Gaming and Leisure Properties Inc (GLPI) 2024 Q3 法說會逐字稿

Greetings and welcome to the Gaming and Leisure Properties' third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加博彩和休閒地產 2024 年第三季收益電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Joe Jaffoni, Investor Relations. Thank you, sir. You may begin.

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。謝謝您，先生。你可以開始了。

Thank you, Christine, and good morning, everyone. And thank you for joining Gaming and Leisure Properties third-quarter 2024 earnings call and webcast.

謝謝克里斯汀，大家早安。感謝您參加遊戲和休閒地產 2024 年第三季財報電話會議和網路廣播。

The press release distributed yesterday afternoon is available in 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.

昨天下午發布的新聞稿可在我們網站 www.glpropinc.com 的投資者關係部分取得。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。

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. 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.

前瞻性陳述所涉及的事項存在風險和不確定性，可能導致實際結果與今天討論的結果有重大差異。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。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 risk factors and forward-looking statements contained in the company's filings with the SEC, including its 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.

我們鼓勵聽眾查看公司向 SEC 提交的文件中包含的與風險因素和前瞻性聲明相關的更詳細討論，包括其 10 季和收益報告以及非 GAAP 財務指標的定義和調節包含在公司的收益發布中。

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 Brandan Moore, President, Chief Operating Officer; 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。加入今天電話會議的還有總裁兼營運長 Brandan 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 my pleasure to turn the call over to Peter Carlino. Peter, please go ahead.

至此，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.

好吧，謝謝你，喬，大家早安。

We are, of course, pleased to present our third-quarter earnings result, which I think demonstrate our success and continue to build upon our outstanding portfolio of gaming properties. To encapsulate what I believe is the most important summary of this -- let me read from the last line of my quoted press release comments. Because I think it does the best job of summarizing how we feel about where we are.

當然，我們很高興公佈第三季的獲利結果，我認為這證明了我們的成功，並繼續以我們出色的遊戲資產組合為基礎。為了概括我認為最重要的總結——讓我讀一下我引用的新聞稿評論的最後一行。因為我認為它最能概括我們對自己所處位置的感受。

We believe our ability to develop investment activity in 2024 of nearly $2 billion and an attractive blended yield of 8.4% is a firm affirmation of GLPI's disciplined capital investment approach. The combination of our unrivaled gaming and real estate experience and a strong balance sheet has positioned GLPI as a development funding and real estate partner of choice for operators of all sizes and has created a platform for near- and long-term growth and appreciation of shareholder value.

我們相信，我們有能力在 2024 年開展近 20 億美元的投資活動以及具有吸引力的 8.4% 的綜合收益率，這是對 GLPI 嚴格資本投資方法的堅定肯定。我們無與倫比的博彩和房地產經驗以及強大的資產負債表相結合，使 GLPI 成為各種規模運營商首選的開發資金和房地產合作夥伴，並為股東的近期和長期增長和增值創建了一個平台價值。

I might also add that to the effect that we have been very successful in doing the significant pre-funding to date. But I'm going to leave that to Desiree Burke, who I know is [thanks] to share her comments.

我還可以補充一點，到目前為止，我們在進行重要的預融資方面非常成功。但我要把這個問題留給 Desiree Burke，我知道她[感謝]分享了她的評論。

Des, why don't you go ahead?

德斯，你為什麼不繼續？

Thank you, Peter. Good morning.

謝謝你，彼得。早安.

For the third quarter of 2024, our total income from real estate exceeded the third quarter of '23 by $25.8 million. The growth was driven by the Tioga acquisition, which increased income by $3.6 million; the Rockford acquisition which increased cash income by $4.6 million; the Casino Queen Marquette acquisition and the Baton Rouge landside development, which increased cash income by $1.5 million; the strategic acquisition increased cash income by $2.3 million; the acquisition of Bally's Chicago land, which increased our cash income by $1.1 million; and Bally's [traffic] funding increased by $0.4 million; the recognition of escalators and percentage rent adjustments on our leases, which added approximately $5.3 million of cash income; as well as the combination of non-cash revenue gross ups investment and lease adjustments and straight-line rent adjustments, which drove a collective year-over-year increase of approximately $7 million.

2024 年第三季度，我們的房地產總收入比 2023 年第三季增加了 2,580 萬美元。這一增長是由 Tioga 收購推動的，該收購使收入增加了 360 萬美元；收購羅克福德增加了 460 萬美元的現金收入；收購 Queen Marquette 賭場和巴吞魯日陸側開發，增加了 150 萬美元的現金收入；此次策略性收購使現金收入增加了 230 萬美元；收購 Bally 的芝加哥土地，使我們的現金收入增加了 110 萬美元； Bally 的[流量]資金增加了 40 萬美元；自動扶梯的確認和租賃的租金百分比調整，增加了約 530 萬美元的現金收入；以及非現金收入總計投資和租賃調整以及直線租金調整的組合，帶動了約 700 萬美元的同比集體增長。

As Peter said, we've been busy for this quarter with growth and development -- actually, throughout 2024.

正如 Peter 所說，本季我們一直忙於成長和發展——實際上，整個 2024 年都是如此。

Our operating expenses increased by $22.6 million, primarily due to non-cash increase in the provision for credit losses. That resulted from the Tropicana lease reclassification due to the recent investment. Related to the Bally's Chicago property, the company will be capitalizing interest and deferring all rent received during a development period for financial reporting purposes. However, we will be adding the rent back and deducting the capitalized interest in driving AFFO.

我們的營運費用增加了 2,260 萬美元，主要是由於信貸損失準備金的非現金增加。這是由於近期投資導致 Tropicana 租賃重新分類所致。與巴利在芝加哥的房產相關，該公司將出於財務報告的目的將利息資本化並推遲開發期間收到的所有租金。然而，我們將加回租金並扣除駕駛 AFFO 的資本化利息。

The amended PENN Master lease is subject to contingent escalation on November 1, 2024. And if obtained, would result in approximately $4.2 million of additional rent for us. Included in our release is our full-year 24 AFFO guidance ranging from $3.74 to $3.76 per diluted share and OP units.

修訂後的 PENN 主租約可能會在 2024 年 11 月 1 日昇級。如果獲得，將為我們帶來約 420 萬美元的額外租金。我們的發布中包括我們的全年 24 AFFO 指導，範圍為每股稀釋股票和 OP 單位 3.74 美元至 3.76 美元。

Please note that this guidance does not include the impact of future transactions. However, it does anticipate our fundings for the Chicago Development project, the Bell Development project, and the Island Development project. Our zero coupon treasury bill matures in 2025 at an applied yield of 4.9%, and we've entered into forward sale agreements to sell 8.2 million shares for net sales of $409.3 million.

請注意，本指南不包括未來交易的影響。然而，它確實預計我們將為芝加哥開發項目、貝爾開發項目和島嶼開發項目提供資金。我們的零息國庫券將於 2025 年到期，適用收益率為 4.9%，並且我們已簽訂遠期銷售協議，出售 820 萬股，淨銷售額為 4.093 億美元。

Our rent coverage ratios remain strong, remaining from 1.9 to 2.59 on our master leases as of the end of the prior quarter. As you can see, we've set our balance sheet up to be very strong as we head into 2025.

我們的租金覆蓋率依然強勁，截至上季末，我們的主租約的租金覆蓋率維持在 1.9 至 2.59 之間。正如您所看到的，進入 2025 年，我們的資產負債表已經非常強勁。

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

這樣，我會將電話轉回給彼得。

Thanks, Des. And why don't we ask Matthew Demchyk to offer his thoughts? Matthew?

謝謝，德賽爾。我們為什麼不請馬修‧德姆奇克提出他的想法呢？馬修？

Sure. Thanks, Peter. And good morning, everyone. Thanks for joining us today.

當然。謝謝，彼得。大家早安。感謝您今天加入我們。

As we review our third-quarter results, I want to highlight how our unwavering commitment to balance sheet strength and liquidity has enabled us to excel. Our leverage ratios remain robust. Our debt maturity schedule is well structured, and our disciplined capital market strategy continues to de-risk our business model.

在我們回顧第三季業績時，我想強調我們對資產負債表實力和流動性的堅定承諾如何使我們能夠脫穎而出。我們的槓桿率仍然強勁。我們的債務到期時間表結構良好，我們嚴格的資本市場策略繼續降低我們業務模式的風險。

This quarter, we were judicious in our use of the ATM program, which was complemented by significant reverse inquiries from both existing and new investors. And we're pleased to welcome them to our shareholder roster. And we have raised the capital through forward agreements given the timing of our cash needs. We're in a solid position as we look forward to our 2025 spend.

本季度，我們明智地使用了 ATM 計劃，並輔以來自現有和新投資者的大量反向詢問。我們很高興歡迎他們加入我們的股東名冊。考慮到我們的現金需求時間，我們透過遠期協議籌集了資金。我們正處於穩固的地位，期待 2025 年的支出。

We're particularly proud of successfully completing our inaugural 30-year bond issuance. This milestone not only extends the weighted average maturity of our liabilities but also marks another step towards the institutionalization of our asset class.

我們對成功完成首次 30 年期公債發行感到特別自豪。這個里程碑不僅延長了我們負債的加權平均期限，而且標誌著我們朝著資產類別制度化又邁出了一步。

Our balanced and strategic approach positions GLPI with strong cash positive liquidity, enabling us to embark -- earmark funds toward existing development commitments while also positioning us for future opportunities as they arise. In the third quarter, we demonstrated our strategic ability and agility through the Bally's transaction announcements, which showcased our ability to create tailored solutions that benefit all stakeholders. We followed that up with an innovative first-to-market structure for a tribal investment with our Ione loan, which includes an option for our partner to convert the loan into a lease. These case studies of our creative flexibility enrich ongoing dialogue with prospects in our pipeline.

我們的平衡和策略方法使 GLPI 具有強大的現金流動性，使我們能夠將資金專門用於現有的發展承諾，同時也為未來出現的機會做好準備。第三季度，我們透過 Bally 的交易公告展示了我們的策略能力和敏捷性，這展示了我們創建有利於所有利害關係人的客製化解決方案的能力。隨後，我們透過 Ione 貸款為部落投資提供了創新的率先上市結構，其中包括我們的合作夥伴將貸款轉換為租賃的選項。這些關於我們創造性靈活性的案例研究豐富了我們與潛在客戶的持續對話。

And this year's announced activity, when combined with our other contractual future opportunities, put -- ads together into a pipeline that we've developed. It's becoming increasingly tangible and impactful. Our team remains dedicated to leveraging our organization's development expertise to closely monitor ongoing projects while we remain steadfast in our effort to prudently deploy shareholder capital to enhance long-term shareholder value on a per share basis.

今年宣布的活動與我們其他合約中的未來機會相結合，將廣告整合到我們開發的管道中。它變得越來越有形和有影響力。我們的團隊仍然致力於利用我們組織的開發專業知識來密切監控正在進行的項目，同時我們仍然堅定不移地努力謹慎部署股東資本，以提高每股的長期股東價值。

Thank you, and I'll hand things back to Peter.

謝謝你，我會把東西還給彼得。

Well, thank you, Matthew. And as always, we have our entire team present with us today and we anxiously anticipate your questions.

嗯，謝謝你，馬修。像往常一樣，今天我們的整個團隊都在場，我們熱切期待您的提問。

So operator, would you please open the floor?

那麼接線員，請您開放發言權好嗎？

(Operator Instructions) Barry Jonas, Truist.

（操作員指示）巴里·喬納斯，真理論者。

Hey, guys. The Ione loan is notable, as I believe it's the first gaming REIT deal with tribal gaming. How do you get comfort with the structure and how confident are you that this could convert to sale leaseback?

嘿，夥計們。Ione 貸款值得注意，因為我相信這是第一筆針對部落遊戲的遊戲房地產投資信託交易。您對這種結構感到滿意嗎？

Brandon? That's a question for you.

布蘭登？這是你的問題。

Yeah. Thanks, Barry.

是的。謝謝，巴里。

So yeah, the Ione transaction, I would say, is the culmination and a multi-year process that we've been working on to try to come up with a structure that can be utilized in a situation we have land held in trust by a tribe in a good RIET investment. I think it's probably just the first step. So this transaction with Ione includes a five-year loan to finance the construction of a greenfield development outside of Sacramento.

所以，是的，我想說，Ione 交易是一個高潮，也是一個多年的過程，我們一直在努力想出一種結構，可以在我們擁有由信託持有土地的情況下使用。好的投資。我認為這可能只是第一步。因此，與 Ione 的交易包括一筆為期五年的貸款，用於為薩克拉門託以外的綠地開發建設提供資金。

But the most important part of that structure to us is a long-term lease component, whereby at the end of the loan term, the tribe can elect to convert the principal into a long-term lease structure. And that long-term lease structure and the documents necessary for that, we're all part of the NIGC's review and we're covered by the declination letter that was received from the NIGC to move forward.

但該結構對我們來說最重要的部分是長期租賃部分，即在貸款期限結束時，部落可以選擇將本金轉換為長期租賃結構。對於長期租賃結構以及所需的文件，我們都是 NIGC 審查的一部分，並且我們會收到 NIGC 發出的拒絕信以繼續推進。

We are cautiously optimistic here at the company that this long-term lease structure is something that can be utilized as an alternative form of funding for tribes that have land held in trust. We are in the process of meeting with tribes. We have met with tribes over the last several years. We're in the process of going back to many of those tribes now that we have the letter in hand.

我們對公司持謹慎樂觀的態度，認為這種長期租賃結構可以用作擁有信託土地的部落的另一種融資形式。我們正在與部落會面。在過去的幾年裡，我們與部落進行了會面。現在我們已經拿到了這封信，我們正在返回許多部落。

And I think we'll know more in the coming months and quarters as to whether or not this is a repeatable path forward that we can turn into a new revenue stream for the company or is it something that the tribes may not find as valuable as we hope. Again, I think we're cautiously optimistic that this is a structure that can be utilized, but we'll know more in the coming months. And at this point, we've asked tribes to enter into NDAs as we talk about that structure in more detail.

我認為，在接下來的幾個月和幾個季度中，我們將更多地了解這是否是一條可重複的前進道路，我們可以將其轉變為公司的新收入來源，或者部落可能不會發現它像以前那樣有價值。再說一次，我認為我們對這是一個可以利用的結構持謹慎樂觀的態度，但我們將在未來幾個月內了解更多。此時，我們已要求部落簽署保密協議，同時我們更詳細地討論該結構。

So I don't think we can share too much about the structure itself. As for the credit protections, which is I think where you're leading, we have all the same protections in this transaction that a commercial lender typically gets when lending to tribes in tribal countries. So we have the collateral of the accounts. We have the collateral of the assets and things that the tribe. We get all that the same way that a bank would.

所以我認為我們不能分享太多關於結構本身的資訊。至於信用保護，我認為這是您所領導的，我們在這筆交易中擁有與商業貸方在向部落國家的部落貸款時通常獲得的所有相同的保護。所以我們有帳戶的抵押品。我們有部落的資產和東西作為抵押。我們以與銀行相同的方式獲得所有這些。

In addition to that, this lease structure would permit us to foreclose on a lease and step in and operate at the property. Now, importantly, we can operate the casino floor on the property. And so that is the rub in tribal land. Only the tribe can run the casino. But all the protections that we have in place that typical lenders receive, we're confident, give us the protection to enter into this transaction and we're confident that we've underwritten in a way that that this transaction will be accreted for the company and gives us the opportunity to now roll this out with some other tribes and find out how big this opportunity could be.

除此之外，這種租賃結構將允許我們取消租賃的贖回權並介入並經營該物業。現在，重要的是，我們可以經營該物業的賭場樓層。這就是部落土地上的問題。只有部落才能經營賭場。但是，我們有信心，典型貸方所獲得的所有保護都為我們提供了進入此交易的保護，並且我們有信心，我們已經以這樣的方式承保了此交易將為公司，讓我們有機會現在與其他一些部落一起推出這個項目，並看看這個機會有多大。

That's great. And just maybe just one point of clarification. The release said that there's a 45-year maximum period. What happens next?

那太棒了。也許只是澄清一點。新聞稿稱，最長期限為 45 年。接下來會發生什麼事？

So at the end of 45 years, obviously, we don't have (inaudible) in the land. The tribe will keep the land. We'll all go our separate ways. Theoretically, they can run this transaction back. So they could, if they need additional capital or funding. Could seek to do a similar transaction. If not, then they keep their land or the federal government keeps their land and we all go our separate ways.

因此，顯然，45 年結束時，我們已經沒有（聽不清楚）土地了。部落將保留土地。我們都會各走各的路。理論上，他們可以運行這筆交易。如果他們需要額外的資本或資金，他們就可以這樣做。可能會尋求進行類似的交易。如果沒有，那麼他們保留他們的土地，或聯邦政府保留他們的土地，我們就各走各的路。

Understood. All right. thanks, and congrats again.

明白了。好的。謝謝，並再次恭喜。

Greg McGinniss, Scotia Bank.

格雷格·麥金尼斯，豐業銀行。

Hey. Good morning. Yeah, congrats on the on the tribal land deal. That's really -- one really interesting. I'm great that you guys got that done.

嘿。早安.是的，恭喜部落土地交易達成。這真的非常有趣。我很高興你們完成了這件事。

I'm curious what's the incentive for them to extend past the initial 25 years? And also is that lease going to have escalators included? Is it likely just to be a rollover of the 11% interest rate? Any details there would be appreciated.

我很好奇他們繼續堅持最初的 25 年的動機是什麼？租約是否包含自動扶梯？有可能只是11%利率的展期嗎？任何細節將不勝感激。

Yeah, so this is getting into a little bit of a stickier area. Yes, there will be escalation on the rent in the lease. I don't really want to get into on this call at this time the incentives for the tribe to extend the lease beyond 25 years to the 45 years. I think that's part of, at the moment, what we're hoping to keep confidential. But there are incentives for the tribe to extend the lease term from 25 years to 45 years. And the 45 years is really has to do with some structural elements to ensure that we have good REIT income out of this project.

是的，所以這進入了一個比較棘手的領域。是的，租約中的租金將會上漲。我現在不想在這次電話會議上討論部落將租約從 25 年延長到 45 年的激勵措施。我認為這是目前我們希望保密的一部分。但部落有動機將租賃期限從 25 年延長至 45 年。這 45 年確實與一些結構性因素有關，以確保我們從這個專案中獲得良好的 REIT 收入。

Okay. I guess, separately, significant level of transactions now, it's year to date, which is great, but heavily weighted towards development versus in place cash flowing casinos. I mean, how are you guys viewing the risk that you're taking on the development side versus the cash flowing operations? Or they're just not the opportunities that you expected or hope to see on a regular acquisition side?

好的。我想，今年迄今為止，現在的交易量很大，這很好，但與現有的現金流賭場相比，開發的比重很大。我的意思是，你們如何看待開發方面與現金流營運方面所承擔的風險？或者它們只是不是您期望或希望在常規收購方面看到的機會？

Let me take that Brandon, if I may, for the group. Look, I think we're still in business to buy existing assets when available. And we're aggressively looking -- talking some embedded in the various announced Bally transactions that we have on the horizon. So we'll do that.

如果可以的話，讓我以布蘭登為團隊。聽著，我認為我們仍在努力購買可用的現有資產。我們正在積極尋找 - 談論我們即將宣布的各種 Bally 交易中嵌入的一些內容。所以我們會這麼做。

But what has emerged is an opportunity with, I think, first pioneered by (technical difficulty) Bally down in Baton Rouge. We're moving that property landside. Great success. We'll get to repeat that opportunity with the Bell, also in Baton Rouge, as you would know. Because we have that capability. I mean, we've built significant number of casino properties around the (technical difficulty) years.

但我認為，出現的機會是由（技術難度）巴吞魯日的巴利（Bally down）首先開創的。我們正在將該房產移至陸側。巨大的成功。如你所知，我們將在巴吞魯日的貝爾酒店重複這個機會。因為我們有這個能力。我的意思是，我們在（技術難度）這些年裡建造了大量的賭場設施。

I think we've announced previously, Jim Baum who was the Head of Construction (technical difficulty) at Penn over many, many years involved with virtually all of our projects is back with GLPI right now. And while we're not the contractor or developer, let's say, in Chicago, we are hopefully providing a lot of creative and high-level help to make sure that that project is everything that Bally's would hope it to be and that it's delivered on time on budget and the usual things.

我想我們之前已經宣布，吉姆·鮑姆 (Jim Baum) 多年來一直擔任賓夕法尼亞大學建築（技術難度）主管，參與了我們幾乎所有的項目，現在他又回到了 GLPI。雖然我們不是芝加哥的承包商或開發商，但我們希望提供大量創造性和高水平的幫助，以確保該項目達到 Bally's 所希望的一切並交付預算上的時間和平常的事情。

Yes, there is a measure of risk there. But I'm knocking on wood when I say we have a long-term track record of good success of bringing significant projects in on time and on budget. So we're willing to do both. I think that's a special capability that we add to our REIT -- to the REIT business, in a sense creating properties that we can lease back to operators.

是的，存在一定程度的風險。但當我說我們在按時、按預算交付重大專案方面擁有良好成功的長期記錄時，我是在敲木頭。所以我們願意兩者兼具。我認為這是我們添加到我們的房地產投資信託基金（房地產投資信託基金）業務中的一種特殊能力，從某種意義上說，我們創建了可以租回給營運商的房產。

So right now, I think we'll go in either direction. But it's not because we see more or less opportunity. If we can't find opportunity, we'll make it. And I think that best summarizes what our attitude is about it with caution and care always.

所以現在，我認為我們會朝任一方向發展。但這並不是因為我們看到了或多或少的機會。如果我們找不到機會，我們就會找到機會。我認為這最能概括我們對此的態度，始終保持謹慎和謹慎。

All right. Okay. That's fair. I'm sorry. Just one clarification question. That letter that you received from the National Indian Gaming Commission. Is that just a framework for future deals? It doesn't actually give approval for anything else. Right?

好的。好的。這很公平。對不起。只是一個澄清問題。您從印度國家博彩委員會收到的那封信。這只是未來交易的框架嗎？它實際上並不批准其他任何事情。正確的？

Correct. What the NIGC letter effectively does is it lists the documents that have been reviewed and have been -- and I'll use the word approved, although that may not be the right word. They don't approve the content of the documents. What they're essentially ensuring is that those documents don't constitute a management agreement or management control that would have the potential of invalidating the transaction of the documents, And so the value of the declination letter.

正確的。NIGC 信函的有效作用是列出了已經審查過的文件——我將使用「批准」這個詞，儘管這可能不是正確的詞。他們不批准文件的內容。他們本質上要確保的是，這些文件不構成管理協議或管理控制，從而有可能使文件交易無效，從而導致拒絕信的價值。

What most banks would receive is that you've had the NIGC look at your documents and ensure that you haven't violated that critical protection, the management. So that's what that includes. And would we have to go through the same process in the next deal? I think the answer is yes and no. In other words, yes, we would go for a declination letter. But now it's not an issue of first impression. And so presumably, if we use the same documents and the same structure in the long-term lease component, that should be something we can get through much faster than what this process entail.

大多數銀行會收到的是，您已經讓 NIGC 查看了您的文件，並確保您沒有違反關鍵的保護措施，即管理措施。這就是其中包括的內容。在下一筆交易中我們是否必須經歷相同的流程？我認為答案是肯定和否定。換句話說，是的，我們會申請拒絕信。但現在這已經不是第一印象的問題了。因此，據推測，如果我們在長期租賃部分使用相同的文件和相同的結構，那麼我們應該可以比此過程更快完成。

It's the same committee or commission that does the approval for all -- in place for all those transactions potentially?

是否是同一個委員會或委員會負責所有這些交易的批准？

It's the same government entity and this reached the highest levels of the legal department there. Up to the General Council, we were working with. And so the short answer is yes.

這是同一個政府實體，這涉及到那裡法律部門的最高層。一直到總會，我們都在與之合作。所以簡短的回答是肯定的。

At the present time, this would all go through the same folks. Now, you can't guarantee that the same people will still be employed at the time when the next one comes through. But to the extent that it is, yes, this has gone through the highest levels of the organization. And so we're confident that if we stick to the knitting that we've created that this will be something we can get approved.

目前，這一切都將由同一個人完成。現在，您無法保證在下一個員工到來時仍然會僱用相同的人。但就目前情況而言，是的，這已經通過了組織的最高層。因此，我們相信，如果我們堅持使用我們創造的針織品，這將是我們能夠獲得批准的事情。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Hi. Good morning, everyone. Thanks for all of the information. There has been some public information around with respect to Las Vegas and the Tropicana site. And I just frankly wondered if there are any updated thoughts or perspectives you can share around your role in the redevelopment of that site. And if I'm remembering correctly, I heard those buildings fall down live.

你好。大家早安。感謝您提供的所有資訊。已經有一些關於拉斯維加斯和 Tropicana 網站的公開資訊。坦白說，我想知道您是否可以就您在該網站重建中的角色分享任何最新的想法或觀點。如果我沒記錯的話，我現場聽到了那些建築物倒塌的聲音。

They certainly did. Brandon, why don't you take that?

他們確實做到了。布蘭登，你為什麼不接受這個？

Las Vegas is obviously a major focus of the company. I'd say our first priority continues to be ensuring and preserving the value of the remainder parcel that we have in place. And so that's been our primary focus from the beginning. It continues to be our primary focus now.

拉斯維加斯顯然是該公司的主要關注點。我想說，我們的首要任務仍然是確保和維護我們現有的剩餘地塊的價值。因此，這從一開始就是我們的主要關注點。現在它仍然是我們的主要關注點。

I'm sure all of you saw that the buildings came down, were imploded a few weeks ago during G2E, which was an exciting event, and the site is in the process of being cleared and making way for the AE's to break ground on the stadium. The latest is both the AEs and the integrated resort have filed pre-submittals for entitlements with the county. And some of that stuff has now come out into the media. So you can probably find a lot of those drawings and pictures out there.

我確信你們所有人都看到了幾週前 G2E 期間建築物倒塌、內爆的情況，這是一件令人興奮的事件，該場地正在清理過程中，為 AE 破土動工讓路。最新消息是，AE 和綜合度假村均已向該縣提交了預先提交的權利申請。其中一些內容現在已經出現在媒體上。所以你可能可以在那裡找到很多這樣的圖畫和圖片。

That was the necessary next step -- is to get all of the authorities, utilities, traffic in line so that we can begin the project. And then on the integrated resort side, Bally's is continuing to work with their design professionals to fine tune what that integrated resort might look like in phase one, and ultimately, in phases two and three. And that process is still underway. And we are really awaiting the outcome of some of that to determine how much, if any additional dollars were either asked to provide or more importantly, willing to provide, to support the construction of the integrated resort.

這是下一步必要的步驟——讓所有當局、公用事業、交通部門保持一致，以便我們可以開始這個計畫。然後在綜合度假村方面，Bally's 正在繼續與專業設計人員合作，對綜合度假村第一階段以及最終第二階段和第三階段的外觀進行微調。這個過程仍在進行中。我們確實在等待其中一些結果，以確定是否需要額外提供多少資金，或更重要的是願意提供多少資金來支持綜合度假村的建設。

Just as a reminder, the stadium is really -- is being financed all by the AE. So that's not something that we'll participate in. The land, and quite frankly, the stadium will be owned by the stadium authority in Las Vegas. And so that's not -- that part of the project, we're not -- we won't be involved in.

提醒一下，這座體育場實際上是由 AE 提供全部資金的。所以這不是我們會參與的事情。這塊土地，坦白說，體育場將歸拉斯維加斯體育場管理局所有。所以這不是——專案的那一部分，我們不會——我們不會參與。

Very helpful. And I wanted to follow up on some of the Native American activities and just listening to some of the answers, when we think about collateral in that context, I'd like to just better understand your ability to as collateral step in and manage the non-gaming aspects of an asset, generally speaking. Or versus the ability to kick the building, right, which I guess previously have understood that you cannot on Native American land?

非常有幫助。我想跟進一些美洲原住民的活動，並聽取一些答案，當我們在這種情況下考慮抵押品時，我想更好地了解您作為抵押品介入和管理非抵押品的能力。說，資產的遊戲方面。或與踢建築物的能力相對，對吧，我想以前已經明白你不能在美洲原住民的土地上？

That's not quite accurate. You can take the building as part of the lease. So we have a long-term lease there in that structure whereby we could take occupancy back of the buildings and structures on the properties and to the extent that it's not gaming we could run whatever amenities are there. You could theoretically -- and I say, theoretically, remove all the gaming and turn it into an Amazon distribution center if you wanted to during the lease term.

這不太準確。您可以將該建築物作為租賃的一部分。因此，我們對該結構有長期租賃，我們可以收回該物業的建築物和結構的佔用權，並且在不進行遊戲的情況下，我們可以運行那裡的任何設施。理論上，如果你想在租賃期內這樣做，我是說，理論上，你可以刪除所有遊戲並將其變成亞馬遜配送中心。

So you have the ability to occupy and run the buildings. You just can't operate gaming. Now, we all know that operating gaming is the primary driver to the revenue in those facilities. And it's the amenities that really bring people in to drive the gaming. We're not -- we know that. And we're in the same position that a bank would be in to say the collateral package is all encompassing. In other words, you're going to take all revenue streams, all accounts. You're going to take the assets and the property. And it's that level of collateral and protection that really enables any creditor to a tribe to sit down with the tribe, if there's a problem and figure out how that's going to be fixed. Because you have a mutual benefit, you and the tribe at that point of figuring out how do you get the cash flowing back to the tribe again and how do you fix whatever might be broken.

所以你有能力佔領和經營建築物。你只是無法操作遊戲。現在，我們都知道營運博彩是這些設施收入的主要驅動力。真正吸引人們參與遊戲的是便利設施。我們不是——我們知道這一點。我們的立場與銀行所說的抵押品包包羅萬像是一樣的。換句話說，你將獲得所有收入來源、所有帳戶。你將拿走資產和財產。正是這種水平的抵押品和保護真正使部落的任何債權人在出現問題時都能與部落坐下來討論如何解決問題。因為你有互惠互利，你和部落就想辦法如何讓現金再次流回部落，以及如何修復可能出現的問題。

And in gaming, that could be any number of things. It could be that that competition has come in and the facility, doesn't matter who runs the facility. It could be a management issue. We just don't know. You don't know what it will be. But we'll rely on the same collateral package plus the lease in order to secure our investments with the tribe.

在遊戲中，這可能是很多事情。可能競爭已經到來，而該設施由誰來運作並不重要。這可能是管理問題。我們只是不知道。你不知道會是什麼。但我們將依靠相同的抵押品包加上租賃來確保我們對部落的投資。

Chad Beynon, Macquarie.

查德貝農，麥格理。

Morning. Thanks for taking my question. Just wanted to follow up on the tribal discussion. Sounds like you guys have obviously done more extensive work than anyone in the industry. You've gotten comfortable with it. You've explained the rules and regulations here this morning.

早晨。感謝您提出我的問題。只是想跟進部落的討論。聽起來你們顯然比業內任何人都做了更廣泛的工作。你已經習慣了。今天早上你已經解釋了這裡的規則和條例。

So with that in mind, do you think the competitive set for these deals going forward might be smaller than what you've seen historically on the commercial side, just given all the nuances, all the differences? Or do you think it'll be as competitive as what you've seen during the past couple years in gaming? Thanks.

因此，考慮到這一點，考慮到所有細微差別和差異，您認為未來這些交易的競爭環境可能會比您在商業方面歷史上看到的要小嗎？或者你認為它會像你在過去幾年在遊戲領域看到的那樣具有競爭力嗎？謝謝。

I think it's probably to be determined. We're out there to look. I think you have -- so the total addressable market of tribal in trust gaming is very large, which we all know. How much of that market we would be willing to invest in, how much of that market would be -- would, want to take advantage of this type of structure and funding is to be determined.

我想這可能是有待確定的。我們出去看看。我認為你有——所以部落信託遊戲的總潛在市場非常大，這是我們都知道的。我們願意投資多少市場，有多少市場願意利用這種類型的結構和資金，還有待確定。

I think there are certainly tribes that don't need financing and are very well healed and have all the things that they -- and then there are tribes that may be desperate for financing. We're probably somewhere towards the upper end. But we have to figure out how many tribes in there could utilize this type of structure on a long-term basis to fund their capital needs. And that is the process we're undertaking now. And I think we just don't know enough at the moment to know how big that opportunity could be.

我認為肯定有一些部落不需要融資，而且康復得很好，並且擁有他們所擁有的一切——然後還有一些部落可能迫切需要融資。我們可能正處於高端的某個地方。但我們必須弄清楚那裡有多少部落可以長期利用這種類型的結構來滿足他們的資本需求。這就是我們現在正在進行的過程。我認為我們目前還不夠了解這個機會有多大。

Yeah, but with respect to our competitive set as far as who may want to enter this market and compete against us for transactions, I can't really speak to what others would or wouldn't do. I can just tell you we spent a number of years like multiple, multiple years working on this. And so there's an extensive amount of detail analysis and legal work, time, and cultivating relationships that have gone into this to get us just to the starting line here.

是的，但是就我們的競爭環境而言，就誰可能想進入這個市場並與我們競爭交易而言，我無法真正談論其他人會做什麼或不會做什麼。我可以告訴你，我們花了很多年的時間來研究這個問題。因此，我們需要進行大量的細節分析、法律工作、時間和培養關係，才能讓我們回到起跑線。

So I do think -- look, I'm sure other people will take a look. I'm sure other people will compete. But their ability to do it with the same clarity that we have after, call it, seven years of working on this, I think, is probably not going to be as fruitful for some others.

所以我確實認為——看，我相信其他人也會看一看。我確信其他人也會競爭。但他們有能力像我們經過七年的努力那樣清晰地做到這一點，我認為，對於其他一些人來說可能不會那麼有成效。

Thank you. Appreciate it.

謝謝。欣賞它。

And then with the use of the ATM program and just the volatility of rates particularly here in the past three months, has anything changed in terms of how you view future leverage that EBITDA targets when running the business?

然後，隨著 ATM 程序的使用以及利率的波動，特別是在過去三個月中，您對經營業務時 EBITDA 目標的未來槓桿的看法有什麼變化嗎？

No, I mean, we've been consistently conservative. We've got cash flow needs that go well into the next few years and we want to be in a position that continues to kind of backfill and allows us to be opportunistic on new transactions.

不，我的意思是，我們一直很保守。我們的現金流需求將持續到未來幾年，我們希望能夠繼續回補，並允許我們在新交易中抓住機會。

What I don't want to do is end up in an environment where for a small or medium deal, we're kind of against the wall and forced into an equity overhang position. And interestingly in this deal, we didn't do it overnight. We didn't need to. We've kind of pre-equitized it through the balance sheet activities we did leading into this transaction. And you're going to continue to see us be thoughtful, measured and balanced as we go forward.

我不想做的是最終陷入這樣一種環境：對於中小型交易，我們有點碰壁並被迫陷入股權懸置的境地。有趣的是，在這筆交易中，我們並不是一朝一夕就能完成的。我們不需要。我們透過我們在這次交易中所做的資產負債表活動對其進行了預先股權化。在我們前進的過程中，您將繼續看到我們深思熟慮、審慎和平衡。

Thank. Congrats on new deal.

感謝。恭喜新政。

I would also say, keep in mind, keep in mind that we have the Lincoln option in the future and that will be funded with all debt. So we definitely or have intentionally kept our leverage low so that when we add that in at all debt financed, we're still comfortable with our leverage position. But I agree with Matthew. Our whole commitment has not changed to where we are and just trying to keep our balance sheet as strong as possible.

我還要說，請記住，請記住，我們將來有林肯選項，並且將由所有債務提供資金。因此，我們肯定或有意將槓桿率保持在較低水平，這樣當我們將其添加到所有債務融資中時，我們仍然對我們的槓桿狀況感到滿意。但我同意馬修的觀點。我們的整體承諾並沒有改變，只是努力保持我們的資產負債表盡可能強勁。

Smedes Rose, Citi.

斯梅德斯·羅斯，花旗銀行。

Hi, thank you. Just on the Ione agreement, I just wondering, I mean, there's a lot of native American casinos in the Sacramento area. And do you just have a sense of why are they coming to casino land now. They just recently get a gaming compact or they -- I don't know, they more recently recognized tribes, just wondering kind of around the timing? And then maybe, just if you could just speak to your source -- the source of financing at 11%. I mean, that's a pretty high rate or do you think they're just not able to access an alternative, more traditional form of financing? Did you mentioned banks already have agreements somewhat like the ones that you're structured?

你好，謝謝。就艾奧內協議而言，我只是想知道，薩克拉門托地區有很多美國本土賭場。您是否知道他們為什麼現在來到賭場？他們最近剛獲得了一個遊戲契約，或者他們——我不知道，他們最近認識了部落，只是想知道時間安排？然後也許，只要你能告訴你的消息來源——11% 的融資來源。我的意思是，這是一個相當高的利率，還是您認為他們只是無法獲得替代的、更傳統的融資形式？您是否提到銀行已經簽訂了類似您所製定的協議？

Yeah. Thanks, Smedes. I think that's your last question. The financing, I think, was going to be difficult for the tribe to get greenfield construction financing at an affordable rate at that facility. This was a unique opportunity for us to take our development expertise and combine it with our desire to have a tribe that was willing to go to Washington with us and promote our structure. And we tripped into this very unique opportunity with the Ione band, with a very strong leadership that was willing to embrace our structure and see it through the NIGC.

是的。謝謝，斯梅德斯。我想這是你的最後一個問題。我認為，對於該部落來說，融資將很難以可負擔的價格在該設施中獲得綠地建設融資。這對我們來說是一個獨特的機會，可以利用我們的發展專業知識，並將其與我們希望有一個願意與我們一起前往華盛頓並推廣我們的結構的部落的願望相結合。我們與 Ione 樂團一起抓住了這個非常獨特的機會，我們的領導層非常強大，願意接受我們的結構並透過 NIGC 來看待它。

That's not something that you can do as a commercial entity on your own. And so I think this is a culmination of and a combination of there, they had a need at the tribe for financing that could result in the development of their casino and not drown them in the leverage with it. We had a desire for a tribe to help us find a structure through a long-term lease component that we could take to Washington. Through that combination, we have this transaction.

這不是你作為一個商業實體可以獨自完成的事情。所以我認為這是一個高潮和組合，他們在部落需要融資，這可能會導致他們賭場的發展，而不是讓他們淹沒在槓桿中。我們希望有一個部落能夠幫助我們透過長期租賃找到一個可以帶到華盛頓的結構。透過這種組合，我們有了這筆交易。

And so I think this is a mutually beneficial transaction. As to why now, I believe the tribe had the land in trust in 2020. So they've been working since they had -- it's about 228 acres outside of Sacramento. Once they had the land in trust, they began to develop and work on this project that will be developed by Warner Gaming. We're familiar with Warner from their efforts in the Spokane market. And so they are not new to tribal gaming and tribal development.

所以我認為這是一筆互惠互利的交易。至於為什麼現在，我相信部落在 2020 年就擁有了託管土地。所以他們從一開始就一直在工作——這片土地位於薩克拉門托郊外，佔地約 228 英畝。一旦他們獲得了託管土地，他們就開始開發並致力於這個將由華納遊戲開發的項目。我們透過華納在斯波坎市場的努力而熟悉他們。因此，他們對部落遊戲和部落發展並不陌生。

And that was all part of the underwriting we undertook. We visited the site. We've done the economic study. So we're confident in their location and in their ability to get this done.

這就是我們承保的全部內容。我們參觀了該網站。我們已經完成了經濟研究。因此，我們對他們的位置和完成這項工作的能力充滿信心。

Thanks. That's great. And then I was just wondering, is there any just -- I know it's only been a few months but any update on the Chicago asset? I know you've got the land. Any updates just on Bally's kind of drawing down on the credit line that you're providing there or do you think that would be later in the construction process?

謝謝。那太棒了。然後我只是想知道，芝加哥資產是否有任何更新？我知道你已經擁有土地了。關於巴利（Bally）提取您在那裡提供的信用額度的任何更新，或者您認為這會在施工過程的後期進行嗎？

Steve, do you want to take a whack at that?

史蒂夫，你想接受打擊嗎？

Yeah, with respect to funding around direct hard costs, I think from GLPI's perspective, the first set of construction that will fall into our side of the ledger will be the casino podium case-ons and the hotel podium case-ons, which will start -- that part of the project will begin Q1 of '25. So I think that's the first moment in time where literally things will start to go into the ground that we will be looking at for funding.

是的，關於直接硬成本的融資，我認為從 GLPI 的角度來看，第一組屬於我們賬本的建設將是賭場裙樓案例和酒店裙樓案例，這將開始——該項目的這一部分將於25 年第一季開始。所以我認為這是第一個時刻，我們將開始尋求資金。

Brad Heffern, RBC.

布拉德‧赫芬，加拿大皇家銀行。

Yeah. Thanks. Morning, everyone. If the Ione deal does convert into a lease, is that at the same 11%? And then more broadly, sounds like there's a potential added layer of risk with this structure. Should we assume that, in general, you will require a higher yield than maybe on a traditional regional gaming deal?

是的。謝謝。早安，大家。如果 Ione 交易確實轉換為租賃，稅率是否同樣為 11%？更廣泛地說，聽起來這種結構可能會增加一層潛在的風險。我們是否應該假設，一般來說，您需要比傳統區域博彩交易更高的收益？

Without getting into the details, the answer is it is -- it will be a little bit lower than the 11% construction funding rate. But it will like -- it is likely higher than anything you've seen from us in a regional deal.

不談細節，答案是肯定的——會比 11% 的建設資金費率低一點。但它會喜歡——它可能比你在我們的區域協議中看到的任何東西都要高。

And with respect to commercial transactions versus tribal lease transactions, we would anticipate there will be an additional margin of cap rate applied to those transactions basically because at the conclusion of the 50-- 45 years, excuse me, we will not own the land or building versus a traditional commercial transaction.

就商業交易與部落租賃交易而言，我們預計這些交易將會有額外的資本化率裕度，基本上是因為在 50-45 年結束時，對不起，我們將不再擁有土地或土地。傳統商業交易。

Yeah. Okay. Got it. And then I was wondering if you could give an update on the Cordish relationship. Obviously, Bossier is close to opening and then there's the Virginia project as well. Is there any potential to be involved in either of those?

是的。好的。知道了。然後我想知道你是否可以介紹科迪什關係的最新情況。顯然，Bossier 即將開業，還有維吉尼亞項目。有可能參與其中任何一個嗎？

Sure. So in Bossier, they are funding that themselves. We have had some conversations with them around future transactions that could potentially come out of that. But no, there's no really on that one. With respect to Petersburg and some of the other things that they've been articles about other development type of licenses that they are pursuing in different jurisdictions, we do have the 20% equity right to co-invest with them on those types of transactions and we are in discussions around what we may or may not be interested in doing.

當然。因此，在波西爾，他們自己出資。我們已經與他們就未來可能由此產生的交易進行了一些對話。但不，那上面根本就沒有。關於彼得斯堡以及他們在不同司法管轄區尋求的其他開發類型許可證的文章，我們確實擁有 20% 的股權，可以與他們共同投資這些類型的交易，並且我們正在討論我們可能感興趣或不感興趣的事情。

Mitch Germain, Citizens JMP.

米奇·傑曼 (Mitch Germain)，公民 JMP。

Thank you. Just may be closing the loop on the Ione loan, is it -- the way to consider this really just a tribe that might be looking to develop or could you also use the structure for somebody that is maybe looking to expand or refurbish an existing casino?

謝謝。只是可能會關閉 Ione 貸款的循環，是嗎？

I think the answer is the structure could be utilized for almost any funding needs in tribal country. And in other words, it could be building a hotel tower. It could be refinancing debt, quite frankly, if they want to use the proceeds from that. It could be any number of projects or things that a tribe or initiatives the tribe has that they would need funding for. The key for us will be analyzing what collateral and assets they have that can be contributed to the process. That may be a mix of commercially held property that we could take a collateral interest in and repossess and own and the tribal land and land held trust that we would have our long-term lease structure.

我認為答案是該結構可以用於滿足部落國家的幾乎所有資金需求。換句話說，它可能正在建造一座酒店塔樓。坦白說，如果他們想使用由此產生的收益，可能會為債務進行再融資。它可以是部落或部落擁有的需要資金的任意數量的項目或事物。我們的關鍵是分析他們擁有哪些可以為這個過程做出貢獻的抵押品和資產。這可能是我們可以獲得抵押權益、收回和擁有的商業財產的組合，而部落土地和土地相信我們將擁有長期租賃結構。

So I think this gives us an opportunity to go to tribes, really have a discussion about their financing and funding needs, and figure out with each tribe how this structure might be utilized as a part of their overall funding plan to meet their needs. And so it could be a little bit of everything that to be determined.

所以我認為這給了我們一個機會去部落，真正討論他們的融資和資金需求，並與每個部落一起弄清楚如何利用這種結構作為他們整體融資計劃的一部分來滿足他們的需求。因此，這可能是所有需要確定的事情的一部分。

I think though to just kind of put one extra point on that, I think our interest is in the long-term financing component here, the long-term lease aspect of the transaction, not the short-term loan transaction. So I think as we look to go forward, I think we're probably apt to do a little less greenfield which would probably need a loan component in it and we'll probably look to go more with the long-term financing structure which is going to be embedded predominantly with properties already open running and profitable.

我認為，儘管只是多加一點，我認為我們的興趣在於長期融資部分，即交易的長期租賃方面，而不是短期貸款交易。因此，我認為，當我們展望未來時，我認為我們可能會傾向於少做一些綠地項目，這可能需要貸款成分，我們可能會更多地關注長期融資結構，即將主要嵌入已經開放運行且盈利的資產中。

Yeah, ideally, I think that's right. Our next transaction, future transactions, we're focused on the long-term lead structure out of the gate. We do not anticipate having a lot of short-term loans that could turn into the structure could not. This was something we needed to do in this transaction to get the tribe comfortable, to be the leader, to go to the NIGC with us, and help vet this process. So I think as we focus on this moving forward, we will be focused on the long-term lease structure as the initial step, not an option.

是的，理想情況下，我認為這是正確的。我們的下一筆交易，未來的交易，我們關注的是長期領先結構。我們預計不會有大量短期貸款可能會變成不能的結構。這是我們在這筆交易中需要做的事情，讓部落感到舒服，成為領導者，和我們一起去 NIGC，並幫助審查這個過程。因此，我認為，當我們專注於此進展時，我們將把重點放在長期租賃結構上，作為第一步，而不是一種選擇。

Great. That's helpful. And then Desiree, a quick question. I think you had mentioned and Steve just talked about Chicago funding commencing in Q1, but I think you had mentioned that there -- that guidance implies that there's a couple of different of these loan arrangements that are embedded. Can you maybe just talk about how we should think about the Bell and the Ione project and what the funding schedule will look like over the next several quarters?

偉大的。這很有幫助。然後是 Desiree，一個簡短的問題。我認為您已經提到，史蒂夫剛剛談到了芝加哥從第一季開始的融資，但我認為您已經提到了這一點——該指導意味著嵌入了幾種不同的貸款安排。您能否談談我們應該如何考慮 Bell 和 Ione 項目以及未來幾季的融資計劃？

Yeah. So for 2024, it's pretty insignificant, right? The amount of funding that we have left versus the couple of months that we have remaining in the year. I would look forward to 2025 when we provide financial guidance for 2025. We should have some more specifics around the actual funding amounts we're anticipating. Likely give you a range of what those are to include in the models.

是的。所以對於 2024 年來說，這是相當微不足道的，對吧？我們剩餘的資金數額與一年中剩餘的幾個月的資金數額。我期待 2025 年，屆時我們將提供 2025 年財務指引。我們應該有關於我們預期的實際資金數量的更多細節。可能會為您提供一系列要包含在模型中的內容。

Great. Congrats on the quarter.

偉大的。恭喜本季。

Todd Thomas, KeyBanc.

托德·托馬斯，KeyBanc。

Hi. Thanks. Good morning.

你好。謝謝。早安.

First question, just Desiree sticking with you, question on the updated guidance, where the midpoint implies a $0.93 result in the fourth quarter, which is $0.02 below this quarter. I realize you did the notes offering and there's some maybe timing mismatch there and some dilution between what you're earning on that capital versus the cost of the debt. But there's only a few months left in the year. I was just wondering if there's anything else to consider moving into the fourth quarter that might be having an impact.

第一個問題，只是 Desiree 堅持你，關於更新後的指導的問題，其中中點意味著第四季度的結果為 0.93 美元，比本季度低 0.02 美元。我意識到你發行了票據，可能存在一些時間不匹配的情況，並且你的資本收益與債務成本之間存在一定程度的稀釋。但一年僅剩幾個月了。我只是想知道進入第四季是否還有其他可能會產生影響的事情。

No. We raised a little bit of equity that has some dilution for the fourth quarter as well as those two bond financing is really what's driving it a little bit lower in the quarter.

不。我們籌集了一些股權，這對第四季有一定的稀釋作用，而這兩項債券融資確實是導致本季股價略有下降的原因。

Okay. And then I just wanted to circle back to the tribal deal, if I could. Peter, Brandon, in the past, even earlier this year, you've talked about tribal gaming as a tremendous opportunity. And I realize it's early but if this is repeatable and it is a structure that can be employed that you're comfortable working with, how should we think about the opportunity for GLPI going forward and the company's appetite to migrate capital or allocate new capital toward tribal gaming assets, if we look out some number of years, five years or so? How would the complexion of the portfolio potentially look as we think about this as a new opportunity set?

好的。然後，如果可以的話，我只想回到部落協議上。彼得、布蘭登，在過去，甚至在今年早些時候，你們曾談到部落遊戲是一個巨大的機會。我意識到現在還為時過早，但如果這是可重複的，並且是一個您可以輕鬆使用的結構，那麼我們應該如何考慮 GLPI 未來的機會以及公司將資本遷移或分配新資本的意願部落遊戲資產，如果我們看看幾年，五年左右？當我們將其視為一個新的機會集合時，投資組合的結構可能會是什麼樣子？

I think we all agree here that it's still unknown. And there's several of us who can speak to that. There's been conversations with others and the value is yet to be proven. Steve, Brandon, do you want to comment on just the tenor of such conversations as we've had? But this is just the very, very beginning. We're excited (multiple speakers)

我想我們都同意這仍然是未知的。我們中有幾個人可以對此發表意見。已經與其他人進行了對話，但其價值尚未得到證實。史蒂夫、布蘭登，你們想對我們這樣的談話的基調發表一下評論嗎？但這只是非常非常開始。我們很興奮（多個發言者）

Yeah, I think it's right. We're sort of in the beginning. We've created a structure now that we know the NIGC is okay with. Now, we need to take that structure and see how much demand there is in the tribal world for this type of funding. And we are very optimistic and I think if the demand that we think is there is there, the next question for us will be that we have not answered yet, we need to look at the risk profile of that deal. So we know the risk profile of the Ione deal and why we undertook it.

是的，我認為這是對的。我們還處於起步階段。現在我們已經創建了一個我們知道 NIGC 可以接受的結構。現在，我們需要採用這種結構，看看部落世界對此類資金的需求有多大。我們非常樂觀，我認為如果我們認為有需求，那麼我們面臨的下一個問題將是我們尚未回答，我們需要研究該交易的風險狀況。因此，我們了解 Ione 交易的風險狀況以及我們進行該交易的原因。

What we don't know fully is when we take this structure to the next drive, how can we improve upon that risk profile? And if the ultimate risk profile, how much capital are we willing to invest here from GLPI in that structure? And I think we need to better understand that risk profile on a rollout basis a little bit better before we can take the second step of determining how much capital here we might be willing to allocate to that revenue stream. So I just think it's too early for us to fully answer that question at the moment.

我們不完全知道的是，當我們將這種結構帶入下一個驅動器時，我們如何改善該風險狀況？如果是最終的風險狀況，我們願意從 GLPI 在該結構中投資多少資金？我認為，在我們採取第二步確定我們可能願意分配給該收入流的資本之前，我們需要更好地了解推出的風險狀況。所以我認為我們現在完全回答這個問題還為時過早。

It's an exciting opportunity. It's an exciting invention. Whether it gets accepted by the markets, we're waiting to see.

這是一個令人興奮的機會。這是一項令人興奮的發明。能否被市場接受，我們拭目以待。

Dan Guglielmo, Capital One.

丹古列爾莫，《第一資本》。

Hello, everyone. Thank you for taking my questions. Just one on the on the macro side. So long-term treasury yields have been rising even after a large Fed rate cut. Does that change the way you all think about deploying capital since your portfolio does have such a long investment time horizon?

大家好。感謝您回答我的問題。只是宏觀方面的一個。因此，即使在聯準會大幅降息之後，長期公債殖利率仍在上升。由於您的投資組合確實有如此長的投資期限，這是否會改變您對資本配置的思考？

I mean, clearly, we always consider what our cost of capital is and our spread to that cost of capital will be adjusted as needed on a transaction. But I mean, it doesn't change the fact that we are still in the market to grow and to do accretive transaction.

我的意思是，顯然，我們總是考慮我們的資本成本是多少，並且我們對資本成本的利差將根據交易的需要進行調整。但我的意思是，這並沒有改變我們仍在市場中發展並進行增值交易的事實。

Yeah, I mean, at the end of the day, we -- it's highly important for us to stay disciplined. We think about increasing the duration on the right side of the balance sheet and really hedging out that potential future risk and that's where the 30-year issuance we did really pleases us a few months ago. I mean, we've opened that market to ourselves. We've been pretty focused otherwise 10 year. I mean, we haven't gone short with anything outside of tax structuring. And you should continue to see us think that way. And also, the Desiree's point, include that kind of tenor in our underwriting on the front end.

是的，我的意思是，歸根結底，我們——保持紀律對我們來說非常重要。我們考慮增加資產負債表右邊的久期，真正對沖潛在的未來風險，這就是我們幾個月前發行的 30 年期債券真正令我們高興的地方。我的意思是，我們已經向自己開放了這個市場。十年來我們一直非常專注。我的意思是，除了稅收結構之外，我們沒有做任何事情。您應該繼續看到我們這樣思考。而且，Desiree 的觀點是，在我們的前端承保中包含這種基調。

Yeah, look, we're not about to do any transaction that's going to leave us underwater. I mean, I think as I've been fond of saying on these calls over many years, there's no transaction we have to do. I never feel and we never feel pressure to stretch to something that just doesn't make economic sense. We're -- our business is all about a spread to the cost of capital and we will, as Matthew suggests, and remain disciplined.

是的，聽著，我們不會做任何會讓我們陷入困境的交易。我的意思是，我認為正如我多年來在這些電話會議上喜歡說的那樣，我們不需要做任何交易。我從來沒有感覺到，我們也從來沒有感覺到有壓力去做一些沒有經濟意義的事。我們的業務就是分散資本成本，正如馬修所建議的那樣，我們將保持紀律。

Great, great. Thank you. Appreciate that.

太棒了，太棒了。謝謝。很欣賞這一點。

And then I saw a good article on Chicago this morning just around development funding. And outside of kind of Bally's and Casino Queen, are there other tenants coming and asking what they can do to improve their properties and would you all kind of help fund those improvements? And then kind of as the second part, is there like a capital outlay size that makes it worth your while? Is there kind of a -- $10 million might not be enough but $100 million is, just curious there. Thanks.

今天早上我看到一篇關於芝加哥的好文章，內容涉及發展資金。除了 Bally's 和 Casino Queen 之外，還有其他租戶來詢問他們可以做些什麼來改善他們的房產嗎？然後，作為第二部分，是否有類似的資本支出規模值得您花時間？是否有一種——1000 萬美元可能還不夠，但 1 億美元就足夠了，只是好奇。謝謝。

Sure. Yeah, I can take a shot and if anybody else wants to add anything, I think the answer to your second part is no, there's not really a size requirement. I think the answer is if someone -- one of our tenants has a project that makes sense capital wise and ROI wise for them to do and they're willing to allow us to assist them with funding and it's accretive to us, we're willing to entertain it. So that's the easy one.

當然。是的，我可以嘗試一下，如果其他人想添加任何內容，我認為你第二部分的答案是否定的，實際上沒有尺寸要求。我認為答案是，如果有人——我們的一位租戶有一個項目，對他們來說在資本和投資回報率方面都有意義，並且他們願意讓我們在資金上協助他們，這對我們來說是增值的，我們願意招待它。這就是最簡單的一個。

I think the first part of your question, I think, is a huge opportunity. I think we continue to have discussions with all of our tenants about capital improvements at their properties. If you look at Boyd's earnings yesterday, obviously, there's a lot of excitement about what happened with their landside move at Treasure Chest. Obviously, Casino Queen benefited greatly by the landside move in Baton Rouge.

我認為你問題的第一部分是一個巨大的機會。我認為我們將繼續與所有租戶討論其房產的資本改善問題。如果你看看博伊德昨天的收益，顯然，他們在寶箱的陸側搬遷所發生的事情令人興奮不已。顯然，賭場女王從巴吞魯日陸側搬遷中受益匪淺。

And we have the -- we already have the redevelopment projects going on at some of the other properties. So I think we continue to have discussions with tenants. I think tenants are starting to see there's upside -- legitimate upside that is tangible, recognizable, and hits their bottom line if they do make appropriate investments.

我們已經在其他一些房產上進行了重建項目。所以我認為我們會繼續與租戶進行討論。我認為租戶開始看到它的好處——合法的好處是有形的、可識別的，如果他們做出適當的投資，就會達到他們的底線。

So those discussions are picking up and I expect that to have more of those opportunities to present them to us in the future.

因此，這些討論正在升溫，我希望將來有更多機會向我們展示它們。

RJ Milligan, Raymond James.

RJ 米利根，雷蒙德詹姆斯。

Hey. Good morning, guys. Spent some time talking about the debt side, and I just thinking about expanding on an earlier question as you talk about leverage and sources of capital and I just -- more broadly, can you touch on just the general philosophy on equity funding and then maybe the decision to your around ATM use?

嘿。早安，夥計們。花了一些時間談論債務方面，當你談論槓桿和資本來源時，我只是考慮擴展之前的問題，我只是——更廣泛地說，你能否談談股權融資的一般理念，然後也許決定你周圍ATM的使用情況？

Yeah. Thanks, RJ. Well, you think about philosophy, I mean, I think of the Fed's mandate, price stability of max employment. For us, we've got no equity overhang and ensure that existing shareholders benefit from our new announcements, not kind of opportunist that flip into deals. And that means we need to optimally capitalize the company as we move forward and also be very measured with our ATM use and balance.

是的。謝謝，RJ。好吧，你想想哲學，我的意思是，我想到聯準會的任務，最大就業的價格穩定。對我們來說，我們沒有股本過剩，並確保現有股東從我們的新公告中受益，而不是那種投機交易的機會主義者。這意味著我們需要在前進的過程中充分利用公司的資本，並嚴格衡量 ATM 的使用和平衡。

And when you get a new deal, you get to look at, hey, if you consider the existing leverage of the company and the impact of the incremental investment, are you off size in any way compared to your target leverage? And for us, that's 5% to 5.5%. And we've become very comfortable at the lower end of that range. And given the environment, we actually chose to go below that range to get some extra firepower for future opportunities considered at Lincoln.

當你獲得新交易時，你要看看，嘿，如果你考慮公司現有的槓桿率和增量投資的影響，與你的目標槓桿率相比，你的規模是否有任何偏差？對我們來說，這個比例是 5% 到 5.5%。我們已經在這個範圍的低端變得非常舒適。考慮到環境，我們實際上選擇低於該範圍，以便為林肯考慮的未來機會獲得一些額外的火力。

And in this situation, we weren't offside in the short term or in the long term. And that led us to say, hey, all right, we're in a position to then use the ATM, use the forward, and do it in a balanced way. And we would have done less this quarter if it weren't for some deep interest that we had from some very thoughtful shareholders and we're able to get more done. And we thought, hey, in this case, given where the stock is, the relative cost of equity and debt, cost of equity versus when we underwrote the deals, we'll take the bird in hand and we did that.

在這種情況下，我們無論短期或長期都沒有越位。這讓我們說，嘿，好吧，我們可以使用 ATM，使用轉發，並以平衡的方式進行。如果不是一些深思熟慮的股東對我們的濃厚興趣，我們本季的業績可能會更少，而且我們能夠做得更多。我們想，嘿，在這種情況下，考慮到股票的位置、股權和債務的相對成本、股權成本與我們承銷交易時的成本，我們將把這隻鳥握在手中，我們就這麼做了。

And again, it puts us in a great position with ample cash for our base case 2025 business plan. And as we move forward, we're going to continue to weigh the same things. And my hope is in hindsight, you'll say, those guys were thoughtful, balanced, and measured. But we can't predict exactly how it'll play out because it's a function of all these moving variables. But hopefully, that gives you some insight.

這再次使我們處於有利地位，為我們的 2025 年基本業務計劃提供充足的現金。隨著我們前進，我們將繼續權衡同樣的事情。我希望事後諸葛亮，你會說，那些人是深思熟慮的、平衡的、有分寸的。但我們無法準確預測它會如何發展，因為它是所有這些移動變數的函數。但希望這能給您一些見解。

Chris Darling, Green Street.

克里斯達林，格林街。

Thanks, good morning. Going back to an earlier question around potentially pursuing traditional sale leasebacks or redevelopments with tribal operators, is that ultimately a more difficult hurdle to overcome, given that I'd imagine traditional financing alternatives may be more competitive from a pricing standpoint? And I ask -- I just wonder if you're going to be functionally limited to projects that sit further out on the risk spectrum where pricing might make more sense from the standpoint of both parties.

謝謝，早安。回到之前關於可能尋求傳統售後回租或與部落運營商進行重建的問題，考慮到我認為從定價的角度來看，傳統的融資替代方案可能更具競爭力，這最終是否是一個更難克服的障礙？我問——我只是想知道你們是否會在功能上僅限於那些風險範圍更遠的項目，從雙方的角度來看，定價可能更有意義。

Chris, I'm sorry. To clarify, your question about a tribal sale leaseback versus tribal current traditional financing.

克里斯，對不起。需要澄清的是，您關於部落售後回租與部落當前傳統融資的問題。

Yes, exactly.

是的，完全正確。

Yeah. So currently, the tribal financing is actually not as -- in many cases, not as price beneficial to the operators as a traditional commercial gaming enterprises debt financing would be. So there's already an additional margin that they're already paying. I think that the one big aspect that needs to be considered, and obviously, we'll talk to the tribes about it as they think about this alternative is the -- right now, the average tenor that they would be able to achieve on a debt financing is probably max eight years.

是的。所以目前來說，部落融資實際上並不像——在很多情況下，不像傳統商業遊戲企業的債務融資那樣對運營商有利。因此，他們已經支付了額外的保證金。我認為需要考慮的一個重要方面，顯然，當部落考慮這種替代方案時，我們將與他們討論這個問題，即現在，他們能夠在債務融資最長可能為八年。

And so what that means is the tribal -- that the tribal people who are receiving the distributions have a refinancing risk to their distribution every, call it, five day years. And as we all know, rates change and things change. So the one of the major benefits that a long-term lease structure would provide someone is the ability to steady out their distributions and reduce that refinancing risk in a very material way.

因此，這對部落意味著──接受分配的部落人民每隔五天就面臨一次分配的再融資風險。眾所周知，利率會變化，事情也會發生變化。因此，長期租賃結構將為某人提供的主要好處之一是能夠穩定其分配並以非常實質的方式降低再融資風險。

So if you're talking about 8 years versus 45, I think we all can see that there's a pretty big benefit there. So look, we're going to have discussions. We'll see where they go. I don't disagree that there's definitely some nuances that are different. But that's the opportunity that's presented itself and that's why we think we will get better margins on these types of investments than we would on a traditional commercial deal.

因此，如果你談論的是 8 年與 45 年，我想我們都可以看到那裡有相當大的好處。所以看，我們將進行討論。我們會看看他們去哪裡。我不同意肯定存在一些細微差別。但這就是出現的機會，這就是為什麼我們認為這些類型的投資將比傳統商業交易獲得更好的利潤。

Okay. That's really interesting and helpful to hear. And maybe just shifting gears a little bit, just as you think about the traditional commercial gaming space and recent conversations you might have had with any potential counterparties, what's the latest you can share just around transaction pricing? Maybe you could speak to how -- any bid as spread that you might have -- be observing and how that might be evolving more recently here.

好的。這真的很有趣並且很有幫助。也許只是稍微改變一下態度，就像您思考傳統的商業遊戲空間以及您最近可能與任何潛在交易對手進行的對話一樣，您可以分享有關交易定價的最新信息嗎？也許您可以談談您可能擁有的任何出價作為價差如何觀察以及最近可能如何演變。

Yeah, I think the most recent conversations -- look, I think when the credit markets were less than enthusiastic over the last 12 months, I think a lot of potential counterparties somewhat sat on their hands and I think what's happened now that people see rates are maybe going to come in some on the short end, they've started to re-engage thought -- their thought process around could they potentially do a transaction.

是的，我認為最近的對話 - 看，我認為過去 12 個月信貸市場不那麼熱情時，我認為很多潛在的交易對手都在某種程度上袖手旁觀，我認為現在人們看到利率後發生了什麼可能會出現一些空頭的情況，他們已經開始重新思考——他們的思考過程圍繞著他們是否有可能進行交易。

So the good news is I feel like that the current rate environment is causing folks to be a little more open and thoughtful around potential transactions. The slight downside, I would suggest, is that everyone thinks REITs are going to grind so much tighter that all of a sudden everyone's asset values will be high again and you can pay a significantly more aggressive cap rate than reality.

因此，好消息是，我覺得當前的利率環境使人們對潛在交易更加開放和深思熟慮。我認為，輕微的缺點是，每個人都認為房地產投資信託基金會變得更加緊縮，以至於突然間每個人的資產價值都會再次很高，你可以支付比實際情況更激進的上限利率。

So I think we're -- there's going to be more discussions. Whether it results in more transactions, only time will tell.

所以我認為我們——將會有更多的討論。是否會帶來更多交易，只有時間才能證明。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆德姆，摩根士丹利。

Hey. Thanks for taking my question. You have Jenny on for Ron.

嘿。感謝您提出我的問題。你讓珍妮代替羅恩。

So first, I think we're very impressive by the innovative avenues GLPI has been pursuing in the last few quarters. I'm just curious if there's any other like initiatives such as other avenues or like non-gaming deals or other new opportunities from the new relationships or development opportunities down the pipeline. If you can comment on the criteria for those opportunities, you're evaluating will be great. Thanks.

首先，我認為 GLPI 在過去幾季所追求的創新途徑給我們留下了深刻的印象。我只是好奇是否有其他類似的舉措，例如其他途徑或非博彩交易或來自新關係的其他新機會或未來的發展機會。如果您可以對這些機會的標準發表評論，那麼您的評估就會很棒。謝謝。

Going outside of gaming is really nothing. I mean, we're not looking to move away from -- gaming is our source business. We look at stuff on a regular basis. Always have. Actually, pretty thoroughly.

脫離遊戲其實沒什麼。我的意思是，我們並不打算放棄——遊戲是我們的源頭業務。我們定期查看一些東西。一直都有。事實上，相當徹底。

But again, as we've said, call after call, quarter after quarter, we haven't found any of the territory that is as stable, dependable, and rock solid as gaming. So as long as we can keep doing that, we will. And but again, not turn our noses up on any good opportunity.

但正如我們所說，一次又一次的電話、一個又一個的季度，我們還沒有找到任何像遊戲一樣穩定、可靠和堅如磐石的領域。因此，只要我們能夠繼續這樣做，我們就會這樣做。但同樣，不要對任何好機會嗤之以鼻。

As to what's out on the horizon, it's never predictable. It's serendipitous at some degree. We source transactions. But we also, as I noticed, somebody just read it one of the notes this morning. I've been quoted as saying, we kiss a lot of frogs. And indeed, we do. Always looking for a princess.

至於即將發生的事情，永遠無法預測。這在某種程度上是偶然的。我們採購交易。但正如我注意到的，今天早上有人剛剛讀了其中一個筆記。有人引用我的話，我們親了很多青蛙。事實上，我們確實這樣做了。一直在尋找公主。

And Steve, how would you want to characterize what we're seeing out in the world?

史蒂夫，你想如何描述我們在世界上看到的一切？

Well, look, I think my comments would probably be similar to what I was saying to the last question. I know, Matt -- were you going to say something prior to prior to Matt answering? Okay, I think, you've covered everything, Peter.

好吧，聽著，我想我的評論可能與我對上一個問題所說的類似。我知道，馬特——在馬特回答之前你會說些什麼嗎？好吧，我想你已經涵蓋了一切，彼得。

Okay. Then we have

好的。然後我們有

That makes sense. I think the second one -- I want to switch back to balance Chicago. I think you mentioned first round of funding is going to be Q1 '25. Maybe talk a little bit more. Do you -- like how many rounds of funding like are you planning in 2025 and like the approximate amount of those funding in 2025, just for my model? Thanks.

這是有道理的。我認為第二個——我想轉回平衡芝加哥。我想你提到第一輪融資將在 25 年第一季進行。或許可以多說一點。您是否計劃在 2025 年為我的模型計劃進行多少輪融資以及 2025 年這些融資的大致金額？謝謝。

Yeah. So we are still refining our timing on the fundings, working with Bally's and the construction team. So as I said earlier, we will be providing that with our 2025 guidance but we're not in a position right now to provide 2025 funding.

是的。因此，我們仍在與 Bally's 和施工團隊合作，以完善融資時機。正如我之前所說，我們將在 2025 年指導中提供這一點，但我們現在無法提供 2025 年資金。

Well, thank you. If that's it, then we're happy to close off our call. I hope that our presentation has been helpful, and we will look forward to connecting with you all the end of the next quarter. Thank you so much.

嗯，謝謝。如果是這樣，那麼我們很高興結束我們的通話。我希望我們的演示對您有所幫助，我們期待在下個季度末與您保持聯繫。太感謝了。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

女士們、先生們，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，祝您有美好的一天。

Thanks, operator.

謝謝，接線生。