Mezzanine Loan

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Mag Mile Capital Arranges $15.9 Million in Financing for Hampton Inn El Paso, Texas Acquisition
Globenewswireยท 2025-08-13 13:15
Chicago, Illinois, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Mag Mile Capital is pleased to announce the successful arrangement of $15.9 million in total financing for the acquisition of the Hampton Inn El Paso, located at 6635 Gateway Blvd W, El Paso, Texas. The transaction was arranged on behalf of Nexgen Management, a Dallas-based hotel ownership and management firm with extensive expertise in the Texas border market. The financing package consisted of a $13.9 million senior CMBS loan and a $2 million mezzanine ...
VICI(VICI) - 2025 Q2 - Earnings Call Transcript
2025-07-31 15:00
Financial Data and Key Metrics Changes - AFFO per share for the quarter was $0.60, an increase of 4.9% compared to $0.57 for the quarter ended June 30, 2024 [21] - The midpoint of the revised 2025 guidance now calls for 4.4% growth in AFFO per share versus 2024 [9][23] - Total debt is $17.1 billion with a net debt to annualized second quarter adjusted EBITDA of approximately 5.1 times, well within the target leverage range of five to 5.5 times [20] Business Line Data and Key Metrics Changes - VICI's same store NOI growth rate is over five times higher than the average projected rate for net lease REITs [10] - The company is generating earnings growth through a combination of same store earnings growth and new store external growth [9] Market Data and Key Metrics Changes - Las Vegas has experienced a period of normalization after years of record-breaking growth, with higher-end properties still running at over 90% occupancy levels [16] - The lower-end consumer has declined recently, prompting operators of lower-tier properties to adjust strategies to attract budget-conscious visitors [16] Company Strategy and Development Direction - The company emphasizes the importance of dividends in creating value for shareholders, focusing on total return through dividend return and earnings growth [5][6] - VICI is cultivating relationships with best-in-class operating partners and diversifying its portfolio beyond gaming [13][101] - The company is committed to capital markets independence and disciplined cost management to defend dividends and grow earnings [11] Management's Comments on Operating Environment and Future Outlook - Management remains confident in Las Vegas's long-term trajectory despite recent declines in visitation and gross gaming revenue [15] - The company believes that the current moderation in Las Vegas is temporary and that long-term investments will continue to drive growth [18] - Management is optimistic about the potential for new generations of visitors and ongoing capital investments in Las Vegas [18] Other Important Information - The company raised its AFFO guidance for 2025, now expecting between $2.5 billion and $2.52 billion, or between $2.35 and $2.37 per diluted common share [22][23] - VICI has approximately $2.9 billion in total liquidity, allowing for continued investment opportunities [20] Q&A Session Summary Question: What drove the decision to increase your mezzanine loan investment on the 1 Beverly Hills by $150 million? - The increase is part of a larger financing effort for a $6 billion project, with expectations for further commitments as construction financing progresses [26][27] Question: Are you seeing or expecting any fee simple opportunities from these relationships? - There is potential for fee simple opportunities, particularly with partners like Kane and Eldridge, who have diverse investments [28] Question: How have deal discussions been for sale leaseback or other loans recently? - There have been no significant changes in deal discussions, with continued interest across various sectors [31][34] Question: What are your views on iGaming proliferation? - The company monitors iGaming developments closely, recognizing its importance to many tenants' overall credit [35][38] Question: Are there good opportunities for debt investments? - The company is focused on capital allocation and is seeing more credit opportunities than real estate transaction opportunities [42] Question: What are your thoughts on the Caesars Forum Convention Center call option? - The company is assessing the opportunity and has time to evaluate its options regarding the asset [92][94] Question: Which regional markets are you most interested in? - Las Vegas remains the top regional market, with interest in Reno and emerging markets like Virginia [114][115]