們的槓桿率和流動性處於加強和支持我們業務模式的水平，淨債務處於高4 水平，交錯的到期日概況，我們的下一個到期日要到明年9 月才到期，我們的左輪手槍和季度之間的可用流動性超過18 億美元結束現金頭寸。我們的資產負債表仍然是我們所做的一切的堅實基礎，您應該期望這種情況會持續下去。

Overall, we remain focused on all aspects of our business with a goal of maximizing long-term intrinsic value per share. We also appreciate the partnership we have with all of our shareholders.

整體而言，我們仍然專注於業務的各個方面，目標是最大化每股長期內在價值。我們也感謝我們與所有股東的合作關係。

Thank you for joining us this morning. I'll turn things back to Peter.

感謝您今天早上加入我們。我會把事情轉回給彼得。

Well, thank you, Matthew. I appreciate that. And with that, operator, let's open the floor to questions.

嗯，謝謝你，馬修。我很感激。那麼，接線員，讓我們開始提問。

(Operator Instructions) First question comes from the line of Greg McGinniss with Scotiabank.

（操作員說明）第一個問題來自豐業銀行的 Greg McGinniss。

Given the broader economic backdrop and elevated interest rates, how is that impacting your underwriting, your targeted cap rates or investment spreads, types of transactions you'd like to do and the availability of those deals?

考慮到更廣泛的經濟背景和利率上升，這對您的承保、您的目標上限利率或投資利差、您想要進行的交易類型以及這些交易的可用性有何影響？

And then if you could also just touch on expected investment spread on the Rockford deal as well. So our math is putting it at like a 30 basis point investment spread, but just thinking about -- how are you guys thinking about it?

然後您是否也可以談談羅克福德交易的預期投資利差。因此，我們的數學計算將投資利差定為 30 個基點，但想想──你們是如何看待這個問題的？

Matt, why don't you take that?

馬特，你為什麼不接受這個？

Well, taking a step back and looking at the macro environment, I mean, clearly, rates are up, volatility is up. We see economic and geopolitical forces that make certainty a lot more challenging, and we've got still a lot of money in the system from the printing that the Fed did effectively. And our goal is really to be agile and adaptable to the environment. So we're playing against the new defense and we need different places to play. And we still stay resolute in our goal also maximizing long-term intrinsic value per share.

好吧，退一步看看宏觀環境，我的意思是，很明顯，利率上升，波動性上升。我們看到經濟和地緣政治力量使確定性更具挑戰性，而且我們的系統中仍然有大量資金來自聯準會有效的印鈔。我們的目標實際上是敏捷並適應環境。所以我們正在對抗新的防守，我們需要不同的比賽場地。我們仍然堅定地致力於實現每股長期內在價值最大化的目標。

So you've seen a lot of this in the actions we've taken in the previous quarters to position ourselves for an environment like this, getting our balance sheet at the leverage level we talked about. And also focusing on really the simplicity of match funding, prefunding and finding accretion. So I mean, people seem to detach in conversations where cap rates, where funding costs. And for us, it's all about a risk-adjusted spread.

因此，您在前幾個季度為適應這樣的環境而採取的行動中已經看到了很多這樣的情況，使我們的資產負債表達到我們談到的槓桿水平。並且也真正專注於匹配資金、預籌資金和尋找增值的簡單性。所以我的意思是，人們似乎在討論上限利率和融資成本時表現出疏離。對我們來說，這一切都與風險調整後的利差有關。

And Peter's point on the Rockford transaction. I mean, they have a ground lease to be at that part of the cap stack with an 8 yield out of the gate and a decent spread. So look at the capital we raised during the quarter at 48 handle, you can calculate the spread, it's very healthy there, very healthy for our business and value accretive.

彼得關於羅克福德交易的觀點。我的意思是，他們有一份土地租賃合同，位於上限的那一部分，一開始就有 8 的收益率，而且價差還不錯。因此，看看我們在本季籌集的資金為 48 手，您可以計算利差，那裡非常健康，對我們的業務和價值增值非常健康。

One thing that seems to be missed in the environment by maybe some is, the need to check 2 boxes with acquisitions. Not just the box of initial earnings accretion but also the box of -- just actually add value to the business over the long run. And when you look at the deals we do, there's a lot of subjectivity, qualitative and quantitative factors that go into the latter and we strongly believe that Rockford checks both boxes.

也許有些人在環境中忽略的一件事是，需要在收購中勾選兩個方塊。不僅是初始收益成長的盒子，而且是從長遠來看實際上為企業增加價值的盒子。當你查看我們所做的交易時，會發現後者涉及很多主觀性、定性和定量因素，我們堅信羅克福德滿足了這兩個條件。

And the things that are in our pipeline are generally smaller, so they enable us to be really balanced with our funding. But we ask the same questions, and we have the same goals. Does that answer what you're looking for?

我們正在開發的產品通常較小，因此它們使我們能夠真正平衡我們的資金。但我們問同樣的問題，我們有同樣的目標。這能滿足您的需求嗎？

Yes, I think we can get what we want out of that. Thanks, Matt. Looking at Queen Baton Rouge, I can appreciate you guys not wanting to disclose ahead of them. It does look like looking at the gross gaming revenue, it was up like 85% year-over-year. So pretty significant job there. However, they also have the Belle of Baton Rouge, which saw a bit of a decline year-over-year. And I know Caesars was looking at doing an investment there before selling the property.

是的，我認為我們可以從中得到我們想要的。謝謝，馬特。看看巴吞魯日女王，我可以理解你們不想在他們之前透露的情況。從遊戲總收入來看，它確實比去年同期成長了 85%。那裡的工作非常重要。然而，他們也有巴吞魯日的美女，但同比有所下降。我知道凱撒集團正在考慮在出售該房產之前在那裡進行投資。

Just curious what might be happening there? You also bought a couple of buildings nearby. So curious what that was for, and then how it even works in terms of making additional investments there as the assets kind of still under the casino -- sorry, the Caesars master lease, while being owned and operated by Casino Queen, just -- any details you can provide would be helpful.

只是好奇那裡會發生什麼事？您還在附近購買了幾棟建築物。很好奇那是用來做什麼的，然後它是如何進行額外投資的，因為這些資產仍然在賭場下——抱歉，凱撒主租約，同時由賭場女王擁有和經營，只是——您可以提供的任何詳細資訊都會有所幫助。

I'm going to ask Brandon Moore to speak to that. Brandon is very close to that issue.

我將請布蘭登·摩爾對此發表演說。布蘭登非常接近這個問題。

Yes. I guess I'll start with the last part of the question is whether or not that will be moved to the Casino Queen lease from the Caesars lease. And the short answer is yes. We anticipate moving that property formally over from the Caesars lease to the Queen lease. The thing that was holding that back was a small piece of litigation involving 2 of the leased properties that's now been resolved. And so we're working to move that property over.

是的。我想我將從問題的最後一部分開始，即是否會將其從凱撒租賃轉移到賭場皇后租賃。簡短的回答是肯定的。我們預計該物業將正式從凱撒租約轉移到女王租約。阻礙這一進程的是一起涉及兩處租賃房產的小訴訟，現已解決。因此，我們正在努力將該財產轉移過來。

The bigger question on what's happening with the Belle, I think, is probably a better question for Bally's than it is -- or for Queen than it is for us. But clearly, they've made some -- they have put in an application to do a land side move off the boat into the atrium there at the Belle. I think that's still being evaluated, and we're currently evaluating what our role in that will be. But I think if we can play a role in moving that land side in a way that's accretive to the shareholders, we'll certainly be a part of that.

我認為，關於“Belle”發生了什麼的更大問題對於 Bally's 來說可能是一個更好的問題，或者對於 Queen 來說可能比我們更好。但顯然，他們已經做了一些事——他們已經提交了一份申請，要求將陸側從船上移至百麗酒店的中庭。我認為這仍在評估中，我們目前正在評估我們在其中的角色。但我認為，如果我們能夠以有利於股東的方式在土地方面發揮作用，我們肯定會成為其中的一部分。

So I think there's more to come on that. We've been focused more on solving the legal issues there and being able to move that property into the Queen master lease, and I think we'll be able to do that shortly.

所以我認為還有更多的事情要做。我們更專注於解決那裡的法律問題，並能夠將該財產轉移到女王主租約中，我認為我們很快就能做到這一點。

Yes. Look, it's right in the sweet spot of what we do and coming off the heels of a terrific job, I'm patting ourselves and our team on the show for what we did down the road, if you will, with the old Hollywood property. It really is quite exciting. So I invite anybody to get out and take a look at -- that $78 million spent in gaming. So anyway, you've got a good answer. We'd love to participate if it fits and fits their desire.

是的。看，這正是我們工作的最佳點，在完成了一份出色的工作後，我為自己和我們的團隊在節目中所做的事情感到自豪，如果你願意的話，在好萊塢的老財產上。這確實是相當令人興奮的。所以我邀請大家出去看看——這 7800 萬美元花在了遊戲上。所以無論如何，你已經得到了一個很好的答案。如果符合他們的願望，我們很樂意參與。

Okay. Great. Last question for me. I'm thinking about your kind of commentary on leverage, how are you thinking about addressing the $400 million term loan coming due next year? Are there any plans to take that out early or address it early or potentially just paid off using cash, cash flow or ATM?

好的。偉大的。對我來說最後一個問題。我正在考慮您對槓桿的評論，您如何考慮解決明年到期的 4 億美元定期貸款？是否有計劃提前解決這個問題，或提前解決這個問題，或者可能只是使用現金、現金流或 ATM 來償還？

It's actually a $400 million bond that isn't due until September. Yes, and due in September 1 of '24, and all of those are options. I mean, we look at our cost of borrowing or cost of raising equity on a daily basis. And obviously, we have free cash flow each year. So we haven't concluded at this point that you can stay tuned for that, but know that it's definitely on our radar.

這實際上是一筆 4 億美元的債券，要到 9 月才會到期。是的，截止日期為 24 年 9 月 1 日，所有這些都是選項。我的意思是，我們每天都會考慮借貸成本或籌集股本的成本。顯然，我們每年都有自由現金流。因此，我們目前還沒有得出結論，您可以繼續關注這一點，但要知道它肯定在我們的雷達範圍內。

Alright. So is the overall plan to be reducing leverage from here?

好吧。那麼總體計劃是從這裡開始減少槓桿嗎？

So we mentioned in the last call, we're at a steady state place we like, and any incremental delevering really prefunding opportunities and based on the health of our pipeline that we're effectively at our sweet spot in this -- at this level in this environment. So there's no need to proactively delever for its own sake. It's really to do things offensively.

因此，我們在上次電話會議中提到，我們正處於我們喜歡的穩定狀態，任何增量去槓桿化都確實預先提供了資金機會，並且基於我們管道的健康狀況，我們實際上處於這一水平的最佳位置在這種環境下。因此，沒有必要為了自身利益而主動去槓桿。確實是做一些令人反感的事情。

Yes. Desiree pretty well answered it, that this is an everyday event for us. Look, we're in the finance business. We're looking at bank, we're looking at bonds. We're looking at equity. And we'll take advantage of any 1 of the 3, if they line up in our gun site. So we're going to be opportunistic where we can but realistic at the same time.

是的。 Desiree 很好地回答了這個問題，這對我們來說是每天都會發生的事情。看，我們從事金融業務。我們正在研究銀行，我們正在研究債券。我們正在考慮股權。如果這 3 種武器排列在我們的槍支站點中，我們將利用其中的任何一種。因此，我們將盡可能投機取巧，但同時又要現實。

Next question comes from the line of Jay Kornreich with Wedbush.

下一個問題來自 Jay Kornreich 和 Wedbush 的對話。

Wonder if you can just start off giving some commentary around the depth of the buyer pool you're seeing in the regional casino market. And how that may be impacting cap rates holding steady even in this uncertain market, or if the buyer pool is spitting out, which leads to cap rates rising?

想知道您是否可以開始對您在區域賭場市場中看到的買家池的深度發表一些評論。即使在這個不確定的市場中，這可能會如何影響資本化率保持穩定，或者如果買家群體吐槽，從而導致資本化率上升？

Steve, you're looking kind of quiet at that end of the table. So...

史蒂夫，你在桌子那一端看起來很安靜。所以...

Yes. Look, I think the buyer pool is ever evolving. I feel like the market backdrop as far as the capitalization in the credit markets has changed the players slightly. So the cash buyers who were highly levered and taking advantage of low-cost debt have pulled back some.

是的。看，我認為買家群體正在不斷發展。我覺得信貸市場資本化的市場背景已經稍微改變了參與者。因此，高槓桿並利用低成本債務的現金買家已經撤回了一些資金。

However, others have started to participate as you've seen with folks like Realty Income. So I think the players might have changed, the game remains the same. I think, broadly speaking, everyone involved realizes that market -- cap rates have moved. So whether you're a new entrant as a buyer or a bidder or you're an existing and longstanding person like ourselves, you realize that the market is changing and the cap rates need to adjust in order to garner the upfront accretion that Matt mentioned earlier, even though there is the qualitative aspect.

然而，其他人已經開始參與其中，正如您所看到的 Realty Income 等公司一樣。所以我認為球員可能已經改變了，比賽仍然是一樣的。我認為，從廣義上講，每個參與者都意識到市場資本化率已經改變。因此，無論您是買家或投標人的新進入者，還是像我們這樣的現有長期人士，您都會意識到市場正在發生變化，資本化率需要調整才能獲得馬特提到的前期增值早些時候，即使有品質方面。

Right. And I guess just on that comment, do you have a sense of how much cap rates have already moved? Or do you need to see more transaction activity to get a sense of that?

正確的。我想就這一評論而言，您是否知道資本化率已經變化了多少？或者您需要查看更多交易活動才能了解這一點？

I mean, I think you're ultimately going to -- it's going to be dependent on the transaction, right? There's not a -- this isn't cookie cutter. So we've seen historically, even if you look back before the credit markets have dislocated, you had very different cap rates for different assets.

我的意思是，我認為你最終會——這將取決於交易，對吧？這不是千篇一律的。因此，我們從歷史上看到，即使在信貸市場混亂之前回顧一下，不同資產的資本化率也大不相同。

We bought an asset in Maryland from the Cordish folks, and we paid a low cap rate. There was an asset that traded also in Maryland than 6 months later at a materially different cap rate. So it's going to be very dependent on the asset, the market and things of that nature. But I think -- wholeheartedly, I think the entire marketplace is seeing a shift.

我們從科迪什人手中購買了馬裡蘭州的一項資產，並支付了較低的上限利率。 6 個月後，有一種資產也在馬裡蘭州以截然不同的上限利率進行交易。因此，它將非常依賴資產、市場和類似性質的事物。但我全心全意地認為整個市場正在轉變。

Okay. And if I could just throw in one more. Regarding the construction financing that you guys made some commentary on, specifically with $150 million development commitment to the Hard Rock Casino development.

好的。如果我能再加一個就好了。關於建設融資，你們做了一些評論，特別是對硬石賭場開發的 1.5 億美元的開發承諾。

Is this type of higher interest construction financing something that you guys like and we should expect to see more so going forward of? And then also just specific to the Rockford, how likely do you foresee that becoming a ROFR going forward or using the ROFR, I should say?

這種類型的高利建設融資是你們喜歡的嗎？我們應該期待看到更多這樣的事情發生嗎？然後，具體到羅克福德，我應該說，您預見未來成為 ROFR 或使用 ROFR 的可能性有多大？

Des, do you want to?

德斯，你願意嗎？

I mean, obviously, a 10% rate on the construction loan was specific to the Rockford transaction because it was well underway when we entered into the financing. So whether or not we would do it going forward, sure, depends on the facts and circumstances as to which projects we determined to undertake.

我的意思是，顯然，10% 的建築貸款利率是專門針對羅克福德交易的，因為當我們進行融資時，該交易正在順利進行。因此，我們是否會繼續這樣做，當然取決於我們決定開展哪些專案的事實和情況。

To answer your question on the ROFR, we negotiated for it specifically. We would like to own the asset someday, but we can't quantify whether that will occur or not.

為了回答你關於ROFR的問題，我們特別進行了協商。我們希望有一天能夠擁有該資產，但我們無法量化這是否會發生。

Yes. I think the ROFR you should see as -- what we've said in the past was we would do these types of loans if there was a segue to property ownership. So in this transaction, we acquired the land and we negotiated the ROFR so that the building -- changes hands, we would have the ability to potentially acquire that building.

是的。我認為您應該將 ROFR 視為 - 我們過去所說的是，如果存在財產所有權的延續，我們將提供此類貸款。因此，在這筆交易中，我們收購了土地，並就 ROFR 進行了談判，以便建築物易手，我們將有能力收購該建築物。

I think that we're somewhat uniquely positioned in this area to underwrite a loan like this because as you've seen in Baton Rouge and if you look back to the history at Penn National, now Penn Entertainment, we have significant development expertise here with Jim and Peter and others that I think we're confident in underwriting that type of a loan.

我認為我們在這一領域具有獨特的地位來承保這樣的貸款，因為正如您在巴吞魯日看到的那樣，如果您回顧一下賓夕法尼亞國家大學（現在的賓夕法尼亞娛樂公司）的歷史，我們在這裡擁有重要的開發專業知識吉姆和彼得以及其他人表示，我認為我們有信心承銷此類貸款。

So in Rockford, we were pretty confident with the Hard Rock team, the ownership team and the ability to get that casino constructed. And so you may see more of that from us. But it will be thoughtful, and it will depend on each project and what it brings to the market and what we view the risk of the construction to be.

因此，在羅克福德，我們對硬石團隊、所有權團隊以及建造賭場的能力非常有信心。因此，您可能會從我們身上看到更多這樣的內容。但這將是深思熟慮的，這將取決於每個項目及其對市場帶來的影響以及我們對建設風險的看法。

Think of it, Jay as a tool in our tool chest to provide an even more holistic one-stop solution for a counterparty.

將其視為我們工具箱中的一個工具，為交易對手提供更全面的一站式解決方案。

Next question comes from the line of Barry Jonas with Truist Securities.

下一個問題來自 Truist Securities 的 Barry Jonas。

There's been some commentary this quarter on macro pressures for the operators. I think we all understand how safe your end streams are, but wondering how you're thinking about the current environment there. I guess I'm curious if it's influencing any of your deal discussions.

本季度有一些關於運營商面臨的宏觀壓力的評論。我想我們都了解您的終端流有多安全，但想知道您如何看待那裡當前的環境。我想我很好奇這是否會影響你們的任何交易討論。

Who wants to grab that one?

誰想抓住那個？

Question is how the macro environment plays out? Look, we have to be continually careful. The volatility is higher and the odds of things moving are more significant, but there's more natural openings for folks to need, again, solutions, from folks like us.

問題是宏觀環境如何發揮？看，我們必須不斷小心。波動性更高，事情發生變化的可能性也更大，但人們有更多自然的機會再次需要像我們這樣的人提供解決方案。

And if they need money or they're an environment development and redevelopment is something they need to do. The reality is that cost of funding for everyone has moved up. But as a counterparty, we're uniquely positioned to try and meet their needs. That's bleeding into all the conversations we're having with folks.

如果他們需要資金或他們需要進行環境開發和重建，那麼他們就需要做一些事情。現實情況是，每個人的融資成本都上升了。但作為交易對手，我們擁有獨特的優勢來嘗試滿足他們的需求。這滲透到我們與人們進行的所有對話中。

On a deal-specific or property-specific underwriting, though, Barry, I think to your question, I think we are comfortable that the gaming revenues have held in pretty well. Obviously, the commentary coming out of some of the operators' calls is that their costs are escalating. And so I think when we look at the underwrites, we're scrutinizing the ultimate cash flow that's coming out of those assets and the surety and stability of that number and whether there'll be a deterioration as costs continue.

不過，在特定交易或特定財產承銷方面，巴里，我認為對於您的問題，我認為我們對博彩收入保持得很好感到滿意。顯然，一些運營商的評論是他們的成本正在上升。因此，我認為，當我們考慮承保時，我們正在仔細審查這些資產的最終現金流量以及該數字的確定性和穩定性，以及隨著成本的持續而惡化。

So what I guess I'm going to say, a long way of saying, we're very focused on the rent coverage upfront and ensuring that we feel comfortable with it longer term.

所以我想我要說的是，從長遠來看，我們非常關注前期的租金保障，並確保我們對長期的租金感到滿意。

Great. That's really helpful. And then just for a follow-up question. Can you maybe just give us an update on next steps for Tropicana. And I'm curious if you have any thoughts you can share and what might drive you to allocate more capital there than what you've outlined so far?

偉大的。這真的很有幫助。然後是後續問題。您能為我們介紹一下 Tropicana 後續計畫的最新情況嗎？我很好奇您是否有任何可以分享的想法，以及什麼可能促使您在那裡分配比您迄今為止概述的更多的資本？

Brandon, why don't you take that? We all have a thought around the table, but why don't...

布蘭登，你為什麼不接受這個？我們在餐桌上都有一個想法，但為什麼不呢......

Yes. I think Tropicana is a process largely driven by the A's and Bally's at the moment. I mean, as the landowner there, we have a unique interest in making sure that the value of what we own there is preserved.

是的。我認為目前 Tropicana 的進程主要是由 A 和 Bally 推動的。我的意思是，作為那裡的土地所有者，我們對確保我們擁有的土地的價值得到保護有著獨特的興趣。

And then, I think to your question as to how much we might participate. You know that we -- I think we already have disclosed that we've committed to a minimum investment number to help demolish and clear the site and to do a little bit of shared infrastructure as to whether or not we decide to invest more into that project.

然後，我想回答你關於我們可以參與多少的問題。 You know that we -- I think we already have disclosed that we've committed to a minimum investment number to help demolish and clear the site and to do a little bit of shared infrastructure as to whether or not we decide to invest more into that專案.

I think it really depends on how the project comes together, we're sort of waiting to see what the A's put out in their stadium design. And then we will work with Bally's and the A's to determine what the casino resort might look like. And when the time comes for us to make a decision as to whether or not to invest, we'll do that based on the project and what we see in front of us at that time. I do think there will be an opportunity for us to invest more, but it's way too early in the process for us to make any sort of commitment on that now.

我認為這實際上取決於項目如何組合在一起，我們有點等著看運動家隊在體育場設計中的表現。然後我們將與 Bally's 和 A's 合作確定賭場度假村的外觀。當我們決定是否投資時，我們將根據項目和當時我們所看到的情況來決定。我確實認為我們將有機會進行更多投資，但現在對此做出任何承諾還為時過早。

Perfect. Said it best.

完美的。說得最好了。

Next question comes from the line of Haendel St. Juste with Mizuho.

下一個問題來自 Haendel St. Juste 和 Mizuho 的血系。

So my question has to do on nongaming. We saw one of your peers execute another nongaming deal in the bowling sector here. I'm curious if that's something you would have considered and how differently perhaps you would underwrite nongaming investments versus conventional gaming investments today?

所以我的問題與非遊戲有關。我們看到您的一位同行在保齡球行業執行了另一項非博彩交易。我很好奇您是否會考慮這一點，以及您現在承保非博彩投資與傳統博彩投資有何不同？

Our answer has been pretty much the same for years. We look at everything -- we've looked at bowling. I mean, I'm being very direct. And this decided particular transactions that just didn't fit what we're looking for.

多年來我們的答案幾乎都是一樣的。我們關註一切——我們關注了保齡球。我的意思是，我說話很直接。這決定了一些不符合我們所尋找的特定交易。

Look, I think the best answer is we'll continue to look so long as we can find the kind of transactions that we're finding in the gaming sphere. And you've seen a couple right in front of you that we've presented today, we're going to stick with that. It's what we do. It's what we do best.

看，我認為最好的答案是，只要我們能夠找到我們在遊戲領域找到的交易類型，我們就會繼續尋找。你們已經看到了我們今天介紹的幾個就在你們面前，我們將堅持這一點。這就是我們所做的。這是我們最擅長的。

I've always said someday, maybe will be someplace else. But we're not in a hurry to jump into bowling or frankly, anything else, unless it makes such a terrific sense that we could sit here with a straight face and say, this is a fat, fat deal, solid, solid, solid. I mean you know what our criteria are. And -- so would we have done that transaction? Look, I can't speak for somebody else. But we look at everything, Matt used my favorite line, actually probably from the bible, many are called, but few are chosen. And that's kind of the way we operate here.

我總是說有一天，也許會去別的地方。但我們並不急於跳入保齡球或其他任何事情，除非它具有如此出色的意義，以至於我們可以板著臉坐在這裡說，這是一筆非常非常大的交易，紮實，紮實，紮實。我的意思是你知道我們的標準是什麼。那我們會完成那筆交易嗎？聽著，我不能代表別人說話。但我們看看一切，馬特用了我最喜歡的台詞，實際上可能來自聖經，很多被稱為，但很少被選擇。這就是我們在這裡的運作方式。

Haendel, pound for pound, you look at -- we think the dollars we put into Rockford eclipse the upside of anything we saw outside of gaming in the past quarter. If we found something that was better, you would have seen some sort of headline on it. But remember, we have to sell a piece of our portfolio every time we buy something new in the form of our equity.

亨德爾，你看，我們認為我們在羅克福德投入的資金超過了我們在過去一個季度在遊戲之外看到的任何東西的優勢。如果我們發現更好的東西，你會看到它的某種標題。但請記住，每次我們以股權形式購買新東西時，我們都必須出售投資組合的一部分。

And if we're not getting a better return on that incremental capital, and also doing something we think is going to increase intrinsic long-term value per share, we're not going to do it. We don't mistake activity for progress. We're very methodical in the way we think about things.

如果我們不能從增量資本中獲得更好的回報，並且做一些我們認為會增加每股內在長期價值的事情，我們就不會這樣做。我們不會將活動誤認為進步。我們思考事物的方式非常有條理。

Yes. I'm not saying we're right versus somebody else, but it's kind of the way we operate. We only take the long view.

是的。我並不是說我們相對於其他人來說是正確的，但這就是我們的運作方式。我們只著眼長遠。

It's good being in a world where there's a short list of bidders. I mean, once you start getting outside of gaming and some of the more traditional triple-net opportunity set, the list of folks bidding on it is greater, typically, the price efficiency is greater and the opportunity for alpha from the kinds of things we bring to the table is less, generally.

在一個只有少數競標者的世界裡，這是一件好事。我的意思是，一旦你開始擺脫遊戲和一些更傳統的三網機會集，競標的人名單就會更多，通常，價格效率會更高，並且從我們的各種事物中獲得阿爾法的機會一般來說，帶到餐桌上的東西較少。

I appreciate that context and color. Maybe then what is your -- how do you view the right investment hurdle? What is your current hurdle rate today in light of the current environment?

我很欣賞這種背景和顏色。那麼您如何看待正確的投資障礙？鑑於當前環境，您目前的最低預期報酬率是多少？

I mean, we hate to quote a number because every situation is different. You can kind of back into what we did in Rockford and it's a very healthy spread for that set of circumstances, that quality of cash flow, and we want to mimic things that have some similarity to that spread but we can't. Look, we are the price discovery for some of the deals in our pipeline right now, and we can't really negotiate openly on our calls around what the appropriate spread is.

我的意思是，我們討厭引用一個數字，因為每種情況都是不同的。你可以回顧一下我們在羅克福德所做的事情，對於那種情況、現金流品質來說，這是一個非常健康的利差，我們想模仿與該利差有一些相似之處的東西，但我們不能。看，我們現在是我們管道中一些交易的價格發現者，我們無法真正就適當的價差進行公開談判。

We can tell you, we're confident, is more is better than less.

我們可以告訴您，我們有信心，多總比少好。

And we try for every basis point we possibly can get. And it has to check both boxes. It has to be initially earnings accretive and long-term value accretive.

我們會盡可能嘗試獲得的每一個基點。它必須選中這兩個框。它必須是最初的收益增值和長期的價值增值。

And that having been said, we're not always a low bidder. I mean, frankly, that's not our goal. Our goal is to provide a complete answer to the needs of our clients. And sometimes, it's pricing. But more often, it is an assembly of things that we can bring to the table that others can. And I think the Queen deal in Baton Rouge is illustrative of that.

話雖如此，我們並不總是低價出價者。坦白說，我的意思是，這不是我們的目標。我們的目標是為客戶的需求提供完整的答案。有時，它是定價。但更常見的是，它是我們可以將其他人可以帶到桌面上的東西的集合。我認為女王在巴吞魯日的交易就說明了這一點。

Certainly, certainly. One minor follow-up. I appreciate the comments on the balance sheet earlier, but it wasn't clear -- kind of where you guys felt the right target leverage range was in the current environment. I think that the EBITDA today is 4.7, really good really low, but where should we see that migrate to? Or what do you -- how are you thinking about the right target leverage range today?

當然，當然。一項小的後續行動。我很欣賞先前對資產負債表的評論，但還不清楚——你們認為在當前環境下正確的目標槓桿範圍在哪裡。我認為今天的 EBITDA 是 4.7，非常好非常低，但是我們應該看到它遷移到哪裡？或者您現在如何考慮正確的目標槓桿範圍？

We've, for a long time, pointed out 5 to 5.5 is the target range over time. And we've also said more recently that we're very comfortable being near, at, around or below the lower end of that range given the environment.

很長一段時間以來，我們一直指出 5 到 5.5 是隨著時間的推移的目標範圍。最近我們也表示，考慮到環境，我們非常願意接近、等於、大約或低於該範圍的下限。

But remember that gives us capacity to be opportunistic. And you may, in certain situations, you just get closer to the bottom end of that range for the right opportunity in the right situation. We've got optionality. And I'd expect to see us toward the lower end of that range over an intermediate period of time.

但請記住，這使我們有能力投機取巧。在某些情況下，您可能會更接近該範圍的底端，以在正確的情況下找到正確的機會。我們有選擇權。我預計我們會在一段時間內達到該範圍的下限。

Next question comes from the line of Daniel Guglielmo with Capital One Securities.

下一個問題來自第一資本證券公司的 Daniel Guglielmo。

So on the operator side, it's pretty clear that growth from an organic perspective and the brick-and-mortar is going to be a little tougher near term and management teams may need to spend a little more to get growth there.

因此，在營運商方面，很明顯，從有機角度和實體角度來看，短期內的成長將更加困難，管理團隊可能需要花費更多的資金才能成長。

Have you been getting additional inbound calls around financing, that kind of stuff and more -- maybe moving up the time line of any projects already in the pipeline probably relates to the hiring of Jim, too?

您是否收到了更多有關融資、此類問題等方面的來電——也許提前計劃中的任何項目的時間線也可能與吉姆的聘用有關？

Steve, do you want to talk about that?

史蒂夫，你想談談這個嗎？

Yes, sure. No, I think you're correct that -- as the capital markets have become more difficult to navigate, most of the gaming operators are not normally issuers of equity and they've traditionally leaned on the high-yield market to access additional funds.

是的，當然。不，我認為你是對的——隨著資本市場變得越來越難以駕馭，大多數博彩運營商通常不是股權發行人，他們傳統上依靠高收益市場來獲取額外資金。

So rewind 2 years, when people were going to build or contemplate a new hotel tower, they were going to fund it themselves at a cheaper cost of capital than I would have offered. Fast forward to today and the exact opposite is true.

因此，時間倒回兩年，當人們要建造或考慮建造一座新的酒店大樓時，他們會以比我提供的更便宜的資本成本自行融資。快進到今天，情況恰恰相反。

So we have had -- I think there's 2 things. One, the operators have a renewed interest in investing in their properties to try to drive growth because I think the external growth pipelines are a little more challenging right now. And secondly, I think they're much more open and willing to have conversations with us around potential funding source especially in properties we already own with them. So yes, the velocity of those conversations has definitely picked up.

所以我們有——我認為有兩件事。第一，營運商對投資其物業以試圖推動成長重新產生了興趣，因為我認為目前外部成長管道更具挑戰性。其次，我認為他們更加開放，願意與我們圍繞潛在的資金來源進行對話，特別是我們已經擁有的房產。所以，是的，這些對話的速度肯定有所加快。

Great. Great. And then just around the Bally's relationship and thinking about the Lincoln option, do you all think that can still happen next year? Or is that going to be like the option went out to 2026. Is that going to be kind of later? I know there's a lot of moving pieces at the Bally's debt, but just kind of thinking about it from like a modeling perspective, I'm not sure we can see it.

偉大的。偉大的。然後圍繞巴利的關係並考慮林肯的選擇，你們都認為明年還會發生這種情況嗎？或者會像 2026 年的選擇一樣。那會是稍後的事嗎？我知道 Bally 的債務中有很多令人感動的部分，但只是從建模的角度來思考它，我不確定我們是否能看到它。

Yes. So I think, look, we pushed it out to '26 in our negotiations, mainly because we don't have clarity, right? They're not our lenders that are holding up the ability for them to do it. So we didn't really have clarity. We are cognizant of the maturity date on their revolver and therefore, we did look to move that timing out such that if that debt gets refinanced and that prohibition is removed, we feel comfortable and confident that we would have then an opportunity to complete the sale-leaseback transaction.

是的。所以我認為，看，我們在談判中將其推遲到了 26 年，主要是因為我們不清楚，對吧？他們不是我們的貸款人，他們沒有能力這樣做。所以我們並沒有真正弄清楚。我們知道他們的左輪手槍的到期日，因此，我們確實希望推遲這一時間，這樣，如果債務得到再融資並且禁令被取消，我們就會感到放心並有信心，我們將有機會完成出售-回租交易。

So we don't have any insight into the timing or any insight into updated conversations, which may or may not even be happening with their lenders.

因此，我們對時間安排或更新的對話沒有任何了解，這些對話可能會或可能不會與貸方發生。

Next question comes from the line of Chad Beynon with Macquarie.

下一個問題來自查德貝農 (Chad Beynon) 與麥格理 (Macquarie) 的合作。

Just in terms of destination versus regional. Peter, I know you've talked about this a lot, regional, obviously, being more resilient during different times of the cycle, but hitting kind of a near-term ceiling right now, destination, i.e., Vegas, really capitalizing on the inflation pricing environment. but having more cyclicality.

僅就目的地與區域而言。彼得，我知道你已經談論過很多次了，顯然，區域性的，在周期的不同時期更具彈性，但現在達到了近期的上限，目的地，即拉斯維加斯，真正利用了通貨膨脹定價環境。但具有較多的周期性。

Has anything changed just in terms of how you're thinking about the 20-, 30-year long-term lease opportunities and kind of the spreads between regional and destination?

您對 20 年、30 年長期租賃機會以及地區和目的地之間的價差的看法是否改變了？

That's a fair question. I don't think much has changed because it varies property to property. How secure is a property in a given market, I'm just picking one that jumps in my head, the Cordish property in Maryland, for example. That thing is a rock solid. The Penn property at Charles Town. You can look at a handful of regional properties that for unique reasons are going to be strong today and going to be strong tomorrow.

這是一個公平的問題。我認為沒有太大變化，因為它因財產而異。特定市場上的房產有多安全，我只是挑選一個在我腦海中跳動的房產，例如馬裡蘭州的科迪什房產。那東西堅如磐石。位於查爾斯鎮的佩恩房產。您可以看看一些區域性房地產，由於獨特的原因，它們今天和明天都會表現強勁。

We're not in Las Vegas. If we saw more opportunity in Las Vegas, you probably see us, and we do poke around there as well. We're not opposed to owning property on the strip or elsewhere in Nevada. And we do look at things there on a routine basis. But it just gets down to, can we add value -- pretty much that's mantra. Can we add value -- long-term value for shareholders.

我們不在拉斯維加斯。如果我們在拉斯維加斯看到更多機會，您可能會看到我們，我們也會在那裡探索。我們不反對在內華達州拉斯維加斯大道或其他地方擁有房產。我們確實會定期關注那裡的情況。但歸根究底，我們能否增加價值——這幾乎就是口頭禪。我們能否增加價值－為股東帶來長期價值？

I really don't care what it is, and you've heard me say before, and it's actually kind of serious that -- I don't want a shack on the beach with no windows and doors. If the revenue from that -- because I don't care much about asset quality, I'm being a bit facetious. What we care about is income quality. How secure is that income now and 30, 40, 50 years from now. That's what matters. And that's the only thing that drives us no matter where it is or what it is.

我真的不在乎它是什麼，你以前聽過我說過，這實際上有點嚴重——我不想在海灘上有一個沒有門窗的小屋。如果是由此產生的收入——因為我不太關心資產質量，所以我有點開玩笑。我們關心的是收入品質。現在以及 30、40、50 年後的收入有多安全。這才是重要的。這是唯一驅動我們的東西，無論它在哪裡或什麼。

Appreciate it. And then as we think about the, I guess, the purchase price size of opportunities, obviously, Rockford circa $100 million you've had others in the last year or 2 that were kind of in the $500 million to $1 billion range with Tiverton and Cordish.

欣賞它。然後，當我們考慮機會的購買價格大小時，我想，顯然，羅克福德大約為1 億美元，在過去的一兩年裡，你已經有其他人在5 億至10 億美元範圍內與蒂弗頓和科迪什。

As we think over the next couple of years, should we expect more of kind of these bite-sized opportunities, the circa $100 million to $500 million? Or do you still think there's opportunities out there that are north of that?

當我們思考未來幾年時，我們是否應該期待更多這種小型機會，大約 1 億至 5 億美元的機會？或者您仍然認為除此之外還有機會嗎？

It's tough to see out 2, 3 years, but in the relatively short term, we certainly see a robust opportunity set in that $100 million to $500 million range. After that, I mean, this environment has to season before we see kind of larger mega deals. That said, that can change.

很難預見 2、3 年的前景，但在相對較短的時間內，我們肯定會看到 1 億至 5 億美元範圍內的巨大機會。在那之後，我的意思是，在我們看到更大的大型交易之前，這種環境必須成熟。也就是說，這可能會改變。

Next question comes from the line of David Katz with Jefferies.

下一個問題來自大衛·卡茨 (David Katz) 和傑弗里斯 (Jefferies) 的對話。

So I wanted to just talk more about the Trop side, which -- and I think one of the earlier questions may have touched on whether this $175 million, like, what the ceiling on where that could go is, I assume that the -- once the property does shut right the rent is suspended? Or do they continue paying rent?

所以我想多談談特羅普方面，我認為之前的問題之一可能涉及到這 1.75 億美元是否，例如，這筆資金的上限是多少，我認為——一旦房產關閉，租金就會暫停嗎？還是他們繼續支付租金？

It goes on forever. It goes on forever.

它永遠持續下去。它永遠持續下去。

Rent is forever. Got it. But in terms of where the boundary is as to what you would consider participating in, is there a boundary? And presumably, the outcome of whatever you do participate in is going to be rent based, not operating base at the end of the day, correct?

租金是永遠的。知道了。但就你考慮參與的界線而言，有界線嗎？想必，無論你參與什麼，最終的結果都是基於租金，而不是營運基地，對嗎？

Absolutely. Look, there's no -- almost it relates to the last question. There's no real limit. I mean we do a $5 billion deal, but is money available? Can we do it with a proper spread?

絕對地。看，沒有——幾乎與最後一個問題有關。沒有真正的限制。我的意思是我們達成了一筆 50 億美元的交易，但資金到位了嗎？我們可以透過適當的傳播來做到這一點嗎？

Project going to get a (inaudible) long term?

專案會得到（聽不清楚）長期的嗎？

Yes. It all gets down to the same issue. So we haven't seen yet where this is going to go. The script is not written in -- at the Trop site. We have an interest in, obviously, the long-term plan there to preserve the value of what we've got. We could do something more, but we haven't seen that yet. We're well ahead of where that is. So we'll have to see. Anything is possible, but the same criteria applies.

是的。這一切都歸結為同一個問題。所以我們還沒有看到這將走向何方。該腳本不是在 Trop 網站編寫的。顯然，我們對保持我們所擁有的價值的長期計劃感興趣。我們可以做更多的事情，但我們還沒有看到。我們已經遠遠領先這個水準。所以我們得看看。一切皆有可能，但適用相同的標準。

Next question comes from the line of Smedes Rose with Citi.

下一個問題來自 Smedes Rose 與花旗銀行的關係。

I guess, I was wondering, you talked about this on the last quarter call a little bit of -- is there any sort of update from Penn in terms of their plans and your -- would you still expect to put capital towards those projects next year that they've talked about? I think you said you bought some land maybe last quarter in Aurora. I'm just wondering if there's anything on that, that you can speak to?

我想，我想知道，您在上個季度的電話會議上談到了這一點 - 賓州大學在他們的計劃方面有任何更新嗎？您是否仍然希望接下來為這些項目投入資金他們談論過的那一年？我想你說過你可能上個季度在奧羅拉買了一些土地。我只是想知道你是否有什麼可以談談的？

Nothing certain. I can say, because I'm in touch with some of the architecture or the architects doing work for these projects, that they are going full speed ahead with design and so forth.

沒什麼確定的。我可以說，因為我與一些為這些專案工作的架構師或建築師有聯繫，所以他們正在全速推進設計等工作。

So precise timing, we don't have -- really don't. Maybe you need to get on the phone, give them a call, just refine and say what's your timing. But we know that they're committed to those projects. And -- but timing, I don't have, anybody around the table have a better sense?

如此精確的時間安排，我們沒有——真的沒有。也許您需要打電話給他們，然後完善並說出您的時間表。但我們知道他們致力於這些項目。而且──但是時間安排，我不知道，桌上有人有更好的感覺嗎？

I don't have a better sense of timing as for our fund, Rose. I mean, I think Penn has said that those projects are moving forward, and we don't have any reason to believe that they're not. So I think it's just a matter of where they decide or when they decide to draw our funds. And I think you can look at the market and their borrowing rates. And we're trying to stay in close contact with them so that if there's a change in the timing of the need over those funds then we would be -- we would have advanced notice of that, but I'm not aware of anything specific that's changed their timing at the present time.

對於我們的基金，我沒有更好的時機感，羅斯。我的意思是，我認為賓州大學已經說過這​​些計畫正在向前推進，我們沒有任何理由相信它們沒有。所以我認為這只是他們決定在哪裡或何時決定提取我們資金的問題。我認為你可以看看市場及其借款利率。我們正努力與他們保持密切聯繫，以便如果這些資金的需求時間發生變化，我們會提前通知，但我不知道任何具體情況這改變了他們目前的時間表。

But we're looking forward to it. So -- and expecting it somewhere down the road.

但我們很期待。所以——並期待它在未來的某個地方。

Next question comes from the line of Connor Siversky with Wells Fargo.

下一個問題來自康納·西弗斯基 (Connor Siversky) 與富國銀行 (Wells Fargo) 的關係。

First, I want to start on labor. I mean just across labor-intensive businesses in the U.S., we've seen a ton of strike activity over the last year or so, and I'm wondering where this sits on the spectrum of risk for GLPI, and then whether or not higher labor expenses are making their way into your underwriting framework as you address future opportunities?

首先，我想從勞動開始。我的意思是，在美國的勞動密集型企業中，我們在過去一年左右的時間裡看到了大量的罷工活動，我想知道這在 GLPI 的風險範圍中處於什麼位置，然後是否會更高當當您應對未來的機會時，勞動力費用是否會進入您的承保框架？

Well, look, one advantage of having 61 properties now in our portfolio that we can have -- I used to say that, and I still say our revenues are largely bulletproof. And I think they are. And then they used to say we're taking an atomic attack to really threaten our business. We actually had one, called COVID, the equivalent of a neutron bomb that shut down properties coast to coast. But let's hope that, that's a onetime aberration that we'll never see in our lifetime again.

好吧，看，現在我們的投資組合中擁有 61 處房產，這是我們可以擁有的一個優勢——我曾經這麼說過，而且我仍然說我們的收入在很大程度上是無懈可擊的。我認為他們是。然後他們常說我們正在遭受原子攻擊，這確實威脅到了我們的業務。事實上，我們有一種叫做新冠病毒的病毒，相當於一顆中子彈，可以讓全國各地的房屋被封鎖。但我們希望，這是我們有生之年不會再看到的異常現象。

And again, then we look to the distribution of our income across the portfolio. And again, master lease means a lot in that case. So I don't think there's anything on the horizon that we find threatening. Anybody around the table have a different view?

然後我們再次關注整個投資組合中的收入分配。再說一次，主租賃在這種情況下意義重大。所以我認為我們不會發現任何威脅的事情。桌上有人有不同的看法嗎？

I mean, I agree that it has impacted our tenants, but it hasn't impacted our rent. Our rent is fairly fixed across our portfolio. And so -- and you're right, you have to consider their margins when you're doing the underwriting, but we definitely do that. And as we said, we have really strong rent coverage still at every property. So it hasn't impacted us, and it will first impact the tenant before it will impact GLPI.

我的意思是，我同意這對我們的租戶產生了影響，但並沒有影響我們的租金。我們的租金在我們的投資組合中相當固定。所以——你是對的，當你進行承保時，你必須考慮他們的利潤，但我們肯定會這樣做。正如我們所說，我們對每個房產的租金保障仍然非常強大。所以它沒有影響我們，它會先影響租用戶，然後再影響 GLPI。

Yes. One of the advantages we have is that we're gaming people. I mean that's kind of who we are. So that when we look at these markets, we know them we spent decades understanding them, so that I do think we bring an understanding of risk and location and all the things that we consider as part of our underwriting.

是的。我們的優勢之一是我們在玩弄人。我的意思是我們就是這樣。因此，當我們審視這些市場時，我們了解它們，我們花了幾十年的時間來了解它們，所以我確實認為我們對風險和地點以及我們認為是承保一部分的所有事情都有了了解。

Yes. Right. Understood. And just to clarify, I'm asking that question in the context of rent coverage, but I understand your points there.

是的。正確的。明白了。只是為了澄清一下，我是在租金保障的背景下問這個問題的，但我理解你的觀點。

And then second, maybe just taking a more abstract look at the world, but a couple of interesting things in net lease earnings this week. So on one end, you had to read temper expectations. They're not really penalized by investors. On the other end, we saw some accretive transactions take place that were not well received.

其次，也許只是更抽像地看待世界，但本週淨租賃收益中有一些有趣的事情。因此，一方面，你必須了解脾氣的期望。他們並沒有真正受到投資者的懲罰。另一方面，我們看到一些增值交易的發生，但並未受到好評。

So from the perspective of GLPI as we look into 2024, is there any sense out there that it could make sense to put on the brakes even if accretion is apparent, if it's just not an asset where you're comfortable taking on that kind of risk. And then maybe specifically, if we look at Bally's, for example, I mean, we have an operator that seems to have a challenged cost of capital, there are expansion plans that need to be funded.

因此，從 GLPI 的角度來看，當我們展望 2024 年時，即使成長很明顯，如果它不是您願意接受的資產，那麼踩煞車是否有意義？風險。然後也許具體來說，如果我們看看巴利，我的意思是，我們的營運商似乎面臨資本成本的挑戰，有需要資助的擴張計畫。

So does this open up the door for GLPI to become the preferred funding source and maybe a couple of attractive opportunities on that end? And then maybe taking it a step further, is it worth taking on a degree of what could be perceived as corporate-level risk for assets that are performing well at the property level?

那麼，這是否為 GLPI 成為首選資金來源打開了大門，並可能為此帶來一些有吸引力的機會？然後也許更進一步，對於在房地產層級表現良好的資產，是否值得承擔一定程度的企業層級風險？

I'll take the first part, Connor. I mean, we live with a foot over the gas and a foot over the brakes. The last year, I mean, someone asked last call, "It's been 12 months, why didn't you do anything?" And I'll say here, one of the deals that we didn't get, we were exactly the same at cap rate, but we wanted more coverage to your question about how do you think about risk.

我來聽第一部分，康納。我的意思是，我們的生活是一腳踩油門，一腳踩煞車。我是說，去年有人在最後一個電話中問，“已經 12 個月了，你為什麼沒有採取任何行動？”我要在這裡說的是，我們沒有得到的交易之一，我們的資本化率完全相同，但我們希望更多地報告您關於如何看待風險的問題。

We've done it before it was popular or in fashion. So that mentality is not going to change in this environment. And I suspect we did Rockford not long ago. And every feedback item we heard was positive because it checked those boxes, not just on my OpEx short-term GAAP accretive, but people agreed with us, this is long-term accretive to the value of your company. Thanks for doing this.

在它流行或流行之前我們就已經這麼做了。因此，這種心態在這種環境下不會改變。我懷疑我們不久前就去了羅克福德。我們聽到的每一個回饋都是正面的，因為它勾選了這些框，不僅僅是我的營運支出短期 GAAP 增值，而且人們同意我們的觀點，這對貴公司的價值有長期增值。感謝您這麼做。

And when you think about smaller deals that we kind of bite-size match fund in a balanced way, I'd expect to have similar responses as long as the risk profile fits what we're mandated to try and find.

當你考慮到我們以平衡的方式進行小額匹配基金的較小交易時，只要風險狀況符合我們被要求嘗試和發現的內容，我預計也會有類似的反應。

And I'll give Peter the second...

我會給彼得第二個......

Go ahead. What you're going to say. Steve?

前進。你要說什麼。史蒂夫？

Well, so I'll try to answer 2 and 3 and then people can help out where needed. So the second question was around Bally's and opportunities of funding. Look, I think with respect to development transactions, whether it's Bally's, Rockford, player to be named later. I think we look at these things twofold. One is, how do we reduce the construction risk. So we're going to look at what's our level of oversight. Do we have a seat at the table to help make decisions, monitor the budget, how closely can we be to kind of foot in the door on the ground and at the table to control the budgeting experience.

好吧，所以我會嘗試回答 2 和 3，然後人們可以在需要時提供幫助。所以第二個問題是關於 Bally 和融資機會。你看，我認為關於發展交易，無論是巴利、羅克福德還是稍後會提到的球員。我認為我們要雙重看待這些事情。一是如何降低施工風險。所以我們要看看我們的監督程度是多少。我們是否在談判桌上擁有一席之地來幫助制定決策、監控預算，我們能夠在多大程度上踏入實地並在談判桌上控制預算體驗。

Secondly, we have obviously a lot of experience between Jim and Peter and the rest of the team here. And then lastly, we're going to look at contractual and procedural protections to make sure that we have everything buttoned up so that there are no surprises and there's no budget bust or overrun or something of that nature.

其次，吉姆、彼得以及團隊其他成員之間顯然有很多經驗。最後，我們將考慮合約和程序保護，以確保我們把一切都搞定，這樣就不會出現意外，也不會出現預算破裂或超支或類似的情況。

Now once we get through all that, if it still somehow makes sense and we can feel comfortable that the risks are manageable, then we have to get a commensurate return to balance that and offset that risk. So I think it's a large process. I'm giving you a circuitous answer, that until we do all that work and can get our head and hands around all of that information on any development project, I could not tell you whether something makes sense or doesn't make sense.

現在，一旦我們經歷了這一切，如果它仍然有意義，並且我們可以放心地認為風險是可控的，那麼我們必須獲得相應的回報來平衡並抵消該風險。所以我認為這是一個很大的過程。我給你一個迂迴的答案，在我們完成所有工作並能夠掌握任何開發項目的所有資訊之前，我無法告訴你某些事情是否有意義。

And rest assured, if we get to the point where we feel comfortable with the risk and we feel like the return we're getting is commensurate with the risk, then you'll probably hear about the transaction. So that's kind of how we go about the underwriting process on the development side.

請放心，如果我們對風險感到滿意，並且我們覺得我們獲得的回報與風險相稱，那麼您可能會聽說這筆交易。這就是我們在開發方面進行核保流程的方式。

With respect to a corporate deal versus a property level deal, I mean, I think right now, there are a number of gaming companies that are seeing their share prices impacted by things that are at the corporate level, whether it be growth opportunities, interactive opportunities and the like. And I think in many of those cases, if you look at our master lease performance, we have very strong rent coverage.

關於企業交易與房地產層面的交易，我的意思是，我認為現在有許多遊戲公司看到他們的股價受到企業層面的影響，無論是成長機會、互動機會之類的。我認為在許多情況下，如果你看看我們的主租賃表現，我們的租金覆蓋率非常高。

So I think in situations where we're comfortable with the underlying properties and who's running them and how they run them in the future long-term cash flow prospects, we are comfortable still transacting on those bases. I think, though, it depends on the corporate level -- it depends on what's going on in the corporate level. I don't think we're -- you're going to see us run into a burning building.

因此，我認為，在我們對基礎資產、誰在運營它們以及他們在未來長期現金流前景中如何運營它們感到滿意的情況下，我們仍然願意在這些基礎上進行交易。不過，我認為這取決於公司層面——取決於公司層面正在發生的事情。我認為我們不會——你會看到我們衝進一座著火的大樓。

So if there's a pending bankruptcy coming, I'm not sure how quickly or eager we're going to be to step in and buy property because it's covering at 2.5x, only to find ourselves going through some process. So I think it depends on the pendulum of opportunity where things sit.

因此，如果即將發生破產，我不確定我們會以多快或多快的速度介入併購買房產，因為它的回補率為 2.5 倍，結果卻發現我們正在經歷一些流程。所以我認為這取決於事情所處的機會鐘擺。

But ultimately, we're underwriting the assets we own. We're comfortable with the assets we own. And one of the things we consider when we look at transactions is, would someone else be willing to run these properties and operate these properties and step into this lease if this party that we're currently working with was no longer there. And so if that's a yes, then it makes the underwriting decision significantly different.

但最終，我們要承保我們擁有的資產。我們對自己擁有的資產感到滿意。當我們考慮交易時，我們考慮的事情之一是，如果我們目前正在合作的一方不再存在，其他人是否願意經營這些財產並經營這些財產並介入此租賃。因此，如果答案是肯定的，那麼承保決策就會顯著不同。

Next question comes from the line of Robin Farley with UBS.

下一個問題來自瑞銀集團的羅賓法利 (Robin Farley)。

Great. A lot of my questions have been asked already. I guess just circling back to the issue of potential non-gaming. Can you describe a little bit more? You said you looked at something and it wasn't really a fit for you. Is there any more color on kind of what made it not fit for your goals?

偉大的。我的很多問題已經被問到了。我想只是回到潛在的非遊戲問題。能再描述一下嗎？你說你看了一些東西，但它不適合你。是否有更多的顏色表明它不適合您的目標？

And then were you suggesting -- you made a comment about, when there are a lot of bidders for something that it's -- not necessarily something that you'd end up doing. Are you suggesting that, that was the case for that nongaming transaction? Or I didn't know if that comment was unrelated.

然後你是否建議——你發表了評論，當有很多競標者對某件事進行競標時——不一定是你最終會做的事情。您是否認為非博彩交易就是這種情況？或者我不知道該評論是否無關。

Probably, Robin, unrelated. Look, I don't like auctions. I have to speak for myself around the table, whether it's art, whether it's cars, whether it's anything, I'd like to say the winner loses. And I think often that is the case. So to say I'm high bidder in -- for any one of those things, including -- I wouldn't take as a point of pride that we paid the most for any property of any type.

也許，羅賓，無關。聽著，我不喜歡拍賣。我必須在桌子旁為自己說話，無論是藝術，無論是汽車，無論是任何東西，我想說贏者輸。我認為情況經常如此。因此，如果說我是其中任何一件事的高出價者，包括——我不會因為我們為任何類型的任何財產支付最高價格而感到自豪。

So look, we -- I think, do business around our -- Matt has the best word for it, our bespoke offerings, the ability to provide something that our clients want that maybe somebody else can't provide. It's a package of things, and I think we do that extraordinarily well.

所以看，我們——我認為，圍繞我們——馬特有最好的詞來形容它，我們的定制產品，有能力提供我們的客戶想要的、也許其他人無法提供的東西。這是一攬子事情，我認為我們做得非常好。

But just to straight up, we're going to bid the highest price for almost anything that's just doesn't -- in our DNA, not saying we wouldn't do it under some circumstances, but it's certainly not our goal, first, second or third. It just isn't.

但說實話，我們將為幾乎所有不符合我們 DNA 的東西出最高價，並不是說我們在某些​​情況下不會這樣做，但這肯定不是我們的目標，首先，第二或第三。事實並非如此。

With respect to other properties, no, I don't think we've lost a bid or anything like that or any other group of assets. Look, we've looked at golf courses. We've looked at every possible entertainment on the planet. And we've been doing it year in, year out. just haven't seen anything that gives us the kind of secure comfort that we get from the stuff that we present to you today.

至於其他財產，不，我認為我們沒有失去投標或類似的東西或任何其他資產組。看，我們看過高爾夫球場。我們研究了地球上所有可能的娛樂。我們年復一年地這樣做。只是還沒有看到任何東西可以給我們帶來像今天向您展示的東西那樣的安全舒適感。

And if we run out of that stuff, I don't know, maybe we'll -- well, we'll deal with that if we ever get there. But so far, that hasn't happened. In fact, we're very encouraged by what we see as our pipeline and portfolio of opportunities right now. So we're going to stick close to our knitting. We'll look at other stuff. We do have almost every week. But we haven't seen it. Is that fair, gang?

如果我們用完了這些東西，我不知道，也許我們會——好吧，如果我們到了那裡，我們會處理這個問題。但到目前為止，這種情況還沒有發生。事實上，我們對目前的管道和機會組合感到非常鼓舞。所以我們要堅持我們的編織。我們會看看其他的東西。我們幾乎每週都有。但我們還沒看到。這公平嗎，幫派？

I mean, when we look outside of gaming, the goal is not to focus on just experiential. It's to find durable cash flows that have some strategic tie-in to what we do currently. And if you look at the continuum of consumer discretionary from one extreme staple to other extreme, totally discretionary. Regional gaming tends to be about as staple as it gets. I mean, you can look at the resilience of the cash flows of our underlying company to start with overall. And it's really hard to find that on a risk-adjusted basis outside of gaming. I think that's the point you keep hearing from us.

我的意思是，當我們把目光投向遊戲之外時，我們的目標不僅僅是專注於體驗。這是為了找到與我們目前所做的事情有一定策略連結的持久現金流。如果你看看非必需消費品從一種極端的主食到另一種極端的連續體，你會發現完全是非必需品。區域遊戲往往是最重要的。我的意思是，你可以先看看我們基礎公司現金流的彈性。在遊戲之外的風險調整基礎上很難找到這一點。我認為這就是您不斷收到我們訊息的重點。

We know what it looks like. We do it in our day job all the time. And to the extent we see something that adds to that. We're happy to do it, but it's a tall task. At least it has been, I mean the opportunity for alpha within gaming. When you think about where cap rates are and how durable cash flows is, there's still a fundamental mispricing in the market. It has been institutionalizing, but it's not there yet. And at some point, maybe it will be and maybe this math is the opposite, and maybe you do see us do more to Peter's point. But we're still somewhere mid-innings in that curve.

我們知道它是什麼樣子。我們在日常工作中一直這樣做。在某種程度上，我們看到了一些補充的東西。我們很高興這樣做，但這是一項艱鉅的任務。至少一直如此，我指的是遊戲領域的阿爾法機會。當你考慮資本化率在哪裡以及現金流有多持久時，市場仍然存在根本性的錯誤定價。它已經制度化了，但還沒有實現。在某些時候，也許會是這樣，也許這個數學是相反的，也許你確實看到我們在彼得的觀點上做了更多的事情。但我們仍處於該曲線的中局位置。

Yes. Let me add this, Robin. We're not opposed to doing something outside of gaming, by no means at all. And maybe we'll know it when we see it. But if we get on a call like this, and we've done something else, I want to be able to have the greatest confidence on the planet that the story we're telling you is a terrific one. And we just haven't seen that opportunity.

是的。讓我補充一下，羅賓。我們不反對做遊戲以外的事情，一點也不反對。也許當我們看到它時我們就會知道。但是，如果我們接到這樣的電話，而我們已經做了其他事情，我希望能夠擁有世界上最大的信心，我們告訴你的故事是一個了不起的故事。我們只是還沒有看到這個機會。

Next question comes from the line of Ronald Kamdem with Morgan Stanley.

下一個問題來自摩根士丹利的羅納德‧卡姆德姆 (Ronald Kamdem)。

You have (inaudible) for Ron. Just 2 quick ones for me. I think the first is, if we just dig in on the pipeline right now, like in this even higher rate environment, do you think that's even slower your conversations in the last quarter? That said, if the deal conversations are ongoing right now, is it still on the same pace? Or I will party -- rather wait a little bit longer to continue? Like, any color on that would be helpful.

你有（聽不清楚）榮恩。對我來說只有 2 個快速的。我認為第一個問題是，如果我們現在就深入研究管道，就像在這個更高速率的環境中一樣，您認為上個季度的對話速度會更慢嗎？也就是說，如果交易談判現在正在進行，是否仍然保持相同的節奏？或者我會參加派對——寧願再等一會兒再繼續？就像，任何顏色都會有幫助。

Steve, do you want to take that, or Matt?

史蒂夫，你想接受這個，還是馬特？

Is the question if conversations have slowed? I'm sorry, I wasn't following.

問題是對話是否變慢了？抱歉，我沒跟上。

Like even slower in the last quarter? Or do you think like all the conversations you have ongoing right now is still on the same pace or? Yes.

上個季度甚至更慢？或者你認為你現在正在進行的所有對話仍然保持相同的節奏嗎？是的。

No, I think -- look, I think the markets obviously cause people to kind of react, I think, at a little more measured pace. So I think there's probably some truth to the fact that things are moving a little slower and people are constantly reevaluating where things sit and where things stand. So I don't disagree with that. I think that's accurate.

不，我認為——看，我認為市場顯然會引起人們的反應，我認為，反應的速度要更加謹慎。所以我認為，事情發展得有點慢，人們不斷地重新評估事物的現狀和立場，這一事實可能有一定道理。所以我不同意這一點。我認為這是準確的。

Nice. The second one is a follow-up question about the refinancing. I'm seeing like the current interest rate on that $400 million is only at 3.35%. Given this higher for longer environment, like think about 2024, like from a modeling perspective, like how should I think about the potential, let's say, interest rate headwinds on AFFO in 2024 or even 2025? Any color on that will be helpful.

好的。第二個問題是關於再融資的後續問題。我看到這 4 億美元目前的利率僅為 3.35%。考慮到這種長期較高的環境，例如考慮 2024 年，例如從建模的角度來看，例如我應該如何考慮 AFFO 在 2024 年甚至 2025 年可能面臨的利率逆風？任何顏色都會有幫助。

I mean if we were to refinance it with the 10-year, we're talking mid-7s. So you're right, obviously, our cost of borrowing, like everyone else, is going up.

我的意思是，如果我們用 10 年期債券再融資，我們談論的是 7 年期中期債券。所以你是對的，顯然，我們的借貸成本和其他人一樣正在上升。

Yes, maybe the market will give our equity the price it deserves. That will raise a lot of cash that way. Look, I said earlier today that we -- this is a tough environment for everybody in the borrowing world. We look at equity, we look at bank debt, we look at bond debt. And it's an everyday process. I mean, literally, people are wandering around the halls among this group here, saying, where is the window.

是的，也許市場會給我們的股票應有的價格。這樣可以籌集大量現金。看，我今天早些時候說過，對於借貸世界的每個人來說，這都是一個艱難的環境。我們關注股票、銀行債務、債券債務。這是一個日常過程。我的意思是，從字面上看，人們在這群人的大廳裡徘徊，說，窗戶在哪裡。

We're not going to hold out for the unimagined -- we're going to be opportunistic as we see best, but we're also going to be practical. So we're going to pick that point along the way that seems to make the most sense for us.

我們不會堅持那些難以想像的事情——我們會在我們認為最好的情況下投機取巧，但我們也會採取務實的態度。因此，我們將一路選擇對我們來說最有意義的點。

But really thinking about where it is. We want the lowest prices. However, we get there. And only time will tell just where that's going to go. But look, we keep an eye on that.

但認真思考它在哪裡。我們想要最低的價格。然而，我們到達了那裡。只有時間才能告訴我們這將走向何方。但是看，我們一直在關注這一點。

That makes so much sense.

這很有道理。

And by the way, your guess is probably as good as ours on where we might end up. So...

順便說一句，對於我們最終的結果，你的猜測可能和我們的一樣好。所以...

Next question comes from the line of R.J. Milligan with Raymond James.

下一個問題來自 R.J.米利根和雷蒙德詹姆斯。

Just 2 quick ones. First is, what is the expected impact of the rent reset on the Penn master lease coming up here in a few days?

就2個快的。首先，租金重置對幾天後即將到來的賓州主租約的預期影響是什麼？

Right. So we gave you that in my introduction point. We expect it to be between $5 million and $6 million of a rent reset down for Penn.

正確的。所以我們在我的介紹點中向您介紹了這一點。我們預計賓州大學的租金重置將在 500 萬至 600 萬美元之間。

Okay. And then what is the expectation for internal growth for '24, just sort of based on the rent escalators?

好的。那麼，僅基於租金自動扶梯，對 24 年內部成長的預期是什麼？

Right. So the maximum escalation that we can get in any year is around $20 million.

正確的。因此，我們在任何一年中可以獲得的最大增量約為 2000 萬美元。

Operator, I think we'll take just one more call. We're past 11:00, and I think it's time to wind things up. I'm sorry, if we have to cut somebody off, but do you have anyone else on the line?

接線員，我想我們再接一個電話。我們已經過了 11:00，我想是時候結束這一切了。抱歉，如果我們必須打斷某個人的電話，請問還有其他人在線上嗎？

Next question -- Mr. Milligan, are you done with your question?

下一個問題──米利根先生，您的問題問完了嗎？

Yes, I'm all set. Thanks.

是的，我已經準備好了。謝謝。

Next question comes from the line of Chris Darling with Green Street.

下一個問題來自克里斯·達林（Chris Darling）與格林街（Green Street）的關係。

Thinking about the Marquette transaction and given that you now own all of Casino Queen's assets, can you help me understand how you think about the holistic risk of owning the entire portfolio of the single operator. And I suppose the flip side of that is you might also benefit from incremental growth opportunities given that deep relationship. So just any thoughts there would be helpful.

考慮一下馬凱特交易，並考慮到您現在擁有 Casino Queen 的所有資產，您能否幫助我了解您如何看待擁有單一運營商的整個投資組合的整體風險。我想另一方面是，鑑於這種深厚的關係，您也可能會從增量成長機會中受益。所以任何想法都會有幫助。

The quick answer is, if they're doing well and have demonstrated they're capable of running these properties successfully, but we're thrilled to have it all and every last time of their opportunity. So far, I think I could say with some confidence, they're doing a terrific job, and we're delighted to be partnered with them. Any other thoughts around the table? That's the quick and completely honest answer. Steve, do you have any thoughts.

簡單的答案是，如果他們做得很好並且已經證明他們有能力成功地經營這些資產，但我們很高興能夠擁有這一切以及他們的每一次機會。到目前為止，我想我可以有信心地說，他們做得非常出色，我們很高興與他們合作。餐桌上還有其他想法嗎？這是快速且完全誠實的答案。史蒂夫，你有什麼想法嗎？

No. No. I mean I just harken back to like when we did the Pinnacle transaction. There was only one asset that they retained that we didn't own the real estate of at that point, and that was a tax-driven negotiated point.

不，不，我的意思是，我只是回想起我們進行 Pinnacle 交易時的情況。他們只保留了一項資產，而我們當時並不擁有房地產，那就是稅收驅動的談判點。

So -- so it's not the first time that we'll have a tenant where we'll own all or almost all of their underlying properties, and we've done it before, and it's -- they've managed successfully, and that's kind of how we look at the underwriting.

所以，這不是我們第一次擁有一個租戶，我們將擁有他們的全部或幾乎所有基礎財產，我們以前就這樣做過，而且他們已經成功地管理了，那就是就像我們如何看待承保一樣。

Yes. Certainly, we're doing well. We want to own all of everyone's properties.

是的。當然，我們做得很好。我們想要擁有每個人的所有財產。

And they are one of our best performing rent coverages at around 2, almost 2.4x and with the addition of the new Baton Rouge property, we expect that to continue to be strong. So we feel it's a good underwriting effort.

它們是我們表現最好的租金覆蓋範圍之一，約為 2 倍，幾乎 2.4 倍，隨著新的巴吞魯日房產的增加，我們預計租金將繼續強勁。所以我們認為這是一項很好的核保工作。

Yes, we feel good about it. Okay. Well, look, I think we're kind of out of time right now. We invite you always to contact us directly if we've let somebody at the altar here, and you have a question call any one of us, and we'll do our best to provide what you would wish.

是的，我們對此感覺良好。好的。好吧，聽著，我想我們現在有點沒時間了。如果我們在這裡的祭壇上有人，並且您有問題，請隨時致電我們中的任何一個人，我們邀請您始終直接與我們聯繫，我們將盡力提供您所希望的。

With that, we thank you very, very much for dialing in this morning, and we hope this has been helpful. See you next quarter. Thanks, operator.

在此，我們非常非常感謝您今天早上撥通電話，我們希望這對您有所幫助。下季見。謝謝，接線生。

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

謝謝。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。