VICI Properties Inc (VICI) 2023 Q4 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VICI Properties Fourth Quarter and Full Year 2023 Earnings Conference Call. (Operator Instructions) Please note that this conference call is being recorded today, February 23, 2024. I will now turn the call over to Samantha Gallagher, General Counsel with VICI Properties.

美好的一天，女士們先生們。謝謝你的支持。歡迎參加 VICI Properties 2023 年第四季和全年財報電話會議。 （操作員說明）請注意，本次電話會議將於今天（2024 年 2 月 23 日）進行錄製。我現在將把電話轉給 VICI Properties 的總法律顧問 Samantha Gallagher。

Thank you, operator, and good morning. Everyone should have access to the company's fourth quarter and full year 2023 earnings release and supplemental information. The release and supplemental information can be found in the Investors section of the VICI Properties website at www.viciproperties.com. Some of our comments today will be forward-looking statements within the meaning of the federal securities laws. Forward-looking statements, which are usually identified by the use of words such as will, believe, expect, should, guidance, intends, outlook, projects or other similar phrases are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect.

謝謝您，接線員，早安。每個人都應該能夠存取公司第四季和 2023 年全年收益發布和補充資訊。發布和補充資訊可在 VICI Properties 網站 www.viciproperties.com 的投資者部分找到。我們今天的一些評論將屬於聯邦證券法含義內的前瞻性陳述。前瞻性陳述通常透過使用「意願」、「相信」、「期望」、「應該」、「指導」、「意圖」、「展望」、「項目」或其他類似短語等詞語來識別，存在眾多風險和不確定性，可能導致實際結果存在重大差異從我們的預期來看。

Therefore, you should exercise caution in interpreting and relying on them. I refer you to the company's SEC filings for a more detailed discussion of the risks that could impact future operating results and financial condition. During the call, we will discuss certain non-GAAP measures, which we believe can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available on our website in our fourth quarter and full year 2023 earnings release, our supplemental information and our filings with the SEC.

因此，您在解釋和依賴它們時應該小心謹慎。我建議您參閱該公司向 SEC 提交的文件，以更詳細地討論可能影響未來經營業績和財務狀況的風險。在電話會議期間，我們將討論某些非公認會計準則衡量標準，我們認為這些衡量標準有助於評估公司的營運績效。這些措施不應被孤立地考慮，也不應取代我們根據公認會計準則編制的財務表現。這些指標與最直接可比較的 GAAP 指標的調節可在我們的網站上找到，包括 2023 年第四季和全年收益發布、我們的補充資訊以及我們向 SEC 提交的文件。

For additional information with respect to non-GAAP measures of certain tenants and or counterparties discussed on this call, please refer to the respective company's public filings with the SEC. Hosting the call today, we have Ed Pitoniak, Chief Executive Officer; John Payne, President and Chief Operating Officer; David Kieske, Chief Financial Officer; Gabe Wasserman, Chief Accounting Officer; and Louie McCluskey, Senior Vice President of Capital Markets. Ed and team will provide some opening remarks, and then we'll open the call to questions.

有關本次電話會議中討論的某些租戶和/或交易對手的非公認會計準則措施的更多信息，請參閱各公司向 SEC 提交的公開文件。今天主持電話會議的是執行長 Ed Pitoniak；約翰‧佩恩，總裁兼營運長；大衛‧基斯克 (David Kieske)，財務長； Gabe Wasserman，首席會計官；以及資本市場資深副總裁 Louie McCluskey。 Ed 和團隊將發表一些開場白，然後我們將開始提問。

With that, I'll turn the call over to Ed.

這樣，我就把電話轉給艾德。

Thank you, Samantha, and good morning, everyone. I'll start this morning with a few words about 2023 VICI accomplishments and the way forward. John Payne will share our 2024 growth approach, and David Kieske will discuss our 2023 financial results and our 2024 guidance.

謝謝你，薩曼莎，大家早安。今天早上我將先介紹 2023 年 VICI 的成就和未來的發展方向。 John Payne 將分享我們 2024 年的成長方法，David Kieske 將討論我們 2023 年的財務表現和 2024 年的指導。

Last night, we announced final 2023 AFFO per share of $2.15, representing year-over-year per share growth of 11.8%. VICI's 2023 AFFO growth will likely make VICI one of the 2023 income growth leaders among the 29 S&P 500 REITs that report AFFO per share. There are 30 S&P 500 REITs overall, representing approximately 90% of the U.S. REIT equity market capitalization at year-end.

昨晚，我們宣布 2023 年 AFFO 最終每股收益為 2.15 美元，每股同比增長 11.8%。 VICI 2023 年 AFFO 的成長可能會使 VICI 成為 29 家報告每股 AFFO 的標準普爾 500 房地產投資信託基金中 2023 年收入成長領先者之一。截至年底，標普 500 指數成分股共有 30 檔 REIT，約占美國 REIT 股票市值的 90%。

VICI's 2023 growth is largely the result of work we did in 2022, forging new relationships and new investments in both gaming and [non-gaming] both property acquisitions and property credit investments. I'm proud of our 2023 AFFO per share growth but I'm also proud of what the VICI team did in 2023 to continue to produce growth for 2024 and beyond. Our investment activities in 2023 produced growth in our portfolio quality, geographic diversity, tenant diversity and income.

VICI 2023 年的成長很大程度上是我們在 2022 年所做工作的結果，在博彩和[非博彩]房地產收購和房地產信貸投資方面建立了新的關係和新的投資。我為 2023 年 AFFO 每股成長感到自豪，但我也為 VICI 團隊在 2023 年為在 2024 年及以後繼續實現成長所做的努力感到自豪。我們 2023 年的投資活動使我們的投資組合品質、地理多樣性、租戶多樣性和收入有所增長。

Indeed, when it comes to 2024 income growth, as David will discuss in a moment regarding our 2024 guidance, we expect our projected 2024 AFFO per share growth should put VICI well into the top half of the S&P 500 REIT 2024 AFFO per share growth table.

事實上，當談到2024 年收入增長時，正如David 稍後將討論我們的2024 年指導一樣，我們預計2024 年AFFO 每股增長預計將使VICI 躋身標準普爾500 REIT 2024 年AFFO 每股增長表的上半部。

It wasn't easy to produce future growth in 2023. It was tough to navigate in 2023. Most days in 2023 and frankly, most days in 2024 so far, remind me of my days living and working in Whistler, British Columbia, where a very challenging coastal mountain environment could result in days so foggy and whited out that we describe such days as skiing inside a milk bottle. But even amidst this low visibility, the VICI team kept pioneering in 2023. We invested in new geographies, including 3 new countries and through our Bowlero acquisition in U.S. noncommercial gaming states such as Texas, California and North Carolina.

在2023 年實現未來的成長並不容易。2023 年的導航也很艱難。2023 年的大部分日子，坦白說，到目前為止2024 年的大部分日子，讓我想起了我在不列顛哥倫比亞省惠斯勒生活和工作的日子，那裡有一個非常具有挑戰性的沿海山區環境可能會導致幾天大霧和白茫茫的天氣，我們將這樣的日子描述為在牛奶瓶裡滑雪。但即使在這種低知名度的情況下，VICI 團隊在2023 年仍繼續開拓創新。我們投資了新的地區，包括3 個新國家，並透過收購Bowlero 在美國非商業博彩州（例如德克薩斯州州、加利福尼亞州和北卡羅來納州）進行投資。

We invested in new categories such as family recreation and youth sports. We expanded our partnerships with pilgrimage brands like Cabot and Canyon Ranch. We acquired the primary leasehold interest in New York's incomparable Chelsea Piers through our position as the leading owner of real estate on the Las Vegas Strip. We continue to work with our Las Vegas partners to capitalize on Las Vegas' leadership position in global entertainment and hospitality. I strongly believe VICI's investment in Las Vegas is one of the most compelling investments in the current global commercial real estate investing landscape, period, full stop.

我們投資了家庭娛樂和青少年運動等新類別。我們擴大了與 Cabot 和 Canyon Ranch 等朝聖品牌的合作關係。透過我們作為拉斯維加斯大道房地產主要所有者的地位，我們獲得了紐約無與倫比的切爾西碼頭的主要租賃權益。我們繼續與拉斯維加斯合作夥伴合作，利用拉斯維加斯在全球娛樂和酒店業的領導地位。我堅信 VICI 在拉斯維加斯的投資是當前全球商業房地產投資領域最引人注目的投資之一。

As we set out in our earnings release last night, in 2023, we announced and closed $1.8 billion of capital acquisitions and investments within the year. Note that these figures do not include the $2.8 billion closing of our Mandalay Bay MGM Grand joint venture in early January 2023, which we announced in early December 2022, including our assumption of the remaining $1.5 billion of CMBS debt.

正如我們昨晚在財報中所述，2023 年，我們宣布並在年內完成了 18 億美元的資本收購和投資。請注意，這些數字不包括我們在 2022 年 12 月初宣布的 2023 年 1 月初以 28 億美元關閉曼德勒灣米高梅大酒店合資企業，包括我們承擔剩餘 15 億美元的 CMBS 債務。

A fundamental importance our 2023 investing in gaming and nongaming was accretive. Our announced 2023 capital investments were made at a blended initial unlevered investment yield of 7.7%. Our 2023 investing was also balance sheet enhancing. We funded this $1.8 billion of investment with approximately $1.6 billion of cash and equity and only about $200 million of incremental debt. achieving an equity to debt funding ratio on that investment activity of 8:1, demonstrating our commitment to our long-range net leverage target of 5.0 to 5.5x net debt to adjusted EBITDA.

至關重要的是，我們在 2023 年對遊戲和非遊戲的投資是增值的。我們宣布的 2023 年資本投資的混合初始無槓桿投資收益率為 7.7%。我們 2023 年的投資也改善了資產負債表。我們為這項 18 億美元的投資提供了約 16 億美元的現金和股權，以及僅約 2 億美元的增量債務。該投資活動的股本與債務融資比率達到 8:1，這表明我們對調整後 EBITDA 淨債務 5.0 至 5.5 倍的長期淨槓桿目標的承諾。

As we look ahead within 2024, despite the continued cloudy macroeconomic conditions and outlook we begin 2024 with approximately $1.2 billion of cash and forward equity resources to deploy into continuing accretive growth. Needless to say, the macro environment of constrained capital conditions, we believe our capital resources can and will be attractive to gaming and experiential operators who want to grow and/or need liquidity.

展望 2024 年，儘管宏觀經濟狀況和前景持續陰雲密布，但我們在 2024 年伊始仍將擁有約 12 億美元的現金和遠期股權資源，用於持續成長。不用說，在資本條件受限的宏觀環境下，我們相信我們的資本資源能夠並將會對想要成長和/或需要流動性的遊戲和體驗營運商具有吸引力。

Finally, in 2024, we will continue to build a portfolio of quality. You've heard me say before that I believe VICI is the pioneer in bringing Class A real estate to net lease. By Class A, we mean real estate of great scale, great quality and high mission criticality. And VICI enables investors to own Class A real estate within the strong economic transparency and integrity of the net lease model. What we can, must and will do is continue to enable existing and potential VICI investors to understand fully the scale, quality and mission criticality of our Class A real estate.

最後，到 2024 年，我們將繼續打造優質的產品組合。你以前聽過我說過，我相信 VICI 是將 A 級房地產引入淨租賃的先驅。 A級是指規模大、品質高、任務關鍵性高的房地產。 VICI 使投資者能夠在強大的經濟透明度和完整性的淨租賃模式下擁有 A 級房地產。我們能夠、必須和將會做的就是繼續讓現有和潛在的 VICI 投資者充分了解我們 A 級房地產的規模、品質和使命關鍵性。

To that end, we are proud to announce that we're launching today the VICI Properties photo book, a digital coffee table style book that brings to life the magnificence of the real estate owned by VICI. You can view this book online at our website, www.viciproperties.com. And I thank Hayes Honea of our team for her great work in producing and publishing this book. I strongly encourage you to give this book a good viewing. If you're a VICI shareholder, I believe the book will give you great pride in what you own.

為此，我們很自豪地宣布，我們今天推出 VICI Properties 相冊，這是一本數位咖啡桌風格的書，生動地展現了 VICI 擁有的房地產的壯麗景色。您可以在我們的網站 www.viciproperties.com 上在線查看本書。我還要感謝我們團隊的 Hayes Honea 在製作和出版這本書方面所做的出色工作。我強烈建議您仔細閱讀這本書。如果您是 VICI 股東，我相信這本書會讓您為自己所擁有的資產感到自豪。

And with that, I'll now turn the call over to John.

現在，我將把電話轉給約翰。

Thanks, Ed. Good morning to everyone. In 2023, VICI was able to navigate a volatile broader market backdrop, particularly for REITs and consistently deployed capital in accretive manners throughout the year. Over the course of 2023, we deployed $1.8 billion at a blended yield of approximately 7.7% across investments that expanded our geographic reach domestically and internationally, broadened our investable universe across gaming, hospitality and family entertainment and deepened our ability to invest creatively through property-related credit investments.

謝謝，艾德。各位早安。 2023 年，VICI 能夠應對動盪的大市場背景，尤其是房地產投資信託基金，並全年以增值方式持續部署資本。 2023 年，我們在投資中部署了18 億美元，綜合收益率約為7.7%，擴大了我們在國內和國際上的地理覆蓋範圍，擴大了我們在遊戲、酒店和家庭娛樂領域的可投資範圍，並加深了我們透過房地產進行創意投資的能力。相關信貸投資。

Our ability to transact successfully last year was due in part to the multiyear effort I've mentioned before on our earnings calls. Every day at VICI, our team shows up for work and focuses on developing and maintaining relationships with best-in-class growth-oriented operators. While some REITs describe themselves simply as a landlord and position themselves to extract value from their tenants. We view ourselves as a long-term capital partner collaborating with our tenants to create value.

我們去年成功交易的部分原因是我之前在財報電話會議上提到的多年努力。在 VICI，我們的團隊每天都會上班，並專注於發展和維護與一流的成長型營運商的關係。雖然一些房地產投資信託基金將自己簡單地描述為房東，並將自己定位為從租戶那裡獲取價值。我們將自己視為長期資本合作夥伴，與租戶合作創造價值。

This philosophy of serving as a capital partner and prioritizing relationships with operators who pursue growth energetically serves as our compass as we assess and underwrite opportunities in the current environment. An environment that is characterized by low visibility and fluctuating cost of capital. To that end, many of you have heard me speak over the years about our focus on growth. And it's also important to understand that there have been numerous situations in which we elect to not pursue opportunities.

在我們評估和承保當前環境下的機會時，這種作為資本合作夥伴並優先考慮與積極追求成長的運營商的關係的理念成為我們的指南針。其特點是可見度低且資本成本波動。為此，多年來你們中的許多人都聽過我談論我們對成長的關注。同樣重要的是要了解，在許多情況下我們選擇不去尋求機會。

VICI is in the very fortunate position to have created significant shareholder value over the years. For example, we've grown our AFFO per share at an 8.5% CAGR from 2018 through 2023, while our dividend has grown at a comparable high single-digit rate, and we do not believe we need to pursue growth purely for the sake of growing.

VICI 非常幸運，多年來創造了巨大的股東價值。例如，從 2018 年到 2023 年，我們的每股 AFFO 複合年增長率為 8.5%，而我們的股息以相當高的個位數增長率增長，我們認為我們不需要純粹為了追求增長生長。

For those of you who may be newer to our story, I would like to touch on a few elements of our growth pillars that have allowed us to successfully complete $36 billion of accretive transaction volume in a little over 6 years. Number one, we work collaboratively with operating partners investing in growth opportunities and funding high ROI capital projects in order to achieve mutually beneficial outcomes. Number two, as the only S&P 500 REIT predominantly invested in the gaming industry, given 90% of our rent roll is derived from gaming investments, our team travels far and wide, visiting properties, studying new markets, assessing the landscape and meeting with operators across regional, Las Vegas and even international locations.

對於那些可能對我們的故事不太了解的人，我想談談我們成長支柱的一些要素，這些要素使我們能夠在 6 年多一點的時間裡成功完成 360 億美元的交易量成長。第一，我們與營運合作夥伴合作投資成長機會並資助高投資報酬率資本項目，以實現互惠互利的結果。第二，作為唯一一家主要投資於博彩業的標普500 房地產投資信託基金，考慮到我們90% 的租金來自博彩投資，我們的團隊走遍各地，參觀房產、研究新市場、評估情況並與運營商會跨越地區、拉斯維加斯甚至國際地點。

Number three, we are supplementing our gaming investments with opportunities in experiential sectors that we believe are positioned to benefit from secular tailwinds. We focus on sourcing transactions with operators who position themselves for growth, including through roll-up in an industry, much as you saw with our Cabot and Bowlero transactions announced in October of last year. And finally, number four, we constantly keep our eyes open for opportunities where VICI can get better by getting bigger as demonstrated through the acquisition of MGM Growth Properties in 2022, which significantly expanded our footprint in Las Vegas, added Class A market-leading regional assets to our portfolio, improved our balance sheet to investment-grade and has positioned us for a long-term partnership with MGM Resorts, a world-class gaming, hospitality and leisure operator.

第三，我們正在透過體驗產業的機會來補充我們的遊戲投資，我們相信這些產業將受益於長期的順風車。我們專注於與那些定位於成長的營運商進行交易，包括透過行業整合，就像您在去年 10 月宣布的 Cabot 和 Bowlero 交易中看到的那樣。最後，第四點，我們不斷關注VICI 可以透過壯大而變得更好的機會，正如2022 年收購MGM Growth Properties 所證明的那樣，這大大擴大了我們在拉斯維加斯的足跡，A 級市場領先的區域公司補充道資產納入我們的投資組合，將我們的資產負債表改善至投資級，並使我們能夠與世界一流的博彩、酒店和休閒運營商米高梅度假村建立長期合作夥伴關係。

As we dive further into 2024, we hold firm with the criteria that has driven much of our track record to date while executing across our strategic pillars. In particular, we are adhering to prudent underwriting standards, ensuring your capital is appropriately compensated as we assess risk and pursue opportunities across different properties, markets and asset classes.

隨著我們進一步邁向 2024 年，我們在執行我們的策略支柱時，將堅定不移地堅持推動我們迄今取得的大部分業績記錄的標準。特別是，我們堅持審慎的承保標準，確保您的資本在我們評估風險並在不同的房產、市場和資產類別中尋求機會時得到適當的補償。

And as I said earlier, we maintain a preference for growth-focused operators with our entire team evaluating a partner's track record and importantly, their use of proceeds, which typically explains intentions behind pursuing the transaction. We ultimately believe the right partnerships lead to the right opportunities, which feeds the flywheel of value creation through collaboration.

正如我之前所說，我們仍然偏好注重成長的營運商，我們的整個團隊都會評估合作夥伴的業績記錄，重要的是他們的收益使用情況，這通常可以解釋追求交易背後的意圖。我們最終相信，正確的合作關係會帶來正確的機會，從而透過合作推動價值創造的飛輪。

We believe our commitment to developing and deepening relationship with great operators of all shapes and sizes, combined with our strong balance sheet and liquidity position will afford us the ability to continue to executing accretive deals during time when other REITs may be stuck "skiing inside a milk bottle."

我們相信，我們致力於發展和深化與各種類型和規模的優秀運營商的關係，加上我們強大的資產負債表和流動性狀況，將使我們有能力在其他房地產投資信託基金可能陷入“在在一個特定的市場中滑行”的時候繼續執行增值交易。奶瓶。”

Now I'll turn the call over to David, who will discuss our financial results and guidance. David?

現在我將把電話轉給大衛，他將討論我們的財務表現和指導。大衛？

Thank you, John. It's great to speak with everyone today, and we appreciate your time. I want to start with our balance sheet. 2023 exemplifies the continued discipline we have maintained of our 6-plus years of existence by ensuring that we allocate capital accretively, have a balance sheet and liquidity profile designed to weather all cycles and provide the safety and protection our equity and credit partners deserve.

謝謝你，約翰。很高興今天能與大家交談，我們感謝您的寶貴時間。我想從我們的資產負債表開始。 2023 年體現了我們在6 年多的存在中一直保持的持續紀律，確保我們不斷分配資本，擁有能夠經受所有周期的資產負債表和流動性狀況，並為我們的股權和信貸合作夥伴提供應有的安全和保護。

During the year, we raised over $1.6 billion in forward equity. In January of 2023, we raised approximately $1 billion in gross forward equity proceeds at a $33 price per share. Those proceeds were used throughout the year to accretively fund our transactions. We utilized our ATM program throughout 2023, raising $643 million in gross forward proceeds. That amount includes $390 million, which was raised in Q4 through the sale of 13.2 million shares via the forward and remains outstanding today.

這一年裡，我們籌集了超過 16 億美元的遠期股本。 2023 年 1 月，我們以每股 33 美元的價格籌集了約 10 億美元的遠期股權收益總額。這些收益全年都用於增加我們的交易資金。 2023 年，我們利用 ATM 計畫籌集了 6.43 億美元的遠期收益總額。該金額包括第四季透過遠期出售 1,320 萬股股票籌集的 3.9 億美元，至今仍未償還。

And subsequent to year-end, in Q1 2024, we sold 9.7 million shares raising $306 million in gross proceeds under our ATM via the forward. This brings our total outstanding forward equity to just under $700 million, bolstering our overall liquidity. Currently, we have approximately $3.5 billion in total liquidity comprised of $523 million in cash, cash equivalents and short-term investments as of December 31, 2023, $696 million of proceeds under our outstanding forwards and $2.3 billion of availability under the revolving credit facility.

年底後的 2024 年第一季度，我們透過遠期 ATM 出售了 970 萬股股票，籌集了 3.06 億美元的總收益。這使我們的未償遠期股本總額達到近 7 億美元，增強了我們的整體流動性。目前，我們擁有約35 億美元的總流動資金，包括截至2023 年12 月31 日的5.23 億美元現金、現金等價物和短期投資、未償遠期的6.96 億美元收益以及循環信貸安排下的23 億美元可用資金。

In addition, our revolving credit facility has an accordion option, allowing us to request additional lender commitments of up to $1 billion. As we begin 2024, we believe we are extremely well positioned to navigate the current environment and do not need to raise any incremental capital as we sit here today.

此外，我們的循環信貸安排有一個手風琴選項，使我們能夠請求貸方額外承諾最多 10 億美元。在 2024 年伊始，我們相信我們已經處於非常有利的位置，可以應對當前的環境，並且不需要籌集任何增量資本，就像我們今天坐在這裡一樣。

In terms of leverage, our total debt is currently $17.1 billion. Our net debt to fourth quarter adjusted EBITDA annualized for a full year of activity from our recent acquisitions and excluding the impact of unsettled forward equity is approximately 5.5x within our target leverage range.

就槓桿而言，我們的總債務目前為 171 億美元。我們最近收購的全年活動中第四季度調整後 EBITDA 的淨債務按年化計算（不包括未結算的遠期股本的影響）約為我們目標槓桿範圍內的 5.5 倍。

We have a weighted average interest rate of 4.35%, taking into account our hedge portfolio that we utilized in connection with our April 2022 inaugural investment-grade offering and a weighted average of 5.9 years to maturity. As of December 31, we've entered into a series of forward starting interest rate swap agreements ahead of our May 1 $1.05 billion bond maturity, which has an aggregate notional amount of $500 million. This portfolio has an effective treasury rate of 4.04%.

考慮到我們在 2022 年 4 月首次發行投資級產品時使用的對沖投資組合以及到期日的加權平均利率為 5.9 年，我們的加權平均利率為 4.35%。截至 12 月 31 日，我們已在 5 月 1 日 10.5 億美元債券到期之前簽訂了一系列遠期起始利率掉期協議，該債券的名義金額總計為 5 億美元。該投資組合的有效國庫利率為 4.04%。

Just touching on the income statement, AFFO per share was $0.55 for the quarter, an increase of 8.8% compared to $0.51 for the quarter ended December 31, 2022. For the full year 2023, AFFO per share was $2.15, an increase of 11.8% compared to $1.93 for the full year 2022 and as Ed mentioned, making VICI one of the leaders across the S&P 500 REITs.

就損益表而言，本季 AFFO 每股為 0.55 美元，較截至 2022 年 12 月 31 日止季度的 0.51 美元增長 8.8%。2023 年全年，AFFO 每股為 2.15 美元，增長 11.8%相比之下，2022 年全年為1.93 美元，正如Ed 所提到的，VICI 成為標準普爾500 種房地產投資信託基金的領導者之一。

Our results once again highlight our highly efficient triple-net model given the increase in adjusted EBITDA as a proportion of the corresponding increase in revenue and our margins continue to run strong in the high 90% range when eliminating noncash items. Our G&A was $15.3 million for the quarter and as a percentage of total revenues was only 1.6%. This continues to be one of the lowest ratios in not only the triple-net sector but across all REITs.

我們的業績再次凸顯了我們高效的三網模型，因為調整後的EBITDA 在收入相應增長中所佔的比例有所增加，而且在消除非現金項目後，我們的利潤率繼續保持在90% 的高水平。本季我們的一般管理費用為 1,530 萬美元，佔總收入的比例僅為 1.6%。這不僅是三網產業的最低比率之一，也是所有房地產投資信託基金中最低的比率之一。

Turning to our guidance. And as you saw in our release last night, we are initiating AFFO guidance for 2024 in both absolute dollars as well as on a per share basis. AFFO for the year ending December 31, 2024, is expected to be between $2.32 billion and $2.355 billion or between $2.22 per share and $2.25 per share. Based on the midpoint of our '24 guidance, VICI expects to deliver year-over-year AFFO per share growth of 4%, a very attractive starting point as we begin 2024.

轉向我們的指導。正如您在我們昨晚發布的新聞稿中看到的那樣，我們正在啟動以絕對美元和每股為基礎的 2024 年 AFFO 指導。截至 2024 年 12 月 31 日的年度 AFFO 預計將在 23.2 億美元至 23.55 億美元之間，即每股 2.22 美元至 2.25 美元之間。根據我們 24 年指導的中位數，VICI 預計 AFFO 每股將同比增長 4%，這是 2024 年伊始的一個非常有吸引力的起點。

And just as a reminder, our guidance does not include the impact on operating results from any announced but unclosed transactions, interest income from any loans that do not yet have final draw structures, possible future acquisitions or dispositions, capital markets activity, or other nonrecurring transaction or items. And as we've mentioned previously, we recorded noncash CECL allowance on a quarterly basis, which due to its inherent unpredictability leaves us unable to forecast net income and FFO with accuracy. Accordingly, our guidance is AFFO focused, as we believe AFFO represents the best way of measuring the productivity of our equity investments and evaluating our financial performance and ability to pay dividends.

提醒一下，我們的指導不包括任何已宣布但未結束的交易、尚未確定最終提取結構的任何貸款的利息收入、未來可能的收購或處置、資本市場活動或其他非經常性對經營業績的影響。交易或物品。正如我們之前提到的，我們按季度記錄非現金 CECL 津貼，由於其固有的不可預測性，我們無法準確預測淨利潤和 FFO。因此，我們的指導以 AFFO 為重點，因為我們相信 AFFO 是衡量我們股權投資生產力、評估我們財務表現和支付股息能力的最佳方式。

With that, operator, please open the line for questions.

那麼，接線員，請開通提問線路。

(Operator Instructions) The first question comes from Anthony Paolone with JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Anthony Paolone。

I guess my first question is just whether or not you could put some dimensions around your deal pipeline right now, either whether it's skewed somewhere geographically, size and maybe yields?

我想我的第一個問題是，你現在是否可以在你的交易管道周圍放置一些維度，或者它在地理、規模和收益率等方面是否有偏差？

I'll start, Tony, and good to speak with you, and then John and David can kick in. I would say that in the spirit of our opening remarks, we're obviously sober, as you've heard from other REITs in recent weeks like [Agri] and Realty Income. We're sober about the marketplace. We're sober about the capital markets, and we're pretty sober about what kind of activity may be available to us. And yet having said that, John and the team continue to work the trap lines in such a way that we have a number of conversations going on, both in gaming and nongaming that have us very excited and John can talk about that in a moment.

東尼，我先開始，很高興與您交談，然後約翰和大衛可以介入。我想說的是，本著我們開場白的精神，我們顯然很清醒，正如您從其他房地產投資信託基金那裡聽到的那樣最近幾週，例如[農業]和房地產收入。我們對市場保持清醒。我們對資本市場保持清醒，對我們可以進行哪些活動也非常清醒。然而話雖如此，約翰和團隊繼續以這樣的方式處理陷阱線，我們在遊戲和非遊戲領域進行了許多對話，這讓我們非常興奮，約翰可以稍後談論這一點。

The other point I want to emphasize, Tony, is that the magnitude of what we own brings with it opportunities you wouldn't necessarily find in other REITs, given the nature of the property they own. Especially when we look at Las Vegas, where we've got, I think, John, 40-odd thousand hotel rooms. If you look just at an asset like the Venetian, which including parking is 17 million square feet, given what's going on there, given the impact of the Sphere, the opportunity of Patrick and Nicole and team to continue to asset manage, maximize the productivity of that asset is so, so strong.

東尼，我想強調的另一點是，考慮到我們所擁有的財產的性質，我們所擁有的資產的規模帶來了您在其他房地產投資信託基金中不一定能找到的機會。特別是當我們看看拉斯維加斯時，約翰，我想，那裡有 40 多個酒店房間。如果你只看像威尼斯人這樣的資產，其中包括停車場，面積為1700 萬平方英尺，考慮到那裡正在發生的事情，考慮到球體的影響，帕特里克和妮可以及團隊有機會繼續進行資產管理，最大限度地提高生產力該資產非常非常強大。

I mean it's the magnitude of building, and again, this goes back to my opening remarks that we are going to continue to help the investment marketplace to understand the magnitude of the building such that there are 300,000 square feet inside the 17 million square feet that have never gone past the concrete stage, concrete floors, concrete walls, concrete ceiling, 300,000 unfinished square feet. And with the job that the team at Venetian is doing, to maximize that asset, especially taking advantage of the Sphere. That represents incremental investment opportunity or growth opportunity for us that you wouldn't likely find in most other REITs generally and certainly not in triple-net lease REITs generally, which tend to have assets of 10,000 square feet, not 17 million square feet.

我的意思是，這是建築的規模，這又回到了我的開場白，即我們將繼續幫助投資市場了解建築的規模，以便在 1,700 萬平方英尺的面積中包含 300,000 平方英尺的建築面積。從未走過混凝土舞台、混凝土地板、混凝土牆壁、混凝土天花板、300,000 未完成的平方英尺。威尼斯人團隊正在做的工作是最大化該資產，特別是利用球體。這對我們來說代表著增量投資機會或成長機會，而這在大多數其他房地產投資信託基金中通常是不可能找到的，當然在三重淨租賃房地產投資信託基金中也找不到，因為三重淨租賃房地產投資信託基金的資產往往為10,000 平方英尺，而不是1700 萬平方英尺。

But John, you want to add to this?

但是約翰，你想補充一下嗎？

Tony, you can hear from Ed's comments, he spent some time in Las Vegas recently, which I have as well. You asked a question about what sectors and I also think what locations. We obviously have been spending a lot of time in Las Vegas. We're very proud of our partners' success there, and it looks like '24 is going to be a great year as well. And as you heard from my remarks, we continue to look at different target sectors, whether in wellness and indoor water parks, pilgrimage, golf, family entertainment center, we made our first investment in youth sports which we like the mixed use of youth sports.

東尼，你可以從艾德的評論中聽到，他最近在拉斯維加斯待了一段時間，我也去了。你問的是哪些部門的問題，我也認為是哪些地點。我們顯然在拉斯維加斯度過了很多時間。我們為我們的合作夥伴在那裡的成功感到非常自豪，看起來 24 年也將是偉大的一年。正如您從我的演講中聽到的，我們繼續關注不同的目標領域，無論是在健康和室內水上樂園、朝聖、高爾夫、家庭娛樂中心，我們對青少年體育進行了首次投資，我們喜歡青少年體育的混合使用。

So I continue to spend my time with my team and really the whole company looking at a variety of these and checking the boxes of which ones could make for long-term investments. And there are some sectors that we don't talk about that we've kind of checked off the list that says this is not right for our capital at this time. But we shouldn't confuse that the casino business continues to be a real focus of our company and one that we just can't be more proud of the operators and what they've done in '23 and what we see in '24.

因此，我繼續花時間與我的團隊乃至整個公司一起研究各種這些，並檢查哪些可以進行長期投資。還有一些我們沒有談論的行業，我們已經從清單上劃掉了，表明目前這不適合我們的資本。但我們不應該混淆，賭場業務仍然是我們公司的真正焦點，我們對營運商以及他們在 23 年所做的事情以及我們在 24 年看到的事情感到非常自豪。

Okay. And then just I have one kind of detailed follow-up maybe for David, because I was asked this a couple of times overnight. Just in your guidance, like how do you -- just remind us how you're treating like the forward equity and the guidance share count like what goes in there or not?

好的。然後我可能會對大衛進行一種詳細的跟進，因為一夜之間我被問了幾次。只是在您的指導中，您如何 - 請提醒我們您如何對待遠期股本和指導份額計數，例如其中包含或不包含的內容？

Yes. Tony, there's no implied use of proceeds or drawdown. There's a little bit of impact from treasury stock dilution in the ultimate share count, but that's the only impact.

是的。托尼，沒有暗示收益或提款的用途。庫存股稀釋對最終股數有一點影響，但這是唯一的影響。

Another way of putting it, Tony, is we're not assuming any credit or horsepower from the funding, and we're taking actually a marginal penalty by virtue of having it on our -- technically, we don't have it in our balance sheet, but given the treasury stock method.

東尼，另一種說法是，我們不會從資金中獲得任何信用或馬力，而且我們實際上會因為將其納入我們的計劃而受到邊際懲罰——從技術上講，我們的計劃中並沒有它。資產負債表，但採用庫存股方法。

We now turn to Barry Jonas with Truist Securities.

我們現在請來 Truist 證券公司的 Barry Jonas。

Guys, wanted to start with the Caesars Center call option. Can you maybe just walk through different considerations as you're thinking about exercising it and specifically timing of that?

夥計們，想從凱撒中心看漲期權開始。當您考慮行使它時，您是否可以考慮不同的考慮因素以及具體的時間安排？

Well, clearly, Barry, we want to be as opportunistic as we can be within our timing, given the nature -- the inherent nature of a call option. And obviously, that timing will be predicated on what our cost of funding is. And I don't think it would come as any surprise to anybody that we certainly would not choose to exercise our call option if in doing so, we were creating dilution, which we don't ever want to do. And so going back to the theme of skiing inside a milk bottle, the visibility through 2024, given its current state is such that it's hard to predict with any kind of exactitude exactly when the right time would be.

嗯，顯然，巴里，考慮到看漲期權的本質，我們希望在我們的時間範圍內盡可能地投機取巧。顯然，這個時間安排將取決於我們的融資成本。我認為，如果我們這樣做會造成稀釋，我們當然不會選擇行使我們的看漲期權，這不會讓任何人感到驚訝，而這是我們不想做的。回到奶瓶裡滑雪的主題，鑑於其目前的狀態，到 2024 年的可見度很難以任何形式準確地預測正確的時間。

Got it. Got it. And then, Ed, maybe just more a higher level question. You've done deals with tribes, native American tribes on commercial land before. But I was hoping you could talk more about the puts and takes with doing some type of deal structure in tribal land. There's clear risks there, but it's something banks and debt investors have been able to overcome and I think it's a sizable market with clear financing needs.

知道了。知道了。然後，艾德，也許只是一個更高層次的問題。您以前曾與部落、美國原住民部落在商業土地上進行過交易。但我希望你能更多地談論在部落土地上進行某種類型的交易結構時的看跌期權和索取期權。那裡存在著明顯的風險，但銀行和債務投資者已經能夠克服這些風險，而且我認為這是一個具有明確融資需求的龐大市場。

Yes. I'll start, and I'll turn it over to John, Barry. I read the notes from that recent session you had, which were really interesting to read. And I know one of the participants in your session sounded rather, I won't say bullish, but seemed to say that there may be means to do it. I will tell you with complete candor, we haven't exactly figured out how that would work yet, John, right?

是的。我先開始，然後把它交給約翰、巴里。我讀了您最近的會議筆記，讀起來非常有趣。我知道你的會議的一位參與者聽起來相當，我不會說看漲，但似乎說可能有辦法做到這一點。我會完全坦白地告訴你，我們還沒有完全弄清楚這是如何運作的，約翰，對吧？

But Barry, you touched on -- we've been really excited to build relationships with 3 tribes in the commercial -- in the commercial sector. And it's something that we can continue to talk with them and other travel partners that we've gotten to know to see could there be an opportunity to help them grow on their nation's land, but we have primarily been focused with our partners on the commercial sector, and we'll continue to study that opportunity because as Ed said, we saw the study -- the report that came out as well.

但巴里，你提到——我們非常高興能夠與商業領域的 3 個部落建立關係。我們可以繼續與他們和我們所了解的其他旅行合作夥伴進行交談，看看是否有機會幫助他們在自己國家的土地上發展，但我們主要與合作夥伴一起關注商業我們將繼續研究這個機會，因為正如艾德所說，我們看到了這項研究——也發布了報告。

Our next question comes from Caitlin Burrows with Goldman Sachs.

我們的下一個問題來自高盛的凱特琳·伯羅斯。

I guess you guys have made it clear that a significant part of your business could be repeat business. So can you talk about maybe the pipeline and if we should see some repeat business in 2024 and/or continue to see new operator partners pop up?

我想你們已經明確表示，你們業務的很大一部分可能是回頭客。那麼您能否談談管道以及我們是否應該在 2024 年看到一些重複業務和/或繼續看到新的運營商合作夥伴出現？

Yes, Caitlin. Very good question you asked. No question that we continue to meet with our 13 partners currently in gaming and nongaming and talk about how our capital can help them grow over the coming years. And as Ed alluded to, the boxes that are in, I shouldn't even call them boxes in Las Vegas. The amazing resorts we owned with partners in Las Vegas could provide with a lot of opportunity in the relatively near future and in the coming years as those partners look to grow, whether that's in hotel rooms, new restaurants, new attractions.

是的，凱特琳。你問的問題非常好。毫無疑問，我們將繼續與目前遊戲和非遊戲領域的 13 個合作夥伴會面，討論我們的資本如何幫助他們在未來幾年發展。正如艾德所提到的，裡面的盒子，我甚至不應該稱它們為拉斯維加斯的盒子。我們與合作夥伴在拉斯維加斯擁有的令人驚嘆的度假村可以在不久的將來和未來幾年提供很多機會，因為這些合作夥伴希望發展壯大，無論是在酒店客房、新餐廳還是新景點方面。

Ed mentioned, obviously, the Sphere where that sits on our land, we weren't involved in the building or they're not necessarily our direct tenant. But we see that as a pillar of growth for our company over the coming years, not only in Las Vegas, but in our regional assets because there are large regional assets, whether that's the MGM assets in National Harbor or in Detroit, there are opportunities to grow as well.

艾德顯然提到了位於我們土地上的球體，我們沒有參與該建築，或者他們不一定是我們的直接租戶。但我們認為，這是我們公司未來幾年成長的支柱，不僅在拉斯維加斯，而且在我們的區域資產中，因為有大量的區域資產，無論是國家港口的米高梅資產還是底特律的資產，都有機會也能成長。

And then I think your second part of the question is, are we looking to continue to expand our tenant roster? And the answer is absolutely me, my team, Ed, David, Sam, anyone else in the company is out forging new relationships to see if there's new sectors or new companies that we can use our capital to help them grow. So I wouldn't be surprised if you see some new operators or new tenants in our roster over the coming year.

然後我認為問題的第二部分是，我們是否希望繼續擴大我們的租戶名單？答案絕對是我、我的團隊、艾德、大衛、山姆，公司裡的其他任何人都在建立新的關係，看看是否有新的產業或新的公司，我們可以利用我們的資本來幫助他們成長。因此，如果您在來年看到我們的名單中出現一些新的運營商或新的租戶，我不會感到驚訝。

And Caitlin, let me just add on to that a little bit. Obviously, there have been questions understandably as to why don't you just -- why don't you just do gaming and only gaming. And as we have emphasized on many, many occasions, we are still for all the time remaining going to be intensely focused on gaming, given what a great business it is within which we own real estate. But one of the real benefits of investing in other experiential categories is, well, first of all, comes with the fact that it's just fundamentally great real estate occupied by operators who offer very rich and profitable experiences to their end customers.

凱特琳，讓我補充一點。顯然，有人提出這樣的疑問：為什麼不只做遊戲，而且只做遊戲，這是可以理解的。正如我們在許多許多場合所強調的那樣，考慮到我們擁有房地產是一項多麼偉大的業務，我們仍然會一直專注於遊戲。但投資其他體驗類別的真正好處之一是，首先，它本質上是由營運商佔據的巨大房地產，他們為最終客戶提供非常豐富和有利可圖的體驗。

So that's the fundamental reason to invest in other experiential. It's fundamentally good real estate.

這就是投資其他體驗的根本原因。從根本上來說，這是一個很好的房地產。

The second dimension to that is that it gives us a test to grow when growth may not be available for gaming? And related to that, and this goes back to your initial question, Caitlin, one of the advantages we see in experiential operators like a Cabot, like a Canyon Ranch like a Bowlero like a Great Wolf, is they have network growth opportunities that are not as readily available to our gaming operators. The nature of growth in new stores and gaming is such that it is always subject to very strict regulatory control.

第二個維度是，當遊戲無法成長時，它為我們提供了成長的考驗？與此相關的是，這又回到了你最初的問題，凱特琳，我們在像卡博特、像峽谷牧場、像鮑勒羅、像大狼這樣的體驗式運營商中看到的優勢之一是，他們擁有網路成長機會，而這些機會是無法實現的。我們的遊戲營運商隨時可以使用。新商店和遊戲的成長本質上總是受到非常嚴格的監管控制。

For a Cabot, as an example, on the other hand, they have a global growth opportunity that can be seized with great energy and does not suffer the restrictions or the slowing down of cadence that tends to apply to gaming operators attempting to grow their network other than through M&A.

另一方面，以卡博特為例，他們擁有全球成長機會，可以用巨大的精力抓住這個機會，並且不會受到限製或節奏放緩的影響，而這些限製或節奏往往適用於試圖發展其網路的遊戲營運商除了透過併購之外。

Got it. No, that makes a lot of sense. And then maybe just back to the pipeline a bit. You guys were active with both sale leasebacks and lending over the past 12 or so months despite a quiet CRE transaction market. And I know you mentioned how you're sober to the current situation, but you guys continue to invest in '23. So I was wondering if you could give some more detail on the pipeline today, maybe size, mix and how that makes you think more specifically, maybe like the first half of 24 activity could end up being or what that could be like?

知道了。不，這很有意義。然後也許只是回到管道。儘管商業房地產交易市場平靜，但在過去 12 個月左右的時間裡，你們在售後回租和貸款方面都很活躍。我知道你提到你對目前的情況是多麼清醒，但你們繼續投資 '23。所以我想知道您是否可以提供有關今天管道的更多詳細信息，也許是規模、組合以及如何讓您更具體地思考，也許 24 小時活動的前半部分最終會是什麼樣子？

Caitlin, it's David. Great to hear from you. Thanks for joining us today. The nature of our capital is relationship capital and that's where we've been active both as you just mentioned, on the loan side as well as the sale-leaseback side. And it's, as John talked about in his comments, solving our partners' objectives and being a source of growth capital. And sometimes that growth capital comes in the door day 1, like you saw with our Homefield opportunity where they're building facility and going to construct at a very, very, very attractive experiential both sports and hotel assets which will lead to a sale leaseback.

凱特琳，我是大衛。很高興聽到你的消息。感謝您今天加入我們。我們資本的本質是關係資本，這就是我們在貸款方面和售後回租方面一直活躍的領域，正如您剛才提到的。正如約翰在評論中談到的那樣，它解決了我們合作夥伴的目標並成為成長資本的來源。有時，成長資本會在第一天到來，就像您在我們的主場機會中看到的那樣，他們正在建造設施，並將建立一個非常非常有吸引力的體驗式體育和酒店資產，這將導致售後回租。

So it's -- we're always out talking about ways that we can help our partners grow and to kind of put it in a percentage basket of x amount of loans and x amount of sale leasebacks. That's just not how we look at it or how we kind of parse our pipeline. It's about finding the great partners that we've talked about on this call.

所以，我們總是在討論如何幫助我們的伴侶成長，並將其放入 x 數量的貸款和 x 數量的售後回租的百分比籃子中。這不是我們看待它的方式，也不是我們解析管道的方式。這是為了尋找我們在這次電話會議中談到的優秀合作夥伴。

We now turn to Haendel St. Juste with Mizuho.

我們現在轉向 Haendel St. Juste 和 Mizuho。

This is Ravi Vaidya in the line for Haendel. I hope you all are doing well. I just noticed that the mezz lending and construction financing is becoming a larger proportion of our capital deployment strategy. How should we think about the sizing of that relative to your broader acquisition pipeline? And how are you underwriting those return requirements and how that's changed over the last 6 to 12 months?

我是拉維·維迪亞 (Ravi Vaidya)，正在排隊等待亨德爾 (Haendel)。我希望你們一切都好。我剛剛注意到，夾層貸款和建設融資正在成為我們資本配置策略的更大比例。我們應該如何考慮相對於更廣泛的收購管道的規模？您是如何滿足這些退貨要求的？在過去 6 到 12 個月裡，這些要求有何變化？

Ravi, it's David. Good to hear from you. I caught your question, it's how we think about kind of the spread on those mezz loans, especially around development. Look, we always -- there's a couple of ways that we look at it. And it's a little bit more art than science at the end of the day, but what's the cost of the senior -- is our senior lender ahead of us. Are we achieving the right risk-adjusted spread to the senior. Obviously, what's the duration of our capital, what's the funding cadence of our capital. Then ultimately, what most -- every lender looks at, what's the equity sponsor and how much equity is in the transaction and ensuring that we are protected from a credit standpoint at the end of the day, feel good about the project.

拉維，我是大衛。很高興聽到你的消息。我聽到了你的問題，這就是我們如何看待這些夾層貸款的利差，特別是在開發方面。聽著，我們總是──我們有幾種看待它的方式。歸根結底，這更像是一門藝術，而不是科學，但高級貸款人的成本是多少——我們的高級貸款人就在我們前面。我們是否為老年人實現了正確的風險調整利差？顯然，我們的資金期限是多少，我們資金的融資節奏是多少。最終，每個貸款人最關心的是，股權贊助商是什麼，交易中有多少股權，並確保我們最終從信用角度得到保護，對專案感覺良好。

And then to go back to the first part of your question, it will always be a minor percentage of our assets under management. And we will use it to forge relationships. We have an example, obviously, right in front of us of using lending to establish a relationship with Chelsea Piers that led to the acquisition or the primary leasehold interest in December. So we will use it both as a strategic tool to develop relationships and a strategic tool to create a steadier cadence to our capital allocation. We're very proud of the fact we got capital out the door every single month in 2023.

然後回到你問題的第一部分，它永遠只占我們管理的資產的一小部分。我們將用它來建立關係。顯然，我們面前有一個例子，利用貸款與 Chelsea Piers 建立關係，從而導致 12 月的收購或主要租賃權益。因此，我們將把它既用作發展關係的策略工具，也將用作我們的資本配置創造更穩定節奏的策略工具。 2023 年，我們每個月都能獲得資金，對此我們感到非常自豪。

And I can tell you, in our early years, there were whole quarters that went by where we did not get capital out the door given what was true back then, which was that the nature of our capital allocation was big and lumpy tied to big lumpy gaming acquisitions. So it is a tool that can generate growth and return on a very steady basis. It is a strategic tool to forge relationships. And again, given some of the spreads we've been able to achieve in recent years, it is very lucrative, very accretive in driving earnings growth. And again, we're about creating earnings growth that others may not be able to achieve if they're not as energetic and pioneering as we have been, both in terms of how we grow the business in terms of asset classes and through the use of our balance sheet.

我可以告訴你，在我們的早期，有整個季度我們都沒有獲得資本，因為當時的情況是，我們的資本配置的本質是龐大且不穩定的。不穩定的遊戲收購。因此，它是一個可以非常穩定地產生成長和回報的工具。它是建立關係的策略工具。再說一次，考慮到我們近年來能夠實現的一些利差，這是非常有利可圖的，在推動獲利成長方面非常有增值作用。再說一次，我們致力於創造其他人可能無法實現的獲利成長，如果他們不像我們一樣充滿活力和開拓精神，無論是在我們如何在資產類別方面發展業務，還是透過使用我們的資產負債表。

Got it. That's very helpful. Just one more here. Can you please discuss the opportunity with the Indiana assets? In your view, how attractive is the [77 Call] in the current market? And how would you theoretically fund something like that?

知道了。這非常有幫助。這裡還有一個。您能否與印第安納資產討論一下這個機會？您認為【77 Call】在目前市場上的吸引力有多大？理論上你會如何資助這樣的事情？

Yes. Well, as I said in response to Barry, obviously, [77] is not as attractive as when it was struck a few years back when the call agreement was struck a few years back. And it will be a call opportunity we will be excited about executing if it's an accretive opportunity, and it is not an accretive opportunity. It's in fact, there would be a dilutive opportunity at 77 , we would not do it.

是的。好吧，正如我在回應巴里時所說的那樣，顯然，[77] 並不像幾年前簽訂看漲期權協議時那麼有吸引力。如果這是一個增值機會，那麼我們會很高興執行這個電話機會，而這不是一個增值機會。事實上，77 會有一個攤薄的機會，我們不會這麼做。

Our next question comes from Chris Darling with Green Street.

我們的下一個問題來自 Green Street 的 Chris Darling。

Just going back to the Caesars call options, again, let's just for argument's sake, assume that you do exercise those options. I'm just curious, how would you think about the deal structure from a rent standpoint? So I'm wondering, would you possibly structure tighter rent coverage on a stand-alone basis if it made sense within kind of the larger master lease?

回到凱撒買權，再次為了論證起見，假設您確實行使了這些選擇權。我只是好奇，從租金的角度來看，您如何看待交易結構？所以我想知道，如果在更大的主租賃中有意義的話，您是否可以在獨立的基礎上建立更嚴格的租金覆蓋範圍？

Well, yes, Chris. So the rent coverage by virtue of the current call agreement is set but we -- it is a subject of discussion and one we have and would like to continue to explore with Caesars, such that on an overall basis, they and we are at rent coverages that everybody feels really good about for decades to come.

嗯，是的，克里斯。因此，根據目前的看漲協議，租金覆蓋範圍已經確定，但我們——這是一個討論的主題，我們已經並且願意繼續與凱撒探討這一主題，這樣從總體上來說，他們和我們都處於租金狀態未來幾十年每個人都感覺良好的報道。

All right. Fair enough. One more for you, just touching on the Homefield agreement. Just hoping you can elaborate on the scope of the project, potential future expansion. So I'm wondering what the total estimated investment is for the current development, how the team is thinking about scaling to additional locations over time? And just trying to wrap my arms around what the scope of investment might look like for VICI over time.

好的。很公平。再給你一份，只是談談主場協議。只是希望您能詳細說明該項目的範圍以及未來可能的擴展。所以我想知道目前開發的預計總投資是多少，團隊如何考慮隨著時間的推移擴展到更多地點？我只是想了解 VICI 隨著時間的推移，投資範圍可能會是什麼樣子。

Yes, Chris, it's John. When we made the announcement a few months ago, we talked about spending a couple of years studying the youth sports business. And we learned a lot in that process. We've also found an amazing partner in Homefield. We announced our first opportunity with them in the Kansas City area and they're building not only the youth sports facility but connected to a Margaritaville resorts. That's one of the things that I think you'll continue to see is if we place other investments into the youth sports spaces, having numerous cash registers, not just having the fields to rent or the stadiums to rent, but also having connected to 1 operator who controls the restaurants who controls the hotel rooms and controls the sports fields.

是的，克里斯，是約翰。當我們幾個月前宣布這項消息時，我們談到要花幾年時間研究青少年運動業務。在這個過程中我們學到了很多。我們也在 Homefield 找到了一位出色的合作夥伴。我們宣佈在堪薩斯城地區與他們合作的第一個機會，他們不僅正在建造青少年體育設施，而且還與瑪格麗塔維爾度假村相連。我認為你會繼續看到的一件事是，如果我們對青年體育空間進行其他投資，擁有大量收銀機，不僅有場地可供出租或體育場館可供出租，而且還可以連接到 1控制餐廳、控製飯店房間和控制運動場的操作員。

So this is a $110 million-ish initial investment with Homefield. We've not announced any further development, not only on that site, which does have opportunity to expand over time, but also other sites around the Midwest or the United States. But as with any partner that we've talked about, whether that's with casino partners or with Cabot or Canyon Ranch and now Homefield, we hope that it's not just our only investment with them, and we purposely took so much time to study the business to find the right partner to grow.

因此，Homefield 的初始投資約為 1.1 億美元。我們還沒有宣布任何進一步的開發，不僅是在該站點上（該站點確實有機會隨著時間的推移而擴展），而且還包括中西部或美國周圍的其他站點。但與我們談論過的任何合作夥伴一樣，無論是賭場合作夥伴還是卡博特、Canyon Ranch 以及現在的Homefield，我們希望這不僅僅是我們與他們的唯一投資，而且我們特意花了很多時間來研究業務尋找合適的合作夥伴共同成長。

We now turn to Greg McGinniss with Scotiabank.

現在我們請豐業銀行的格雷格·麥吉尼斯 (Greg McGinniss) 發言。

So as we continue to invest in nongaming assets, how should investors get comfortable with more opaque kind of financials there? And what sort of premium are you receiving from an investment yield standpoint as it compares to a potential gaming investment?

因此，當我們繼續投資非博彩資產時，投資者應該如何適應那裡不透明的財務狀況？與潛在的遊戲投資相比，從投資報酬率的角度來看，您獲得了什麼樣的溢價？

Yes. So you are right, Greg, if we're if we're partnering with an experiential operator that's not public, the tenant financials are not crystal clear in the same way, they're not crystal clear across a whole lot of net lease portfolios. And at the end of the day, we obviously have to exercise our fiduciary responsibility to the greatest degree possible in ensuring that the fundamental business is very, very supportive of the rent and the way in which our operating partners manage their balance sheets and liquidity is also a strength that ensures that they won't be in positions where they're unable to meet the rent.

是的。所以你是對的，格雷格，如果我們與一家非公開的體驗式運營商合作，那麼租戶的財務狀況就不會以同樣的方式非常清晰，他們在大量淨租賃投資組合中也不會非常清晰。最終，我們顯然必須最大程度地履行我們的信託責任，以確保基本業務非常非常支持租金，並且我們的營運合作夥伴管理資產負債表和流動性的方式是這也是確保他們不會處於無法支付租金的境地的優勢。

We've got a very rigorous underwriting practice. We obviously can take advantage of history in many of the categories, experiential categories that we're investing in. And again, at the end of the day, it's up to us to make sure that they are of a strength that's going to enable them to weather whatever should come their way. But I will also emphasize that our key criteria, our first and forth criteria in evaluating all investments gaming and experiential widely is that the businesses be of lower-than-average cyclicality versus consumer discretionary at large, which we think is another risk mitigant when it comes to ensuring that they can cover the rent through thick and thin.

我們有非常嚴格的承保實務。顯然，我們可以利用我們正在投資的許多類別、體驗類別的歷史。同樣，歸根結底，我們有責任確保它們具有能夠使它們成為可能的優勢度過任何可能發生的事情。但我還要強調，我們的關鍵標準，我們在廣泛評估所有投資遊戲和體驗投資時的首要和第四個標準是，與整個非必需消費品相比，這些企業的周期性低於平均水平，我們認為這是另一個緩解風險的方法。確保他們無論在任何情況下都能支付租金。

Just to follow up on that. In the cases where you're providing construction loans -- there's not kind of in-place cash flows to be underwriting or evaluating, what's the process look like there when you're trying to get comfortable in terms of lending that money and the ability to recollect in the case that maybe cash flows don't hit quite the targets that were expected?

只是為了跟進此事。在您提供建築貸款的情況下，沒有可供承保或評估的就地現金流，當您試圖在貸款和能力方面感到舒適時，流程是什麼樣的回想一下，如果現金流量沒有完全達到預期目標，怎麼辦？

Well, last dollar exposure is obviously one of the key criteria and ensuring that our last dollar exposure is at a level whereby if we did end up owning the asset, that the operating economics are such that at the last dollar exposure level that we would be lending at, we're still in good shape.

好吧，最後的美元風險顯然是關鍵標準之一，並確保我們最後的美元風險處於這樣一個水平：如果我們最終擁有該資產，那麼營運經濟學是這樣的，在最後的美元風險水平上，我們將貸款，我們仍然處於良好狀態。

Yes, Greg, and then it comes down to, as I mentioned, quality of the sponsor, the kind of equity. So overall, loan to cost, loan to value and then the protections that are obviously ultimately documented in our agreements. But a lot of the sectors like our sale-leaseback investments, we study the sectors. Indoor water parks, we studied for 18-odd months led by certain members of our team and went deep into that sector before we did anything. And so it's gaining conviction whether it be through direct real estate ownership or the lending platform that we have of who the operator is, the durability of the sector and then the ultimate protections that we can put in place.

是的，格雷格，正如我所提到的，這取決於贊助商的品質和股權類型。總的來說，貸款成本比、貸款價值比，以及顯然最終記錄在我們協議中的保護措施。但很多產業，像是我們的售後回租投資，我們都會研究這些產業。室內水上樂園，我們在團隊某些成員的帶領下研究了18個多月，深入這個領域才開始做。因此，無論是透過直接的房地產所有權還是我們擁有的貸款平台，我們都越來越確信營運商是誰、該行業的持久性以及我們可以採取的最終保護措施。

Okay. And just a final one from me. I'd like to preface this question by acknowledging the great work that John and his team has done so far. And we know that you've added some great members to the investment team as well. But given your sector low G&A, how do you balance that shareholder-friendly expense line versus investing in a larger acquisitions team that could maybe help source and underwrite more investment opportunities?

好的。這只是我的最後一篇。在回答這個問題之前，我想對約翰和他的團隊迄今為止所做的出色工作表示認可。我們知道您也為投資團隊增添了一些優秀的成員。但鑑於您所在行業的一般管理費用較低，您如何平衡對股東友好的費用線與投資於可能有助於尋找和承銷更多投資機會的更大的收購團隊？

No, it's a very strategic question, Greg. And it's a question we regularly wrestle with. I would say one of the ways in which we deal with, if you will, the underinvestment risk in G&A is by, I think, having forged some of the strongest partnership relationships of anybody out there. From day 1, we have treated our advisers as best as we possibly can. This means the investment banks, the other parties, the real estate advisory firms such that we are always the first they call when they think there's a compelling opportunity. They are a force multiplier for us. And we have great respect for them. We engage with them intensely. We reward them when they do great work for us.

不，這是一個非常具有戰略意義的問題，格雷格。這是我們經常思考的問題。我想說，如果你願意的話，我們處理 G&A 投資不足風險的方法之一是，我認為，建立一些最牢固的合作關係。從第一天起，我們就盡可能地對待我們的顧問。這意味著投資銀行、其他各方、房地產顧問公司，當他們認為有一個令人信服的機會時，我們總是第一個打電話給我們的人。他們對我們來說是力量倍增器。我們非常尊重他們。我們與他們密切接觸。當他們為我們做出出色的工作時，我們會獎勵他們。

And in the event we end up saving on G&A, which in an inflationary period has really 2 benefits. Overall, low G&A to begin with and less inflationary impact on our G&A load. If it ever gets to the point where we feel we're shortchanging shareholders by running too thin, we will certainly add resources in the way we've obviously added resources here in the last couple of years.

如果我們最終節省了一般行政費用，這在通貨膨脹時期確實有兩個好處。整體而言，G&A 負擔本來就較低，通貨膨脹對我們的 G&A 負擔的影響也較小。如果我們覺得我們的營運過於精簡而欺騙了股東，我們肯定會以過去幾年明顯增加資源的方式增加資源。

Our next question comes from Nick Joseph with Citi.

我們的下一個問題來自花旗銀行的尼克約瑟夫。

I wanted to get your kind of commentary or thoughts on performance thus far (inaudible). It seems like mainstream media has been favorable on it, but there's also good local articles on some management changes there. Just wondering how performance is there?

我想了解您對迄今為止表現的評論或想法（聽不清楚）。主流媒體似乎對此很有利，但當地也有一些關於一些管理變革的好文章。只是想知道性能如何？

Nick, I won't necessarily talk about the financial performance, but what I will make a comment about is what a beautiful asset that was built by the team there, the Koch Industries, the Fontainebleau team, the operating team there that I haven't met anyone that walks through the place and says, "Oh, this is a miss." I think most people walk through the place and say, "Wow, what an amazing place." And I think for those of us who have spent time operating in Las Vegas over the years, it takes time. It takes time to build up a database and it takes time, but they sure do have a facility that I think everyone is proud of and we sure are proud of.

尼克，我不一定會談論財務業績，但我要評論的是，科赫工業集團、楓丹白露團隊、我在那裡的營運團隊等團隊打造了多麼美麗的資產。我沒有遇到任何走過這個地方並說：“哦，這是一個小姐。”我想大多數人走過這個地方都會說：“哇，多麼神奇的地方。”我認為對於我們這些多年來一直在拉斯維加斯經營的人來說，這需要時間。建立資料庫需要時間，也需要時間，但他們確實擁有我認為每個人都感到自豪的設施，我們也確實為此感到自豪。

And Nick, you've given me the opportunity to vent a little bit about how utterly weary I am around the negativity of so much of the media coverage, which regularly gets proven to be way overly negative. Oh my God, The Sphere is going to be a disaster. I was in the U.K. earlier this week. I was struck by how many people wanted to talk about The Sphere because they've either already been or they're determined to go. And again, media coverage around that? Oh my God. "oh, F1 is going to be a disaster." Well, guess what, it wasn't. The drivers love it. The teams loved it. It was an amazing weekend of business for our operating partners. So Super Bowl. again, just a phenomenal event for Las Vegas and for the NFL.

尼克，你讓我有機會發洩一下，我對這麼多媒體報道的消極性感到多麼厭倦，這些報道經常被證明過於消極。天啊，球體將會是一場災難。本週早些時候我在英國。令我驚訝的是，有那麼多人想要談論 The Sphere，因為他們要么已經去過，要么決定去。再說一遍，媒體對此有報道嗎？我的天啊。 “哦，F1 將是一場災難。”好吧，你猜怎麼著，事實並非如此。司機們都喜歡它。團隊很喜歡它。對於我們的營運合作夥伴來說，這是一個令人驚嘆的週末。所以超級盃。這對拉斯維加斯和 NFL 來說都是一次非凡的盛事。

So I absolutely agree with you. Some of the press coverage has been quite negative. But we know the people involved. We know how hard they're working. We know how challenging what it is that they've set forth for themselves to open an unaffiliated property on the strip. And yet again, that asset is utterly magnificent and they're doing the right things to bring business to it over time. And with the backing of Koch, you can be sure that the backing is strong enough that they have the patience but more over the firepower to make this work in due course.

所以我完全同意你的觀點。一些媒體報道相當負面。但我們了解相關人員。我們知道他們工作有多努力。我們知道他們為自己提出在拉斯維加斯大道上開設獨立房地產是多麼具有挑戰性。再說一次，這項資產是非常巨大的，他們正在做正確的事情，隨著時間的推移為它帶來業務。在科赫的支持下，你可以確信這個支持足夠強大，他們有耐心，但更有火力，可以在適當的時候完成這項工作。

That's very helpful. And then just -- I know we've talked a lot on the pipeline and investment opportunities, kind of the more sober environment out there. But if I just think about kind of the stickiness of cap rates, I mean, where are you seeing the most at least pricing power expansion where probably makes a little more sense in today's environment versus I would imagine some others where it's a bit stickier?

這非常有幫助。然後 - 我知道我們已經就管道和投資機會以及更清醒的環境進行了很多討論。但如果我只考慮上限利率的黏性，我的意思是，你在哪裡看到了最大的定價能力擴張，這在當今的環境下可能更有意義，而不是我想像的其他一些更具黏性的地方？

Are you talking about cap rate variability across various experiential asset classes?

您是在談論各種體驗資產類別的上限利率變異性嗎？

Exactly.

確切地。

Yes. I don't know, John and David, I don't know that we've seen a tremendous amount of variability across asset classes. We're obviously not seeing a tremendous amount of trading and yet you obviously saw with our unlevered 7.7% yield for the $1.8 billion we put out the door in 2023 that we have obviously been able to acquire income at higher yields. I would have a tough time generalizing, but David and John, I don't know if you want to add.

是的。我不知道，約翰和大衛，我不知道我們已經看到不同資產類別之間存在著巨大的變化。我們顯然沒有看到大量的交易，但你顯然看到，我們在 2023 年推出的 18 億美元的無槓桿收益率為 7.7%，我們顯然能夠以更高的收益率獲得收入。我很難概括，但大衛和約翰，我不知道你是否想補充。

Yes. I would -- think you covered it well, but Nick, I mean, it's no different than any other asset class that you're -- in terms of the broader net lease. You just -- you bid out spreads and buyers, obviously willing -- or sorry, sellers' willingness to transact around -- in a backdrop where there's the volatility and variability that we've talked about. And so there's opportunity out there, but it's a difference in the broader CRE market. It's somewhat of a bit of a quieter environment and just an air of caution -- cautious on both sides until we're going to figure out where the tenure is going, where the broader economy is going.

是的。我認為你很好地涵蓋了它，但是尼克，我的意思是，就更廣泛的淨租賃而言，它與你所擁有的任何其他資產類別沒有什麼不同。你只是 - 你出價價差和買家，顯然願意 - 或者抱歉，賣家願意進行交易 - 在我們討論過的波動性和可變性的背景下。因此，機會是存在的，但在更廣泛的商業房地產市場中存在差異。這是一個有點安靜的環境，只是一種謹慎的氣氛——雙方都很謹慎，直到我們弄清楚任期的走向，更廣泛的經濟的走向。

We now turn to Jim Kammert with Evercore ISI.

現在我們請來 Evercore ISI 的 Jim Kammert。

Obviously, VICI is going to remain very much a gaming-focused investing in operating company. But you mentioned that you've vetted thoroughly some sort of other verticals, didn't pan out, which is all logical. But could you quantify do you think that your total addressable market or investment opportunity set for new potential verticals continue to expand, just tying to figure out if you're overall catch basin is sort of winnowing or widening?

顯然，VICI 仍將是一家以遊戲為重點的投資營運公司。但你提到你已經徹底審查了其他一些垂直領域，但沒有成功，這都是合乎邏輯的。但是，您是否可以量化您是否認為您為新的潛在垂直行業設定的總目標市場或投資機會繼續擴大，只是想弄清楚您的整體集水盆地是篩選還是擴大？

Yes, it is definitely widening. As there are a few that were saying, hey, we ultimately -- not right for us today. There's other opportunities that come about that we study and learn who the operators are, we learn where their locations are, we spend time with them. So no question, the funnel is getting wider.

是的，它肯定在擴大。正如有些人所說，嘿，我們最終不適合今天的我們。我們還有其他機會研究和了解運營商是誰，我們了解他們的位置，我們花時間與他們在一起。所以毫無疑問，漏斗正在變得越來越寬。

Yes. And I'll give you an example of that, Jim. When you really begin to know a category, as David has spoken of. As you get to know the -- if you will, the water experience category, which we first invested in through Great Wolf, what's really been remarkable over the last few years is the way in which really creative innovative operators are taking water experiences and continuing to innovate around them, not simply for kids losing their minds and spending their parents' money at Great Wolf, but also water experiences that are more focused on an adult crowd. And that's really exciting to witness because of the growth opportunities it represents within the category and across multiple geographies.

是的。我會給你舉一個例子，吉姆。當你真正開始了解一個類別時，正如大衛所說的那樣。當你了解——如果你願意的話，我們首先透過 Great Wolf 投資的水體驗類別時，過去幾年真正引人注目的是真正有創意的創新運營商採取水體驗並繼續下去的方式圍繞它們進行創新，不僅是為了孩子們在大狼裡失去理智並花父母的錢，而且是更專注於成人人群的水上體驗。目睹這一點確實令人興奮，因為它代表了該類別內和跨多個地區的成長機會。

Great. And one small item. It's been in the press that there is some tax dispute underway at MGM National Harbor. It's obviously an important asset for VICI. But would that -- have any details around that? And would it have any implications for you as a landlord?

偉大的。還有一件小物品。據媒體報道，米高梅國家港灣酒店正在發生一些稅務糾紛。這顯然是 VICI 的重要資產。但是，有任何細節嗎？身為房東，這會對您產生什麼影響嗎？

Yes, that would be a tenant matter, so we wouldn't comment on that.

是的，這將是租戶的問題，所以我們不會對此發表評論。

Our next question comes from Wes Golladay with Baird.

我們的下一個問題來自韋斯·戈拉迪和貝爾德。

Just looking at the order book we've been out to everyone, more specifically looking at the Mirage in Las Vegas. Is there anything that's going to go on over the next year on this asset? And if so, what would be the scope and time to build?

只要看看我們已經向所有人發出的訂單簿，更具體地說，就是拉斯維加斯的幻影酒店。明年該資產會發生什麼變化嗎？如果是的話，建設範圍和時間是多少？

Yes. Wes, it's John. It's nice to talk to you. And probably a question for the -- our great partner Hard Rock on timing. But I think they've, as you've probably been following the story, they acquired the operations of the Mirage a little over a year ago from MGM that has been operating, but have also been out getting approvals and designing the opportunity to change the facility from the Mirage to the Hard Rock Las Vegas. As it pertains to timing and budget and construction and that it's probably something that they'll lead that charge. But we, of course, as the owner of the property are excited to watch that asset, get repositioned over time. It's obviously an amazing asset for a long period of time. But I think everyone would think of a Hard Rock Las Vegas would do great on that site.

是的。韋斯，是約翰。很高興和你說話。也許還有一個問題要問我們偉大的合作夥伴 Hard Rock 關於時間的問題。但我認為，正如你可能一直在關注這個故事一樣，他們一年多前從米高梅手中收購了幻影的運營權，米高梅一直在運營，但也已經獲得了批准並設計了改變的機會從Mirage 到Hard Rock Las Vegas 的設施。因為它涉及時間、預算和建設，而這可能是他們將領導的事情。但當然，作為財產的所有者，我們很高興看到該資產隨著時間的推移而重新定位。在很長一段時間內，這顯然是一筆驚人的資產。但我想每個人都會認為拉斯維加斯硬石酒店在該網站上會做得很好。

And then maybe just 1 on the financing front. You do have the $1 billion churn this year. You have the $500 million of swaps. Are you looking at doing an unsecured to take those out? Or maybe a mix of term loans and unsecured, how are you thinking about that?

然後在融資方面可能只有 1。今年確實有 10 億美元的流失。您擁有 5 億美元的掉期資金。您是否正在考慮以無擔保方式將其取出？或者可能是定期貸款和無抵押貸款的混合，您對此有何看法？

Yes, Wes, it's David. We will focus on continuing to access the unsecured market and extend our maturity tenure and increase the overall size of our investment-grade basket, those are legacy MGP high-yield notes. So moving those to unsecured investment grade notes benefits our overall credit complex for the long run.

是的，韋斯，我是大衛。我們將專注於繼續進入無擔保市場、延長到期期限並增加投資等級籃子的整體規模，這些都是傳統的 MGP 高收益票據。因此，從長遠來看，將這些債券轉為無擔保投資等級票據有利於我們的整體信貸綜合體。

Our next question comes from Dan Guglielmo with Capital One Securities.

我們的下一個問題來自第一資本證券公司的 Dan Guglielmo。

Just thinking about the credit opportunities in experiential. You all have been on the journey for some time now and thinking about the opportunity in the process for closing on the partnerships. What type of competition is in the other [rooms] these days? And high level, how has that changed over the last few years?

只是考慮體驗中的信用機會。你們已經踏上這段旅程一段時間了，並在思考結束合作關係的過程中的機會。這些天其他[房間]正在進行什麼類型的比賽？高層，過去幾年發生了什麼樣的變化？

And Daniel, you're talking about how is the competitive landscape of lending evolved over the last few years?

丹尼爾，你說的是過去幾年貸款的競爭格局是如何演變的？

Yes, like the fund, yes.

是的，就像基金一樣，是的。

Yes. Well, obviously, we're looking at a period over the last couple of years in which conventional bank financing has definitely diminished as a source of funding for experiential place makers and operators. And at the same time, obviously, you've seen the upsurge of private credit, of which we are part. And I would say that in many cases, we are being invited into the funding opportunity because of our track record in experiential. And the endorsement that our underwriting process brings to a project that we choose to be involved in. We obviously look at them really rigorously. And we, again, I would say we get invited in a lot to processes as opposed to having to scour the landscape and throw our hats in the ring.

是的。顯然，在過去幾年中，傳統銀行融資作為體驗式場所製造商和營運商的資金來源肯定已經減少。同時，顯然，你已經看到了私人信貸的激增，我們也是其中的一部分。我想說，在很多情況下，我們被邀請參與融資機會是因為我們在經驗方面的記錄。我們的承保流程為我們選擇參與的專案帶來了認可。顯然，我們非常嚴格地看待它們。我再說一次，我們會被邀請參與很多流程，而不是必須四處搜尋並投入其中。

Great. And then you all have such tremendous growth with some pretty big deals over the last few years. And thinking about kind of similar risk-adjusted opportunities, are there areas that you see kind of, I would say, like big hitter opportunities or transactions out there, not just thinking next year, but maybe down -- like the line 5 years from that horizon?

偉大的。在過去的幾年裡，你們都透過一些相當大的交易實現了巨大的成長。考慮類似的風險調整機會，我想說的是，你是否看到一些領域，例如重大機會或交易，不僅考慮明年，而且可能會下降——比如 5 年後的線那個地平線？

Dan, nice to talk to you this morning. I'll just go back to our assets in Las Vegas, and I don't know how you're describing big hitter, but if there are opportunities for us to continue to invest in assets that we already own and help the operator grow with accretive new projects. I'll consider that being big, big hitting because I'm not sure there's a better place in the world to invest in right now than Las Vegas. Obviously, we've got a portfolio there. but there are some amazing assets Ed referred to, the Venetian that has a lot of footprint to continue to be developed.

丹，很高興今天早上和你說話。我會回到我們在拉斯維加斯的資產，我不知道你如何描述大人物，但我們是否有機會繼續投資我們已經擁有的資產並幫助營運商成長新專案不斷湧現。我會認為這是一個巨大的打擊，因為我不確定現在世界上還有比拉斯維加斯更好的投資地點。顯然，我們在那裡有一個投資組合。但艾德提到了一些令人驚嘆的資產，即威尼斯人，它有大量的足跡需要繼續開發。

And I think, John, we can add in, obviously, the MGM property in Yonkers should they be granted a full gaming license. That will obviously -- that's a property we already own, Daniel, that would obviously represent a significant incremental investment opportunity, but contingent, of course, on how the license award process plays out.

我認為，約翰，如果他們獲得完整的博彩許可證，我們顯然可以添加位於揚克斯的米高梅房地產。顯然，這是我們已經擁有的財產，丹尼爾，這顯然代表著一個重大的增量投資機會，但當然，這取決於許可證授予過程的實施方式。

We now turn to Jay Kornreich with Wedbush Securities.

現在我們請教韋德布希證券公司的傑伊‧柯恩瑞奇 (Jay Kornreich)。

As you look to expand the nongaming segment, should we continue to expect loans on the relatively smaller side for you as a way to step into longer-term relationships? Or would you be willing to take kind of a larger bite into either the real estate or debt and then new asset types in a much bigger way, say, over $1 billion?

當您希望擴大非博彩領域時，我們是否應該繼續期待您獲得相對較小的貸款，作為建立長期關係的一種方式？或者你願意更大程度地投資房地產或債務，然後以更大的方式投資新的資產類型，例如超過 10 億美元？

Boy, that would be a pretty big number, Jay. But the check sizes you're referring to they may look small in relation to our overall scale. But I would tell you, in returns, they're pretty big checks. These are not small assets and they're certainly not small in economic productivity. And so if we can do $50 million to $100 million and up loans on assets that we either have a direct path to ownership on or a potential path to ownership on, you add those up and you can get to $1 billion in aggregate. But obviously, by not having it all in one single investment, we are obviously spreading out our risk and amplifying our opportunities to develop new relationships.

天哪，這將是一個相當大的數字，傑伊。但您所指的支票尺寸相對於我們的整體規模可能看起來很小。但我會告訴你，作為回報，它們是相當大的支票。這些都不是小資產，而且它們的經濟生產力當然也不小。因此，如果我們可以為我們有直接所有權路徑或潛在所有權路徑的資產提供 5,000 萬至 1 億美元及以上的貸款，那麼將這些資產加起來，總共可以獲得 10 億美元。但顯然，透過不將所有內容集中在一項投資中，我們顯然是在分散風險並擴大發展新關係的機會。

Okay. I appreciate that. And then just a quick follow-up on, I guess, the leverage. You're now at 5.5x, which is in your 5 to 5.5x range. So should we expect new transactions to be funded I guess, with incrementally more debt capital at this point? Or do you intend to continue to over-equitize new deals and now get that leverage further down?

好的。我很感激。然後我想，我想對槓桿進行快速跟進。您現在的倍率是 5.5 倍，在您的 5 到 5.5 倍範圍內。那麼，我想，我們是否應該期望新的交易能夠得到資助，此時債務資本會逐漸增加？還是你打算繼續過度股權化新交易，現在進一步降低槓桿？

Jay, it's David. We will continue to migrate our leverage down. We're obviously within our target range just we kept everybody post MGP, we take leverage up to 5x. And worked very hard to get that back down to 5.5x at the end of last year, so that will continue to drift downwards both from an over-equitization of transactions, and then depending on the size, leverage-neutral transactions.

傑伊，我是大衛。我們將繼續降低槓桿率。我們顯然在我們的目標範圍內，只是我們讓每個人都在 MGP 後，我們將槓桿提高到 5 倍。我們非常努力地在去年底將其回落至 5.5 倍，因此該比率將繼續因交易過度資產化以及槓桿中性交易的規模而下降。

Our next question comes from John DeCree with CBRE.

我們的下一個問題來自 CBRE 的 John DeCree。

Look, for almost an hour here and I think only 1 mention of F1. So Ed, to kind of go back to your sports triangle, in Las Vegas and you guys have some land, the F1 Paddock. And you talked about this every once in a while, but curious your thoughts on professional sports stadiums, that type of investment and maybe specifically in the context of Las Vegas, given all the development around professional sports that we're seeing there and your land and partners?

看，在這裡將近一個小時，我想只有 1 次提到 F1。那麼艾德，回到你的運動三角區，在拉斯維加斯，你們有一些土地，F1 圍場。你時不時地談到這個問題，但很好奇你對職業體育場館的想法，這種類型的投資，也許特別是在拉斯維加斯的背景下，考慮到我們在那裡和你的土地上看到的所有圍繞職業體育的發展和合作夥伴？

Yes. I would say, John, it's professional sports, it's obviously the emergence of the Sphere. It's the overall growth of Las Vegas and we obviously have the vacant land. But probably even more valuable is the land we already own. You referred to the triangle formed by A Stadium, T-Mobile and Allegiant. We own everything inside that triangle, MGM operates everything inside that angle. If you think about where the A Stadium is going to go, we own 3 of those 4 corners; in MGM Grand, Excalibur and New York, New York.

是的。我想說，約翰，這是職業體育，顯然是球體的出現。這是拉斯維加斯的整體成長，我們顯然有空置土地。但可能更有價值的是我們已經擁有的土地。你提到了 A Stadium、T-Mobile 和 Allegiant 組成的三角關係。我們擁有那個三角形內的一切，米高梅經營那個角度內的一切。如果你考慮 A 體育場的去向，我們擁有這 4 個角落中的 3 個；米高梅大飯店、Excalibur 和紐約州紐約市。

I know MGM is very excited about the repositioning opportunities at those 4 corners, and it applies to so many of the other assets that we own up and down the strip as well as you say, that vacant land. I just can't, again, emphasize enough how incredibly valuable it is to have the position we have in Las Vegas because Las Vegas is reaching a global critical mass that really no other place on earth right now rivals, not Orlando, not Macau, the way things have evolved there. Las Vegas is a category of one, and we are very happy to be the leading owner of real estate in a place that is a global category of one.

我知道米高梅對這四個角落的重新定位機會感到非常興奮，它適用於我們在地帶上下擁有的許多其他資產以及你所說的空置土地。我無法再次強調我們在拉斯維加斯的地位是多麼寶貴，因為拉斯維加斯正在達到全球臨界點，目前地球上沒有其他地方可以與之匹敵，奧蘭多、澳門都沒有，那裡事情的演變方式。拉斯維加斯屬於其中一類，我們很高興成為全球領先的房地產開發商。

Maybe just one, lot of people are asking me, is the photo book going to be available in hard copy?

也許只有一個，很多人問我，寫真集會有紙本嗎？

We actually have printed a few. And if anybody really, really wants one, they should give me a call at their earliest convenience.

我們實際上已經打印了一些。如果有人真的非常想要一個，他們應該儘早打電話給我。

Fantastic.

極好的。

Elliot, I think we're probably about wrapped up, right?

艾略特，我想我們可能已經結束了，對吧？

Yes. This concludes our Q&A. I'll now hand back to Edward Pitoniak CEO for final remarks.

是的。我們的問答到此結束。現在我將把最後的發言交還給執行長愛德華‧皮托尼亞克 (Edward Pitoniak)。

Thank you, Elliot, and thanks, everyone, for your time today. And please, please do go at www.viciproperties.com under our portfolio heading to view our brand new VICI Properties Photobook. It's a magnificent book about your magnificent properties. Bye for now.

謝謝你，艾利歐特，也謝謝大家今天抽出寶貴的時間。請務必造訪 www.viciproperties.com，在我們的投資組合標題下查看我們全新的 VICI Properties 相簿。這是一本關於您的宏偉財產的精彩書。暫時再見。

Ladies and gentlemen, today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們衷心感謝您的參與。現在您可以斷開線路。