VICI Properties Inc (VICI) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VICI Properties second-quarter 2026 earnings conference call. (Operator Instructions) Please note that this conference is being recorded today, July 30, 2026.

各位女士、先生，大家好。感謝各位撥冗等候。歡迎參加 VICI Properties 2026 年第二季財報電話會議。(接線員指示) 請注意，本次會議將於今日（2026 年 7 月 30 日）錄音。

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

現在我將把電話交給 VICI Properties 總法律顧問 Samantha Gallagher。

Thank you, operator, and good morning. Everyone should have access to the company's second-quarter 2026 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.

謝謝接線員，大家早安。各位應可取得公司 2026 年第二季財報新聞稿與補充資訊。該新聞稿與補充資訊可於 VICI Properties 官網 www.viciproperties.com 的「投資人」專區查閱。

Some of our comments today will be forward-looking statements within the meaning of the federal securities laws. Forward-looking statements, which are usually identified by the use of words such as will, believe, expect, should, guidance, intend, outlook, projects, or other similar phrases are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect.

我們今天的部分發言將構成聯邦證券法意義下的前瞻性陳述。前瞻性陳述通常可由「將」、「相信」、「預期」、「應」、「指引」、「打算」、「展望」、「預估」或其他類似用語辨識；其受多項風險與不確定性影響，可能導致實際結果與我們的預期存在重大差異。

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.

因此，您在解讀與依賴此等陳述時應審慎行事。我建議各位參閱公司向 SEC 提交之文件，以取得可能影響未來營運結果與財務狀況之風險的更詳細討論。

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 2026 earnings release and our supplemental information in our filings with the SEC.

在本次電話會議中，我們將討論若干非 GAAP 衡量指標；我們認為其有助於評估公司的營運表現。這些指標不應被單獨看待，亦不應取代依 GAAP 編製之財務結果。上述指標與最直接可比之 GAAP 指標的調節表，可於我們的網站、2026 年第二季財報新聞稿、補充資訊，以及我們向 SEC 提交的文件中取得。

For additional information with respect to non-GAAP measures, 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; Jeremy Waxman, Chief Accounting Officer; Gabe Wasserman, Managing Director of Business Development and VECS; and Moira McCloskey, Senior Vice President of Capital Markets.

關於非 GAAP 指標，以及本次電話會議中提及之特定承租人及／或交易對手的更多資訊，請參閱各該公司向 SEC 提交之公開文件。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；會計長 Jeremy Waxman；業務發展與 VECS 董事總經理 Gabe Wasserman；以及資本市場資深副總裁 Moira McCloskey。

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.

Ed 與團隊將先提供開場致詞，之後我們將開放提問。接下來我把電話交給 Ed。

Thank you, Samantha, and good morning, everyone. And for the analysts on the call, we are especially grateful for your presence today because we know that yesterday aftermarket, you dealt with an absolute flood of earnings releases in your coverage area. So again, thank you.

謝謝你，Samantha，各位早安。也特別感謝線上各位分析師今天的出席，因為我們知道昨天盤後，你們在所覆蓋的產業領域裡面對了大量的財報發布。再次感謝。

In the next few minutes, you'll hear from John Payne on our growth outlook and activities and from David Kieske on our financial results, liquidity, and updated 2026 earnings guidance. To start, I'd like to spend a moment or two talking about how we think about, talk about, and manage the growth of our business.

接下來幾分鐘，各位將聽到 John Payne 談我們的成長展望與相關活動，以及 David Kieske 談我們的財務結果、流動性與更新後的 2026 年盈餘指引。首先，我想花一兩分鐘談談我們如何思考、如何溝通，以及如何管理我們業務的成長。

You've heard us say before, frequently, that we grow our business by growing our relationships, by growing new relationships, and growing the scale of existing relationships. Today, I'd like you to take you deeper inside our approach to relationship building. And to do that, I'll tell you the story of our new relationship with Club Med, which we announced back in June with the news of our investment in St. Croix, where we've acquired a property initially developed as the Rock Resort Carambola.

各位以前常聽我們說，我們透過深化既有關係、建立新關係，以及擴大既有關係的規模來成長業務。今天，我想帶各位更深入了解我們建立關係的方法。為此，我將分享我們與 Club Med 的新合作關係故事；我們在 6 月宣布了這項合作，同時也公布了我們在聖克羅伊（St. Croix）的投資消息，我們已收購一處最初以 Rock Resort Carambola 開發的物業。

We first began getting to know Club Med in 2025, and it's important to understand how we came to be connected with Club Med. The connection was not direct. In this case, it wasn't about calling up their global headquarters in Paris nor their North American Caribbean headquarters in Miami. So believe me, we do regularly make cold calls on experiential operators.

我們在 2025 年首次開始認識 Club Med，而了解我們如何與 Club Med 建立連結很重要。這個連結並非直接建立。在這個案例中，並不是我們打電話到他們位於巴黎的全球總部，也不是打到他們位於邁阿密的北美加勒比海總部。不過請相信，我們確實會定期對體驗型營運商進行陌生開發（cold call）。

We did not receive a flyer saying there was a Club Med property or a Club Med opportunity for sale. We did not get connected through bankers or brokers. We connected with Club Med through a company that will remain nameless. This is a leisure and hospitality company we've been courting for partnerships since just about the birth of VICI. To date, we haven't been able to find the right opportunity with them. Though to be sure, we won't stop trying.

我們並未收到任何傳單說有 Club Med 物業或 Club Med 的機會要出售。我們也不是透過投資銀行或仲介牽線。我們是透過一家將保持匿名的公司與 Club Med 建立連結。這是一家休閒與旅宿公司，自 VICI 成立之初我們就一直在爭取與其合作。截至目前，我們仍未能與他們找到合適的機會。但可以肯定的是，我們不會停止嘗試。

We've always worked hard to make our conversations with this unnamed company meaningful and collegial and frequent. In 2025, Club Med asked this unnamed company, who they, Club Med, might partner with for financing of the St. Croix opportunity they were pursuing. The unnamed company said to Club Med, we should connect you with our friends at VICI. And thus in 2025, Club Med connected with John Payne and Erin Ferrari to get a conversation started.

我們一直努力讓與這家匿名公司的對話具有意義、友善且頻繁。在 2025 年，Club Med 詢問這家匿名公司：就他們正在推進的聖克羅伊機會而言，Club Med 可以與誰合作取得融資。該匿名公司對 Club Med 表示：我們應該讓你們與我們在 VICI 的朋友聯繫。因此在 2025 年，Club Med 與 John Payne 及 Erin Ferrari 取得聯繫，開始展開對話。

When we commence a conversation with a potential new partner, we are not in sales mode. We are in learning mode. With Club Med, John, Erin, and Matt Perkins and other members of the VICI team set about seeking to understand Club Med's needs, financial, strategic and cultural needs, not only in St. Croix, but into the future that Club Med envisions for itself. This is an approach that takes time. We believe in this approach that leads to the strongest foundations upon which to grow together.

當我們與潛在的新合作夥伴展開對話時，我們並不是以銷售模式在進行。我們是在學習模式。面對 Club Med，John、Erin、Matt Perkins 以及 VICI 團隊的其他成員著手了解 Club Med 的需求——財務、策略與文化層面的需求——不僅是針對聖克羅伊，也包括 Club Med 對自身未來的願景。這種方法需要時間。我們相信，這樣的方式能建立最堅實的基礎，讓雙方得以共同成長。

And in this case, St. Croix became the foundation upon which we are building a relationship. When we first announced our new partnership with Club Med and our acquisition of the St. Croix property, the reaction from some was sort of a small deal. I'll offer a couple of quick thoughts on that take. First of all, the total projected investment of $75 million into one property is pretty meaningful by net lease standards given the typical net lease property tends to cost low-single-digit millions.

而在這個案例中，聖克羅伊成為我們建立關係的基礎。當我們首次宣布與 Club Med 的新合作關係以及收購聖克羅伊物業時，有些人的反應是：這似乎是一筆小型交易。我對這種看法提出兩點簡要想法。首先，對單一物業投入總計預估 7,500 萬美元，依淨租賃（net lease）標準來看相當有意義，因為典型的淨租賃物業成本往往僅為數百萬美元的低個位數（low-single-digit millions）。

Secondly, and to reemphasize the point, when we make a first investment with a new partner, we are highly focused on the foundation we are building for potential future investment. Two weeks ago, a number of us on the VICI team experienced a strong foundation when we joined our Club Med partners on the North Shore of St. Croix for what Club Med calls its first stone ceremony. This ceremony celebrated the ecosystem of relationships that Club Med builds before it creates and in order to create great experience resorts.

其次，並再次強調重點：當我們與新合作夥伴進行首次投資時，我們高度聚焦於為未來潛在投資所建立的基礎。兩週前，我們 VICI 團隊中有幾位成員與 Club Med 的夥伴一同前往聖克羅伊北岸，參加 Club Med 所稱的「第一塊石頭」儀式（first stone ceremony），親身感受到這份堅實的基礎。該儀式旨在慶祝 Club Med 在打造卓越體驗型度假村之前、以及為了打造此類度假村而建立的關係生態系。

The Club Med team of Global CEO, Stéphane Maquaire; North American Caribbean CEO and President, Carolyne Doyon; and North American Caribbean Senior Vice President of Development, Eileen Kett, brought together the St. Croix governmental, tourism, and developmental officials, who've been and will continue to be instrumental in supporting the resort redevelopment, both strategically and financially, as well as the contractors who over the next 18 months or so surely will restore this resort to the glory originally envisioned by Lawrence Rockefeller while making it a distinctly Club Med experience.

Club Med 團隊——全球執行長 Stéphane Maquaire；北美加勒比海執行長兼總裁 Carolyne Doyon；以及北美加勒比海開發資深副總裁 Eileen Kett——召集了聖克羅伊的政府、觀光與開發相關官員；這些官員一直以來並將持續在策略與財務層面支持度假村的重建開發；同時也召集了承包商。未來約 18 個月左右，這些承包商勢必將把該度假村修復至 Lawrence Rockefeller 最初所構想的榮景，同時使其成為具有鮮明 Club Med 特色的體驗。

What I witnessed on St. Croix made me proud of the new partnership we've created with Club Med and excited for what together will contribute to St Croix's competitiveness as an experiential destination. What was also clear to me that day in St. Croix is the energy, creativity, and passion that Club Med brings to its growth activities.

我在聖克羅伊島所見所聞，讓我為我們與Club Med建立的新夥伴關係感到自豪，也對我們攜手將為聖克羅伊島作為體驗型目的地之競爭力所帶來的貢獻感到振奮。那天在聖克羅伊島同樣讓我清楚感受到的是，Club Med在其成長活動中所帶來的能量、創意與熱情。

And with Club Med having a stated goal of growing its portfolio of destinations from 60 to 100 over the next few years, I'm hopeful and excited that VICI will find ways to be supportive of and participative in that growth. If we do, it's because we will continue to grow our relationship with Club Med, with that growth relying on our working every day to understand and better serve their needs, which is what we strive to do with every one of our growth partners.

此外，Club Med已明確表示其目標是在未來幾年將目的地組合從60個擴增至100個，我也抱持希望並感到興奮，期待VICI能找到方式在這項成長中提供支持並參與其中。若我們能做到，那是因為我們將持續深化與Club Med的關係，而這樣的成長仰賴我們每天努力理解並更好地滿足他們的需求——這也是我們對每一位成長夥伴所力求做到的。

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

接下來，我把電話交給John。

Thanks, Ed. Good morning to everyone. You just heard Ed tell the story of how our Club Med relation came to be, and I'll simply add two things. First, for our business development team, a partnership like this one is the payoff of years of patient relationship building. It's the way we like to grow.

謝謝你，Ed。各位早安。剛才你們聽到Ed分享我們與Club Med關係如何促成的故事，我只補充兩點。第一，對我們的業務開發團隊而言，像這樣的合作夥伴關係，是多年耐心經營關係的成果回報。這就是我們喜歡的成長方式。

Second, the transaction itself marks several first for VICI, our first build-to-suit investment and our first property acquisition in the Caribbean. At closing, we funded a $20 million acquisition of the Carambola Beach Resort, and we will fund Club Med's approximately $55 million redevelopment of the resort, which Club Med will operate under its premium exclusive collection brand following a targeted opening in the fourth quarter of 2027. As Ed said, we look forward to growing with Club Med for years to come.

第二，這筆交易本身也創下VICI的多項首次：我們的第一筆量身打造（build-to-suit）投資，以及我們在加勒比海的第一筆物業收購。在交割時，我們出資2,000萬美元收購Carambola Beach Resort，並將為Club Med約5,500萬美元的度假村重建提供資金；Club Med將在預計於2027年第四季開幕後，以其高端「Exclusive Collection」品牌營運該度假村。如Ed所說，我們期待未來多年與Club Med一同成長。

During the quarter, we also brought several previously announced transactions across the finish line, the closing of our $1.16 billion Golden Entertainment sale-leaseback, the commencement of our new lease with Clairvest at Northfield Park, and the completion of the acquisition of the Gamehost real estate in Alberta for approximately CAD200 million alongside our existing partners at Pure.

本季期間，我們也將數筆先前已公告的交易推進至完成，包括：我們11.6億美元的Golden Entertainment售後回租交易完成交割、我們與Clairvest在Northfield Park的新租約開始生效，以及我們與既有合作夥伴Pure共同完成以約2億加幣收購阿爾伯塔省Gamehost不動產。

With the completion of these transactions, we've added Clairvest, Golden Entertainment, and Club Med as our 14th and 15th and 16th tenants, respectively. This tenant growth was achieved by partnering with experienced and tenured operators, from Clairvest's two decades of investing across 37 gaming assets, to Blake Sartini's more than 30 years' operating in the Nevada gaming landscape, to Club Med's 75 years of all-inclusive operating experience. And the closing of the game host transaction reflects the other side of that same discipline, our capital continuing to serve the growth of partners already on our roster.

隨著這些交易完成，我們分別新增Clairvest、Golden Entertainment與Club Med作為我們的第14、第15與第16位租戶。這樣的租戶成長，是透過與經驗豐富且資歷深厚的營運商合作所達成：從Clairvest在37項博彩資產上長達二十年的投資經驗，到Blake Sartini在內華達博彩市場超過30年的營運經歷，再到Club Med擁有75年的全包式營運經驗。而Gamehost交易的完成，也反映了同樣紀律的另一面——我們的資本持續服務於名單上既有合作夥伴的成長。

Turning to the trends across the portfolio we already own, and there's no better place to start than Las Vegas, on a year-to-date basis, strip gaming revenue is running ahead of last year, with room rates continuing to demonstrate the pricing power of this market. The resilience of Las Vegas continues to be reinforced by the ongoing diversification of demand.

接著談我們既有投資組合的趨勢，沒有比拉斯維加斯更適合的起點：以年初至今來看，賭城大道（Strip）博彩收入高於去年同期，而房價也持續展現此市場的定價能力。拉斯維加斯的韌性，持續因需求來源的多元化而獲得強化。

We've noted many times how this city has transformed itself into an entertainment epicenter with experiences like Sphere, and there's been the massive growth in professional sports with the addition of the Golden Knights, the Raiders F1, the Aces, and the upcoming relocation of the Oakland A's, and now the prospect of an NBA franchise stands to extend the trajectory further. Every new demand driver makes Las Vegas that much harder to bet against.

我們多次提到，這座城市已透過如Sphere等體驗，轉型為娛樂中心；同時，隨著Golden Knights、Raiders、F1、Aces的加入，以及奧克蘭運動家隊（Oakland A's）即將遷入，職業運動也大幅成長；如今再加上NBA球隊落腳的可能性，將有望進一步延伸這股趨勢。每一個新的需求驅動因素，都讓拉斯維加斯更難被看空。

Then there is the convention segment, which we've long viewed as an underappreciated mitigant to the cyclicality of leisure demand, and it continues to strengthen. Last month, US News & World Report named Las Vegas the number one convention city in America with The Venetian ranked the top conference hotel on the entire list. This is a powerful validation of the convention infrastructure our operators continue to invest in and of the nearly 6 million square feet of conference, convention, and trade show space VICI owns on the Strip.

再來是會展（convention）客群，我們長期認為它是被低估、可緩解休閒需求週期性的因素，而它也持續走強。上個月，《美國新聞與世界報導》（US News & World Report）將拉斯維加斯評為全美第一大會展城市，而The Venetian在整份名單中被評為最佳會議飯店。這有力驗證了我們的營運商持續投資的會展基礎設施，也驗證了VICI在賭城大道上所擁有、近600萬平方英尺的會議、會展與展覽空間。

We often say we aim to make VICI bigger only when it makes VICI better. This quarter, we got better. Three tenured and experienced tenants added to our roster, a new market in Las Vegas locals, a new geography and partner in the Caribbean, and continued growth with partners we know well. The roster-building, relationship-driven work is what will continue to define VICI in the quarters ahead.

我們常說，只有在讓VICI變得更好時，我們才會讓VICI變得更大。本季，我們變得更好。三位資深且經驗豐富的租戶加入我們的名單；在拉斯維加斯本地市場新增一個新市場；在加勒比海新增一個新地理區域與合作夥伴；並且持續與我們熟悉的合作夥伴共同成長。這種以名單建構、關係驅動為核心的工作，將在未來幾季持續定義VICI。

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

現在我把電話交給David，他將說明我們的財務結果與指引。David？

Thanks, John. Touching on the income statement, AFFO per share was $0.62 for the quarter, an increase of 4.6% compared to $0.60 for the quarter ended June 30, 2025. In terms of the balance sheet, our total debt is $17.2 billion, and our net debt to annualized second-quarter adjusted EBITDA is approximately 4.9 times, below the low end of our target leverage range of 5 to 5.5 times.

謝謝你，John。先談損益表，本季每股AFFO為0.62美元，較截至2025年6月30日止季度的0.60美元成長4.6%。就資產負債表而言，我們的總負債為172億美元，且淨負債對第二季年化調整後EBITDA約為4.9倍，低於我們目標槓桿區間5至5.5倍的下緣。

We have a weighted average interest rate of 4.45%, as adjusted for hedge activity, and a weighted average of 5.5 years to maturity. As of June 30, 2026, we have approximately $2.5 billion in total liquidity, comprised of $288 million in cash and $2.2 billion of availability under our revolving credit facility.

在計入避險活動調整後，我們的加權平均利率為4.45%，加權平均到期年限為5.5年。截至2026年6月30日，我們的總流動性約為25億美元，其中包括2.88億美元現金，以及循環信用額度下可動用額度22億美元。

Turning to guidance, we are updating AFFO guidance for 2026 in absolute dollars as well as on a per share basis. AFFO for the year ending December 31, 2026, is expected to be between $2.675 billion and $2.695 billion, or between $2.45 and $2.47 per diluted common share. Compared to our prior AFFO per share guidance, the updated guidance represents an increase at the low end of the range by $0.01.

接著談指引，我們將更新2026年AFFO指引，包含絕對金額與每股口徑。截至2026年12月31日止年度的AFFO，預期介於26.75億至26.95億美元之間，或稀釋後普通股每股介於2.45至2.47美元之間。相較於先前的每股AFFO指引，本次更新使區間下緣上調0.01美元。

Based on the midpoint of our raised 2026 guidance, VICI expects to deliver year-over-year AFFO per share growth of 3.4%. As a reminder, our guidance does not include the impact on operating results from any pending acquisitions without announced expected closing dates, possible future acquisitions or dispositions and related capital markets activity, or other non-recurring transactions or items.

以我們上調後2026年指引的中位數計算，VICI預期可實現每股AFFO年增3.4%。提醒一下，我們的指引不包含任何尚未公告預期交割日期之待完成收購對營運結果的影響、未來可能的收購或處分及相關資本市場活動，或其他一次性交易或項目。

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

以上，請接線員開放提問。

(Operator Instructions) Barry Jonas, Truist.

（接線員指示）Barry Jonas，Truist。

This is Jeremy on for Barry. With Churchill Downs announcing last night that it's looking to sell its regional properties, what's your high-level expectations for regional M&A activity throughout the remainder of the year? And do you see regional valuations market-wide as reasonable at this point?

我是Jeremy，代替Barry發問。Churchill Downs昨晚宣布正尋求出售其區域性資產，請問你們對今年剩餘時間區域市場的併購（M&A）活動，有何高層次的預期？另外，你們認為目前整體市場的區域資產估值是否合理？

This is John. It's good to talk to you. I will talk a little about regional gaming right now. I was adding up the years last night. I have been in or around the regional gaming space for 30 years. My colleagues are laughing at me right now. But the business is resilient. I mean, there has been a really amazing rebound here over the past six months or so in the regional markets.

我是John。很高興和你交流。我先談談目前的區域博彩市場。我昨晚在加總年資。我在區域博彩領域內或周邊已經30年了。我的同事現在正在笑我。但這門生意很有韌性。我的意思是，過去大約六個月左右，區域市場出現了非常驚人的反彈。

It's very exciting to see the innovation that is happening around the slot product right now that is helping to drive growth in the regional markets. As it pertains to the -- I think you're referring to the Churchill announcement that they are going to be selling their regional gaming portfolio. There are some assets in their portfolio that I'm sure we will take a look at that would be a nice addition to our portfolio. I know there are some of our current tenants that are interested in those assets and will continue to better understand the opportunities there.

看到目前圍繞老虎機產品所發生的創新，正協助推動區域市場的成長，這真的令人振奮。就您提到的——我想您指的是 Churchill 的公告，他們將出售其區域博彩資產組合。他們的資產組合中有一些資產，我相信我們一定會去看看，這些資產若納入我們的投資組合會是很好的補強。我知道我們目前也有一些承租戶對那些資產感興趣，我們也會持續更深入了解其中的機會。

Got it. That's very helpful. And then should we expect to see more build-to-suit structure type deals similar to the Club Med?

了解。這很有幫助。那麼，我們是否應該預期會看到更多類似 Club Med 的「量身打造（build-to-suit）」結構型交易？

Yeah, Jeremy, it's very common across the net lease universe, and it's something that we're excited about, and I think we continue to offer solutions to our partners, and this is a very attractive solution for those that are in growth mode.

是的，Jeremy，這在淨租賃（net lease）領域非常常見，也是我們感到興奮的方向；我認為我們會持續為合作夥伴提供解決方案，而對於處於成長模式的業者來說，這是一個非常具吸引力的方案。

Got it. Thank you.

了解。謝謝。

Caitlin Burrows, Goldman Sachs.

Goldman Sachs 的 Caitlin Burrows。

I guess just -- I'll figure out how to phrase it, but just considering that your two largest tenants are in the news to potentially be bought, we'll see what happens with them. But I guess just considering the time period that we're in right now, I was wondering if you could comment on how your conversations with those tenants today differ from a year or two ago and kind of what's normal course versus what's maybe, I don't know, on hold because their own structure is changing or potentially changing?

我想——我在想要怎麼表達，但考量到你們最大的兩個承租戶最近都在新聞上，可能會被收購，當然我們再看看後續發展。不過我想，在目前這個時間點，我想請你們談談：你們現在與這些承租戶的對話，和一、兩年前相比有何不同？哪些屬於正常的日常互動，哪些可能因為他們自身的架構正在改變或可能改變，而有點——我不知道——暫緩？

Yeah. Caitlin, good to hear from you. I would say that our conversations actually haven't fundamentally changed with our partners. We are in constant contact with all of our partners around various interactions involving our businesses. And they are obviously in very intense operational businesses day by day, hour by hour. And we're always very respectful of that and making sure we don't waste their time.

是的。Caitlin，很高興聽到你的提問。我會說，我們與合作夥伴的對話其實在根本上並沒有改變。我們一直都與所有合作夥伴保持密切聯繫，針對各種與我們業務相關的互動。而他們顯然是在非常高強度的營運型業務中，日復一日、甚至每小時都在運作。我們也一直非常尊重這點，確保不浪費他們的時間。

But we continue to have very positive conversations around opportunities that we see together, whether with existing assets or incremental opportunities. I'll turn it over to John here because he can give you an example of an opportunity that we are discussing with a partner despite the fact that that partner is also engaged in some very meaningful activities beyond us.

但我們仍持續就我們共同看到的機會進行非常正面的討論，不論是既有資產，或是新增的機會。我把問題交給 John，因為他可以舉一個例子：即使某位合作夥伴同時也在處理一些與我們無關、但非常重大的事項，我們仍在與其討論某個機會。

Yeah. It's good to talk to you this morning. Ed is referring to the opportunity in Las Vegas with the NBA. I think everyone has seen in the news that the NBA is looking to put another team into Las Vegas. There are many people bidding on that team.

是的。今天早上很高興和你交流。Ed 指的是與 NBA 在拉斯維加斯的機會。我想大家都在新聞上看到，NBA 正在考慮把另一支球隊放到拉斯維加斯。目前有很多人正在競標那支球隊。

We own in conjunction with our partner, Caesars, and we're working with them 50 acres of land behind Paris, Horseshoe, Planet Hollywood, and we are developing a plan with Caesars, Sean McBurney, in particular, who runs Las Vegas to house the arena, that could be built for the new NBA team. So that's just an example of us working with one of our partners.

我們與合作夥伴 Caesars 共同持有一塊位於 Paris、Horseshoe、Planet Hollywood 後方的 50 英畝土地，我們正與 Caesars 合作制定計畫，特別是與負責拉斯維加斯業務的 Sean McBurney，一起規劃可供新 NBA 球隊興建球館的方案。這只是我們與其中一位合作夥伴合作的例子。

The other thing I'll address is, in my opening remarks, I talked about having our 14th or 15th and our 16th tenant. We're very different than other triple nets that have hundreds of tenants. We have, as you hear, 16, which then allows us to have deeper and more frequent conversations. So we're constantly talking to our partners about ways we can grow together, how our assets are performing, et cetera. So that's just another example of how we're a little bit different.

另外我也想回應一點：在我開場致詞中，我提到我們的第 14 或第 15 位，以及第 16 位承租戶。我們和其他擁有數百名承租戶的三重淨租賃（triple net）業者非常不同。如各位所聽到的，我們有 16 位承租戶，這讓我們能進行更深入且更頻繁的對話。因此我們一直在與合作夥伴討論如何一起成長、我們的資產表現如何等等。這也是我們略有不同的另一個例子。

Got it. Okay. And then I think you've probably touched upon it briefly in the prepared remarks, but wondering if you could talk about some of the trends you're seeing more recently in Las Vegas and maybe how they differ, vary between your specific assets and the market overall?

了解。好的。另外，我想你們在事先準備的發言中可能已稍微提到，但我想請你們談談：最近在拉斯維加斯你們看到哪些趨勢？以及這些趨勢在你們特定資產與整體市場之間，是否有差異或不同表現？

Well, we continue to be very excited about the market as I hinted. It's a place that constantly reinvents itself and not only has ways to make money in gaming, but you can hear it is becoming the number one entertainment epicenter, and I'll describe, in the world. Someone can argue with me about that. But it is a place that continues to add different reasons to come and visit.

如我先前暗示的，我們仍對這個市場感到非常興奮。這是一個不斷自我再造的地方，不僅能在博彩上賺錢，你也聽得出來，它正成為——我會形容為——全球第一的娛樂中心。當然也可能有人會跟我爭論這點。但它確實持續增加各種不同的理由，吸引人們前來造訪。

We obviously are well invested there. We have numerous assets there. They all continue to have specific reasons why the consumer segment comes to their property. And we really like what the operators are doing, especially event-driven and creating these unique events that only can be done in Las Vegas. So we continue to be really excited, and we continue to like how our tenants are operating their businesses and being creative.

我們在那裡的投資當然相當深。我們在那裡有多項資產。它們各自都有特定的理由，吸引不同的消費者族群前往其物業。我們也非常喜歡營運商正在做的事情，尤其是以活動驅動，打造那些只有在拉斯維加斯才能辦到的獨特活動。因此我們仍然非常興奮，也持續看好我們承租戶在營運業務上的表現與創意。

I'll just build on what John is saying, Caitlin, by pointing out what MGM disclosed yesterday with its Q2 results, and that was 93% occupancy for their Strip assets in the second quarter, which is truly an outstanding amount of occupancy given the amount of inventory that MGM has in the Strip.

Caitlin，我再補充 John 的觀點，指出 MGM 昨天在其第二季（Q2）財報中揭露的數據：其大道（Strip）資產在第二季的入住率達到 93%，考量到 MGM 在大道上擁有的房間庫存規模，這真的是非常出色的入住率。

And I think that the embedded within that was the very meaningful positive outcome they're getting on being promotional and offering all-inclusive packages at Luxor and Excalibur. These are operators that respond to changing conditions, and they respond, I think, as energetically and creatively as any hospitality and leisure operators I've ever known.

而我認為其中也包含一個非常重要的正面成果：他們在 Luxor 和 Excalibur 推出促銷、提供全包式套裝方案所帶來的顯著成效。這些營運商會因應環境變化而調整，而且我認為，他們的投入程度與創意表現，不輸我所見過的任何一家旅宿與休閒產業的營運商。

Thank you.

謝謝。

Greg McGinniss, Scotiabank.

Scotiabank 的 Greg McGinniss。

I believe most of the free cash flow is spoken for this year with investments to make. But as you look ahead, are you considering share repurchases or do you think you can find more accretive investments with this capital?

我認為今年大部分的自由現金流都已經被既定的投資支出所占用。但展望未來，你們是否會考慮庫藏股（股票回購），還是你們認為能用這筆資金找到更具增益性的投資？

Yeah, Greg, it's a question we get asked a lot. You have basically answered the question. I mean, when we're putting money out at SOFR plus [8.25%]. That's a much more attractive use of our capital. And that's just for the one Beverly Hills loan, and our loan book is close to 9.5% yield. We can find much more attractive uses of that free cash flow, and the Club Med is a very attractive return.

是的，Greg，這是我們經常被問到的問題。你基本上已經回答了這個問題。我的意思是，當我們能以 SOFR 加上[8.25%]的條件把資金投出去時，這是更具吸引力的資本運用方式。而這還只是比佛利山莊那筆貸款；我們的整體放款組合收益率接近 9.5%。我們可以為這些自由現金流找到更具吸引力的用途，而 Club Med 的回報也非常吸引人。

Everything we've closed this quarter is a very attractive return. And just the buyback for a REIT, especially a net lease REIT that is -- growth is dependent on deploying capital, just not something that makes a lot of sense, especially where we are now in the investment prospects that we have in front of us.

我們本季完成的每一筆交易都有非常吸引人的回報。而且對一家 REIT 來說，尤其是淨租賃 REIT——其成長仰賴資本部署——回購並不是一件很有意義的事，特別是在我們目前面前有這麼多投資前景的情況下。

Okay. Thanks. And then we've seen in the news that there's a lot of cities basically putting billions of dollars of capital into convention facilities. And I'm curious what impact you might think this may have on Las Vegas and also whether this represents an investment opportunity for you.

好的。謝謝。另外，我們在新聞上看到，很多城市基本上正在投入數十億美元資本到會展設施。我很好奇你們認為這可能會對拉斯維加斯造成什麼影響，以及這是否也代表你們的一個投資機會。

Yeah. Greg, it's a good question. The -- I do think that the competitive superiority of Las Vegas as a convention destination is so well established that I don't know that anybody is tremendously worried about new convention supply in other American cities.

是的。Greg，這是個好問題。我確實認為拉斯維加斯作為會展目的地的競爭優勢已經非常根深蒂固，以至於我不覺得有人會對美國其他城市新增的會展供給感到非常擔心。

And part of that -- a large part of that has to do with the ecosystem that Las Vegas represents when it comes to appealing to and serving the need -- both convention needs and leisure and hospitality needs of convention goers, the entire ecosystem, including airlift, infrastructure, lodging quality and abundance, entertainment quality and abundance, F&B quality and abundance, there's really no city in America that can come close.

而其中一部分——很大一部分——與拉斯維加斯在吸引並滿足需求方面所代表的生態系統有關——同時涵蓋會展需求以及會展參與者的休閒與旅宿需求；整個生態系統，包括航班運力、基礎設施、住宿品質與供給量、娛樂品質與供給量、餐飲（F&B）品質與供給量，美國真的沒有任何城市能夠接近。

And I think that's probably has also a lot to do with, unfortunately, the somewhat beat-up condition of full-service lodging inventory across so many American city centers. So again, I really -- I have a very strong conviction around the competitive superiority of Las Vegas Convention Center destination.

我想這也很大程度上與不幸的是，美國許多市中心的全服務型旅館存量狀況相對老舊、受損有關。所以再說一次，我對拉斯維加斯會展中心作為目的地的競爭優勢有非常強的信念。

As to the introduction of new supply in other cities, it could be something we would look at, but it would have to be a situation in which, obviously, we can invest in it accretively, and we would also have very high confidence that that destination can be competitive in what is a very competitive marketplace.

至於其他城市引入新的供給，這可能是我們會評估的事情，但前提必須是很明顯地，我們能以增益性的方式投資，並且我們也必須對該目的地在一個競爭非常激烈的市場中具備競爭力有很高的信心。

Thank you.

謝謝。

John DeCree, CBRE.

John DeCree，CBRE。

I wanted to ask a little bit about kind of the shift to private markets for your tenants. I think VICI kind of had a unique exposure to public tenants relative to other REIT asset classes. But Ed, John, or David, curious if you find private companies that you work with in the casino space more willing or open, flexible to use refinancing relative to public companies.

我想問一下，關於你們租戶轉向私募市場的變化。我認為相較於其他REIT資產類別，VICI對上市租戶的曝險相對獨特。不過Ed、John或David，我很好奇你們是否發現，在博彩產業中你們合作的民營公司，相較於上市公司，更願意或更開放、更有彈性地運用再融資。

I think the last couple of years, we've just seen public markets kind of undervalue casino operators. And so curious that the shift we're seeing to private markets, if that's changing the outlook for M&A and REIT financing in the casino space.

我想過去幾年，我們看到公開市場某種程度上低估了博彩營運商。因此我想了解，我們看到轉向私募市場的趨勢，是否正在改變博彩領域的併購（M&A）以及REIT融資的展望。

Yeah, I think it could. And I'll turn it over to John and David in just a moment, John, and good to talk to you. The -- it's somewhat understandable given what I think a lot of operators have felt has been a somewhat lack of love that they've gotten in the public markets over the last few years.

是的，我認為有可能。我稍後把問題交給John和David，John，也很高興跟你交流。這——在某種程度上可以理解，因為我認為許多營運商覺得過去幾年在公開市場上得到的關注與青睞有些不足。

And I think a number of them that we talk to, and John can give you more specifics here in a moment, appreciate the fact that in the private markets, they truly can do what they believe are the right things to grow their business over the longer term.

我想我們談到的其中一些公司——John等一下可以給你更具體的細節——很欣賞在私募市場中，他們確實可以做他們認為對長期業務成長正確的事情。

And an example of that is that once they go private, they tend to be not focused on what's going to be the earnings in a given quarter. And more focused on what -- if we make any incremental investments, what's going to be the IRR on those investments. And we have found, for example, that private operators are more responsive to the use of our capital through our property partner growth fund because from an IRR point of view, that capital is very, very attractive to them.

其中一個例子是，一旦他們私有化之後，往往不再聚焦於某一季的盈餘會是多少。而是更聚焦於——如果我們做任何增量投資，這些投資的內部報酬率（IRR）會是多少。而我們也發現，例如，民營營運商對於透過我們的「物業合作夥伴成長基金」使用我們資金的反應更積極，因為從IRR的角度來看，那筆資金對他們非常、非常有吸引力。

And I'll turn it over to John now, but I think we can confidently say that the recent privatizations have left the now-private operators feeling quite good about where they are.

我現在把問題交給John，但我想我們可以很有把握地說，近期的私有化讓如今成為民營的營運商對自身現況感到相當不錯。

Yeah. I think from the operations side, you were talking about the financing side. But just from an operation side, being in a private setting, I think, is quite beneficial for this industry. These are very capital-intensive businesses. And there's times -- and John, I think you know I'm a former -- or recovering operator or a former operator, that there were times where I knew something needed to be refurbed, but it was going to be detrimental to a quarter or two quarters.

是的。我想從營運面來看——你剛剛談的是融資面。但就營運面而言，處於民營環境我認為對這個產業相當有利。這些都是資本密集型的業務。而且有些時候——John，我想你知道我以前是——或者說是「康復中的」營運商、前營運商——有些時候我明知道某些地方需要翻新，但那會對一季或兩季的表現造成不利影響。

And that's really not the way to think about -- to think about these businesses long term. And when capital needs to be invested and although it may disrupt the business for 60 days, 90 days, 120 days, you need to do it for the long term.

而這真的不是長期思考這些業務的方式。當需要投入資本時，即使可能會讓業務中斷60天、90天、120天，你也必須為了長期去做。

IT is changing dramatically in this space, and the implementation of new systems and servers can be disruptive to an operation for 30, 60, 90 days. You need to do it. And in a private setting, you don't really worry about those 30, 60, 90 days, where in public setting, you might. So I think we're enthusiastic about what we're seeing. We'll see how this all plays out over the coming months or years, but that's my take on how it's affecting the operator's view of their business.

在這個領域，IT正在劇烈變化，而導入新的系統與伺服器可能會對營運造成30天、60天、90天的干擾。你必須去做。在民營環境下，你不太會擔心那30、60、90天；但在上市環境下，你可能就會。所以我想我們對目前看到的情況感到樂觀。接下來幾個月或幾年會如何發展，我們再觀察，但這就是我對它如何影響營運商看待自身業務的看法。

Thanks, guys. I think you kind of covered up my follow up there as well, so I'll hop back in the queue. I appreciate it.

謝謝，各位。我想你們也順便把我後續追問的部分回答了，所以我就回到排隊序列。感謝。

Chris Darling, Green Street.

Chris Darling，Green Street。

Can you provide an update on the sports infrastructure opportunity? Any discussions you continue to have with universities? And then is there anything structural or maybe related to pricing that's top of mind for these institutions? Just anything specific that may have possibly prevented deals from closing to date?

你們能否更新一下體育基礎設施機會的進展？你們是否仍在與大學持續討論？另外，對這些機構而言，有沒有任何結構性因素或可能與定價相關的重點考量？是否有任何具體原因，可能導致迄今交易尚未完成？

Chris, it's John. And then I'll let any of my colleagues who want to jump in here. Yeah, we've been very active in this space, and I would describe it as really educational. We opened my remarks by talking about being patient and relationship building. I would describe the university space as just that in that we are explaining that we're long-term infrastructure investors, and how we could help a university, particularly in sports, grow over the coming years.

Chris，我是John。我也會讓任何想補充的同事加入。是的，我們在這個領域非常積極，我會形容這是一個很具教育性的過程。我在開場時提到要有耐心並建立關係。我會說大學領域正是如此：我們在說明我們是長期的基礎設施投資人，以及我們如何能協助大學——特別是在體育方面——在未來幾年成長。

So I think that -- I don't think it's a -- you ask if there's a pricing or a cost cap. I'd say that's not the reason why we have not announced anything yet. I'd say it's a little bit of us we're at a point where we're trying to understand is this the right place for us to be. And I think many universities are deciding, is capital-light VICI is the right way to grow their sports business?

所以我想——我不認為這是——你問是否有定價或成本上限。我會說這不是我們至今尚未宣布任何事情的原因。我會說更多是我們正處於一個階段，試圖理解這是否是適合我們投入的正確領域。而我想許多大學也在判斷，以VICI這種輕資本（capital-light）的方式，是否是他們發展體育業務的正確途徑。

Yeah, Chris, it's Gabe here. And just to answer the second half of your question with any kind of structural considerations, so a lot of universities, we want to make sure that debt and other debt-like instruments aren't on their balance sheet and impacting their credit rating. So we've kind of made sure that they understand how flexible VICI's capital can be and that we're a long-term partner to provide a capital solution that works with the universities' needs and also works for VICI's.

是的，Chris，我是Gabe。針對你問題的後半段、關於任何結構性考量：很多大學希望確保債務以及其他類似債務的工具不會出現在他們的資產負債表上，從而影響他們的信用評等。因此我們也確保他們理解VICI的資本可以有多彈性，以及我們是長期合作夥伴，能提供符合大學需求、同時也符合VICI需求的資本解決方案。

Okay. That's all helpful thoughts. That's it for me. Thank you.

好的。這些想法都很有幫助。我這邊就到這裡。謝謝。

David Katz, Jefferies.

David Katz，Jefferies。

I wanted to talk about regional gaming in a broader sense because what we've seen is operators investing internally as they're finding some of those being their best opportunities and adjusting to some of the dynamics that have been going on across the United States. And frankly, what we're seeing, including from your largest regional tenant, some pretty good numbers.

我想從更廣泛的角度談談區域性博彩，因為我們看到營運商在內部加大投資，因為他們發現其中一些是他們最好的機會，並且在調整以因應美國各地正在發生的一些動態。坦白說，我們看到的情況，包括來自你們最大的區域性租戶在內，數據相當不錯。

And my question is, is that a function of them just dialing in their strategies? Is it a function of internal investments, or do you think that it's just an external demand moment that we're seeing show up in those numbers, and specifically as it relates to your tenants where our most interest is?

我的問題是，這是否是因為他們只是把策略調整到位？這是內部投資的結果，還是你認為這只是我們在那些數據中看到的外部需求在某個時點的體現，尤其是就你們的租戶而言——這也是我們最關注的部分？

Well, David, I'm not sure there's been a person on the phone that's been around gaming longer than myself. I was going to say you, but you've been around a long time.

嗯，David，我不確定電話上是否有人在博彩業待得比我更久。我本來想說是你，但你也在這行很久了。

Little less.

少一點。

So you've watched this. You watched how resilient these local casinos, these regional casinos are. There -- I tell people this is the people's country club. And what I've noticed over the past couple of years as the competition has come, whether that's through iGaming or sports betting has watched these operators, we invigorate their offerings. I've also watched the manufacturers get even more creative with the products that they have to offer.

所以你也一路看著這些變化。你看到了這些本地賭場、這些區域性賭場有多麼具韌性。我跟大家說，這就是人民的鄉村俱樂部。而我在過去幾年注意到，隨著競爭出現——不論是透過 iGaming 或運動博彩——我們看到這些營運商讓他們的產品與服務更有活力。我也看到製造商在他們提供的產品上變得更有創意。

And I think those combinations are paying off this year, and I think they'll pay off in years to come. I think tougher times and more competition, the great operators step up and think differently about their business, how they reward, how they incent, how they improve their service. All of that plays into why we're seeing an uptick in the -- what everyone described as a regional or local market. So I'm quite excited about what I'm hearing from our operators, and I'm quite excited from the technology standpoint, what I'm seeing myself.

我認為這些組合在今年開始見效，而且未來幾年也會持續見效。我認為在更艱難的時期與更激烈的競爭下，優秀的營運商會挺身而出，以不同方式思考他們的業務：如何回饋、如何激勵、如何提升服務。這些都解釋了為什麼我們看到——大家所稱的區域或本地市場——出現上升趨勢。所以我對從我們營運商那裡聽到的內容感到非常振奮，也對我自己從技術角度看到的發展感到非常振奮。

I would just add on to what John says, David, by also pointing out the amount of live entertainment in America now that takes place in regional casinos, both commercial and tribal, and to an extent that certainly didn't exist 30 or 40 years ago. And I think it's part of the very powerful relevance that regional gaming operators really work hard to achieve in relation to their geographic and demographic markets.

我只想在 John 的說法上補充一點，David：也請注意，如今美國大量的現場娛樂活動是在區域性賭場舉辦的，包含商業與部落（tribal）賭場；而這種程度在 30 或 40 年前確實並不存在。我認為這也是區域性博彩營運商為了在其地理與人口結構市場中建立高度相關性而努力達成的一部分，且這種相關性非常強大。

And then finally, I'll just say that maybe not on this call, but I actually love to hear your thoughts on this and what you think are the key drivers of what really appears to be fundamental, foundational strength in regional gaming.

最後我想說的是，也許不是在這通電話上，但我其實很想聽聽你對此的看法：你認為推動區域性博彩看起來如此根本、基礎性強勁的關鍵驅動因素是什麼？

I'm going to ask my follow-up question, and I'm going to just very quickly answer yours, which is I think that there is some dialing in of strategies on value propositions and recognizing where the competition is coming from and how to beat them. And to that end, we have been able to discuss on this call, in particular, Caesars regional lease.

我先問我的追問，然後也很快回答你剛才的問題：我認為確實有一些是在價值主張上的策略微調，並且認清競爭來自哪裡以及如何擊敗它們。就此而言，我們也能在這通電話上討論，特別是 Caesars 的區域性租賃。

And I'm just wondering if there's any appropriate comment we can make today about whether some of this improvement that we've seen and the backdrop given that so much else has changed, does that alleviate the need to sort of pursue that conversation in the near term?

我只是想知道，今天我們是否能做出任何適當的評論：鑑於我們看到的一些改善，以及在其他許多事情都已改變的背景下，這是否減輕了在短期內推進那段對話的必要性？

I wouldn't say it alleviates or eliminates. But obviously, that's a conversation that will take place at some point as Caesars continues to develop its new ownership structure in due course, but I would remind everybody that we obviously collect every dollar of rent in the meantime. And again, I think that we are very appreciative of the hard work Caesars has been putting into the regional assets and the kind of results you were able to produce in Q2.

我不會說它減輕或消除了。但顯然，隨著 Caesars 在適當時機持續建立其新的所有權結構，那將會在某個時間點進行對話；不過我也要提醒大家，我們在此期間顯然是每一美元租金都照收。再次強調，我們非常感謝 Caesars 在區域性資產上投入的努力，以及你們在第二季能夠交出的那種成果。

Thank you.

謝謝。

Daniel Guglielmo, Capital One Securities.

Daniel Guglielmo，Capital One Securities。

As a follow up to John's question about public versus private gaming operators, I think there's an impression out there that maybe private gaming operators have kind of like a -- more like a black box for property owners around information, which I don't think is the case. So can you just take -- talk through some of the information that you all use outside of public earnings, SEC filings that keep you up-to-date on private operator tenant trends?

作為對 John 關於上市與私營博彩營運商問題的追問，我認為外界有一種印象，覺得私營博彩營運商對於物業所有者而言在資訊上可能更像是一個黑盒子，但我不認為是這樣。所以你們能否談談：除了公開的財報、SEC 申報文件之外，你們還會使用哪些資訊來掌握私營營運商租戶趨勢的最新狀況？

Yeah, Dan, it's -- you're spot on. There's more transparency to the gaming operators than there are -- across traditional net lease landscape because of the monthly reporting that goes on at the state level. Sometimes it's by region, but oftentimes, it's by assets.

是的，Dan，你說得很準。相較於傳統的淨租賃（net lease）領域，博彩營運商的透明度更高，因為各州層級每月都會有報告。有時是按區域，但很多時候是按資產。

And then a lot of these private operators have public debt and report whether through the term loan market or is the high-yield market, and there's trading stats on the fixed income side and often a lot of your colleagues or other folks across research report on those private companies. So there is improved transparency, whether they are versus a broader triple net lease space.

此外，許多私營營運商有公開發行的債務，並會透過定期貸款市場或高收益市場進行揭露；固定收益端也有交易統計數據，而且你們許多同業或研究端的其他人士也常常會對這些私營公司出具研究報告。因此，相較於更廣泛的三重淨租賃（triple net lease）領域，透明度確實更高，不論它們是否為上市公司。

Yeah. And this is Samantha. I'll just add. We spent a lot of time with each of our private tenants, making sure that we're getting the necessary reporting through our leases. And Gabe sitting here to my right, he can talk about your focus on it from an asset management perspective. So we're always meeting with asset management to ask like what do we need from a reporting perspective so that we are able to get the information that we need to monitor tenants in the same way we were with a public tenant.

是的。我是 Samantha。我再補充一下。我們花很多時間與每一位私營租戶溝通，確保我們透過租約取得必要的報告資料。而坐在我右邊的 Gabe，可以從資產管理的角度談談你們對此的關注。所以我們會一直與資產管理團隊開會，詢問例如：從報告的角度我們需要什麼，才能取得我們監控租戶所需的資訊，並以與面對上市租戶相同的方式來監控。

Yeah, we get property level financials from all of our burrowers and tenants and then as a group every quarter and go through every lease and loan investment in the portfolio. So we have complete visibility into our tenant and borrowers' financial performance regardless of whether they are a publicly traded tenant borrower or private.

是的，我們會從所有借款人與租戶取得物業層級的財務資料，並且每季以團隊方式彙整，逐一檢視投資組合中的每一份租約與貸款投資。因此，不論租戶／借款人是上市交易或私營，我們都能完整掌握其財務表現。

Great. That's really helpful. Thank you. And then as you mentioned in the opening remarks, Club Med was a new tenant this quarter. The properties in the US Virgin Islands, but they're well known as an international brand. As you continue to expand into experiential, have international properties maybe outside of the US and Canada become more interesting to you all?

很好。這真的很有幫助。謝謝。另外，如你們在開場致詞中提到的，Club Med 是本季的新租戶。該物業位於美屬維京群島，但他們作為國際品牌相當知名。隨著你們持續擴展到體驗型（experiential）領域，是否也開始對美國與加拿大以外的國際物業更感興趣？

Yeah. It's been -- this is Erin Ferreri. Dan, it's been a sector that we've -- or a geography that we've looked at for the last five years, really spending a lot of time mapping and trying to understand the tax and legal structuring as well as the financing markets that could support investments outside of the US and Canada. St. Croix is a bit of cheap because of the US Virgin Islands. So it still is a US territory, but it is a geography that we continue to look at expanding.

是的。我是 Erin Ferreri。Dan，這一直是我們在過去五年所關注的領域——或者說地理範圍——我們投入了大量時間進行盤點與研究，試圖理解美國與加拿大以外投資所需的稅務與法律架構，以及可支援這些投資的融資市場。St. Croix 因為位於美屬維京群島，所以有點算是「取巧」。因此它仍然是美國領土，但這也是我們持續關注並希望擴展的地理範圍。

Thank you.

謝謝。

Ronald Kamdem, Morgan Stanley.

Ronald Kamdem，摩根士丹利。

This is Jenny on for Ron. I just want to dig a little bit on the allowance of credit losses. So it seems like on the 10-Q note saying a tenant issue with new senior secured debt at a lower credit rating. Maybe just talk a little bit more on that? Like is it tenant-specific or macro-driven -- yeah, just provide some like -- I just want to have a better understanding on that.

我是代替 Ron 的 Jenny。我想再深入了解一下信用損失準備金。看起來 10-Q 的附註提到某位租戶以較低的信用評等發行了新的優先擔保債務而出現問題。能否再多談一點這部分？例如這是特定租戶的因素，還是宏觀因素驅動——是的，請提供一些說明——我只是想更清楚地理解。

Yeah, it's Gabe here, and I can answer this one. So our CECL allowance, we look at the senior secured credit rating of our tenants and their parent guarantors. To the extent that that parent guarantor doesn't have senior secured debt, we use a proxy company. So for one of our private tenants, we had been using a proxy tenant -- a proxy company historically to estimate the credit rating and their credit profile.

是的，我是 Gabe，我可以回答這題。關於我們的 CECL 準備金，我們會看租戶及其母公司保證人的優先擔保信用評等。若該母公司保證人沒有優先擔保債務，我們會使用一家可比公司作為代理。因此，對於我們其中一位私人租戶，我們過去一直使用代理租戶——也就是代理公司——來估算其信用評等與信用概況。

Last quarter, they actually issued debt privately, and we use that updated credit rating to estimate the CECL allowance. So that's why we saw the big change quarter over quarter. Property is performing well, great insight into the property performance, as we just spoke about, get the monthly financials, and this was just a function of additional information that was out there that we could put into our model.

上季他們實際上以私募方式發行了債務，我們就用更新後的信用評等來估算 CECL 準備金。這就是為什麼我們看到季度之間出現很大的變動。資產表現良好，對資產營運表現也有很好的掌握；如同我們剛才提到的，我們會取得每月財務資料，而這次只是因為有更多可用資訊可以納入模型。

That makes sense. As a follow up on the watchlist, anyone else that is kind of on your watchlist right now, or do you feel pretty good on the rest of your talent?

了解。追問一下關於觀察名單，目前還有其他人也在你們的觀察名單上嗎？或者你們對其餘租戶的狀況感覺相當良好？

Sure. So we actually don't have a watchlist. As we discussed, we go through every single lease and loan in our portfolio on a quarterly basis. So we have complete transparency into our borrowers and tenant performance. That's why it's really important that we get tenant and borrower level financials. So our ability to look at every single loan and lease in our portfolio is what we focus on and not individual investments.

當然。其實我們沒有觀察名單。如我們所討論的，我們每季都會逐一檢視投資組合中的每一份租約與每一筆貸款。因此我們對借款人與租戶的表現有完全透明的掌握。這也是為什麼取得租戶與借款人層級的財務資料非常重要。所以我們的重點在於檢視投資組合中的每一筆貸款與每一份租約，而不是聚焦於個別投資。

Got it. Thanks so much.

了解。非常感謝。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc 資本市場。

I guess just following up on the credit profile or portfolio and the loan, so I was wondering if you could provide some additional detail around the loan modification in the quarter. I think it was $90 million. And can you clarify whether this is separate from the golf course development loan that I think last quarter was placed on a non-accrual status?

我想延續剛才關於信用概況或投資組合與貸款的問題，想請你們提供本季貸款修改的更多細節。我記得是 9,000 萬美元。另外能否釐清，這是否與我記得上季被列為停止計息（non-accrual）狀態的高爾夫球場開發貸款不同？

Sure. So we have a $90 million senior secured loan collateralized by leisure and hospitality asset. It's about 3% of our loan portfolio. During the quarter, we extended the maturity date and reduced the interest rate percent on that loan to rightsize the yield as the asset continues to ramp. The interest on the loan is being paid monthly in cash.

當然。我們有一筆 9,000 萬美元的優先擔保貸款，以休閒與旅宿資產作為擔保品。約占我們貸款投資組合的 3%。本季我們延長了該筆貸款的到期日，並下調了利率百分比，以便在資產持續爬坡之際調整收益率至更合適的水準。該筆貸款的利息每月以現金支付。

In return, we received additional collateral and the borrower will be making amortization payments to reduce our loan balance. This is a great example of the active asset management approach that we take with our borrowers and tenants. There's an issue we work constructively with them to identify a solution that provides value to both parties. And then on the second half of your question, this is a separate loan and the loan we disclosed in Q4 '25, which is on non-accrual status.

作為交換，我們取得了額外擔保品，且借款人將進行攤還付款以降低我們的貸款餘額。這是我們對借款人與租戶採取主動式資產管理方法的一個很好的例子。當出現問題時，我們會與對方建設性合作，找出能為雙方創造價值的解決方案。至於你問題的後半段，這是另一筆不同的貸款；我們在 2025 年第四季揭露的那筆貸款目前處於停止計息狀態。

Okay. All right. That's helpful. And then I wanted to follow up on prior question around -- on Caesars. You've previously indicated that both parties would prefer a resolution to move forward rather than, I think, allowing it to remain a little bit of an ongoing distraction.

好的。好。這很有幫助。接著我想追問先前關於——Caesars 的問題。你們之前表示，雙方都希望能達成解決方案向前推進，而不是讓它一直成為某種持續的干擾。

And I realize gaming operations have improved somewhat. But with the annual rent escalator approaching and CPI is still running above the contractual floor, does that create a greater sense of urgency around reaching a broader portfolio solution? Should we think about resolution occurring over the next several quarters rather than years? Any update around that?

我也理解博彩營運已有所改善。但隨著年度租金調升機制即將到來，而且 CPI 仍高於合約下限，這是否會讓達成更廣泛的投資組合解決方案更具急迫性？我們是否應該預期在接下來幾個季度而非幾年內就會有解決？這方面有任何更新嗎？

Yeah. Todd, we wouldn't be able to give you any kind of precise timetable. I wouldn't say that's necessarily a major factor. I think the thing to keep in mind is that in the case of Caesars, they're obviously undergoing a very significant M&A transaction with many, many moving pieces and many stakeholders, including regulatory.

是的。Todd，我們無法給你任何精確的時間表。我不會說那一定是主要因素。我認為需要記住的是，就 Caesars 而言，他們顯然正在進行一筆非常重大的併購交易，涉及非常多的變數與許多利害關係人，包括監管機關。

So how any conversations will fit into that which, again, is a fairly prolonged time scale, I believe Caesars recently or might have been key entertainment was indicating about a 12-month timeframe for completion of that transaction. So there are so many moving pieces. It would be very difficult for anybody to predict with precision a timetable for any conversations that we might have.

因此，任何對話要如何融入其中——而這同樣是一個相當長的時間尺度——我相信 Caesars 最近（或可能是 Key Entertainment）曾表示完成該交易大約需要 12 個月的時間。所以變數非常多。對任何人而言，要精準預測我們可能進行的任何對話之時間表都會非常困難。

Okay. Thank you.

好的。謝謝。

This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Ed for any further remarks.

今天節目的問答環節到此結束。我想把節目交回給 Ed，請他做進一步的結語。

Well, again, we'll just thank everybody for their time today, both from the sell side and the buy side. I realize it's a very, very busy time of year. Wish you a good rest of the summer, and we will see you again in late October.

那麼，再次感謝各位今天撥冗參與，無論是賣方或買方。我知道這是一年中非常、非常忙碌的時期。祝各位夏季剩餘時光愉快，我們將在 10 月下旬再見。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士先生參與今天的電話會議。本節目到此結束。您現在可以掛線。祝您有美好的一天。