VICI Properties (VICI) 24 Feb 232022 Q4 Earnings call transcript

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VICI Properties Fourth Quarter and 2022 Earnings Conference Call. [Operator Instructions] Please note that this conference call is being recorded today, February 24, 2023.

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

good and operator, you, morning. Thank access Everyone XXXX company's quarter the release should and have earnings supplemental fourth to information. website The release section Properties Investors found in www.viciproperties.com. and supplemental information of can the be the at VICI

today Some federal the will of laws. our be statements meaning securities within forward-looking of the comments

results as projects numerous which statements, actual or on Therefore, what could phrases subject to such other and from identified expect, uncertainties should, cause use of by them. caution similar differ Forward-looking believe, the guidance, risks we that should usually you relying words in are materially will, to intends, outlook, are and interpreting expect. exercise

refer risks I a the that for could filings impact results company's to condition. you future SEC financial of more detailed discussion operating the and

we we GAAP. accordance not should substitute as will measures, evaluating for non-GAAP results in useful our call, or believe in be considered company's certain operating with These which the financial a in isolation discuss the performance. can be measures During prepared

to our A release, is our earnings reconciliation XXXX SEC. of these with our fourth quarter the website the most on filings our available comparable information in and measure supplemental GAAP directly measures

For measures tenants or please of described to respect and with call, additional company's refer on certain this public the with counterparties to filings information SEC. non-GAAP the

Pitoniak, the President Vice will then we'll call Officer; Valoy, and Gabe Financial Ed questions. Chief Executive call Hosting Accounting and we Officer; and some to Officer; Acquisitions. Ed Danny provide the Kieske, David Chief remarks, and Chief Wasserman, have today, John open Operating opening Payne, President of Officer; team Chief

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

activities. you for everyone. in our on will morning, give XXXX. XXXX operating you business and to and Samantha, you, We're about excited development outlook and good results environment to our also color John our morning Thank this talk

REIT member other about to VICI the want for we first Board VICI's X every team I'll in for And the to do thank making operating want single a weeks anniversary of from amazing and X-year talking go our gaming of start to X-year over work period, they've IPO work years. all A things, to X our they I couple great done reached VICI, of XXX and by thank and this inclusion years. become in outside among I the the first partners buildings, of economic incredible to S&P experiential places VICI's ago, IPO. in under value. enabling

not Index February period are over that generate would IPO, would period XXXX excited those cumulative have that I In cumulative you their XXXX, which from think S&P X-year of would want a return annual I very of over REIT entire any period IPO figures. Those the VICI's XX.X%. been to ensuing through generate VICI you total the in that of return told are I cumulative emphasize RMZ total the total of be year-end index time of don't if or return the XX.X% XXX period. would

return Xx. S&P XXX period since produced than beat over zip, cumulative none. same IPO, by produced shareholders XXX.X%. that, the beat zero, cumulative period. in exactly superior X-year the more our the REIT return that's cumulative S&P VICI VICI, This REIT S&P Over other total REIT and And Xx by in Over XXX.X%. index by XXX its total to no and total the I'll cumulative return RMZ VICI for period, return that of indices nearly produced repeat the that what total that

in XXXX outperformance produced XX% XXX see RMZ S&P compound XXXX. of total versus the AFFO versus in XXX XXXX per an which index. return S&P outperformance produced X.X%. produced REIT another VICI we points and by of points VICI's we significant the X.X% If VICI quarterly And of has of and share VICI year XXXX, annual share per XX.X total a at only dividend Since growth CAGR positive overall look outperformance. index XX.X REIT that the return was generated itself,

you believe plus AFFO growth XXXX you've on to ratios S&P XXX the will see and XXXX the XXXX standing of deserved one find given you received VICI XXX XXXX last AFFO upgrading. balance negative David And of between years thunder, that are X comparisons, growth XXX I shared I'll REITs. all I they have that to of XX.X% yield to to VICI believe find lay trending you'll earnings outperformance yesterday, PEG among opportunity rates guidance, out. dividend support VICI’s most have offers over REITs. X-year guidance you made you and consensus midpoint have growth been To price to those XXXX along multiples to be earnings comparison S&P forecast we're of our you a our David's once XXXX about VICI don't yield S&P given XXX which of to XX.X%. and low stockholders the or you, guidance Our starting VICI's has XXXX, other figure want and the guidance. but sheet David generally What you we to the and hearing generally compare give comparison, multiple with encourage compelling all will offering in equals other excited Compare very is of what create digits. yields, AFFO throughout earnings more S&P XXXX for that you XXXX especially I XXX in from represented Kieske single that other what our history steal digits XXXX guidance In point. in low are which growth Compare REITs, growth VICI’s AFFO to once by believe as plus is I the guidance AFFO moment, help the what The digits. are calculation, REITs plus you they've our AFFO that our this REITs, the single between dividend Once a encourage single made value S&P make that portfolio continue in you I other stockholders. for will growth, out

dividend you give yield earnings one current yield With running S&P be current for per X.X% growth estimated consensus the S&P share XXX estimates of I'll growth and XX%. XXX XXX. and around be VICI's combination XXXX AFFO of and yield would midpoint dividend over at dividend earnings X.X%, of the Finally, the X% growth comparison. combination our S&P current running more The would

John I'll John? With over it that, his turn for to remarks.

good morning to and Ed, Thanks, everyone.

our shareholders our relentlessly Over the past accretively. worked has asset and value by to portfolio team growing years, institutionalize X deliver to class for our our

we've across During who roster XX and tenants our manage globe. of just from the at experiential assets formation time expanded of period, to profitable the complex this some most one best-in-class operators

Our in our encompassing, are what from most territory. we the hard crosses iconic of into estate portfolio estate growing believe, at resulted also work properties to formation across portfolio our real real with international now all our XX some XX and commercial properties today has assets classes,

of possible unfortunately, on none effort without this been up and would nights, our holidays. who Now the have of working weekends end many dedicated occasions team

very management that, For an executive as team grateful. are very, we,

you arguably the of Those In our we attractive in most unique achievements. acquisition that time a very Vegas, iconic period. one during our year, announced assets have Early remember in of story some the who Las the X.XX% Venetian XXXX the ways, cap of of the world may experiential completed rate. in followed hallmark Venetian the very Resort was was at the

recovery Las to XXXX decision today, appear of when the believe many While may together Vegas in acquire the asset uncertain. early that simple transaction came was

diligence. During that period, Las bullish studying increasingly Throughout allocated due the confident process, towards in-depth confirmed we grew our in underwriting underwriting ultimately our our and very Vegas we performing and on the market. resources bet market

continue here the producing Leisure record have consumers to robust, Vegas the that to city in and results. meetings number. see and sit we Las record market continue today, visit returned we business conventions remains As is

hosting In did array for by vocal events city. and our in infrastructure find to the vast remain continues and Las economy continues to the believe Vegas do ever of for not will. broad Vegas be to outlook the leverage Las the continue Las the diversify in about essence, The events a we and they Vegas market of nor the consumers consumer experience belief believers preferences, we We scale. by offered city will a catering to market, believe firm replacement unique

Following we alone relationship deliver our to the would just later, our acquisition months MGM that of Resorts. completed two companies. a assets former Growth Properties, the These few transaction, completion beginning many growth of satisfy Venetian strategic transactions with MGM a XX exceptional portfolio adding and

year Blackstone's Fund, the pending with achievements those in Rocky the investment we in in on, Foundation of However, the of renowned Industries. and as closed We Las Gap January. we acquisition gaming Grand MGM Vegas in closed supplemented interest Casino of our invested Property we Growth carried Maryland Fontainebleau which acquisition additional with Vegas the venture, Koch Las joint And two in assets the alongside regional Bay Mandalay the and on acquisition Gaming. the

Golf we university projects for growth announced relationship In and during with achievements we our addition to in certain Ranch, years our with Canyon year Great our come. financing Wolf opportunities the deepened widening and by to Resorts, partnerships of gaming, Cabot growth

not we the on casino least, properties of as surely first Alberta, acquisition Canada. announced international calendar turned XXXX, to the closing investment Last in by but X our

that are expanding these We many and on before portfolio internationally once say. demonstrate our we about what again of have we do calls talked earnings to thrilled

to ahead for will we beyond. the XXXX, growth the be look planting of X As next we and years seeds

relationships continue opportunities to as are accretive First beneficial going to our foremost, mutually establishing deliver yield intend that always, shareholders. and focus for that we we growth on And outcomes.

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

of sheet. our recap XXXX that continued protection support This equity capital start structure existence the ensuring I provided growth and to the John. deserve. a maintained provide all with the access from to with X-plus and years highlights focus VICI safety the credit markets capital and want year. throughout have designed continued balance and a to cycles discipline to our few just demonstrated we weather have XXXX partners by we our to over Thanks, our

an S&P XX-year thankful rating ability and both from as the rated the achieved we our debt we VICI's XX-year MGP. of April, BBB- tenures access are a for Fitch our a transaction. this acquisition allowing REIT support us first of across investment-grade investment-grade of received for XX five, first-time in issuer, billion credit we to In was to and goal seven, fund raise the a VICI of to partners and three, credit $X series investment-grade tenure

million Then agreements. remains we include million that to today through agreement, agreements in sale forward proceeds unsettled we November, capital. to we total June, index Those in time XX.X comprised of been investments $XXX.X raised and marking has inclusion, our added the Index, added year-end, the S&P access $X.X REIT approximately raised cash, to In equity share amounts sale to a which subsequent from were equivalents in of line In deepening XXXX. sale million $XXX a XXX as to the to of $XXX.X of available IPO total million XX, million January, proceeds billion shares $XXX.X million $XXX a throughout through agreement. equity raising utilized in forward sale transactions. share million through have XX.X X.X future via million we net occurred very XX for proceeds year, via sale short-term We ATM of forward the sale of equity million shares QX. a net of December Currently, fund equity cash the in and forward net through efficiently fastest the the liquidity

have We revolving agreements availability credit $XXX the under million facility. and proceeds the sale January of billion the $X.X of net from forward

in gaming revolver XXX our Canadian under acquisition. connection or drew USD with in PURE a down XXX approximately million we As January, million reminder, CAD our

out revolver We will term draw this the look to future. in

is leverage, JV. terms Grand/Mandalay In the which consolidation MGM debt currently our the of total CMBS $X encumbers full that billion billion, reflects of the debt of $XX.X Bay

adjusted to pro year our X.Xx. EBITDA full debt approximately for is forma of recent a activity net Our from acquisitions

of X.X have average a weighted portfolio and average to years rate We weighted maturity. taking into hedge X.X%, interest a account our

while John quarter transformative GAAP $XXX revenues Total Total fourth prior XXX.X% over share $XXX.X was year-over-year million result XXXX in increased to statement. AFFO per approximately activity as XX.X% approximately year. increased approximately the income year-over-year, or the QX AFFO for mentioned. $X.XX QX acquisition the to in a million increased per XX% AFFO the of share. Turning

year. equity overall to and primarily in the raise due is Just which as the the per AFFO of acquisition to MGP our reminder, between QX our share our AFFO shares growth last count, of issued growth an consummate share increased the of increase disparity during and Venetian QX during and Resort from acquisition a

given model of significant efficient the Our our as corresponding in again increase results revenue. triple proportion EBITDA in once a highly highlight net increase adjusted the

range to when Our in strong items. XX% the eliminating noncash margins run continue

a total in sector. the revenues million one and G&A X%, was percentage as Our $XX only the ratios the quarter for triple-net was lowest of of

Turning to guidance.

for is $X.XX $X.XXX expected We well billion basis. at are per both per initiating XX, between XXXX billion as AFFO on a absolute XXXX per AFFO as diluted December guidance dollars year to and $X.XXX share and in share. share be or between common ending $X.XX

the acquisitions the Blackstone's acquisitions MGM JV. we well Our acquisition XXXX year PURE the closed acquisition XX.X% full of guidance January, the Canadian Gaming in reflects stake completed as Bay Grand/Mandalay and in as of the

the this million shares the related per year. accounting Additionally, reflect in the estimates pending XX.X to impact share of of January treasury forward sold

announced any that activity draw not interest our As but structures, possible on transactions. nonrecurring include other guidance or acquisitions income final or have impact transactions, dispositions, loans any capital future unclosed from results a yet does markets not do reminder, from the operating

with And we we AFFO ability to in as you as way due believe a financial focused FFO basis equity investments guidance net evaluating the a income productivity noncash of to forecast of is leaves our our best charge the with recorded AFFO the and dividends. measuring have our Accordingly, and unpredictability we discussed performance pay on which to past, us its accuracy. represents unable quarterly inherent CECL

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

comes from [Operator Instructions] from First question Paolone Anthony JPMorgan.

complete and for is at In needed investments to you past, guys debt guess. the David, been your question have really them. equity good I with First matching the

think and think you to of look buy you the maturities may or and looking horizon just give out reduce further next. yourself address about appetite kind what's on just about leverage you As 'XX the room what forward, to as either future

talk Great Yes. to Tony. to,

Just $X.XX May to maturity maturity the or that level X, XXXX, come in comes for of next due X.XXX notes set, our due. billion first

no understand and leverage back acquisition down in MGP XXXX. just have take X of maturities our we'll allowing just the Xx the focus and to them And of the help we think were given and due us with So the when we thrilled diversity to leverage agencies the X.X worked continue the and up and I consummated with And merits to north they everybody, deal, transaction, to remind bringing the on we X.Xx. guidepost.

as to as some the acquisitions smaller fundings look and cash business, the end significant navigate cash And of the last loan that we so the we over have. flow down transactions, to and But as some have potentially of fund at you flow smaller that the to leverage do acquisitions, free to of year fund of saw bringing back efficiently possible. time then we the us we free in with with Xx use X.Xx. we'll goal match And as larger over-equitize again, the

Okay. And then follow-up. just a

of the have those As or invested are today? like either capital capital generally, conversations speak the brakes markets? Or Fund you think in tenants assets, any because change things just dialogue, like being with tapping what and economic And they the more changed? about in and Property Growth uncertainty the

John?

to Tony, extremely to tenants We're talk to fortunate good are right have now morning. this Hey, doing that well. you

on those to follow the coming think the phone are gaming I out they're industry they're Las not if records, Vegas, records. close who watching in all-time the particular, all-time of or results

look they Fund. how to Property with longer be there grow hopefully to conversations continue conversations with, you business, those we they and their we're in plans part term as growth our be to tenants, our of and our and continue So mentioned, Growth their thoughtful about have

from We Evercore Sakwa to now ISI. turn Steve

yield and sort go thinking just you the about ratios had. today colored underwriting are world John, lines you you are the And how curious, or line to of of as that six want coverage changes you just maybe may into? business your sort potential ago? like and nine down of months Ed, or about to view issues Has road. how think kind Maybe on the following thinking question versus I'm on about that how of Tony expectations up

a good case how reminder lack just right almost in like has, things opacity. you. to definitely in you be now reminded, and of this you need to talk It Steve, The uncertain to week need equals are. a the And to visibility markets one as

next So Vegas to at believe in the of enjoys right operators, least reasons, we we confidence for with going much spoke to as operators couple drivers very continue so now to our John have of well our of, that years. demand and are host really gaming particularly having do the for a do

about have cost on be a be be it about how of when to benefited we from obviously, as have need has of probably of definitely fact silver we that to than we But given they've everyone be advantage tightened, that we certainly the comes as to higher to cost been to have couple credit the well access equity the conditions and need do capital, yields else over But cost underwriting performed. careful last to years.

to discretionary, tenant's if should under And are prolonged see consumer scenarios, which a lending, have might also landing, in be to mindful we soft very what hard we we're soft, be landing. hard prolonged different operating we as performance

this -- also of definitely inflation. do need protections obviously advantage of peers, we be the many to that our certainly lease REIT of CPI enjoy some year net versus REIT have in benefit mindful But our peers, XXXX. investors We

you do curious see outside you the I internationally And kind I in you U.S. market, more U.S. sort size kind inside? then -- bigger you or a is deal see Canada. look do seeing better if and today? there. maybe today out just the as but Or assume it, you opportunities the market more the of opportunities you of back of opportunities look Okay. at international at I'm circling are on just landscape the guess,

Steve. a over we you way forward, the But us, growth categorically as will John? thoughts what new -- we with we the we categories it geographically, to John watch actually new and at U.S. moment, into always But to we it as we how we grow look and the over versus last did is for to with looking to geographies in international. opportunities about turn see John to turn growing in be look year both did great as we as his last Canada. you think so and think how you And going as do about year at for grow on us and way Cabot Ranch. to Canyon about I'll look think I'll

good talk a out Steve, we to we've all gotten opportunities go bit more Yes, and talked wouldn't to company, us before a world there's this then to to little opportunities. our the I'd say say domestically. you you look about resources adding morning. which allows I to than internationally and organizations, at mature is as around better

about are more countries opportunities I'd say and out the different able learn now. there we're simply right to that

question, out world Ed all experiential we that being and do underwriting. got again, we've for sectors this But thoughtful go but this gaming, resources answering allow look As like. started very over we now right opportunities, our to the us only anything now we're that certain in really in in in not

Okay.

then the Just I'll follow-up, a floor. quick and yield

risk the think yield U.S. about sort differential Just when there is of a against and international you currency

did that leakage Steve, risk to the we take mean then Canadian has transaction. sense. that efficiently can yield that both work the end sides. a parts mentioned, and and I capital underwriting where and your into we Yes, can What's make John globe as of And the we're account. of other makes transactions sense And where that tax our with learning the and structure right? what's for that the it's key, PURE about question then currency

to turn We'll from Citi. Rose Smedes now

kind theoretically that versus I'm guys classes Six on comment And estate? in? proposal of or deal sort underwriting There of you're owning the you earlier park that in not would you specifically the theme in think land going big about you're real probably other Flags mix. in was maybe picture interested interested But that at how be an know proposal. you would activist brought And I around to that that some of just asset

Yes.

are we right, park the about investor you're past situations. So But engagements have our on Smedes, in won't interest attributes any very space. the We an we our They're and awful call assets. in ways remind very capital-intensive assets. theme of large-scale assets. specific in They're investments. our it talked earnings on comment our of complex very us very lot think good to has gaming These in

interesting U.S. themselves They have the park over really theme proven find landscape an decades. about it also un-networked What we is landscape. in is the

we'll you thinking, puzzles that obviously, spokes regional in theme things? not have real merits in if terms park help be to ever that and experiential us economically. kind the yes, if of You is category for that. and geez, and a believe power it Orlando, ever the investment Anaheim form but what and these can't have you of And they're could and and comes of category the hubs, connected has operators, connect we But would well, see strategically anything both us,

you're wondering, tenants just groups like I you drivers go, sort I thing versus of kind all different hearing sort John, of maybe go little was sounds around go, visitation I any obviously, hearing Vegas is mean, or the specifics more your return of on of regular a are kind of of just then leisure but corporate it mean business? And on

They have that business [FIT] coming have is back. They segments. get you as and makes slowdown the see add saying about are demand the assets Vegas in I the weeks performance to gamer. the operators business. Formula they're they beauty they over see having, business. just then to not growth Vegas 'XX and they're and continue the special then what so of talk at those this weeks. very gamer. their our our the nice out couple to probably in strong, spent That's Super Vegas to Las by business operators get robust. time say you right the resources the with to that with And enough that's that they they've meeting this they're tenants They from started And morning. past the and Las just seeing And be ever domestic year all continues all international Smedes, coming Las later of of a And into facilities. add their and can't do the the there -- there Bowl. that weekends to that one go and One turn had year, and biggest they're We going different

city a sure all find Vegas there other, it's better So the no credit Las the that internally can performing in like and a properties than they goes city talk is our And we not tenants are world, and their the we to we're city way one. and marketing

comes question Truist next Securities. Barry from from Our Jonas

keep timing start loan? Have what the at and wanted modeling I develop you about sort should could around of Can they given any sale some to this theme for full be then Vegas intentions down into And of relationship the your talk Fontainebleau. point? expectations we how road? on the with maybe leaseback

I number even it's And year. can we then support the and missed. get and we’ll towards the this a vision Koch and at think Soffer a the anything Yes. of asset a the of Barry, end by organization, look, this the have over But phenomenal I went start, and it open I backed Industries. looked of in equity asset period better of years, chime John with we've -- in

to estate real path there's of ownership. of formal So relationship a nothing in our terms in terms

the and with their and in future, real that be and and with leads size focused just project. act come and That partners, opportunities estate scale size to objectives. you could of book, the in to and involved think and good hospitality, them other we're the we to when more partners' you'll everything support that be as have excited of leisure help especially they But more partner there things and industries

time also Okay. Mirage. Fund to just and and Hard spending be a -- -- general just specifics steps Great. worked there are What next potential for out for the Partner maybe on there? loan minute Growth the loan a And there potential Property Is then line Rock here? redevelopment

John?

just our this a They're John. how to to earlier their really the busy contact it's and Las property, you Rock Vegas idea last in question But property, communication over year. and understanding this the understanding Very demand, which studying Yes. with them tenant they're Barry, months, that. team to now, more be. we'll good for plans is Allen year, Hard morning. right the through business Jim great. we'll on is understand of next their this the what better and used and getting talk ultimate coming the have is working what will their ultimate the over a And plan, be timing took

time about So nothing we new than talked last this.

We now Wesley to turn Golladay Baird. from

Hard just to the wonder set the Mirage rates I last the you Rock? have projects a as the quick or question. follow-up these I for such

it thanks this. Wes, best question. the Yes, quite for is David equipped think David heard to answer And I clearly. don't

the these I get set Funds. caught Partner -- Growth I think it, for you right? when Property that say rates Is I we that did Wes,

currently the I do a at Or in don't project don't and the always the say, are you when the so, plan the of and time mean these there's the you certain the terms? set but project and get Yes. already I yield. time deal, are can locked they a But of opportunity. rates then scope future I closing of we you model know at transaction, set if know X% those the or around mentioned the around

to terms, up rates are acquisition we'd or of obviously happy Wes, structure, they final Partner of Growth of but rate, The timing. to Yes. that subject negotiation. more Fund our negotiation needed $X.X in if Mirage, we When the said be billion we in, commit announced of it, Property terms even would part not to all the Hard be Rock's it's so locked

And related to that, Wes.

the venture… the joint of For consolidation

ahead, Go ahead. Go Wes.

No, ahead, go no. Go ahead.

Wes. having is to of partner. not just is right a a borrower easy view capital the the easy I not then needless ahead, cost going It's carry to to exercise. and a an to pricing forward pricing Obviously, the exercise our capital And was that out. or an in of say, go say, of now capital future

follow-up handle the are be joint earlier Blackstone mark-to-market for the, would Would portion for any last you magnitude? you venture the that? JV portion or of year, for deal a of going the did to just My sense that be the the it in debt consolidation how for and the the whole the

Gabe?

It's Yes. here. Gabe

think we can either existing market. can or market we inherit roll to partner's So some choose basis basis our have or to over where on can we debt I the we that flexibility

So still that we'll ahead. start debate having and month the that focusing on internally, in

to John Securities. turn CBRE DeCree We'll from

to Ed, question, push bit. on picture little big one Maybe you a spot the

first years nice a of for quite of plan VICI's if or Wondering a recap X kind your of successfully prepared gave next the remarks. X You prediction a kind years? venture you'd in

years would Yes. of okay, John. X had Samantha next predicted I had had had that the done. been the to real had Yes, yet not want said, institutionalize we class We to years ahead, I X asset your -- a so a not institutionalized. the Well, conviction have really RGC. always ago, we if for you prediction be opportunity okay, covered wonderful really what estate that David forthright, just if Gallagher, ears we

was on should S&P So on times. of well on creating -- as of much X we continuing over as much sustaining we that both And as terms so not XXX have story and sure performance them cannot of we're look base ahead, at because risk, Xx, the as X of crazily the value we might involve much years, was the years base outperformance we S&P should NASDAQ. think beat taking that the Xx of kind of our during dead in kind period, that outperformance of we the NASDAQ NASDAQ Xx first I hot our that XXX, probably so outperformance, likely this by hot that The our strategy would to investors. strategy certainly our take and for right? so involve performance, mentioned

at accretive created you'll see in years continue geographically, we beginning spoke and categorically, sure what risk. is So David and do do to the that over at way with investors the Tony's make X be grow to just value answering the us put together deals question next the to over-equitize we've willing never of grow our continue

shouldn't benefits. of Or the benefits. of great One say one the I great

we we of over volatility there else of the time. want is and years. X We outperformance had went that in the X over doing backward And next don't periods. sustained for a to One for drivers everybody years. never great went stayed that obviously years first We start long did never as backward X the our

attempt And learn how have to I order in So think we how who to allocate look And do. see always be in in you'll in we want capital. be us succeeded disciplined that, disciplined from to underwrite. do to doing what we'll REITs we

really Like Plenty. and the it's in Income on peers So week how creatively team internationally, whether they've how for and announced you grow of marks deal of into inspires Prologis part Like because it's categories. us whether great how Sumit think new to they it the our Realty of this that in developing grown is ideas the kind making of on a deal to full and terms evidence categorically. innovatively

expect years, can John. you what X that's think of I next us over So the

from maybe sense. then curve a Makes do. is a cos, those this do you flow tenants? smaller there. you've thinking maybe different two And more private different of bit emerging one or a types public to realizing little kind smaller, that to about of of seen kind the see kind tenants, smaller on couple and activity follow-up. a of companies? John how from from similar probably standards underwriting have But companies. known deal little of softer Or companies? think kind great larger with a to more How you're acquisitions about a curious for large public insight year, you your as bit kind you've of made more Last tenants would maybe ball expect they lesser relative It's trend Maybe bit private a

take years and of the you're whether companies to Yes, to they're taken public, John, VICI, new it's of to X not operators industry what next company. whether is the you're very the that most we've talk time right? experiential understand trying how we're a grow you're mean of gaming part But over proud small, question. the whether go good big, I whether all inside hopefully, to and we their to the the time you're private,

of to our for is capital a grow. in And us possibility them there help form

the went And X and Ed through next won't won't change just so what as that years change.

over continue the we to that. bigger, have to deal, see a team to course it small we company of and to going a I we're it business our with them, that's know this you're a may small may hoping curiosity become larger. get take time development we but make together be small and as it small a think a that company, And deal be help that we

companies, see us the do to private it our large believe since to will company, think allow deals grow as we see and deals You've with you'll to seen companies. continue public you'll I do I continue expect. And started and business that us we with smaller continue us to

turn now Morgan from Kamdem to Ronald We'll Stanley.

Great.

quick from Just couple ones maybe a of me.

some range. AFFO pretty wondering sort is The to the of a I if of growth flat compared in breakout growth, external just triple-net versus could first almost other that of on XX%, we number. is the impressive which sort X% get peers just of the to of organic was

much of driven done inflation escalators is how acquisitions that of by sort 'XX? some in were So being the of the that versus

I all the Ron, include make the modeled future. upset. way, is it well, to We well any which my outstanding. be It's all in which Gap, said with would Rocky And does here. we predictions the it's as deal, as mentioned the in not including so early are acquisitions, November do still X%. is in David. escalator to the -- January And very not -- then as by in driven closed January baked then about in, Nice the me well. PURE as talk counsel next remarks, Caesars reconsolidation early My differently

your underwritten this or on we have question any if point, Caesars, -- But be in But don't plays David's I -- And draw that not not year, and toward We forward acquisitions, base of obviously unclosed -- any any we it's do in right, no a do I make AFFO kind Century definitely question loans and have fixed growth. include level for rent, that is assumptions if only clear for role that there in, escalation growth. to XX% January believe Ron, understand kicked that generating rent November the the end of help. schedules any of that's to we've do CPI yet. for presume not rent just we

can to That's the and on helpful Great. I sort move pipeline. of clear.

past of would if But you're any all I you if I numbers think the billion, pipeline, guys it's of call, on of about sort that helpful $XX sort of sort we've information? think whatever, done. amount that we've with, sort talk I'm of market, a in have the quantifiable curious in have billion, $XX sizing which talked deals if be it's

you want John, to start?

right a adding in team. our would have I I you don't resources on call development earlier organization, number Yes, as talked that tell our specific I to business to now. about this

So what you active have we're deal we ever more flow before. uncertain or I an tell active than time. is in It's would that done obviously

the have we thoughtful that do. in underwriting any of type be do we incredibly to in We deal that

we've talk only in about expand But in the of previous calls gaming, been heard able we've sectors talked about. public not But that many to you and companies. in and companies private me

ever We're on and the companies, answer. we're Danny But So help my companies have I capital add than we're ultimately can before. is more size companies to don't exact our more you. have for how grow. done meeting don't explaining call touching I we if to the those wanted anything know

lot opportunities think and an the it I as Those as talked growing, But that not sky other at we we've at That's as within anywhere you we some look gaming all-encompassing well. that is are we here, time. the explore billion blue from to study of numbers. from especially internationally, about ranging sectors. $XX actionable to point opportunities $XX universe we covered think in mean transactions. continue are look of I opportunities and that billion a some John, talked potential experiential of we've about

So it's difficult you single give now, a Ron. number right to

more I XX% believe contrast, want a The commercial, about say, American is which XX% that Ron. that I emphasize, would the space, add was last I with bit little to just plus REITed the mall to sector REITed. commercial time we gaming would saw that,

thing gaming tribal tribal to other mind The and sector have an now size or is Danny. three And that that American in in gaming. we John keep are to American regional equal relationships, do is four we

saying, we possibly how about type just I John? think did new to those -- be that opening a a we're is finally Governor sector put he is if do Texas go Great morning remember business it Texas, eager with it, business Wolf, Lodge gaming. are gaming. in that’s we're all to we with of ways headline, can of. thing sector jurisdictions there are add headline obviously in going very to we that We're we The more yes. definitely in to I get Abbott led and that Great the because want in up how of And great gaming And -- where business read in And I'll -- gaming. by saw exactly this Wolf that can't operators. is already we

we at opportunities, a represent like allocation to quite look say, get you that the Texas needless excited market capital a and like So given market could

turn from Katz now David Jefferies. to We'll

need with in thinking those. I some than And out through well? circumstances or having go over the and back just don't what as lot Caesars of to what You've out you? the just my we a couple capital might have come under detail be pipeline to to the prospects potential in and what for equity there raising covered could an is travels, more spend so of investors wanted question reasons awful we for our and throw is double of time obvious And sort on up side. about talk which do But next years, that's what that? equity obviously, and debt you Can more raise you you front of you

a and John moment. starting a I'll David, to in as just Well, point, over this turn

But to date. can the so starting record will be accretive you REITs when been do will producing equity and raise come equity. are as evidenced will track beginning again, But accretive to in raising good have perpetually as share It's a to all since kind we our equity all perpetually that a will equity And that's XXXX REIT, As growing a AFFO per do we raise be for shareholders. in And point our of to by the to fund we're growth we fund benefits raising compounded growth basis so. XXXX. years confident there on we opportunities acquisitions.

our In terms have John of future. John? the to obviously pipeline, in opportunities like it we over assets I'll because Indiana the turn

view also will live growth see we tenants, in Yes, And two out. now, spent this point. the we're and as you obviously, ultimately that that's hope on existing tenants And an assets lot kind our performing well. as nice to hope that some in this with with Indianapolis break building to a opportunity with they that about portfolio maybe put/call new numerous then York That of bring our relationships David, we'll I opportunity well. that non-gaming. I've as really mentioned, But whether will I with can hope to, is that a we coming incredibly our good gaming alluded how plays at to are is call or talk jurisdictions time growth part opportunity already right new put/call of opportunity Ed the morning. talking grow our and as in Ed years. And of the it's And is Texas in like into into Caesars New our be

Hey, add one I thought... could just more if David,

Please.

across think think advantages will any as mind landscape, add that few over could something the the barbell capital to we talked to Yes. compelling I the emerging there and this, of should large on highly see REIT minds American to more question capital biggest it to in effect be with REIT, anybody's markets, And stories access the continue could a and in a really is no bifurcation because you be to will David, is volumes if to an the next there But REIT being or about to a to being one call. our relation thought to comes what it most scale it the years don't growth-oriented value-creation likely comes capital the I access superior. when question access great advantages haven't REIT their when in and this accrue comes markets. it's when in where increasing

believe, in can mid-cap But it gets we'll access the high You'll the comes capital produce tough problem it small growth scale a we're the at little bit I can tougher volumes it's to and to it's no-man's REIT to think growth produce REITs, the material RMZ, ninth when call brings we early at now, And years. you it to always reach have land and advantages what really and their as access year-over-year-over-year. is in REITs largest significant cost a definitely the where of that capital. -- of

And sorry, I'll to turn it back for question, David. you your next

sort in is about hard Native way but building more for relationships can areas? on by know Or the of own are assets? we've before, where to other will relationships that. building part, I reservation trying With you own American respect solve talked enable to Or it to Appreciate land? estate those providing code you in land the real you this a that loans reservation

road. to the and adjacent term, John, the it to John? turn We down and them think or off tribal there land. of our near that, land excitement In grow I'll be we worked either over solutions definitely on could greatest is tribal helping

out commercial when are, to. operators we with that's Right. is their them to them That's just mission exactly we nations continue commercial who relationship many we're with just if how could right, meeting what the as understand we opportunities David. help and American I native grow let in getting mean, building we're

So time doing of them nations and on and letting three lot partners understand we already native-American VICI with road I'm the that a spending have

Thomas KeyBanc. question comes next from Our Todd from

Or and I require of assets additional sensitizing coverage just in about backdrop? nongaming given appetite your back operators economic up just maybe and return? and to does your wanted nongaming comments your following Has more the scenarios. uncertain it to sort businesses just go on consumer macro today various and changed around interest underlying in

conviction at around of the in Todd, tailwinds even the of economy visibility experiential say, our hasn't our interest of all would around strong I nongaming diminished lack businesses. consumer because secular that amidst this

to XX finally, COVID, experiences with the prior been itself. which the for definitely seen prior what landscape or things, reasserted preference years for in that the leave years consumer have XX was has place increasing so, over We COVID, starting had to

cyclicality going going operators really economic we with prime performance, of don't compelling no millennial over are opportunities this to that, strong formation. looks experiences give together And the waves, boom a leisure matter number spectra increasing think to years, things, diminish. Those very We is think think like. preference the demographic almost their growth across baby that's we aging for what and experiential into family of

what you Okay. and forward? returns think I what about you're whether are today? And have you're you sellers you their investments -- required how you your going underwriting expectations have underwriting adjusting as quantify seeing, mean can sort of also increased

terms net that think this returns. part folks spot and is Good generate in obviously, it's to and underwriting. talk to receive you've can REITs, coverage what rent what business a there an REIT, our the question I to the Todd, -- David. have and we're appropriate appropriate spread of heard of ensure in investment And mean of attractive tenant, net lease investor, return the actually you. the acquire bid-ask the they with location risk for for spread all asset other and and lease account right? of into from factor we the as still a risk-adjusted your spread we attractive on, last is right? There's a asset, worth and an a the we that And taking to lot an that the

more the one we've concept, concept, talked to there terms about So business, an enduring to being Is time. tell going of that day the longevity in the we're experience go company. everything I over consumers proof of you diligent would of underwriting the this of are since

sectors. And so growth certain some we're deeper opportunities opportunities think those and going spending in sectors where more larger time some on there's we and going forward

Do investing -- that you to of your cost spread expect of wider you here, during was capital? Okay. the out expect when at it be which than ahead 'XX? Do the course you're year in you look you to -- over relative the do

I at be want So mean we the riskier asset the on to or basis be the what it It's or benchmark, to spread times of country. XXX always of or wide. now quality operator kind basis that XXX a that we set preliminary can expect to points asset, we can in capital. higher of times generate depending as at cost a riskier operator locations our points the be lower to and

from next Jay Kornreich comes from Our question SMBC.

providing I guess to I higher great you had riskier asset. construction investment just follow-up the start want endeavor return Las a with a typically that I and And option on loans be that in. a Fontainebleau guess will is Vegas

in So a Or growth and you just this as hotel as future? a I'm if more loans providing opportunity? you construction of curious of see towards more path if one-off saw the casino

mentioned Property And with ownership. the other sense phenomenal other time operators with ownership estate we've with Yes, Growth Jay, Koch path could as we want it's Partner we we talked in a point a with as talked estate what path our operators to real I we Funds Fontainebleau, with our lead and developed capital, do opportunities. the direct But -- that but and relationship about ground-up always with David. other a non-gaming I Soffer real gaming to above with mean to development. find to makes at not earlier, right ideally have

We're doing that golf Canyon in are with -- doing a Ranch. opportunities. in forum that We the Cabot with with

a first of it long our we speak. X can have done into real But where to we've capital, so the It over term can flexible. to to path our years. about the stack, of estate different capital that thing nice the parts So come types growth the in is we again, and returns continue generate ownership ideally,

investing expansion. expanding for Do types in? looking non-gaming U.S. right. that All of guess is of feel non-gaming on that and platforms that some quickly how side growing capital just kind sense then in have the for you fund with the a these pipeline that just just comfortable mentioned, partners are you I that the And of you quickly they're those of potential large

is experiential ahead -- many landscape up. many, Yes, categories, But by Jay Elliot, some growth the will These many dollars of smaller. decades last many -- category, be there and question. run opportunities, into of it feel so This it we of and tens the represents larger, an a them this for so that have to them is millions landscape category growth of of of heads are some VICI. a just

And Jay, thank that for Elliot. you question,

for you haven't about screen will we VICI for on And excited heard time it for of heard who case out today you Money we thank I'll as That's your CNBC, things flash have you. about and on that, haven't we're opportunities the of creation -- think enough. Mad really I now. with today, in VICI in And the enough those just very ahead attention Thank I your and appreciate will to you now. the all us. night, across just close value

concluded. is Thank for your you call This now participation.

You now lines. your may disconnect