外资发起的商业设施REIT将在中国首次上市（图片为广州凯德广场·云尚，由凯德投资提供） 中国公募REIT始于2021年6月，现在上海和深圳市场共有74只REIT（截至9月17日）上市。 在日本，REIT的诞生契机是泡沫经济破裂后的不良债权处理，形成了重视房地产"收益率"而 非"价格上涨"的投资模式…… 中国的房地产投资信托（REIT）的扩容机遇不断增多。负责制定中国经济政策的国家发展和 改革委员会9月12日发布了促进公募REIT市场发展的通知。在日本，REIT的诞生契机是泡沫 经济破裂后的不良债权处理，形成了重视房地产"收益率"而非"价格上涨"的投资模式。中国 是否也能由市场机制来抑制没有收益的过度投资，为结构改革指引方向？ 铁路及特高压输电等成为对象 "对于具有一定收益、发行上市前景良好的基础设施项目提前做好项目培育，在项目谋划决 策、投资建设阶段依法依规办理投资管理手续，理顺产权关系，在投入运营后持续提升管理 水平和效率，具备条件后积极开展项目申报推荐工作"，国家发改委将REIT市场的培育定位于 国家战略，要求持有房地产及公共基础设施的地方政府及国有企业等积极设立REIT。同时还 指示将投资对象扩大到铁路 ...

Transaction Overview - GLPI is acquiring real property assets from Bally's for $1585 billion[5] - The initial cash rent is $1321 million, representing an 83% blended cap rate[5] - The lease term is 15 years with CPI-based rent escalations (10% floor, 20% ceiling)[5] - GLPI has a call option for Bally's Lincoln for $7350 million, with initial cash rent of $588 million[5] Bally's Chicago Investment - GLPI's total investment in Bally's Chicago is $1190 billion, with an 84% blended cap rate[15] - This includes $9400 million in construction financing and $2500 million for land acquisition[15] - The ground lease has a 15-year initial term with an 80% initial cash yield[15] Bally's Kansas City & Shreveport - GLPI is purchasing the real property assets of Bally's Kansas City and Shreveport for $3950 million[31] - The initial cash rent is $322 million, representing an 82% initial capitalization rate[31] - Pro forma rent coverage is projected to be 22x[31] Bally's Lincoln Option - GLPI has an option/call right to acquire Bally's Lincoln for $7350 million, based on an 80% cap rate[37] - The initial annual rent is $588 million, over 20x covered[37]

Summary of American Healthcare REIT (AHR) 2025 Conference Call Company Overview - **Company Name**: American Healthcare REIT (AHR) - **Market Capitalization**: Approximately $6 billion - **Enterprise Value**: Approximately $7 billion - **Portfolio**: About 300 clinical healthcare real estate properties - **Unique Structure**: 70% of the portfolio is managed under RIDEA (Real Estate Investment and Development in Elderly Affairs) rather than leased, allowing AHR to retain bottom line earnings [9][10][12] Industry Dynamics - **Demographic Trends**: The oldest baby boomers will turn 80 next year, leading to a significant increase in demand for senior housing over the next 15 years [11] - **Supply Constraints**: There has been a significant drop in new construction starts for assisted living since 2018, exacerbated by COVID-19, rising construction costs, and increasing interest rates [12] - **NOI Growth**: AHR has experienced double-digit same-store NOI growth over the past two years, with expectations for continued growth due to favorable supply-demand dynamics in the senior housing sector [12][36] Competitive Advantages - **Managed vs. Leased Exposure**: AHR's higher exposure to managed properties (70%) compared to peers (60% or lower) allows for greater earnings retention and growth potential [13][16] - **Operator Relationships**: AHR's primary operator, Trilogy, manages about 60% of AHR's NOI and has a strong track record in integrated senior health campuses [18][20] - **Regional Focus**: AHR emphasizes building relationships with regional operators to enhance performance and accountability [30][32] Financial Performance and Guidance - **2024 Performance**: Strong performance led to optimistic growth expectations for 2025, with guidance indicating Trilogy same-store NOI growth in the low teens (13-14%) and SHOP same-store NOI growth in the low twenties [36][38] - **Earnings Growth**: Revised guidance for 2025 indicates a midpoint of $1.61 per share, up from $1.41, reflecting significant earnings growth and a reduction in leverage from 9x to 4.5x [42][44] - **Acquisition Pipeline**: AHR has a dynamic acquisition pipeline of over $300 million, focusing on managed segments to improve portfolio quality and returns [45][46][52] Risks and Mitigations - **Medicaid and Medicare Concerns**: AHR acknowledges potential risks from changes in Medicaid but believes that Trilogy's higher quality mix (less than 20% of revenue from Medicaid) mitigates these risks [60][64] - **Rate Growth**: Trilogy's ability to optimize resident mix and focus on value-based care positions it well to continue achieving rate growth despite potential regulatory changes [66][68] Key Takeaways - **Strong Demand**: The aging population and limited new supply create a favorable environment for AHR's growth in senior housing [11][12] - **Operational Excellence**: AHR's focus on managed properties and strong operator relationships are key differentiators in the competitive landscape [10][30] - **Positive Financial Outlook**: Continued double-digit growth in NOI and a robust acquisition strategy support a positive financial outlook for AHR [36][38][45]