VICI(VICI)2025-02-21 18:55Financial Data and Key Metrics Changes - AFFO per share for Q4 2024 was 0.55 for Q4 2023 [33] - For the full year 2024, AFFO per share was 2.15 for 2023 [33] - The company achieved a net debt to annualized fourth quarter adjusted EBITDA of approximately 5.3 times, within the target leverage range of 5 to 5.5 times [32] Business Line Data and Key Metrics Changes - The company committed approximately 700 million committed through a partner property growth fund strategy [20] Market Data and Key Metrics Changes - Las Vegas tourism hit records in 2024, with 58 million airline passengers and visitation increasing 2% year-over-year to approximately 42 million [22] - Operators in Las Vegas announced nearly 1 billion of investment in real estate since Q4 2024, reflecting a strong conviction in high-quality experiences [24] Company Strategy and Development Direction - The company initiated a strategic relationship with Cain International and Eldridge Industries, focusing on experiential investments [9][14] - The partnership aims to identify and pursue differentiated place-based experiences, enhancing the company's growth strategy [10][16] Management's Comments on Operating Environment and Future Outlook - Management noted that 2024 did not present a plentiful flow of high-quality real estate acquisition opportunities, but there were compelling development opportunities [40] - The company expects a busy start to 2025, with a wide funnel of potential investments in experiential and casino gaming spaces [44] Other Important Information - The company received an investment-grade credit rating from S&P, Fitch, and Moody's, enhancing access to capital [29] - The company has approximately 3.3 billion in total liquidity, including 2.4 billion available under its revolving credit facility [32] Q&A Session Summary Question: What does deal flow look like in 2024 compared to prior years? - Management indicated that 2024 did not see many high-quality real estate acquisition opportunities, but there were compelling development opportunities available [40][41] Question: Any comments on cash yields for various asset categories? - Management noted limited visibility on cash yields for high-quality assets on the strip due to recent trading activity and market volatility [47][50] Question: How does development funding compare to acquisitions? - Management expressed confidence in the return of capital from development funding, emphasizing the potential for ongoing partnerships with Cain and Eldridge [55][56] Question: Update on the licensing process in New York? - Management acknowledged progress in the New York licensing process but noted uncertainty regarding the outcome for the MGM property [115][116] Question: Insights on the competitive landscape for capital providers? - Management highlighted a cultural union with Cain and Eldridge, which positions the company favorably as a partner of choice for experiential investments [79]