Gaming and Leisure Properties, Inc. (GLPI) 2026 Q3 法說會逐字稿

Greetings, and welcome to the Gaming and Leisure Properties third-quarter 2026 earnings conference call. (Operator Instructions) Please note this conference is being recorded.

各位好，歡迎參加 Gaming and Leisure Properties 2026 年第三季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

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

現在我很榮幸介紹本次會議主持人：投資人關係部的 Joe Jaffoni。謝謝您，先生。您可以開始了。

Thank you, Christine, and good morning, everyone, and thank you for joining Gaming and Leisure Properties third-quarter 2026 earnings call and webcast. The press release distributed yesterday afternoon is available on the Investor Relations section on our website at www.glpropinc.com. In addition to the third quarter press release, GLPI also posted a supplemental earnings presentation, which highlights the events of the quarter, recent developments and future considerations that can also be accessed 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.

謝謝你，Christine，各位早安，也感謝各位參加 Gaming and Leisure Properties 2026 年第三季財報電話會議與網路直播。我們昨天下午發布的新聞稿可於公司網站 www.glpropinc.com 的投資人關係專區取得。除第三季新聞稿外，GLPI 也上傳了補充性的財報簡報，重點說明本季事件、近期進展與未來考量，同樣可於 www.glpropinc.com 查閱。

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. 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.

前瞻性陳述所涉及之事項存在風險與不確定性，可能導致實際結果與今日討論內容出現重大差異。前瞻性陳述可能包括與營收、營業利益與財務指引相關之內容，以及如 FFO 與 AFFO 等非 GAAP 財務衡量指標。提醒各位，前瞻性陳述代表管理層目前的估計，公司不承擔未來更新任何前瞻性陳述之義務。我們鼓勵聽眾查閱公司向 SEC 提交之文件（包括 10-Q）以及財報新聞稿中，關於風險因素與前瞻性陳述的更詳細討論，並查閱公司財報新聞稿中所載之非 GAAP 財務衡量指標的定義與調節表。

On this morning's call, we are joined by Peter Carlino, Chairman and Chief Executive Officer of Gaming and Leisure Properties. Also joining today's call are Brandon Moore, President and Chief Operating Officer; Desiree Burke, Chief Financial Officer and Treasurer; Steven 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，我們邀請到 Gaming and Leisure Properties 董事長兼執行長 Peter Carlino。同時出席的還有總裁兼營運長 Brandon Moore；財務長兼財務主管（Treasurer）Desiree Burke；資深副總裁兼開發長 Steven Ladany；以及資深副總裁（企業策略與投資人關係）Carlo Santarelli。

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

接下來，很高興把電話會議交給 Peter Carlino。Peter，請開始。

Well, thank you, Joe, and good morning, everyone. Happy once again to report another strong quarter here at GLPI. And I would note that despite volatility in both the debt and equity capital markets, our tenant operations and our businesses remained stable as evidenced by our AFF growth again exceeding 10% in the third quarter. Importantly, 19 of the 13 leases reportedly remain stable or expanded in coverage for the period ending June 30. And with healthy growth exhibited across the regional gaming environment again in the third quarter.

謝謝你，Joe，各位早安。我很高興再次向各位報告 GLPI 又交出一個強勁的季度表現。我也要指出，儘管債務與股權資本市場都出現波動，我們的承租戶營運與我們的業務仍維持穩定，第三季 AFF 成長再次超過 10% 即為明證。重要的是，截至 6 月 30 日止期間，據報導 13 份租約中有 19 份的覆蓋率仍維持穩定或有所擴大。此外，第三季區域博彩環境再度展現健康成長。

So the gaming world is very, very strong. Our growth was again driven by a combination of transaction activity and ongoing development capital funding. Notably, our funding for Bally's Chicago casino remains on schedule with the casino remaining on track for first half of 2027 opening. With respect to the Live!

因此，博彩產業非常、非常強勁。我們的成長再次由交易活動與持續的開發資本挹注共同帶動。值得注意的是，我們對 Bally's Chicago 賭場的資金撥付仍按計畫進行，該賭場仍朝 2027 年上半年開幕的目標推進。至於 Live! 方面——

Casion & Hotel Virginia project, we acquired the land associated with the facility in the first quarter and began funding the project and the entire project in the third quarter. To date, the performance of the temporary facility bodes very well for our underwriting of this development towards which we will fund $467 million. I should also note that we continue to see a healthy runway of growth from our development pipeline. And despite the current capital markets and the climate that we're facing right now, transaction activity remains healthy. as we evaluate a range of potential transactions.

就 Live! Casino & Hotel Virginia 專案而言，我們在第一季收購了該設施相關土地，並在第三季開始為該專案（以及整體專案）提供資金。截至目前，臨時設施的表現對我們對此開發案的承作評估（underwriting）非常有利；我們將為此案提供 4.67 億美元的資金。我也要指出，我們仍看到來自開發管線的健康成長動能。儘管目前資本市場與我們正面臨的環境如此，交易活動仍維持活絡。我們也正在評估一系列潛在交易。

Our balance sheet remains nicely positioned, providing us with flexibility in an environment like the present which triple net REIT equity valuations have been, to say the least, disappointing. Importantly, despite our leverage capacity providing flexibility, our underwriting principles remain unchanged. We continue to prioritize healthy long-term leases and an accretive spread to our cost of capital. Nothing remarkable in that. It's all good stuff.

我們的資產負債表仍處於良好位置，使我們在像目前這樣的環境中保有彈性；而三重淨租（triple net）REIT 的股權估值，坦白說，令人失望。重要的是，儘管我們的槓桿承載能力提供了彈性，我們的承作原則並未改變。我們仍優先考量健康的長期租約，以及相對於資金成本具增益性的利差（accretive spread）。這沒有什麼特別的。一切都很好。

With that, I turn it over to Desiree.

接下來我把時間交給 Desiree。

Just one clarification. It's 9 of 13 of our properties have rent coverage that either exceeds the prior quarter or equal to the prior quarter. And then I just will start out and talk to you about our income results. So for the third quarter of '26, our total income from real estate exceeded the third quarter of '25 by almost $38 million. This growth was driven primarily by $47 million and increases in cash income resulting from acquisitions and escalations. For Bally's, the acquisition of Bally's Lincoln real estate increased our cash income by $14 million. The Chicago lease increased our cash income by $12 million.

先做一點澄清。是我們 13 項資產中有 9 項的租金覆蓋率，相較前一季不是提高就是持平。接著我先向各位說明我們的損益結果。2026 年第三季，我們的房地產總收入較 2025 年第三季增加近 3,800 萬美元。此成長主要由收購與租金調升（escalations）帶來的現金收入增加 4,700 萬美元所驅動。就 Bally's 而言，收購 Bally's Lincoln 不動產使我們的現金收入增加 1,400 萬美元。Chicago 租約使我們的現金收入增加 1,200 萬美元。

The Belle development increased cash income by $1 million. For Penn, the Joliet funding, Aurora funding and M Resort funding increased cash income by $8 million. The Sunland Park strategic acquisition increased cash income by $3.8 million. The Dry Creek I own and Virginia loans increased cash income by $4 million. and the recognition of escalators and percentage rent adjustments on our leases added approximately $3.8 million of cash income. A combination of non-cash income items from revenue gross ups, investment in lease adjustments and straight-line rent adjustments results in a collective year-over-year decrease of $9.1 million.

Belle 開發案使現金收入增加 100 萬美元。就 Penn 而言，Joliet 撥款、Aurora 撥款以及 M Resort 撥款使現金收入增加 800 萬美元。Sunland Park 策略性收購使現金收入增加 380 萬美元。Dry Creek I Own 與 Virginia 貸款使現金收入增加 400 萬美元。此外，租約中的調升條款（escalators）與百分比租金調整的認列，約增加 380 萬美元的現金收入。由收入總額調整（revenue gross ups）、租賃投資調整與直線法租金調整等非現金收入項目所構成的組合，合計導致年對年減少 910 萬美元。

Our operating expenses increased by $65 million, mainly due to non-cash adjustments in the provision for credit losses. Included in our release is our full year 2026 guidance of between $1.22 billion and $1.225 billion or $4.11 to $4.12 per diluted share in OP unit. The guidance does not include the impact of future transactions. However, it does include additional development funding of approximately $265 million, bringing our total development spend for 2026 to $800 million. From a balance sheet perspective, our leverage ratio is at 4.8 times, slightly below our target level of 5 to 5.5 times and our rent coverage ratios on our master leases range from 1.61 to 2.46 as of the end of the prior quarter.

我們的營業費用增加 6,500 萬美元，主要是因為信用損失準備的非現金調整。我們在新聞稿中提供 2026 年全年指引：介於 12.20 億至 12.25 億美元，或以稀釋後每股（含 OP 單位）計為 4.11 至 4.12 美元。該指引未包含未來交易的影響。但其中包含約 2.65 億美元的額外開發撥款，使我們 2026 年的開發總支出達到 8 億美元。從資產負債表角度來看，我們的槓桿比率為 4.8 倍，略低於我們 5 至 5.5 倍的目標區間；而截至上一季末，我們主租約（master leases）的租金覆蓋率介於 1.61 至 2.46。

With that, I'll turn it back to Peter to open up for questions.

接下來我把時間交回 Peter，開始問答。

Yeah. I think we're ready for your questions. So Christine, please open the floor.

好的。我想我們已準備好回答各位的問題。Christine，請開放提問。

(Operator Instructions)

(接線員指示)

Greg McGinniss, Scotiabank.

Greg McGinniss，Scotiabank。

Hey, good morning. Just wanted to touch on Bally Chicago, where the company talked about kind of scaling back their investment in that property, obviously, still making the vast majority of it. But how does that how does that make you guys feel about the underwriting you did there? What your expectations were going in relative to the property that you'll end up with? Thanks.

嗨，各位早安。我想談一下 Bally Chicago。公司提到他們在該物業上的投資規模有所縮減，當然仍會投入其中的絕大部分。但這件事讓你們對當初在那裡做的承作評估（underwriting）有什麼感受？你們一開始的預期，與最終你們將持有的物業之間，有什麼差異？謝謝。

This is Brandon. I'll start with that. I think the underwriting hasn't changed. So what they're doing in Chicago to slow down the development of the hotel for political reasons or otherwise, it doesn't change how we view the market or how we ultimately think that property will perform.

我是Brandon。我先從這點開始說。我認為承銷假設並沒有改變。因此，無論他們在芝加哥因政治因素或其他原因而放慢飯店開發速度，這都不會改變我們對市場的看法，也不會改變我們最終對該資產表現的判斷。

I think it's somewhat unfortunate that the city took the position it did and put valleys in the position to have competition potentially that I didn't think it would add I think it's unfortunate for us that they slowed down the construction of that they may delay the opening of the full complement of rooms. But ultimately, when that property fully ramps, I don't think we have a different view here as to how it will perform.

我覺得市政府採取那樣的立場有點令人遺憾，讓Valleys處於可能面臨競爭的局面，而我原本不認為會增加這樣的競爭。對我們來說也很可惜的是，他們放慢了施工，可能會延後完整房間數的開放。

Yeah. Again, I'll just add to that. From GLPI's perspective, our capital funding is going out on the same schedule it was that casino operation is still on schedule to open in the first half of 2027. The incremental amenities, obviously are included in our original underwriting, and we believe all of those will be developed as previously expected, just over perhaps a little bit longer time than we previously contemplated.

是的。我再補充一下。從GLPI的角度來看，我們的資本撥付仍按原先的時程進行；該賭場營運仍按計畫在2027年上半年開幕。新增的配套設施顯然已納入我們原始的承銷假設中，我們相信這些都會如先前預期完成開發，只是可能比我們先前設想的時間稍微拉長一些。

Yeah. And lastly, I'll just add that we did underwrite the chance of Bally in Chicago. So we still feel good about our under the rent coverage that we expect.

是的。最後我再補充一點，我們在承銷時已把Bally在芝加哥的可能性納入考量。因此，我們對預期的租金保障倍數（rent coverage）仍然很有信心。

Okay, thank you. And then just switching gears to the Prologis joint venture. Is there any way for you guys at this point? I mean, I guess, it's free cash flow funding in terms of if you were to do additional investment there, how to fund that accretively to increase your ownership?

好的，謝謝。接著換個話題談Prologis合資案。你們目前是否有任何方式——我的意思是，若你們要在那裡追加投資，以自由現金流來出資的角度，如何以具增益（accretive）的方式籌資來提高你們的持股比例？

Well, we should point out that the Prologis deal is on the property of the former Hollywood Joliet site. So that's property we already had on our balance sheet. We were utilizing that in a transaction rather than selling it to potentially generate a lot of excess income out of that from what we would have achieved if we just sold it on the market in fee simple. If the question is, are there opportunities to expand on that relationship, I would say perhaps. We've developed a good relationship with the Prologis team.

我們應該先指出，Prologis這筆交易是在前Hollywood Joliet舊址的土地上進行。那塊土地原本就已在我們的資產負債表上。我們是把它用在一筆交易中，而不是把它以完全所有權（fee simple）在市場上出售；這樣做有機會帶來比直接出售更高的超額收益。如果問題是是否有機會擴大這段合作關係，我會說也許有。我們與Prologis團隊建立了良好的合作關係。

I think we're all excited about the potential project in Joliet. We obviously have excess land on our -- in several of our properties, but that's mostly leased to our tenants. And so I won't tell you that there's a huge supply of potential sites on our balance sheet, but I wouldn't say that there is none. So we'll continue to see how that relationship expands as we develop it, but we're excited about the opportunity in Joliet.

我想我們都對Joliet這個潛在專案感到興奮。我們在多個資產上確實有多餘土地，但大多已租給我們的承租戶。因此我不會說我們資產負債表上有大量可用的潛在基地，但也不能說完全沒有。所以我們會在推進合作的同時，持續觀察這段關係如何擴展；我們對Joliet的機會感到很期待。

And I think your question was about our investment level. And I think our agreement allows us, as we've disclosed up to 30%. We can't tell you exactly what that will be because it depends on the opportunity and what is developed at the site, whether it's -- whether it's just on prefab and we don't know who the tenant is or it's done specifically for a specific tenant. -- but we would have the right to invest up to 30%.

我想你的問題是關於我們的投資比例。依我們已揭露的內容，我們的協議允許我們最高投資至30%。我們無法告訴你確切會是多少，因為這取決於機會以及該基地上會開發什麼——例如是否只是先做預製（prefab）而尚未確定租戶，或是為特定租戶量身打造。——但我們確實擁有最高投資至30%的權利。

Yeah, let me note that this is a terrific piece of property and we are fortunate to align with a terrific partner experienced partner. And this is going to unfold over a period of years, but it's going to create a great deal of value. We have a high degree of confidence in that. So this is kind of a free be. This is one of those lucky things we're able to do, move quickly to take advantage of the ground when we got it back. And I've looked at the layout of what is anticipated. So I -- we couldn't be happy and has been said, we will look for other opportunities in our portfolio. Only good news with this one.

是的，我補充一下：這是一塊非常棒的土地，我們也很幸運能與一位非常優秀、經驗豐富的合作夥伴結盟。這會在數年期間逐步展開，但將創造非常可觀的價值。我們對此有高度信心。所以這有點像是「白撿的」。這是那種幸運的事情之一：當我們把土地收回來時，能迅速行動把握機會。我也看過預期規劃的配置。因此——我們非常滿意；而且如同剛才所說，我們也會在投資組合中尋找其他機會。這案子只有好消息。

Jamie Feldman, Wells Fargo.

Jamie Feldman，富國銀行。

Great, thank you. I guess just sticking with Prologis, I mean first venture into industrial, just with interest rates moving, the transaction markets getting shaker and just listening to conference calls across all of REITs. There's some property types more than others that maybe people need capital. Does this open you up, anything we can read into doing this deal? It sounds like it's not a site you had, but does it -- are you considering doing more outside of your core wheelhouse?

很好，謝謝。我想繼續問Prologis：這是你們首次涉足工業不動產；在利率變動、交易市場更為動盪之際，且我聽了各家REIT的電話會議，有些資產類型比其他類型更可能出現需要資本的情況。你們做這筆交易是否代表你們的範圍被打開了？我們是否能從中解讀出什麼？聽起來這不是你們原本就有的基地，但這是否意味著你們在考慮做更多核心本業以外的事情？

Yeah. I think simplistically, this was a unique situation where we had a very attractive land parcel. I think it was a monetizable asset that was otherwise going to likely generate very little value for us. We found a great partner to go forward and do it, as Brandon and Peter alluded to earlier. -- there might be some other opportunities within the portfolio for us to do similar things. But I think from your perspective, it's probably better to think about this as more of a one-off and taking advantage of an opportunity that presented itself for us.

是的。簡單來說，這是一個獨特情況：我們有一塊非常具吸引力的土地。我認為那是一項可變現的資產，否則很可能只能為我們帶來很少的價值。如Brandon和Peter先前提到的，我們找到了一個很棒的合作夥伴一起推進。——在投資組合內，可能還有一些其他機會讓我們做類似的事情。但從你的角度來看，或許把這視為一次性的個案更合適：我們只是把握了出現在眼前的機會。

Yeah. We don't see a downside here at all. It's only good news.

是的。我們完全看不到任何下行風險。只有好消息。

Okay. Thanks for that. And then just in terms of a JV structure, that's new also. How do you think -- I mean you made the comment before about disappointing REIT equity prices, how do you just think about JVs going forward and ways to grow the balance sheet of the business?

好的，謝謝。接著就合資（JV）架構而言，這也是新的做法。你們怎麼看——你之前提到REIT股價令人失望，那你們如何看待未來使用合資，以及用哪些方式來擴大公司的資產負債表規模？

I think generally, we've seen JVs employed in the net lease area. I think we've taken a look at that. We haven't seen anything compelling in that for our portfolio. But look, I think it's one of the multiple things we have at our disposal that we could potentially utilize if we have a need for capital, and we don't feel like we're being supported by the equity market. So at the present time, I would view that as something we all collectively gotten a lot smarter on in the last three or four months. And I think we understand it well.

我認為一般而言，我們看到合資在淨租賃領域被採用。我們也研究過。但就我們的投資組合而言，尚未看到特別有吸引力的案例。不過，我認為這是我們手上可運用的多種工具之一：如果我們有資本需求，而又覺得股權市場沒有給予足夠支持，我們可能會使用。因此，就目前而言，我會把它視為我們在過去三到四個月裡集體變得更精通的一件事。而且我認為我們已經很了解它。

And if it's something that we can utilize to our advantage in the future. You may see us do that. But I wouldn't read through the JV of Prologis to be the same. I think that JV was a situation where it was the best structure. It's what Prologis preferred to get into that structure.

如果未來我們能把它用得對我們有利，你可能會看到我們這麼做。但我不會把Prologis的合資案視為同一類訊號。我認為那個合資案是因為在當時那是最好的結構。而且那也是Prologis偏好的進入方式。

And I think the read-through you should have there is if we're going to step outside of gaming, we're going to seek to do it with folks that know what they're doing. And clearly, Prologis is at the tip of the spear when it comes to developing these industrial sites.

我認為你應該從中得到的解讀是：如果我們要跨出博彩產業，我們會尋求與真正懂行的人合作。而且很明顯，在開發這類工業基地方面，Prologis處於領先地位。

Okay, great. Thanks for your thoughts.

好的，很棒。謝謝你的想法。

Smedes Rose with Citi.

花旗的 Smedes Rose。

Hi. Thank you. I wanted to ask just a little bit about, I guess, your kind of cost of capital, which like a lot of names in the space is a little more challenged now. And with the shares trading at a high dividend yield and a 20% discount to at least consensus NAV. Any thoughts on putting in a share repurchase program, do you think you -- I mean, I think one of the overhangs is probably concerns around values and the going concern language. Any kind of comments you can provide around your confidence in value at this juncture? And maybe just other ways that you might be able to attack the steep discount that you share trading at.

嗨，謝謝。我想稍微問一下，我想是關於你們的資本成本；就像這個領域的很多公司一樣，現在確實更具挑戰。在股價以高股息殖利率交易、且相對至少市場一致預期的 NAV 有 20% 折價的情況下，你們是否考慮啟動股票回購計畫？我的意思是，我認為其中一個壓力可能是對估值以及「持續經營」措辭的擔憂。就目前這個時間點，你們對價值的信心方面，有沒有任何可以分享的評論？以及也許還有其他方式，可以用來處理你們股價目前交易的深度折價。

There are two different questions. Very different. I think we'll talk about maybe the Bally stuff first. I think the way that we think about the relationship with Bally's is in parts. There are two leases that are each nine figures of annual rental stream.

這是兩個不同的問題。非常不同。我想我們先談談 Bally 的部分。我們看待與 Bally's 的關係，是分成幾個部分來看。有兩份租約，每一份的年度租金收入規模都是九位數。

Both leases, as you can see, are covered at 1.98 and 2.13 times. We feel very good about that. Chicago, as we discussed earlier on this call is nicely towards the first half opening. We feel good about that. Obviously, there's some other smaller pieces of business that we have with them, but all of which we feel relatively good about.

如你所見，兩份租約的覆蓋倍數分別是 1.98 倍與 2.13 倍。我們對此感覺非常好。芝加哥方面，如同我們在本次電話會議較早時討論的，正順利朝上半年開幕推進。我們對此很有信心。當然，我們和他們還有一些其他較小的業務部分，但整體而言我們也都相對有信心。

As it relates to the buyback and obviously acknowledging why you're asking, and it's clearly topical right now. You're right, our cost of both equity and debt capital have gotten have deteriorated over the last several months.

至於回購，而且也理解你為什麼會問，這顯然是目前的熱門議題。你說得對，我們的股權與債務資本成本在過去幾個月都已經惡化。

I think it's something that we think about, we talk about internally, we measure it against other opportunities with the pipeline that we have in place today that's already been established. I don't necessarily think it's something we're running to do, but I think it's something we do discuss routinely, and we'll continue to do so.

我想這是我們會思考的事情，我們內部也會討論，並且會拿它和我們目前已經建立、正在推進的案源管線中的其他機會做比較衡量。我不一定認為這是我們急著要做的事，但確實是我們會例行討論的議題，而且我們也會持續討論。

Yeah. My quick reaction is that a buyback is always the last resort. It's when you run out of all of the hope and you decide to fold your tent. So we've got a nice pipeline that the team, Steve and Brandon are working on it and feel pretty confident that there's opportunity out there. The current pricing won't last forever. There is some debate around the table, but how long it might last. But so long as we can do accretive transactions and put them on the books, we're going to do that.

對。我第一時間的反應是，回購永遠是最後手段。那是在你把所有希望都用完、決定收攤的時候才會做的事。所以我們有一條不錯的案源管線，團隊、Steve 和 Brandon 正在推進，我們相當有信心外面仍有機會。目前的定價不會永遠持續。桌上確實有些爭論，主要是它會持續多久。但只要我們還能做具增益性的交易並把它們入帳，我們就會這麼做。

All right. Thank you.

好的。謝謝。

Brad Heffern, RBC.

RBC 的 Brad Heffern。

Yeah. Thanks. Good morning, everyone. Peter, just following on your comment there. Are there accretive transactions that you're looking at now that would work on this current cost of equity?

是的，謝謝。各位早安。Peter，延續你剛才的評論。在目前這樣的股權成本下，你們現在正在看的交易，是否仍然能帶來增益？

I think we're saying yes. I mean -- or we don't do them. It's that simple.

我想我們的答案是肯定的。我的意思是——不然我們就不做。就這麼簡單。

Steve, why don't you -- go ahead.

Steve，你要不要——你先說。

Yeah. Or we just don't use equity, right? As we've said and looking at our development pipeline, we're funding it with free cash flow and with debt for the most part, because we don't like the price of our equity to be honest, and it is way too low. So accretive to our cost of equity is one question accretive in general, that we could put up a good deal for our shareholders is another one, which I definitely think we can do by using the strength of our balance sheet.

對。或者我們乾脆就不用股權資金，對吧？如同我們說過的，從我們的開發案源管線來看，我們主要用自由現金流和債務來資助，因為老實說我們不喜歡目前的股價，真的太低了。所以，「相對於我們的股權成本具增益」是一個問題；而「整體而言具增益、能為股東做出一筆好交易」是另一個問題；我非常確信，透過我們資產負債表的強度，我們可以做到後者。

Yeah, I'd agree. I mean I think it's pretty apparent that the -- our cost of capital has increased a unproportional rate to the cap rate, you could probably push through on a transaction with a counterparty. The reality is, as Desiree said, there are a number of ways that we can structure a deal to still make sure we're achieving accretion on an economic basis. I would say, I think the benefit we have right now in the marketplace is this opportunity allows us to focus in a little more on qualitative features of transactions and be a little more discerning on that side.

對，我同意。我的意思是，很明顯我們的資本成本上升的幅度，與你在交易中可能跟對手方談到的資本化率（cap rate）變動相比，是不成比例的。現實是，如 Desiree 所說，我們有很多方式可以去設計交易架構，確保在經濟基礎上仍能達成增益。我會說，我認為我們現在在市場上的優勢是：這個環境讓我們可以更聚焦在交易的質化特徵上，並在那一面更有鑑別度。

So I think whether that's whether that's looking at new tenant relationships, which bring about additional value to us demographics or location, geographic diversification that maybe we don't have today or that would benefit us and even property attributes, the opportunity to target a category killer or a property that doesn't have a competitive set nearby, Things like that, that are credit-enhancing are now effectively at a discount because the market is -- the price of everything has backed up. Cap rates are higher. And the question is, can you get now a better asset for a price you would have paid for a lesser asset previously? And I think the answer is possibly.

所以我想，不論是去看新的承租人關係——能為我們帶來額外價值的客群結構或區位、我們目前可能沒有的地理分散性或對我們有利的分散性，甚至是物件本身的屬性——例如鎖定某個品類的龍頭（category killer）或附近沒有競爭組合的物件等等。這些有助於提升信用品質的因素，現在因為市場回檔、所有資產價格都往後退，等於是以折價在提供。資本化率更高了。問題是：你現在能不能用過去買較差資產的價格，買到更好的資產？我認為答案是「有可能」。

We're still open for business.

我們仍然持續營業、持續做生意。

Okay. Great. I appreciate the clarification there. And then on Bally's, I talked a decent about it already, but just I'm wondering they had the going concern language added to the 10-Q, but then they've also recently gotten additional capital or have an agreement in place for that. Can you talk about how those events have changed your view of the credit risk level there, if it has at all?

好的，很棒。謝謝你在這部分的釐清。另外關於 Bally's，我之前已經談了不少，但我想問的是：他們在 10-Q 裡加入了「持續經營」措辭，但他們最近也取得了額外資金，或已經有相關協議。你能談談這些事件是否、以及如何改變你們對其信用風險水準的看法嗎？

Brad, this is Brandon. I don't think our overall view of their credit risk has changed. In other words, we weren't totally surprised to see that in the 10-Q because we understand where Bally sits. We remain optimistic with Bally's as a tenant in the going concern aspect because they have a lot of assets on the balance sheet that we feel will likely be monetized if they need to in order to proceed with their projects across the country.

Brad，我是 Brandon。我不認為我們對他們信用風險的整體看法有改變。換句話說，我們看到 10-Q 裡出現那段內容並不算完全意外，因為我們了解 Bally 目前所處的位置。就「持續經營」這一點而言，我們對 Bally's 作為承租人仍保持樂觀，因為他們的資產負債表上有很多資產；我們認為如果他們需要，為了推進全國各地的專案，很可能會將其中一些資產變現。

Those are very good projects. Chicago and New York will be very lucrative for them. Las Vegas. It's sort of a wait and see for them, I believe, but we believe that they have tools at their discretion to get to cash flow in Chicago, which I think is their first priority. It's not something that we're excited about. It wasn't a disclosure that we were excited to see, but I don't think it's changed our view of them on the whole at the present time.

那些都是非常好的專案。芝加哥和紐約對他們會非常有利可圖。拉斯維加斯也是。我認為對他們而言某種程度上仍是「走著瞧」，但我們相信他們手上有可運用的工具，能在芝加哥把現金流做出來，而我認為那是他們的第一優先。這不是我們樂見的情況。那也不是我們樂於看到的揭露，但我不認為在目前時間點，這整體上改變了我們對他們的看法。

Yeah. On balance, we have other Bally's properties, as you well know, and they're all doing fine. So that the underlying credit, I guess, from our point of view, gets the shove, is positive from our point of view. We hope it doesn't get there. But the value is there.

對。整體來看，我們還有其他 Bally's 的物件，如你所知，表現都很好。所以從我們的角度來看，底層信用——我想如果真的要被迫採取行動——從我們的角度是偏正面的。我們希望不要走到那一步。但價值是存在的。

Yeah. I think if we look at the downside scenario, if we had to reposition these properties based on the coverages that Carlo has outlined earlier on the call, feel very confident that we would be able to reposition those assets. And quite frankly, Chicago is so far along. There would be several or the -- I should say, there are several parties who would be interested in Chicago at Bally has decided that it could not, would not or cannot proceed with that project. So we feel good about the Valley's assets we have, regardless of the fact that they filed this going concern 10-Q.

是的。我認為如果我們看下行情境，若我們必須依照 Carlo 先前在電話會議中概述的保險保障來重新定位這些物業，我們非常有信心能夠重新定位那些資產。而且坦白說，芝加哥的進度已經非常超前。如果 Bally 決定無法、也不會或不能繼續推進該專案，將會有數個——我應該說，確實有數個——有興趣接手芝加哥的對象。因此，不論他們提交了這份「持續經營」的 10-Q，我們對手上 Valley 的資產仍然感到放心。

Okay, thank you.

好的，謝謝。

Haendel St. Juste, Mizuho.

Haendel St. Juste，瑞穗。

Hi, good morning. This is Ravi Vaidya for Haendel. I had another follow-up on Bally's. There's a lot of articles that came out there talking about the fines imposed on Si Entertainment Group in Australia. It's about a $260 million fine. Given Bally's relationship with Star, is Bally responsible for paying this? And in your view, how does this impact liquidity, credit and maybe their funding sources for their for a few other projects that are ongoing right now?

嗨，早安。我是 Ravi Vaidya，代 Haendel 發言。我還有一個關於 Bally's 的追問。外面有很多文章在談澳洲對 Si Entertainment Group 施加的罰款。大約是 2.6 億美元的罰款。鑑於 Bally's 與 Star 的關係，Bally's 需要負責支付這筆款項嗎？以及在您看來，這會如何影響流動性、信用，或可能影響他們目前正在進行的其他幾個專案的資金來源？

Yeah. So Ravi, thanks for the question. Just to back up here, when obviously, the Valley's team made the investment in the Star was eyes wide open that there was a significant overhang of a fine. I actually think that the end result is more than fine. Bally's Corp is completely unrelated to this investment.

是的。Ravi，謝謝你的問題。先補充一下，當然，Valley 團隊投資 Star 時，是在充分了解存在重大罰款懸而未決的情況下做出的決定。我其實認為最終結果不只是「罰款」那麼簡單。Bally's Corp 與這項投資完全無關。

So I think what you're looking at is a situation at STAR that is isolated to STAR. And for the most part, that business has started to certainly improve since new management has taken over. There is cash there on the balance sheet to go towards this fine. I believe they have up to 19 months to pay the fine, and I believe the business has started to produce some elements of cash flow to handle it. So as far as we are concerned, the Star investment has no bearing on anything that necessarily relates to us in terms of Bally's Corp funding and Bally's Corp's US operations.

所以我認為你看到的是 STAR 內部、且僅限於 STAR 的情況。而且在很大程度上，自新管理團隊接手以來，那項業務確實已開始改善。資產負債表上有現金可用於支付這筆罰款。我相信他們最多有 19 個月可以支付罰款，而且我相信該業務也已開始產生一些現金流元素來應付。因此，就我們而言，Star 的投資與任何必然涉及我們的事項無關，包括 Bally's Corp 的融資以及 Bally's Corp 在美國的營運。

Got it. I appreciate the clarification there. And you mentioned earlier about cap rates moving up and that there seems to be a greater appetite for acquisitions and more deals. How much would you say if cap rates have moved up, say, versus a year ago in the regional markets that you're targeting?

了解。感謝你的釐清。你先前提到資本化率（cap rates）上升，而且似乎對併購的胃納更大、交易也更多。以你們鎖定的區域市場來看，你會說資本化率相較一年前大概上升了多少？

Honestly, if you look at the last large-scale transaction that was announced was not a year ago, and it was the Golden transaction at a 7.5% cap rate. I think if you brought that market -- if you brought that transaction or a similar transaction in the market today, there's no way it's I don't think there's any way possible it is. And I would -- it would be -- I'd be hard-pressed to kind of guess what it would be. But based on that, I'd say you're probably in the neighborhood of 75 basis points wider. That's not a year.

老實說，如果你看最近一筆宣布的大型交易，其實不是一年前，而是 Golden 那筆交易，資本化率是 7.5%。我認為如果把那個市場——如果把那筆交易或類似交易放到今天的市場上，我覺得不可能還是那樣，我不認為有任何可能性會是那個水準。而且我——要我去猜會是多少——我會很難給出一個精準的數字。但以此推估，我會說大概在 75 個基點左右的擴大幅度。那不是以一年為基準。

Got it. Appreciate the color.

了解。謝謝分享細節。

Barry Jonas, Truist.

Barry Jonas，Truist。

Hey, guys. Good morning. I appreciate the color on the pipeline. But as you think about it. I'm wondering if you see opportunities to acquire maybe already leased gaming real estate from other property owners looking to recycle capital rather than just originating new sale leasebacks with operators. Thank you.

嘿，各位。早安。謝謝你們對案源（pipeline）的補充說明。但當你們思考這件事時，我想知道你們是否看到機會，去收購一些已經出租的博彩不動產——來自其他想要回收資本的物業持有人——而不只是與營運商新做售後回租（sale-leaseback）。謝謝。

Yeah, Barry, it's Steve. We -- by all means, we definitely have an interest in acquiring real estate. At the same time, I would say our underwriting might not be aligned with prior underwriting. So I think that's to say, yes, by all means, I'd love to buy some other real estate. I might decide when the team looks at it, we might decide that an asset that currently pays and I'm making something up $25 million of rent really should only be paying $15 million of rent because circumstances may have changed.

是的，Barry，我是 Steve。我們——毫無疑問，我們確實有興趣收購不動產。同時我會說，我們的承銷（underwriting）可能與先前的承銷假設不一致。所以我的意思是，沒錯，我當然很想買一些其他不動產。但當團隊去看時，我們可能會判斷：某個目前支付——我隨便舉例——2,500 萬美元租金的資產，實際上可能只應該支付 1,500 萬美元租金，因為情況可能已經改變。

Maybe there's competitive threats that have come in and impacted it, maybe escalation has been too high. we're not really sure. But by all means, we would definitely take a look at this. I just don't think it's as easy as plug and play because our underwriting standards are not necessarily aligned with some of our competitors.

也許有新的競爭威脅進入並造成影響，也許租金調升（escalation）設得太高。我們目前還不確定。但無論如何，我們一定會去看這類機會。我只是認為這不像插上就能用（plug and play）那麼簡單，因為我們的承銷標準不一定與某些競爭對手一致。

Great. And then just a follow-up. Any updates on tribal discussions? And I know you guys have built out relationships over the past few years. So wondering if discussions would extend to maybe outside of just tribal lands on to looking at commercial deals. Thank you.

很好。再追問一下。關於與部落（tribal）的討論，有沒有最新進展？我知道你們過去幾年建立了不少關係。所以想了解這些討論是否可能延伸到不僅限於部落土地，而是進一步看商業性交易。謝謝。

I missed the first part. I apologize, Barry. I missed the first part. Could you say it again?

我剛剛漏聽了前半段。不好意思，Barry。我漏聽了前半段。你可以再說一次嗎？

Just looking for an update on your trial discussions and wondering if those relationships could extend beyond for deals outside of tribal land?

只是想請你更新一下你們與部落的討論進展，並想知道這些關係是否能延伸到部落土地以外的交易？

Yeah. By all means, the relationships we're building with the tribes have definitely been progressing. It's just not -- it's not a rapid transaction there's just not a lot of velocity. There's a lot of educational aspects and teaching aspects that go into it to getting -- and building the relationship to get someone comfortable I think, though, the dialogue is definitely expanding. I think we've tried to do spend time explaining that there's a way to monetize the asset possibly on tribal land and utilize the proceeds to expand beyond that.

可以的。我們與部落建立的關係確實一直在推進。只是——這不是快速成交的類型，整體節奏不快。其中有很多教育與說明的工作，需要投入，去讓對方——並建立關係——讓人感到安心；不過我認為對話確實正在擴大。我想我們也花時間解釋：有方法可以在部落土地上將資產變現，並利用所得去擴張到那之外。

And I think that has resonated with some drives, especially the ones that are more well capitalized and some of which have maybe already made investments off of off of the travel location to start with. So I think there's a continued opportunity. I think we just need to kind of get some momentum and build it as we go.

而且我認為這點已引起一些部落的共鳴，特別是那些資本更充足的部落，其中有些可能一開始就已在部落所在地之外做過投資。所以我認為機會仍會持續存在。我想我們只是需要逐步累積一些動能，邊做邊建立。

Appreciate all the color. Thank you.

謝謝你提供這麼多細節。謝謝。

Robin Farley, UBS.

Robin Farley，瑞銀（UBS）。

Great. Thanks. I know you've covered a lot of this already, but just going back to Bally's Chicago for a moment. If there -- and I think you've been very involved in sort of directly overseeing the construction there. But if there were to raise in the opening, can you kind of remind us in that scenario where there's delay what the impact would be to GLPI and how that would play out? Thanks.

很好。謝謝。我知道你們已經談了很多，但我想再回到 Bally's Chicago 一下。如果——而且我想你一直都相當直接地參與並監督那邊的施工。但如果開幕時間需要往後延，你能否提醒我們：在延遲的情境下，對 GLPI 的影響會是什麼，以及會如何反映出來？謝謝。

Robin, this is Brandon. I think from a high level, virtually no impact to GLPI in the sense that when our dollars are funded, we're getting paid for those dollars real time. So what it will do, if it's delayed further, will delay the point in time where Bally starts to realize some cash flow from the asset -- and that ultimately plays into this going concern and liquidity concerns.

Robin，我是Brandon。我認為從高層面來看，對GLPI幾乎沒有影響，因為當我們的資金到位時，我們會即時收到這些資金的付款。因此，如果進一步延遲，將會延後Bally開始從該資產實現部分現金流的時間點——而這最終會牽涉到持續經營以及流動性方面的疑慮。

So I think directly to GLPI won't change our income off the project it will potentially change the time at which Valley starts to receive income of its own, and that will put further pressure on our financial situation. So I think that is more of an indirect impact, but certainly one that we're focused on.

所以我認為，直接對GLPI而言，不會改變我們從該專案取得的收入；但它可能會改變Valley開始收到其自身收入的時間點，這將對我們的財務狀況造成更大的壓力。因此我認為這更多是間接影響，但當然也是我們關注的重點。

Okay. Great. Thank you.

好的。很好。謝謝你。

David Katz, Jefferies.

David Katz，Jefferies。

Morning. Thanks for taking my question. Listening to all of the gaming conversations with management teams and just looking at where the industry is, it feels as though we could be on the front end of a pretty meaningful period of regional asset trading. We may be in the midst of it now, but in the early stages of it. Do you feel that, that's the case? Are you seeing more deal flow in its very earliest stages. And is that a fair assessment on your part? And obviously, how does that -- how are you positioning yourself to participate?

早安。謝謝讓我提問。聽了管理團隊對博彩業的各種討論，再看看產業目前的狀況，感覺我們可能正處於一段相當顯著的區域性資產交易期的前端。我們也許現在就在其中，但仍在早期階段。你們覺得確實如此嗎？你們是否看到更多交易案源正處於最初期的階段？這樣的判斷對你們而言是否合理？另外，顯然這會——你們如何定位自己以參與其中？

Well, David, obviously, Churchill is out publicly with their process. So that's obviously one that you're aware of. I think separate from that, I think there are some private processes that are currently brewing that we're aware of. And I think there's like been a logical transition if you go back a number of years, a lot of the large-scale regional gaming operators, we're going down a path of divestiture programs. Then I think the world changed and the focus became online iGaming, sports betting and like. And I think this is just kind of a natural progression back to where we were.

嗯，David，顯然Churchill已經公開宣布他們的流程。所以那當然是你所知道的一個案例。除此之外，我認為目前也有一些我們所知悉、正在醞釀中的私下流程。而且我認為，如果回顧幾年前，許多大型區域性博彩營運商正走在資產剝離計畫的道路上。接著我認為世界變了，焦點轉向線上iGaming、運動博彩等等。我認為這只是某種自然的演進，回到我們先前所處的位置。

So I do think you're right that we will see some regional properties changing hands. I think from our perspective, it's twofold. One, we're trying to make sure we maintain all of our relationships with the folks who might be the divesting parties. At the same time, we're trying to build and cultivate relationships with some new smaller private type gaming operators who are interested in expanding and growing. And so I think it's just the life cycle that we're continuing to work through. And I think it's -- you got to -- you have to have relationships on both sides to get to get as many looks as possible.

所以我確實認為你說得對，我們將會看到一些區域性物業易手。從我們的角度來看，有兩個面向。第一，我們要確保維持與可能成為出售方的那些人的所有關係。同時，我們也在建立並培養與一些新的、較小型的民營博彩營運商的關係，他們有興趣擴張與成長。因此我認為這就是我們持續推進的生命週期。而且我認為——你必須——你必須同時在買賣雙方都有人脈，才能盡可能獲得更多機會。

David, this is Carl. I'll just add to Steve's comments. Obviously, I think if you look year-to-date, especially from operators who've already reported in the third quarter and operators, obviously, who reported second quarter, you're seeing very solid EBITDA performance from regional portfolios. And you look across the valuations of a lot of these regional operators, they aren't great. And I think to Steve's point, that does beget some people may be thinking to shuffle things or see where they could find incremental value.

David，我是Carl。我補充一下Steve的評論。顯然，我認為如果你看今年迄今，特別是已經公布第三季的營運商，以及當然也包括公布第二季的營運商，你會看到區域性投資組合的EBITDA表現非常穩健。再看許多這些區域性營運商的估值，其實並不理想。我認為如同Steve所說，這會促使一些人可能在思考重新調整資產，或看看在哪裡能找到額外的價值。

Agreed. Okay, thank you.

同意。好的，謝謝。

Todd Thomas, KeyBanc.

Todd Thomas，KeyBanc。

Yeah. Hi, thanks. Good morning. Peter or maybe Desiree, if equity is off the table at the current valuation here. When you work through remaining fundings and commitments through 27 primarily. How much incremental investment capacity do you have using free cash flow on the balance sheet? And should we still assume that 5 to 5.5 is the right leverage target? Or has anything changed around your tolerance for leverage?

是的，嗨，謝謝。早安。Peter或也許Desiree，如果在目前這個估值水準下，發行股權不在考量範圍內。當你們梳理到主要到2027年的剩餘出資與承諾時，你們利用資產負債表上的自由現金流，還有多少額外的投資容量？我們是否仍應假設5到5.5倍是正確的槓桿目標？或者你們對槓桿的容忍度有任何改變？

No, nothing's changed. When we fund all of the transactions that we have out there through '27 and '28, we'll still be at the low end of our 5 to 5.5 times leverage. So no change there.

沒有，沒有任何改變。當我們把目前手上到2027年與2028年的所有交易都完成出資後，我們仍會處於5到5.5倍槓桿區間的低端。所以那方面沒有變化。

Well in the second part of it, I think, Todd, there is -- because of that, -- and where we fall into that historical range, there is some dry powder in there for us to do deals using leverage above and beyond the current pipeline we had. So I don't think we have any intention at all of even going -- even considering going above 5.5 times, but we have quite a bit of dry powder in there to get there. So as Steve said earlier, if we find good accretive transactions that are assets that we believe long term are assets that we'll benefit from in our portfolio, we do have some dry powder there with which to work.

至於第二部分，我想，Todd，因為這一點——以及我們落在那個歷史區間的位置——我們手上仍有一些「乾火藥」可用，能在現有管線之外再用槓桿去做交易。所以我不認為我們有任何意圖，甚至不會考慮超過5.5倍，但我們距離那個水準仍有相當多的乾火藥可用。因此如Steve先前所說，如果我們找到好的、具增益性的交易，且我們相信長期而言會讓投資組合受益的資產，我們確實有一些乾火藥可以運用。

Yeah, Todd, you could run the Matt as said, low end of that range. So even if you wanted to take some fraction of the half a turn and look at the capacity that, that creates that some fictitious cap rate type of transaction. you'll recognize there's considerable dry power for incremental.

是的，Todd，你可以像Matt說的那樣，以該區間的低端來推算。所以即便你想動用那半圈槓桿的一部分，並看看那所創造的容量，假設是一筆某種虛構資本化率類型的交易，你會發現用於額外增量投資的乾火藥相當可觀。

Okay. Sounds good. And then I wanted to just go back to the Prologis joint venture. Can you help us sort of frame up or think about the value creation on that opportunity? GLPI is receiving a $61 million capital account credit for the land at 20%. What could that 20% interest ultimately represent once the project is fully developed or stabilized?

好的，聽起來不錯。然後我想回到Prologis合資企業。你能否幫我們大致框架或思考一下，這個機會的價值創造會是什麼樣子？GLPI以20%的比例，因該土地獲得6,100萬美元的資本帳戶入帳額度。當專案完全開發或達到穩定營運後，這20%的權益最終可能代表什麼？

We can't disclose that information yet. We don't even know who our ultimate tenant will be of the JV, right? So -- but what I will tell you is the way to look at it is we took a non-earning asset that was sitting on our balance sheet, which was land and Juliet, and we now put it into a structure that will ultimately earn a very healthy return. So I would just look at it as a net-net positive. There is no negative to this. This was a non-earning asset.

我們目前還不能揭露那個資訊。我們甚至還不知道合資企業最終的承租戶會是誰，對吧？不過——我可以告訴你的是，看待這件事的方式是：我們把一項放在資產負債表上、原本不產生收益的資產——也就是那塊位於Juliet的土地——放進一個架構中，最終將帶來非常可觀的回報。所以我會把它視為淨淨的正面效益。這沒有任何負面。這原本是一項不產生收益的資產。

Yeah, Todd. And for modeling purposes, as we said, I mean, Prologis is in the early stages of this. They are going to run this process. The development, the agreements and partnerships and whatnot. We will learn more along the way and presumably at some point in the future, as their negotiations and their tenanting and stuff gets further along the line, we'll presumably be in a place to be able to help you a little bit more from a modeling perspective.

是的，Todd。就建模而言，如我們所說，Prologis目前仍在早期階段。他們將會推進這個流程。包括開發、協議與合作夥伴關係等等。我們會在過程中逐步了解更多；而且推測在未來某個時間點，隨著他們的談判、招商與相關事項更往前推進，我們應該就能在建模角度上提供你更多協助。

Yeah, we could have sold the ground out right for -- I could tell you, but I won't. But for a generous price, obviously, we made the conclusion that over time, this is going to be a whole lot more valuable particularly tied to a partner who is as strong as they are. So this is something that's kind of mentally put it aside cultivated and let it grow over the next five years.

是的，我們本來可以直接把那塊地賣掉——我可以告訴你價格，但我不會。但會是一個很優渥的價格；顯然，我們的結論是，隨著時間推移，這會變得更有價值，特別是與像他們這麼強的合作夥伴綁在一起。所以這是一件你可以在心裡先放一邊、培養它，讓它在未來五年成長的事情。

Okay. All right, thank you.

好的。好，謝謝。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛。

Hi, good morning. A couple of questions ago, you guys were talking about that you do have some dry powder capacity for incremental deals. So I guess just as you think of that forward pipeline, wondering if you could give any comment on whether you would put those discussions into the category of sale-leaseback, development, redevelopment. Just trying to think of what could be next.

嗨，早安。幾個問題之前，你們提到你們確實還有一些可用資金（dry powder）容量可用於額外的交易。所以我想就你們對未來案源管線的看法，想請問你們是否能評論一下：你們會把這些討論歸類為售後回租、開發，或再開發？只是想了解接下來可能會是什麼。

I'd put -- this is Steve. I put the majority of that discussion in the sale-leaseback bucket. We do have some conversations with folks about whether it be greenfield or redevelopment. I would not say that's the lion's share of the discussions that are ongoing at this time. I think the majority of people have the projects that were floating around out in the universe have been funded, many of which have been opened.

我會把——我是 Steve。我會把大多數這類討論歸在售後回租這一類。我們確實也有和一些人談，不論是綠地開發（greenfield）或再開發。但我不會說那是目前正在進行的討論中的大宗。我認為多數在市場上流傳的那些專案都已經獲得資金支持，其中很多也已經開業了。

So states like Louisiana, Illinois, I think a lot of those projects are well on their way. So those opportunities are fewer and far between. But we are having some conversation on that front, but the lion's share of conversations have been straight traditional sale leaseback.

所以像路易斯安那州、伊利諾伊州，我想很多這類專案都已經進展順利。因此這類機會變得更少、也更零星。不過我們確實在這方面有一些對話，但大部分的對話仍是傳統、直接的售後回租。

Got it. Okay. And then on the lease coverage side of things, I know you guys talked about it earlier in the call, and I'm sure higher makes feel better and you talked about some incremental moves higher recently. But I guess if you look year-over-year Bally's, but also Caesars and Quad's, those came down. So wondering if you could give any commentary on whether it's at what point lower coverage concerns you or even just the direction of them and how you consider that, whether it's over a quarter year basis?

了解。好。接著關於租金覆蓋倍數（lease coverage）這一塊，我知道你們在電話會議前面有提到；而且我也確定倍數越高感覺越好，你們也提到最近有一些小幅上升。但如果看年對年，Bally's，還有 Caesars 和 Quad's，這些是下降的。所以想請問你們能否評論一下：覆蓋倍數降到什麼程度會讓你們擔心？或者即使只是它的走勢方向，你們如何看待？你們是以季度、年度的角度來衡量嗎？

Yeah. So I mean, look, I think the direction of travel and the easier way to look at this, since it's all LTM, the EBITD and LTM rent is sequentially because, for example, you'll have some leases that maybe had a tough fourth quarter, and we're kind of cycling through that right now. I do think if you look across the entirety of the coverage portfolio, Caesars was one that clearly got a lot of attention. we did see a nice bump as of the end of the 2Q in coverage there as that continues to stabilize. I think we talked about it earlier this year that, that portfolio specifically had a tough fourth quarter atone specific asset.

是的。我的意思是，你看，我認為觀察趨勢方向，以及更容易的看法是——因為這些都是 LTM（過去十二個月）——看 EBITD 和 LTM 租金的環比變化；例如，有些租約可能第四季比較辛苦，而我們現在正好在經歷那個循環。我確實認為，如果你看整個覆蓋倍數投組，Caesars 是一個明顯受到很多關注的案例。我們確實看到截至第二季末，那邊的覆蓋倍數有不錯的回升，且持續穩定中。我想我們今年稍早也談過，那個投組特別是在某一個特定資產上，第四季表現較艱難。

On a whole, I think the coverage story is strong, and it's kind of improving of late. What I would also note is you look across the earnings of those who've reported Caesars being on Churchill Downs being another Boyd being another, not all tenants but all showing a low- to mid-single-digit regional EBITDAR growth cadence in the third quarter, which generally bodes well since we're reporting to you on a one quarter lag.

整體而言，我認為覆蓋倍數的故事是強勁的，而且最近也在改善。我也想補充的是，你看已公布財報的業者——Caesars 是其中之一，Churchill Downs 也是，Boyd 也是——雖然不是所有承租戶，但都顯示第三季區域性 EBITDAR 以低到中個位數百分比的節奏成長，這通常是正面的訊號，因為我們對你們的揭露是落後一季。

Furthermore, I would add, our rent coverages are really strong. They're not what you see in other areas, like we're sitting here talking about a low coverage of $161 million that is still a strong coverage where a tenant would be happy with the return that they're getting. And on the high end, we have 3s out there. So I am not at all concerned with that rent coverage. And I will tell you, if you look back a year or even pre-COVID, we're not far off of where we were at that point in time. So I feel very confident in our rent coverage right now.

此外我還要補充，我們的租金覆蓋倍數其實非常強。它不像你在其他領域看到的那樣——我們在這裡談到的低覆蓋是 1.61 倍，但那仍然是很強的覆蓋倍數，承租戶會對他們取得的報酬感到滿意。而在高端，我們有 3 倍以上的。所以我對這個租金覆蓋倍數完全不擔心。而且我可以告訴你，如果你回頭看一年前，甚至是疫情前，我們距離當時的水準並不遠。所以我對目前的租金覆蓋倍數非常有信心。

Our demise has been much overexaggerated here. I think our leases are in very good shape.

外界對我們的衰敗預測被大大誇大了。我認為我們的租約狀況非常良好。

Ronald Kamdem, Morgan Stanley.

Ronald Kamdem，摩根士丹利。

Great. I just -- sorry to go back to Bally. Just a two-parter. One is with the going concern language is there sort of any ripple effects on the leases, right? Whether it's minimums or anything like that? Like does that change anything on the lease front? And then two, just on Bally, Chicago, obviously, there's been a lot of headlines and so forth. But what do you guys -- like what are the data points we should be looking at about the reception of the project and how it's going to ramp? Thanks.

很好。我只是——抱歉再回到 Bally。兩個部分的問題。第一是，關於「持續經營」措辭（going concern language），這是否會對租約產生某種連鎖影響？例如最低條款或其他之類？也就是說，這會改變租約端的任何事情嗎？第二，關於 Bally Chicago，顯然有很多新聞標題等等。但你們認為——我們應該看哪些數據點來判斷這個專案的市場接受度，以及它將如何爬坡成長？謝謝。

So from a lease perspective, obviously, we have rent coverage ratios that they can't go below that are all disclosed in our release, right, as far as the default goes. And as we just said, at , they're nowhere near anything that would default their leases because our investments in Bally's. We're not really investing in the corporate entity. We're investing in specific assets that are performing very well. That's the first half.

就租約角度而言，顯然我們有租金覆蓋倍數的門檻，他們不能低於該水準；這些在我們的新聞稿中都有揭露，關於違約的部分也是如此。而且如同我們剛才說的，以目前的水準來看，他們離任何會導致租約違約的情況都還很遠，因為我們對 Bally's 的投資。我們並不是在投資公司本體。我們投資的是表現非常好的特定資產。這是第一部分。

Yeah, I'll just add, we do have in our leases, defaults related to their material indebtedness. So should they default on their debt at GLPI, we would have some legal rights under the leases to take action, and I'm not saying we would or would not depending on the circumstances. But just to be clear, we do have that right built into many of our leases. Sorry I don't know what was the second part of your question?

是的，我再補充一下，我們的租約中確實有與其重大負債（material indebtedness）相關的違約條款。因此如果他們在對 GLPI 的債務上發生違約，我們在租約下會有一些法律權利可以採取行動；我不是說我們一定會或不會，這要視情況而定。但為了說清楚，我們在許多租約中都內建了這項權利。抱歉，你第二部分的問題是什麼？

Just trying to get some tea leaves on the Chicago opening. What is the data point saying about the reception of the assets? What are you guys tracking what are you looking at?

只是想從一些蛛絲馬跡判斷芝加哥的開幕情況。有哪些數據點在說明資產的市場接受度？你們在追蹤什麼、在看什麼？

Yeah. So I mean, I think, Ronald, there's a lot of, obviously, media articles written about this project. I saw them the other day that talked about the site being slow. We know there to be close to 1,000 workers and everything is moving at full speed on that project. I think that as it continues to kind of progress, we've gotten more and more comfortable with that first half '27 opening. I don't think a lot has changed in terms of how we think about the underwriting.

是的。我的意思是，Ronald，顯然媒體對這個專案寫了很多文章。我前幾天看到一些報導說工地進度很慢。但我們知道那裡接近有 1,000 名工人，整個專案都在全速推進。我認為隨著它持續推進，我們對 2027 年上半年開幕這件事越來越有把握。我不認為在我們對承作評估（underwriting）的看法上有太多改變。

As already mentioned earlier on this call, VLTs were always part of our underwriting case. I don't know that there's been anything necessarily incremental that would change the way we think about the ultimate returns, barring the delay on the full completion of the amenities associated with the project and maybe that pushing that full ROI that we originally contemplated, which again, as Brandon mentioned earlier, has no impact on when revenue rent income is coming to.

如同本次電話會議稍早已提到，VLT（視訊彩券終端機）一直都是我們承作評估情境的一部分。我不覺得有什麼額外增量因素會改變我們對最終報酬的看法；除非是與該專案相關的配套設施全面完工有所延遲，可能會把我們原先預期的完整投資報酬率（ROI）往後推——再次強調，如 Brandon 先前提到的，這不會影響我們何時開始收到營收租金收入。

Just -- this is Steve. Just to give you a little context on the construction progress because that could be helpful maybe as well. The overall project is roughly two-thirds complete. That's the overall project. That's inclusive of everything, even the parts you've heard that are delayed.

補充一下——我是 Steve。提供一些施工進度的背景，或許也會有幫助。整體專案大約完成了三分之二。這是整體專案。這包含所有部分，甚至包括你們聽說有延遲的那些部分。

So two-thirds of the projects complete, and there are over 1,000 daily workers on site. Importantly, the hotel structure that, that's the part that what everyone knows was delayed. But that entire structure as well as the casino are expected to be weather tight by December. So there is still work going on the hotel to make sure it's weather tight. And so that's all expected to happen by December.

因此，專案已有三分之二完成，工地現場每天有超過1,000名工人。重要的是，飯店結構——也就是大家都知道曾延宕的那一部分。但整個結構以及賭場預計在12月前達到可防風雨（weather tight）的狀態。所以飯店那邊仍在施工，以確保達到可防風雨的狀態。因此，這些都預計在12月完成。

And if that does happen according to plan as we're expecting, that will make all of the progress throughout the winter months in Chicago that much easier for everyone working indoors. So those are kind of some of the things we're looking at on the construction side, and we're eager to be able to report to you that the weather tight has occurred.

而如果如我們預期、按計畫發生，那將使芝加哥整個冬季月份的工程進度對所有在室內工作的人都容易得多。以上大概就是我們在施工端正在關注的一些事項，我們也很期待能向各位回報已達到可防風雨的狀態。

Great. That's helpful. I guess my last one and maybe it's a quick one. Just can you remind us the variable rate reset for what they ended up being for this year and what we should look for, for next year?

很好。這很有幫助。我想我最後一個問題，可能很快。能否提醒我們，今年最終的浮動利率重設（variable rate reset）結果是多少，以及明年我們應該留意什麼？

Yes. So we do not have any rent resets in 2028. So you don't need to look at anything for next year. and the percentage rent decline for 2027 is $3.3 million, of which will happened in '26, but a full year will be the 3.3 in '27.

好的。所以我們在2028年沒有任何租金重設（rent resets）。所以明年你不需要特別留意任何事項。而2027年的百分比租金（percentage rent）下降為330萬美元，其中會在2026年發生，但在2027年會完整反映一整年，也就是330萬。

That's perfect. Thanks so much.

太好了。非常感謝。

Chad Beynon, Macquarie.

Chad Beynon，Macquarie。

Morning. Thanks for taking my question. I wanted to get your take on your appetite on the strip, given some of the results we've seen this summer, which may just be a return to seasonality. I think we've all been spoiled the past couple of years, some of the seasonal patterns have changed, but it certainly highlights the negative operating leverage that we see in Vegas and destination markets versus the regional markets. But yeah, I would just love to hear your thoughts.

早安。謝謝讓我提問。我想請教你們對拉斯維加斯大道（the Strip）的投資意願（appetite），考量到我們今年夏天看到的一些結果，可能只是回到季節性。我想過去幾年大家都被「寵壞」了，一些季節性型態有所改變，但這也確實凸顯了我們在拉斯維加斯與目的地市場相較於區域市場所看到的負向營運槓桿。但我很想聽聽你們的看法。

Just let me share just my general philosophy about Las Vegas. It's great when it's great, and it's really crummy when it's crummy. None of that rubs off on the regional markets. I've been saying for many, many years, as you all know, that the revenues coming out of regional markets are essentially bulletproof. The only one thing in my many years of experience looking at these markets that affects performance, and that is employment.

我先分享一下我對拉斯維加斯的一般理念。好的時候非常好，不好的時候就真的很糟。而這些情況不會外溢影響到區域市場。如各位所知，我多年來一直在說，區域市場的營收基本上是刀槍不入的。以我多年觀察這些市場的經驗，唯一會影響表現的因素就是就業。

If there's a significant run of unemployment, that will impact a local property. But by and large, the revenues are botproof, and I stand by that. I think time and the decades of proving me right. So we're not worried about the regional market.

如果失業率出現顯著且持續的上升，才會影響到當地物業。但總體而言，營收是刀槍不入的，我仍然堅持這一點。我認為時間與數十年的經驗已證明我是對的。所以我們不擔心區域市場。

As I say, Vegas, it's great, and it's great. I'll say that again. And that's so cool when it goes the other way. But it's a different world from what we mostly deal with. And we don't compare ourselves with what goes on there. It's a shame that impacts in Vegas affect people's perceptions about what goes on in the retail market but they aren't the same.

就像我說的，維加斯，好的時候就是很好。我再說一次。而當它往另一個方向走時，也就很「精彩」。但那是與我們大多數業務所面對的不同世界。我們不會拿自己去和那邊發生的事情比較。很可惜的是，維加斯的影響會左右人們對區域市場發生什麼事的觀感，但兩者並不相同。

Okay. Thanks, Peter. And then with the midterms next week, it doesn't look like there's a lot of potential bills that would impact you guys directly, a number of sports betting, bills and some small things around the edges that would obviously change to blue or red and that could have a derivative impact. But anything else that you guys are keeping an eye on for next week that would kind of cycle into your business?

好的。謝謝你，Peter。另外，下週就是期中選舉（midterms），看起來沒有太多可能直接影響你們的法案；有一些運動博彩（sports betting）的法案，以及一些邊邊角角的小事項，當然政黨變藍或變紅可能會帶來衍生影響。但你們下週還有沒有在關注其他可能會影響到你們業務的事情？

Yeah, Chad, I mean I think there's a couple of things that we'll pay attention to. I think your overall synopsis is broadly accurate, some governors races that might change the tone of how certain states are viewing certain things. You have the mutual stuff in Virginia, obviously, the Cortech Live project that we have would be something to pay attention to, both of those counties are 2-plus hour drives away. So we don't really think that has any impact on what we have going there. and then you have the ballot initiatives in Northeast Indiana.

是的，Chad，我想有幾件事我們會留意。我認為你整體的概述大致正確；有些州長選舉可能會改變某些州看待某些議題的基調。你提到維吉尼亞的那些事項，顯然我們的 Cortech Live 專案是值得關注的點；不過那兩個郡都在兩個多小時車程之外。所以我們不認為那會對我們在那裡的業務造成任何影響。然後還有印第安納州東北部的公投提案（ballot initiatives）。

Again, if you look at the map, there's not a lot of competition within an 80 90-mile radius of where those three counties are located. So I think overall, pretty quiet and like you said, a little bit more relevance for some of the OSB stuff and things of that along those lines.

同樣地，如果你看地圖，那三個郡所在位置在80到90英里半徑內競爭並不多。所以我認為整體而言相當平靜；如你所說，可能與一些 OSB 的事項以及類似方向的議題更相關一些。

Thanks, Carlo. Appreciate it.

謝謝你，Carlo。感謝。

Jason Wayne, Barclays.

Jason Wayne，Barclays。

Hi, good morning. Thank you. Just a quick one. Is there any update on the A Stadium project? So how far along are those discussions? And do you have any better picture of what GLPI's role could look like there?

嗨，早安。謝謝。我快速問一個。A 球場（A Stadium）專案有任何更新嗎？目前這些討論進展到什麼程度？以及你們是否更清楚 GLPI 在其中可能扮演的角色會是什麼樣子？

Yeah, this is Brandon. The stadium itself, I think, is progressing nicely. I think they're on track to open that stadium with -- assuming there's a first pitch in baseball in 2028, I think they're on track to do that. We're getting to the point in that project where certain infrastructure improvements for the integrated resort are being permitted. GLPI has not been asked at the present time or I should say we haven't committed to anything in addition to the $125 million we have remaining.

是的，我是 Brandon。我認為球場本身進展得不錯。我想他們正按計畫推進——假設2028年棒球賽季會有第一球（first pitch），我認為他們有望如期做到。我們也進入到該專案的階段：綜合度假村（integrated resort）的某些基礎設施改善正在申請許可。目前 GLPI 尚未被要求（參與）——或者我應該說，除了我們尚餘的1.25億美元之外，我們尚未承諾任何額外事項。

And so we're really waiting to see how that best can be deployed on the site. We haven't ruled out some additional funding but I think there's a lot that we need to see and answers that we need to have in order to understand the overall project before we're willing to commit more capital to it. So I think we continue to be in a position where we're ready to fund when that's needed, and we're just waiting to understand how that integrated resort is going to unfold.

因此，我們正在等待看看那筆資金在基地上如何最適合部署。我們沒有排除追加一些資金，但我認為在我們願意投入更多資本之前，還有很多需要看到的內容，以及需要得到的答案，才能理解整體專案。所以我認為我們仍維持在一個立場：需要時我們已準備好提供資金，而我們正在等待了解那個綜合度假村將如何展開。

All right. Thank you.

好的。謝謝。

[David Harris, Barclays]

[David Harris，Barclays]

Hi. I'm wondering if you have any position on historical racing machines at Random Park in Massachusetts, whether those are permissible or not?

嗨。我想請問你們對麻薩諸塞州 Random Park 的歷史賽馬機（historical racing machines）是否允許，有沒有任何立場？

Well, I don't think we have an opinion on it at this point in time. We're aware of the efforts to try to get the legislation done. We know that it would -- there would be some ancillary impact to Plainridge that would be positive, but that's the extent of our involvement.

嗯，我想我們目前沒有對此發表意見。我們知道有人正努力推動完成相關立法。我們也知道這會對 Plainridge 帶來一些附帶影響，而且是正面的，但我們的參與也僅止於此。

Got it. And then we've been beating this Bally's Chicago thing to death, but I'm just wondering if there's any room count that -- do you know how many rooms they'll have when they open up?

了解。然後我們一直把 Bally's Chicago 這件事反覆討論到不行，但我只是想問一下——你知道他們開幕時會有多少間客房嗎？

We don't at the present time. I mean we just look to their HCA. I mean, we've heard that Bally's comment publicly that they intend to comply with the HCA, the HCA has a minimum number of rooms in it. So we would expect it to open the dose, but we haven't gotten into the details on opening day.

我們目前還不知道。我的意思是，我們只是看他們的 HCA。也就是說，我們聽到 Bally's 曾公開表示他們打算遵守 HCA，而 HCA 裡面有最低客房數的要求。所以我們預期他們會依照那個標準開幕，但我們還沒有深入到開幕當天的細節。

Got it. Thank you very much.

了解。非常感謝。

Daniel Guglielmo, Capital One Securities.

Daniel Guglielmo，Capital One Securities。

Hi, everyone. Thank you for taking my question. Just one for me. I think heading into the back half of this year, there was nervousness around discretionary spending with gas prices high but it doesn't feel like it is fully materialized. So can you just talk a little bit more about what you're hearing from the regional operators on the ground? And what gives you all and then the confidence to continue deploying capital for growth.

各位好。謝謝讓我提問。我只有一個問題。我想在今年下半年之前，大家對於可支配支出在油價高企下可能走弱感到緊張，但看起來並沒有完全顯現。所以你能否再多談一點，你從第一線的區域型營運商那邊聽到什麼？以及是什麼讓你們有信心能持續投入資本來推動成長。

Yeah. Thanks, Daniel. It's Carlo. So I think, look, obviously, it's a valid concern. Peter and the team and I were just discussing earlier, employment really is the biggest driver of regional gaming. If you look at the cadence of 2026. Again, in the third quarter, you're going to see gaming revenue up a little bit over 2%. It was up a little bit over 2%.

好的。謝謝你，Daniel。我是 Carlo。所以我想，先說，這顯然是個合理的擔憂。Peter、團隊和我稍早也在討論，就區域博彩而言，就業確實是最大的驅動因素。如果你看 2026 年的節奏。再說一次，在第三季，你會看到博彩收入小幅成長，略高於 2%。它是略高於 2%。

In the first quarter, it was up closer to 3% in the second quarter. If you look at kind of the third quarter property EBITDAR. I think Caesars reported up 4%. Boyd's same-store was up close to 3%. And Monarch up to Churchill Downs up 4%. So I think there's a lot of concerns around there. Obviously, gas prices, cost of everything is up for people, but you're just not seeing it manifest in gaming results.

第一季接近 3%，第二季也是接近 3%。如果你看第三季各物業的 EBITDAR，我想 Caesars 報告成長 4%。Boyd 的同店成長接近 3%。Monarch 以及 Churchill Downs 都成長 4%。所以我認為外界有很多這方面的擔憂。顯然，油價、各項成本都在上升，對民眾而言壓力變大，但你並沒有看到它在博彩結果上反映出來。

Great. Thank you.

很好。謝謝。

Colin Mansfield, CBRE.

Colin Mansfield，CBRE。

Hey, everybody. Just one question for me. Maybe a pivot outside gaming, I would love to get your updated thoughts on how you're thinking about potential opportunities let's say, in the leisure space. If you look in that environment right now, there's, I think, several operators where your cost of capital is much more attractive than what their cost of debt or equity might be. There might be some that are facing some eosyncratic issues or hiring restructuring advisers. So I'm just kind of curious the attractiveness of anything outside of gaming right now.

各位好。我只有一個問題。也許把焦點轉到博彩以外，我很想聽聽你們更新後的看法：你們如何看待例如休閒產業的潛在機會。如果看目前的環境，我認為有幾家營運商，你們的資金成本比他們的負債或股權資金成本更具吸引力。也可能有一些正面臨某些特定（公司自身）問題，或正在聘請重整顧問。所以我想了解一下，現在博彩以外的機會是否有吸引力。

Is anything in your view changed? Or are you seeing more opportunities where you might be opportunistically able to provide your cost of capital to some of these real estate heavy names that might be facing a little stress right now? Thanks.

以你的觀點來看，有什麼改變嗎？或者你是否看到更多機會，你們可以機會性地把你們的資金成本提供給一些以不動產為主、目前承受一些壓力的公司？謝謝。

I'll jump in. Collin, it's Carlos. I appreciate the question. I think nothing has changed in our approach to non-gaming -- venturing into non-gaming. It's going to have to be something that we find both accretive and we have were able to acquire the expertise to grow it. And so I do think there are some opportunities out there.

我先回應。Collin，我是 Carlos。謝謝你的問題。我認為我們對非博彩——也就是跨足非博彩——的做法沒有改變。它必須是我們認為既能增益（accretive），而且我們也能取得相關專業來把它做大、做成長的事情。因此我確實認為外面有一些機會。

We continue to look at those. But if you see us venture outside of gaming, as we've done with Prologis we'll seek to do it with folks that know what they're doing and can help us grow in that whatever business we enter into. So I think you're right, there are some probably some more opportunities out there but our philosophy and approach hasn't changed.

我們會持續看這些機會。但如果你看到我們跨出博彩領域，就像我們與 Prologis 的合作一樣，我們會尋求與懂行的人合作，並能協助我們在所進入的任何業務中成長。所以我認為你說得對，外面可能確實有更多機會，但我們的理念與做法沒有改變。

Yeah. Let me add, too. We haven't run out of gaming opportunities yet. I think Brandon said earlier, thoughts about our demise have been greatly exaggerated. And so as long as we can stick to our knitting, we're going to do that. We never give up looking at other things. It's part of what we're challenged to do, but we're blessed to be able to continue with what we know best.

對，我也補充一下。我們還沒有把博彩機會用完。我想 Brandon 先前說過，關於我們要走下坡的說法被大大誇大了。所以只要我們能專注於本業，我們就會這麼做。我們也從不停止看其他事情。這是我們被要求去做的一部分，但我們也很幸運能持續做我們最擅長的事。

I appreciate it. Thanks, guys.

明白了。謝謝各位。

We have no further questions at this time. Mr. Carlino, I'd like to turn the floor back over to you for closing comments.

目前沒有其他問題。Carlino 先生，我想把時間交還給您做結語。

Thank you very much, Christine. And thank you all for dialing in, and we will look forward to seeing you next quarter. Bye-bye.

非常感謝你，Christine。也謝謝各位撥冗參與，我們期待下個季度再見。再見。

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.

各位女士先生，今天的電話會議到此結束。您現在可以掛斷電話。感謝您的參與，祝您有美好的一天。