Gaming and Leisure Properties Inc (GLPI) 2025 Q3 法說會逐字稿

Greetings and welcome to the gaming and leisure Properties Incorporated. Third quarter 2025 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host today, Joe Jaffoni, Investor relations. Please proceed.

歡迎來到遊戲休閒地產有限公司。2025年第三季財報電話會議及網路直播。（操作說明）提醒各位，本次會議正在錄音。現在我謹將會議交給今天的主持人，投資者關係部的喬·賈福尼。請繼續。

Thank you, [Latonya], and good morning, everyone, and thank you for joining Gaming and Leisure Properties Third Quarter 2025 Earnings Call and Webcast. The press release distributed yesterday afternoon is available on the Investor Relations section on our website at www.glpropinc.com.

謝謝[Latonya]，大家早安，感謝各位參加 Gaming and Leisure Properties 2025 年第三季財報電話會議和網路直播。昨天下午發布的新聞稿可在我們網站 www.glpropinc.com 的投資者關係欄位中找到。

In addition to the third quarter press release, GLPI also posted a supplemental earnings presentation which highlights the events of the quarter of recent developments and future considerations that can also be accessed at www.glpropinc.com.

除了第三季新聞稿外，GLPI 還發布了一份補充收益報告，重點介紹了本季近期發展和未來考慮事項，該報告也可在 www.glpropinc.com 上查閱。

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.

在今天的電話會議上，管理層準備的發言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。前瞻性陳述涉及存在風險和不確定性的事項，這些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。

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.

前瞻性陳述可能包括與收入、營業收入和財務指導相關的陳述，以及非GAAP財務指標，如FFO和AFFO。再次提醒，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 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公司向美國證券交易委員會提交的文件（包括 10-Q 表格和盈利報告）中有關風險因素和前瞻性陳述的更詳細討論，以及公司盈利報告中所載的非公認會計準則財務指標的定義和調節表。

On this morning's call, we are joined by Peter Carlino, Chairman and Chief Executive Officer at Gaming and Leisure Properties. Also joining today's call are Brandon Moore, President and Chief Operating Officer; Desiree Burke, Chief Financial Officer and Treasurer; Steve Ladany, Senior Vice President and Chief Development Officer; and Carlo Santarelli, Senior Vice President, Corporate Strategy and Investor Relations.

今天早上的電話會議上，我們邀請了 Gaming and Leisure Properties 的董事長兼執行長 Peter Carlino。今天參加電話會議的還有總裁兼首席營運長布蘭登·摩爾；首席財務官兼財務主管德西蕾·伯克；高級副總裁兼首席發展官史蒂夫·拉達尼；以及高級副總裁兼企業戰略和投資者關係負責人卡洛·桑塔雷利。

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

接下來，我很高興將電話交給彼得·卡利諾。彼得，請繼續。

Well, thank you, Joe, and good morning, everyone. We are particularly pleased to announce a really terrific quarter in which I think a lot of really good things have come together. As always, these have been thoroughly detailed in our earnings release. Nonetheless, there are three items that I think are worthy of spending just a little bit of time this morning. that represent important elements of the GLPI story today.

謝謝你，喬，大家早安。我們尤其高興地宣布，本季業績非常出色，我認為很多非常好的事情都匯聚於此。與往常一樣，這些內容已在我們的盈利報告中詳細說明。不過，今天早上有三件事我覺得值得花一點時間談談，它們代表了GLPI今天發展歷程中的重要元素。

The first topic I'd like to highlight is our pipeline and our recent transactions. Very simply, in the last 60 days, we have announced three transactions. And while the market has given us a little credit for these deals, each of these has been -- is accretive and allowed us to deploy $875 million of capital at a blended cap rate of 9.3%.

我想重點介紹的第一個主題是我們的業務拓展和近期的交易情況。簡而言之，在過去的 60 天裡，我們宣布了三筆交易。雖然市場對這些交易給了我們一些肯定，但每一筆交易都帶來了收益，使我們能夠以 9.3% 的綜合資本化率部署 8.75 億美元的資本。

When completed, these transactions will add over 5% to our current annualized cash rent while also expanding partnerships with two existing tenants and furthering our initiatives in the area of tribal gaming. The second item is funding, which is something we get lots of questions about. We currently have over $3 billion of announced transaction activity in our pipeline.

這些交易完成後，將使我們目前的年度現金租金增加 5% 以上，同時也將擴大與兩家現有租戶的合作關係，並推進我們在部落博彩領域的舉措。第二項是資金問題，這是我們常被問到的問題。目前我們已公佈的交易活動總額超過30億美元，正在籌備中。

As you saw in our third quarter results announcement, we executed on $363 million of forward equity in this period at an average price of $48. Despite the size of our current funding commitments, given our current leverage profile, it is worth pointing out that we can fund the entirety of our future commitments solely with debt financing, and still remain at approximately five and a half times leverage, the low end of our 5% to 5.5% range.

正如您在我們第三季業績公告中看到的那樣，我們在此期間以平均每股 48 美元的價格執行了 3.63 億美元的遠期股權交易。儘管我們目前的融資承諾規模龐大，但考慮到我們目前的槓桿水平，值得指出的是，我們可以完全依靠債務融資來滿足我們未來的全部承諾，並且槓桿率仍保持在約 5.5 倍，處於我們 5% 至 5.5% 範圍的下限。

So given the current valuation of our equity, the this path appears to be most appealing as it unlikely we'll be tapping the equity market in this current pathetic range. Number three, the third item is Bally's. We get lots of questions about that.

鑑於我們目前的股權估值，這條道路似乎是最有吸引力的，因為我們不太可能在目前如此糟糕的股價區間進入股票市場。第三項，第三樣東西是 Bally's。我們常常收到關於這方面的問題。

And I'd like to talk a little bit about our relationship with them. We have two very strong well-covered leases with Bally's, the development in Chicago, a ground lease on a soon-to-be-developed prime parcel of Las Vegas real estate and which you would know is the new home of the Las Vegas.

我想稍微談談我們與他們的關係。我們與 Bally's 簽訂了兩份非常穩固且保障完善的租賃協議，分別是芝加哥的開發項目、拉斯維加斯一塊即將開發的黃金地段的土地租賃協議，而您也知道，這塊地將成為拉斯維加斯的新家。

Since we last spoke, a lot has transpired with Bally's, all of which has been very positive from our perspective, Bally's successfully completed its international iGaming transaction with Intralot, positioning the company very well from a liquidity perspective.

自從我們上次談話以來，Bally's 發生了很多事情，從我們的角度來看，所有這些事情都非常積極。 Bally's 成功完成了與 Intralot 的國際 iGaming 交易，從流動性角度來看，這使公司處於非常有利的地位。

Additionally, as we last spoke, Valleys have become one of three remaining bidders for three potential licenses, very lucrative licenses in New York which whether we participate or not is a very good thing for them. And lastly, of core importance to us, significant progress has been made in Chicago and the development of that project.

此外，正如我們上次所說，Valleys 已成為紐約州三個潛在許可證的最後三個競標者之一，這些許可證利潤非常豐厚，無論我們是否參與，對他們來說都是一件非常好的事情。最後，對我們來說至關重要的是，芝加哥的專案開發取得了重大進展。

And we extended our first tranche of capital for the development earlier this month. So we step back and look at the Bally's relationship, we like the assets that we have coverage on our existing leases is very good. And the Chicago development has a very, very strong ROI framework.

本月初，我們為該計畫提供了第一筆開發資金。因此，我們退後一步，審視與 Bally's 的關係，我們喜歡我們現有的租賃資產，我們的現有租賃覆蓋率非常好。芝加哥的開發案擁有非常非常強大的投資報酬率框架。

We see tremendous potential and opportunity in Land in Las Vegas, and we see New York as a as I said earlier, potentially material value-enhancing opportunity for us or for valleys with or without us. So these have been very positive developments. I would like to point out that the progress in Chicago is significant, and the pace of construction has picked up dramatically.

我們看到了拉斯維加斯土地的巨大潛力和機遇，正如我之前所說，我們認為紐約是一個可能為我們或山谷地區（無論有沒有我們）帶來實質價值提升的機會。所以這些都是非常正面的進展。我想指出，芝加哥的進展非常顯著，建設速度也大幅加快。

To that end, we publish photographs that give any interest among you an idea of just how things are looking. We've gone vertical, and we're going to keep that -- those that those photographs and the storyline updated, so you know at any moment where we are in Chicago.

為此，我們發布照片，讓有興趣的人了解事情的現狀。我們已經採用了垂直模式，並且會一直保持這種模式——照片和故事情節都會更新，這樣你就可以隨時知道我們在芝加哥的哪個位置。

In Las Vegas, you Bally's has published a site plan that encompasses what may be possible at the site. We are very pleased with what they have discovered or what they have laid out. And we may or may not participate as opportunities. It's unlikely that we will finance the entire project, but there are elements of that profit-making elements that I think we could participate in.

在拉斯維加斯，Bally's 酒店公佈了一份場地規劃圖，其中涵蓋了該場地可能實現的各種方案。我們對他們的發現或提出的方案非常滿意。我們可能會也可能不會參與這些機會。我們不太可能為整個專案提供資金，但我認為我們可以參與其中的一些獲利環節。

So I'd stay tuned in Las Vegas as well. It's in a very good place at the moment. So with that, I'm going to turn it over to Desiree to give you things that really matter.

所以，我也會繼續關注拉斯維加斯的動態。它目前處境非常好。那麼，接下來我將把麥克風交給 Desiree，讓她為大家帶來一些真正重要的事情。

Thanks, Peter. Good morning. For the third quarter of 2025, our total income from real estate exceeded the third quarter of 2024 by over $12 million. The growth was primarily driven by increases in our cash rent of $20 million. And those are related to our acquisition of Bally's, Kansas City and Shreveport, which increased cash rent by $8 million.

謝謝你，彼得。早安.2025 年第三季度，我們的房地產總收入比 2024 年第三季增加了 1,200 多萬美元。成長主要由現金租金增加 2000 萬美元推動。這些都與我們收購堪薩斯城和什里夫波特的 Bally's 餐廳有關，這筆交易使現金租金增加了 800 萬美元。

The Chicago land lease increased cash income by $3.9 million Bally's Tropicana funding increased it by $600,000, and the Bell development increased cash rent by $1.6 million. The Ion loan increased cash income by $900,000, the Joliet funding increased our cash income by $1.7 million and the recognition of our escalators and percentage rent adjustments increased cash income by about $4.2 million.

芝加哥土地租賃使現金收入增加了 390 萬美元，Bally's Tropicana 的融資使其增加了 60 萬美元，而貝爾的開發項目使現金租金增加了 160 萬美元。Ion 貸款使我們的現金收入增加了 90 萬美元，Joliet 的融資使我們的現金收入增加了 170 萬美元，而確認我們的租金遞增和百分比租金調整使現金收入增加了約 420 萬美元。

The combination of our noncash revenue gross-ups, investment in lease adjustments and straight-line rent adjustments partially offset those increases driving a collective year-over-year decrease of $8.4 million. Our operating expenses decreased $53.5 million, mainly resulting from noncash adjustments in the provision for credit losses due to a less pessimistic forward-looking economic forecast as compared to the prior quarter, as well as the fact that 2024 the provision included a charge for the establishment of the Tropicana reserve.

非現金收入增加、租賃調整投資和直線租金調整相結合，部分抵消了這些增長，導致同比總收入減少 840 萬美元。我們的營運支出減少了 5,350 萬美元，主要原因是由於與上一季相比，對經濟前景的預測不那麼悲觀，導致信貸損失準備金的非現金調整，以及 2024 年的準備金中包含了設立 Tropicana 儲備金的費用。

For the company, just a reminder that we capitalized interest and deferral rent during the development period for financial reporting purposes. However, we add that run back and deduct the capital interest in deriving our AFFO. Included in today's release is an increase in GLPI's full year 2025 AFFO guidance ranging from $3.86 to $3.88 per diluted share in OP units.

公司在此提醒一下，出於財務報告的目的，我們在開發期間將利息和遞延租金資本化了。但是，我們在計算 AFFO 時，會加上回溯成本並扣除資本利息。今天發布的公告中還包括將 GLPI 2025 年全年調整後營運資金 (AFFO) 預期上調，每股攤薄收益為 3.86 美元至 3.88 美元（以 OP 單位計）。

Please note that this guidance does not include the impact of future transactions. However, it does include our anticipated funding of $150 million for the M Resort tower expected to occur next month and approximately $280 million of funding for development projects expected to occur during the fourth quarter, of which $125 million was funded for Chicago in October.

請注意，本指南不包含未來交易的影響。不過，這其中包括我們預計下個月將為 M Resort 大樓提供的 1.5 億美元資金，以及預計在第四季度將提供的約 2.8 億美元開發項目資金，其中 1.25 億美元已於 10 月撥付給芝加哥。

From a balance sheet perspective, and this is probably the most important part of my comments, during the quarter, we sold 7.6 million shares under a forward sale agreement to raise $363.3 million or $477 per share. Additionally, we issued $1.3 billion in new bonds and redeemed our sole 2026 maturity of $975 million, thereby raising in excess of $680 million of capital for our development and acquisition pipeline. Our leverage ratio is at 4.4x, well below our target and historical levels.

從資產負債表的角度來看，這可能是我評論中最重要的一部分，本季我們根據遠期銷售協議出售了 760 萬股股票，籌集了 3.633 億美元，即每股 477 美元。此外，我們發行了 13 億美元的新債券，並贖回了我們唯一將於 2026 年到期的 9.75 億美元債券，為我們的開發和收購項目籌集了超過 6.8 億美元的資金。我們的槓桿率為 4.4 倍，遠低於我們的目標水準和歷史水準。

Given our current balance sheet position, the several year runway to fund our development projects and our annual free cash flow over that time frame, we have optionality to fund our future accretive commitments. As a reminder, our significant development projects pay us cash rent upon funding.

鑑於我們目前的資產負債表狀況、未來幾年足以資助我們開發項目的資金以及在此期間的年度自由現金流，我們有選擇權為我們未來的增值承諾提供資金。再次提醒，我們的重大開發案在獲得資金後會向我們支付現金租金。

In October, we extended the company's option and call rate to acquire the real property assets of Bally's Twin River Lincoln by two years from 2028 to 2028 from 2026. Our rent coverage ratios on our master leases are ranging from 1.69 to 2.78 as of the end of the prior quarter end. With that, I will turn it back to Peter.

10 月，我們將公司收購 Bally's Twin River Lincoln 房地產資產的選擇權和贖回利率期限從 2026 年延長了兩年，從 2028 年延長至 2028 年。截至上一季末，我們主租賃的租金覆蓋率在 1.69 到 2.78 之間。就這樣，我把麥克風交還給彼得。

Well, thanks, Desiree. And with that operator, can we open the call to questions?

謝謝你，黛西蕾。那麼，我們能否透過這位接線生開啟問答環節呢？

(Operator Instructions)

（操作說明）

Haendel St. Juste, Mizuho Securities USA LLC.

Haendel St. Juste，瑞穗證券美國有限公司。

Hey there. Good morning. Thanks for taking my question. Desiree, I wanted to follow up on your comments on the balance sheet. Looks like you're well covered in terms of sources through your uses for now. But I guess would we -- how comfortable are you ? Looks like leverage is going to tick up over the near term as you deploy capital.

嘿。早安.謝謝您回答我的問題。Desiree，我想就你之前關於資產負債表的評論做個後續說明。看來就你目前的使用情況來看，資源方面已經足夠了。但我想我們——你感覺如何？？隨著資金的投入，短期內槓桿率似乎會上升。

So I guess, how comfortable are you with your current liquidity profile? And how much would you be comfortable with letting leverage tick up here in the near term?

所以我想問的是，您對目前的流動性狀況有多滿意？那麼，在短期內，您能接受槓桿率上升到什麼程度？

Right. So look, if I funded everything I have out there in the pipeline with debt, which obviously that's not exactly what we intend to do. But however, if our equity remains where it is, we may just do that. We only get to 5.1 times levered, right, once everything is annualized in. So I'd be very comfortable at that range.

正確的。所以你看，如果我用債務來資助我所有正在籌備的項目，那顯然這不是我們打算做的。但是，如果我們的股權保持不變，我們或許就會這麼做。我們最終的槓桿率只有 5.1 倍，對吧，前提是所有費用都按年計算。所以我覺得這個範圍很適合。

I mean, you can see in our supplemental, historically, we've been over that, right, up to five and a half times is our maximum range of leverage. So I am very comfortable with our current liquidity position and the funding of the transactions that we've announced to date.

我的意思是，你可以從我們的補充資料中看到，從歷史數據來看，我們已經超過了這個倍數，對吧，我們的最大槓桿範圍是五倍半。因此，我對我們目前的流動性狀況以及我們迄今為止宣布的交易的資金狀況非常有信心。

Got it. Appreciate that. And then I guess, just more broadly, curious on the regional gaming trends during the quarter, foot traffic, revenue in light of the slowing macro, and I guess some broader commentary on how do you expect regional gaming to perform in this environment? Thank you.

知道了。謝謝。然後，更廣泛地說，我很好奇本季區域遊戲趨勢、客流量、收入（考慮到宏觀經濟放緩的情況），以及您對區域遊戲在這種環境下表現的預期，並想聽聽一些更廣泛的評論？謝謝。

Well, any number of us could take that question. I mean, look, generally, regional gaming has held up very well, and our coverages remain pretty protected and see no threat to the industry whatsoever. I mean, look, given time, who knows what will evolve. But right now, the regional business is very, very strong. So Carlo, do you want to add something to that?

嗯，我們當中任何一個人都可以回答這個問題。我的意思是，總的來說，區域遊戲產業發展得非常好，我們的報導也得到了很好的保護，我們認為該產業沒有任何威脅。我的意思是，你看，假以時日，誰知道會發生什麼事？但就目前而言，區域業務非常非常強勁。卡洛，你還有什麼要補充的嗎？

Sure. It's Carlo. I think when you look across our tenants who've reported to date and some who haven't, but when you look across those who have reported to date, you had a good regional report from obviously MGM, a good regional report from Caesars.

當然。是卡洛。我認為，縱觀我們迄今為止提交報告的租戶和尚未提交報告的租戶，在已提交報告的租戶中，米高梅和凱撒都提交了很好的區域報告。

I think when you look at the state level data, it all appears very solid and very steady. I know there were some concerns around promotional activity in those markets, but certainly not showing up in EBITDAR, and has not showed up in coverage for those who've reported thus far.

我認為，從州級的數據來看，一切都顯得非常穩固可靠。我知道有人擔心這些市場的促銷活動，但這肯定沒有反映在 EBITDAR 中，而且到目前為止，在已發布報告的報導中也沒有出現。

And foot traffic?

人流量如何？

Yeah, I think foot traffic remains fairly steady as well in regionals. I think there's a broader malaise around the space that's created by numerous other things, but I think in regional markets there hasn't been a dramatic change in demand as far as we can see.

是的，我認為區域性賽事的人流也保持相當穩定。我認為這個領域存在著更廣泛的低迷情緒，這是由許多其他因素造成的，但就我們所看到的而言，區域市場的需求並沒有發生劇烈的變化。

Thank you.

謝謝。

Richard Hightower, Barclays Services Corp.

理查德·海托沃，巴克萊服務公司

Hey, good morning guys. Thanks for taking the questions here. So my first question just has to do with some of the puts and takes in expected fourth quarter development funding. I think there were some questions last night as to kind of what changed versus what the expectation was 90 days ago or even more recently. So just help us understand what changed, including obviously the impact of Chicago within that mix?

嘿，各位早安。感謝您回答這些問題。所以我的第一個問題與預計第四季發展資金的一些投入和投入有關。我認為昨晚有人提出了一些問題，那就是與 90 天前甚至最近的預期相比，究竟發生了哪些變化。那麼，請您幫我們了解究竟發生了什麼變化，當然也包括芝加哥在其中產生的影響？

Right. So really, the biggest take, I would say, is that we've reduced our Chicago development funding by about $25 million and push that into 2026. So it's really just a timing adjustment. So my $338 million is now $280 million Obviously, we funded about $35 million for the quarter. And so that has declined $25 million, that's it.

正確的。所以，我認為最大的變化是，我們減少了對芝加哥的發展資金約 2500 萬美元，並將這筆資金推遲到 2026 年。所以其實只是時間調整而已。所以，我的3.38億美元現在變成了2.8億美元。顯然，我們本季籌集了約3500萬美元。所以，減少了2500萬美元，就是這樣。

But it's really just timing of coming out of '25 and going into '26.

但其實只是從 2025 年過渡到 2026 年的時機問題。

Look, I think it's safe to add that some delay in the actual first payment or advance had to do with just papering the transaction. I'm looking at Brandon sitting across the table, who spent a lot of time working on the details to make sure it was all right and perfect given the scale of what's happening and so forth. But now that they're underway, the advances have begun, I think you can expect a regular flow of capital investment going forward.

我覺得可以補充一點，頭期款或預付款的延遲是因為辦理交易手續造成的。我看著坐在桌子對面的布蘭登，他花了很多時間處理細節，以確保一切都妥當完美，考慮到事情的規模等等。但現在這些項目已經開始，進展也已啟動，我認為可以預期未來會有穩定的資本投資流入。

Okay. Great. Thanks for that. And then obviously, we all noticed the extension of the purchase option at Lincoln. So just tell us your latest thoughts, if you don't mind on that asset and maybe some of the pressures that asset might be facing over the next couple of years and how it factors into the timing and even the purchase price itself, if you don't mind.

好的。偉大的。謝謝。然後，很顯然，我們都注意到林肯汽車擴大了購買選擇範圍。所以，如果您不介意的話，請告訴我們您對該資產的最新看法，以及該資產在未來幾年可能面臨的一些壓力，以及這些壓力將如何影響購買時機甚至購買價格本身。

Well, I'll take part of it and we'll spread around the second half. Look, I think the -- you know perfectly well, as I think well publicized that getting approval from their lenders to get released on that property has been challenging. And look, though, we had a call right, we're not about to put our tenants -- our partner, if you will, under pressure and demand something that is simply is not in their best interest.

好吧，我會拿一部分，剩下的我們大家一起分攤。你看，我想——你很清楚，正如大家所熟知的，從貸款機構獲得批准以解除該房產的抵押權一直是一個挑戰。不過，我們已經溝通過了，我們不會給我們的租戶——或者說我們的合作夥伴——施加壓力，要求他們做一些根本不符合他們最佳利益的事情。

We're perfectly happy to wait and it's fine to assist in that manner. So it was nothing more than just simply taking pressure off that story and moving it down the road in some comfortable time frame.

我們很樂意等待，以這種方式提供幫助也完全沒問題。所以，這只不過是減輕了那個故事的壓力，並把它推遲到一個比較合適的時間範圍內而已。

Yes, Rich, I mean, I think on the second half, the Lincoln asset has had some stress because of road closures, bridge closures and the competing first light project, which is being expanded somewhat we understand. I think that this is mutually beneficial to the two companies. For us, we'll push Lincoln out. We'll get a better look at that market and what's going on.

是的，Rich，我的意思是，我認為在下半年，林肯資產由於道路封閉、橋樑封閉以及與之競爭的“第一道曙光”項目（據我們了解，該項目正在有所擴建）而承受了一些壓力。我認為這對兩家公司都有好處。對我們來說，我們會把林肯趕下台。我們將更深入地了解該市場及其發展狀況。

We've got plenty of growth in place for '26 and '27, and pushing this out doesn't hurt us at all. We have our hands full for the next year, 18 months. And so as Peter said, for the reasons it was beneficial for Bally's, it certainly isn't detrimental to GLPI. And so I think this was a win-win accommodation to push it out to '28.

我們已經為 2026 年和 2027 年制定了充足的成長計劃，推遲這個計劃對我們沒有任何壞處。接下來的18個月，我們將忙得不可開交。正如彼得所說，就巴利公司而言，這樣做是有益的，但對GLPI公司來說肯定不是有害的。所以我認為將期限推遲到 2028 年是一個雙贏的妥協方案。

Yes, it's kind of an ace in the hole that we've got it, and we'll get it when the time is right. We feel good about that.

是的，這算是我們的一張王牌，時機成熟時我們就能用上它。我們對此感到很滿意。

Okay. Thank you, guys.

好的。謝謝大家。

Jay Kornreich, Cantor Fitzgerald.

傑伊·科恩雷希，坎托·菲茨杰拉德。

Hey, good morning. I guess, just first off, there's been a number of announced deals lately from you in the past two months, as you mentioned. And I'm curious if there's been anything that's really been driving that for you, or is it kind of more coincidence that many transactions you've been working on just all got done around the same two month time?

嘿，早安。我想，首先，正如您所提到的，在過去的兩個月裡，您宣布了一系列交易。我很好奇，這背後是否有什麼真正的原因促使你這樣做，還是說你經手的許多交易恰好都在兩個月左右的時間裡完成，這只是一種巧合？

Steven, would you take that?

史蒂文，你願意接嗎？

Okay. Yes, I'm happy to address that. I think that's easy. I think it's the latter. A lot of hard work came together at about the same time. And so all those deals will very different were things we have been working on for a very long time and just came together in the quarter.

好的。是的，我很樂意回答這個問題。我覺得這很容易。我認為是後者。許多辛勤工作幾乎在同一時間匯聚成一股力量。因此，所有這些交易都非常不同，都是我們長期以來一直在努力的事情，只是在本季才最終達成。

So, as you know, from our business, it can be a little lumpy from time to time, and this was a quarter where we just had a lot of things come in at the same time.

如您所知，我們的業務有時會有些起伏，而本季我們正好有很多事情同時發生。

Okay. And then if I could just follow up on the funding for the Chicago Bally development. Are you able to comment on how much funding you expect in 2026? And what portion may spill into 2027?

好的。然後，如果我能跟進芝加哥 Bally 開發案的資金情況就好了。您能否透露一下您預計在 2026 年能獲得多少資金？有多少部分可能會延續到 2027 年？

Yes. No, I mean, I'm not prepared to comment on that. I would tell you that it will spend into 2027, the funding, and we have said that. And when we come out with fourth quarter -- when we come out with 2026 guidance in February of next year, we will give you as much information on the timing of the funding for that project as possible.

是的。不，我的意思是，我對此不予置評。我可以告訴你，這筆資金將持續到 2027 年，我們已經說過這​​一點。當我們公佈第四季度業績——也就是明年二月公佈 2026 年業績指引時，我們會盡可能向您提供有關該專案資金到位時間的資訊。

Yes. Every day that goes by, it gives us a better focus on kind of where the project is. We stay very close to that contracting process, have people -- our people in place, keeping an eye on how things are going. It's going well, but it's a large project.

是的。隨著時間的推移，我們就能更清楚地了解專案的進度。我們密切注意合約簽訂過程，我們派人到位，密切注意事情的進展。進展順利，但這畢竟是個大專案。

And as I say, further we get down the road, the better we'll understand kind of what the final day will be. I know they're focused on getting the casino open as early as possible.

正如我所說，隨著時間的推移，我們會越來越清楚地了解最終結局會是什麼樣子。我知道他們正全力以赴，爭取盡快開放賭場。

Okay. All right. I'll hold it there. Thank you.

好的。好的。我就把它放在那裡。謝謝。

Barry Jonas, Truist Securities.

Barry Jonas，Truist Securities。

Hey guys. You've now announced two tribal deals. How would you characterize the pipeline for tribal deals from here? Curious how the education process has been resonating? Thank you.

嘿，大家好。你現在已經宣布了兩項部落協議。您如何描述未來部落協議的走向？想知道教育過程的反應如何？謝謝。

You want to take that Steve?

你想拿下那個嗎，史蒂夫？

Sure. I look, I think from a tribal perspective, the education process is ongoing. I will say we, we're getting, we're getting many more inbounds, and we're still placing outbounds, but I think that the cadence of those discussions is somewhat starting to turn.

當然。我認為，從部落的角度來看，教育過程是一個持續的過程。我想說的是，我們正在獲得更多的入境邀請，我們也在繼續發出出境邀請，但我認為這些討論的節奏在某種程度上開始轉變了。

Part of that is just the ongoing reality that other folks and advisors in that marketplace are starting to see transactions occur, and access to capital being afforded to their clients, so they're starting to call us more frequently. I think we'll continue to continue to pursue transactions in that space.

部分原因是市場上的其他人士和顧問開始看到交易發生，他們的客戶獲得了資金，所以他們開始更頻繁地打電話給我們。我認為我們會繼續在這個領域尋求交易。

I think one thing we are focused on is availing the marketplace to the reality that our structure, and our capital can be utilized in more than just a greenfield sense in the tribal landscape. So, I think that's something we are focused on trying to find uses that are, either mature assets, and people are looking to diversify into other areas of business, other lines of business, or looking to refinance maybe debt that they have in place as opposed to just simply funding a greenfield project.

我認為我們關注的一點是，要讓市場認識到，我們的結構和資本不僅可以在部落地區進行綠地開發，還可以用於其他用途。所以，我認為我們目前關注的重點是尋找成熟資產的用途，以便人們能夠將資產多元化發展到其他業務領域、其他業務線，或為現有債務進行再融資，而不是僅僅為新建項目提供資金。

So, not saying we won't continue to look at greenfield projects, but we will, we are continued to try to find other uses for the capital that can be demonstrated to that marketplace to continue to further the education process.

所以，並不是說我們不會繼續關注新建項目，而是我們會繼續嘗試尋找其他資金用途，向市場證明這些資金能夠繼續推進教育進程。

Great. And then just as a follow-up, we just talked a little bit about the regional markets, but curious to get your wider views the strip today, given the recent softness we've been seeing, you commented on Bally's project there, but would you be open to meaningfully increasing your Vegas exposure if the right opportunity came along? Thank you.

偉大的。然後，作為後續討論，我們剛才稍微談到了區域市場，但鑑於最近我們看到的疲軟態勢，我很想了解您對如今拉斯維加斯大道更廣泛的看法。您評論了 Bally 在那裡的項目，但如果出現合適的機會，您是否願意大幅增加您在拉斯維加斯的投資？謝謝。

Well, yes, I mean, simple answer is yes. You said it right, the right opportunity, whatever that might be. We're not looking for anything there. We have a wonderful project in hand that offers us an opportunity to participate at some level and should we choose. But look, we're always in the market for the next thing.

嗯，是的，我的意思是，簡單的答案是肯定的。你說得對，合適的時機，無論是什麼。我們去那裡不是為了尋找任何東西。我們手頭上有一個很棒的項目，它為我們提供了一個參與其中的機會，如果我們願意的話。但是，我們始終都在尋找下一個新產品。

And Barry, this is Carlo. Look, I mean, you've covered the space for a long time. You've seen the Las Vegas Strip go through many cycles, and this feels like just another one of those cycles. So when you're thinking long term like we are, I don't think a couple choppy quarters in a row coming off of a very strong period like we saw coming out of COVID really changes the thinking much around investment into that market.

巴里，這位是卡洛。我的意思是，你已經在這個領域耕耘很久了。你已經見證了拉斯維加斯大道經歷的許多輪迴，而這感覺就像是其中的另一個輪迴。所以，當我們像我們一樣著眼於長遠發展時，我認為，在經歷了像新冠疫情后那樣強勁的時期之後，連續幾個季度的波動並不會真正改變我們對該市場投資的看法。

Perfect. Appreciate it. Thanks.

完美的。謝謝。謝謝。

Thank you.

謝謝。

John Kilichowski, Wells Fargo Securities LLC.

John Kilichowski，富國證券有限責任公司。

Good morning out there. Thank you. My first question is just on the New York City -- how is your appetite to participate in those casinos change given the developments that we've seen in the quarter? There's been some news file recently. And I don't know if there's been any more progressive conversations being had or are we in the same place that we were a quarter ago?

早安.謝謝。我的第一個問題僅針對紐約市——鑑於本季度我們看到的發展情況，您參與這些賭場的意願有何變化？最近有一些新聞文件。我不知道現在是否還有更多進步的對話正在進行，還是我們和三個月前一樣，仍然停留在原地？

Well, I think we're in a little bit different place than we were a quarter ago given that there are now three less standing and three licenses to provide, no telling whether New York will actually issue the three licenses or whether they'll be issued to the folks that are still standing or some other change in process might occur that we saw back when resorts eventually came out in Queens.

嗯，我認為我們現在的情況與三個月前略有不同，因為現在少了三個在建企業，卻要發放三個許可證，誰也說不准紐約是否真的會發放這三個許可證，或者是否會發放給那些仍在建企業的人，或者流程上是否會發生一些其他變化，就像我們之前在皇后區看到度假村最終開放時那樣。

But I think that the appetite for New York is strong in the sense that these are really strong projects that promise a lot of EBITDA coming out of that market. And if we can participate in a prudent way in those projects, we'll certainly seek to do that as most of you probably know, we do have a ROFR associated with the Bally's project.

但我認為，人們對紐約的興趣很濃厚，因為這些都是非常強勁的項目，有望從該市場帶來大量的 EBITDA。如果我們能夠以謹慎的方式參與這些項目，我們當然會努力這樣做，正如你們大多數人可能知道的那樣，我們確實擁有與 Bally's 項目相關的優先購買權。

So we'll see how that plays out. I think it's a little early in the game for us to tell you if and at what level we might commit capital to that market. but it obviously remains a very attractive expansion market to not only GLPI. I'm sure everybody that's looking at investing in gaming.

所以，我們拭目以待。我認為現在談論我們是否會以及以何種規模向該市場投入資金還為時過早。但顯然，對於GLPI而言，它仍然是一個極具吸引力的擴張市場。我相信所有考慮投資遊戲產業的人都會這麼想。

And we probably should underline that there's no shortage of money chasing that opportunity. And I can't speak for Bally's, but I can well surmise that they're getting calls from all over the place. People wanting to a piece of that opportunity. So it's a big deal. Good for them.

我們或許應該強調，追逐這機會的資金數不勝數。我不能代表 Bally's 發言，但我可以肯定他們接到了來自四面八方的電話。人們都想抓住這個機會。所以這可是件大事。真替他們高興。

We could take a part if the right opportunity appears, but we're certainly not going to be the sole source of what they're going to require there.

如果出現合適的機會，我們可以參與其中，但我們肯定不會是他們所需資源的唯一來源。

Okay. Very helpful. And then my second one is back on the Tribal deal. Could you just talk more about the return hurdles that you're looking for, for a tribal deal where there's less protection maybe involved versus the construction that you're working on or the fee-simple acquisitions that you've been targeting?

好的。很有幫助。然後我的第二個專案又回到了部落協議上。您能否更詳細地談談您所關注的回報障礙，例如，對於一項可能保護力度較小的部落交易，與您正在進行的建設項目或您一直瞄準的完全所有權收購相比，有哪些不同之處？

Yeah. I think from an underwriting standpoint, each of them are going to be a little bit unique because each one will present a different credit profile, just as in commercial gaming, we face that -- and I think at the end of the day, the difference between the risk on the trial and the commercial may not be as wide as some folks believe, I think when you dig into it, you can see that there are some challenges to tribal gaming, but they may not be as steep as you think, and there are some very well-capitalized tribes.

是的。我認為從承保的角度來看，每個項目都會略有不同，因為每個項目的信用狀況都不同，就像商業博彩一樣，我們也面臨著這種情況——而且我認為最終，試驗項目和商業項目之間的風險差異可能不像一些人認為的那麼大。我認為，當你深入研究時，你會發現部落博彩確實存在一些挑戰，但這些挑戰可能沒有你想像的那麼嚴峻，而且也有一些資本非常雄厚的部落。

So clearly, we're looking at a wider spread to the cost of capital than what we do with commercial gaming whether it's 50 basis points or 100 basis points or 150 basis points, it's going to depend on the credit quality of the tribe and the opportunity. And I think we're also looking for increased coverage on those assets. Because of the nature of that investment, we want to make sure that the coverage is even stronger than what we have in our commercial deals.

所以很明顯，我們看到的資本成本漲幅比商業博彩大得多，無論是 50 個基點、100 個基點還是 150 個基點，都將取決於部落的信用品質和機會。而且我認為我們也在尋求增加對這些資產的覆蓋範圍。由於這項投資的性質，我們希望確保其保障範圍比我們在商業交易中提供的保障範圍還要強。

And as I think most of you know, we've always focused on coverage. We've done that since day one here. We've known that creating a healthy tenant landlord relationship for the term of the lease is very important. And so while we look at 2:1 coverage generally on commercial assets, if not better, you can assume with tribal we're looking to be much higher. So that's kind of where we are in the underwriting process on tribal as we sit here today. And I think each deal will be a little bit different.

我想你們大多數人都知道，我們一直都專注於報道。從我們來這裡的第一天起，我們就一直這樣做。我們一直都知道，在租賃期間內建立健康的房東租客關係非常重要。因此，雖然我們通常認為商業資產的覆蓋率為 2:1，甚至更高，但可以肯定的是，對於部落資產，我們的覆蓋率會更高。所以，這就是我們目前在部落保險承保流程中所處的階段。我認為每筆交易都會略有不同。

With Dry Creek, we went into a project that had some cash flow with an existing facility. It has some history to it. It has a very strong partner in Caesars, branding at their top brand, Caesars Republic, and a strong market in California. And you see what kind of rates we got for that transaction and what kind of coverage we wanted for that transaction. And I think it's demonstrative of how we'll view tribal gaming as we continue to roll this out.

與 Dry Creek 合作時，我們進入了一個擁有現有設施並有一定的現金流的項目。它背後有一些歷史淵源。它擁有凱撒娛樂集團如此強大的合作夥伴，旗下頂級品牌凱撒共和國也為其提供了強大的品牌影響力，並且在加州擁有強大的市場。您可以看到我們為這筆交易獲得的費率以及我們希望為這筆交易獲得的保險範圍。我認為這體現了我們將如何看待部落博彩，以及我們將繼續推動這項政策。

Thank you.

謝謝。

Greg McGinniss, Scotiabank GBM.

Greg McGinniss，加拿大豐業銀行全球銀行及商業經理。

Hey, good morning. So I guess just quickly speaking on coverage. Is the expected rent coverage at Live Virginia in that 2:1 range? And how did you go about underwriting that project to determine the expectations?

嘿，早安。那麼，我只想簡單談談訊號覆蓋方面。Live Virginia的預期租金覆蓋率是否在2:1的範圍內？那麼，你們是如何對該專案進行承銷以確定預期收益的呢？

So as we always do, we go through a rigorous process to due diligence on what we think the market can do and what the demographics of the market are, the drive times around the property. And we do expect in the line of 2:1 rent coverage on that property as it opens.

因此，我們一如既往地進行嚴格的盡職調查，以確定我們認為市場能夠做什麼，以及市場的人口統計數據，以及房產周圍的通勤時間。我們預計該物業開業後租金覆蓋率將達到 2:1。

Yes. Let me add. We're talking about the Cordish organization. These guys are highly capable, highly successful, the kind of folks you'd want to sign up for every deal imaginable given the opportunity. So it doesn't get any -- there's no better opportunity to partner with any entity in the planet than the Cordish organization. So we're delighted to be part of that project. No worries whatsoever.

是的。我再補充一點。我們正在談論的是科迪什組織。這些人能力很強，成就斐然，如果有機會，你一定想和他們簽訂任何你能想像的合約。所以它沒有任何機會——與地球上任何實體合作的最佳機會莫過於與科迪什組織合作。所以我們很高興能參與這個計畫。完全不用擔心。

Yeah, I think in that market, we also did a lot of work on the legislative side, on the regulatory side to understand what the potential for expansion is going to be in that market. And we're pretty comfortable that Richmond market is pretty well protected at the moment. As Peter said, the Cordish have demonstrated ability to deliver projects on time and on budget.

是的，我認為在這個市場，我們也從立法和監管方面做了很多工作，以了解該市場的擴張潛力。我們相當有信心，里士滿市場目前得到了很好的保護。正如彼得所說，科迪什公司已經證明了其按時按預算完成專案的能力。

And so that's a project that's easy for us to get behind in that market with that kind of partner. And I would just add at 2:1. I think it's more of a downside base case scenario. If you ask the Cordish folks, I think they tell you that they think coverage is going to be much higher at that facility.

因此，在這樣的市場環境下，我們很容易支持這樣的項目，因為我們有這樣的合作夥伴。我還要補充一點，比例是 2:1。我認為這更像是一種不利的基本情況。如果你問Cordish公司的人，我想他們會告訴你，他們認為該設施的覆蓋範圍會更高。

But we don't underwrite on the hope certificate. We underwrite on the conservative side. And so at 2:1, we think we're going to be very well protected in that market.

但我們並非為希望證書提供擔保。我們的核保策略比較保守。因此，我們認為 2:1 的賠率將使我們在該市場中得到很好的保護。

Yes, I guess, given where the other leases are, that makes sense. That's right. And then just a follow-up on, I guess, a point of clarification on the Lincoln deal. If Bally's were to receive approval from the term loan lenders, the few remaining that they need it from, do you expect they elect to do that deal earlier? Or do they prefer not to have to pay off the $500 million of debt that would require?

是的，考慮到其他租約的位置，這確實有道理。這是正確的。然後，我想就林肯交易的一個細節做個後續說明。如果 Bally's 能夠獲得定期貸款機構的批准（他們還需要從少數幾家機構獲得批准），你認為他們會選擇提前完成這筆交易嗎？還是他們寧願不償還那所需的 5 億美元債務？

I think that asks us to grow into the minds of valleys, which we obviously can't do, but I will acknowledge that you're correct in the way that the option works if they solve the lender consent issue, Lincoln can come in well before 2028. There's been no change in the terms of how the option works, only the date. So if Valleys can solve that, and they think it's prudent to bring that capital in, they'll likely come to us and ask for that.

我認為這要求我們去理解山谷居民的思維方式，這顯然是我們做不到的，但我承認你說的沒錯，如果他們解決了貸款機構的同意問題，林肯可以在 2028 年之前進入市場。選擇權運作方式的條款沒有任何變化，只是日期有所改變。所以如果 Valleys 能解決這個問題，並且他們認為引入這筆資金是明智之舉，他們很可能會來找我們尋求幫助。

I can tell you that we've done a lot of work in the market. We have our own views on how the market is going to perform and what's happening in that market. And if we're called upon to exercise Lincoln earlier than 2028, we'll be prepared to make that decision and have that discussion.

我可以告訴你，我們在市場上做了很多工作。我們對市場走向和市場現狀有自己的看法。如果需要在 2028 年之前啟用林肯法案，我們將做好準備做出決定並進行討論。

Great. Thank you.

偉大的。謝謝。

Ron Camden, Morgan Stanley.

羅恩‧卡姆登，摩根士丹利。

Hey, just two quick ones. Going back to the Chicago project and I think you guys are providing a lot more transparency. I believe some of the upcoming activities where you talked about going vertical construction of the hotel, vertical construction on the casino and then sort of the cranes being delivered, Cranes number two and three. Just any sort of update on that piece of any of those progress?

嘿，就問兩個問題。回到芝加哥項目，我認為你們現在更加透明了。我相信你提到的一些即將開展的活動，例如酒店的垂直建設、賭場的垂直建設，以及起重機的交付，二號和三號起重機。關於這部分工作的任何進展，有任何最新消息嗎？

Yeah. There are three cranes now working on the projects, Steel's getting erected. The hotel, I think is there's four or five levels of concrete that have been poured. So it's approaching the first-floor guestroom height. So there's definitely a lot of ongoing construction taking place on the property.

是的。目前有三台起重機正在施工，鋼結構正在建造中。我認為這家酒店有四、五層澆築好的混凝土結構。所以它的高度已經接近一樓客房的高度了。所以這處房產上一定有很多正在進行的施工工程。

And if you pull up the camera to take a peak or if you happen to be in Chicago, you can swing by. There are plenty of people, and there's plenty of action taking place every day there.

如果你打開相機一睹風采，或是剛好在芝加哥，不妨順道過來看看。那裡人很多，每天都有很多事情發生。

Great. Helpful. And then my second one was just a cost of financing, if you can remind us where you think you can issue 10-year and how is that impacting or is that even impacting your sort of underwriting return hurdles for new deals in the pipeline? Just how is that shifting?

偉大的。很有幫助。我的第二個問題只是融資成本，您能否提醒我們一下，您認為您可以在哪些地方發行 10 年期債券，以及這會如何影響（或是否會影響）您正在進行的新交易的承銷回報門檻？這種轉變究竟是如何發生的？

Sure. So obviously, as you know, the 10-year treasury is moving quite a bit lately. So the last I looked, it was around 4.1%, which means we would be issuing somewhere around 5.6% to 5.6% range. I think it bumped up over the last few minutes, hours to keep changing on me, but that's about where we would fund. And it is pretty consistent.

當然。顯然，如你所知，10 年期美國公債最近波動較大。我上次查看時，利率約為 4.1%，這意味著我們將發行利率在 5.6% 到 5.6% 之間。我認為在過去的幾分鐘、幾個小時裡，價格一直在上漲，而且一直在變化，但這大概就是我們能獲得資金的地方。而且它相當穩定。

We've been somewhere around the treasury of right around 4%, and our spreads to that haven't changed significantly. So our funding and our spreads that we're expecting to our cost of capital are really only changing on the equity side more so not necessarily the debt side.

我們的利率一直徘徊在國債殖利率的 4% 左右，而我們的利差與國債殖利率之間的利差並沒有顯著變化。因此，我們預期的融資和利差與資本成本之間的關係，實際上只會更能反映在股權方面，而不會反映在債務方面。

Oh. We're very hopeful that the market will realize that 160 or 165 basis point spread between the equity dividend yield and the 10-year issuance costs will be recognized by investors and correct.

哦。我們非常希望市場能夠意識到，股票股息殖利率與 10 年期債券發行成本之間 160 或 165 個基點的利差將會被投資者認可並得到糾正。

Helpful. Thanks so much. That's it for me.

很有幫助。非常感謝。就這些了。

Well said, Steve.

說得好，史蒂夫。

Chad Beynon, Macquarie Group Ltd.

Chad Beynon，麥格理集團有限公司

Hi, good morning. Congrats on the recent activity. On the gaming calls this quarter and last quarter, there's been a lot of focus on the overall benefit from the one big beautiful bill on the construction side and the CapEx side, obviously, accelerated depreciation.

您好，早安。恭喜你們最近的成就。在本季和上個季度的遊戲業務電話會議上，人們非常關註一項大型法案在建設方面和資本支出方面帶來的整體好處，顯然還有加速折舊。

So I wanted to ask if -- how important is this, I guess, in your conversations with current or potential counterparties, just kind of the urgency and the benefit of spending money, I guess, in the next year or two? And could that lead to more funding or lease deals in the near term?

所以我想問的是——在您與現有或潛在交易對手的對話中，未來一兩年內花錢的緊迫性和好處有多重要？這是否會在短期內促成更多融資或租賃交易？

So it doesn't really come up in our conversations. Obviously, there is a tax benefit to our tenants to do that under the one big, beautiful bill. But a tax benefit. It's not a free cash flow issue for them. So it's not part of our discussions as to them wanting to do it.

所以，我們很少會談到這個話題。顯然，透過這項全面而美好的法案，我們的租戶可以享受稅收優惠。但可以享受稅收優惠。對他們來說，這不是自由現金流問題。所以，他們是否願意這樣做並不在我們討論的範圍內。

I don't think it's what's driving capital investment decisions at the gaming operators primarily. It may be something that if it's on the margin or on the edge, they might tip it over. But I think they're making those decisions based on the return of capital, not on tax depreciation. But as Desiree said, I don't think we've seen any of that. Steve?

我認為這並不是博彩業者進行資本投資決策的主要驅動因素。如果它處於邊緣或臨界點，他們可能會把它弄翻。但我認為他們做出這些決定是基於資本回報，而不是基於稅收折舊。但正如德西蕾所說，我認為我們還沒有看到任何這樣的情況。史蒂夫？

Most of our transactions, as you're aware, we're funding the hard cost and we're owning hard costs. So the tenants are not in position where they own that physical property to be able to take the accelerated depreciation.

如您所知，我們的大部分交易都是由我們承擔硬性成本並支付硬性成本的。因此，租戶並不擁有該不動產的所有權，所以無法享有加速折舊。

So I think what you're hearing is the tenants in our discussions have been more focused on cost of capital and the rate at which they can access capital from us versus a lender and therefore, making the decision based on the cost of capital afforded them not necessarily on a tax deduction they can get.

所以我認為你聽到的是，我們討論中的租戶更關注資金成本以及他們從我們這裡獲得資金的速度，而不是從貸款機構獲得資金的速度，因此，他們根據獲得的資金成本做出決定，而不是根據他們可以獲得的稅收減免。

Great. Appreciate that. And then on the strategic deal that was done, maybe just a broader one in terms of assets country that maybe generate less than $50 million or less than $40 million of EBITDA in finding homes for these operators.

偉大的。謝謝。然後，關於達成的戰略協議，也許只是一項更廣泛的協議，涉及那些 EBITDA 低於 5000 萬美元或低於 4000 萬美元的國家，目的是為這些運營商找到歸宿。

Do you think there's going to be additional M&A or kind of changing of properties that could help some of these smaller regional gaming operators that you either work with or could work with in the near term? Thanks.

您認為近期內是否會有更多併購或資產重組之類的舉措，能夠幫助您目前合作或可能合作的一些規模較小的區域性博彩運營商？謝謝。

So this is Steve. Two things. One, and you might not have been going there. But if you were, I did see one note overnight talking about the $40 million a $40 million EBITDA ROFR with strategic. That was an aggregate number, so they've exceeded that through this deal.

這位是史蒂夫。兩件事。第一，你可能本來就不會去那裡。但如果你真的看到了，我昨晚確實看到了一份關於 4000 萬美元 EBITDA ROFR 策略的通知。那是一個累積數字，所以透過這筆交易，他們的實際金額已經超過了這個數字。

So if that was part of where you were going, I just want to clarify it for you. Separately, with respect to smaller assets and smaller operators, I do think we will see an acceleration of opportunities for them.

所以，如果那是你計劃的一部分，我只是想為你澄清一下。另外，就規模較小的資產和規模較小的營運商而言，我認為我們將看到他們的機會加速成長。

The opportunity will be in sellers' willingness to get rid of what used to be called four, five years ago by everybody noncore divestitures. I think that will become in vogue again. So the larger regional folks will look to sell off some of the smaller ones. I think one of the things that will be complicated for the smaller possible buyer will be access to capital.

機會在於賣方是否願意擺脫四、五年前被大家稱為非核心資產剝離的業務。我認為它會再次流行起來。因此，規模較大的區域性企業會考慮出售一些規模較小的企業。我認為對於規模較小的潛在買家來說，資金獲取將是一個難題。

So I do think, given the right partner and the right relationship, if we have a number of smaller operators that we're comfortable working with, I do think there will be opportunities for those businesses to grow. But as you see, looking across the space right now, capital is constrained from some parties, and I don't think they'll be able to take advantage of the noncore divestitures in those cases. Thank you very much.

所以我認為，只要找到合適的合作夥伴，建立良好的合作關係，如果我們能與一些規模較小的營運商建立起良好的合作關係，那麼這些企業就有機會成長。但正如你所看到的，放眼整個領域，一些企業的資本受到限制，我認為在這些情況下，他們無法利用非核心資產剝離的機會。非常感謝。

Daniel Guglielmo, Capital One Securities Inc.

Daniel Guglielmo，Capital One Securities Inc.

Hi, everyone. Thank you for taking my questions. At REIT World last fall, there was a lot of discussion around the new administration and potential for gaming M&A. It didn't materialize in the first half, but it has picked up some in the second half. From your seat, what conditions do you think have led to that pickup? And do you expect them to carry through to next year?

大家好。謝謝您回答我的問題。去年秋季的 REIT World 大會上，與會者對新政府和遊戲產業併購的可能性進行了許多討論。上半場沒有出現這種情況，但下半場有所好轉。你認為是什麼因素導致了這種成長？你預期這些趨勢會延續到明年嗎？

I think most of the transactions you're seeing have been worked on for a number of months. They are not things that just happened in the second half of this year. So I don't think there's a perfect read-through for you on that front. The other thing I would tell you is most of the transactions that have been announced either by us or others in the space are more bespoke and they're one-off transactions.

我認為你看到的這些交易大多已經進行了好幾個月。這些事情並非只發生在今年下半年。所以我覺得在這方面並沒有完美的閱讀指南。我還要告訴你們的是，我們或其他業內人士宣布的大多數交易都是客製化的，而且都是一次性交易。

I think what you will see maybe now going forward, is more broadly marketed competitive bidding type process transactions, which historically aren't the ones that we typically are passionately winning. But I do think you'll start to see maybe some more broadly marketed type transactions that will feed off of the REIT world assumptions, I guess.

我認為，從長遠來看，你可能會看到更多市場化的競爭性競標類型的交易，而從歷史上看，我們通常並不熱衷於贏得這類交易。但我認為，你可能會開始看到一些更廣泛行銷的交易，這些交易將利用房地產投資信託基金領域的假設。

Oh great. I appreciate that. And then the second one, you mentioned that lease coverages have held up well. But for leases where coverage ratios are coming down, when you dig into those properties and talk with the operator, can you just give us a sense of if it's revenue is lagging, labor coming in hot, both anything you have there would be helpful.

哦，太好了。我很感激。其次，您提到租賃保險的保障情況良好。但對於租賃覆蓋率下降的情況，當你深入研究這些物業並與營運商交談時，你能否讓我們了解一下收入是否滯後，勞動力是否短缺，你掌握的任何資訊都將有所幫助。

So our rent coverage is really -- when we say tick down, I think they were like 1 basis point to 2 basis points. It wasn't like -- we haven't seen any large changes. What we did see earlier this year was a decrease on the Pinnacle lease that we have with Penn. And that was more due to competition than really what was happening in any regional market.

所以我們的租金覆蓋率實際上——當我們說小幅下降時，我認為他們下降了大約 1 到 2 個基點。並不是說——我們沒有看到任何重大的改變。今年早些時候，我們看到與賓州大學簽訂的 Pinnacle 租賃合約有所減少。這更多是由於競爭造成的，而不是任何區域市場真正發生的事情。

Yeah. Look, our coverages are strong. It's a long way to the bottom. So there's nothing that we're -- that gives us any pause at all quite candidly.

是的。你看，我們的報道很有力。到谷底還有很長的路要走。所以坦白說，沒有什麼事情讓我們感到絲毫猶豫。

Okay. Thank you.

好的。謝謝。

John DeCree, CBRE.

John DeCree，世邦魏理仕。

Hi everyone. I think we talked quite a bit about deal terms, coverage, et cetera, underwriting, but maybe some of the less exciting ones like initial lease term and master lease or single assets. So the Cordish transaction in Virginia, can you talk a little bit about the negotiation or thoughts on keeping that as a single asset lease versus combining it with the other leases.

大家好。我認為我們談了很多關於交易條款、保險範圍等等、承保，但也可能談了一些不太令人興奮的話題，例如初始租賃期限、主租賃或單一資產。那麼，關於弗吉尼亞州的 Cordish 交易，您能否談談談判過程，或者您認為應該將其作為單一資產租賃，還是應該將其與其他租賃合併？

And then the initial term, 39 years is what you've done with Cordish of the half, but it's quite a bit higher than some of the other leases we've seen in gaming. So curious your thoughts there, if that's a significant negotiating point or not?

然後，初始期限為 39 年，這是你與 Cordish 簽訂的一半合同，但這比我們在遊戲行業看到的其他一些租賃合約要長得多。我很想知道你的看法，這是否是一個重要的談判點？

Yeah. Thanks, John. I mean I think to your latter point, the longer lease term is mutually beneficial. I think it shows that Cordish is investing in these deals for the long term, and it's a generational investment rather than quick in and out. And so they're looking for long-term certainty in the lease, and we are as well.

是的。謝謝你，約翰。我的意思是，關於你後面提到的那一點，我認為較長的租賃期限對雙方都有好處。我認為這表明 Cordish 對這些交易進行的是長期投資，這是一項世代投資，而不是快速買賣。因此，他們希望租賃合約具有長期確定性，我們也是。

So I think that's a mutually beneficial lease term to have is the longer leases. Your initial question on negotiation with the Cordish -- I'm sorry, John, what was the question there?

所以我認為，較長的租期對雙方都有好處。你最初關於與科迪什人談判的問題——抱歉，約翰，你當時的問題是什麼？

The decision or negotiation point to keep it a single asset versus combining it with Maryland and Pennsylvania.

決定或談判的重點是將其保留為單一資產，還是與馬裡蘭州和賓夕法尼亞州合併。

Yeah. That's more just structural. The Cordish have a different partnership in Virginia with the Bruce Smith Enterprise. And so there's not an overlap -- a perfect overlap of the partners in those deals, and therefore, Cordish can't combine those deals and have one risk to the other because there's not the same ownership structure. So that's just not a possibility for those trends.

是的。那比較是結構性的問題。科迪什家族在維吉尼亞州與布魯斯史密斯企業建立了不同的合作關係。因此，這些交易的合作夥伴之間沒有完全重疊，因此，Cordish 無法將這些交易合併，從而避免一項交易對另一項交易構成風險，因為它們的股權結構不同。所以，這些趨勢根本不可能實現。

And applied even in Maryland versus Pennsylvania and previously as well.

甚至在馬裡蘭州與賓州的對比中，以及先前的情況，也同樣適用。

That's correct -- partnership group. That's correct. So Pennsylvania master lease, the Maryland lease and the Virginia lease will all be separate single-tenant leases. Pennsylvania, obviously, has Westmoreland in Philadelphia and those cross-collateralize each other. But the ownership groups in Maryland and Virginia are different.

沒錯——合夥集團。沒錯。因此，賓州的總租賃協議、馬裡蘭州的租賃協議和維吉尼亞州的租賃協議都將是單獨的單一租戶租賃協議。顯然，賓州在費城有韋斯特摩蘭縣，這兩個縣可以互相擔保。但馬裡蘭州和維吉尼亞州的所有權集團有所不同。

Thanks. I appreciate it guys. I'll leave it there.

謝謝。謝謝大家。我就說到這兒吧。

Chris Darling, Green Street.

克里斯達林，格林街。

Thanks. Good morning. I'd love to get your thoughts on regional casino values and how they might have evolved over the course of the last year. As I think back through the several commercial sale-leaseback deals you've done, they've all kind of been in roughly that 8.25% cap rate range. And I wonder if that really reflects just competitive market dynamics or it's more a reflection of GLPI being one of maybe the only bidder in some of these cases?

謝謝。早安.我很想聽聽您對區域賭場價值的看法，以及它們在過去一年中可能發生的變化。回想一下你做過的幾筆商業售後回租交易，它們的資本化率都大致在 8.25% 的範圍內。我想知道這是否真的反映了競爭激烈的市場動態，還是更多地反映了 GLPI 在某些情況下可能是唯一的競標者？

I think it's going to be deal specific. But I think in many cases, I think that pricing pressure that you would get, whether you were the only bidder or a competitive bid is only probably slightly different from our perspective. We're going to be a disciplined buyer either way. The market is not unintelligent that everyone's banked by someone who knows where all the comps have been and where everything else is traded.

我認為這要視具體交易而定。但我認為在很多情況下，無論你是唯一競標者還是參與競標，你所面臨的價格壓力可能與我們的觀點只有細微差別。無論如何，我們都會保持謹慎的採購態度。市場並非愚鈍，每個人都被某個了解所有可比標的物價格走勢以及其他所有交易場所的人所操控。

So whether someone brings us a deal and says, hey, you're our favorite guy, we'd love you to buy this. Before we go shop it, they're still not going to then give us a 200-basis point spread because we're nice. So the market is going to dictate where pricing goes. We all recognize where that should be, and we're always going to look to get a spread to our cost of capital. So that's just kind of how things will evolve.

所以，不管是有人給我們帶來一筆交易，然後說：“嘿，你是我們最喜歡的人，我們非常希望你能買下這個。”在我們去詢價之前，他們仍然不會因為我們好心就給我們 200 個基點的讓分。所以，市場將決定價格走向。我們都清楚這個目標應該在哪裡，我們總是會尋求與資本成本之間的利差。所以事情大概就是這樣發展的。

Look, I think you've heard us say before, we don't like auctions. I like to think the winner loses often. And so it's never our goal to be the high bidder on anything. So there's a range of things that we would consider and that we would offer that make us desirable, but not -- but the absolute lowest or highest price, if you will, is never our goal.

聽著，我想你們以前也聽我們說過，我們不喜歡拍賣。我喜歡這樣想：贏家往往會輸。因此，我們的目標從來都不是成為任何東西的最高出價者。因此，我們會考慮並提供一系列使我們更具吸引力的因素，但是——絕對最低或最高的價格，如果你願意這麼說的話——從來都不是我們的目標。

All right. Fair enough. And then maybe just a quick point of clarification on something mentioned earlier. You discussed a view around your share price, your equity cost of capital today. Does that impact your willingness to pursue incremental new deals from this point going forward? Or does it really just influence how you would finance any future deals?

好的。很公平。然後，或許還要就之前提到的一些事情做個簡單的澄清。您討論了您目前的股價以及股權資本成本。這是否會影響您今後尋求更多新交易的意願？或者它實際上只會影響你未來交易的融資方式？

I think it really just influences how we would finance future deals or what the spread we would be looking for to our cost of capital.

我認為這實際上會影響我們未來交易的融資方式，或是我們希望獲得的資本成本利差。

Okay. That's all for me. Thank you.

好的。我就說這些了。謝謝。

Well. Thank you.

出色地。謝謝。

David Katz, Jefferies LLC.

David Katz，Jefferies LLC。

Good Morning, everybody. Thanks for taking my question. Everybody covered a lot already, but I wanted to go back to New York, if I may, the concession there is or the license is 15 years, I believe, instead of 30, right? And I'd love just your perspective on what that does to the parameters of your participation.

各位早安。謝謝您回答我的問題。大家已經討論了很多，但我想回到紐約，如果可以的話，那裡的特許權或許可證是 15 年，而不是 30 年，對嗎？我很想聽聽您對這會對您參與的範圍產生什麼影響的看法。

And I think, Peter, you mentioned earlier there's any number of sources of capital that might be available to them right? They have a partner in that bid, who I assume is a funding partner, too. How does that sort of change your opportunity set also, please?

彼得，我想你之前也提到過，他們有很多種融資管道，對吧？他們在競標中有一個合作夥伴，我猜這個合作夥伴也是出資方。這又會如何改變您的機會範圍呢？

Go ahead. I'll comment on the first part, David, on the licensing. I haven't dug into that in tremendous detail, but I will point out that licenses in many jurisdictions renew every three years, every five years, every 10 years.

前進。大衛，我先就第一部分，也就是許可問題，發表一下看法。我沒有對此進行非常詳細的研究，但我要指出的是，在許多司法管轄區，許可證每三年、每五年、每十年更新一次。

So the fact that you have a 15-year initial license period, I guess I'm not reading too much into that. In other words, if you put $4 billion, $8 billion into the ground, the thought that you'd lose a license in 15 years, and they relocate that or do something with that license seems outlandish even in a smaller market where you might invest $400 million.

所以，關於15年的初始許可期限，我想我並沒有過度解讀。換句話說，如果你投入 40 億美元、80 億美元，卻在 15 年後失去許可證，而且他們還會轉移許可證或用該許可證做其他事情，這種想法即使在投資 4 億美元的較小市場中也顯得荒謬。

And it's inconsistent with how any other state regulator has approached a renewal of a gaming license. So we're going to take a closer look at that given that that's been highlighted as a rationale for why MGM might not want to do Yonkers or didn't want to do Yonkers.

而且，這與任何其他州監管機構處理博彩許可證續約的方式都不一致。鑑於這被認為是米高梅可能不想或曾經不想在揚克斯拍攝電影的原因之一，我們將對此進行更深入的研究。

But on its face, I think that we're less concerned with that than we are of getting the spend right, getting the facility right, understanding what the market is and the EBITDA that's coming out of what the competition is going to be. I think all those things may be more important than that 15-year term. That being said, we are going to dig into that and take a closer look to make sure it's not something more than what we think it is.

但就表面而言，我認為我們更關心的是如何正確地支出，如何正確地建造設施，如何了解市場狀況以及競爭對手的 EBITDA 將如何，而不是關心這些。我認為所有這些事情可能比那15年的任期更重要。話雖如此，我們還是會深入調查，仔細研究一下，確保它不是我們想像之外的事。

Understood. Thank you.

明白了。謝謝。

Smedes Rose, Citi Infrastructure Investments LLC.

Smedes Rose，花旗基礎設施投資股份有限公司。

Hi, thanks. Covered a lot of territory, but I just had a couple of just quick ones here. I noticed that the balls added a corporate guarantee for the Chicago casino. And I was just wondering, was there something in particular that triggered that? Or is that something you were pushing for? Or kind of was -- I mean I think it's positive for you, right, but just kind of curious of what caused that.

您好，謝謝。雖然參觀了很多地方，但我這裡只簡單說了幾句。我注意到這些球為芝加哥賭場增加了一項公司擔保。我只是想知道，是不是有什麼特別的事情觸發了這件事？或者，那是你一直力推的事情？或者說，某種程度上是——我的意思是，我認為這對你來說是件好事，對吧，但我只是有點好奇是什麼原因造成的。

Contractually triggered Smedes. That was a negotiated term that when Chicago came into the restricted group, which is what they did following the Intralot Gamesys merger, we were to get a corporate guarantee on that. So that was already renegotiated.

合約觸發的斯梅德斯。這是一項協商條款，當芝加哥加入受限集團時（這是他們在 Intralot Gamesys 合併後所做的），我們將獲得公司擔保。所以這件事已經重新談判過了。

Okay. And then I just wanted to go back, you talked about funding at the beginning of the call and how you use all debt, but presumably, you want to have an equity mix in there. I guess, I just in -- can you just remind us how you guys think about issuing equity.

好的。然後我想回到剛才的話題，您在電話會議開始時談到了融資問題，以及您如何利用所有債務，但想必您也希望其中包含一些股權融資。我想問的是──你們能不能提醒我們一下，你們是如何考慮發行股票的？

Some companies are kind of -- they have an internal estimate of NAV, and they don't want to issue below that. Others are -- it might be below NAV, but it's still accretive. And just how do you think about equity issuance?

有些公司比較特殊——他們對淨值有內部估算，他們不想以低於該估算值的價格發行股票。其他一些股票－雖然可能低於淨資產值，但仍具有增值潛力。那麼，您對股權發行有何看法？

Yeah. So we do look at it very opportunistically, right? So we do look at the cap rate of where we're trading and what that spread would yield to whatever we are attempting to finance I wouldn't say that we put a floor on it per se, but certainly, I can tell you at these levels, we have zero interest in funding with equity.

是的。所以我們確實是以機會主義的眼光看待這件事，對吧？所以我們確實會關注我們交易的資本化率，以及這個價差能為我們試圖融資的專案帶來多少收益。我不會說我們設定了底線，但可以肯定的是，在目前的價位上，我們對用股權融資沒有任何興趣。

I'll add to that. You saw, obviously, we executed on the forward closer to $48 since that, subsequent to that, we've announced a couple of transactions that are AFFO accretive. So you could kind of think about that floor as potentially moving higher in the absence of an immediate need for equity, which we don't have, as Desiree outlined earlier.

我再補充一點。顯然，您也看到了，自那以後，我們執行了接近 48 美元的遠期合約，隨後，我們宣布了幾項能夠增加 AFFO 的交易。所以你可以把這個底線看作是有可能上升的，因為目前我們並沒有立即需要股權，正如 Desiree 之前概述的那樣。

Okay. Thank you, guys appreciate it.

好的。謝謝各位，感激不盡。

David Hargreaves, Barclays.

David Hargreaves，巴克萊銀行。

Hi. I apologize if this is really a simple question, but you guys have given us a range of rent coverage, and I'm just wondering if that's calculated based on reported EBITDAR or some adjusted EBITDAR. Are you just using cash rent, are you making adjustments to these numbers? How do you -- what's the comp?

你好。如果這個問題很簡單，我先道個歉。你們給了租金覆蓋率的範圍，我只是想知道這個範圍是根據報告的 EBITDAR 還是調整後的 EBITDAR 計算出來的。你們只用現金租金嗎？你們是否對這些數字進行了調整？你如何－競爭是什麼？

Right. So those -- they're contractually, they must be reported to us by our tenants, and they are based off of their actual EBITDAR, as defined in each of the lease and the actual total rent that's being paid. There's a small adjustment in the Pinnacle lease because there's an asset that is not included in their coverage ratio, but very minor adjustment on that lease, but all the other leases are all of the properties, all of their EBITDAR and divided by the total rent that's being paid.

正確的。所以這些——根據合約規定，我們的租戶必須向我們報告這些——它們是基於每份租賃合約中定義的實際 EBITDAR 和實際支付的總租金計算的。Pinnacle 的租賃情況略有調整，因為有一項資產未計入其覆蓋率，但該租賃的調整幅度非常小。而其他所有租賃情況都是將所有物業的 EBITDAR 除以支付的總租金。

But is this just the property-level EBITDAR or are you looking at it on a consolidated basis?

但這是單一物業層面的EBITDAR，還是您查看的是合併報表？

It's the properties that are in that lease. So if it's a master lease, it's all the properties that are in that lease. It is not at a corporate level.

指的是租賃合約中列明的那些房產。所以如果是總租賃合同，那麼它涵蓋了該租賃合約中涉及的所有房產。這並非公司層面的問題。

So for example, with Valleys, it wouldn't have been factoring in any contribution from Games or anything like that?

例如，對於 Valleys 來說，它不會考慮 Games 或其他類似因素的任何貢獻嗎？

That's correct.

沒錯。

Okay. Great. Thank you very much.

好的。偉大的。非常感謝。

Robin Farley, UBS AG.

Robin Farley，瑞銀集團。

Great, thanks. I just wanted to circle back to the New York I know you mentioned you're sort of evaluating how to weigh a 15-year term. And I know other operators that pulled out of bidding cited the risk of New York legalizing iGaming. I guess just given some of those factors, you -- how would you think about the rent coverage ratio that you would need in New York compared to maybe a typical two times? Thanks.

太好了，謝謝。我只是想再回到紐約的話題，我知道你提到你正在評估如何權衡15年的任期。我知道其他退出競標的業者也提到了紐約州將網路博弈合法化的風險。我想，考慮到這些因素，您認為在紐約需要多高的租金覆蓋率，與通常的兩倍租金覆蓋率相比，會是多少？謝謝。

We're looking around the table to say you want to take that one?

我們環顧桌邊，想問：你想選那個嗎？

I can tell you; I don't envision us doing anything upfront in New York that would be based on anything close to two times. I think our -- we all know that there are a lot of things that are at play here. There's construction schedules, there's construction budgets, the number of years it could take to build in New York.

我可以告訴你，我並不認為我們會在紐約提前做任何基於接近兩倍價格的事情。我認為我們——我們都知道，這裡有很多因素在起作用。有施工進度表，有施工預算，在紐約建造一個項目可能需要多少年時間。

So I think if we were asked by anyone to do something in a very accretive way upfront, it would be massively more coverage than two times. We would never consider doing something at that level. I think beyond that, once you get out, I think when we're all sitting here on the call four years from now, I think we'll have a much better vantage point into whether iGaming has transpired, has not transpired what the profitability is of those businesses.

所以我覺得，如果有人要求我們以非常累積的方式提前做某件事，那麼報道的篇幅肯定會比兩倍多得多。我們絕對不會考慮做那種程度的事情。我認為除此之外，一旦你退出這個行業，我想四年後當我們再次坐在這裡進行電話會議時，我們將對 iGaming 是否已經發展成熟、是否已經成熟以及這些業務的盈利能力有更清晰的認識。

And I would still venture to say, based on what we've seen in Las Vegas, as far as the need to refresh these massive mega resort -- casino resort properties, I think we would look at New York to be a pretty similar experience with these massive mega casino resort properties. So I think we would continue to have a level of cushion that we would build into our rent coverage underwriting.

而且，根據我們在拉斯維加斯看到的情況，我仍然認為，就這些大型超級度假村——賭場度假村的翻新需求而言，紐約的情況也與之非常相似，這些大型超級賭場度假村也同樣需要翻新。所以我認為我們會繼續保持一定的緩衝水平，並將其納入我們的租金承保範圍。

Yes. I also think a lot projects that you've seen fall by the wayside in New York failed the Community Action Committee hurdle. So I think that ended up being a much bigger hurdle than maybe even New York could realize it would be.

是的。我也認為，你在紐約看到的許多半途而廢的項目，都是因為沒能通過社區行動委員會的審查。所以我覺得，這最終成為一個比紐約可能意識到的還要大的障礙。

And therefore, a lot of those folks, I think, would still be interested, despite iGaming and unknown tax rates and things like that, had they passed that hurdle. And that was the last and final for many of these applicants.

因此，我認為，即便麵臨網路博彩、未知稅率等問題，許多人仍然會對此感興趣，只要他們克服了這些障礙。對許多申請者來說，那是最後一次，也是最終的結局。

Great. That's very helpful. Thank you.

偉大的。那很有幫助。謝謝。

Thank you. At this time I would like to turn the call back to Mr. Peter Carlino for closing comments.

謝謝。此時，我想把電話轉回給彼得·卡利諾先生，請他作總結發言。

Well, thank you all who have dialed in this morning. I think and hope you get the idea that we're quite happy with the way things have been going here at GLPI, and we were ankle to tell our story, and we'll see how it plays out. But stay tuned. I think there's good things ahead. With that, operator, and all, thank you very much. Have a great day.

謝謝今天早上所有撥入電話的朋友們。我希望你們能明白，我們對 GLPI 目前的發展狀況非常滿意，我們很樂意講述我們的故事，讓我們拭目以待。敬請期待。我認為未來會很美好。就這樣，操作員以及所有工作人員，非常感謝。祝你有美好的一天。

Thank you. This does conclude today's teleconference. You may disconnect your lines this time. Thank you for your participation and have a great day.

謝謝。今天的電話會議到此結束。這次您可以斷開線路了。感謝您的參與，祝您有美好的一天。