VICI Properties Inc (VICI) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VICI Properties third-quarter 2025 earnings conference call. (Operator Instructions) Please note this conference call is being recorded today, October 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。感謝您的耐心等待。歡迎參加 VICI Properties 2025 年第三季財報電話會議。（操作員說明）請注意，本次電話會議將於2025年10月31日進行錄音。現在我將電話轉交給 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 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。所有人都應該能夠取得公司 2025 年第三季財報及補充資訊。新聞稿及補充資料可於VICI Properties網站www.viciproperties.com的投資人關係欄位查閱。我們今天發表的部分評論構成聯邦證券法意義上的前瞻性陳述。

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.

前瞻性陳述通常使用諸如「將」、「相信」、「預期」、「應該」、「指導」、「打算」、「展望」、「計劃」或其他類似短語來識別，但這些陳述受到諸多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。

Therefore, you should exercise caution in entering and relying on them. We refer you to the company's SEC filings for a more detailed discussion of the risks that could impact future operating results and financial condition. During the call, we will discuss certain non-GAAP measures, which we believe can be useful in evaluating the as operating performance.

因此，您在進入和依賴它們時應謹慎行事。有關可能影響未來經營業績和財務狀況的風險的更詳細討論，請參閱該公司向美國證券交易委員會提交的文件。在電話會議中，我們將討論一些非GAAP指標，我們認為這些指標有助於評估公司的營運表現。

These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available on our website in our third-quarter 2025 earnings release, our supplemental information and our filings with the SEC.

這些措施不應被孤立地看待，也不應被視為替代我們按照公認會計原則編制的財務表現。這些措施與最直接可比較的 GAAP 措施的調節表可在我們網站上的 2025 年第三季收益報告、補充資訊以及我們向美國證券交易委員會提交的文件中查閱。

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

有關本次電話會議中討論的某些租戶和/或交易對手的非GAAP指標的更多信息，請參閱相關公司向美國證券交易委員會提交的公開文件。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；首席會計長 Gabe Wasserman；以及資本市場高級副總裁 Moira McCloskey。Ed 和他的團隊將作開場致辭，然後我們將開放提問環節。接下來，我將把電話交給艾德。

Thank you, Samantha, and good morning, everyone. I want to start by talking about something we probably won't get asked about much during the upcoming Q&A, and that's our Q3 earnings growth. For Q3 2025, we grew our AFFO per share earnings by 5.3% and versus Q3 2024.

謝謝你，薩曼莎，大家早安。我想先談談在接下來的問答環節中可能不會被問到的一件事，那就是我們第三季的獲利成長情況。2025 年第三季度，我們的調整後營運資金 (AFFO) 每股盈餘成長了 5.3%，與 2024 年第三季相比。

I want to emphasize our Q3 2025 earnings growth rate because I want to emphasize the earnings growth that our model is capable of producing even in periods of continuing uncertainty. With our Q3 2025 results, the VICI team continues to demonstrate its resourcefulness and resilience in growing relationships to grow our revenues and profits without in the case of 2025, significantly growing our capital base.

我想強調我們 2025 年第三季的獲利成長率，因為我想強調我們的模型即使在持續不確定的時期也能產生獲利成長。從我們 2025 年第三季的業績來看，VICI 團隊繼續展現出其足智多謀和堅韌不拔的精神，透過發展人際關係來增加收入和利潤，而無需像 2025 年那樣大幅增加我們的資本基礎。

You will hear more in a moment from John Payne about what the VICI team is doing to continue to grow our portfolio and our income, and you will hear from David on our financial results, balance sheet and updated 2025 earnings guidance. Before we turn to John and David, I want to talk about the wider strategic context in which we are producing our results.

稍後您將聽到 John Payne 詳細介紹 VICI 團隊為繼續擴大投資組合和增加收入所做的努力，之後您將聽到 David 介紹我們的財務業績、資產負債表和更新後的 2025 年盈利預期。在介紹約翰和戴維之前，我想先談談我們這些成果的更廣泛的策略背景。

And by context, I do not mean the state of the market this week is very weak, which has obviously been a rough week for REITs and for gaming operators. If you wish, we can share our thoughts on this week's market reactions and reductions during the Q&A. By strategic context, I mean the larger context of the world we are living and moreover, we'll be investing in, in the years, not weeks to come.

而我所說的背景，並不是指本週市場狀況非常疲軟，儘管對於房地產投資信託基金和博彩業者來說，這顯然是艱難的一周。如果您願意，我們可以在問答環節分享我們對本週市場反應和下跌的看法。我所說的戰略背景，指的是我們所處的世界的更大背景，而且，我們將在未來幾年（而不是幾週）進行投資。

As I've told you before, I do a lot of reading. Some days, I do wonder if I do too much reading. Two weeks ago, I read a guest post in one of my favorite daily newsletters, Odd Lots. That particular day, the Odd Lots Pulpit was given order to Victor Schmitt, Head of Global Desk Strategy at Macquarie Capital. Victor starts by quoting Nobel Prize winner Neil's Bohr, who is often quoted as having said, Prediction is very difficult, especially if it is about the future. Victor does acknowledge that Yogi Berra evidently said something similar.

正如我之前告訴過你的，我喜歡閱讀。有時候，我會想自己是不是讀書太多了。兩週前，我在我最喜歡的每日新聞簡報之一《Odd Lots》上讀到了一篇客座文章。當天，Odd Lots Pulpit 的指示交給了麥格理資本全球策略部門主管 Victor Schmitt。維克多首先引用了諾貝爾獎得主尼爾·玻爾的話，玻爾曾說過：“預測非常困難，尤其是預測未來。”維克托承認，尤吉·貝拉顯然也說過類似的話。

After summarizing the current year state of our world, Victor states, In line with many other prognosticators, I do believe that the next decade will be the most critical period in the transition from yesterday's capitalism toward a yet to be defined alternative system.

在總結了我們世界今年的狀況之後，維克多表示：“與許多其他預言家一樣，我相信未來十年將是過去資本主義向尚未定義的替代體系過渡的最關鍵時期。”

Everything is up for grabs in what is likely to be one of the most profound changes since the invention of agriculture with far deeper consequences than even the industrial revolutions had. Victor goes on to ask, Then what are rational investment strategies in response to an irrational world caught in violent transition.

一切都充滿了變數，這可能是自農業發明以來最深刻的變革之一，其影響甚至比工業革命還要深遠。維克多接著問：那麼，面對一個陷入劇烈變革的非理性世界，理性的投資策略是什麼？

Victor's preferred answer is, to have strong views rather than no views. This involves joining the revolution and backing instead of fighting secular themes, basing investment strategy on a new world, and avoiding the waging of old battles. He states for the last 10 years his firm has valued building portfolios around sectors and companies that are, supported by long-term structural forces rather than investing based on a heavily degraded reading of economic and capital market cycles.

維克多的理想答案是：與其沒有觀點，不如有鮮明的觀點。這意味著加入革命，支持而非對抗世俗主題，將投資策略建立在新世界之上，避免重蹈覆轍，發動舊戰爭。他表示，過去 10 年來，他的公司一直重視圍繞受長期結構性力量支撐的行業和公司構建投資組合，而不是基於對經濟和資本市場週期嚴重惡化的解讀進行投資。

With portfolio construction based in part on rising returns on digital capital he then continues, quote included are several disruptive themes such as the replacement and augmentation of humans, the flow on impact to social, political and geopolitical arenas and the corresponding need for balm, both metaphysical and real. Okay, did you get all that, these days, it's hard, at least for me, to determine if Victor's view is on the outer or interspectrum of potential outcomes.

他接著說，投資組合的建構部分是基於數位資本不斷增長的回報，其中包含幾個顛覆性主題，例如人類的替代和增強，對社會、政治和地緣政治領域的影響，以及對形而上學和現實的慰藉的相應需求。好了，你都明白了嗎？如今，至少對我來說，很難判斷維克多的觀點是處於潛在結果的極端還是中間。

But a lot of what he says rings true to me and in any case, I believe that in this period, real estate investors should be developing and executing return and risk management strategies that account for the possibility that Victor will be proven right, that we are in a prolonged period of significant change and that those changes could impact people's desire and need for what Victor calls balm, both metaphysical and real. And just in case I'm not pronouncing it as clearly as I should, he is saying B-A-L-M, balm and not bomb, B-O-M-B.

但他說的很多話我都覺得很有道理，無論如何，我認為在這個時期，房地產投資者應該制定和執行回報和風險管理策略，考慮到維克多的觀點可能會被證明是正確的，我們正處於一個長期的重大變革時期，而這些變革可能會影響人們對維克多所說的慰藉（包括形而上學的和現實的慰藉）的渴望和需求。以防我的發音不夠清晰，他說的是 B-A-L-M，balm，而不是 bomb，B-O-M-B。

And I take balm to mean what people do to seek connection, entertainment, play-based excitement, both psychological and physical wellness and healing. These are the experiential dimensions, the various dimensions of balm we at VICI have been, are and will continue to be examining, evaluating and potentially investing in through our insight-driven approach, depending, of course, on our determination that these experiences have the investment attributes we rely on.

我認為「balm」指的是人們為了尋求連結、娛樂、玩樂帶來的興奮、心理和生理健康以及療癒而做的事情。這些是體驗維度，是 VICI 一直以來、現在和將來都會透過我們以洞察力為導向的方法去審視、評估和可能投資的各種療癒維度，當然，這取決於我們是否認定這些體驗具有我們所依賴的投資屬性。

We are mindful, very mindful that at a time like this, it's more important than ever to identify as best we can the risks of oversupply, obsolescence and the other factors that can lead to real estate capital destruction. And through that identification process to determine what we will and will not invest in. It's an approach that has driven what we've done at VICI in the last few years, an approach that has led to investments made and investments avoided.

我們非常清楚，在這樣的時刻，比以往任何時候都更重要的是，要盡可能地識別出供應過剩、過時以及其他可能導致房地產資本損失的因素的風險。透過這個識別過程，確定我們將投資什麼，不投資什麼。這種方法一直指導著我們在 VICI 過去幾年所做的工作，這種方法決定了我們進行的投資和避免的投資。

And as you can see from our Q3 2025 results, it's an approach that is delivering growth where it most counts growth in AFFO per share. With that, I'll turn the call over to John. John?

從我們 2025 年第三季的業績可以看出，這種方法在最重要的方面——每股調整後營運資金 (AFFO) 的成長——實現了成長。接下來，我會把電話交給約翰。約翰？

Thanks, Ed. Good morning to everyone who's on the call. As Ed laid out, we face a market environment the five easy explanation. But at VICI, we have already faced multiple unprecedented events in our eight-year history. And through disciplined capital allocation, we have been able to strike the balance between investment, quality, and growth.

謝謝，埃德。各位參加電話會議的朋友，早安。正如 Ed 所闡述的，我們面臨一個市場環境，以下五個面向可以簡單解釋。但 VICI 在成立八年的歷史中，已經面臨過許多前所未有的事件。透過嚴格的資本配置，我們得以在投資、品質和成長之間取得平衡。

Subsequent to quarter end, we announced that we'll be adding our 14 tenant, Clairvest, in connection with MGM resource agreement to sell the operations of MGM Northfield Park. Upon closing of the transaction, VICI will enter into a new triple-net lease with an affiliate of Clairvest as well as an amendment to the master lease between VICI and MGM Resorts. The Northfield Park lease will have an initial annual base rent of $53 million or $54 million if the transaction closes on or after May 1, 2026. And rent under the MGM master lease will decrease by the same amount. Simply put, this transaction will not change the total amount of rent collected by VICI.

季度末之後，我們宣布，我們將新增第 14 個租戶 Clairvest，這與 MGM 出售 MGM Northfield Park 營運權的資源協議有關。交易完成後，VICI 將與 Clairvest 的一家關聯公司簽訂新的三方淨租賃協議，並對 VICI 與 MGM Resorts 之間的主租賃協議進行修訂。Northfield Park 的租賃合約初始年基本租金為 5,300 萬美元，如果交易在 2026 年 5 月 1 日或之後完成，則為 5,400 萬美元。根據米高梅總租賃協議，租金也將減少相同的金額。簡而言之，這筆交易不會改變 VICI 收取的租金總額。

Clairvest is a top performing private equity firm out of Toronto, and they are a recognized leader in the gaming sector. Clairvest is a sought-after partner with gaming experience across regional casinos, racetracks, suppliers, technology providers, and online gaming globally, having made 17 investments in 37 gaming assets over the last two decades. VICI looks forward to further diversifying our tenant roster with a well-respected counterpart in the sector. Now casino gaming remains the top focus for VICI. We continue to believe in the durability of the sector despite recent noise around Las Vegas.

Clairvest 是一家總部位於多倫多的頂級私募股權公司，也是遊戲產業的公認領導者。Clairvest 是一家備受追捧的合作夥伴，在全球區域賭場、賽馬場、供應商、技術提供商和線上遊戲領域擁有豐富的遊戲經驗，在過去的二十年中，該公司對 37 個遊戲資產進行了 17 項投資。VICI期待與業界備受尊敬的合作夥伴進一步豐富我們的租戶陣容。現在，賭場博彩仍然是 VICI 的首要關注點。儘管最近拉斯維加斯出現了一些負面消息，但我們仍然相信該行業的持久性。

John Decree at CBRE put it well in his research note earlier this week. Las Vegas has experienced the confluence of idiosyncratic headwinds. The slowdown in visitation this summer influenced by decreased Canadian travel and reduced capacity from Spirit Airlines is definitely something to monitor. But Las Vegas has endured cycles before, and operators are expecting trends to improve through quarter four and into 2026. Headlines emphasize short-term trends, but at VICI, we take the long view.

世邦魏理仕的約翰·迪克裡在本週稍早的研究報告中對此做了很好的闡述。拉斯維加斯遭遇了各種特殊逆風的交會。今年夏季遊客數量放緩，主要是由於加拿大遊客減少以及精神航空運力下降所致，這絕對值得關注。但拉斯維加斯以前也經歷過類似的周期，營運商預計第四季及2026年趨勢將有所改善。新聞標題往往強調短期趨勢，但 VICI 著眼於長遠發展。

We are still big believers in Las Vegas as one of the world's best destinations with operators who are willing and able to adapt their business to meet consumer demand. With that said, some operators have experienced recent strength in Las Vegas. The Venetian, one of our tenants, for example, continues to perform remarkably well with record hotel revenues and gaming volumes this summer.

我們仍然堅信拉斯維加斯是世界上最好的旅遊目的地之一，那裡的經營者願意並且能夠調整他們的業務以滿足消費者的需求。儘管如此，一些業者最近在拉斯維加斯的業務表現強勁。例如，我們的租戶之一威尼斯人酒店今年夏天繼續表現出色，酒店收入和博彩額均創歷史新高。

Additionally, according to Venetian management, 2026 is on track to be a great year for the Venetians group business, convention sites in and out of cities each year, but Las Vegas continues to draw solid group demand that supports the segment as other conferences rotate locations. For example, Con Expo, ConAg, America's largest construction trade show that draws nearly 140,000 attendees takes place every three years is set to happen in Las Vegas in March of 2026.

此外，據威尼斯人管理層稱，2026 年有望成為威尼斯人團體業務的豐收年，每年威尼斯人都會在城市內外舉辦會議，但拉斯維加斯持續吸引著穩定的團體需求，支撐著這一業務板塊，而其他會議則輪換舉辦地點。例如，美國最大的建築貿易展 Con Expo, ConAg 每三年舉辦一次，吸引了近 14 萬名觀眾，將於 2026 年 3 月在拉斯維加斯舉行。

We believe the convention business in Las Vegas is an underappreciated mitigant to the cyclical nature of leisure-oriented business. In 2024, convention visitors spent $1,681 per trip. That is 33% higher than the average leisure visitor, and the strength of Las Vegas as a convention city has continued to gain momentum post-pandemic. VICI owns nearly 6 million square feet of convention of conference convention and trade show at on the Las Vegas Strip, and representatives from several blue-chip large cap companies like Amazon, Google, Microsoft, attend conferences in Las Vegas every year. VICI continues to believe in the strength and resiliency of Las Vegas.

我們認為拉斯維加斯的會展業是緩解休閒娛樂業週期性波動的重要因素，但其角色卻被低估了。2024年，會議參觀者每次出遊平均花費1,681美元。這比普通休閒遊客高出 33%，拉斯維加斯作為會展城市的實力在疫情後繼續增強。VICI 在拉斯維加斯大道擁有近 600 萬平方英尺的會議、展覽和貿易展覽場地，每年都有來自亞馬遜、谷歌、微軟等幾家藍籌大型公司的代表參加在拉斯維加斯舉行的會議。VICI 仍然相信拉斯維加斯的實力和韌性。

Over the last eight years, VICI has been deliberate with its portfolio construction, and we believe we've made the company better each time we grew bigger, our multidimensional investment evaluation bolsters the quality of our decisions as real estate owners, and we can put rigorous analysis with each opportunity that comes across our desk.

在過去的八年裡，VICI 對其投資組合的建構一直非常謹慎，我們相信，隨著公司規模的擴大，我們每次都讓公司變得更好。我們多維度的投資評估提高了我們作為房地產所有者的決策質量，我們可以對擺在我們面前的每一個機會進行嚴格的分析。

At any given time, we consistently have multiple ongoing dialogues with gaming and other experiential operators, and what we want to continue to do, which is what has earned its credibility thus far, is maintain a disciplined capital allocation strategy that facilitates quality growth. We do not aim to grow through sakes. We do not seek to compromise creditworthiness to reach for return. We instead engage in selective sustainable capital allocation that can provide long-term growth and withstand potential near-term macro shocks.

在任何時候，我們都會與遊戲和其他體驗運營商保持多方對話，而我們希望繼續做的，也是我們迄今為止贏得信譽的原因，是保持嚴格的資本配置策略，以促進高品質成長。我們並不打算透過釀造清酒來發展壯大。我們不會為了追求回報而損害信譽。我們則採取有選擇、可持續的資本配置方式，以實現長期成長並抵禦潛在的短期宏觀衝擊。

We are long-term stewards of capital, and VICI aims to make decisions that support sustained and sustainable growth that delivers value to our shareholders. Now I will turn the call over to David, who will discuss our financial results and guidance. David?

我們是資本的長期管理者，VICI 的目標是做出支持持續且永續成長的決策，為我們的股東創造價值。現在我將把電話交給大衛，他將討論我們的財務表現和展望。大衛？

Thanks, John. Touching on our financial results, AFFO per share was $0.60 for the quarter, an increase of 5.3% compared to $0.57 for the quarter ended September 30, 2024. These 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 run in the high 90% range when eliminating noncash items. Our G&A was $16.3 million for the quarter and as a percentage of total revenues, was only 1.6%, which continues to be one of the lowest ratios in not only the triple net sector but across all REITs.

謝謝你，約翰。談到我們的財務業績，本季調整後營運資金（AFFO）每股為 0.60 美元，比截至 2024 年 9 月 30 日的季度的 0.57 美元增長了 5.3%。這些結果再次凸顯了我們高效率的三重淨租賃模式，調整後 EBITDA 的成長比例與營收的相應成長比例相符。剔除非現金項目後，我們的利潤率在 90% 以上。本季我們的一般及行政費用為 1,630 萬美元，佔總收入的比例僅為 1.6%，這不僅是三淨租賃業中最低的比例之一，而且在所有 REIT 中也是最低的比例之一。

On September 4, we declared a dividend of $0.45 per share, representing a 4% increase from the prior dividend amount and our eighth consecutive annual dividend increase since VICI's inception. We are very proud to deliver this consistent increase to our owners.

9 月 4 日，我們宣布派發每股 0.45 美元的股息，比之前的股息金額增加了 4%，這也是 VICI 成立以來連續第八年提高年度股息。我們非常自豪能夠為業主帶來持續的成長。

Touching on liquidity on the balance sheet. During the quarter, we settled a total 12.1 million shares under our forward sale agreements and received approximately $376 million in net proceeds with a portion of these proceeds being used to repay $175 million of the outstanding balance on our credit facility. Our total debt is $17.1 billion, and our net debt to annualized third-quarter adjusted EBITDA is approximately 5 times at the low end of our target leverage range of 5 to 5.5 times. We have a weighted average interest rate of 4.47% as adjusted to account our hedge activity and a weighted average 6.2 years to maturity.

談到資產負債表上的流動性問題。本季度，我們根據遠期銷售協議結算了共計 1,210 萬股股票，並獲得了約 3.76 億美元的淨收益，其中一部分收益用於償還我們信貸安排中未償還的 1.75 億美元餘額。我們的總負債為 171 億美元，淨負債與第三季年度調整 EBITDA 的比率約為 5 倍，位於我們 5 至 5.5 倍目標槓桿率範圍的低端。在調整以反映我們的對沖活動後，我們的加權平均利率為 4.47%，加權平均到期期限為 6.2 年。

Turning to guidance. We are updating our AFFO guidance for 2025 on a per share basis. AFFO for the year ending December 31, 2025, is now expected to be between $2.51 billion and $2.52 billion or between $2.36 and $2.37 per diluted common share. Compared to our prior FFO per share guidance of $2.35 to $2.37 per share, the raise represents an increase of the lower end by a penny.

尋求指導。我們正在更新 2025 年每股調整後營運資金 (AFFO) 指引。截至 2025 年 12 月 31 日止年度的調整後營運資金 (AFFO) 預計在 25.1 億美元至 25.2 億美元之間，或每股攤薄普通股收益在 2.36 美元至 2.37 美元之間。與我們之前給出的每股 FFO 預期 2.35 至 2.37 美元相比，此次上調意味著下限值增加了 1 美分。

Based on the midpoint of our updated 2025 guidance, VICI now expects to deliver year-over-year AFFO per share growth of 4.6%. 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 nonrecurring transactions or items. With that, operator, please open the line for questions.

根據我們更新後的 2025 年業績指引的中點，VICI 目前預計每股調整後營運資金 (AFFO) 將年增 4.6%。再次提醒，我們的指導意見不包括任何尚未完成的交易、任何尚未確定最終提款結構的貸款的利息收入、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對經營業績的影響。接線員，請開啟提問頻道。

(Operator Instructions) Anthony Paolone, JPMorgan.

（操作說明）安東尼·保隆，摩根大通。

John, I think you mentioned you're at 14 tenants now. And so VICI's kind of unique compared to net lease peers. Now you got a pretty narrow set, and you talk to them all the time. So can you talk about maybe like how often lease amendments come up? And if they do, how you approach those conversations?

約翰，我記得你說過你現在有 14 個租戶。因此，與淨租賃同業相比，VICI 具有一定的獨特性。現在你的受眾群體非常狹窄，你總是和他們交談。那麼，您能談談租賃合約修改的頻率嗎？如果他們真的這麼做了，你會如何展開這些對話？

Yes. Hi, good morning, Tony, it's Ed. I'll start off and turn this over to John in just a moment. But where I want to start this morning is by reminding everyone of where we came from, and how we started. At VICI, we were born with challenges. And what we proved right out of the gate, and I believe, improved ever since is that when we face challenges, we get after them. We focus on making sure we understand the full dimensions of the challenge and then we work as productively and expeditiously as possible to find the right solutions that deliver the right outcomes for us and our partners.

是的。嗨，早上好，東尼，我是艾德。我先開始，馬上把麥克風交給約翰。但我今天早上想先提醒大家我們從哪裡來，以及我們是如何起步的。在 VICI，我們生來就面臨挑戰。我們從一開始就證明了，我相信，從那時起我們一直在進步，那就是當我們面對挑戰時，我們會迎難而上。我們專注於確保我們了解挑戰的各個方面，然後盡可能有效且迅速地找到合適的解決方案，為我們和我們的合作夥伴帶來合適的結果。

And we've got obviously a track record of doing that through what we've done in selling assets that our partners wanted to get out of, and we wanted to get out of as well. We have obviously helped tenants get out of assets that they for strategic reasons, wanted to get out of Northfield Park being the most recent example.

顯然，我們在這方面有著良好的記錄，我們透過出售合作夥伴想要退出、我們也想要退出的資產，成功地做到了這一點。我們顯然幫助租戶擺脫了他們出於戰略原因想要擺脫的資產，最近的一個例子就是諾斯菲爾德公園。

But I'll turn it over to John because he can further elaborate on the approach we take with our partners and the degree to which we are always focused on making sure that any challenges that exist for them or for us get dealt with, and we can all move on.

但我會把發言權交給約翰，因為他可以進一步闡述我們與合作夥伴採取的方法，以及我們始終致力於確保解決他們或我們面臨的任何挑戰，從而讓我們都能繼續前進的程度。

Yes, just a little bit to add to what Ed talked about. I mean we are very fortunate or blessed to now have 14 tenants that allowed us to get into greater detail of strategic growth, or if there tends to be a problem in the business, we can discuss about how we can be beneficial, which is very different than many REITs that you know Tony, that have 100 or 500 or 1,000 tenants that I'm not that smart to be able to help with 1,000 different tenants to understand how we can be beneficial to them.

是的，我只是想補充艾德剛才談到的內容。我的意思是，我們非常幸運，現在擁有 14 個租戶，這讓我們能夠更深入地探討策略成長，或者如果業務中出現問題，我們可以討論如何從中受益。這與你認識的許多 REIT 非常不同，托尼，他們有 100 個、500 個甚至 1000 個租戶，我沒那麼聰明，無法幫助 1000 個不同的租戶了解我們如何才能對他們有利。

So we are very fortunate to have a few, and we can get into greater detailed discussion with them about how to grow again or how to handle a certain situation.

因此，我們很幸運能擁有一些這樣的人，我們可以與他們進行更詳細的討論，探討如何再次發展壯大，或如何處理某種情況。

I mean if I could ask more directly on Caesars, given the comments from them around regional assets, like how much you appraise a situation like that, or would you use a similar framework to what you've used in the past, or just any context there?

我的意思是，如果可以更直接地問凱撒娛樂一些問題，考慮到他們對區域資產的評論，例如您如何評估這種情況，或者您會使用與過去類似的框架，或者只是想了解一下相關情況？

Yes. I think the framework we've used in the past, Tony, would be the same framework we would apply here. We would look across the portfolio on our own and with them determine where do they want to be, where they want to continue to be, where do we want to continue to be, what are the various levers that we can work on our side, on their side to make sure that we end up with an outcome that is a genuine win-win for both parties. We've obviously got time to deal with this, but we also don't want to let this continue to be a distraction. We've got a business to grow. They have a business to run.

是的。東尼，我認為我們過去使用的框架，也同樣適用於這裡。我們會自行審視投資組合，並與他們一起確定他們想要達到什麼目標，想要繼續保持什麼目標，以及我們想要繼續保持什麼目標，我們可以採取哪些不同的措施，以及我們可以從哪些方面著手，從哪些方面著手，以確保最終達成對雙方真正雙贏的結果。我們顯然有時間來處理這件事，但我們也不想讓這件事繼續分散我們的注意力。我們需要發展壯大業務。他們還要經營生意。

And we will work in the way we have worked in the past from our very beginning to make sure that we find the solutions that work for everybody as quickly as we can. And again, I just want to reiterate our experience in our eight years of getting after it when a situation needs to be dealt with.

我們將秉承以往從一開始就秉持的工作方式，確保盡快找到對每個人都適用的解決方案。我再次重申，在過去的八年中，當需要處理某種情況時，我們都會全力以赴。

Greg McGinniss, Scotiabank.

格雷格·麥金尼斯，加拿大豐業銀行。

John, I was hoping you could talk about some of the more non-gaming conversations you're having these days, and your feelings on potential likelihood of getting deals on. And I'm especially interested if you could touch on collegiate or university level athletic facilities.

約翰，我希望你能談談你最近參與的一些與遊戲無關的話題，以及你對達成交易的可能性有何看法。我尤其想了解大學或學院級的體育設施。

Everyone is smiling around the room because I spent quite a bit of time with experiential operators and have been spending quite a bit of time, as you mentioned, in university sports. I'll touch on that one because it's very interesting. What I would describe, university sports today is going through radical change.

房間裡每個人都面帶笑容，因為我花了很多時間和體驗式行銷人員在一起，正如你所說，我也花了很多時間在大學運動上。我會簡單談談這一點，因為它非常有趣。我認為，當今的大學體育正在經歷翻天覆地的變化。

And I say that in -- when we talk to athletic directors or CFOs or chancellors, and they tend to nod their head saying, yes, John, it's good to know that we are going through radical change. But we we've been talking a lot with them about sports infrastructure. There's a lot of different investment companies getting involved in professional and youth in collegiate sports.

我跟體育主管、財務長或校長們說，他們往往點頭表示贊同，約翰，很高興知道我們正在經歷徹底的改變。但我們一直在和他們討論體育基礎設施的問題。許多不同的投資公司都涉足職業運動、青少年運動和大學運動領域。

But VICI is a little bit different in our pitch to them about how we can accelerate their growth in infrastructure and building, whether it's arenas, stadiums, practice facilities, ice strengths, all of those things. So it's been a really good educational process for the universities and for VICI as well about how our capital can work in that environment. On the other side, as I -- in my remarks, gaming is still top of the pyramid for us, we're spending a lot of time with our current tenants and new tenants and then there's other experiential operators in mixed use, in attractions, certain resort properties as well that our team has been out kicking the tires a little bit.

但 VICI 的情況略有不同，我們向他們推廣如何加速他們在基礎設施和建築方面的發展，無論是競技場、體育場、訓練設施、冰場實力，還是所有這些方面。因此，對於大學和 VICI 來說，這都是一個很好的教育過程，讓我們了解了我們的資金如何在這種環境中發揮作用。另一方面，正如我剛才所說，遊戲仍然是我們最重要的業務，我們花了很多時間與現有租戶和新租戶溝通，此外，我們的團隊還在混合用途、景點、某些度假村物業中考察其他體驗式運營商。

But university sports definitely a big opportunity. There isn't a university that we've met with that doesn't have projects that they need to get done, and they are figuring out in this new environment, how they're going to pay for it.

但大學體育絕對是一個絕佳的機會。我們接觸過的每一所大學都有需要完成的項目，他們正在努力適應這種新環境，思考如何支付這些項目的費用。

Great. And I think maybe just touching on the gaming side a bit. Is there any potential catalyst or some event that needs to occur to make some inroads into the downtown or local Vegas market?

偉大的。我覺得或許可以稍微談談遊戲方面。是否存在某種潛在的催化劑或需要發生的事件，才能打入拉斯維加斯市中心或當地市場？

Yes. This is a market we would love to be in as you're seeing the results come out every year. I think I saw a stat the other day that the Nevada locals market or the Las Vegas locals market is now the second biggest market in the United States, which is a market that we sure would like to be in, and we love the regulations and the support from the State of Nevada and making investments in the bricks and mortars. So this is an area that we continue to look at. There are obviously some great operators in that space, Red Rock Resorts, Golden, there are some individual owners that own real estate there that we would love to be partners with over time.

是的。正如您每年看到的業績所示，我們非常希望進入這個市場。我記得前幾天看到一個統計數據，內華達州本地市場或拉斯維加斯本地市場現在是美國第二大市場，我們當然很想進入這個市場，我們喜歡內華達州的監管和支持，也喜歡在那裡投資實體店。所以這是我們持續關注的領域。顯然，這個領域有一些非常優秀的營運商，例如 Red Rock Resorts 和 Golden，還有一些在那裡擁有房地產的個人業主，我們希望能夠與他們建立長期的合作關係。

Barry Jonas, Truist Securities.

Barry Jonas，Truist Securities。

A competitor just noted their expectations for more broadly marketed competitive bidding type gaming M&A processes. Is that your expectation as well? And if yes, do you see VICI participating?

一位競爭對手剛剛表示，他們希望看到更廣泛推廣的競標式遊戲併購流程。你也是這麼想的嗎？如果答案是肯定的，您認為 VICI 會參與嗎？

Barry, good to you. We see a lot in gaming. And if there's things out in the market, I think there's a good chance that we're also getting a look. And to answer your question, do we expect to participate? Look, it depends on a lot of factors.

巴里，你真好。我們在遊戲中經常看到這種情況。如果市場上出現了相關產品，我認為我們很有可能也會有機會看到它們。至於您提出的「我們是否計劃參加？」這個問題，答案是：你看，這取決於很多因素。

Gaming M&A is complicated. And even though it's a single asset, it's kind of simply M&A given three parties, there's a seller, there's a propco and opco buyer and their complex long-term leases. They take a lot of diligence on to work to get things done. So we would hope to continue to be active and continue to grow. John just talked about, there's always things we're looking at and pursuing.

遊戲產業的併購很複雜。即使它只涉及一項資產，但考慮到有三方參與，即賣方、房地產公司和營運公司買方以及他們複雜的長期租賃協議，這其實就是一起簡單的併購案。他們工作非常勤奮，努力把事情做好。因此，我們希望繼續保持活躍並不斷發展壯大。正如約翰剛才所說，我們總是會關注和追求一些東西。

And Barry, this is Ed. I'll just add that a week like this for gaming operators, there are the occasional public gaming operators who go, how much more of this do I want to put up with. And so I think there are a number of factors in play that could. I want to emphasize could not necessarily lead to heightened activity.

巴里，我是艾德。我還要補充一點，像本週這樣的博彩運營商，偶爾會有一些公共博彩運營商心想：我還要忍受多久？所以我認為有很多因素在起作用。我想強調的是，這並不一定會導致活動增加。

Got it. And then just for a follow-up. Coverage on Northfield Park in the Clairvest transaction looked pretty good. Can you talk maybe how that compared to what four-wall was in the MGM lease. I guess what I'm trying to get at is how do you think about the difference in value for a new lease with a smaller tenant versus the pre transaction with a much larger lease and tenant?

知道了。然後，我再追問一下。克萊爾維斯特交易中關於諾斯菲爾德公園的報導看起來相當不錯。您能否談談這與米高梅租賃合約中的四面牆有何不同？我想問的是，您如何看待新租約（租戶規模較小）與交易前租約（租戶規模較大）之間的價值差異？

Yes. It's a very good question, Barry. And I would generally say that for a single asset, with a single tenant, yes, I think to your implicit point, you generally are going to look for higher coverage than you might have had within a master lease with a much bigger tenant. I think that's pretty much the simple logic of it.

是的。巴里，你問得好。我一般認為，對於單一資產和單一租戶而言，是的，我認為正如您所暗示的那樣，您通常會尋求比與規模更大的租戶簽訂的主租賃合約中更高的覆蓋率。我認為這就是其中的簡單邏輯。

Smedes Rose, Citi.

Smedes Rose，花旗銀行。

I guess on that, with Clairvest, and as you mentioned, they have a history of some gaming assets in the US and in Canada. Do you -- would you expect to do more deals with them? Do you think that they're actively looking to expand their footprint in the US, or is this more of a one-off opportunity for them?

我想，就這一點而言，Clairvest 確實如你所說，他們在美國和加拿大有一些遊戲資產。你認為──你希望和他們達成更多交易嗎？你認為他們是在積極尋求擴大在美國的商業版圖，還是這只是他們一次性的機會？

Good morning, Smedes. I hope so. I mean we really enjoyed getting to know them in this process. They're very creative. They've hired a lot of very seasoned operators to work with them in the properties that they've owned not only now, but in the past. So we're excited to have them as one of our tenants, and we hope to continue to grow that portfolio with them over the coming years for sure.

早上好，斯梅德斯。我希望如此。我的意思是，我們真的很享受在這個過程中了解他們的過程。他們非常有創意。他們聘請了許多經驗豐富的營運人員，與他們一起管理他們現在和過去擁有的物業。所以我們很高興他們成為我們的租戶之一，我們當然希望在未來幾年繼續與他們一起擴大我們的投資組合。

Okay. And then I wanted to ask you on the loan book, is there any other -- any of the borrowers having any short-term difficulties that you can speak to, or is everyone current on the payments just given some of the softness we're seeing in a broader economy, particularly across, yes, certain kinds of venues?

好的。然後我想問一下關於貸款帳簿，是否有其他借款人遇到短期困難，可以談談嗎？或者鑑於我們目前在整體經濟中看到的疲軟態勢，特別是在某些領域，所有借款人是否都能按時還款？

Yes. It's Gabe here. I can answer that. Yes, everyone is current on all their obligations under their loans, and we continue to have active asset management and monitor all of our investments. And work with our partners to understand that they're meeting their milestones and their business plans.

是的。我是蓋布。我可以回答這個問題。是的，所有借款人都按時履行了貸款項下的所有義務，我們也將繼續積極進行資產管理，並監控我們所有的投資。與我們的合作夥伴共同努力，了解他們是否實現了里程碑目標和業務計劃。

Haendel St. Juste, Mizuho.

Haendel St. Juste，瑞穗。

My question, I guess, is on the MGM decisions to withdraw from the New York City license bidding process. It seemed to surprise a lot of people, including us. Was it a surprise to you? And what do you see as the implications for your Yonkers asset? And then I guess as part of that, given their decision to withdraw MGM, does that you want to perhaps partner with some of the other bids?

我想問的是關於米高梅公司決定退出紐約市電影牌照競標程序的問題。這似乎讓很多人感到驚訝，包括我們。你感到意外嗎？那麼，您認為這會對您在揚克斯的資產產生什麼影響？然後，我想，鑑於他們決定撤回對米高梅的競標，您是否希望與其他一些競標者合作？

Yes, Haendel, good to talk to you. Well, certainly, it didn't take us by surprise because we'd obviously been in conversations with them for a while. And what MGM did was look at the situation, the ever-evolving situation in the New York landscape, and make what we agree is a very sound capital allocation decision or capital non-allocation decision based on, again, the changing circumstances.

是的，亨德爾，很高興和你聊天。當然，這並沒有讓我們感到意外，因為我們顯然已經和他們進行了一段時間的溝通。米高梅所做的，是審視紐約不斷變化的形勢，並根據不斷變化的形勢，做出我們認為非常合理的資本配置決策或不進行資本配置決策。

I think one of the key factors handle that really became clear in the last few months is that without a Manhattan-based Casino. It was not clear that the remaining bidders would be able to create a casino experience that would become a truly national and international destination.

我認為，過去幾個月真正變得清晰的關鍵因素之一是，如果沒有一家位於曼哈頓的賭場。目前尚不清楚剩餘的競標者能否打造出一個真正意義上的國內和國際知名的賭場體驗目的地。

And thus, if it was going to mainly be a competitive marketplace of three regional gaming assets, competing geographically very close to each other for the same regional marketplace. It wasn't necessarily clear that the resulting economics of that very competitive marketplace would support the kind of capital required to enter the market with the tax regimes that are likely to be in place.

因此，如果主要是由三個區域性遊戲資產組成的競爭市場，它們在地理位置上非常接近，爭奪同一個區域市場。在可能實施的稅收制度下，這種競爭激烈的市場所產生的經濟效益是否能夠支撐進入該市場所需的資本，這一點並不十分清楚。

And so again, I think MGM took care and took a lot of thought and obviously consulted very closely with us in making that decision. In terms of the after the decision and what it means for us within this marketplace, yes, we have been in dialogue with various contestants in this process over the last couple of years and certainly could be of service to them with capital if we believe that their opportunity was an opportunity that had very good capital fundamentals that it had a legitimate shot to become what it would have to become, which is the most profitable regional casino in America. And I just want to emphasize that point end, Haendel .

所以，我認為米高梅在做出這個決定時非常謹慎，經過深思熟慮，並且顯然與我們進行了非常密切的磋商。至於這項決定之後對我們在這個市場中的意義，是的，在過去的幾年裡，我們一直在與參與這一過程的各種競爭者進行對話，如果我們認為他們的機會具有非常好的資本基本面，並且有真正的機會成為它必須成為的樣子——美國最賺錢的區域性賭場，我們當然可以為他們提供資金支持。我只想強調這一點，亨德爾。

The way this is evolving, whatever does get built in New York is going to have to be meaningfully, measurably more profitable than any other regional casino in America, and that includes the finest regional casinos in America, whether we're talking about MGM National Harbor, Encore Boston MGM Detroit or the others, each of which I should emphasize tends to have market dominance and at a lack of competitive supply that will not necessarily exist here in New York.

按照目前的發展趨勢，無論在紐約建造什麼賭場，其獲利能力都必須顯著高於美國其他任何地區性賭場，這也包括美國最好的地區性賭場，無論是米高梅國家港灣賭場、安可波士頓賭場、米高梅底特律賭場或其他賭場。需要強調的是，這些賭場往往佔據市場主導地位，缺乏競爭供應，而這種情況在紐約未必存在。

Appreciate those comments. And if I could ask a follow-up or a question on the -- I guess there was announcement earlier this week Cordish is developing a new project about an hour south of your D.C. National project. I guess I'm curious on the competitive dynamics there. I think Richmond is about an hour away with mild traffic. So curious if you think the location, maybe the demographics relative to what your asset offers offer you some maybe some installation.

感謝您的評論。我可以問一個後續問題嗎？ ——我想本週早些時候有消息稱，Cordish 正在開發一個新項目，距離你們的 D.C. National 項目以南大約一小時車程。我很好奇那裡的競爭格局。我認為，如果交通狀況良好，從這裡到里士滿大約需要一個小時車程。我很好奇，您是否認為地理位置，或許還有人口統計數據，與您的資產所提供的價值或安裝機會有關？

Yes, it's a good question. The distance may seem like an hour, but if you've been in D.C. Welcome to a little bit more traffic. And again, it's a pretty undersupplied market there. And they probably will target very different consumers.

是的，這是個好問題。這段距離看起來好像要花一個小時，但如果你去過華盛頓特區，你就會知道那裡的交通狀況要糟糕得多。而且，那裡的市場供應嚴重不足。他們的目標客戶群可能截然不同。

We'll have to see how the new asset that's built by Cordish, I'm sure it will be a wonderful asset as they do a good job. And in building their assets. But National Harbor is, as Ed just mentioned, if you're going to mention the best or one of the best regional casinos in the United States, MGM has done a fabulous job there. It continues to do a fabulous job.

我們得看看Cordish公司建造的新資產會是什麼樣子，我相信以他們的工作能力，它一定會是一個很棒的資產。並在累積資產的過程中。但正如 Ed 剛才提到的，如果你要提到美國最好的或最好的地區性賭場之一，那麼 MGM 在 National Harbor 賭場做得非常出色。它一直表現出色。

The numbers continue to be quite successful, and we think they're going to continue to grow there. So we'll have to watch how that happens. But I do think they're probably a little bit -- the customer base is going to be a little bit different.

這些數字持續保持良好勢頭，我們認為它們還會繼續增長。所以，我們得拭目以待。但我認為他們的客戶群可能會有些不同。

David Katz, Jefferies.

David Katz，傑富瑞集團。

I appreciate all the candor, as usual. I wanted to just go back on the sports facilities commentary, John. Not have you negotiate something in this kind of forum. But just out of curiosity, are there any historical cap rate or any kinds of comps or anything like that? Just out of curiosity, how we would think about the opportunity if someone -- if people like us wanted to sit down and try and develop the TAM and think about what it all means for you?

一如既往，我很欣賞你的坦誠。約翰，我只想繼續談談體育設施的評論。在這種場合，你沒必要進行任何談判。只是好奇，有沒有相關的歷史資本化率數據、可比較數據或其他類似資訊？只是出於好奇，如果像我們這樣的人想坐下來嘗試開發TAM模型，並思考這對你們意味著什麼，我們會如何看待這個機會？

Yes. I'll start out, David. And I would say that -- if you're going to look for a historical precedent for the possible infusion of private capital into real estate, on university land, the corollary would be the development of on-campus student housing by private capital, which has certainly taken place in the past and the American Campus Communities is obviously an example of private capital, a REIT in fact, at the time that did exactly that.

是的。我先來，大衛。我想說的是——如果你要尋找私人資本注入大學土地房地產的歷史先例，那麼其推論就是私人資本開發校園學生宿舍，這在過去肯定發生過，而美國校園社區顯然就是私人資本（實際上是一家房地產投資信託基金）當時所做的那樣的一個例子。

And obviously, we had to make sure they were creating a positive spread between their weighted average cost of capital at the time and whatever cap rate they went on to campus with. And so I do think that this landscape of sport infrastructure and college campuses is obviously rapidly evolving in an overall marketplace that is wildly volatile and everybody is trying to get smart as fast as they can.

顯然，我們必須確保他們在當時的加權平均資本成本和他們進入校園時的任何資本化率之間創造正利差。因此，我認為體育基礎設施和大學校園的格局顯然正在迅速發展，而整個市場卻極不穩定，每個人都在努力盡快變得精明。

But I think what John and the team are finding, and John, you can elaborate on this, is that the idea of conventional private equity coming on to campus with a five to seven year investment horizon, just doesn't -- John, I mean, it's not that appealing.

但我認為約翰和他的團隊發現，約翰，你可以詳細闡述一下，傳統私募股權公司帶著五到七年的投資期限進入校園的想法，根本就——約翰，我的意思是，這並不那麼有吸引力。

Yes, David, good to hear from you. I know you've asked about this sector before. And it is important to understand that this is what I think our company feels great about is finding a space that we think there's a lot of opportunity to deploy capital and we've been spending time getting educated on the space, who are the decision-makers are, what is the magnitude of opportunity where at the same time, hearing from the universities about how they could take our type of capital. And that -- what we're talking about today is we're right in the middle of those processes. And obviously, state schools run schools are different than private schools, right?

是的，大衛，很高興收到你的來信。我知道你之前問過關於這個領域的問題。重要的是要明白，我認為我們公司感到非常自豪的是，我們找到了一個我們認為有很多機會部署資本的領域，我們一直在花時間了解這個領域，了解決策者是誰，機會的規模有多大，同時，我們也聽取了大學的意見，了解他們如何利用我們這種類型的資本。而我們今天所討論的，正是我們正處於這些過程的中心。很顯然，公立學校和私立學校不一樣，對吧？

And so we are continuing to refine the way we think about the opportunity. We continue to talk about pricing. And as Ed said, there's other forms of outside capital that are also spending time with the universities. And so it's -- like I opened up by saying there's a lot of change going on in collegiate sports right now, and it's just an opportunity we are spending some time because we think there is a magnitude of capital to be deployed.

因此，我們正在不斷完善我們對這機會的思考方式。我們繼續討論定價問題。正如艾德所說，還有其他形式的外部資本也在關注大學。所以——就像我一開始說的那樣，大學體育界現在正在發生很多變化，這是我們正在花時間把握的機會，因為我們認為有大量的資金可以投入其中。

Rich Hightower, Barclays.

Rich Hightower，巴克萊銀行。

As always I appreciate the candor on various topics. But Ed, maybe just to ask you a metaphysical question to use this word from earlier in the comments. Obviously, we don't want to focus on short-term movements in the stock price or cost of capital. But in your conversations with investors, what do you think are the major overhangs at this point? And does most of it revolve around some of the Caesars stuff you mentioned before, is it other things?

一如既往，我很欣賞你對各種話題的坦誠。但是艾德，或許我只是想問你一個形而上學的問題，借用一下之前評論中提到的這個詞。顯然，我們不想關注股價或資金成本的短期波動。但在您與投資人的交流中，您認為目前主要的不利因素是什麼？大部分內容都圍繞著你之前提到的凱撒家族的事情嗎？還是涉及其他方面？

Yes. I mean, I think it's a combination, Rich. I think there's the idiosyncratic factor of that noise, combined, obviously, with what's been a fairly tough period for the RMZ over the course of the year. And I think you put out a good note last night pointing out that, yes, in recent weeks, we have -- we have declined more than the RMZ. But more, I don't know if you want to jump in here about the degree to which we may also somewhat idiosyncratically be seeing a dynamic of first half winners. Well, you can explain that I can't.

是的。我的意思是，我認為這是多種因素共同作用的結果，里奇。我認為，這其中既有噪音的特殊性因素，也明顯與RMZ今年以來相當艱難的時期有關。我認為你昨晚發表了一份很好的聲明，指出，是的，最近幾週，我們的下滑幅度比RMZ更大。但是，我不知道你是否想就我們可能在某種程度上也看到了上半場獲勝者的動態這一現象發表一些看法。你可以解釋為什麼我不能。

Yes. No, thanks, Rich. So as I was saying, we do think it's a confluence of factors between, yes, this seizures focus, but also at the same time, when there's been a positioning rotation out of some winners, out of some long positions as the market has rotated into the end of the year. So the timing has been unfortunate, but we do think it's a combination of factors, not just the one particular overhang.

是的。不用了，謝謝，里奇。正如我剛才所說，我們認為這是多種因素共同作用的結果，一方面是關注癲癇發作，另一方面也是由於市場進入年底，一些盈利股票和多頭頭寸出現了倉位輪動。所以時機確實不太好，但我們認為這是多種因素共同作用的結果，而不僅僅是某個特定的不利因素。

Chris Darling, Green Street.

克里斯達林，格林街。

So Six Flags in the news recently, I thought that presents a good opportunity to ask about your broad level of interest in theme park real estate ownership. The pros and cons that might come with those types of assets. And related to that, I'm curious if you've explored the theme park landscape internationally as well as domestically in the US.

最近六旗主題樂園上了新聞，我覺得這是一個很好的機會，可以問問您對主題樂園房地產所有權的廣泛興趣程度。這些類型資產可能帶來的優點和缺點。另外，我很好奇您是否探索過國際上以及美國國內的主題樂園領域。

Yes. John, you want to take that?

是的。約翰，你想拿那個嗎？

Yes, Chris, good to hear from you. To be blunt, yes, it's an area attractions in the United States are an area that we have spent a lot of time with. We've not done a transaction, but we have spent quite a bit studying the landscape there, the opportunities there, the accounting treatment there and obviously have followed what is going on in the news with Six Flags and I think that's the way I can put it.

是的，克里斯，很高興收到你的來信。坦白說，是的，這是我們花了很多時間研究的一個領域，美國的旅遊景點也是我們研究的領域之一。我們沒有進行任何交易，但我們花了很多時間研究那裡的市場環境、機會和會計處理方式，當然也關注了六旗集團的新聞動態，我想這就是我能表達的意思。

Yes. And I'm going to ask Gabe to chime in here in a moment. Chris, but one of the things we always do when we look at any particular experiential category is work to determine that agree to which there's a meaningful amount of real property within the business that is readable. And Gabe, you can opine if you wish, on theme parks and other categories we looked at ski resorts and other things.

是的。稍後我會請 Gabe 插一句。克里斯，但是我們在研究任何特定的體驗類別時，總是會做一件事，那就是努力確定該業務中存在大量可讀的實質資產。蓋布，如果你願意的話，你可以發表你對主題樂園和其他類別的看法，例如我們考察的滑雪勝地和其他一些地方。

Yes. So in regards to that, Chris, obviously, there's a lot of real property at these team Park and a lot of personal property, including the roller coasters and some of the attractions and we would just make sure any potential investments that we're owning real property and put it in read from the structure, but we're confident we could work with our partners to make it work.

是的。所以關於這一點，克里斯，很顯然，這些團隊公園裡有很多不動產和很多個人財產，包括過山車和一些景點，我們會確保任何潛在的投資，包括我們擁有的不動產，都符合結構要求，但我們相信我們可以與我們的合作夥伴一起努力，使其成功。

Okay. I appreciate those thoughts. And then just maybe a point of clarification on the Northfield lease with Clairvest and maybe a little nuanced here, but as it relates to allocating rents between the new stand-alone lease and then the remaining master lease with MGM, the resulting coverage ratios that you talked about I guess I'm interested to understand what are your contractual rights in that regard versus this perhaps being more so just a good faith discussion between all the parties involved.

好的。我很感激這些想法。關於與 Clairvest 簽訂的 Northfield 租賃協議，我可能需要澄清一點，這可能有點微妙。關於在新的獨立租賃協議和剩餘的與 MGM 簽訂的主租賃協議之間分配租金，以及您提到的由此產生的覆蓋率，我想了解您在這方面的合同權利是什麼，而不是這僅僅是所有相關方之間的一次善意討論。

Yes. I don't know if -- I mean, there are obviously contractual considerations and I'm looking at Samantha me out in case we need to explain any of those. But I think the most fundamental starting point, Chris, is obviously, the economic throw weight of the assay. What rent could it support at a coverage level we're all comfortable with? That's the starting point.

是的。我不知道——我的意思是，顯然存在合約方面的考慮，我得向薩曼莎解釋一下，以防我們需要解釋其中的任何內容。但我認為最根本的出發點，克里斯，顯然是檢測的經濟分量。在大家都能接受的覆蓋水準下，它能支撐什麼樣的租金？這是起點。

What is the EBITDA before rent of the asset? And what thus would be a level of rent coverage both we and they would be comfortable with.

該資產在扣除租金前的 EBITDA 是多少？這樣一來，我們雙方都能接受的租金覆蓋水準是多少呢？

Yes. And just from a contractual perspective, in any event, how will we come to the determination of what rent might come out, we're always protected that we would never find ourselves in an economically disadvantaged position. So we're always going to have the same amount of rent. When that transaction is completed between the what we call severance leases, the new lease with the stand-alone tenant and then our MGM master lease and that's contractually provided.

是的。無論如何，從合約的角度來看，無論我們如何確定租金金額，我們始終受到保護，永遠不會讓自己處於經濟不利的地位。所以我們的租金金額始終不變。當所謂的分割租賃、與獨立租戶的新租賃以及我們的 MGM 主租賃之間的交易完成後，並且這是合約規定的。

Chad Beynon, Macquarie.

Chad Beynon，麥格理集團。

Ed, thanks for the comment on Victor's pieces reports are absolutely in must read in. He's another person probably reads multiples of most of us on the call here. So maybe just wanted to start with the call right on the Caesars Forum Convention Center. We've kind of eclipse that time period where that begins. It seems like all the commentary from Vegas operators is that conventions, the group pace, the outlook?

Ed，謝謝你對 Victor 的文章的評論，這些報導絕對是必讀之作。他可能是另一個人，他可能比我們這些在座的大多數人看得多。所以，或許應該先從在凱撒論壇會議中心舉行的電話會議開始。我們已經遠遠超越了那個時期開始的時間。拉斯維加斯業者的所有評論似乎都圍繞著會展、團體旅遊節奏和前景？

You talked about some of the citywide is extremely positive. It's obviously some of the leisure concerns that I've heard some of the near-term results. So with that opportunity for that call right, how are you guys thinking about timing on that versus other deals?

你談到了一些全市範圍內的正面情況。顯然，我聽到了一些關於休閒娛樂的問題，也聽到了一些近期結果。所以，既然有機會進行這通通話，你們覺得時機如何，與其他交易相比呢？

It's a very good question, and I like your comments about Las Vegas because I think you said near-term concerns about leisure customers. And in my opening remarks, I do think we're -- the world is so short term ADD focused that there's times that we don't think step back and think about what a great destination Las Vegas is and will continue to be. We obviously have a variety of things that we evaluate.

這是一個很好的問題，我很喜歡你對拉斯維加斯的評論，因為我認為你提到了近期休閒遊客的擔憂。在我的開場白中，我確實認為我們——這個世界太注重短期利益，以至於我們有時不會停下來思考，拉斯維加斯是一個多麼棒的旅遊目的地，而且將來也會繼續如此。我們顯然會評估各種各樣的東西。

You are correct that the opportunity to buy the Caesars Form convention center is live right now. And we're fitting it into all the other things that we look at when is the right time. Is there the right time? And Las Vegas, as I said in my opening remarks, we are big believers in, and we'll continue to make investments over time. So.

您說得對，現在正是購買凱撒廣場會議中心的絕佳時機。我們會把它融入我們考慮的所有其他事項中，並在適當的時機進行調整。時機是否成熟？正如我在開場白中所說，我們非常看好拉斯維加斯，我們將繼續在未來進行投資。所以。

Yes. I just want to jump in and emphasize chat along the same line. The greets Vegas is competitive dominance across the American convention trade show and conference space has only increased in the last 5 to 10 years. If you look across the competitive landscape of the big American convention centers in the gateway cities, It's actually kind of a sad story.

是的。我只想插一句，強調一下類似的聊天方式。拉斯維加斯在美國會展貿易展和會議領域的競爭優勢在過去 5 到 10 年有增無減。如果你縱觀美國門戶城市大型會展中心的競爭格局，你會發現這其實是個令人惋惜的故事。

First of all, most of the full-service urban hotel product has seen tremendous underinvestment. And a lot of the convention facilities themselves are in need of substantial capital and/or infrastructure. It would have been, for example, here in New York, and we've been a very positive thing for the Javits Center if the related wind project has gone ahead and created hotel inventory adjacent to Javits. But as we all know that project and happening. And as a result, Javits is still this conference center, the convention center near pretty much nothing in terms of hospitality infrastructure.

首先，大多數提供全方位服務的城市酒店產品都嚴重缺乏投資。而且很多會展設施本身也需要大量的資金和/或基礎設施。例如，在紐約，如果相關的風電項目得以推進，並在賈維茨中心附近創造酒店庫存，那麼這對賈維茨中心來說將是一件非常積極的事情。但我們都知道這個項目正在進行中。因此，賈維茲中心仍然是一個會議中心，一個會展中心，在飯店服務基礎設施方面幾乎沒有任何配套設施。

And that's just one example among many across the US where Vegas, again, just shines because of the amount of capital put into both the conference convention and trade show facility is $100 million in the Miami Bay, and I can't remember exactly how much Venetia put in to the Expo Center. But at any rate, this competitive dominance is only going to grow in the years ahead.

這只是美國眾多例子中的一個，拉斯維加斯再次脫穎而出，因為其會議、展覽和貿易設施投入了大量資金，邁阿密灣的會展中心就投入了 1 億美元，而我記不清威尼斯人究竟在博覽中心投入了多少資金。但無論如何，這種競爭優勢在未來幾年只會越來越大。

That's great. And then.

那太棒了。進而。

Samantha is looking at me with anger because I used the word, ain't. Go ahead, Chad.

因為我用了「ain't」這個詞，薩曼莎生氣地看著我。去吧，查德。

And then moving over to the tribal lending landscape. I know we talked about before the North or loan is very different than a traditional loan to a tribe. But how has that evolved? And how is your comfort level working with other drives evolved here?

然後轉向部落貸款領域。我知道我們之前討論過，北方的貸款與傳統的部落貸款非常不同。但這又是如何演變的呢？那麼，您在使用其他驅動器方面的舒適度是如何變化的呢？

Yes, Chad, it's David. Good to hear from me. Just to clarify that Norfork it's a loan to arrive. It's a typical lending structure into a drive that's unique about it. There's no security in the real estate, and that goes with anything around tribal gaming.

是的，查德，我是大衛。很高興收到我的消息。需要澄清的是，諾福克是一筆貸款才能到達的。這是一種典型的貸款結構，但它的獨特之處在於…房地產領域沒有任何保障，部落博彩業的任何事情都是如此。

So we have a lot of relationships with tribes on commercial land. We obviously have a great relationship with Red Rock and the development of what will be a phenomenal asset at Madera, California opening and on Q3 2026. We do have dialogue with other tribes. I mean anything we would do around tribe to be with a great team, a great asset, but ultimately, it will be a credit investment, right? There's not a way to own gaming real estate that sits on tribal land and actually have security in that asset.

因此，我們與商業用地上的部落建立了許多關係。我們顯然與 Red Rock 建立了良好的關係，並正在開發位於加州馬德拉的這個非凡的資產，預計將於 2026 年第三季開業。我們確實與其他部落有對話。我的意思是，我們圍繞部落所做的一切都是為了與一個優秀的團隊、一個寶貴的資產在一起，但最終，這將是一項信貸投資，對吧？沒有辦法既擁有位於部落土地上的博彩地產，又能真正保障該資產的安全。

And so a very active credit book led by Gabe whose -- you've heard from on this call, and we will continue to look for ways to deploy smart capital with good tribes in the future as the opportunities arise.

因此，由 Gabe 領導的信貸組合非常活躍——你們在這次電話會議上已經聽到了他的聲音——我們將繼續尋找機會，在未來與優秀的群體一起部署明智的資本。

John DeCree, CBRE.

John DeCree，世邦魏理仕。

It's Colin on for John. Maybe going back to Northfield transaction, I think a lot of us has been relatively excited to see some repick-up in M&A. So curious maybe how those negotiations went considering the became into a single lease opco asset trade in hand, do you guys expect or think we could start seeing some more opco trade hands going forward?

科林代替約翰上場。或許回到諾斯菲爾德交易，我認為我們很多人都對併購活動的復甦感到相當興奮。所以，我很好奇這些談判進展如何，考慮到最終達成了單一租賃營運公司資產交易，你們是否預期或認為我們未來可能會看到更多類似的營運公司交易？

Well, your opening question was how did the negotiations go. And we're -- again, in my opening remarks, we're excited to have Clairvest is one of our tenants, and we surely hope that we continue to grow with them. They operate assets that we own. If you're asking, has there been a pick-up in opportunities that we're seeing, for us because we're looking at so many sectors across the gaming and experiential landscapes, there are a lot of different deals that we're looking at.

你的第一個問題是談判進展如何。再次重申，正如我在開場白中所說，我們很高興 Clairvest 成為我們的租戶之一，我們當然希望能夠與他們共同成長。他們經營我們擁有的資產。如果你問的是，我們看到的機會是否有所增加，那麼對我們來說，因為我們正在關注遊戲和體驗領域的眾多行業，所以有很多不同的交易正在考慮中。

Do I think there'll be more deals in gaming, I hope so. And I think we'll be there and talking to operators and talking to potential sellers. Colin, I am disappointed that John's not on. I gave him some love with a quote with the opening. So it's disappointing to hear that love. So you'll have to pass that along.

我認為遊戲領域會有更多交易，我希望如此。我想我們會到場，與營運商和潛在賣家洽談。科林，約翰沒來，我很失望。我在開頭引用了一句話來表達對他的喜愛。聽到這樣的愛情故事，真令人失望。所以你得把這個消息轉達上去。

He's going to be very disappointed to hear that, but definitely.

他聽到這個消息肯定會非常失望，但確實如此。

You're not going to get a repeat next quarter. So it's one and done.

下個季度你不會再有這樣的機會了。所以，一次就夠了。

Yes. I's going to be your turn next time, Colin.

是的。科林，下次就輪到我了。

And I guess maybe the other question, I wanted to double click on is how comfortable are you guys sort of letting leverage maybe creep below sort of the low end of the range that you guys have 5 to 5.5 times. I think you have you guys about five right now. And obviously, leverage you guys had taken a pretty low going into the MGP acquisition, saving a lot of dry powder for what was quite a material transaction. So I'm just kind of curious how you're seeing leverage trend from here. Obviously, you have the escalators. But how are you thinking about it potentially creeping below your low end?

我想再深入探討另一個問題，那就是你們對於槓桿率可能低於你們設定的 5 到 5.5 倍範圍的下限有多大程度的接受度。我想你們現在大概有五個人吧。顯然，你們在收購 MGP 之前已經將槓桿率降到了相當低的水平，為這筆相當重要的交易節省了大量資金。所以我很好奇您如何看待目前的槓桿趨勢。當然，這裡有自動扶梯。但你如何看待它有可能低於你的最低預算呢？

No, I would say, as Spanish like to say tranquility if it goes lower, that is just fine. If it goes a little higher, it's just fine. But as you remember, Colin, from that dinner we had together in Boston, as important for us as leverage is laddering. And what we like about the five times debt-to-EBITDA benchmark is that it means by definition, you have $1 of debt for every $0.20 of EBITDA. And I'm not going to go through the holding this major meshing I did at that dinner.

不，我覺得，就像西班牙人喜歡說的“寧靜”，如果水位再低一些，那就很好了。如果再高一點，也沒關係。但你還記得吧，科林，在我們一起在波士頓吃的那頓晚餐中，對我們來說，就像槓桿一樣重要的就是階梯式融資。我們喜歡五倍債務與 EBITDA 比率的原因是，根據定義，這意味著每 0.20 美元的 EBITDA 對應 1 美元的債務。我不會再像上次晚宴上那樣，費盡心思地進行這種複雜的溝通了。

But as you and your clients gathered, we like the way in which -- laddering in which roughly no more than 10% of debt comes due in any given year, matches up with five times debt to EBITDA, such that the metrics are such that in the worst case scenario where the credit market window is closed, you could, if necessary, pay off expiring debt with available cash flow after debt service.

但是，正如您和您的客戶所聚集的，我們喜歡這種階梯式融資方式——在任何一年中到期的債務大約不超過 10%，與 EBITDA 的五倍債務比率相匹配，這樣，即使在信貸市場窗口關閉的最壞情況下，如有必要，您也可以在償還債務後用可用的現金流償還到期債務。

So in and around five times, plus or minus attempt here, attempt there again, we don't tend to get highly precise about that. It's more about building a ladder for the future. And with that, making the best use of the amount of retained cash flow we generate, which as we've spoken about in the past, is now in the $600 million range and gives us firepower that enables the kind of year we're having this year, where we're growing, once again, AFFO per share in this quarter by 5.3% while growing our share count by barely more than 1%.

所以大概五次左右，這裡嘗試一下，那裡再嘗試一下，我們不會對此非常精確。這更多的是為了未來搭建階梯。因此，我們充分利用了先前提到的留存現金流，目前這筆現金流已達 6 億美元左右，為我們提供了強大的資金支持，使我們能夠取得今年這樣的成績，本季度我們的每股調整後營運資金 (AFFO) 再次增長了 5.3%，而我們的股份數量僅增長了略高於 1%。

Daniel Guglielmo, Capital One.

Daniel Guglielmo，Capital One。

Well own a lot of properties on the Las Vegas strip, but not all of them. Based on your experience, what kind of macro or Las Vegas demand? Environment, do properties typically come to market there? And if the opportunity arose, would you expand your own ship on the scrip?

我們在拉斯維加斯大道上擁有很多房產，但並非全部。根據您的經驗，您認為宏觀經濟或拉斯維加斯市場的需求是什麼類型的？環境方面，那裡的房產通常會上市嗎？如果機會來了，你會用股票擴大自己的公司規模嗎？

I'll answer the last part of the question. I think for the right property and right operator, absolutely, we would continue to expand our presence not only on the Las Vegas Strip and not only in the locals market that I talked about, but I think all over Nevada. We're big fans of that as well. But as it pertains to when do they come to market, that's very hard to predict. And it depends on the company and how they're thinking about use of proceeds from the monetization of their real estate.

我將回答問題的最後一部分。我認為，對於合適的物業和合適的營運商，我們絕對會繼續擴大我們的業務，不僅在拉斯維加斯大道，不僅在我剛才提到的當地市場，而且我認為會在整個內華達州擴大我們的業務。我們也很喜歡那樣。但至於它們何時上市，這很難預測。這取決於公司以及他們如何考慮使用房地產貨幣化所得的收益。

But what I would tell you, to Ed's comments, we will be prepared should there should there be an opportunity of an asset in Las Vegas on the strip that comes to market. But I can't tell you when they're going to come.

但我想對艾德的評論說，如果拉斯維加斯大道上有資產上市，我們將做好準備。但我無法告訴你他們什麼時候會來。

Yes. I appreciate that. And then just a follow-up, in the opening remarks, the 3Q earnings growth was mentioned. I think part of that is the competitive annual rent escalators that you all have. On the flip side, tenants do bear increased rent line. So can you just talk about some of the risks that you all think through on the tenant side in with those kind of rent lines increased for them?

是的。我很感激。然後，在開場白中，也提到了第三季的獲利成長情況。我認為部分原因是你們都採用了具有競爭力的年度租金遞增機制。另一方面，租戶確實要承擔更高的租金。那麼，您能否談談在租金上漲的情況下，租戶方面會考慮哪些風險？

Yes. First of all, Daniel, Q3 2025 wouldn't within itself have had any rent escalations quarter-over-quarter sequentially. And when we think about escalation, what we think about is, again, the supportability of the rent. And so yes, we do not want rent escalation that goes beyond what the tenant can afford to pay over the long term.

是的。首先，丹尼爾，2025 年第三季本身並不會比上季出現租金上漲。當我們考慮租金上漲時，我們首先想到的還是租金的可負擔性。所以，是的，我們不希望租金上漲幅度超過租戶長期能夠負擔的範圍。

And so again, I think we're in an environment right now where things are -- have more or less reached equilibrium, in terms of rates of inflation, rent escalation and revenue and profit growth. But obviously, we monitor it closely. And again, it doesn't benefit landlords when rent gets beyond the tenant can pay.

所以，我認為我們現在所處的環境，在通貨膨脹率、租金上漲以及收入和利潤成長方面，已經或多或少達到了平衡。但很顯然，我們會密切注意。而且，當租金超過房客的支付能力時，房東就不會得到任何好處。

Jim Kammert, Evercore ISI.

Jim Kammert，Evercore ISI。

Team, if I were thinking about your competitive advantage, let's say, as an example on the university sports, what elements really would differentiate VICI structuring wise or other attributes? Because if I'm being snarky, I would say it's really just the cost of capital, right? I mean university is going to want to take the best deal for them. So how would VICI differentiate itself from other potential providers of capital?

團隊，如果我考慮你們的競爭優勢，比如說，以大學體育為例，VICI 在組織結構或其他屬性方面有哪些真正與眾不同的要素？因為如果我諷刺一點的話，我會說這其實只是資金成本，對吧？我的意思是，大學肯定會想辦法為他們爭取最好的條件。那麼，VICI 將如何與其他潛在的資金提供者區分開來呢？

Yes. Jim, it's Gabe Wasserman, I can take that one. So I don't think we're just eating along cost of capital. It's not the only dimension. It's also on structure. So as a permanent capital vehicle that wants to own our real estate forever, I think our investment time horizon is very well aligned with our potential university and college partners.

是的。吉姆，是加布沃瑟曼，我可以接手。所以我認為我們並非只是在承受資本成本上漲的壓力。這並非唯一的維度。它也與結構有關。因此，作為一個希望永遠擁有我們房地產的永久性資本機構，我認為我們的投資期限與我們潛在的大學和學院合作夥伴非常契合。

And as we compare and contactor capital and opportunity with private equity folks, we just think that our long-term permanent horizon is just a really good match for potential universities and colleges, and that's really resonated well in the conversations that we've been having.

當我們把承包商的資本和機會與私募股權人士進行比較時，我們認為我們的長期發展前景與潛在的大學和學院非常契合，這在我們進行的對話中也得到了很好的反響。

Yes. I would just add too, Jim, that while, obviously, universities, both public and private can often tap the tax-free bond market. most universities, we're finding out run in the way that Harvard famously speaks of, which is every tub on its own bottom. And athletic departments in particular, and John and Gabe, elaborate this athletic departments, especially at this point, our being told you need to be self-funding and self-sustaining.

是的。吉姆，我還要補充一點，雖然公立和私立大學通常都可以利用免稅債券市場，但我們發現，大多數大學的運作方式正如哈佛大學所描述的那樣，各自為政，互不相干。特別是體育部門，約翰和加布詳細闡述了這一點，體育部門，尤其是在這一點上，我們被告知需要自籌資金和自給自足。

And no, you're not necessarily going to get to use up whatever envelope we have in the tax-free bond market. You want to add to that, John?

不，你不一定會用完我們在免稅債券市場的所有資金。約翰，你還有什麼要補充的嗎？

No, it's very correct to your point.

不，你的觀點非常正確。

That's great. And then just one quick ready question. With most of those opportunities, I know it's very premature, but would they be least old entry because you presume the university continue on the underlying land, or is that not necessarily.

那太棒了。然後就問一個準備好的簡短問題。我知道現在談這些機會還為時過早，但它們是否會成為最老的入學機會，因為你假設大學會繼續使用原有的土地，或者這不一定。

Yes. I think it depends on the university. We're open to both structurally and can make both of them work.

是的。我認為這取決於大學的具體情況。我們對這兩種結構都持開放態度，並且能夠使兩者都行得通。

Jim, it's a very good question, and you opened by saying I know it's premature as we've talked about the university space, and I've been very open that when you're the first kind of read into this space, educating athletic directors and CFOs and chancellors and presidents on our type of capital structured and, as Gabe mentioned, is a big factor in the discussions. Can we own the real estate? Can't we own the real estate? What is the duration of the lease, how much capital of a project can you put in versus donor, does your name go on it, does it do? I mean, there is a wide variety of things that we are feeling out.

吉姆，這是一個很好的問題。你一開始就說我知道現在討論大學領域還為時過早，而且我一直很坦誠地表示，當你第一次涉足這個領域時，要讓體育主管、首席財務官、校長和院長了解我們這種資本結構，正如加布提到的那樣，這是討論中的一個重要因素。我們可以擁有這棟房產嗎？我們難道不能擁有這棟房產嗎？租賃期限是多久？你可以投入多少專案資金，捐贈者可以投入多少？你的名字會印在項目上嗎？會嗎？我的意思是，我們正在試探各種各樣的事情。

And as Sam mentioned, every university, it's different, and state universities are different than private, and that's why we're taking the time in meeting and really crafting how our capital work. Obviously, we have not gotten over the finish line with the university sports deal yet. But you can hear that we've been spending time because we think there is a big opportunity in sports infrastructure and the amount of capital that needs to be put to work.

正如山姆所提到的，每所大學都不一樣，公立大學和私立大學也不一樣，所以我們才花時間開會，認真發展我們的資金運作方式。顯然，我們還沒有最終敲定大學體育協議。但從大家的感受來看，我們一直在投入時間，因為我們認為體育基礎設施領域存在著巨大的機遇，需要投入大量的資金。

Alec Vegan, Baird.

Alec Vegan，Baird。

Kind of wanting to synthesize what we've talked about all the call from the MGM capital allocation decision or the Caesar convention and also how you think about the balance sheet. With VICI taking the long view about capital deployment, kind of what's the philosophy about how VICI deploying money in uncertain times for good opportunities versus waiting and preserving the balance sheet for a potential great opportunity that may or may not come.

我想綜合我們討論過的所有關於米高梅資本配置決策或凱撒大會的電話會議的內容，以及你對資產負債表的看法。VICI 著眼於長遠的資本部署，那麼 VICI 的理念是什麼？是在不確定的時期，VICI 會選擇投資好的機會，還是會等待並維持資產負債表的良好狀態，以期獲得可能出現也可能不會出現的巨大機會？

Yes. No, it is a wonderful question, and I wish we had more time to do it full justice because it is something that our investment committee is always, always deliberating. And I would tell you, Alex, there's no perfect answers, but I would say that because we invest what we believe to be perpetual capital, we really want to have confidence that 10, 15 and 20 years from now, we or our successors are going to be glad we've made this investment that we invest in the right geography, the right category, the right marketplace, and most importantly, the most -- the best operating partner we could find for that opportunity. So that we can always be comfortable the credit is secure.

是的。不，這是一個很好的問題，我希望我們有更多的時間來充分討論這個問題，因為這是我們的投資委員會一直在認真考慮的問題。亞歷克斯，我會告訴你，沒有完美的答案，但我想說的是，因為我們投資的是我們認為的永續資本，所以我們真的希望有信心，在 10 年、15 年甚至 20 年後，我們或我們的繼任者會很高興我們做了這項投資，所以我們投資於正確的地域、正確的類別、正確的市場，最重要的機會是我們為這個活動找到了最好的。這樣我們才能永遠放心，信用是安全的。

We will now hand the call back to Ed for any closing comments.

現在我們將把電話交還給艾德，讓他做最後的總結發言。

Thank you, Adam, and I'll just thank everybody for their time today and look forward to continuing the conversation in the weeks and months to come and see you again in February.

謝謝你，亞當。我也要感謝大家今天抽出時間，期待在接下來的幾週和幾個月裡繼續交流，並期待二月再次見到大家。

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。