Financial Data and Key Metrics Changes - For Q3 2025, total income from real estate increased by over $12 million compared to Q3 2024, primarily driven by a $20 million increase in cash rent [11] - Operating expenses decreased by $53.5 million due to non-cash adjustments in the provision for credit losses and a less pessimistic economic forecast [12] - The company raised its full-year 2025 AFFO guidance to a range of $3.86 to $3.88 per diluted share [12][13] Business Line Data and Key Metrics Changes - Cash rent increases were attributed to several acquisitions, including Bally's Kansas City and Shreveport, which contributed an additional $8 million [11] - The Chicago land lease increased cash income by $3.9 million, while the recognition of escalators and percentage rent adjustments added about $4.2 million [11] Market Data and Key Metrics Changes - Regional gaming has shown strong performance, with no significant threats observed despite broader economic concerns [18][19] - Foot traffic in regional markets remains steady, indicating resilience in demand [20] Company Strategy and Development Direction - The company announced three transactions in the last 60 days, deploying $875 million of capital at a blended cap rate of 9.3% [4][5] - The company is focusing on expanding partnerships with existing tenants and exploring opportunities in tribal gaming [5][36] - The company has a significant pipeline of announced transaction activity exceeding $3 billion [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current liquidity position and the ability to fund future commitments solely through debt financing [17] - The company views the current valuation of its equity as unattractive for tapping the equity market [5] - Management remains optimistic about the Chicago development project, noting significant progress and a strong ROI framework [8][9] Other Important Information - The company extended its option to acquire Bally's Twin River Lincoln by two years, indicating a strategic approach to asset management [14] - The leverage ratio is currently at 4.4 times, below historical levels, providing flexibility for future funding [13] Q&A Session Summary Question: How comfortable is the company with its current liquidity profile and leverage? - Management indicated comfort with a leverage ratio of 5.1 times if funded entirely through debt, which is within their historical range [17] Question: What is the outlook for regional gaming performance? - Management noted that regional gaming has held up well, with strong coverage and no significant threats to the industry [18][19] Question: What changes occurred in the expected fourth-quarter development funding? - The company reduced Chicago development funding by $25 million, pushing it into 2026 due to timing adjustments [24] Question: How does the company view the New York City casinos? - The appetite for participation in New York remains strong, with management considering the potential for significant EBITDA from the projects [43] Question: What are the return hurdles for tribal deals? - The company is looking for increased coverage on tribal assets, with a focus on stronger coverage than typical commercial deals [46] Question: How does the company approach equity issuance? - The company looks at equity issuance opportunistically, with no current interest in funding with equity at the present share price levels [103][104]