VICI Properties Inc (VICI) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VICI Properties third-quarter 2024 earnings conference call. (Operator Instructions) Please note that this conference call is being recorded today, November 1, 2024.

美好的一天，女士們先生們。謝謝你的支持。歡迎參加 VICI Properties 2024 年第三季財報電話會議。（操作員說明）請注意，本次電話會議於今天（2024 年 11 月 1 日）錄製。

I will now turn the call over to Samantha Gallagher, General Counsel with VICI Properties.

我現在將電話轉給 VICI Properties 的總法律顧問 Samantha Gallagher。

Thank you, operator, and good morning. Everyone should have access to the company's third-quarter 2024 earnings release and supplemental information. The release and supplemental information can be found in the Investor section of the Vici Properties website at www.viciproperties.com.

謝謝您，接線員，早安。每個人都應該能夠存取該公司 2024 年第三季收益發布和補充資訊。該發布和補充資訊可在 Vici Properties 網站 www.viciproperties.com 的投資者部分找到。

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, intend, outlook, project, or other similar phrases, are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Therefore, you should exercise caution in interpreting and relying on them. I refer you to the company's SEC filings for more detailed discussion of the risks that could impact future operating results and financial conditions.

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」、「打算」、「展望」、「項目」或其他類似短語等詞語來識別，這些陳述受到許多風險和不確定性的影響，可能導致實際結果改變。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。

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.

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或取代我們根據公認會計準則編制的財務表現。

A reconciliation of these measures to the most directly comparable GAAP measure is available on our website in our third-quarter 2024 earnings release, our supplemental information, and our filings with the SEC. For additional information with respect to non-GAAP measures of certain tenants and or counterparties discussed on this call, please refer to the respective companies' public filings with the SEC.

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 2024 年第三季收益發布、我們的補充資訊以及我們向 SEC 提交的文件。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原則措施的更多信息，請參閱各公司向 SEC 提交的公開文件。

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 Moira McCloskey, Senior Vice President of Capital Markets. Ed and team will provide some opening remarks, and then we'll open the call to questions.

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；和莫伊拉·麥克洛斯基（Moira McCloskey），資本市場高級副總裁。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. It's an interesting world we're currently living in, isn't it? I wish this was a video call so that I could ask for a show of hands on how many of you predicted that the Fed would lower the Fed funds rate 50 bps in mid-September; and over the next six weeks, the US 10-year yield would rise 70 bps. If you work at a hedge fund and bet that prediction, let me know if you need help spending all the money you just made.

謝謝你，薩曼莎。大家早安。我們目前所處的世界是一個有趣的世界，不是嗎？我希望這是視訊通話，這樣我就可以請大家舉手，看看有多少人預測聯準會將在 9 月中旬將聯邦基金利率降低 50 個基點；在接下來的六週內，美國 10 年期公債殖利率將上漲 70 個基點。如果您在對沖基金工作並押注該預測，請告訴我您是否需要幫助花掉剛剛賺到的所有錢。

At VICI, we never tire of trying to make sense of the times we are living through so that we can be situationally ready for the future that may arise out of the present. To tell you about one of the means we use to make sense of the times we're living through, I need you to please grab that old-fashioned thing called a pen or pencil and that old-fashioned thing called a piece of paper.

在 VICI，我們孜孜不倦地試圖理解我們正在經歷的時代，以便我們能夠為當前可能出現的未來做好準備。為了告訴你我們用來理解我們所經歷的時代的一種手段，我需要你拿起那種叫做鋼筆或鉛筆的老式東西和那種叫做一張紙的老式東西。

Draw a horizontal or latitude line on the paper. This axis will represent consumer economic conditions. At the left end of the latitude line, put lousy, and at the right end of the line, put great. Now through the middle of the horizontal line, draw a vertical or longitude line. This axis will represent REIT capital market conditions. At the top end of the longitude line, put great, and at the bottom end of the line, put lousy.

在紙上畫一條水平線或緯線。該軸將代表消費者的經濟狀況。在緯線的左端放置“lousy”，在緯線的右端放置“great”。現在，通過水平線的中間，繪製一條垂直線或經度線。此軸將代表 REIT 資本市場狀況。在經線的頂端，放置“great”，在經線的底端，放置“lousy”。

You now have one of the key maps we use at VICI to determine at any given time where we are located, latitudinally and longitudinally, in relation to consumer economic conditions and REIT capital market conditions and where we might be headed. Over VICI's seven years of existence, we have operated in every quadrant on this grid, and we have successfully generated earnings growth and dividend growth during our journey through all these quadrants.

您現在擁有了 VICI 使用的關鍵地圖之一，用於確定在任何給定時間我們相對於消費者經濟狀況和 REIT 資本市場狀況的緯度和縱向位置以及我們可能的發展方向。在 VICI 成立的七年裡，我們已經在這個網格的每個象限中開展業務，並且在穿越所有這些象限的過程中，我們成功地實現了盈利增長和股息增長。

Given 2024's volatility, we have operated in or verged on almost all of these quadrants year to date. We like where we currently are, in a good position to fund the opportunities we are working on; but as always, at VICI, we remain situationally ready for whatever lat-long position we may be in or headed toward.

鑑於 2024 年的波動性，今年迄今為止，我們幾乎已經處於或接近所有這些象限。我們喜歡我們目前的處境，我們有能力為我們正在開發的機會提供資金；但與往常一樣，在 VICI，我們仍然為我們可能處於或走向的任何長期位置做好準備。

We've worked hard to develop a philosophy, strategy, and practice of capital allocation that enables VICI to allocate capital no matter which quadrant we find ourselves in at any given time. We achieved the sustained and sustainable capital allocation through two key means: internal funding capability through all cycles and investments that fund over time.

我們努力發展一種資本配置理念、策略和實踐，使 VICI 能夠在任何特定時間無論我們處於哪個像限都能配置資本。我們透過兩個關鍵手段實現了持續且永續的資本配置：全週期的內部融資能力和長期融資的投資。

When access to or cost of capital is in a negative quadrant, we want to be capable of what we've come to call capital markets independence, meaning that we have internal capital resources available to us that we can use to generate accretive external growth. At VICI, capital markets independence is funded through both retained cash flow and what we call regained cash flow, meaning repayments of loans we've made through VICI experiential credit solutions.

當資本取得或成本處於負象限時，我們希望能夠實現所謂的資本市場獨立性，這意味著我們擁有可用的內部資本資源，可以用來產生增值的外部成長。在 VICI，資本市場的獨立性是透過保留現金流和我們所說的恢復現金流來提供資金的，這意味著我們透過 VICI 體驗式信貸解決方案償還貸款。

Depending on the loan repayments received in a given year, our annual internal cash resources available for allocation can be anywhere from $350 million to $500 million. When levered with debt, this can give us $500 million to nearly $1 billion of investing power, even when, again, overall capital market conditions are not positive.

根據特定年份收到的貸款償還情況，我們每年可供分配的內部現金資源可能在 3.5 億美元到 5 億美元之間。當利用債務槓桿時，即使整體資本市場狀況不佳，這也能為我們帶來 5 億至近 10 億美元的投資能力。

VICI's ability to fund external growth, no matter what quadrant we're in, builds off our foundation of same-store NOI growth that, thanks to our leases, rent escalation rates, and 100% occupancy, is far superior to conventional net lease REITs, as documented by Green Street.

無論我們處於哪個象限，VICI 都有能力為外部成長提供資金，這都為我們的同店NOI 成長奠定了基礎，得益於我們的租賃、租金上漲率和100% 的入住率，這一增長遠遠優於傳統的淨租賃REIT ，正如格林街所記錄的那樣。

We capitalize on this sustained funding capability by developing investment opportunities that enable us to put capital out the door in a regular, sustained cadence, with Q3 2024 being an example of a quarter in which we announce no new transactions, but nonetheless put nearly $250 million of incremental capital to work through our property partner growth fund and lending initiatives.

我們透過開發投資機會來利用這種持續的融資能力，使我們能夠以定期、持續的節奏投入資金，2024 年第三季度就是一個例子，我們在該季度沒有宣布任何新交易，但仍然投入了近2.5 億美元透過我們的房地產合作夥伴成長基金和貸款計畫來運作的增量資本。

Sustainable capital allocation is integral to a subject that we are religious about. At VICI, we are religious about the power of compounding, the compounding of earnings growth, the compounding of dividend growth, the compounding of total return.

永續資本配置是我們所熱衷的主題的組成部分。在 VICI，我們堅信複利的力量、獲利成長的複利、股息成長的複利、總回報的複利。

One of the keys of compounding is not to go backwards, not in earnings, not in dividends, not in total return. A key to sustain forward momentum is the ability to generate earnings and value growth through all cycles in all quadrants of our VICI conditions map. We don't know what the coming quarters will bring in REIT capital market conditions or consumer economic conditions, but we work every day to be ready for what may come.

複利的關鍵之一是不倒退，不倒退，不倒退，不倒退，不倒退，不倒退，不倒退。保持前進動力的關鍵是能夠在 VICI 條件圖的所有像限的所有周期中產生效益和價值成長。我們不知道未來幾季房地產投資信託基金資本市場狀況或消費者經濟狀況將會如何，但我們每天都在努力為可能發生的情況做好準備。

With that, I'll now turn the call over to John and David, who will talk about our growth outlook and current performance. John?

現在，我將把電話轉給約翰和大衛，他們將談論我們的成長前景和當前業績。約翰？

Thanks, Ed. Good morning to all of you on the call today. We're often asked where we spend most of our time and energy. And while we've built a team that can assess the wide range of opportunities across experiential sectors and various geographies in tandem, I have said many times that casino gaming will continue to be a major driver of our growth.

謝謝，艾德。今天通話的各位早安。我們經常被問到我們大部分的時間和精力都花在哪裡了。雖然我們已經建立了一個團隊，可以協同評估跨體驗產業和不同地區的廣泛機會，但我多次說過，賭場遊戲將繼續成為我們成長的主要動力。

The size and scale of gaming assets is one element contributing to this focus, and we also like gaming because of how experiences at these assets continue to evolve, specifically in Las Vegas. We believe the tailwinds around gaming in Las Vegas will continue to create investment opportunities for VICI, similar to the Venetian Partner Property Growth Fund investment we announced during the second quarter.

遊戲資產的規模和規模是促成這項關注的因素，我們也喜歡遊戲，因為這些資產的體驗不斷發展，特別是在拉斯維加斯。我們相信，拉斯維加斯博彩業的發展勢頭將繼續為 VICI 創造投資機會，類似於我們在第二季宣布的威尼斯合作夥伴房地產成長基金投資。

A recent Financial Times article exemplifies our view of the future opportunities in Las Vegas. In the article, Barry Dillard, the chairman of IAC, shared his thoughts on his company's stake in MGM Resorts. He said, you can't disintermediate a physical experience, which is why we are betting on Las Vegas. He then goes on to say, the amount of entertainment, sports, live performances, and every possible variety and combination in Las Vegas is unequaled anywhere in the world.

《金融時報》最近的一篇文章舉例說明了我們對拉斯維加斯未來機會的看法。IAC董事長巴里·迪拉德(Barry Dillard)在文章中分享了他對公司持有米高梅度假村股份的看法。他說，你無法消除身體體驗，這就是我們押注拉斯維加斯的原因。他接著說，拉斯維加斯的娛樂、體育、現場表演以及各種可能的多樣性和組合的數量是世界上任何地方都無法比擬的。

This quote underlies the merits of VICI's experiential real estate strategy as well as our significant ownership of Las Vegas real estate. VICI is positioned to be a prime partner of our operators as they seek to invest further in this one-of-a-kind city. An example we have often cited is the opportunity presented by the Sports Triangle at the south end of the Las Vegas Strip, with our ownership of all six MGM assets contained within and alongside Allegiant Stadium, T-Mobile Arena, and the potential A's Stadium on the former Tropicana site.

這句話體現了 VICI 體驗式房地產策略的優點以及我們對拉斯維加斯房地產的重要所有權。VICI 定位於成為我們的營運商的主要合作夥伴，因為他們尋求在這座獨一無二的城市進行進一步投資。我們經常引用的一個例子是拉斯維加斯大道南端的體育三角區提供的機會，我們擁有忠誠體育場、T-Mobile 體育場和潛在的運動家體育場內及其旁邊的所有六項米高梅資產的所有權。

Given the increased densification and foot traffic in the area, our partners at MGM may seek to reinvest in those assets over the coming years. The scale of investment opportunity within assets VICI already owns provides us with a very unique advantage. We have also utilized our Partner Property Growth Fund with regional tenants, including Century, who this week is hosting the grand opening of their land-based casino in Caruthersville, Missouri.

鑑於該地區的人口密度和人流量不斷增加，米高梅的合作夥伴可能會在未來幾年尋求對這些資產進行再投資。VICI 已擁有的資產中的投資機會規模為我們提供了非常獨特的優勢。我們還與地區租戶一起利用了我們的合作夥伴房地產增長基金，其中包括本週將在密蘇裡州卡魯瑟斯維爾舉辦實體賭場盛大開幕的 Century。

In 2022, VICI announced an investment of $52 million to fund development of this new casino resort at Century Caruthersville to replace the last remaining riverboat casino on open water in Missouri. We've taken great care in the selection of our partners and investments to ensure not only a best-in-class portfolio with quality income, but a portfolio of investments and partners we can grow with. This ethos is foundational to our capital allocation strategy and sets VICI up well for future pipeline opportunities and consistent capital deployment.

2022 年，VICI 宣布投資 5,200 萬美元，資助世紀卡魯瑟斯維爾的這個新賭場度假村的開發，以取代密蘇裡州開放水域上僅存的最後一個河船賭場。我們在選擇合作夥伴和投資時非常謹慎，以確保不僅擁有具有優質收入的一流投資組合，而且擁有可以與我們共同成長的投資組合和合作夥伴。這種精神是我們資本配置策略的基礎，並為 VICI 未來的管道機會和一致的資本部署奠定了良好的基礎。

In the third quarter, we deployed $230 million of capital through various loans and partner property growth fund agreements. This has been our 13th quarter of consecutive capital deployment. VICI has built a legacy of getting better as we grow bigger, and we believe our disciplined strategy will allow us to be situationally ready to continue to deliver consistent and sustainable growth.

第三季度，我們透過各種貸款和合作夥伴房地產成長基金協議部署了 2.3 億美元的資本。這是我們連續第 13 季進行資本部署。VICI 已經建立了隨著我們的規模不斷壯大而變得更好的傳統，我們相信，我們嚴格的策略將使我們能夠根據情況做好準備，繼續實現持續且可持續的成長。

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？

Great. Thanks, John. Thanks, everybody, for joining us. I'll touch on our balance sheet, liquidity, results, and our updated full-year guidance. Subsequent to quarter end, we settled 7 million shares and received approximately $201 million under our forward sale agreements. These proceeds contributed to funding the Venetian capital investment we announced in Q2.

偉大的。謝謝，約翰。謝謝大家加入我們。我將談談我們的資產負債表、流動性、績效和更新的全年指導。季度末後，我們結算了 700 萬股股票，並根據遠期銷售協議獲得了約 2.01 億美元。這些收益為我們在第二季宣布的威尼斯資本投資提供了資金。

We currently have approximately $2.9 billion in total liquidity comprised of approximately $160 million in cash and cash equivalents, $430 million of estimated proceeds available under our outstanding forwards, and $2.3 billion of availability under our revolving credit facility. In addition, a revolving credit facility has an accordion option, allowing us to request additional lender commitments of up to $1 billion.

目前，我們擁有約29 億美元的總流動性，其中包括約1.6 億美元的現金和現金等價物、未償遠期合約下可用的預計收益4.3 億美元以及循環信貸額度下的23 億美元的可用收益。此外，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。

In terms of leverage, our total debt is currently $17.1 billion. Our net debt to annualized third quarter adjusted EBITDA, excluding the impact of unsettled forward equity, is approximately 5.4 times within our target leverage range of 5 to 5.5 times. We have a weighted average interest rate of 4.36% taking into account our hedge portfolio and a weighted average 6.3 years to maturity.

就槓桿而言，目前我們的總債務為 171 億美元。我們的淨負債與年化第三季調整後 EBITDA 比率（不包括未結算的遠期股本的影響）約為 5.4 倍，在我們 5 至 5.5 倍的目標槓桿範圍內。考慮到我們的對沖投資組合，我們的加權平均利率為 4.36%，加權平均利率為 6.3 年。

Touching on the income statement, AFFO per share was $0.57 for the quarter, an increase of 4.9% compared to $0.54 for the quarter ended September 30, 2023. 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. Our margins continue to run strong in the high 90% range when eliminating non-cash items. Our G&A was $16.5 million for the quarter and as a percentage of total revenues was only 1.7%, which continues to be one of the lowest ratios in not only the triple net sector, but across all REITs.

談到損益表，本季 AFFO 每股為 0.57 美元，較截至 2023 年 9 月 30 日止季的每股 0.54 美元成長 4.9%。鑑於調整後 EBITDA 佔相應收入成長的比例，我們的績效再次凸顯了我們高效的三網模型。當消除非現金項目時，我們的利潤率繼續保持在 90% 的高水準。本季我們的一般管理費用為 1,650 萬美元，佔總收入的百分比僅為 1.7%，這不僅是三重淨資產行業，而且是所有 REITs 中比率最低的之一。

Turning to guidance, we are updating our 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 now be between $2.36 billion and $2.37 billion or between $2.25 and $2.26 per diluted common share. And just as a reminder, our guidance does not include the impact on operating results from any transactions that have not closed, interest income from any loans that do not yet have final draw structures, possible future acquisitions or dispositions, capital markets activity, or other non-recurring transactions or items.

至於指導意見，我們正在更新 2024 年 AFFO 指導方針（以絕對美元和每股為單位）。截至 2024 年 12 月 31 日的年度 AFFO 目前預計為 23.6 億美元至 23.7 億美元之間，或稀釋後普通股每股 2.25 美元至 2.26 美元之間。提醒一下，我們的指導不包括任何尚未完成的交易對經營業績的影響、尚未形成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交易或項目。

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

那麼，亞當，請打開提問線。

(Operator Instructions) Barry Jonas, Truist Securities.

（操作員指令）Barry Jonas，Truist Securities。

Hey, guys. Good morning. Wanted to start with tribal gaming, see if you had any updated views there. Maybe you could spell out any parameters you would look forward to execute, any loans or sale leasebacks. Thank you.

嘿，夥計們。早安.想從部落遊戲開始，看看您是否有任何更新的觀點。也許您可以詳細說明您希望執行的任何參數、任何貸款或售後回租。謝謝。

Yes, good morning, Barry. I think the starting point for us at VICI is that over our seven years led by John and the team, we have developed very positive, powerful relationships relationships with American tribal nations. We currently have four tribal relationships. As you know, Barry, they all obviously involve partnering with tribes in commercial gaming opportunities off of tribal land.

是的，早上好，巴里。我認為 VICI 的出發點是，在約翰和團隊領導的七年裡，我們與美國部落國家建立了非常積極、強大的關係。我們目前有四個部落關係。如你所知，巴里，他們顯然都涉及與部落合作，在部落土地上獲得商業遊戲機會。

And when it comes again to doing business with tribes, we love doing business with them. They're commercial, they're collaborative, and great to do business with. When it comes to doing business on tribal land, it is, again, not about tribes being idiosyncratic. It's about the structure that applies to tribal gaming on tribal land that is idiosyncratic.

當再次與部落做生意時，我們喜歡與他們做生意。他們是商業性的，他們是協作性的，並且非常適合與他們做生意。當談到在部落土地上做生意時，這並不是部落有什麼特殊之處。這是關於適用於部落土地上的部落遊戲的獨特結構。

And when you have an idiosyncratic situation, it's sometimes useful to create a counterfactual that enables you to better understand the idiosyncrasy, the risks associated with the idiosyncrasy, and perhaps a better understanding of how to price the risk of that idiosyncrasy.

當你遇到特殊情況時，有時創建一個反事實會很有用，使你能夠更好地理解特殊性、與特殊性相關的風險，或許還能更好地理解如何為特殊性的風險定價。

So to create a counterfactual, I'm going to ask you, Barry, to imagine a scenario in which we announce that we've done a deal with a commercial gaming operator on freehold commercial land. But in that deal, we tell you that that commercial gaming operator is the only party in the world entitled to operate the gaming floor at the center of the asset and likely the economic engine of the asset.

因此，為了創造一個反事實，巴里，我要請你想像一個場景，在這個場景中，我們宣布我們已經與一家永久業權商業土地上的商業博彩運營商達成了一項協議。但在那筆交易中，我們告訴您，商業博彩業者是世界上唯一有權經營位於資產中心的博彩場地的一方，並且很可能是該資產的經濟引擎。

And moreover, that same operator owns the land underneath everything and thus would be the ground less over to us as the ground less seen. So that is by definition a sandwich lease. And from everything we've been able to learn, that is what applies to the transaction you're implicitly referring to that got announced last week by our peers and colleagues at GLPI.

此外，同一個業者擁有一切下方的土地，因此，我們所擁有的土地將越來越少，因為我們看不見的土地也越來越少。因此，根據定義，這就是三明治租賃。從我們所了解到的一切來看，這適用於您隱含提及的交易，該交易是我們的同行和 GLPI 同事上周宣布的。

We give full credit to GLPI for announcing this, for doing the work that went behind it, but I would say we are still coming up the learning curve when it comes to understanding the risks associated with that structure and how to best price the risk. At VICI, we spend a lot of time focusing on tail risk. In fact, there may be moments when some people feel, both externally and internally, maybe we spend a little too much time focused on tail risk.

我們對 GLPI 宣布這一點以及背後所做的工作給予充分的讚揚，但我想說，在了解與該結構相關的風險以及如何最好地定價風險方面，我們仍在學習曲線上。在 VICI，我們花了很多時間關注尾部風險。事實上，有時有些人可能會覺得，無論是在外部還是在內部，我們可能花了太多時間關注尾部風險。

But in this particular case, the tail risk, again, is so idiosyncratic and so unique to this situation that we're not at a point where we can say with any confidence, okay, the code has been cracked and the idiosyncratic risk that have always applied here have either been eliminated or have been minimized to a degree where we can confidently price the risk.

但在這種特殊情況下，尾部風險又是如此特殊，而且對於這種情況來說是如此獨特，以至於我們還不能自信地說，好吧，代碼已經被破解，特殊風險已經被破解了。總是應用在這裡要么被消除，要么被最小化到我們可以自信地定價風險的程度。

Great. I really appreciate that. Maybe just for a follow up, I wanted to touch on Vegas. I'm curious if you looked at Caesars's sale of the LINQ. I believe, correct me if I'm wrong, you had a ROFR there. And then with that sale wondering if we could see anything happen with those 26 adjacent acres that VICI owns. Thank you.

偉大的。我真的很感激。也許只是為了跟進，我想談談維加斯。我很好奇您是否看過 Caesars 出售 LINQ 的情況。我相信，如果我錯了，請糾正我，你那裡有一個 ROFR。然後，隨著這次出售，我們想知道 VICI 擁有的 26 英畝相鄰土地是否會發生任何變化。謝謝。

Yes, just to be clear, Barry, we did not have a ROFR on the LINQ Promenade. The assets that we have a ROFR on are casino assets and not the Promenade, which is a distinct property unto itself. There is an idiosyncrasy -- well, I shouldn't call it an idiosyncrasy.

是的，Barry，需要澄清的是，我們在 LINQ Promenade 上沒有 ROFR。我們擁有 ROFR 的資產是賭場資產，而不是海濱長廊，後者本身就是一個獨特的財產。有一種特質——好吧，我不應該稱之為特質。

The LINQ promenade is not technically a net lease property. But we're very glad to see TPG and especially our friends at Acadia, led by Ken Bernstein, go in there. I think there's a lot of potential to continue to make that a corridor that exactly, to your point, can become a very powerful corridor to the land that we own in back of the Promenade in the area in and around Caesars Forum Convention Center.

從技術上講，LINQ 長廊並不是淨租賃財產。但我們很高興看到 TPG，尤其是肯·伯恩斯坦 (Ken Bernstein) 領導的阿卡迪亞朋友們加入其中。我認為繼續打造一條走廊有很大的潛力，就您的觀點而言，它可以成為一條非常強大的走廊，通往我們在凱撒論壇會議中心及其周圍地區的長廊後面擁有的土地。

Great. Thank you, Ed.

偉大的。謝謝你，艾德。

Thanks, Barry.

謝謝，巴里。

Anthony Paolone, JPMorgan.

安東尼保隆，摩根大通。

Thanks. Good morning. John, you mentioned in your comments just a lot of opportunities for things like reinvestment into properties and such. So I mean, can you just talk about, just as you look at the pipeline, how much of it is now really focused on those types of investments versus new acquisitions and whether that's changed much in the last quarter or two?

謝謝。早安.約翰，您在評論中提到了很多機會，例如再投資房地產等。所以我的意思是，您能否談談，就像您查看管道一樣，現在有多少真正集中在這些類型的投資與新收購上，以及在過去一兩個季度中這種情況是否發生了很大變化？

Yes, Tony, good morning. Very good question. I don't think it's changed. What I like about what we've done is created these pillars of growth. We've got opportunities to continue to have real estate acquisitions, as you referred to in my comments, the ability to grow with our property partner growth funds with assets that we already own, particularly in Las Vegas.

是的，托尼，早安。非常好的問題。我認為它沒有改變。我喜歡我們所做的事情，因為它創造了這些成長支柱。正如您在我的評論中提到的那樣，我們有機會繼續進行房地產收購，能夠利用我們已經擁有的資產（特別是在拉斯維加斯）與我們的房地產合作夥伴成長基金一起成長。

Although, as I mentioned in my opening remarks, we do have some opportunities in our regional assets because they're large as well. And then we have this opportunity, as Ed mentioned in his remarks, with VICI Experiential Credit Solutions, our credit book, where it's opened doors for us to come in, provide a credit solution, and then over time hopefully flip it into real estate ownership.

儘管如此，正如我在開場白中提到的，我們的區域資產確實有一些機會，因為它們也很大。然後，正如艾德在演講中提到的那樣，我們有這個機會，透過我們的信用簿VICI 體驗式信用解決方案，它為我們打開了大門，提供信用解決方案，然後隨著時間的推移，希望將其轉變為房地產所有權。

So Tony, I wouldn't say we're focused more today on the property partner growth funds than the other two. I like the fact that we're spending time, and I've got a team now that is spending time on all three of these, which will provide growth for us for the long term.

所以托尼，我不會說我們今天比其他兩個更關注房地產合作夥伴成長基金。我喜歡我們花時間的事實，而且我現在有一個團隊在這三個方面都花時間，這將為我們提供長期成長。

Okay, thanks. And then just the follow up there, maybe for you, John, and also, Ed. You commented about the 70-basis-point move and the tenor over a pretty short period of time. Do you think that's had any effect on just the propensity of your counterparts to want to transact or on just where pricing might need to be?

好的，謝謝。然後就是後續行動，也許對你來說，約翰，還有艾德。您在相當短的時間內評論了 70 個基點的走勢和期限。您認為這是否會對您的交易對手的交易傾向或定價可能產生影響？

Yes, Tony, I wouldn't say that move over the last month has necessarily by itself been highly impactful, but it's all been part of a period of volatility that has just been -- well, frankly, it's been kind of nauseating. And I do think it's led to a level of indecision and inaction that is reflected certainly for us and what we've been able to come forward and tell you about. And needless to say, we very much hope that this period of volatility will soon start to pass.

是的，東尼，我不會說上個月的舉動本身就一定具有很大的影響力，但這都是剛剛經歷過的波動時期的一部分——嗯，坦白說，這有點令人作嘔。我確實認為這導致了一定程度的優柔寡斷和無所作為，這對我們以及我們能夠站出來告訴你們的事情來說肯定有所反映。不用說，我們非常希望這段波動時期很快就會過去。

Just to dramatize that volatility, Tony, back in 2018, the number of days in the trading year when the US tenor moved 10 basis points or more was three. In 2019, it was seven. In 2020, it was 16. In 2021, it was eight. In 2022, it was 46 days. It was 39 days last year. And given the volatility we've seen, crikey, even this week, I think we're into the 20s now.

為了凸顯這種波動性，Tony 在 2018 年的交易年中，美國期限波動 10 個基點或以上的天數為 3 天。2019年，這個數字是七。2020年，這個數字是16。2021 年，這個數字是八個。2022年，則是46天。去年是39天。考慮到我們所看到的波動性，即使是本週，我認為我們現在已經進入了 20 多歲。

And this is really just an example of how a lot of people have really -- a lot of people on both sides of the transaction table have just been trying to figure out, where am I today? And where the h*** am I going to be next week? And needless to say, we are among those many in both America and globally who hope things really kind of calm down next week and that the kind of volatility we've especially seen in the MOVE Index starts to quiet down.

這實際上只是一個例子，說明交易雙方的許多人都在試圖弄清楚，我今天在哪裡？下週我到底要去哪裡？不用說，我們是美國和全球許多人中的一員，他們希望下週情況真正平靜下來，並且我們特別在 MOVE 指數中看到的那種波動開始平靜下來。

Because it has definitely led to all kinds of different behaviors by investors, and I saw where NFL ratings are down over the last month and that's attributed to the election. It's like, man, people are just so distracted and stressed out that they can't even -- some of the time and focus to watch NFL games for crikey's sake.

因為這肯定導致了投資者的各種不同行為，我看到上個月 NFL 收視率下降，這歸因於選舉。就好像，夥計，人們實在是太心煩意亂、壓力太大了，以至於他們甚至無法——為了哭鬧而花一些時間和精力去觀看 NFL 比賽。

All right. Thank you for the color.

好的。謝謝你的顏色。

Chris Darling, Green Street.

克里斯達林，格林街。

Thanks. Good morning. Maybe for Ed, can you talk about the potential opportunity to acquire gaming assets in off-strip Vegas locations? And to the extent there's opportunity and interest on your part in pursuing that, it would be helpful if you could elaborate maybe on what you look for in terms of yield, coverage, but also how you think about partnering with the right operator in that sort of scenario.

謝謝。早安.也許對艾德來說，您能談談在拉斯維加斯郊區收購博彩資產的潛在機會嗎？如果您有機會和興趣追求這一目標，那麼如果您能詳細說明您在產量、覆蓋範圍方面的需求，以及您如何考慮與合適的運營商合作，這將會很有幫助的場景。

And just to be clear, Chris. When you say off-strip, you're referring to the locals and downtown markets in Las Vegas?

需要澄清的是，克里斯。當您說「拉斯維加斯大道外」時，您指的是拉斯維加斯的當地人和市中心市場嗎？

Yes, exactly.

是的，完全正確。

Or are you speaking about regional gaming?

或者您是在談論區域遊戲嗎？

It could be either, honestly, but I'm more so referring to within the Vegas metro area itself, just off-strip.

老實說，這可能是其中之一，但我更指的是拉斯維加斯都市區本身，就在拉斯維加斯大道外。

I see. Yes, good. John? John and team are doing a lot of work in that area. John, how about you?

我懂了。是的，很好。約翰？約翰和團隊在該領域做了很多工作。約翰，你呢？

Yes, Chris, nice to talk to you this morning. If you've been following us as you have for the past couple of years, you've heard us talk about our love of Las Vegas. And obviously, we've got great assets on the strip, but we've been spending years meeting with operators, not only in the local downtown market, but as you said, in the regional market, where there are just some fabulous assets.

是的，克里斯，很高興今天早上和你說話。如果您在過去幾年中一直關注我們，您一定聽過我們談論我們對拉斯維加斯的熱愛。顯然，我們在該地帶擁有大量資產，但我們花了數年時間與營運商會面，不僅在當地市中心市場，而且正如您所說，在區域市場，那裡只有一些神話般的資產。

And you ask what we do, we obviously spend time to understand the operator's quality, the asset quality, the credit quality, what a structure of a lease could look like, how we could potentially help an operator who has assets in the local, downtown, or regional market grow, not only in their current assets, but if they have a plan to grow the number of assets, how our capital could help them grow. So it's definitely been a focus of me and my team, not only recently, but also over the past couple years. And there really are some neat places that we would love to be partners with great operators there.

如果你問我們做什麼，我們顯然會花時間了解營運商的品質、資產品質、信用品質、租賃結構是什麼樣子，我們如何幫助在當地市中心擁有資產的營運商或區域市場的成長，不僅在於其當前資產，而且如果他們有計劃增加資產數量，我們的資本如何幫助他們成長。因此，這絕對是我和我的團隊的關注重點，不僅是最近，而且是過去幾年。確實有一些很棒的地方，我們很樂意與那裡的優秀運營商成為合作夥伴。

All right, helpful thoughts. And then maybe just one more, and this is more so focused on the regional side outside of Vegas. Just wondering if you felt you need to be a little bit more conservative from an underwriting standpoint lately, given some of the competitive pressures, seemingly a slower growth backdrop that we're in today. So any thoughts around that would be helpful to hear.

好吧，很有幫助的想法。然後也許還有一個，而且這更關注維加斯以外的區域方面。只是想知道，考慮到一些競爭壓力，以及我們今天所處的成長放緩的背景，您最近是否覺得從承保的角度來看需要更加保守一點。因此，聽到任何有關此問題的想法都會有所幫助。

I'll have John talk about the market in a moment, Chris. But what I would just like to talk about just for a moment is a book that was really really influential to me when I read it a few years ago. It was given to me by a guy some of you know named Mike Simanovsky, the founder of Conversant. And it's a book by Edward Chancellor in which he collects the essays -- sorry, not the essays, the investment memos of an asset management shop out of London called Marathon.

克里斯，我稍後會讓約翰談談市場。但我只想談幾年前讀過的一本對我影響很大的書。它是由你們中認識的一位名叫邁克·西馬諾夫斯基（Mike Simanovsky）的人給我的，他是 Conversant 的創始人。這是愛德華·錢斯勒 (Edward Chancellor) 寫的一本書，他在書中收集了一些文章——抱歉，不是文章，而是倫敦一家名為馬拉松 (Marathon) 的資產管理公司的投資備忘錄。

And one of Marathon's main investment theses is to identify categories that are at lower risk of excess capital being invested in the category and creating excess capacity. And I think one of the things we are mindful of right now in American Regional Gaming is making sure we understand market by market the degree to which a given regulatory regime is at risk of authorizing the creation of more capacity than the market really should be able to sustain.

馬拉鬆的主要投資主題之一是確定那些過度資本投資於該類別並產生過剩產能的風險較低的類別。我認為我們現在在美國區域博彩中要注意的一件事是確保我們逐一市場地了解特定監管制度所面臨的風險程度，即授權創造的容量超出了市場實際應有的能力維持。

And I think there are areas, and I would say in particular areas like Illinois and Indiana, where I think we all have to be mindful of, okay, when is enough, enough? But in terms of the current tone of the market, regional market, I'll turn it over to John.

我認為有些地區，我想說的是伊利諾伊州和印第安納州等特定地區，我認為我們都必須注意，好吧，什麼時候就足夠了？但就目前市場、區域市場的基調而言，我會把它交給約翰。

Yes, Chris and Ed hit on this very well. Just about as you underwrite regional gaming, you should understand some of the history of it, places like Pennsylvania that added new licenses or Illinois that added VLTs. You start to see new states add historical horse racing machines that now look very similar to slot machines.

是的，克里斯和艾德在這一點上非常合得來。就像您承保區域性遊戲一樣，您應該了解它的一些歷史，例如賓夕法尼亞州添加了新許可證或伊利諾伊州添加了 VLT。你開始看到新的州增加了歷史悠久的賽馬機，現在看起來與老虎機非常相似。

So to your point, as we look at regional assets, and in our lifetime, we will continue to buy real estate and buildings and regional assets, but we're very thoughtful in understanding the best we can at the time the competition that is in the market that could impact the asset that we're buying, and then potential new markets that could open up.

因此，就您的觀點而言，當我們關注區域資產時，在我們的一生中，我們將繼續購買房地產、建築物和區域資產，但我們非常深思熟慮地盡可能了解當時的競爭情況。購買的資產的市場，然後是可能打開的潛在新市場。

Because as someone who's been in the business, I don't like to date myself, but I'm almost going on 30 years. I don't think there is belief that states like Nebraska or Virginia or Kentucky, which has HHR machines, would really have gaming at the moment that they do now, the magnitude that they do now. So to answer your question, we are being thoughtful and disciplined in our underwriting as we look at regional assets.

因為身為一個我曾經從事過的人，我不喜歡和自己約會，但我已經快30歲了。我不認為人們相信像內布拉斯加州、維吉尼亞州或肯塔基州這樣擁有 HHR 機器的州會真正擁有像現在這樣的遊戲，以及他們現在所做的規模。因此，為了回答你的問題，我們在考慮區域資產時，在承保方面是深思熟慮和遵守紀律的。

I appreciate the thoughts. That's all from me.

我很欣賞這些想法。這就是我的全部。

Thanks, Chris.

謝謝，克里斯。

Smedes Rose, Citi.

斯梅德斯·羅斯，花旗銀行。

Hi. Thank you. On your last call, you talked a little bit about some of your tenants were seeing weakness, especially on the lower end of kind of the consumer spectrum. I'm wondering if you continue to hear that kind of feedback and if you think that might impact their propensity to kind of reinvest or to participate in your funds that you've talked about previously.

你好。謝謝。在您上次的電話中，您談到了一些租戶看到了疲軟的情況，特別是在低端消費群體中。我想知道您是否繼續聽到這種回饋，以及您是否認為這可能會影響他們進行再投資或參與您之前討論過的基金的傾向。

John?

約翰？

Hey, Smede. It's good to talk to you this morning. Probably the first part's a better question for our great operators that have extensive details on their databases and where they're seeing positive growth and where they're seeing some weakness. I think you've seen the earnings that have come out and some have talked, particularly in the regional markets, that they are seeing a little bit of slowness in the lower segments of their business.

嘿，斯梅德。很高興今天早上能和你說話。對於我們偉大的運營商來說，第一部分可能是一個更好的問題，他們擁有有關其數據庫的大量詳細信息，以及他們在哪裡看到了積極的增長，在哪裡看到了一些弱點。我想你已經看到了已經公佈的收益，有些人已經談到，特別是在區域市場，他們看到較低的業務領域有點緩慢。

But we continue to -- this is the beauty of having great partners. And having quite a few of them, we continue to meet with them, talk about how they're thinking about growth, and is there a way that our different pillars of capital that I talked about earlier could help them grow.

但我們繼續下去——這就是擁有優秀合作夥伴的美妙之處。我們有相當多的人，我們繼續與他們會面，討論他們如何看待成長，以及我之前談到的我們不同的資本支柱是否可以幫助他們成長。

And whether that's with a property partner growth fund, whether they have a credit opportunity, whether they're building, would like to build a new hotel, whether they'd like to build a casino on land instead of on a boat, those are all types of conversations we'd like to have and are having with our partners. And we hope that leads to growth for us with all different types of our partners.

無論是與房地產合作夥伴成長基金合作，他們是否有信貸機會，他們是否正在建設，是否想要建造一家新酒店，他們是否願意在陸地上而不是在船上建造賭場，這些都是我們希望與合作夥伴進行的所有類型的對話。我們希望這能讓我們與所有不同類型的合作夥伴一起成長。

Thanks. And then, Ed, maybe just kind of bigger picture, as you just think about coming into 2025, I mean, would you be giving it sort of reasonable on the external growth side to think about maybe you do more frequent deals with smaller scope, or are you guys still maybe chasing kind of like the big deal, maybe in the non-gaming space that will kind of more meaningfully drive your earnings growth next year? I guess I'm trying to think about the opportunity set now that you've had more time, I guess, to think about kind of non-gaming and gaming investment opportunities and how it might play out here.

謝謝。然後，艾德，也許只是更大的圖景，當你考慮進入2025 年時，我的意思是，你是否會在外部增長方面給出合理的考慮，也許你會在較小的範圍內進行更頻繁的交易，或者你們是否仍在追逐某種大交易，也許在非遊戲領域，這將更有意義地推動明年的收入成長？我想我現在正在嘗試思考機會集，因為我想，你有更多的時間來思考非遊戲和遊戲投資機會以及它在這裡如何發揮作用。

Yes, Smede, it's something we think about every day. We have set forth goals and strategies at VICI that, like any goals and strategies, have tradeoffs. And anyone who thinks their strategy doesn't involve tradeoffs either doesn't have a strategy, doesn't understand it, or it is not truly a differentiated strategy.

是的，Smede，這是我們每天都在思考的事情。我們在 VICI 制定了目標和策略，就像任何目標和策略一樣，也有權衡。任何認為自己的戰略不涉及權衡的人要么沒有戰略，要么不理解戰略，要么不是真正的差異化戰略。

And in our focus on experiential and our dedication to experiential, both gaming and non-gaming, we have to accept the tradeoff that it is not a category of real estate transaction that has an endless stream of marketed processes. So we've got to do a lot of work every day, and John and the team and David and the team do work every single day, and Samantha and the team, to identify and chase down opportunities that usually are not marketed, or if they are marketed at all, it's quite quietly.

在我們對體驗的關注和對遊戲和非遊戲體驗的奉獻中，我們必須接受這樣的權衡：它不是一個具有無窮無盡的行銷流程的房地產交易類別。因此，我們每天必須做很多工作，約翰和他的團隊、大衛和他的團隊、薩曼莎和他的團隊每天都在工作，以識別和追逐通常沒有行銷的機會，或者如果他們根本就沒有上市，而且相當安靜。

As we look ahead to next year, John and David and Samantha and the teams are working on some very exciting stuff, including bigger assets in gaming. And only time is going to tell if we can bring these to full fruition. We wish again -- there are times when we wish, geez, it would be nice to have one of these stamping machines where we just stamp out every week a few deals where maybe we bought car washes or dry cleaners or convenience stores or whatever.

當我們展望明年時，約翰、大衛、薩曼莎和團隊正在致力於一些非常令人興奮的事情，包括更大的遊戲資產。只有時間才能證明我們是否能夠實現這些目標。我們再次希望 - 有時我們希望，天哪，如果能擁有一台這樣的印章機就好了，我們每週都會印出一些交易，也許我們可以購買洗車或乾洗店或便利店或其他什麼東西。

But that's not what we focus on, that's not what we invest in, and we have to accept the trade-off. that our deal flow will be more sporadic. But as we look at 2025 and given what we're working on, we remain confident that we are going to be bringing to the table both gaming and non-gaming deals, big and small. It will continue the growth profile we've had over our seven years.

但這不是我們關注的重點，也不是我們投資的目的，我們必須接受這種權衡。我們的交易流將更加零散。但當我們展望 2025 年並考慮到我們正在進行的工作時，我們仍然有信心將把遊戲和非遊戲交易（無論大小）帶到談判桌上。它將延續我們七年來的成長動能。

Thank you. Appreciate it.

謝謝。欣賞它。

Thank you, Smede.

謝謝你，斯梅德。

John DeCree, CBRE.

約翰‧德克里，世邦魏理仕。

Good morning, everyone. Thanks for taking everybody's questions. Ed, John, I wanted to go back to your response to an earlier question because it's something I've been thinking about a lot. And I apologize if your answer is going to be the same, but I wanted to talk about the regional gaming landscape and the trend where we're seeing maybe some new openings and some areas where there's been a lot more unit growth, some capitalization or same-store sales declined.

大家早安。感謝您回答大家的問題。艾德、約翰，我想回到你們對先前問題的回答，因為這是我一直在思考的事情。如果您的答案相同，我很抱歉，但我想談談區域遊戲格局和趨勢，我們可能會看到一些新的空缺以及一些單位增長更多、資本化或同店銷售額下降。

You mentioned you're being very cognizant of that, but I was curious if you could go into a little bit more detail about investments and some of the things that you'd consider in underwriting. Is it higher-end coverage? Is it unique or certain operators that perhaps have a competitive scale advantage? Would you maybe only consider larger assets that have a couple larger barriers to entry?

您提到您對此非常了解，但我很好奇您是否可以更詳細地介紹投資以及您在承保時會考慮的一些事項。是高端覆蓋嗎？是否是獨特的或某些業者可能具有競爭規模優勢？您是否會只考慮具有較大進入障礙的較大資產？

So I'm just kind of curious how you think about deploying capital in regional gaming, where maybe in some markets the regulatory environment, I think, is a bit more predictable given history. But John, you pointed out some markets that have casinos today that we weren't thinking about before. So I'm curious how you underwrite some of the criteria you might look at.

因此，我只是好奇您如何考慮在區域遊戲中部署資本，我認為，鑑於歷史，也許在某些市場中，監管環境更容易預測。但是約翰，您指出了一些今天有賭場的市場，我們以前沒有考慮過。所以我很好奇你如何保證你可能會考慮的一些標準。

Yes, I'll turn it over to John in just a moment, John. But I'd say as a starting point, you really have to look at every situation market by market to know -- understand what the competitive marketplace is. And for a given asset and for a given operator, what is their opportunity to carve out a profitable position in that marketplace?

是的，我一會兒就把它交給約翰，約翰。但我想說，作為一個起點，你真的必須逐一研究每種情況，才能了解競爭市場是什麼。對於給定的資產和給定的運營商，他們在該市場中開拓盈利地位的機會是什麼？

It won't necessarily always be the big assets. It could be small assets that in the hands of the right smaller asset operator who knows how to compete and make money with smaller assets in a given market, those can still be very attractive to us.

它不一定總是大資產。可能是小資產，在合適的小型資產運營商手中，他們知道如何在特定市場上與較小的資產競爭並賺錢，這些資產仍然對我們非常有吸引力。

But it really comes down so much to the degree to which a given operator has a really, really healthy competitive response function. And that's something, obviously, we've always valued. But I think to your implicit point, John, at a time like this, you really want to understand a given operator's ability to compete profitably for market share.

但這實際上很大程度上取決於特定運營商擁有真正、真正健康的競爭反應功能的程度。顯然，這是我們一直重視的。但我認為，對於你隱含的觀點，約翰，在這樣的時刻，你確實想了解特定運營商爭奪市場份額並進行盈利競爭的能力。

John, do you want to add to that? John Payne?

約翰，你想補充一下嗎？約翰·佩恩？

Yes, I will. John, when Ed and I started VICI back in 2017, one of the things I asked myself as I left my operating career was, would the views from an operator make a difference inside a REIT in the way we underwrite our real estate? And to your question, this is where my old job actually has some value in underwriting the business.

是的，我會。約翰，當我和 Ed 於 2017 年創立 VICI 時，我在離開營運生涯時問自己的一件事是，營運商的觀點是否會對 REIT 內部我們承保房地產的方式產生影響？對於你的問題，這就是我以前的工作在承保業務方面實際上具有一定價值的地方。

We can dig into the business, and the beauty of our operators is they have great detail on the consumer and where the consumer is coming so if we're looking at an asset that potentially gets their guests from hundreds of miles away, the chance of impact from a new casino is probably greater than an asset that gets their consumers from 15 miles away. That's just one example of how we are going to be disciplined as we go into regional markets.

我們可以深入研究這項業務，我們營運商的優點在於，他們對消費者以及消費者的去向有詳細的了解，因此，如果我們正在尋找一項可能吸引數百英里外的客人的資產，那麼他們就有機會新賭場的影響可能比將消費者帶到 15 英里外的資產還要大。這只是我們進入區域市場時如何遵守紀律的一個例子。

Of course, we'll weigh asset quality, operator quality, credit quality, structure of lease quality, those type of things. But we can also, with our operations background, go in and better understand, could it get disrupted should the landscape change? Because remember, about being disciplined, we're not investing just for the near term. I think anyone could invest for the near term and look good. Our mission is for the long term. And I think you need to be disciplined in the environment we're in and understand what could ultimately impact the business. Maybe it's not this year or next year, but over the next decade.

當然，我們會權衡資產品質、營運商品質、信用品質、租賃結構品質等。但憑藉我們的營運背景，我們也可以深入了解，如果情況發生變化，它是否會受到干擾？因為請記住，關於遵守紀律，我們不僅僅是為了短期投資。我認為任何人都可以進行短期投資並且看起來不錯。我們的使命是長期的。我認為你需要在我們所處的環境中遵守紀律，並了解什麼可能最終影響業務。也許不是今年或明年，而是下一個十年。

Thanks, guys. I appreciate the incremental color there. That's helpful. And maybe a quick one. We talked a little bit earlier also about maybe some gaming investments and opportunities in the Las Vegas locals market off the strip, but the city is just kind of thriving in all ways. And curious if some non-gaming stuff outside of the Las Vegas Strip but in the Las Vegas metro area is something that's on the radar and opportunities that are starting to maybe bubble up.

謝謝，夥計們。我很欣賞那裡的增量色。這很有幫助。也許是一個快速的。我們之前也談到過拉斯維加斯本地市場的一些博彩投資和機會，但這座城市在各方面都在蓬勃發展。很好奇拉斯維加斯大道以外但拉斯維加斯都會區的一些非遊戲事物是否受到關注，機會可能開始出現。

I mean, it's becoming a massive sports town. And so thinking about some of the other assets in your portfolio, youth sports, et cetera, is that an area of focus, non-gaming in Las Vegas off the Strip that you're paying attention to or looking at in a meaningful way right now?

我的意思是，它正在成為一個大型運動小鎮。因此，考慮一下您的投資組合中的其他一些資​​產，青少年體育等，這是您正在關注或以有意義的方式關注的拉斯維加斯大道上的非博彩領域的重點領域，對嗎？ ？

I'll turn it over to John in just a second. Yes, I was just going to say, it's interesting you bring that up. We've gotten to know Jose Bautista, Joey Bats, as some of you may remember, who is now the owner of the Las Vegas Lights, the soccer team in the USL. And as he looks at how he gives his team a really good home in the Las Vegas basin, one of the things we've talked about is the degree to which projects like the Homefield project we've invested in in Kansas City makes so much sense in an environment like that in terms of the demand for those kinds of youth sport facilities, John DeCree. But John Payne, go ahead, please.

我馬上就把它交給約翰。是的，我只是想說，你提出這個問題很有趣。我們已經認識了何塞·鮑蒂斯塔（Jose Bautista）、喬伊·巴特斯（Joey Bats），你們中的一些人可能還記得，他現在是USL 足球隊拉斯維加斯之光隊的老闆。當他看到他如何為他的團隊在拉斯維加斯盆地提供一個非常好的主場時，我們談論的一件事是我們在堪薩斯城投資的 Homefield 項目等項目的盈利程度約翰·德克里(John DeCree) 表示，在這樣的環境中，人們對此類青少年體育設施的需求增加。但約翰·佩恩，請繼續。

Yes, John, it's an excellent question. And when you spend as much time as we have, not only on the Strip, but in the locals market downtown and the regional market, many of the operators are entrepreneurs. They're involved in things, not only casinos, which -- we love casinos, but other experiential assets.

是的，約翰，這是一個很好的問題。當你像我們一樣花很多時間，不僅在拉斯維加斯大道上，而且在市中心的當地人市場和區域市場上，許多經營者都是企業家。他們不僅涉足賭場（我們喜歡賭場），還涉足其他體驗資產。

And so you're right on point, Ned's right on point with not only are we studying the opportunity to own great real estate, casino real estate in this local, regional market of Las Vegas, other opportunities have opened up and we'll study them and see if there's something that we can get involved in in the near term or even in the long term. Great question.

所以你說得對，內德說得對，我們不僅在研究在拉斯維加斯當地區域市場擁有優質房地產、賭場房地產的機會，其他機會也已經出現，我們將研究看看是否有我們可以在短期甚至長期參與的事情。很好的問題。

Awesome. Thanks, guys. Take care.

驚人的。謝謝，夥計們。小心。

Jim Kammert, Evercore.

吉姆·卡默特，Evercore。

Good morning. Thank you. Ed, reflecting on your earlier comments, the rates backing up and obviously a lot of volatility, I would have thought naively, does that not potentially help the experiential credit solutions book, giving your ability to close certainty and scale of available capital?

早安.謝謝。艾德，反思您先前的評論，利率回升，而且顯然存在很大的波動性，我天真地認為，這是否不會對體驗式信貸解決方案有所幫助，使您有能力關閉可用資本的確定性和規模？

It does, Jim. It does. And I would say we've got a lot of lines in the water right now on the lending side. But the uncertainty on a week-by-week basis can cause us and any potential borrower to just wonder, well, what is market this week, right? What's my spread this week? But if I commit to this spread, what's that spread going to look like next week?

確實如此，吉姆。確實如此。我想說的是，我們現在在貸款方面有很多問題。但每週的不確定性可能會讓我們和任何潛在的借款人想知道，本週的市場是什麼，對嗎？這週我的點差是多少？但如果我承諾這個價差，那下週這個價差會是什麼樣子？

So again, I think it's all part and parcel of capital markets, consumer markets, and just about every other market having been here in a state of flux and volatility that has made decision-making more challenging. Jim, I'll just share with you that we began preparation of our annual long-term goals and strategic plan on July 1. We ended up presenting it to our board at Canyon Ranch in Lenox in mid-September.

再說一遍，我認為資本市場、消費者市場以及幾乎所有其他市場的重要組成部分都處於不斷變化和波動的狀態，這使得決策更具挑戰性。吉姆，我只想告訴你，我們從 7 月 1 日開始準備年度長期目標和策略計畫。我們最終在九月中旬在萊諾克斯的 Canyon Ranch 向董事會提交了它。

Over that 70-day period, our stock went from a point that was in 2 percentage points of our 52-week low and then went to a new 52-week high. And over that period, the US tenor went from 4.5 down to I think as low as 3.6. So again, now we're talking about a period of four months, July, August, September, and October, that have just been really tumultuous. And I think it's affected -- I think it definitely has affected deal flow, and it's affected how we and everybody else underwrite. But I think we all have to hope and believe that things will calm down to a degree where everybody feels a bit more conviction in the visibility and certainty of what they can commit to.

在這 70 天的時間裡，我們的股票從 52 週低點的 2 個百分點上漲，然後升至 52 週新高。在那段時期，美國的男高音從 4.5 下降到了我認為的 3.6。再說一遍，現在我們談論的是七月、八月、九月和十月這四個月的時期，這段時間非常動盪。我認為它受到了影響——我認為它肯定影響了交易流程，並且影響了我們和其他人的承保方式。但我認為我們都必須希望並相信事情會平靜下來，讓每個人都對自己可以承諾的事情的可見性和確定性更有信心。

Fair enough. Good comments. And then back to your opening comments regarding the quadrant analysis, I would imagine VICI presumes we're in the top -- above the horizontal line in terms of real estate and REIT capital markets. But where are you thinking in terms of the consumer sentiment, et cetera? And how is that potentially influencing how you're thinking about investing going into '25?

很公平。好的評論。然後回到您關於象限分析的開場評論，我想 VICI 認為我們處於頂部 - 就房地產和 REIT 資本市場而言，高於水平線。但您對消費者情緒等有何看法？這對您對 25 世紀投資的看法有何潛在影響？

Yes, I was hoping somebody would ask that question, Jim. Where do we think we are right now? I would say, yes, we're in the upper right quadrant. Obviously, the consumer generally looks good. But I think it was Smedes who asked a little bit earlier, what is going on across the entire consumer spectrum? And are we seeing signs of potential weakness, whether it be in credit card delinquency, car loan delinquency, footfalls into retail and other metrics?

是的，我希望有人會問這個問題，吉姆。我們認為我們現在在哪裡？我想說，是的，我們位於右上象限。顯然，消費者普遍看起來不錯。但我認為斯梅德斯早些時候問過，整個消費者群體正在發生什麼？我們是否看到了潛在疲軟的跡象，無論是信用卡拖欠、汽車貸款拖欠、零售業客流量或其他指標？

It's a bit of a mixed picture, but I think overall, consumer economic conditions are quite good. And I would say REIT capital market conditions have been generally good since mid-July, but they've certainly been volatile in the last few weeks. So I would say upper right. But what we always focus on, as I alluded to, Jim, is not only where we are, but what do we think the trajectory is in terms of where we might be going. In the amount of time it takes us to pull a deal together. We need to know where we're likely to be in a period in the future as much as we need to know where we are today.

情況有點複雜，但我認為總體而言，消費者經濟狀況相當不錯。我想說，自 7 月中旬以來，REIT 資本市場狀況總體良好，但過去幾週肯定波動較大。所以我會說右上角。但正如我所提到的，吉姆，我們始終關注的不僅是我們現在所處的位置，還有我們認為我們可能走向何方的軌跡。我們達成交易所需的時間。我們需要知道我們在未來某個時期可能處於什麼位置，就像我們需要知道我們今天處於什麼位置一樣。

Great. I appreciate your comments. Thank you.

偉大的。我很欣賞你的評論。謝謝。

Thank you, Jim.

謝謝你，吉姆。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Hi, thank you. Last quarter, we spent a lot of time talking about the Harrah's Hoosier Park call option. And remind me if we've spoken about this before, but when I think about that asset and the forum, there's also put options attached to that that expire December of this year.

你好，謝謝。上個季度，我們花了很多時間討論 Harrah's Hoosier Park 買權。請提醒我，我們之前是否討論過這個問題，但是當我想到該資產和論壇時，還附加了將於今年 12 月到期的看跌期權。

How are you thinking about those put options? Is it likely, or have you made any sort of commentary, or have they made commentary to you about the likelihood of them exercising those put options that keep capital sidelined as you wait to see what's going to happen there?

您如何看待這些看跌期權？是否有可能，或者您是否發表過任何評論，或者他們是否向您評論過他們行使這些看跌期權的可能性，這些看跌期權使資本在您等待觀察那裡會發生什麼時保持觀望？

Yes, actually, Caesars has stated very explicitly at a number of occasions they have no intention of putting the Indiana assets to us. So no, that has not affected how we think about our capital and our funding capabilities.

是的，事實上，凱撒集團曾多次明確表示，他們無意將印第安納州的資產交給我們。所以不，這並沒有影響我們對我們的資本和融資能力的看法。

Okay, understood. And then maybe on -- just on the election here, anything on the ballot as it pertains to regional gaming that we should be thinking about?

好的，明白了。然後也許 - 就在這裡的選舉而言，選票上有什麼與我們應該考慮的區域遊戲有關的事情嗎？

Not that I'm aware of. John Payne, are you?

據我所知。約翰·佩恩，是嗎？

Yes, there's a couple things. I mean, there's Missouri, Arkansas, and Virginia. New casino, Virginia, Arkansas, Polk County. And then in Missouri, they are talking about online sports betting as well as a new casino in Ozark. So actually, quite quiet for gaming, particularly when you compare it to other years.

是的，有幾件事。我的意思是，有密蘇裡州、阿肯色州和維吉尼亞州。新賭場，弗吉尼亞州，阿肯色州，波爾克縣.然後在密蘇裡州，他們正在談論線上體育博彩以及奧扎克的新賭場。所以實際上，對於遊戲來說相當安靜，尤其是與其他年份相比。

Okay. And then maybe last one for me. The capital that you put to work in the quarter, there was the $150 million that went to Venetian. But the other $80 million, you mentioned a loan. And I don't know if I caught the terms of that loan or what fund that was in. Could you give us a little more color on that capital?

好的。然後也許是我的最後一個。本季投入的資金中，有 1.5 億美元流向了威尼斯人。但是另外8000萬美元，你提到了一筆貸款。我不知道我是否了解該貸款的條款或該貸款屬於什麼基金。您能為我們介紹一下這座首都嗎？

David?

大衛？

Yes. John, it's David. Good to talk to you. Those are the incremental $80-odd million is incremental draws primarily under the Great Wolf loans up in Foxwoods and then the home field development as well as some smaller fundings for Cabot and Canyon Ranch. So previously announced loan fundings or previously announced loans that have continued draw schedules.

是的。約翰，是大衛。很高興和你說話。其中80多萬美元的增量資金主要來自福克斯伍茲的大狼貸款，然後是主場開發以及卡博特和峽谷牧場的一些較小的資金。因此，先前宣布的貸款資金或先前宣布的貸款已繼續提取時間表。

Got it. Understood. Thank you.

知道了。明白了。謝謝。

Dan Guglielmo, Capital One.

丹古列爾莫，《第一資本》。

Hi, everyone. Thank you for taking my questions. It's been a tough earnings for some operators, and Vegas softness seems to be on investor minds. In your experience, do Vegas trends like this impact cap rates for the casino real estate there, or is it too short term and just kind of the nature of owning those assets?

大家好。感謝您回答我的問題。對於一些營運商來說，這是一個艱難的盈利，而拉斯維加斯的疲軟似乎也引起了投資者的關注。根據您的經驗，像這樣的拉斯維加斯趨勢是否會影響那裡賭場房地產的資本化率，或者它是否太短期並且只是擁有這些資產的本質？

Yes, Dan, good to talk to you. I'm going to have John Payne just remind everybody what MGM's occupancy was on the Strip in Q3. But when it comes to cap rates, I would say cap rates are probably much more dependent on real estate investment capital market conditions and general valuation trends than they are on operator performance quarter to quarter. John, do you want to just talk a little bit about how to really understand what's going on in the Strip?

是的，丹，很高興與你交談。我將請約翰·佩恩提醒大家第三季米高梅在拉斯維加斯大道上的入住情況。但說到資本化率，我想說，資本化率可能更多取決於房地產投資資本市場狀況和整體估值趨勢，而不是營運商季度業績。約翰，你想談談如何真正了解拉斯維加斯大道上正在發生的事情嗎？

Well, I am a recovering operator, Dan, as you know. So I saw that the -- I've seen the comments about the performance of our two largest tenants, MGM and Caesars. And you look at some of the numbers, and they ran -- as Ed was saying, MGM ran 94% occupancy in quarter three. ADR was up some single digits. So I know as you dig in and as they talk about what's coming up, you see some critical comments about F1, which -- again, long term, F1 is great for the city and short term, it's great for the city.

嗯，丹，如你所知，我是一名正在康復的操作員。所以我看到了關於我們最大的兩個租戶米高梅和凱撒的業績的評論。你看一下一些數字，就會發現——正如艾德所說，米高梅第三季的入住率達到了 94%。ADR 上漲了一些個位數。所以我知道當你深入研究以及他們談論即將發生的事情時，你會看到一些關於F1 的批評評論，再次強調，從長期來看，F1 對這座城市來說很棒，從短期來看，它對這座城市來說也很棒。

It's driving a weekend that was very slow. It's down a tiny bit from last year, it looks like. We'll have to wait and see. But as Ed and I talk about it, I'm not sure if a hotel company reported that they had 94% occupancy in quarter three, that there would probably be a huge party thrown for them. So it's interesting. It's hard to measure these large assets on an every 90-day period.

週末開車的速度非常慢。看起來比去年略有下降。我們得拭目以待。但正如艾德和我談論的那樣，我不確定是否有一家酒店公司報告說他們在第三季度的入住率達到了 94%，可能會為他們舉辦一場盛大的派對。所以這很有趣。很難以每 90 天的周期來衡量這些大型資產。

And these are the best operators in the world. Every time something is thrown at them, they figure out how to continue to grow the business. When every casino was shut down during COVID, they came back and ran them more profitably than they've ever run them before. Again, if they have a tough 90 days, they'll figure it out over the next 90, 180, next couple of years. So we feel really good about Las Vegas and the teams that are running their businesses there.

這些都是世界上最好的運營商。每當有事情丟給他們時，他們就會想出如何繼續發展業務。當每個賭場在新冠疫情期間都關閉時，他們又回來經營，利潤比以前更高。再說一次，如果他們度過了艱難的 90 天，他們會在接下來的 90 年、180 年、接下來的幾年裡解決這個問題。因此，我們對拉斯維加斯以及在那裡經營業務的團隊感覺非常好。

Thank you. I appreciate all that color, and that makes sense. And just around the experiential partners, it's tough from kind of our seat to get a view of how the Great Wolfs, Cabots, and Canyon Ranches of the world are doing in kind of this complex time. So high level, when you all talk with those partners, what are some of the tailwinds and headwinds that they're thinking about?

謝謝。我欣賞所有這些顏色，這是有道理的。就經驗豐富的合作夥伴而言，從我們的座位上很難了解世界上的大狼、卡伯特和峽谷牧場在這個複雜時期的表現。那麼高水平，當你們與這些合作夥伴交談時，他們正在考慮哪些順風和逆風？

David, you want to take that?

大衛，你想要那個嗎？

Yes, sure, happy to. Dan, good to speak with you. Look, when you drill into each of the partners, they have an offering that's very unique and part of the reason we partnered with them in the first place. And so Great Wolf is a casino without gaming. Performance continues to be solid, maybe a little bit of fall-off in the weaker consumer, the lower-end consumer, similar to gaming. But the drive-to destination of that offering and the affordability of that offering, you can go for a day, you can go for five days, and you don't take vacations away from your kids.

是的，當然，很高興。丹，很高興與你交談。看，當你深入研究每個合作夥伴時，他們都有非常獨特的產品，這也是我們最初與他們合作的部分原因。所以大狼是個沒有遊戲的賭場。表現仍然穩定，但在較弱的消費者、低端消費者中可能會出現一些下滑，類似於遊戲。但是，該產品的駕車前往目的地以及該產品的承受能力，您可以去一天，您可以去五天，而且您不會剝奪孩子們的假期。

And so their business continues to be strong. They've opened four assets -- three assets this year, with another one opening early next year up in Foxwoods. And so the pipeline and the performance of those assets are great. And then we talk about with Pilgrimage Golf and Cabot, the higher-end consumer, the golfer is very, very avid of going out and trying new courses. Cabot does a phenomenal job bringing in new guests and the marketing that they do for their assets and highlighting the quality of the golf experience that they're providing.

因此他們的業務持續強勁。他們已經開設了四處資產——今年三處，明年初在快活林 (Foxwoods) 開設另一處。因此，這些資產的管道和性能都很棒。然後我們談論 Pilgrimage Golf 和 Cabot，高端消費者，高爾夫球手非常非常熱衷於出去嘗試新球場。卡博特在引進新客人、為其資產所做的營銷以及強調他們提供的高爾夫體驗的品質方面做得非常出色。

And then we talked about with you in the past around wellness and mindfulness and people's desire for longevity and better living. And so the Canyon Ranches of the world are performing well and continue to attract customers and provide a level of service that is second to none.

然後我們過去與您討論了健康和正念以及人們對長壽和更好生活的渴望。因此，世界各地的峽谷牧場都表現良好，並繼續吸引客戶並提供首屈一指的服務水準。

Great. Thank you. I appreciate that update.

偉大的。謝謝。我很欣賞這次更新。

Caitlin Burrows, Goldman Sachs.

凱特琳·布羅斯，高盛。

Hi, this is Jeremy Kuhl on for Caitlin. I know you guys mentioned that this was the start of the property growth agreement with the Venetian. Are there any other specific partner property growth opportunities in the pipeline you're considering or can approach by? Thanks.

大家好，我是凱特琳的傑瑞米庫爾。我知道你們提到這是與威尼斯人簽訂房地產成長協議的開始。您正在考慮或可以利用其他特定的合作夥伴房地產成長機會嗎？謝謝。

John?

約翰？

We continuously look for opportunities to invest in our current assets, particularly the ones in Las Vegas. We don't have anything to announce, but as I said in my opening remarks, the sports triangle where we own six assets around an area of the town that is growing and becoming more dense, we hope over the coming years there will be an opportunity for us to invest there. But nothing to announce at this time. (Multiple speakers)

我們不斷尋找投資現有資產的機會，特別是拉斯維加斯的資產。我們沒有什麼要宣布的，但正如我在開場白中所說，我們在該鎮周圍擁有六項資產的體育三角區正在不斷發展並變得更加密集，我們希望在未來幾年裡能夠有一個我們在在那裡投資的機會。但目前沒有什麼可宣布的。（多位發言者）

I was just going to add, for those of you who don't follow MGM, I'd encourage you to go look at their Q3 earnings deck, which does have a few pages talking about exactly what John Payne just talked about, which is the opportunity to intensify/densify the assets that MGM operates and that we own in the area defined by Allegiant, T-Mobile Arena, and the forthcoming Ace Stadium.

我只是想補充一點，對於那些不關注米高梅的人，我鼓勵你們去看看他們的第三季度收益報告，其中確實有幾頁討論了約翰·佩恩剛才談到的內容，即有機會強化/密集MGM 營運的資產以及我們在Allegiant、T-Mobile Arena 和即將建成的Ace Stadium 定義的區域內擁有的資產。

We stand to be, together with MGM, the biggest beneficiaries of the intensification of that area of Las Vegas. And in fact, there's a credit analyst out there who speculated that MGM will actually be the greatest beneficiary when the A's Stadium comes into operation.

我們將與米高梅一起成為拉斯維加斯該地區集約化發展的最大受益者。事實上，有一位信貸分析師推測，當運動家體育場投入運作時，米高梅實際上將是最大的受益者。

Got it. That's helpful. And then I guess one more question. As VICI continues to build relationships and explore opportunities to get recurring transactions and growth, would you say the majority of these new relationships are in the non-gaming space?

知道了。這很有幫助。然後我猜還有一個問題。隨著 VICI 繼續建立關係並探索獲得經常性交易和成長的機會，您是否認為這些新關係中的大部分都在非遊戲領域？

John or David, do you want to take that?

約翰還是大衛，你想接受這件事嗎？

I'll take that. I wouldn't necessarily say it's more non-gaming at all. There's still opportunities on the gaming side. As we said before, the non-gaming or experiential transactions most likely will be of smaller scale than the gaming side. So we may have more frequent smaller -- and that may lead to more non-gaming partners, but there's still and many opportunities with new partners in the casino space, not only in the United States, but all over the world.

我會接受的。我不一定會說它根本不是遊戲。遊戲方面仍然存在機會。正如我們之前所說，非遊戲或體驗交易的規模很可能比遊戲方面的規模要小。因此，我們可能會更頻繁地擁有更小的規模，這可能會導致更多的非博彩合作夥伴，但在賭場領域，仍然有很多新合作夥伴的機會，不僅在美國，而且在全世界。

Yes, and let me just add that -- and because nobody's asked about it in a little while, and that, of course, has to do with the New York gaming license approval process. But when -- well, I should say if the day comes and when the day comes, we hope, that MGM is granted a full gaming license for the property that we own the real estate of in Yonkers, that will be a major property partner growth fund opportunity for VICI.

是的，讓我補充一點 - 因為很快就沒有人問過這個問題，當然，這與紐約博彩許可證審批流程有關。但是，好吧，我應該說，如果這一天到來，當這一天到來時，我們希望米高梅獲得我們在揚克斯擁有的房地產的完整博彩許可證，那將成為主要的房地產合作夥伴VICI 的成長基金機會。

Got it. Thank you.

知道了。謝謝。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Thank you for taking my question. I think you may have answered this in part, but I do want to just double back on the non-gaming opportunities, which today are small. And John, I think you touched on the fact that they perhaps remain small. If we look out a little longer term and start thinking three to five years, can they become something that is more or less than 10% or 15% or -- I don't expect you to necessarily put a number on it, but give us a vision for how those could become much larger and longer term, please.

感謝您回答我的問題。我想你可能已經部分回答了這個問題，但我確實想再次強調非博彩機會，而今天這些機會很小。約翰，我想你提到了他們可能仍然很小的事實。如果我們把目光放得更長遠一些，開始思考三到五年，它們會變得多於或少於 10% 或 15%，或者——我不希望你一定要給出一個數字，但給請給我們一個關於如何將這些專案變得更大、更長期的願景。

Yes. I think, David, the way we think about it is really in the context of how do we build our rent base on a year-by-year basis with an ambition to grow the rent base by -- at a base level about maybe 3% odd a year, right? And so that would represent on our current rent base on rate of about $90-odd million of new rent every year.

是的。我認為，大衛，我們思考這個問題的方式實際上是在我們如何逐年建立我們的租金基礎的背景下，並雄心勃勃地將租金基礎增長——在基準水平上大約 3一年奇數%，對嗎？因此，這將代表我們目前的租金基礎，即每年約 90 多萬美元的新租金。

And so we evaluate every opportunity, including non-gaming opportunities, on the degree to which they can contribute to growing rent by 1 percentage point or 2 or 3. And so when we speak about these smaller non-gaming deals, they are small by the standards of VICI deals. They are actually really large by the standards of conventional net lease deals. which tend to involve buying stores that might have between $200,000 and $400,000 of rent per box versus us doing deals that generally are going to have rents of many millions of dollars of rent per box.

因此，我們評估每一個機會，包括非博彩機會，看看它們對租金成長1個百分點、2個或3個百分點的貢獻程度。因此，當我們談論這些較小的非博彩交易時，按照 VICI 交易的標準來看，它們規模很小。按照傳統淨租賃交易的標準來看，它們實際上非常大。這往往涉及到購買每箱租金可能在 20 萬美元到 40 萬美元之間的商店，而我們進行的交易通常每箱租金將達到數百萬美元。

Okay. Thank you. Perfect.

好的。謝謝。完美的。

You're welcome, David.

不客氣，大衛。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆德姆，摩根士丹利。

Hey, good morning. It's Jenny on for Ron, and thank you for taking my question. I think the first is I want to dig a little deeper on youth sports or recreational sports sector. Can you talk a little bit more on the outlook of this sector? And not only in Vegas, but nationwide, do you see more opportunities for growth, and do you look to do more strategic investment in this area in the next three to five years? Thanks.

嘿，早安。現在是珍妮替羅恩發言，感謝您回答我的問題。我認為首先是我想更深入地挖掘青少年運動或休閒運動領域。能多談談這個行業的前景嗎？不僅在維加斯，而且在全國範圍內，您是否看到了更多的成長機會？謝謝。

Yes, Jenny, well, we definitely do. And I think you can see how this is manifesting itself in certain private equity firm investments in youth sport. Harris Blitzer is obviously a very good example -- or I should say David Blitzer's family office is a great example of a company that's really focused on youth sport. And you see that in a number of shops, and they're all capitalizing on the way in which youth sport has grown as a key, key component of youth and family culture.

是的，珍妮，嗯，我們當然願意。我想你可以看到這在某些私募股權公司對青少年體育的投資中是如何體現的。哈里斯·布利策 (Harris Blitzer) 顯然是一個非常好的例子，或者我應該說大衛·布利策 (David Blitzer) 的家族辦公室是真正專注於青少年運動的公司的一個很好的例子。你可以在許多商店中看到這一點，他們都在利用青少年體育作為青少年和家庭文化的一個重要組成部分的方式。

And it's a little hard to tell exactly right now, given the data, what the youth population is going to look like over the coming years. But I can tell you, anecdotally, there are a lot of little kids out there right now. Again, I'm not sure the data totally picks it up, but we were comparing notes on Halloween trick-or-treating participation rates last night, and I know Samantha was just blown away by how many kids were roaming the streets of Westport, Connecticut. And there's a lot of kids out there, and a lot of them are going to play sports at a high level, and we think that the need for facilities is only going to grow.

根據數據，現在很難準確判斷未來幾年年輕人口的情況。但我可以告訴你，有趣的是，現在有很多小孩。再說一次，我不確定數據是否完全正確，但我們昨晚正在比較萬聖節「不給糖就搗蛋」活動的參與率，我知道薩曼莎對有多少孩子在西港的街道上漫步感到震驚，康涅狄格州。那裡有很多孩子，他們中的許多人會參加高水準的運動，我們認為對設施的需求只會增長。

Yes, I agree. The data side is a little bit tricky to get for youth sports. I guess my second question is, I want to know if you want to discuss more on the [tenor] diversification strategy, like acknowledging VICI already have a pretty diversified Canada base. But is there any specific sector that you think you want to broaden the current Canada base? Any specific sectors that you prefer going forward? Do you have more exposure?

是的，我同意。青少年運動的數據獲取有點棘手。我想我的第二個問題是，我想知道您是否想更多地討論 [tenor] 多元化策略，例如承認 VICI 已經擁有相當多元化的加拿大基地。但您認為有哪些特定領域是您想要擴大目前的加拿大基礎嗎？您未來更看好哪些特定領域？你有更多的曝光嗎？

John or David?

約翰還是大衛？

Well, I'll talk a little bit, but I think the question was about --

好吧，我會說一點，但我認為問題是關於--

Go ahead, John.

繼續吧，約翰。

Go ahead, David. No, go ahead. Go ahead.

繼續吧，大衛。不，繼續吧。前進。

Yes, I think the question, Jenny, just to make sure I heard you, is about Canada, right? And we look at Canada and we look at the globe internationally, and John touched on this in his comments about gaming operators earlier that there's both gaming and non-gaming opportunities across the globe. We've spoken with a lot of you about how our team has really mapped the globe and tried to focus on where we can buy real estate, and that's a function of currency markets, rule of law, tax regime.

是的，珍妮，我想這個問題是關於加拿大的，對吧？讓我們看看加拿大，我們看看國際上的全球，約翰在早些時候關於博彩運營商的評論中談到了這一點，即全球範圍內都有博彩和非博彩機會。我們已經與你們許多人討論過我們的團隊如何真正繪製全球地圖，並試圖專注於我們可以在哪裡購買房地產，這是貨幣市場、法治和稅收制度的功能。

Certain countries have very, very high taxes on foreign real estate ownership, so that negates some of the competitive opportunity. But specifically in Canada, we've obviously made our first foreign investment into Canada. Since then, we've gone into [Scotland], into St. Lucia to do both more gaming and non-gaming north of the border. And we think there's great operators up there, great economies up there, great parts of the experiential spectrum that we'd like to go into. And so we don't have anything immediate, as John would say. But hopefully, there's more to come up there.

某些國家對外國房地產所有權徵收非常非常高的稅，因此消除了一些競爭機會。但特別是在加拿大，我們顯然已經在加拿大進行了第一筆外國投資。從那時起，我們進入了[蘇格蘭]、聖露西亞，在邊境以北進行更多的遊戲和非遊戲活動。我們認為那裡有偉大的運營商，那裡有偉大的經濟體，我們想要進入的體驗範圍的很大一部分。因此，正如約翰所說，我們沒有任何直接的事。但希望還會有更多的事情發生。

Okay. Makes sense. Thank you for the color.

好的。有道理。謝謝你的顏色。

Now I'll hand the call back to Ed with his closing remarks.

現在我將把電話轉給艾德並附上他的結束語。

Yes, thank you, Adam. Thanks to everybody for joining us today. And hey, guess what? Guess where NAREIT is this November in, I guess, just a couple weeks? It is in Las Vegas. We hope we see many of you there. We've got a lot of great events that are going to help showcase what's going on in Las Vegas and reach out to some of our respective banking partners if you're interested in those events. They're going to be fun. With that, bye for now.

是的，謝謝你，亞當。感謝大家今天加入我們。嘿，你猜怎麼著？猜猜今年 11 月 NAREIT 會在哪裡，我想，就在幾週後？它位於拉斯維加斯。我們希望在那裡見到你們中的許多人。我們舉辦了許多精彩的活動，這些活動將有助於展示拉斯維加斯正在發生的事情，如果您對這些活動感興趣，請聯繫我們各自的一些銀行合作夥伴。他們會很有趣。就這樣，暫時再見了。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝您的出席。現在您可以斷開線路。