Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| So feel really good about that |
| And again, feel very good about our AMC lease and the way Greg and his team kind of restructured that |
| And again, what we've seen in these concepts are our incredible resilience over years |
| And so that's a really good cadence for us |
| And we think that's really compelling, given the strength of our portfolio |
| So we feel, again, we're well positioned with AMC |
| Our deals are inbound calls, us working with people over the years and so we've been very good about building what we call a flow business |
| So it doesn't mean that over time we wouldn't want to reduce that exposure, but we feel very good in how we're positioned |
| So we think that's a good thing |
| If you look at Regal and how we did with that, I think Greg would say our AMC master lease is even stronger than our Regal |
| So we feel very good about how we're positioned with them, about their overall performance, even in the period that we're in right now |
| Yeah, the industry was somewhat down a little bit now that their balance sheet is cleaned up, it's a much stronger tenant |
| So I think those sorts of confusing things we're actually quite proud of |
| And then second would be just an attractive valuation with a low multiple and attractive yield |
| And as Greg said, the tenants had the strength to be able to pay their current rent plus that back rent |
| So why do they need you now? Like, what's the end game for them from their perspective? Greg Silvers So first of all, I think we have a unique opportunity in the industry because we're able to find these deals |
| So I think we have a compelling valuation |
| That's a good thing that we collected all that money |
| I mean, fantastic |
| But again, what Greg and his team have done through that is kind of produced the highest producing theater portfolio in the industry |
| And there are so many opportunities in some of the other experiential areas that we feel like increasing that level of diversity only creates value for us |
| So I think a lot of people in the industries that we're involved in understand that we're able to provide growth capital |
| What we're really excited about, Smedes, if you've taken the Fitness & Wellness space, is the two largest demographic groups in the country, that being the Baby Boomers and the Millennials |
| And it spoke to the strength of our portfolio that we got all of this paid back |
| I think, again, cost of capital, our ability to dispose of some of the assets we've talked about could drive that number higher |
| What we've tried to do is improve our portfolio and portfolio coverage |
| And we see a lot of opportunities in that space going forward as well |
| Generally speaking, it's Greg and his team do a great job of underwriting the idea of the longevity of the concept |
| And that's very important to us for our ability to identify and capture deals that are not kind of widely marketed |
| If you look at it now, in our two large -- of our three largest theater tenants, AMC, Cinemark, and Regal, Cinemark and Regal have some of the best balance sheets in the experiential area |
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| I think it's really an interesting concept that it's a confusing story which really involves around us collecting $150 million of deferred rents |
| And our Regal master leases were challenged in bankruptcy |
| And we think we're underrepresented in and across the board in those |
| And candidly, analysts and people are like, oh, well, this is kind of confusing, you’ve got all this kind of |
| Last year was really high because of the excess deferral collections |
| So that's in line with kind of pre-COVID levels, despite box office revenues, I think are well below 2019 levels |
| So again, that -- the execution matters |
| That's pretty high, and we're not projecting that |
| Just long term, didn't seem like a good place for us to be |
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