VICI earnings call for the period ending December 31, How do we attract and retain the best people on both our Board and growing our relationships with valuable partners sounds simple and basic, and it is. Indeed, we were the only gaming REIT to announce arm length transactions in Gaming Real Estate Is Way to Play Casino Rebound, Says Analyst Gaming REITs, such as Caesars Palace owner Vici, look like sound bets, according winners and losers among the operators, we consider the Gaming REITs to be a much.
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With May 1 just two days away and US casinos having been shuttered for all of this month, the lease obligation concern is back. As always, for additional transparency, we point you to our financial supplement for a detailed breakdown of our cash rent by lease, which is located in the Investors section of our website under the menu heading Financials. How do you think about operators in the space? That color is very helpful. Absolutely, yes. Is there any kind of rules of thumb, given your background in the industry that you would point to as really being the right level of maintenance capex for your properties? But what our management team and method can and will achieve in and beyond represents our future and the value we can continue to create for our stakeholders. While there have been bumps on that road , the Union Gaming analyst sees the transaction being finalized. We look forward to providing you an update on our continued progress when we report our first quarter results. And we achieved that because, in part, we are recognized and given credit for our ambition to become an investment-grade credit. Like many investment schemes, early REITs contained a lucrative tax dodge which allowed participants to shelter earnings from other sources. Google Firefox. And I'm just wondering what opportunities, specifically what experiential markets, in particular, do you see the biggest opportunity outside of the gaming REIT space for you guys? Question number two, what are the partnership principles and methods to build and sustain a great REIT, with our own people, with transaction partners, with advisory partners, with capital partners, both equity and credit, and with long-term operating partners or tenants? In other words, the Reno move had more to do with mergers and acquisitions strategies than with REITs. So -- but the run rate number is a good number based on a full year impact of all the transactions that are pro forma number. Today, they have purchased 11 casinos in eight jurisdictions and are currently working on one of the largest sales ever. Stephen, this is Ed. However, Nomura Instinet analyst Daniel Adam believes the property firms are the best bets for investors positioning for an industry resurgence. That's a model we'd rather stay away from. And I think we've done a good job in a short period of time, but we're not done yet. Right now, however, the company mainly owns casinos it has some exposure to golf courses, but it's minimal. First, we just wanted to clarify one thing. And then one last detailed question. Good afternoon to everyone. Well, Ricardo, I'll start, and John can add in. Or taken it in the first place. The top three regional gaming companies in terms of size — Penn National, Boyd and Eldorado — are in process of folding their acquisitions into their corporate structures. So do you feel -- I mean, would you expect to be looking continually at other things as well? So it seems like numbers might need to change. We funded this transaction using cash on our balance sheet. The creation of the three REITs in the tiny group, however, involve a lot of VICI owns 22 gaming facilities that contain nearly 15, hotel rooms and which sounds great, but there's more to this story that we'll discuss in a moment. In other words, it looks like it's being run for its largest shareholder.
Vici Looks Like a Sound Bet Among Gaming REITs, Says Analyst - These 3 REITs Are a Safer Bet on a Casino Comeback, Analyst Says - Barron's
Over the course of the year, we were by far the most active and led the gaming REIT sector and acquisition activity. In other words, are owners changing their view of real estate value and their willingness to think about monetizing that? The casino operator owns 70 percent of the REIT. Image source: The Motley Fool. And then I guess, shifting over to the balance sheet. Not that we would bring in anything like that to the Board in the first place, but I can tell you, they wouldn't certainly say pass go. And certainly, we are looking for sectors that either have an established triple net model, which you've referred to, or are capable of supporting a triple net model. By comparison, MGM has right of first refusal on multiple properties and is clearly in a leading position to buy other assets from its parent MGM Resorts. However, most REITs are highly liquid, since they are publicly traded like stocks. And I think there's increasing understanding through the work we're doing, as well as our colleagues in the sector. How do you think about operators in the space? REIT proponents explain that a single closing would have little impact on their performance, since they generally have a large portfolio of properties, and that diversity is another plus in a REIT strategy. I mean, you and I talk about hotels a lot. Stock Advisor launched in February of So do you feel -- I mean, would you expect to be looking continually at other things as well? Close These 3 REITs Are a Safer Bet on a Casino Comeback, Analyst Says Casinos and resorts remain closed in the fight against Covid, and their landlords—including real-estate investment trusts forced to cut or suspend some rent payments—are suffering too. Let me quickly run you through our key partnerships. If a major tenant says it needs to renegotiate its lease, any responsible management team would have to sit down and discuss rent concessions. I'm not that's simply to diversify for the sake of diversifying. And then one last detailed question. Vici owns the property assets of casinos in nine states, and its tenant roster includes Caesars Entertainment, Century Casinos Inc. So secured -- all of our assets are secured by the term loan.
Not that we would bring in anything like that to the Board in the first place, but I can tell you, they wouldn't certainly say pass go. As we see -- as we have seen Blackstone come in and take a further entrance into the space. We continued on our mission of strengthening our balance sheet with the ultimate goal of achieving an investment-grade rating. During the fourth quarter, on December 6, we closed the acquisition of three regional properties with Century Casinos. In most cases, REIT transactions should have little impact on day-to-day casino operations. The next of Pitoniak's points is independence. How does this stack up against peers? However, most REITs are highly liquid, since they are publicly traded like stocks. And so it's a great time in this space. The bigger issue is whether it can capitalize on the opportunity. Or is it kind of just wait and see from your perspective? And we focus intensely on our methods or means, because we fundamentally believe that the scalability of our REIT management and governance methods ultimately drives the scalability of our REIT results for our end. And so far as these are very expensive assets to build. When I think about the pricing on the private placement debt you closed in February.
Vici Looks Like a Sound Bet Among Gaming REITs, Says Analyst
If they would like to transact on one of those, we're going to be prepared to do that, whether that's in later or on the further years. That giant incentive expired with the tax reform acts of and We're looking at sectors -- we're working hard to identify sectors that have low cyclicality i. Okay, makes sense. They could buy more slot machines. We are using the great places to work program to ceaselessly monitor and improve the experience of our people, because VICI's success depends on the unceasing energy and engagement of our people. Data Policy. I will now turn the call over to John, and he will tell you about the relationships and value we built in and how we're approaching growth in Thank you This article has been sent to. I think it's just a matter of, as we've said before, as more people are educated on this space, their understanding how a REIT can fit into their portfolio, how we can help them grow their businesses. We get paid on total return. Or is that related to something that's already been announced? I think we've shared with you what the REIT has an opportunity to do one bad deal, because after that, we won't have access to capital as the support of the credit markets or the equity markets to continue on. Thanks, Ed. If your property gets sold to a REIT, does that mean you can buy more slot machines? in Newport Beach, CA, says, “Gaming is a capital-intensive industry, and the emergence Like other REITs, VICI quickly started buying up casinos. While it may sound like a REIT issue, this move was made as part of. Gaming REITs are in the early stages of what is expected to be a lengthy period That's how Ed Pitoniak, CEO of gaming REIT VICI Properties Inc. (NYSE: Pitoniak says gaming real estate assets constitute “fundamentally very according to John DeCree, equity research analyst at Union Gaming Group.
AFFO increased California Casinos Asked by Gov. The resulting entity will be known as Caesars and traded as CZR when the deal finalizes early this year. Growing relationships. I will now turn the call over to John, and he will tell you about the relationships and value we built in and how we're approaching growth in Moreover, it is specifically looking to expand in regional markets outside of the core gaming markets that should drive growth at VICI and MGM. There are few winners in any bankruptcy; in this case, the creditors got VICI. We obviously want to be looking at sectors that are not under secular threat, that are fundamentally sectors built around people sharing and experiences, same time, same place, which inherently Amazon can't put the box and ship to your house. All Rights Reserved This copy is for your personal, non-commercial use only. Gaming and Leisure Properties, Inc. Therefore, the REIT itself is nearly tax free. Close These 3 REITs Are a Safer Bet on a Casino Comeback, Analyst Says Casinos and resorts remain closed in the fight against Covid, and their landlords—including real-estate investment trusts forced to cut or suspend some rent payments—are suffering too. For example, VICI's board doesn't contain any members from the companies that lease its properties, and its lessees don't have any ownership interest in the company. A reconciliation of these measures to the most directly comparable GAAP measure is available in our fourth quarter earnings release and our supplemental information. But once the new rent starts coming in, if you annualize that over the forward 12 months, you get to a number very much like the number that you picked up on the offering memorandum and the high-yield document and as to how that might, or might not have changed any since then, I'll turn it over to David and he can address any other technicalities.
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