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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| 2023 exemplifies the continued discipline we have maintained over our six plus years of existence by ensuring that we allocate capital accretively, have a balance sheet and liquidity profile designed to weather all cycles and provide the safety and protection our equity and credit partners deserve |
| We're very proud of our partners' success there and it looks like 2024 is going to be a great year as well |
| And that's really exciting to witness because of the growth opportunities it represents within the category and across multiple geographies |
| Based on the midpoint of our 2024 guidance, VICI expects to deliver year-over-year AFFO per share growth of 4%, very attractive starting point as we begin 2024 |
| I'm proud of our 2023 AFFO per share growth, but I'm also proud of what the VICI team did in 2023 to continue to produce growth for 2024 and beyond |
| As we begin 2024, we believe we're extremely well-positioned to navigate the current environment and do not need to raise any incremental capital as we sit here today |
| We're very proud of the fact that we got capital out the door every single month in 2023 |
| Our results once again highlight our highly efficient triple-net model given the increase in adjusted EBITDA as a proportion of the corresponding increase in revenue and our margins continue to run strong in the high 90% range when eliminating non-cash items |
| And again, given some of the spreads we've been able to achieve in recent years, it is very lucrative, very accretive in driving earnings growth |
| And finally, number 4, we constantly keep our eyes open for opportunities where VICI can get better by getting bigger as demonstrated through the acquisition of MGM Growth Properties in 2022, which significantly expanded our footprint in Las Vegas, added Class A market leading regional assets to our portfolio, improved our balance sheet to investment grade and has positioned us for a long-term partnership with MGM Resorts, a world class gaming, hospitality, and leisure operator |
| VICI is in the very fortunate position to have created significant shareholder value over the years |
| We will be excited about executing if it's an accretive opportunity and if it's not an accretive opportunity |
| Through our position as the leading owner of real estate on the Las Vegas Strip, we continue to work with our Las Vegas partners to capitalize on Las Vegas' leadership position in global entertainment and hospitality |
| So, it is a tool that can generate growth and return on a very steady basis |
| By Class A, we mean real estate of great scale, great quality and high mission criticality |
| And yet having said that, John and the team continue to work the trap lines in such a way that we have a number of conversations going on both in gaming and non-gaming that have us very excited and John can talk about that in a moment |
| It takes time to build up a database and it takes time, but they sure do have a facility that I think everyone is proud of and we sure are proud of |
| It was an amazing weekend of business for our operating partners |
| And so it's getting gaining conviction whether it be through direct real estate ownership or the lending platform that we have of who the operator is, the durability of the sector and then the ultimate protections that we can put in place |
| I strongly believe VICI's investment in Las Vegas is one of the most compelling investments in the current global commercial real estate investing landscape |
| For the full-year 2023, AFFO per share was $2.15 an increase of 11.8% compared to $1.93 for the full-year 2022, and as Ed mentioned, making VICI one of the leaders across the S&P 500 REITs |
| This brings our total outstanding forward equity to just under $700 million bolstering our overall liquidity |
| And related to that, and this goes back to your initial question, Caitlin, one of the advantages we see in experiential operators like a Cabot, like a Canyon Ranch, like a Bowlero, like a Great Wolf, is they have network growth opportunities that are not as readily available to our gaming operators |
| Number 3, we are supplementing our gaming investments with opportunities in experiential sectors that we believe are positioned to benefit from secular tailwinds |
| For those of you who may be newer to our story, I would like to touch on a few elements of our growth pillars that have allowed us to successfully complete $36 billion of accretive transaction volume in a little over six years |
| I know MGM is very excited about the repositioning opportunities at Dallas Four Corners and it applies to so many of the other assets that we own up and down the strip, as well as you say that vacant land |
| And VICI enables investors to own Class A real estate within the strong economic transparency and integrity of the net lease model |
| It's obviously an amazing asset for a long period of time, but I think everyone would think of Hard Rock Las Vegas would do great on that site |
| What's really been remarkable over the last few years is the way in which really creative innovative operators are taking water experiences and continuing to innovate around them, not simply for kids losing their minds and spending their parents' money at Great Wolf, but also water experiences that are more focused on an adult crowd |
| Las Vegas is a category of one and we are very happy to be the leading owner of real estate in a place that is a global category of one |
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| And as we've mentioned previously, we record a non-cash CECL allowance on a quarterly basis, which due to its inherent unpredictability leaves us unable to forecast net income and FFO with accuracy |
| Oh, F1 is going to be a disaster |
| Most days in 2023 and frankly most days in 2024 so far remind me of my days living and working in Whistler, British Columbia, where our very challenging coastal mountain environment could result in days so foggy and whited out that we describe such days as skiing inside a milk bottle |
| Oh my God, this sphere is going to be a disaster |
| It was tough to navigate in 2023 |
| It's somewhat of a bit of a quieter environment and just an air of caution cautious on both sides until we kind of figure out where the tenure is going and where the broader economy is going |
| Well, obviously, we're looking at a period over the last couple of years in which conventional bank financing has definitely diminished as a source of funding for experiential placemakers and operators |
| And Nick, you've given me the opportunity to vent a little bit about how utterly weary I am around the negativity of so much of the media coverage, which regularly gets proven to be way overly negative |
| I'm just curious |
| This continues to be one of the lowest ratios in not only the triple-net sector but across all REITs |
| I refer you to the company's SEC filings for a more detailed discussion of the risks that could impact future operating results and financial condition |
| But even amidst this low visibility, the VICI team kept pioneering in 2023 |
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