VICI Properties Inc (VICI) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VICI Properties second quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference call is being recorded today, July 31, 2025. I will now turn the call over to Samantha Gallagher, General Counsel with VICI Properties.

女士們、先生們，大家好。感謝您的支持。歡迎參加 VICI Properties 2025 年第二季財報電話會議。（操作員指示）請注意，本次電話會議將於今天（2025 年 7 月 31 日）進行錄音。現在我將電話轉給 VICI Properties 的總法律顧問 Samantha Gallagher。

Thank you, operator, and good morning. Everyone should have access to the company's second quarter 2025 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.

謝謝接線員，早安。每個人都應該能夠查看該公司 2025 年第二季的收益報告和補充資訊。本新聞稿及補充資料可至 VICI Properties 網站 www.viciproperties.com 的投資者專區查閱。我們今天的部分評論將構成聯邦證券法所定義的前瞻性陳述。

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. 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.

前瞻性陳述通常使用諸如將、相信、期望、應該、指導、打算、展望、項目或其他類似詞語來表示，這些陳述受多種風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。因此，您在解釋和依賴它們時應謹慎。我請您參閱該公司向美國證券交易委員會提交的文件，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. A reconciliation of these measures to the most directly comparable GAAP measure is available on our website and our second quarter 2025 earnings release, our supplemental information and our filings with the SEC.

在電話會議中，我們將討論某些非公認會計準則指標，我們認為這些指標有助於評估公司的營運表現。這些措施不應被孤立地考慮或取代我們根據 GAAP 編制的財務結果。這些指標與最直接可比較的 GAAP 指標的對帳可在我們的網站和 2025 年第二季收益報告、補充資訊以及向美國證券交易委員會 (SEC) 提交的文件中查閱。

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 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.

有關本次電話會議討論的某些租戶和/或交易對手的非公認會計準則衡量指標的更多信息，請參閱相應公司向美國證券交易委員會 (SEC) 提交的公開文件。今天主持電話會議的有執行長 Ed Pitoniak、總裁兼營運長 John Payne、財務長 David Kieske、財務長 Gabe Wasserman 和資本市場高級副總裁 Moira McCloskey。艾德和團隊將致一些開場白，然後我們將開始提問。

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

說完這些，我將把電話轉給 Ed。

Thank you, Samantha, and good morning, everyone. I'll begin today by going back to what I talked about in my opening remarks during our last earnings call in late April. In those remarks, I spoke of the paramount importance of the VICI dividend in creating value for VICI shareholders. Those remarks struck a chord for a lot of you, as the feedback we received from many of our active management owners was along the line of the dividend is indeed important, and we're glad you're focused on it.

謝謝你，薩曼莎，大家早安。今天，我將首先回顧我在四月底上次財報電話會議上的開場白中所談到的內容。在這些演講中，我談到了 VICI 股息對於為 VICI 股東創造價值的重要性。這些言論引起了許多人的共鳴，因為我們從許多積極的管理所有者那裡得到的回饋是，股息確實很重要，我們很高興你們注意到這一點。

Today, I want to build on those remarks by focusing on what the dividend critically contributes to, and that's total return. Total return is, of course, the function of dividend return plus dependent on valuation and incremental return generated by the capitalization of earnings growth. In a recent note, in early July, the BofA equity strategist, Savita Subramanian, wrote this headline, Welcome Back to a Total Return World. Savita goes on to say, and I quote, We expect a rising contribution to total return from dividends. Dividends contributed 40% of total returns from 1936 to 2021, but just over 16% over the past decade. From here, we think the contribution of dividends to returns could rise demonstrably. With aging demographics and sticky inflation risks, the supply-demand argument for inflation protected income via stocks is, in our view, compelling and bullish. Unquote.

今天，我想在這些言論的基礎上，重點談談股利的關鍵貢獻，即總回報。當然，總回報是股息回報加上依賴估值和獲利成長資本化所產生的增量回報的函數。美國銀行股票策略師薩維塔·蘇布拉馬尼安 (Savita Subramanian) 在 7 月初的一份最新報告中寫道：「歡迎回到全回報世界」。薩維塔繼續說道，我引用她的話，我們預計股息對總回報的貢獻將持續上升。1936 年至 2021 年，股息貢獻了總回報的 40%，但過去十年這一比例略高於 16%。從這裡開始，我們認為股息對回報的貢獻可能會明顯上升。隨著人口老化和通膨風險持續存在，我們認為，透過股票獲得通膨保護收入的供需論點是令人信服且樂觀的。取消引用。

Savita was recently featured in Wall Street Journal cover story on this topic of total return and the contribution of dividends to total return. In that article as well as in a podcast with The Meb Faber, Savita shares an analysis of nearly 100 years of total return from the Russell 1000. And in that analysis, she finds that the highest total returns over that period have been generated by stocks with higher dividends, specifically by stocks in the second and first quintiles of dividend yield in that order.

Savita 最近登上了《華爾街日報》的封面故事，主題是總回報以及股息對總回報的貢獻。在那篇文章以及與 The Meb Faber 的播客中，Savita 分享了對羅素 1000 指數近 100 年總回報的分析。在分析中，她發現該期間總回報率最高的是股息較高的股票，特別是股息殖利率排名第二和第一五分之一的股票。

While stocks were the lowest dividend yields, this quintile significantly lagged the returns of higher-yielding stocks and not by a little but by quite a lot, nearly 4 times higher return for the second quintile and about 2.5 times for the first quintile versus the fifth quintile according to the Wall Street Journal. Again, what Savita stresses is the dividend return is a key driver of delivering superior total return along with the capitalization of earnings growth.

雖然股票的股息殖利率最低，但這個五分之一的回報率明顯落後於高收益股票的回報率，而且差距不是一點點，而是相當大，根據《華爾街日報》報道，第二個五分之一的回報率幾乎是第五個五分之一的 4 倍，第一個五分之一的回報率大約是第五個五分之一的 2.5 倍。薩維塔再次強調，股息回報是實現卓越總回報以及獲利成長資本化的關鍵驅動力。

In the case of VICI, we see our total return building blocks as having three key components: dividend return; capitalization of same-store earnings growth; and capitalization of new store growth, whether through new acquisitions or property or new loans on property. Our 2025 same and new store growth expectations are embedded in the updated 2025 earnings guidance david will discuss in detail with you shortly.

就 VICI 而言，我們認為我們的總回報構成要素有三個關鍵組成部分：股息回報；同店盈利增長的資本化；以及新店增長的資本化，無論是透過新收購或新物業還是新的物業貸款。我們對 2025 年相同和新店成長的預期已包含在更新後的 2025 年獲利指南中，David 很快就會與您詳細討論。

The midpoint of our revised 2025 guidance now calls for 4.4% growth in AFFO per share versus 2024. We believe this growth rate within the net lease REIT category will put us among the leaders in AFFO per share growth for 2025. To date in 2025, we are generating our earnings growth through a combination of same-store earnings growth and new store external growth.

我們修訂後的 2025 年指引的中點現在要求每股 AFFO 較 2024 年增長 4.4%。我們相信，淨租賃房地產投資信託基金 (REIT) 類別內的這一增長率將使我們在 2025 年每股 AFFO 成長方面名列前茅。截至 2025 年，我們將透過同店獲利成長和新店外部成長的結合來實現獲利成長。

When it comes to same-store earnings growth, VICI's owners benefit from a same-store NOI growth rate that, according to Green Street's latest published net lease research, is over 5 times higher than the average projected rate of same-store NOI growth for net lease REITs. Our external or new store growth has been funded substantially through the deployment of our retained cash flow, meaning at this point, we are growing our 2025 earnings without significantly growing our share count and without significantly growing our net debt.

就同​​店獲利成長而言，VICI 的所有者受益於同店 NOI 成長率，根據 Green Street 最新發布的淨租賃研究，該成長率比淨租賃 REIT 的平均同店 NOI 成長率高出 5 倍以上。我們的外部或新店成長主要透過部署我們的保留現金流來提供資金，這意味著在這一點上，我們在沒有大幅增加股票數量和淨債務的情況下實現了 2025 年收益的成長。

What you are seeing though this internally funded growth, are the advantages of VICI having achieved our current level of scale with more than $600 million a year of retained cash flow available for investment. I will also note that we are converting our revenue growth to earnings growth at a high rate of flow-through given our continuing discipline around our G&A costs, which as percentages of both revenues and assets are among the lowest of large cap REITs.

透過這種內部融資的成長，您所看到的是 VICI 的優勢，我們已達到目前的規模水平，每年有超過 6 億美元的保留現金流可供投資。我還要指出的是，鑑於我們對 G&A 成本的持續嚴格控制，我們正在以高流通率將收入增長轉化為盈利增長，其占收入和資產的百分比在大型房地產投資信託基金中是最低的。

We believe our current use of our internal funding capability or what we call capital markets independence, together with exacting cost discipline, is a sound strategy for defending our dividend, growing our earnings, and creating the conditions that can potentially lead to compelling total return no matter if external funding windows are open or closed.

我們相信，我們目前對內部融資能力的使用，或者我們所說的資本市場獨立性，加上嚴格的成本紀律，是一種合理的策略，可以捍衛我們的股息，增加我們的收益，並創造可能帶來可觀總回報的條件，無論外部融資窗口是開放還是關閉。

To be sure, we may in the quarters and years ahead to develop investment opportunities require and also accretively support issuance of incremental equity and debt in greater size. But for the time being, we believe we are serving our stakeholders well by generating earnings growth and striving for compelling total return without significant equity and credit market reliance. Before I turn the call over to John, I'll finish by repeating what Savita said. Welcome back to a total return world. Here at VICI, we always live in a total return world, and that's because we always believe in the power of compounding. Total return is the power source of compounding. No matter what the market does, we never lose faith in that power.

可以肯定的是，在未來的幾個季度和幾年裡，我們可能需要開發投資機會，並增發支持發行更大規模的增量股權和債務。但就目前而言，我們相信，透過創造獲利成長和爭取令人信服的總回報，並且在不嚴重依賴股票和信貸市場的情況下，我們能夠很好地服務於我們的利害關係人。在我將電話轉給約翰之前，我想重複一下薩維塔所說的話。歡迎回到完全回報的世界。在 VICI，我們始終生活在一個總回報的世界，這是因為我們始終相信複利的力量。總回報是複利的動力來源。無論市場如何變化，我們都不會對這種力量失去信心。

And now, over to you, John.

現在輪到你了，約翰。

Thanks, Ed. Good morning to everyone. VICI's power source of compounding, our total return, is supported by our disciplined approach to building a high-quality portfolio and cultivating a network of best-in-class operating partners. The investments announced during the second quarter was Red Rock Resorts as well as Cain International and Eldridge Industries exemplify the relationship-based nature of our capital and the dynamic operators with whom we seek to partner.

謝謝，艾德。大家早安。VICI 的複合動力源泉，即我們的總回報，是由我們建構高品質投資組合和培育一流營運合作夥伴網路的嚴謹方法所支持的。第二季宣布的投資包括 Red Rock Resorts 以及 Cain International 和 Eldridge Industries，體現了我們資本的關係性質以及我們尋求合作的動態運營商。

As we shared on our first quarter earnings call, we entered into an agreement to provide up to $510 million for the development of the North Fork Mono Casino Resort, which will be developed and managed by Red Rock Resorts. Red Rock Resorts is a best-in-class gaming developer and operator with decades of experience across commercial and tribal assets. We are thrilled to initiate our partnership through this project as we have known and have wanted to work with the Red Rock team for years.

正如我們在第一季財報電話會議上所分享的，我們已達成協議，為 North Fork Mono 賭場度假村的開發提供高達 5.1 億美元的資金，該度假村將由 Red Rock Resorts 開發和管理。Red Rock Resorts 是一流的遊戲開發商和營運商，在商業和部落資產方面擁有數十年的經驗。我們很高興透過這個專案建立合作夥伴關係，因為我們多年來一直了解 Red Rock 團隊並希望與他們合作。

During the second quarter, we also increased our investment in the mezzanine loan related to the development of the One Beverly Hills by $150 million for a total commitment of $450 million. We initially launched our strategic relationship with Cain International and Eldridge Industries through our investment in One Beverly Hills during the first quarter, and our incremental investment is representative of the continued partnership.

在第二季度，我們還增加了與 One Beverly Hills 開發相關的夾層貸款投資 1.5 億美元，總承諾金額達到 4.5 億美元。我們最初在第一季透過對 One Beverly Hills 的投資與 Cain International 和 Eldridge Industries 建立了戰略關係，我們的增量投資代表了持續的合作夥伴關係。

We look forward to continue to support Cain International and Eldridge Industries on the One Beverly Hills development as they work on their next leg of financing for the project. Cultivating new relationships is a key for VICI, but the quality of our existing real estate portfolio and the quality of our operators behind it is the foundation of VICI's sustained growth.

我們期待繼續支持 Cain International 和 Eldridge Industries 開展 One Beverly Hills 開發項目，幫助他們為該項目進行下一輪融資。培養新的關係對於 VICI 來說至關重要，但我們現有房地產投資組合的品質及其背後營運商的品質才是 VICI 持續成長的基礎。

While recent headlines around Las Vegas have focused on slowing visitation, dips in gross gaming revenue, and a decrease in Canadian travel, we remain confident in the city's long-term trajectory. As Las Vegas has experienced multiple years of record-breaking growth, so it is not unexpected to see a period of normalization, particularly as it laps a Super Bowl year amidst broader economic uncertainty.

儘管最近有關拉斯維加斯的新聞頭條集中在遊客數量放緩、博彩總收入下降以及加拿大遊客減少，但我們仍然對該城市的長期發展方向充滿信心。由於拉斯維加斯已經歷了多年破紀錄的成長，因此出現一段正常化時期也就不足為奇了，尤其是在超級盃年和更廣泛的經濟不確定性之中。

As Steve Hill, the CEO of the Las Vegas Convention and Visitors Authority, recently noted, the higher-end consumer remains resilient on the Las Vegas Strip with higher-end properties still running at over 90% occupancy levels. The lower end consumer who is budget conscious is the consumer who has declined recently and the operators of the lower-tier properties are already making adjustment to attract that cohort.

正如拉斯維加斯會議與遊客管理局首席執行官史蒂夫希爾最近指出的那樣，拉斯維加斯大道上的高端消費者仍然保持著強勁勢頭，高端酒店的入住率仍然超過 90%。注重預算的低端消費者是最近下降的消費者，低端酒店的營運商已經在做出調整以吸引這個群體。

From VICI's perspective, our Las Vegas Strip real estate portfolio continues to be well positioned. Importantly, although these near-term dynamics may impact operator performance, VICI's rental income remains well insulated from cyclical fluctuations in our tenants financial. That is the value of our model. Long-term leases, 90% of which by rent roll, include corporate guarantees that serve as a powerful risk mitigant.

從 VICI 的角度來看，我們的拉斯維加斯大道房地產投資組合繼續處於有利地位。重要的是，儘管這些短期動態可能會影響營運商的業績，但 VICI 的租金收入仍然能很好地抵禦租戶財務週期性波動的影響。這就是我們的模型的價值。長期租賃（其中 90% 為租金收入）包括公司擔保，可作為強有力的風險緩解措施。

Guaranteeing rent at the parent level adds cushion to VICI's overall lease coverage, allowing operators to pay rent from the total system, not just brick-and-mortar earnings. Thus, limiting the idiosyncratic risk of any one geography or asset. This structure has also supported VICI's track record of 100% rent collection in cash on time since inception.

在母公司層面保證租金為 VICI 的整體租賃覆蓋率增加了緩衝，使營運商能夠從整個系統支付租金，而不僅僅是實體收入。從而限制任何一個地區或資產的特殊風險。這種結構也支持了 VICI 自成立以來按時以現金形式 100% 收取租金的記錄。

Even as Las Vegas experiences what we believe to be temporary moderation, we have conviction in both the staying power of the city as a global entertainment epicenter and in the creativity of our operating partners. A recent article from the Las Vegas weekly discusses how operators are focusing on attracting new generations as millennials overtake Gen X in visitor volume share.

即使拉斯維加斯正在經歷我們認為的暫時放緩，我們仍然對這座城市作為全球娛樂中心的持久力以及我們營運夥伴的創造力充滿信心。《拉斯維加斯週刊》最近的一篇文章討論了隨著千禧世代的遊客量份額超過 X 世代，營運商如何專注於吸引新一代遊客。

The article highlights millennial and Gen Z taste for experiences different than the traditional gambling enjoyed by their parents and grandparents and experiential innovation is evident on the Las Vegas Strip with the starting of date club concepts, elevated food and beverage experiences, increasing popularity of professional sports, and more. There are also long-term tailwinds for Las Vegas including the planned construction of the Brightline West high-speed rail line, the extension of the F1 contract through 2027 and the forthcoming addition of the A's Stadium. We feel very fortunate to be woven into the fabric of this iconic city and excited about the opportunity we believe continues to be offered in the years ahead.

文章強調了千禧世代和 Z 世代對不同於其父母和祖父母所享受的傳統賭博體驗的品味，並且拉斯維加斯大道上的體驗式創新顯而易見，包括約會俱樂部概念的開始、餐飲體驗的提升、職業體育的日益普及等等。拉斯維加斯也面臨長期的有利因素，包括計劃建設的 Brightline West 高速鐵路線、將 F1 合約延長至 2027 年以及即將建成的 A's 體育場。我們非常幸運能夠融入這座標誌性城市，並對未來幾年將繼續提供的機會感到興奮。

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

現在我將電話轉給大衛，他將討論我們的財務表現和指導。戴維？

Thanks, John. Greatly appreciate you all joining us today. Starting with the balance sheet and recent activity. In April, we closed our bond offering, where we issued $400 million of three-year notes at a coupon of 4.75% and $900 million of 10-year notes at a coupon of 5.625% for a blended coupon of 5.34%, including the impact of our hedging program.

謝謝，約翰。非常感謝大家今天的參加。從資產負債表和最近的活動開始。4 月份，我們完成了債券發行，發行了 4 億美元三年期票據，票面利率為 4.75%，以及 9 億美元十年期票據，票面利率為 5.625%，混合票面利率為 5.34%，其中包括對沖計畫的影響。

We now have no debt coming due until the second half of 2026, where we have September and December maturities, which we plan to address next year. Subsequent to quarter end, we settled approximately 9.7 million shares under our forward equity ATM program for $296 million of net proceeds, which were partially used to repay $175 million that was outstanding on our revolving credit facility and to fund the incremental One Beverly Hills investment.

我們現在沒有債務到期，直到 2026 年下半年，我們有 9 月和 12 月的債務到期，我們計劃明年處理。在季度末之後，我們根據遠期股權 ATM 計劃結算了約 970 萬股股票，獲得了 2.96 億美元的淨收益，其中部分用於償還循環信貸額度中未償還的 1.75 億美元，並為 One Beverly Hills 的增量投資提供資金。

Taking this activity into account, we have approximately $2.9 billion in total liquidity comprised of $325.6 million of estimated proceeds now available under our outstanding forwards, $2.4 billion of availability under our revolving credit facility, and approximately $233 million in cash as of quarter end. Touching on leverage when we account for the revolver repayment, our total debt is $17.1 billion, and our net debt to annualized second quarter adjusted EBITDA is approximately 5.1 times, well within our target leverage range of 5 to 5.5 times.

考慮到這項活動，我們的總流動資金約為 29 億美元，包括我們未償還遠期合約下目前可用的 3.256 億美元估計收益、我們循環信貸安排下的 24 億美元可用資金，以及截至季度末的約 2.33 億美元現金。當我們考慮循環信貸償還時的槓桿率時，我們的總債務為 171 億美元，我們的淨債務與第二季度調整後年化 EBITDA 之比約為 5.1 倍，遠低於我們 5 至 5.5 倍的目標槓桿率範圍。

We have a weighted average interest rate of 4.47% as adjusted to account for our hedge activity and a weighted average 6.5 years to maturity. Our constant focus on managing our cost of capital, balance sheet and liquidity profile through volatile markets allows our team to remain opportunistic in an effort to continue pursuing our sustained and sustainable return goals for our shareholders.

我們的加權平均利率為 4.47%，已根據我們的對沖活動進行調整，加權平均到期時間為 6.5 年。我們始終專注於在動盪的市場中管理我們的資本成本、資產負債表和流動性狀況，這使我們的團隊能夠保持機會主義，並努力繼續為我們的股東追求持續和可持續的回報目標。

And turning to the income statement, AFFO per share was $0.60 for the quarter, an increase of 4.9% compared to $0.57 for the quarter ended June 30, 2024, and 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 noncash items.

談到損益表，本季每股 AFFO 為 0.60 美元，較截至 2024 年 6 月 30 日的季度的 0.57 美元增長 4.9%，鑑於調整後的 EBITDA 增加佔相應收入增加的比例，我們的業績再次凸顯了我們高效的三重淨模型。當消除非現金項目時，我們的利潤率繼續保持在 90% 以上的高點。

Our G&A was $14.6 million for the quarter, and as Ed mentioned, as a percentage of total revenue, was only 1.5%, which continues to be one of the lowest ratios in not only the triple net sector but across all REITs. And finally, moving to guidance. As we announced last night, we are raising our AFFO guidance for 2025 in both absolute dollars as well as on a per share basis.

本季我們的 G&A 費用為 1,460 萬美元，正如 Ed 所提到的，佔總收入的百分比僅為 1.5%，這不僅是三重淨收入領域而且是所有房地產投資信託基金中最低的比率之一。最後，轉向指導。正如我們昨晚宣布的那樣，我們將提高 2025 年的 AFFO 指導，包括絕對美元和每股金額。

AFFO for the year ending December 31, 2025, is now expected to be between $2.5 billion and $2.52 billion or between $2.35 and $2.37 per diluted common share compared to our prior AFFO per share guidance of $2.33 to $2.36, the raise represents an increase at both ends of the range by $0.02 on the bottom and $0.01 on the top end. And based on the midpoint of our raised 2025 guidance, VICI now expects to deliver year-over-year AFFO per share growth of 4.4%. 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 activities, or other nonrecurring transactions or items.

目前預計，截至 2025 年 12 月 31 日的年度 AFFO 將在 25 億美元至 25.2 億美元之間，或每股稀釋普通股 2.35 美元至 2.37 美元之間，而我們之前的每股 AFFO 指導價為 2.33 美元至 2.36 美元，此次上調 10.美元。根據我們上調的 2025 年指引的中點，VICI 現在預計每股 AFFO 將年增 4.4%。需要提醒的是，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、任何尚未最終提款結構的貸款的利息收入、可能的未來收購或處置、資本市場活動或其他非經常性交易或項目。

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

接線員，請打開熱線來回答問題。

(Operator Instructions) John Kilichowski, Wells Fargo.

（操作員指示） 富國銀行的 John Kilichowski。

Hi, this is [Cheryl] on for John. What drove the decision to increase your mezzanine loan investment on the One Beverly Hills by $150 million. Just curious to know your thoughts.

大家好，我是 [Cheryl]，為 John 服務。是什麼促使您決定將對 One Beverly Hills 的夾層貸款投資增加 1.5 億美元？只是好奇想知道你的想法。

Yes, this is David, I can start. As we talked about the original announcement, this is part of a bigger financing that Cain and Eldridge are undertaking to develop what is upwards of a $6 billion, $7 billion, $8 billion project in Beverly Hills. And so our commitment to the project will likely increase over time as they work on implementing the construction financing to finish the project. Right now, this is a combination of a bank financing and an SBL financing that we are entering into. This has a maturity in March of 2026 and Cain and again, Eldridge, are working on our broader construction financing that will -- is in process and be able to take the project to completion in '27.

是的，我是大衛，我可以開始了。正如我們在最初的公告中談到的那樣，這是凱恩和埃爾德里奇為開發比佛利山莊價值高達 60 億美元、70 億美元甚至 80 億美元的項目而進行的更大規模融資的一部分。因此，隨著他們努力實施建設融資以完成該項目，我們對該項目的投入可能會隨著時間的推移而增加。目前，我們正在進行的是銀行融資和 SBL 融資的組合。該專案將於 2026 年 3 月到期，Cain 和 Eldridge 正在致力於更廣泛的建設融資，目前正在進行中，並能夠在 2027 年完成該專案。

Got you. That's helpful. And we've seen a handful of loan and mezzanine opportunities recently. Are you seeing or expecting any fee simple opportunities to come from these relationships?

明白了。這很有幫助。最近我們看到了一些貸款和夾層融資機會。您是否看到或期待從這些關係中產生任何完全所有權機會？

Yeah. In certain cases, yes. And it will take time for obviously those to realize themselves. But certainly, in the case of Cain and Eldritch, as an example, given the breadth and depth of their investments across the experiential spectrum, we would very much anticipate participating with them in our acquisition of this simple real estate. And that was obviously at the heart of what Todd Boehly and Jonathan Goldstein said in the release we put out back in, was that February, about our forming a strategic alliance with Cain and Eldridge around that very topic.

是的。在某些情況下，是的。顯然，這些人需要時間來認識自​​己。但可以肯定的是，以 Cain and Eldritch 為例，考慮到他們在體驗領域投資的廣度和深度，我們非常期待與他們一起參與對這一簡單房地產的收購。這顯然是 Todd Boehly 和 Jonathan Goldstein 在我們 2 月發布的新聞稿中所說的核心內容，該新聞稿中提到了我們將圍繞這一主題與凱恩和埃爾德里奇 (Cain and Eldridge) 結成戰略聯盟。

Got it. Thank you. That's helpful.

知道了。謝謝。這很有幫助。

Barry Jonas, Truist.

巴里·喬納斯，Truist。

Hey, guys, good morning. Maybe broadly speaking, how have deal discussions been as of late for either sales leaseback or other loans? Any major differences in the last 90 days, either gaming, non-gaming, existing tenants or potential new tenants. Just curious at a high level how trends have been?

嘿，大家早安。或許從廣義上講，最近售後回租或其他貸款的交易談判進展如何？過去 90 天內出現任何重大差異，無論是博彩、非博彩、現有租戶或潛在的新租戶。只是好奇從高層次來看趨勢是怎麼樣的？

Yeah, Barry, nice to hear from you. No big difference between quarter-to-quarter. Obviously, if we've continued -- we started the company eight years ago as a gaming REIT, and we're looking at that point, only at gaming. Obviously, over the past six, seven years, we've continued to diversify to look at other sectors. So as you continue to expand the funnel, there's obviously more and more conversations that we have.

是的，巴里，很高興收到你的來信。季度與季度之間沒有太大差異。顯然，如果我們繼續下去——我們八年前創立了這家公司，作為一家博彩房地產投資信託基金，而我們現在只專注於博彩。顯然，在過去的六、七年裡，我們不斷多元化，並關注其他領域。因此，隨著你繼續擴大管道，我們進行的對話顯然會越來越多。

As Ed just finished talking about, we've also used our credit book to build relationships -- new relationships that, at the time, may not have wanted to sell their real estate. So Barry, to answer to your question is, we're quite busy. We have a lot of different sectors that we're looking at, and there has not been any changes at all in the past 90 days.

正如艾德剛剛談到的，我們也利用我們的信用簿來建立關係——新的關係，當時可能不想出售他們的房地產。巴里，回答你的問題是，我們很忙。我們正在關注許多不同的領域，過去 90 天沒有任何變化。

Got it. Got it. That's helpful. And then your closest competitor has taken a stand, perhaps, a bit against iGaming proliferation. I'm not sure if you've recently addressed your views on a public call. Just curious to hear what they may be at this time.

知道了。知道了。這很有幫助。然後，你最接近的競爭對手可能已經採取了立場，反對 iGaming 的擴散。我不確定您最近是否在公開電話會議上表達了您的觀點。只是好奇想聽聽他們現在的情況。

Go ahead, John.

繼續吧，約翰。

No, I think you're probably talking about our closest competitor. I assume you said GLPI has taken a stance on iGaming. Obviously, it's something that we continue to monitor. It is important to many of our tenants to their overall credit. As I talked in my opening remarks, we look at our tenants across not only the bricks and mortar, but also their iGaming portfolio. And it's something that we'll continue to monitor. Obviously, we're aware of what's going on around the United States at this point.

不，我想您可能正在談論我們最接近的競爭對手。我認為您說 GLPI 已經對 iGaming 採取了立場。顯然，我們會繼續監控此事。對於我們的許多租戶來說，這對他們的整體信譽非常重要。正如我在開場白中所說的那樣，我們不僅關注實體店，還關注他們的 iGaming 投資組合。我們將繼續關注此事。顯然，我們知道目前美國各地正在發生什麼。

Barry, I'll just add. So I live in a state, Rhode Island, where the motto is the lively experiment. And I would say that American Gaming is engaged right now in a lively experiment on how the sector will continue to evolve both brick-and-mortar and digital. And of course, in the case of digital, both online sports betting and iGaming. And I think that -- I think regulators states state legislatures and regulators have a lot of decisions to make on how they will manage the interactivity of those various categories of gaming in a way that does the best thing for their economy and their state treasuries but also for job growth and sustainment because clearly, brick-and-mortar casinos employ a lot more people with any given jurisdiction than either iGaming or online sports betting do.

巴里，我只是想補充一下。我住在羅德島州，這裡的座右銘是活躍的實驗。我想說的是，美國博彩業目前正在進行一項積極的實驗，研究該行業將如何繼續發展實體和數位化。當然，就數位化而言，包括線上體育博彩和 iGaming。我認為——監管機構、州立法機構和監管機構需要做出很多決定，決定如何管理不同類別遊戲的互動性，以便既有利於經濟和州財政，又有利於就業增長和維持，因為顯然，在任何特定管轄區內，實體賭場僱用的人都比 iGaming 或在線體育博彩多得多。

Perfect. Thank you so much, guys.

完美的。非常感謝你們，夥伴們。

Anthony Paolone, JPMorgan.

摩根大通的安東尼保隆 (Anthony Paolone)。

Thanks, good morning. My first question relates to just making debt investments versus straight property investments. I know there's some sensitivity around the debt book because of the shorter duration. But if you wanted to bring it up to, say, 10% of the balance sheet or something, do you think there are good opportunities out there that you're seeing that you're just being sensitive to because of the size of the book? Or do you feel like you're doing what you want to do there? Just wondering about the broader opportunity set there.

謝謝，早安。我的第一個問題涉及僅進行債務投資還是直接進行房地產投資。我知道由於期限較短，債務帳簿存在一些敏感性。但是，如果您想將其提高到資產負債表的 10% 左右，您是否認為其中存在著很好的機會，而您只是因為帳簿的規模而對此很敏感？或者你覺得你正在那裡做你想做的事情？只是想知道那裡有更廣泛的機會。

And we would -- we will really be very focused -- we are very focused, I should say, Tony, on the cadence of capital as it goes out the door and obviously, very much the cadence of capital as it comes back in the door and making sure that we are ready for not only, again, the allocation of capital out but the return of capital to us and how we will manage earnings flow. We're at a time right now where I think, Tony, given your coverage of real estate broadly and deeply, we're in a time right now when credit is definitely getting a lot of attention, and there does appear to generally be not just for VICI, but generally appear to be more credit opportunity than real estate transaction opportunity. And again, that is not specific to VICI.

我們會——我們真的會非常專注——托尼，我應該說，我們非常關注資本流出的節奏，顯然，也非常關注資本回流的節奏，確保我們不僅為資本流出做好準備，而且為資本返還做好準備，以及我們將如何管理收益流。東尼，鑑於你對房地產的廣泛而深入的報道，我認為我們現在正處於一個信貸受到廣泛關注的時期，而且似乎不僅僅對於 VICI 而言，而且總體而言信貸機會似乎比房地產交易機會更多。再次強調，這並不是 VICI 特有的。

Okay, thanks. And my second question is on the income statement in the quarter, I think you had about $7 million of transaction costs. It just seemed a bit high for a quarter that was fairly quiet. I was wondering if you can just elaborate on what drove that?

好的，謝謝。我的第二個問題是關於本季的損益表，我認為您的交易成本約為 700 萬美元。對於一個相當平靜的季度來說，這個價格似乎有點高。我想知道您是否可以詳細說明一下造成這種情況的原因？

We're constantly active in looking at opportunities of value opportunities. And some things, sometimes get to the goal line and sometimes things don't. And so we wrote off some costs that were pursuit costs from prior quarters that are no longer pursuit cost.

我們始終積極尋找有價值的機會。有些事情有時會達到目標，有時則不會。因此，我們註銷了一些成本，這些成本是前幾季的追求成本，現在不再是追求成本。

Okay. Thank you.

好的。謝謝。

John DeCree, CBRE.

世邦魏理仕的 John DeCree。

Hi, everyone. Good morning, thank you for taking my questions. John, in your prepared remarks, you talked a little bit about your views on Las Vegas and some of the thoughts about the summer and then the long-term exciting stuff happening there, and we agree. But curious, given your experience, the regional gaming markets have seen a nice uptick lately, and we're hearing that as well. So I'm wondering if you could provide any kind of industry insights on how you're feeling about that market? I think, it certainly highlights the value of the diversified portfolio of your tenants and your business. But curious if you think that's some real life that we're seeing in the regional markets and how you're feeling about that industry overall?

大家好。早上好，感謝您回答我的問題。約翰，在你準備好的發言中，你談到了你對拉斯維加斯的看法，以及對夏天的一些想法，以及那裡長期發生的令人興奮的事情，我們同意這一點。但奇怪的是，根據您的經驗，區域遊戲市場最近出現了良好的成長勢頭，我們也聽說了這一點。所以我想知道您是否可以提供一些行業見解，談談您對該市場的看法？我認為，這確實凸顯了您的租戶和業務多元化投資組合的價值。但我很好奇，您是否認為這是我們在區域市場看到的現實情況，以及您對整個行業有何看法？

Yeah. Well, John, good to talk to you. We continue to be very excited about the industry as a whole. We -- as you know, we love to break it up as there's Las Vegas and everyone else. And we break the region, as you know, there's so many different regions. That's the beauty of our portfolio, right, that we've got all these different regional markets and there's different reasons why we are seeing upticks in revenues and EBITDA out of the regional market.

是的。好吧，約翰，很高興和你交談。我們仍然對整個行業感到非常興奮。我們——正如你所知，我們喜歡把它分成拉斯維加斯和其他地方。我們按區域劃分，如您所知，有很多不同的區域。這就是我們的投資組合的魅力所在，我們擁有所有這些不同的區域市場，我們看到區域市場收入和 EBITDA 上升的原因也各不相同。

Overall, our statement is we still really like the gaming business. We obviously are heavily invested and have a diversified portfolio in both areas. We think we can grow in both areas and excited to see the operators continue to be creative to drive revenues in the regional markets. And like I said in my opening remarks, this is just a temporary issue in Las Vegas.

總的來說，我們仍然非常喜歡遊戲業務。我們顯然在這兩個領域投入了大量資金，並擁有多元化的投資組合。我們認為我們可以在這兩個領域實現成長，並很高興看到營運商繼續發揮創造力來推動區域市場的收入。正如我在開場白中所說的那樣，這只是拉斯維加斯的暫時問題。

When you look at the forward booking for group business in quarter four and the first two quarters of 2026 business is going to be strong. But it's just a credit to the operators that they -- in regional gaming that they have had some years where they're a little bit down, but they're being more creative and adding assets, a lot of capital deployment has been put in our assets in the regional markets, and it's exciting to see that those operators are getting some results.

當您查看第四季度和 2026 年前兩個季度的集團業務預訂情況時，您會發現業務將會非常強勁。但這只是對運營商的一種讚揚——在區域博彩領域，他們經歷了幾年的低迷，但他們變得更有創造力並增加了資產，我們在區域市場的資產上投入了大量資本，看到這些運營商取得了一些成果，我們感到很高興。

Thanks, John. Maybe to switch gears, John or Ed, this one might be for you. The amount of volume and capital that your tenants are investing in your assets is unique to the gaming industry and to your business. And we've heard about this week, whether it's New Orleans or MGM Grand, obviously, Venetian has been a big one. But it seems like that kind of gets overlooked a lot in the value of your stock price and Venetian is a good growth opportunity for you. But you think about ways to highlight that value or crystallize it? I mean is there opportunities to do more buying investments from your tenants that are committing significant capital like that? Just curious your thoughts on that opportunity.

謝謝，約翰。也許換個話題，約翰或艾德，這可能適合你。您的租戶對您的資產的投資額和資本量對於遊戲產業和您的業務而言都是獨一無二的。本週我們聽說了，無論是新奧爾良還是米高梅大酒店，威尼斯人顯然是其中最重要的一個。但似乎這一點在您的股票價格中經常被忽視，而威尼斯人對您來說是一個很好的成長機會。但您是否考慮過如何突顯或具體化這一價值？我的意思是，是否有機會從那些投入大量資金的租戶那裡進行更多的購買投資？只是好奇您對這個機會的看法。

Yeah. I'll start, John. But before I do, I just want to apologize to those listening that we -- our responses are, in some cases, evidently cutting in and out. We apologize for that. And I believe we are in the process of fixing that or have fixed that. It's a very good question, John. And from what we've been able to determine, but I have to qualify this I'm sitting next to our GC who always wants to make sure I qualify everything I say. We cannot identify another real estate -- commercial real estate category where tenants invest more into the building than ours do with possibly the exception of data centers, where obviously the tenant invests a lot into the asset, but it is obviously a different kind of investment.

是的。我先開始，約翰。但在此之前，我只想向聽眾道歉，在某些情況下，我們的回答明顯斷斷續續。我們對此深表歉意。我相信我們正在解決這個問題或已經解決這個問題。這是一個非常好的問題，約翰。從我們能夠確定的情況來看，但我必須對此進行限定，我坐在我們的 GC 旁邊，他總是想確保我所說的一切都符合要求。我們無法確定另一個房地產——商業房地產類別，其中租戶對建築物的投資比我們更多，可能資料中心除外，顯然租戶對資產的投資很多，但這顯然是一種不同類型的投資。

We are very happy when our partners invest in our buildings and thereby de facto increase the value of our buildings. If there is the opportunity for us to contribute capital, we're obviously very excited and honored to do that in partnership with them. But there is simply no question that the capital invested in our buildings, which John now runs into the billions, does it not?

當我們的合作夥伴投資我們的建築並因此實際上提高了建築的價值時，我們感到非常高興。如果我們有機會出資，我們顯然非常高興和榮幸能夠與他們合作。但毫無疑問，約翰現在投資我們建築的資本已經達到數十億美元，不是嗎？

Yeah.

是的。

Yeah, is unlike any category, we've been able to identify outside of data centers.

是的，與任何類別不同，我們已經能夠在資料中心之外進行識別。

And I do, John, I think longer term, over the years, we'll have opportunities to continue to use our capital that help accelerate the growth of our tenants business, particularly in the large boxes that we see in Las Vegas. It's why it's a market that's just so unique. There's nothing like it where one of our boxes, Venetian, what, 17, 18 million square feet. So we hope that continues to be of pillar of growth for our company in years to come.

約翰，我確實認為，從長遠來看，多年來，我們將有機會繼續利用我們的資本來幫助加速我們的租戶業務的成長，特別是在拉斯維加斯的大型購物中心。這就是為什麼這個市場如此獨特。沒有什麼能與我們的其中一個盒子，威尼斯人，相比，有 1700 萬到 1800 萬平方英尺。因此，我們希望這能在未來幾年繼續成為我們公司的成長支柱。

Thanks, John. Thanks, appreciate your insights as always.

謝謝，約翰。謝謝，一如既往地感謝您的見解。

Thank you.

謝謝。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Morning, and thanks for taking my question. I do want to follow that up, and it's similar but a different angle. Some of your tenants and partners have begun talking to us about the effects of the new tax regulations. And if I'm getting the drift properly, and I'll ask for your confirmation of that, it appears to induce them to invest in the properties, either expand, renovate, add amenities, et cetera.

早上好，感謝您回答我的問題。我確實想跟進這一點，這很類似，但角度不同。您的一些租戶和合作夥伴已經開始與我們討論新稅收法規的影響。如果我理解正確的話，請您確認一下，這似乎會促使他們投資房產，無論是擴建、翻新、增加便利設施等等。

It also appears to induce them to continue doing that ongoing to continue to capture the bonus depreciation and therefore the tax benefit. Have you looked at it? Am I reading that correctly? And given that I think this is part of the investment case that you've been making, have you begun to talk to your tenants about it? And what kind of conversations are you having?

這似乎也促使他們繼續這樣做，以繼續獲得獎金折舊，從而獲得稅收優惠。你看過了嗎？我理解得對嗎？鑑於我認為這是您一直在做的投資案例的一部分，您是否已經開始與您的租戶討論此事了？你們正在進行什麼樣的對話？

Yeah. David, you're absolutely right. There were a number of elements of the new tax bill that are beneficial. Obviously, we're very glad of the fact that the REIT dividend deduction was maintained along with a number of other features that are beneficial to REITs. But in the case you're talking about the bonus depreciation, yes, it is a very powerful and positive factor for our operating partners when it comes to investing in their buildings.

是的。大衛，你完全正確。新稅法中有許多有益的內容。顯然，我們很高興看到房地產投資信託基金股息扣除以及其他一些有利於房地產投資信託基金的特徵得以保留。但是，如果您談論的是獎金折舊，那麼，對於我們的營運合作夥伴來說，當涉及投資建築物時，這是一個非常強大和積極的因素。

I would point out, David, and I know you cover hotels as well. Bonus depreciation is a great thing but you still need the capital in order to make the funding. And what the gaming business does is create economic headroom that allows for that incremental capital investment. And one of the things that I think will sustain, not only sustain but continue to increase the competitiveness of Las Vegas over the coming years and even decades is the ability to continually reinvest, especially on the group side.

我想指出的是，大衛，我知道你也涉及酒店業務。獎金折舊是一件好事，但你仍然需要資本來進行融資。遊戲業務的角色是創造經濟空間，以允許增量資本投資。我認為，在未來幾年甚至幾十年內，不僅能維持而且能繼續提高拉斯維加斯競爭力的因素之一是持續再投資的能力，特別是在集團方面。

I think, the US convention center and convention hotel landscape is one that has seen significant underinvestment in the last 10, 15, 20 years going back to even the GFC and the fact that Vegas can continually invest in the main convention center, Mandalay Bay, Venetian, and MGM Grand, all of the big boxes, is a real competitive advantage for Las Vegas. Now we introduced our property partner growth fund a few years ago. Obviously, our Venetian investment is probably the hallmark example of us putting our capital into our buildings incrementally, and we will continue to make sure our tenants understand that our capital can be the cheapest source of capital they could find to continue to improve their buildings.

我認為，美國會議中心和會議酒店領域在過去 10 年、15 年、20 年裡一直存在嚴重的投資不足，甚至可以追溯到全球金融危機時期，而拉斯維加斯可以持續投資主要會議中心、曼德勒海灣、威尼斯人和米高梅大酒店等大型酒店，這對拉斯維加斯來說是一個真正的競爭優勢。幾年前，我們推出了房地產合作夥伴成長基金。顯然，我們對威尼斯的投資可能是我們逐步將資金投入建築物的典型例子，我們將繼續確保我們的租戶明白，我們的資金可能是他們能找到的繼續改善建築物的最便宜的資金來源。

If I can just follow that up, I'm curious about the comment of convention facilities you feel are being under-invested. Could you elaborate on that? And why do you think that to be the case?

如果我可以跟進的話，我很好奇您認為對會議設施投資不足的評論。能詳細說明一下嗎？您認為為什麼會出現這種情況？

Well, I think, David, going back to as far back as the GFC, you've seen, especially, the urban hotel landscape, the one that has generally not been invested in, whether it be through -- by the hotel REITs or other owners of big box convention hotels, there's -- it doesn't give me any pleasure to say this, but there's a lot of tired full-service convention serving hotel product across major American cities. And that, combined with the fact that most of the big convention centers in the big cities have not seen anywhere near the kind of investment that Las Vegas has seen, whether again at the main convention center or as an example, at Mandalay Bay, where MGM put $100 million into the Mandalay Bay meeting facilities to 2.2 million or whatever million square feet, it is. Was it last year, John?

嗯，我認為，大衛，回溯到全球金融危機時期，你已經看到了，尤其是城市酒店業，一般來說，沒有對它進行投資，無論是通過酒店房地產投資信託基金還是其他大型會議酒店的所有者，我都不太樂意這麼說，但美國各大城市都有很多乏味的提供全方位服務的會議酒店產品。而且，再加上大城市中大多數大型會議中心的投資金額遠不及拉斯維加斯，無論是主會議中心還是曼德勒海灣，米高梅投資 1 億美元將曼德勒海灣會議設施的面積擴建至 220 萬平方英尺或數百萬平方英尺。是去年嗎，約翰？

Yeah, a couple of years ago. And David, the other thing that happened was during COVID, many cities cut their sales teams of selling conventions. Las Vegas did not do that. So there has been an uptick of visitation of groups to Las Vegas that then visit brand-new facilities with brand-new technology when they -- used to have their meetings in other cities with run down facilities. So that has really helped accelerate the growth of the group business in Las Vegas, which we're excited about because we own a lot of facilities with great meeting and convention space.

是的，幾年前。大衛，發生的另一件事是，在疫情期間，許多城市削減了銷售會議的銷售團隊。拉斯維加斯沒有這樣做。因此，前往拉斯維加斯的團體數量有所增加，他們以前在其他城市的設施破舊的地方開會，現在他們可以參觀配備全新技術的全新設施。這確實有助於加速拉斯維加斯團體業務的成長，我們對此感到興奮，因為我們擁有許多擁有出色會議和會展空間的設施。

Smedes Rose, Citi.

花旗銀行的斯梅德斯‧羅斯 (Smedes Rose)。

Hi, thanks. I guess this is probably just a reminder, but as New York inches closer to issuing gaming licenses, I think, successfully by the end of the year, if MGM were to get one at the Yonkers facility, are they obligated to use you as a source of financing for their expansion there? Or they would just have the options to do that?

你好，謝謝。我想這可能只是一個提醒，但隨著紐約越來越接近頒發博彩許可證，我認為到今年年底就會成功，如果米高梅要在揚克斯工廠獲得一張許可證，他們是否有義務利用你作為他們在那裡擴張的融資來源？或者他們只是有選擇地這麼做？

It's the latter. They have the option to use our capital. And we're monitoring the situation. I don't think anyone knows at this time where the three licenses are going to go. But your -- to answer your question, they have the option to use our financing.

是後者。他們可以選擇使用我們的資本。我們正在監視局勢。我認為目前沒有人知道這三個許可證將會去往何處。但是——回答你的問題，他們可以選擇使用我們的融資。

Okay. And then just presumably, there will be a third license issued, would you guys be able to participate in that if you wanted to? Or is there some sort of restriction on only working with MGM in the New York market?

好的。然後可以推測，將會頒發第三個許可證，如果你們願意的話，你們可以參與其中嗎？或者是否存在某種限制，只能與米高梅在紐約市場合作？

There's no restriction in the New York license. Yes, Smedes, sorry, I might have been cut off. There's no restriction at all for us.

紐約執照沒有任何限制。是的，Smedes，抱歉，我可能被打斷了。對我們來說，沒有任何限制。

Okay, thank you.

好的，謝謝。

Thank you, Smedes.

謝謝你，Smedes。

Daniel Guglielmo, Capital One.

丹尼爾·古列爾莫（Daniel Guglielmo），Capital One 的總裁。

Hi, everyone. Thanks for taking my questions. You all have the eight Canadian properties, and we've heard about decline visitation to Las Vegas from Canada. When you talk about -- talk with those Canadian operators, are they seeing benefit from less of that outbound traffic to the US this year?

大家好。感謝您回答我的問題。你們都擁有八家加拿大飯店，我們聽說加拿大遊客前往拉斯維加斯的人數有所下降。當您與那些加拿大營運商交談時，他們是否看到今年前往美國的出站流量減少的好處？

That's a great question, Dan. We have been very pleased with the performance of the assets in Canada. I think, it's still a little bit too early to say exactly why they're seeing an uptick, but I think you're on to something that more Canadians are staying at home, visiting the local assets there and the performance out of those assets have been quite good this year.

丹，這個問題問得非常好。我們對加拿大資產的表現非常滿意。我認為，現在說他們看到上漲的確切原因還為時過早，但我認為你已經發現，越來越多的加拿大人待在家裡，參觀當地的資產，而這些資產今年的表現相當不錯。

I appreciate that. And then as a follow-up to an earlier question, some of the loan investment maturities are coming up and the principal balances will get paid down. Do you have that potential capital inflow earmarked for certain investments or projects? And then if the investment environment isn't right at that time to deploy, what would you expect to do with that excess capital? (technical difficulty)

我很感激。然後作為先前問題的後續，一些貸款投資即將到期，本金餘額將得到償還。您是否有專門用於某些投資或專案的潛在資本流入？那麼，如果當時的投資環境不適合部署，您會如何處理這些過剩的資本呢？（技術難度）

We are having some difficulties with the speaker feed. Please standby whilst we reconnect them.

我們在揚聲器饋送方面遇到了一些困難。請等待我們重新連線。

Yes. Our apologies, folks. Gabe, I just began to answer the question that Dan had asked about the use of regained proceeds, Gabe?

是的。各位，我們深感抱歉。加布，我剛開始回答丹關於收回收益的用途的問題，加布？

Yeah. And apologies if I repeat myself, not sure when we got cut out. But we're actively working with all of our partners to understand when loans may be repaid. And then working internally on evaluating alternative investment options when that capital comes back or alternatively talking with them about refinancing options. I think that -- Great Wolf Perryville loan is a great example. Last year, that loan matured was part of a pool that the Blackstone and Great Wolf team securitized and refinanced, and we participated in that refinancing [still]. A lot of times, there's opportunities to reinvest with our partners and keep that capital outstanding. So it's something we monitor very actively internally and always thinking about what we're going to do when that money comes back.

是的。如果我重複了，請原諒，不確定我們什麼時候被打斷了。但我們正在積極與所有合作夥伴合作，以了解何時可以償還貸款。然後在資本回來時在內部評估替代投資選擇，或與他們討論再融資選擇。我認為—Great Wolf Perryville 貸款就是一個很好的例子。去年，這筆到期的貸款是黑石和 Great Wolf 團隊證券化和再融資的資金池的一部分，我們參與了這項再融資[仍然]。很多時候，我們有機會與合作夥伴一起進行再投資並保留未償還的資本。因此，我們在內部非常積極地監控這件事，並且始終思考當錢回來時我們該做什麼。

Great. Thank you.

偉大的。謝謝。

Chris Darling, Green Street.

克里斯達林 (Chris Darling)，綠街。

Thanks. good morning. Just circling back to the iGaming conversation. As you think about states where iGaming currently exists or may be legalized over time, to what extent this impact how you underwrite either incremental capital deployment or maybe new casino sale leasebacks relative to, say, jurisdictions without any near-term sightline for iGaming?

謝謝。早安.回到 iGaming 話題。當您考慮目前存在 iGaming 或可能隨著時間的推移而合法化的州時，這在多大程度上影響您如何承保增量資本部署或新的賭場售後回租（相對於那些短期內沒有 iGaming 前景的司法管轄區而言）？

Chris, it's a great question. And when we started the company at that point, there actually wasn't any states that had iGaming. So some of our leases and some of our underwriting do not take that into effect. Obviously, now we have a few years of states that have online sports betting they have bricks and mortar and they have iGaming. And so we better understand what has been the impact to all of those three pillars. And it definitely is a factor in the way that we think about underwriting.

克里斯，這是一個很好的問題。當我們創辦公司時，實際上還沒有任何州擁有 iGaming。因此，我們的一些租約和承保並未考慮到這一點。顯然，現在有幾個州已經開展了線上運動博彩，他們有實體店，也有 iGaming。這樣我們才能更了解對這三大支柱的影響。這絕對是我們考慮承保的一個因素。

The other we keep up with is what states may not have iGaming today, but are continuing to have discussions about iGaming and what could that impact have positively and negatively on the asset that we would be underwriting in that state. So it's an excellent question. It is top of mind, and we continue to learn as it goes.

我們關注的另一個問題是，哪些州目前可能沒有 iGaming，但仍在繼續討論 iGaming，以及這種影響會對我們在該州承保的資產產生哪些積極和消極影響。所以這是一個很好的問題。這是最重要的事情，我們會繼續學習。

Yeah. And Chris, I'll just add that, obviously, in any investment category, investors should always be selective in how and where and when investments are made. I would say, to reiterate, I think a point we made a call or two ago, I do believe that the regional gaming landscape is, in particular, a landscape right now where an investor needs to take care in investing selectively given -- not only given trends around iGaming but supply growth trends in certain jurisdictions. And so I think, in that respect, we will continue to be very disciplined in how we invest capital generally. But in particular, we will be monitoring each and every regional gaming investment opportunity with particular rigor.

是的。克里斯，我只想補充一點，顯然，在任何投資類別中，投資者都應該始終選擇如何、在何處以及何時進行投資。我想重申一下，我們一兩次打電話時提到過一點，我確實認為，就區域博彩業而言，投資者現在需要謹慎選擇投資——不僅要考慮 iGaming 的趨勢，還要考慮某些司法管轄區的供應增長趨勢。因此，我認為，從這個方面來看，我們將繼續非常嚴格地對待資本投資方式。但具體來說，我們將特別嚴格地監控每個區域博彩投資機會。

Got it. That's all helpful thoughts. Appreciate it. And then I just want to circle back as well to the conversation around Vegas, a little bit of a softer backdrop, which you're on record saying you feel this is more of a temporary phenomenon. But given the softer backdrop, I wonder if that's influencing how whether your tenants or perhaps other owners are thinking about new capital investment opportunities that they're perhaps deciding whether or not to move forward with. Are you seeing any impacts to any extent?

知道了。這些都是有益的想法。非常感謝。然後，我想回到關於拉斯維加斯的談話，這是一個比較柔和的背景，您曾公開表示，您覺得這更像是一種暫時現象。但考慮到較溫和的背景，我想知道這是否會影響你的租戶或其他業主對新資本投資機會的考慮，以及他們是否決定是否繼續推進這些投資機會。您是否看到了任何程度的影響？

Not at all. I think, everyone is aligned on this, who are big operators in Las Vegas that this happens at times. It's a small blip. Again, you look forward-looking bookings of group, you look at the attendance that's expected in the sports facilities that are built and are being built. You look at the tailwinds that this city has. And I -- we have not had one of our tenants talk about this short-term blip impacting long-term capital investment. In fact, just walk down the strip right now, you see a lot of capital investment happening at our assets and others. So it continues to be a city that we're very bullish on, just having a little bit of a slow summer.

一點也不。我認為，每個人對此都有共識，他們都是拉斯維加斯的大營運商，這種情況有時會發生。這只是一個小插曲。再次，您可以查看團體的前瞻性預訂情況，查看已建成和正在建造的體育設施的預期出席人數。你看這個城市所擁有的順風。而且我——我們還沒有聽到任何一位租戶談論過這種短期波動對長期資本投資的影響。事實上，只要現在沿著大道走一走，你就會看到我們的資產和其他資產正在進行大量的資本投資。因此，我們對這座城市仍然非常看好，只是這個夏天的生意稍微有點淡季。

Yes. I would just add, Chris, that our Las Vegas operators benefit from longer-term booking visibility, thanks especially to the group segment that gives them greater confidence in investing capital. And I believe you cover Ryman. And I would point out the degree to which our Las Vegas operators akin to Ryman enjoy that same forward-booking visibility that really significantly derisked the business. I don't want to say it eliminates risk but it definitely derisks it versus a business that's entirely dependent on FIT.

是的。克里斯，我只想補充一點，我們的拉斯維加斯業者受益於長期預訂可見性，這尤其要感謝團體部門讓他們對投資資本更有信心。我相信你報道了萊曼。我想指出的是，我們的拉斯維加斯營運商與萊曼類似，享有同樣的提前預訂可見性，這確實大大降低了業務風險。我不想說它消除了風險，但與完全依賴 FIT 的業務相比，它確實降低了風險。

That's an interesting point, Ed. I appreciate the thoughts and the time. Thank you.

艾德，你的觀點很有意思。我很感謝你的想法和時間。謝謝。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Hey, good morning. This is [Zhen Li] on for Ron. Thanks for taking my questions. First is regarding the Caesars Forum convention center call option you have in September. I'm just curious about your latest thoughts on the deal and like if you would like to exercise the call options?

嘿，早安。我是 [Zhen Li]，為 Ron 報道。感謝您回答我的問題。首先是關於您在九月擁有的凱撒論壇會議中心看漲期權。我只是好奇您對這筆交易的最新想法，以及您是否願意行使看漲期權？

Hey, Zhen Li, it's David. Thanks for the question. As we've talked about with our other calls in the past, we like the optionality we have around that. If we think about that asset in particular, it sits next to couple of assets that we already own. It sits right on land that we already own. So it's a very attractive asset. We obviously just talked about the conviction we have around Las Vegas. And so we'll assess that opportunity. It opens up here in September and goes for a couple of years. So we've got a little bit of time to figure out what we might do with that asset.

嘿，甄莉，我是大衛。謝謝你的提問。正如我們過去在其他電話會議中談到的那樣，我們喜歡這種可選性。如果我們特別考慮該資產，它與我們已經擁有的幾項資產相鄰。它就坐落在我們已經擁有的土地上。所以這是一項非常有吸引力的資產。我們顯然剛剛談到了我們對拉斯維加斯的信念。因此我們將評估這個機會。它於九月在這裡開放，持續幾年。因此，我們有一點時間來思考如何處理該資產。

Nice. Also, we know there are about like 33 acres of undeveloped or underdeveloped land around the Vegas Strip that seems like currently leased to Caesars? I'm just curious about your plans to potentially like monetize or develop those assets maybe together with Caesars? Just curious about your latest thoughts on that. Thank you.

好的。另外，我們知道拉斯維加斯大道周圍大約有 33 英畝未開發或欠開發的土地，似乎目前租給了凱撒娛樂？我只是好奇您是否有計劃與凱撒一起將這些資產貨幣化或開發這些資產？我只是好奇你對此的最新想法。謝謝。

Yeah. I would say we think of that as a land bank. We have no current plans nor does Caesars have any current plan as far as we know, to develop that land. But it does -- definitely does have value as a land bank as we look ahead over the coming decades. And as Vegas continues to achieve what we think is an unrivaled position globally as hospitality, entertainment and increasingly a sports destination, that land very much should increase in value over time.

是的。我想說我們將其視為土地銀行。據我們所知，我們目前沒有開發那片土地的計劃，凱撒也沒有任何開發那片土地的計劃。但展望未來幾十年，它作為土地儲備確實有價值。隨著拉斯維加斯作為酒店、娛樂和體育勝地不斷取得我們認為的全球無可比擬的地位，這片土地的價值應該會隨著時間的推移而增加。

Okay. That's all for me, thank you.

好的。就這些了，謝謝大家。

Greg McGinniss, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

Hey, just one question for me. John, I just want to dig in a bit more on the expanded funnel that you talked about. So besides gaming, which areas do you see right now as having maybe potentially the most investment opportunity for VICI or which industries are you more excited about today? And for both that industry and gaming, what do you think actually gets new operators interested in pursuing sale-leaseback funding, so we can see maybe some more acquisitions in the future.

嘿，我只想問一個問題。約翰，我只是想更深入地了解你談到的擴展漏斗。那麼除了遊戲之外，您認為目前哪些領域可能為 VICI 帶來最大的投資機會，或者您對哪些產業更感興趣？對於該行業和博彩業來說，您認為什麼因素實際上會讓新的營運商對售後回租融資感興趣，因此我們將來可能會看到更多的收購。

Yeah, Greg, great question. We've talked about many of the sectors that we've been spending time in theme parks, indoor water parks, ski resorts, we are spending a lot of time in sports. You've heard us talk about this on the professional level but collegiate level. We've obviously made a good sized investment in the youth sports area. We're excited about the growth there.

是的，格雷格，這個問題問得好。我們討論過很多領域，我們在主題樂園、室內水上樂園、滑雪勝地花了大量時間，我們在運動上也花了大量時間。您已經聽過我們在專業層面和大學層面上討論這個問題。我們顯然在青少年體育領域進行了大量的投資。我們對那裡的發展感到非常興奮。

It's a little bit in many of these sectors of how our capital can work and how it can help accelerate the growth team or of a resort. And so I can't tell you exactly, which ones are going to pop. What I can tell you is we are spending a lot of time in many of these educating folks about VICI, about how we think about partnership, how we think we could do one transaction, but most importantly, how we can be a partner for longer term. So those are the sectors. It still doesn't mean we aren't continuing to look at gaming. I always when we start talking about nongaming, I always like to bring up that we continue to look at the casino business as well.

在許多領域中，這都與我們的資本如何運作以及它如何幫助加速團隊或度假村的成長有關。所以我無法確切地告訴你哪些會爆裂。我可以告訴你們的是，我們花了很多時間向人們介紹 VICI，介紹我們如何看待合作關係，如何進行一筆交易，但最重要的是，如何成為長期合作夥伴。這些就是各部門。但這並不意味著我們不再關注遊戲。當我們開始談論非博彩業時，我總是喜歡提到我們也繼續關注賭場業務。

Yeah, Greg, I'll just add that our ability to do sale leasebacks and to generally get capital out the door, it depends to a great degree on serving the needs of growth-minded operators, in particular, operators who want to grow their store counts, whether it be in gaming or in other experiential categories. And we've come through a period here where the ambition levels to grow store count have not been necessarily what they have in the past, but it's interesting to look particularly in gaming to see who's trading really well. And we -- I would say, for example, our partners at Red Rock, who are growing store count.

是的，格雷格，我只想補充一點，我們進行售後回租和總體上獲得資本的能力，在很大程度上取決於滿足具有增長意識的運營商的需求，特別是那些想要增加門店數量的運營商，無論是在遊戲領域還是在其他體驗類別中。我們經歷了這樣一個時期，增加商店數量的雄心壯志並不一定與過去一樣，但特別關注遊戲領域，看看誰的經營狀況真正良好，這很有趣。例如，我想說，我們在 Red Rock 的合作夥伴正在增加門市數量。

They did it obviously in Durango, they're doing it in North Fork helped by our capital. And I think over time, more and more operators will realize if you really want to get anything resembling a premium valuation, you have to show the market how you're going to grow.

他們顯然在杜蘭戈做到了這一點，在我們資本的幫助下，他們在北福克也做到了這一點。我認為隨著時間的推移，越來越多的運營商會意識到，如果你真的想獲得類似溢價估值的東西，你必須向市場展示你將如何發展。

I appreciate that. And I just wanted to go back to youth sports. There was recently an article in the New York Times talking about private equity getting more involved. Are you seeing opportunities to co-invest there? Are you speaking this with some of these private equity funds about those investment opportunities?

我很感激。我只是想重返青少年運動。《紐約時報》最近刊登了一篇文章，談論更多私募股權的參與。您是否看到了在那裡共同投資的機會？您是否與一些私募股權基金談論過這些投資機會？

Yeah, Greg, you're reading good articles. So absolutely, there's ways to partner. There's ways I'm sure at times, they're looking at things that we're looking at, and we're competing. But that's exactly the relationship building that we are doing in not only in not only in youth sports but in many other sectors where you are seeing other forms of financing and capital looking at the same sectors that we are. And sometimes we will partner, and sometimes we'll go it alone. But that's the philosophy of how we are going to grow in those sectors.

是的，格雷格，你讀的文章很好。所以絕對有合作的方式。我確信，有時他們會專注於我們所關注的事物，並且我們正在競爭。但這正是我們正在建立的關係，不僅在青少年運動領域，而且在許多其他領域，你會看到其他形式的融資和資本也在關注與我們相同的領域。有時我們會合作，有時我們會單獨行動。但這就是我們在這些領域實現發展的理念。

Okay, thank you.

好的，謝謝。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

Hi, this is Jeremy Kuhl for Calin. Circling back on a topic earlier in the call, given supply in regional markets, which regional markets are you most interested in? Thanks. (technical difficulty)

大家好，我是 Calin 的 Jeremy Kuhl。回到剛才通話中的一個主題，考慮到區域市場的供應，您最感興趣的是哪些區域市場？謝謝。（技術難度）

(Operator Instructions)

（操作員指示）

Again, our apologies, folks, and we greatly appreciate your patience if you're still there. We appear to be having some WiFi issues. And we're now on Ace's phone. Ace thanks for your phone. And just repeat Jeremy's question, Jeremy asked which regional markets might be attractive to us. And I will now turn it back over to John.

再次向各位表示歉意，如果你們還在，我們非常感謝你們的耐心。我們似乎遇到了一些 WiFi 問題。我們現在正在使用 Ace 的手機。Ace，謝謝你的電話。重複一下傑瑞米的問題，傑瑞米問哪些區域市場可能對我們有吸引力。現在我將把話題交還給約翰。

We apologize. So if I'm repeating myself a little bit here, I think the number one regional market, we'd love to be is in Las Vegas. It continues to be strong. They are world-class assets. There's markets like Reno, that have some wonderful assets that we're not in that market. There are new markets like Virginia, I would say, or other retail markets, just to name three that would be interested in being part of. I'm sure there's another four or five I could go through but you get the idea.

我們深感抱歉。因此，如果我在這裡重複一下，我認為我們希望進入的第一大區域市場是拉斯維加斯。它繼續保持強勁。他們是世界級的資產。裡諾等市場擁有一些我們所沒有的優質資產。我想說，有一些新市場，例如維吉尼亞市場，或其他零售市場，僅舉三個例子，它們都有興趣參與其中。我確信我還可以列舉另外四、五個，但你明白我的意思了。

Great. And then just one quick follow-up. I saw on the news that Lucky Strike, tenant of VICI recently did a reverse like sales leaseback, does that impact VICI at all? And are there any concerns that any other tenants could do something similar? Thanks.

偉大的。然後只需快速跟進一次。我在新聞上看到 VICI 的租戶 Lucky Strike 最近進行了反向銷售回租，這對 VICI 有影響嗎？是否擔心其他租戶也會做類似的事情？謝謝。

Hey, Jeremy, it's David. Does that -- to answer your question, does not impact VICI. We've got a great relationship with Tom and Bobby over it. Lucky Strike and you may have seen this morning, they announced some acquisitions of some outdoor water parks as well. So they continue to grow their business and how they ultimately capitalize their business over the long term is up to them but I think there could be more opportunities to grow with them in the future. And they're an example of what Ed just talked about, the operator that's growing their store count. So it could potentially be more to come with them over time.

嘿，傑里米，我是大衛。回答你的問題，這是否不會影響 VICI。我們與湯姆和鮑比的關係很好。您可能已經看到今天早上 Lucky Strike 宣布收購了一些戶外水上樂園。因此，他們會繼續發展業務，而最終如何長期利用業務取決於他們自己，但我認為未來可能會有更多的機會與他們共同成長。他們就是 Ed 剛才提到的一個例子，就是不斷增加門市數量的業者。因此，隨著時間的推移，可能會出現更多的可能性。

Ravi Vaidya, Mizuho.

瑞穗的拉維·瓦伊迪亞 (Ravi Vaidya)。

Hello. I hope you guys are doing well. I wanted to ask about the Red Rock deal. Has any capital been drawn down for that deal thus far? And maybe can you describe broadly the opportunity then going forward? You mentioned interest in the locals market in Las Vegas. I think, Red Rock owns a little less than 500 acres in that area. Is that something that you'd be interested in partnering with and relationship you want to expand upon?

你好。我希望你們一切都好。我想問有關 Red Rock 交易的情況。到目前為止，是否已經為該交易提取了任何資金？您能否大致描述一下未來的機會？您提到了對拉斯維加斯當地市場的興趣。我認為，Red Rock 在該地區擁有不到 500 英畝的土地。您是否有興趣與之合作並希望拓展這種關係？

Yeah, Ravi, it's David. I mean we put out about just under $80 million on the initial drop when we announced that loan development and just the way the funding cadence works, there's a little bit of pause from our capital and then the draw schedule pick it back up later this year. And if you listened to Red Rock's call last quarter, not just two days ago, Steve, and Frank, and Lorenzo talked about the long-term relationship they've had with VICI and how nothing's off the table.

是的，拉維，我是大衛。我的意思是，當我們宣布貸款開發時，我們在最初的下降中投入了大約 8000 萬美元，而且按照融資節奏運作，我們的資本會稍有停頓，然後提款計劃會在今年晚些時候恢復。如果你聽過 Red Rock 上個季度的電話會議，而不僅僅是兩天前，史蒂夫、弗蘭克和洛倫佐談到了他們與 VICI 的長期合作關係，以及目前一切皆有可能。

There's no imminent opportunities to do sale leasebacks. But as we talked about on this call, when you do good things with your partners, opportunities may come in the future. And you should listen to their most recent call from two days ago, and they just talked about the growing their store count, Frank and Lorenzo speak specifically to their development capabilities and how good they are expanding their portfolios. And so we're thrilled to partner with them out in Madera, California, and this will be a home run opportunity for everybody involved.

目前沒有立即進行售後回租的機會。但正如我們在這次電話會議上談到的，當你與合作夥伴一起做好事時，未來可能會出現機會。你應該聽聽他們兩天前最近的一次電話會議，他們剛剛談到了不斷增長的門市數量，弗蘭克和洛倫佐特別談到了他們的開發能力以及他們在擴展產品組合方面做得有多好。因此，我們很高興能與他們在加州馬德拉合作，這對所有參與者來說都是一次成功的機會。

Got it. Thank you.

知道了。謝謝。

Jamie Stockton, Wells Fargo.

富國銀行的傑米·斯托克頓。

Great. Thanks for taking the follow-up from our team. So I just want to go back to the bonus depreciation discussion. It could be a pretty meaningful wave of spending here, lots of projects that probably do have a meaningful amount of tenant CapEx which, based on your comments before, it sounds like a formula for you. How much time are you thinking about real shifts in your investment attention based on what we might be seeing coming down the pipeline in terms of just very large-scale CapEx projects that need capital?

偉大的。感謝您接受我們團隊的跟進。所以我只想回到獎金折舊討論。這可能是一波相當有意義的支出浪潮，許多項目可能確實有大量的租戶資本支出，根據您先前的評論，這聽起來像是一個適合您的公式。就需要資本的大型資本支出項目而言，您花了多少時間來考慮投資注意力的真正轉變？

Yeah. I think, Jamie, that because, obviously, this bill just passed and with it, this bonus depreciation component, I don't think everybody had a whole bunch of plans sitting on the shelf waiting for this. So I do think what you are likely to see over the next year is a lot of planning based upon the benefits now of this bonus depreciation. And with those plans getting executed in the next year or two and three years, and that capital being spent over that time.

是的。傑米，我認為，因為顯然這項法案剛剛通過，並且附帶獎金折舊部分，所以我認為並不是每個人都有一大堆計劃等著這項法案。因此，我確實認為，明年您可能會看到很多基於獎金折舊帶來的好處的規劃。這些計劃將在未來一兩年或三年內實施，這些資金也將在此期間投入使用。

So I don't think you're going to see an immediate spending of capital, but it has certainly created an environment where over the next few years, it should unleash a very strong way of capital investment, hopefully, with some of our money. But in any case, capital that will increase the value of our building.

因此，我認為你不會立即看到資本支出，但它確實創造了一種環境，在未來幾年內，它應該會釋放出非常強勁的資本投資方式，希望是用我們的部分資金。但無論如何，資本都會增加我們建築的價值。

But I guess my question is more, would you consider shifting away from your traditional focused gaming experiential if there are major projects that look interesting?

但我想我的問題是，如果有看起來很有趣的大型項目，你會考慮放棄傳統的遊戲體驗嗎？

Not necessary -- no, not necessarily. Because outside experiential, I would say right now, it is out of scope for our investing. I don't know if you're sort of referring to data centers or something like that. But right now, we continue to believe very much in the secular power and secular sustainability of experiential as an investment category.

沒必要——不，沒必要。因為除了經驗之外，我現在想說，這超出了我們的投資範圍。我不知道您是否指的是資料中心或類似的東西。但目前，我們仍然非常相信體驗式投資類別的長期力量和長期可持續性。

Okay. And then going back to your initial comments about the dividend and as you think about the earnings and cash flow profile, I know Tony asked before about debt investments versus real estate equity investments. I think you broke up a little bit on the answer. So do you have a sense of when you think about dividend composition, how much of the cash flow you'd want from debt investments versus fee simple equity investments?

好的。然後回到您最初關於股息的評論，當您考慮收益和現金流狀況時，我知道托尼之前問過債務投資與房地產股權投資的問題。我認為你們對這個答案有些分歧。那麼，當您考慮股息組成時，您是否知道您希望從債務投資和完全股權投資中獲得多少現金流？

Yeah. I wouldn't say we necessarily break it -- decompose the dividend in that way. What we certainly look at is how we are going to grow AFFO per share over time and the degree to which we can use both retained and regained capital to continue to grow our AFFO per share and thus grow our dividend. But I wouldn't say we necessarily decompose the AFFO in such a way that it then drives dividend policy.

是的。我不會說我們一定要打破它——以那種方式分解股息。我們當然關注的是隨著時間的推移我們將如何增加每股 AFFO，以及我們可以在多大程度上利用保留和重新獲得的資本來繼續增加每股 AFFO，從而增加我們的股息。但我不會說我們必須以某種方式分解 AFFO，以便它可以推動股息政策。

This concludes today's Q&A session. So I'll hand the call back to Ed for some closing comments.

今天的問答環節到此結束。因此，我將把電話交還給 Ed，請他發表一些結束語。

Yeah. I just want to again apologize to everybody for the technical difficulties today. Appreciate your patience and very much look forward to talking to you next time when we are very determined, we will not have these issues. Thank you.

是的。我只是想再次向大家為今天的技術困難道歉。感謝您的耐心，非常期待下次與您交談，屆時我們一定會堅決杜絕這些問題。謝謝。

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了。