VICI earnings name for the interval ending December 31, 2024.
Picture supply: The Motley Idiot.
Vici Properties (VICI 1.25%)
This fall 2024 Earnings Name
Feb 21, 2025, 10:00 a.m. ET
Contents:
- Ready Remarks
- Questions and Solutions
- Name Members
Ready Remarks:
Operator
Good day, girls and gents. Thanks for standing by. Welcome to the VICI Properties fourth quarter and full yr 2024 earnings convention name. At the moment, all contributors are in a listen-only mode.
Please observe that this convention name is being recorded right this moment, February 21, 2025. I’ll now flip the decision over to Samantha Gallagher, common counsel with the VICI Properties. Please go forward.
Samantha Sacks Gallagher — Government Vice President, Normal Counsel, and Secretary
Thanks, operator, and good morning. Everybody ought to have entry to the corporate’s fourth quarter and full yr 2024 earnings launch and supplemental data. The discharge and supplemental data could be discovered within the buyers part of the VICI Properties web site at www.viciproperties.com. A few of our feedback right this moment can be forward-looking statements throughout the which means of the federal securities legal guidelines.
Ahead-looking statements, that are often recognized by way of phrases reminiscent of will, consider, anticipate, ought to, steering, intend, outlook, initiatives, or different comparable phrases, are topic to quite a few dangers and uncertainties that might trigger precise outcomes to vary materially from what we anticipate. Subsequently, it is best to train warning in deciphering and counting on them. I refer you to the corporate’s SEC filings for a extra detailed dialogue of the dangers that might influence future working outcomes and monetary situation. In the course of the name, we are going to focus on sure non-GAAP measures, which we consider could be helpful in evaluating the corporate’s working efficiency.
These measures shouldn’t be thought-about in isolation or as an alternative choice to our monetary outcomes ready in accordance with GAAP. A reconciliation of those measures to probably the most immediately comparable GAAP measure is out there on our web site, in our fourth quarter and full yr 2024 earnings launch, our supplemental data, and our different filings with the SEC. For added data with respect to non-GAAP measures of sure tenants and/or counterparties mentioned on this name, please check with the respective firm’s public filings with the SEC. Internet hosting the decision right this moment, we’ve Ed Pitoniak, chief govt officer; John Payne, president and chief working officer; David Kieske, chief monetary officer; Gabe Wasserman, chief accounting officer; and Moira McCloskey, senior vp of capital markets.
Ed and crew will present some opening remarks, after which we are going to open the decision to questions. With that, I will flip the decision over to Ed.
Edward Baltazar Pitoniak — Chief Government Officer
Thanks, Samantha. Good morning, everybody. Thanks for becoming a member of us. Over the course of the following couple of minutes main into our Q&A session, you will hear from John Payne on our progress actions and you will hear from David Kieske on our monetary outcomes, financing actions, and preliminary 2025 earnings steering.
I will begin the decision with a couple of phrases concerning the announcement we made Wednesday morning initiating a brand new VICI strategic and monetary relationship with Cain Worldwide and Eldridge Industries via an preliminary funding within the financing of the One Beverly Hills improvement. Like most of VICI’s progress actions, this VICI funding is a results of our rising a brand new relationship. This relationship started final Could when on a visit to London, I hung out with Jonathan Goldstein, the founding CEO of Cain Worldwide, a diversified international actual property improvement and funding firm. By the top of our hour, Jonathan and I agreed that we should always discover methods to work collectively.
Our urge to work collectively grew out of the popularity that we share convictions and we share values. We share conviction within the secular energy for years to come back of experiences. We share cultural and moral values round partnership. Put one other means, the assembly of Cain and VICI is a gathering of minds and a gathering of ambitions, significantly the shared ambition to put money into differentiated place-based experiences, whether or not these experiences are leisure, hospitality, wellness, or sport-based.
Excuse me. For these of you not aware of Cain, which, as of year-end 2024, had almost $18 billion in belongings beneath administration, it was based in 2014 by Jonathan and his accomplice Todd Boehly and is affiliated with Eldridge Industries, an funding firm based and led by Todd Boehly. Cain and Eldridge have made investments in iconic experiential manufacturers that embrace Aman, Delano, St. James sports activities golf equipment, Cirque du Soleil, and Flexjet.
Todd is an proprietor of the Los Angeles Dodgers and the Los Angeles Lakers, and each Todd and Jonathan are homeowners of Chelsea FC within the English Premier League. As 2024 glided by, Jonathan requested if Cain’s improvement in One Beverly Hills could be our first alternative to work collectively. These discussions enabled Cain, Eldridge, and VICI to get to know one another higher. And over the previous couple of months, all of us got here to consider that our shared conviction round place-based experiences may yield as many compelling alternatives to work collectively within the years to come back.
And that is why in addition to saying our One Beverly Hills funding on Wednesday, Cain, Eldridge, and VICI additionally introduced our joint signing of a letter of intent expressing our intention to work collaboratively to determine and pursue experiential funding alternatives that meet our respective funding aims. As you’d have seen should you reviewed the funding deck we posted to our web site, One Beverly Hills stands to rank among the many most compelling American luxurious hospitality, retail, and residential developments in latest historical past. The event is presently rising out of over 17.5 of the best-located acres in Beverly Hills, a triangle bordered by Wilshire Boulevard, Santa Monica Boulevard, and the LA Nation Membership. This improvement is centered on the Aman model, among the many world’s most honored luxurious hospitality manufacturers.
One Beverly Hills would be the largest realization of Aman-branded hospitality, wellness, and dwelling thus far, with an Aman resort, an Aman wellness spa, an Aman membership, and two Aman residential towers. The event may also embrace a full renovation of the legendary Beverly Hilton, longtime host web site of the Golden Globes and the Milken Convention, in addition to 10 acres of botanical gardens and open house with high-end retail and eating choices. Capital is a key gas for formidable place-makers and skilled creators. Cain stands among the many most formidable place-makers we’ve come to know, and but Cain balances that ambition with what we have seen to be robust functionality in improvement and threat administration.
We consider multigenerational multinational demand for the differentiated expertise throughout the differentiated place will create ample alternatives for Cain and Eldridge within the coming a long time, and we’re excited concerning the prospect of turning into a long-term accomplice of their progress. This announcement of our new partnership with Cain and Eldridge represents our first new enterprise in what we hope can be a yr of recent funding ventures in each gaming and nongaming. For extra on that, I will now flip the decision over to John. John.
John W. R. Payne — President and Chief Working Officer
Thanks, Ed, and good morning to everybody. I will begin by reiterating Ed’s enthusiasm across the new strategic relationship we fashioned with Cain and Eldridge. As we have mentioned time and time once more, deep relationships are on the core of VICI’s funding technique. Via the event of a brand new relationship with Homefield Kansas Metropolis and the energy of current relationships with Nice Wolf and the crew from Venetian, we had been capable of commit roughly $1.1 billion of capital in 2024 at an preliminary yield of 8.1%.
The standard and scale of our current portfolio additionally accrues to the worth of our platform. Since our final earnings name in early November, the VICI crew attended the Nareit Convention in Las Vegas. The convention supplied an incredible alternative to bodily showcase our Las Vegas Strip belongings and convey the unimaginable scale of operations taking place at these properties each single day. For instance, The Venetian to which we dedicated as much as $700 million in 2024 via our Associate Property Development Fund technique sprawls over 17 million sq. ft and is being proactively reimagined throughout a number of enterprise verticals, together with conventions, meals and beverage, resort rooms, gaming flooring optimization, leisure, and extra, to drive the continued progress of the working enterprise, in addition to capitalize on the Sphere, which sits behind The Venetian.
In RJ Milligan’s Nareit recap observe, he noticed that, I quote, “With all of the occasions in and round Las Vegas, it was onerous to disregard the standard of VICI’s actual property, which we do not assume the market is giving them sufficient credit score for. It is simply so onerous to grasp that VICI was capable of buy The Venetian on the identical cap charge as a well-located Greenback Normal.” Properly said, RJ. Las Vegas tourism additionally continues to hit data. In line with the LVCVA, 2024 noticed file airline passengers via Harry Reid Airport at 58 million for the yr and visitation to town elevated 2% yr over yr to roughly 42 million.
Our working companions acknowledge the worth in proactively investing in and reinventing experiences at our belongings to capitalize on demand. For instance, MGM Grand not too long ago introduced a $300 million transform of all of their 4,200 resort rooms to be accomplished in December of 2025 and launched their Palm Tree Seaside Membership, out of doors music and leisure venue, which can open in Could of 2025. Caesars New Orleans simply opened following a complete $435 million renovation, and the property hosted many Tremendous Bowl goers a few weeks in the past. And in November of final yr, Harveys Lake Tahoe additionally introduced a $100 million all-encompassing transformational venture.
Simply because the fourth quarter, our operators have introduced almost $1 billion of investments in our actual property that’s reflective of our shared conviction across the worth of high-quality experiences at high-quality properties. VICI believes that the standard and scale of funding alternative in our current properties, in addition to our capacity to domesticate and preserve deep relationships with our companions, will present springboards for future progress. Now, I’ll flip the decision over to David, who will focus on our monetary outcomes and steering.
David Kieske — Government Vice President, Chief Monetary Officer
Thanks, John. I will begin with our steadiness sheet. As we start 2025, seven years after our IPO in 2018, I need to spotlight 2024 and mirror on how far our steadiness sheet has come since, properly, going means again to our preemergence in the summertime of 2017 when VICI had whole leverage of roughly 10.5 instances debt to EBITDA. We had been born with a really unnatural steadiness sheet for a REIT, brief tenor, secured debt, second-lien debt, a $1.6 billion CMBS mortgage that matured in 2022, all devices that we knew weren’t in keeping with turning into the blue chip REIT we knew we should always and will change into.
After we emerged in October of 2017, we started working on fixing our steadiness sheet. We began to chip away the second-lien notes with our IPO and retired the remaining 498 million in February 2020. In reference to the Eldorado-Caesars merger, we retired the CMBS debt. And with our acquisition of MGP, we had been capable of retire all of our remaining secured debt and obtained an investment-grade credit standing from S&P and Fitch in April of 2022.
There was one straggler at the moment, Moody’s. Via the management of Erin Ferreri on our crew, we put our heads down and labored with Moody’s over the following two years to teach them on the deserves of gaming, the resiliency of our tenants’ enterprise, and the standard of our steadiness sheet. That work paid off with the Moody’s improve we obtained on November 18th of 2024, giving us an investment-grade credit standing throughout all three businesses. The rankings improve ought to accrue to our profit with an improved entry to and price of capital over time.
We consider our steadiness sheet and unsecured debt complicated is among the extra liquid debt complexes throughout the REIT panorama with whole debt of 17.1 billion, which we’ve unsecured debt of 14.1 billion. This creates liquidity in our unsecured notes, and we noticed this in our December refinancing the place we had a number of new institutional credit score buyers coming to our providing. The standard of our steadiness sheet was additionally highlighted throughout our latest recast of our unsecured revolving credit score facility, which we closed subsequent to quarter-end with a brand new $2.5 billion facility. We had robust sponsorship from our financial institution group and need to thank every establishment that dedicated to that facility and the conviction all of them have in our steadiness sheet and enterprise.
Now we have roughly 3.3 billion in whole liquidity, comprised of roughly 525 million in money, 376 million of estimated proceeds accessible beneath our excellent forwards, and a pair of.4 billion of availability beneath our revolving credit score facility. Our web debt to annualized fourth quarter adjusted EBITDA excluding the influence of unsettled overseas fairness is roughly 5.3 instances, inside our goal leverage vary of 5 to five.5 instances. Now we have a weighted common rate of interest of 4.41%, making an allowance for our hedge portfolio, and a weighted common of 6.4 years to maturity. Once more, thanks to Erin and your entire crew for the work that has been accomplished however know that we aren’t finished with the continuous deal with bettering our steadiness sheet.
Pertaining to the earnings assertion. AFFO per share was $0.57 for the quarter, a rise of three.6% in comparison with $0.55 for the quarter ended December 31, 2023. For the complete yr 2024, AFFO per share was $2.26, a rise of 5.1% in comparison with $2.15 for the complete yr 2023. Our outcomes spotlight our extremely environment friendly triple web mannequin given the rise in adjusted EBITDA as a proportion of the corresponding improve in income.
Our margins proceed to run robust within the excessive 90% vary when eliminating noncash objects. Our G&A was 20.7 million for the quarter and as a share of whole revenues was solely 2.1%, which continues to be one of many lowest ratios in not solely the triple web sector however throughout all REITs. Turning to steering. We’re initiating AFFO steering for 2025 in each absolute {dollars}, in addition to on a per-share foundation.
AFFO — the AFFO for the yr ending December 31, 2025 is anticipated to be between $2.455 billion and $2.485 billion or between $2.32 and $2.35 per diluted widespread share. Primarily based on the midpoint of our 2025 steering, VICI expects to ship year-over-year AFFO per share progress of three.3%, a really strong start line as we start 2025. As a reminder, our steering doesn’t embrace the influence of working outcomes from any transactions that haven’t closed, curiosity earnings from any loans that don’t but have remaining draw constructions, attainable future acquisitions or inclinations, capital markets exercise, or different nonrecurring transactions or objects. With that, operator, please open the road for questions.
Questions & Solutions:
Operator
Thanks. [Operator instructions] Our first query for right this moment comes from Anthony Paolone from J.P. Morgan. Your line is now open.
Please go forward.
Anthony Paolone — Analyst
Yeah. Thanks and good morning. I suppose my first query is, from our facet, we clearly simply see the issues that you simply shut, however I am questioning should you may discuss sort of what deal move regarded like in ’24 and what it appears like presently in distinction to perhaps in prior years, you realize, whether or not you are seeing loads of stuff and it is simply not making it previous the end line otherwise you’re not seeing as a lot as you would like by way of outright property purchases. And so, any coloration there could be nice.
Edward Baltazar Pitoniak — Chief Government Officer
Yeah. I will begin, Tony, after which I will flip it over to John. You realize, 2024, for us, was a yr during which we didn’t see something resembling a plentiful move of compelling high-quality actual property acquisition alternatives. We did see a really compelling alternative to additional put money into considered one of our marquee properties, The Venetian.
And what we additionally noticed is that whereas high-quality current belongings do not look like extensively on the market or a minimum of did not in 2024, extremely compelling high-quality developments had been there. And loads of the work we have finished, you realize, whether or not with Homefield on the very starting of the yr, whether or not our ongoing work with Nice Wolf, our ongoing work with Canyon Ranch and Cabot, and now our new work with Cain and Eldridge, is about figuring out and offering capital to nice experiential place-makers and getting very, superb yields on it, particularly when evaluating these yields to the extremely top quality of the developments we’re serving to to fund. And past that, I will flip it over to John, who can provide you additional coloration on what we noticed in 2024, however perhaps extra importantly, what we consider we are going to see in 2025. John.
John W. R. Payne — President and Chief Working Officer
Yeah. Just a little bit so as to add. Tony, good to speak to you this morning. One of many components of your query was how does it examine to years earlier than.
Keep in mind, once we began the corporate, as David walked via a few of that historical past in his opening remarks, we actually had been born merely a on line casino triple web lease REIT. Right this moment, as with Ed’s announcement and our announcement the opposite day, you’ll be able to see we proceed to diversify our portfolio. So, the funnel continues to get wider of issues that we take a look at. And I’d say, the start of 2025, I am as busy or busier than I have been in a really very long time.
And we proceed to be very considerate of the place we put our capital to work, the kind of companions that we need to do enterprise with, the kind of progress potential. So, that is a good distance of claiming we’re fairly busy. The funnel is broad. We’re taking a look at a wide range of issues within the experiential and the on line casino gaming house.
Anthony Paolone — Analyst
OK. Thanks. After which simply follow-up, any feedback on the place you assume money yields could be proper now for a number of the numerous buckets that you are looking at, whether or not it might be, you realize, the place high-quality asset on the Strip could be versus regional versus a number of the different classes?
Edward Baltazar Pitoniak — Chief Government Officer
Yeah, not loads of visibility into that, Tony, on the Strip. Clearly, we have not seen any significant trades not too long ago on the Strip. And I believe with the volatility that we have seen within the 10-year over, properly, what are we now, the final three years, and this yr has probably not represented a significant change from that volatility. I believe it is actually — it is a bit of bit onerous to get pricing certainty on everlasting belongings, whether or not on the Strip — regional, I believe there’s been extra buying and selling exercise, John.
So, there’s most likely considerably extra readability there. Although, once more, high quality, for us, is a key consideration.
John W. R. Payne — President and Chief Working Officer
And keep in mind, on the Strip, Tony, the world is fairly good on the market. I am unsure there is a market that had such nice success once more in 2024 after following a file of 2023. So, operators trying to promote these belongings on the Strip shouldn’t be doubtless at the moment as a result of the enterprise continues to be robust throughout lots of the completely different segments in Las Vegas.
Anthony Paolone — Analyst
OK. Thanks.
Operator
Thanks. Our subsequent query comes from Caitlin Burrows of Goldman Sachs. Your line is now open. Please go forward.
Caitlin Burrows — Goldman Sachs — Analyst
Hello. Good morning, everybody. Perhaps simply following up on the event funding discuss, Ed, I do know you talked about that once you regarded via the alternatives of ’24, it looks as if that is what made sense on the time. So, I suppose how do you consider that improvement funding that ultimately will get paid again versus acquisitions and what which means for the way forward for the portfolio and like recurring nature of earnings?
Edward Baltazar Pitoniak — Chief Government Officer
Yeah, no, it is an excellent query, Caitlin, and it is one we expect and discuss lots on the administration desk at VICI. We — as a place to begin, on this specific case with Cain and Eldridge, a lot has been the case with Nice Wolf, we aren’t overly involved concerning the cash coming again due to the depth and time extent of the pipeline we consider we may have with Cain. And on this specific case, I clearly must be cautious right here, however I do need to say that within the specific case of One Beverly Hills, we’re working — we proceed to work with Cain. And I ought to observe, the cash for One Beverly Hills, that 300 million, has already gone out the door.
However we proceed to work with Cain at doubtlessly taking part in a bigger and longer means with One Beverly Hills. However past that, to essentially get to the guts of your query, we see a pipeline of alternatives with Cain throughout their numerous verticals that might allow us to proceed to roll our capital into new Cain ventures. Once they discuss, for instance, concerning the progress alternative for Aman globally, particularly throughout Europe within the coming decade, we see a possibility to proceed to be a funding accomplice in that exact instance, a lot in the best way David and the crew have been now a gentle accomplice to Nice Wolf for the way lengthy, David? 5 years?
David Kieske — Government Vice President, Chief Monetary Officer
Yeah, about 5 years. Proper.
Edward Baltazar Pitoniak — Chief Government Officer
So, we clearly are aware of the truth that this cash will come again to us in some unspecified time in the future or may come again to us in some unspecified time in the future, Caitlin, however we actually do deal with relationships that we expect may allow us to proceed to mainly roll that capital into new manifestations of a given partnership.
Caitlin Burrows — Goldman Sachs — Analyst
Received it. OK. Yeah, that is smart. After which perhaps a extra like nerdy query, however on the share depend, you guys have loads of ahead fairness.
So, are you able to undergo over what time interval you are required to settle these shares, beneath what situations you’d select to settle them, and what assumptions on your personal share worth are assumed in steering?
David Kieske — Government Vice President, Chief Monetary Officer
Yeah, Caitlin. I imply, as we have finished for a few years now, we’ve, you realize, excellent ahead fairness on a quarter-by-quarter and an annual foundation. And people contracts are sometimes one-year contracts, however they’re prolonged and amended to transcend that preliminary time frame, and that’s very commonplace with banks and the counterparties. After which in our steering on our share depend, we use a Treasury inventory dilution technique in our — in making some estimates round affordable projections round future inventory costs and incorporating a stage of dilution into our steering vary however don’t clearly consider the whole lot of these excellent forwards as a result of we use these to match funds for potential acquisitions, which aren’t in our steering.
So, that is, you realize, quite common throughout the REIT land, and we have been doing it. I do know loads of different triple nets have finished it for years.
Edward Baltazar Pitoniak — Chief Government Officer
And perhaps I will simply add to what David mentioned, Caitlin, by emphasizing that the best way we did it for 2025 steering is the best way we’ve all the time finished it.
David Kieske — Government Vice President, Chief Monetary Officer
That is proper.
Edward Baltazar Pitoniak — Chief Government Officer
There’s been no change to the methodology.
Caitlin Burrows — Goldman Sachs — Analyst
Received it. OK. Thanks.
Edward Baltazar Pitoniak — Chief Government Officer
Thanks, Caitlin.
Operator
Thanks. Our subsequent query comes from Barry Jonas of Truist Securities. Your line is now open. Please go forward.
Barry Jonas — Analyst
Hey, guys. Good morning. In September, you will have the appropriate to name the Caesars Discussion board Conference Heart on the identical cap charge you had on the Indiana properties. Any ideas you’ll be able to provide on the places and takes to exercising that possibility? Thanks.
John W. R. Payne — President and Chief Working Officer
Barry, John Payne, good to speak to you. It is undoubtedly an asset that we’re properly conscious of. They constructed an incredible facility there. It anchors the empty acreage that we’ve in Las Vegas.
So, we’ll proceed to see the way it’s performing when that point comes up. It clearly additionally connects to considered one of our belongings within the Harrah’s facility that we personal the actual property and the constructing and lease it again to Caesars. So, it is undoubtedly on our radar. It is undoubtedly one thing that we have been taking a look at over time and properly conscious of this chance that we may have, and we’ll proceed to review it within the time interval because it approaches.
Barry Jonas — Analyst
Understood. After which simply as a follow-up, you realize, I am unsure you’ve got talked about this earlier than, however you’ve got clearly operated golf programs, however is there a situation the place you’d think about working casinos or different belongings in a TRS? Thanks.
Edward Baltazar Pitoniak — Chief Government Officer
Properly, as a place to begin, any on line casino — and, Samantha and David, assist me out right here. Any on line casino that went right into a TRS must be a on line casino with zero, repeat, zero resort rooms. There’s an intricacy or nuance of REIT laws that may forbid the inclusion of a on line casino with resort rooms in a TRS. Past that, I’d say we do not see that taking place.
We’d not search to have that occur. I suppose it is all the time a chance that we’d be foolish to rule out a priori with 100% certainty, however not in our plans.
Barry Jonas — Analyst
Understood. All proper. Thanks, guys.
Edward Baltazar Pitoniak — Chief Government Officer
Thanks.
Operator
Thanks. Our subsequent query comes from Greg McGinnis of Scotiabank. Your line is now open. Please go forward.
Greg McGinniss — Analyst
Hey. Good morning. Given the —
Edward Baltazar Pitoniak — Chief Government Officer
Hey, Greg.
Greg McGinniss — Analyst
Nonbinding — are you able to hear me?
Edward Baltazar Pitoniak — Chief Government Officer
Yup.
Greg McGinniss — Analyst
Hiya. Sorry.
Edward Baltazar Pitoniak — Chief Government Officer
Yeah, we will. We will hear you.
Greg McGinniss — Analyst
Simply given the nonbinding letter of intent on the brand new partnership with Cain and Eldridge, how would you describe your aggressive positioning relative to different capital suppliers, particularly as they think about extra everlasting financing choices upon completion of that improvement?
Edward Baltazar Pitoniak — Chief Government Officer
Yeah. Yeah, it is an excellent query to ask, Greg. I’d say that within the case of One Beverly Hills — so once more, we should not rule out something ever a priori — we don’t anticipate to change into a everlasting actual property proprietor of the belongings at One Beverly Hills. However having mentioned that, based mostly on the discussions we have already been in with Jonathan Goldstein and with Todd Boehly, we see alternatives to work throughout the portfolio.
For instance, within the Cain-Eldridge portfolio, you will note that one of many investments they’ve is St. James golf equipment. And once more, I actually emphasize taking a look at that slide and the fantastic deck that Hayes put collectively. And St.
James membership can signify an instance of us to additional capitalize on the information we have gained via our funding in Chelsea Piers into this type of sports activities and recreation complexes. And completely, they may all the time have the power to hunt different types, different sources of capital, however I’ll emphasize that there’s a cultural union between — or amongst Cain, Eldridge, and VICI that offers us loads of confidence that we’ll all the time have an opportunity to be a accomplice of option to them as they search to capitalize the actually compelling experiential investments they’re making. And I’ll — and I imply —
Greg McGinniss — Analyst
OK.
Edward Baltazar Pitoniak — Chief Government Officer
I’ll say to that regard, Greg — Greg, I will simply say, to that regard, it was Todd Boehly who proposed, hey, let’s do an LOI. I imply, Samantha can clarify why, in a case like that, you sort of should make it nonbinding, however it was an indication of Todd’s dedication to the partnership.
Greg McGinniss — Analyst
OK. Good to listen to. I suppose fascinated about, you realize, investing within the belongings that you have already got, one, curious, is Venetian sort of be in search of extra of the capital you’ve got doubtlessly dedicated. After which, you realize, MGM guided barely decrease progress capex funding for this yr.
So, it does seem they’re allocating some funding to the MGM Grand. What’s your sort of common sense of how capex budgets are trending for casinos in comparison with the previous couple of years? What may that imply on your funding alternatives with them in Las Vegas and regionally? After which additionally, how does that examine to the contractually obligated capex?
John W. R. Payne — President and Chief Working Officer
Yeah, superb query. I will begin in Las Vegas. One of many benefits of our portfolio and having such a giant presence in that market is the belongings are completely unimaginable. In my opening remarks, I talked about Venetian, and I mentioned that they’d over 17 million sq. ft.
That is larger than some firm’s complete portfolio, and it is considered one of our belongings in a single market. Why I convey that up is that it supplies alternative for us to brainstorm with the operator about how one can use our capital to proceed to have them develop. And clearly, we — over the previous yr, we introduced the amount of cash as much as $700 million we have been placing in with the Apollo crew into The Venetian. Now we have those self same conversations with our different companions and operators.
Clearly, Las Vegas has larger bins than the regionals, however we do have conversations with our regional companions about all their alternatives to construct motels or their alternatives to convey casinos that occur to be on riverboats on the land. So, we proceed to have these discussions. I believe there continues to be an pleasure about placing new capital into Las Vegas. In reality, there’s an article I noticed this morning concerning the Caesars group placing over $1 billion into Las Vegas over the previous couple of years.
So, that ought to get you and our buyers excited concerning the alternatives that might be offered in that market. However I believe ’25 is similar to what we noticed in ’24 and even ’23 that operators proceed to reinvent themselves they usually want capital to create new experiences.
Greg McGinniss — Analyst
Nice. Thanks.
Operator
Thanks. Our subsequent query comes from Wealthy Hightower of Barclays. Your line is now open. Please go forward.
Richard Hightower — Analyst
Hey. Good morning, all people, and congrats once more on —
Edward Baltazar Pitoniak — Chief Government Officer
Good morning, Wealthy.
Richard Hightower — Analyst
The brand new partnership with Cain-Eldridge. Good morning, Ed. Let me return to the steering actually rapidly should you do not thoughts. David, I believe you talked about within the ready feedback that sure mortgage fundings are usually not included within the AFFO quantity as offered final evening.
Are you able to stroll us via what exactly is included, {dollars}, cadence, timing, and so on., simply so we’ve a sort of a transparent understanding of funding all year long as presently contemplated?
David Kieske — Government Vice President, Chief Monetary Officer
Yeah, Wealthy. I imply, my feedback had been — the particular remark was we don’t embrace in steering any funding or improvement funding that doesn’t have a recognized draw schedule. And as we sit right here right this moment, you realize, we’re persevering with to fund Nice Wolf Northeast or funding Canyon Ranch Austin and Cabot Citrus Farms, and it is $15 million, $20 million a month or so is that — and, you realize, Nice Wolf Northeast completes in Could of ’25. Canyon Ranch is someday in ’26.
Citrus Farms is working via, you realize, later this yr or early subsequent yr. So, it is — there’s not a particular quantity per thirty days as a result of it is all based mostly on the timing of the attracts and the quantity of the attracts. After which clearly, because the developments are accomplished, we’ve a development mortgage — absolutely funded development loans excellent.
Richard Hightower — Analyst
OK. That is truly useful. And simply to be clear, Venetian, you realize, PPG funding is sort of separate from that. Is that — what is the timing on that one as properly, if I’ve that right?
David Kieske — Government Vice President, Chief Monetary Officer
Yeah. So, we introduced the — we introduced a complete dedication of 700 million. They drew 400 million in 2024, and that’s all transformed to hire and embedded within the lease. Now, they’ve the choice however not the duty to attract an incremental $300 million of that dedication over time.
And so they’re going via their budgets proper now and their plans. And as John talked about, placing loads of new — as you could have seen, loads of new eating places and loads of new experiences within the Venetian. And so, they’re working via if and after they would draw that incremental 300.
Edward Baltazar Pitoniak — Chief Government Officer
And evidently, Wealthy, on condition that they haven’t firmly dedicated to utilizing any of that, none of that’s in steering.
Richard Hightower — Analyst
OK. That is very useful. After which one final sort of small one, and I believe you guys have addressed this on prior calls, however simply so, you realize, all of us have it clear. You realize, you do see some fairly swing — fairly massive swings in, I suppose, the change in allowance for credit score losses within the earnings assertion.
Clearly, a noncash quantity, you realize, more often than not. We hope there are no precise credit score losses. However simply, David, assist us perceive the drivers of that quarter-to-quarter swing.
Gabriel Wasserman — Chief Accounting Officer
Yeah. Hey, it is Gabe Wasserman right here. I can take that. So, within the fourth quarter, a lot of the —
Richard Hightower — Analyst
Hey, Gabe.
Gabriel Wasserman — Chief Accounting Officer
Allowance is de facto pushed by — hey — it was actually pushed by Moody’s, which is the service supplier that we use to assist us mannequin out and venture future losses. Within the fourth quarter, their financial situation, which is situation, situation, and a requirement of the mannequin, and the banks are utilizing comparable ahead projections, they had been sort of forecasting a, you realize, higher-for-longer rate of interest, potential tariffs, and a few headwinds economically, and that was going via our projections. So, that was actually the driving force of the rise within the allowance within the fourth quarter.
Edward Baltazar Pitoniak — Chief Government Officer
Which, Gabe, could be — one other means of claiming it’s it was extra common than particular —
Gabriel Wasserman — Chief Accounting Officer
Proper.
Edward Baltazar Pitoniak — Chief Government Officer
To any [Inaudible] credit score —
Gabriel Wasserman — Chief Accounting Officer
Extra macro versus micro to any of the particular tenants.
Richard Hightower — Analyst
Good. Very useful. Thanks, guys.
Edward Baltazar Pitoniak — Chief Government Officer
And, Wealthy, you get an award, Wealthy, for asking about CECL.
Richard Hightower — Analyst
I knew we had addressed CECL on prior calls, however I simply — I believe it has been a short time. So, once more, I admire the colour. Thanks.
Edward Baltazar Pitoniak — Chief Government Officer
Yeah, it has. There you go.
Operator
Thanks. Our subsequent query comes from Jim Kammert of Evercore. Your line is now open. Please go forward.
Jim Kammert — Evercore ISI — Analyst
Thanks. Good morning. I do know, David, clearly steering excludes new capital markets actions, however given the 1.3 billion that is rolling or maturing, I ought to say, of notes in Q2, how is VICI leaning proper now, repay a part of that or refi, and what wouldn’t it value be?
David Kieske — Government Vice President, Chief Monetary Officer
I believe I bought the gist of your query, Jim. You are breaking apart a bit of bit. Yeah, we have a Could maturity and June maturity, and we do not make any assumptions and steering on these refis. However we’re seeing on a 10-year sort of 1.20, 1.25 unfold over the 10-year, which, I do not know, was at 4.48 should you — you realize, earlier this morning, however clearly bounces round.
So, like a mid-5, 5.5 to five.75 space for a 10-year refinancing.
Jim Kammert — Evercore ISI — Analyst
Nice. Thanks. After which clearly early innings with the brand new relationship with Todd Boehly and in any other case, however has his relationship or possession of Chelsea helped offer you a bit of inside-the-tent sort of view as to how these homeowners and consortiums take into consideration attracting further capital and alternative for VICI?
Edward Baltazar Pitoniak — Chief Government Officer
Properly, definitely, you realize, within the particular case of Chelsea, one as is true of so lots of the Premier League groups, they’re very targeted on ensuring that they’re doing all the pieces they’ll to maximise game-day income. And clearly, maximizing game-day income entails ensuring you have got the optimum stadium and, to an incredible diploma, now more and more, the appropriate environment across the stadium. We have had, I’d say, Samantha, very preliminary chats with Todd round their imaginative and prescient for what Chelsea FC can change into by way of its placement in London, however not far more than that.
Jim Kammert — Evercore ISI — Analyst
OK. Thanks.
Operator
Thanks. Our subsequent query comes from Smedes Rose of Citi. Your line is now open. Please go forward.
Smedes Rose — Analyst
Hello. Thanks. I simply — I wished to ask you if perhaps you would present any type of replace on the licensing course of that appears to be sort of lurching ahead in New York for, you realize, full-on casinos. And simply sort of as a part of that, in case your MGM property weren’t chosen for a license, does it simply stay as a — basically a slots-only facility, or is there another change that may happen?
John W. R. Payne — President and Chief Working Officer
Smedes, it is John. I most likely must be asking you what you concentrate on the New York course of. Look, I believe there’s information virtually day-after-day. We’re sitting right here in New York all collectively.
I learn an article yesterday about one of many teams that’s doubtlessly bidding on the license. It does appear to be there’s progress being made on all of the completely different steps it takes to win one of many three licenses. It does nonetheless appear to be they’re capturing for a call on the finish of this yr, however your guess is nearly as good as mine. Similar with the final a part of your query, you requested concerning the MGM property at Empire Metropolis.
We’re enthusiastic about that that group has put collectively a really wholesome bid for the complete license. I do not know the precise reply to your query, ought to they not obtain one of many three licenses, how that finally performs out with the — because the slot facility. However I believe as this complete course of performs out with the gaming fee, the — how they make their choices, we’ll proceed to be taught extra. However it does appear to be there’s extra progress in Quarter 1 ’25 than there was shortly, however it’s onerous to find out finally when the ultimate stage is.
Smedes Rose — Analyst
OK. After which by way of the One Beverly Hills, and perhaps this does not make any distinction by way of your mortgage to them, however I simply wished to ask you — I imply, Los Angeles has loads of luxurious retail available, has loads of luxurious housing, and it has loads of luxurious motels. And I suppose, you realize, from their perspective, what, I suppose, is giving them confidence that there is incremental demand for extra multimillion-dollar condominiums and extra Chanels and whatnot? And simply, I do not know, perhaps that is type of a dumb query, however I am simply sort of questioning how they’re fascinated about the demand issue there.
Edward Baltazar Pitoniak — Chief Government Officer
Yeah. I believe — and I am priming Samantha. She’s going to want to talk right here in a second as a result of she truly has expertise with Aman. I believe, Smedes, to reply your query, we actually should do all we will to assist everybody perceive the model energy of Aman.
Aman, clearly, shouldn’t be a public firm. There are not any Amans inside resort REIT portfolios. But when I had been you, I’d simply do a worth examine on the charges that Aman will get location by location around the globe as a result of Aman is in a league of its personal. Right, Samantha?
Samantha Sacks Gallagher — Government Vice President, Normal Counsel, and Secretary
Yeah, I believe simply to Ed’s level, you are speaking extremely high-end luxurious. It actually is above and past actually what you see virtually anyplace else on the planet. And so they’ve been capable of do it in cities all through the world. And I believe that is what they will convey to Beverly Hills, which I do not assume they’ve up right here.
Yeah. And, you realize, it is a lot to the credit score of the Cain crew. They had been capable of get entitlements and allowing for that 17.5 incomparable acres for incremental resort provide in Beverly Hills. And a few of you could have seen, over the course of 2024, that LVMH was unable to get entitlements and allowing for Cheval Blanc on Rodeo Drive.
There’s provide there, to your level, Smedes, however once more, I’d — we are going to do all we will to assist everybody perceive the very, very differentiated place of Aman in each market on the planet that it operates — during which it operates.
Smedes Rose — Analyst
Thanks.
Operator
Thanks. Our subsequent query comes from David Katz of Jefferies. Your line is now open. Please go forward.
David Katz — Analyst
Thanks. Good morning, all people. I wished to ask a bit of bigger-picture query. First, congratulations in your announcement of the brand new partnership.
However in that lower, placing all of it in context, the dialogue we’ve with buyers incessantly is round, you realize, fascinated about underwriting the varied points of your TAM. And clearly, a deal like this provides to your TAM in some methods, proper? However to an earlier query concerning the length of the capital you have got out now and the way we type of take into consideration that strategically, then the potential expansions embedded in your present portfolio and the way we take into consideration underwriting these versus, you realize, a brand new on line casino accomplice to be named later, so to talk, proper, they’re throughout the spectrum, and I might love, Ed, your — simply your ideas and feedback round how we, you realize, underwrite these or whether or not it is straight math?
Edward Baltazar Pitoniak — Chief Government Officer
Yeah, it’s a nice query, David, and one of many methods during which I will reply it’s that once we take into consideration TAM, we actually additionally take into consideration the — I am attempting to give you an acronym on the spot, and I am not going to do it, David. I used to be going to say just like the TAR, the entire quantity of the connection. That is not superb, is it?
David Katz — Analyst
It is wonderful.
Edward Baltazar Pitoniak — Chief Government Officer
Anyway, what I am getting at is —
David Kieske — Government Vice President, Chief Monetary Officer
On the fly.
Edward Baltazar Pitoniak — Chief Government Officer
Yeah, there you go. Thanks, David. Yeah, on the fly. Yeah, I will do higher subsequent time, I promise.
The — once we — as we started to get to know Cain and Eldridge, we in a short time developed very excessive conviction that this has the potential to be a multibillion-dollar relationship over time. We do consider there could be alternatives inside that relationship for us to finally personal everlasting actual property, but additionally the chance to proceed, as I — in my reply to Caitlin indicated, the chance to have quite a few funding alternatives and thus alternatives to proceed to roll our capital behind their initiatives. And so, we’re very, very targeted on widening our TAM with out diluting our high quality, our high quality of relationship and our high quality of funding. And once more, I — at a time like this when the gaming deal move is what it’s, we consider we serve our stockholders very properly by creating these sorts of relationships to present our stockholders participation in what we expect is a number of the most compelling placemaking going down proper now.
David Katz — Analyst
OK. Thanks. Admire it.
Edward Baltazar Pitoniak — Chief Government Officer
Thanks, David.
Operator
Thanks. Our subsequent query comes from John Kilichowski of Wells Fargo. Your line is now open. Please go forward.
John Kilichowski — Analyst
Thanks. Good morning. Perhaps if I may simply circle again on that final remark. Ed, you mentioned that, you realize, ultimately, proudly owning a number of the actual property in these offers with Cain and Eldridge.
May you specify particularly perhaps what forms of actual property you would be trying to personal right here? Clearly, on this venture, it is multiuse. Now we have the resort, the residences, the retail, the meals and beverage. Simply curious what you’d be contemplating proudly owning versus not proudly owning.
Edward Baltazar Pitoniak — Chief Government Officer
Yeah. And simply to be clear and as I’ve indicated earlier in my remarks, we aren’t optimistic that we’d ultimately personal any actual property inside One Beverly Hills. That is actual property that if it — if and when it trades, it is going to commerce at stratospheric values. And likewise, it is actual property of a nature that does not precisely match our funding standards, which clearly primarily — does contain web lease.
However past that, as you look throughout the Eldridge-Cain portfolio, I believe you will note, once more citing that basically good slide within the transaction deck, companies — present companies inside Cain and Eldridge that contain actual property that very, very a lot resembles actual property that we already personal. And I’d cite the instance of Chelsea Piers as the kind of actual property we already personal and are very excited to proceed to put money into.
John W. R. Payne — President and Chief Working Officer
And I’ve one factor to that as properly. Creating partnerships like we’ve with Cain and Eldridge additionally opens different potential companions which are around the globe which are seeing what we’re doing with our capital to assist different experiential corporations develop. I imply, we simply made this announcement, and there are of us which are reaching out saying, a really attention-grabbing means that you’re getting concerned with that venture. We would like to speak to you about X, Y, and Z.
So, do not underestimate that as we proceed to construct these world-class builders and companions, that it additionally opens new ones for us and does not hold us as, hey, you are that — you are simply that gaming REIT, which we love on line casino gaming, however it actually has opened the funnel for conversations about different alternatives for us around the globe.
Edward Baltazar Pitoniak — Chief Government Officer
Yeah. And I simply need to construct on what John is saying, too, that there is truly one other dimension of partnership in what we have simply introduced and although it might not have been seen in our releases. This marks the fourth time during which we could have partnered with J.P. Morgan in taking part — working collectively on a capital construction for a really compelling improvement.
And as you all know, we’re a really small crew. Now we have over 25% of the corporate sitting at this desk, and that is seven individuals. And so, we’re all the time very targeted on alternatives to drive multiply what we’re capable of obtain at VICI, and we’re actually, actually appreciative of the partnership that David and his crew have fashioned with Brian Baker and his crew at J.P. Morgan with regards to figuring out alternatives to work collectively and put our capital to work in alternatives that may not have in any other case been accessible to us.
John Kilichowski — Analyst
Received it. I admire that. After which, you realize, perhaps leaping again to one of many first feedback you made right this moment was simply on the pipeline actually choosing up, and I am curious, on the opposite facet of that equation, how is the aggressive panorama modified? I really feel like throughout most of our earnings discussions this quarter, we have heard competitors has definitely spiked from the non-public facet. I am curious should you’re seeing the identical.
John W. R. Payne — President and Chief Working Officer
It has been the identical since we began the corporate. You realize, this can be a house, significantly the on line casino house, the place there’s loads of curiosity. There’s nice operators. There’s nice actual property buildings carry out like no different within the experiential sector.
So, as we take a look at any alternative, we go in with our eyes open that there is others which are taking a look at this. And that is why we have pleasure ourselves on constructing deep relationships, win the ties, and develop the corporate in that style. So, I would not say we see a rise in competitors. I might say it is all the time been there, and we need to proceed to be on the market as properly.
John Kilichowski — Analyst
Received it. Thanks.
Operator
Thanks. Our subsequent query comes from John DeCree of CBRE. Your line is now open. Please go forward.
John DeCree — Analyst
Hey, everybody. You lined loads of floor however perhaps two extra, one on the on line casino M&A atmosphere. I believe we mentioned it a bit of bit earlier pointing to the volatility within the 10-year, however, Ed or John or David, curious when you’ve got any ideas as to what else is sort of influencing I suppose I’d say the shortage of M&A within the house. Whether or not it entails actual property or not, it looks as if it is nonetheless sort of quiet.
So, curious should you sort of see another elements in there which are, you realize, perhaps inflicting that.
John W. R. Payne — President and Chief Working Officer
I do not — hey, John, it is good to speak to you. You hit on a couple of. Once more, in my remarks earlier, whereas I used to be answering one query, I simply talked about Las Vegas. And should you’re an operator in Las Vegas and also you’re performing the best way you are performing, you need to say, properly, the place else would I prefer to function, and also you’d land on I might relatively personal this asset.
I can proceed to put money into it. There are new clients coming via my door day-after-day, and I will simply make this a greater place. I imply, the outcomes that you simply noticed out of Las Vegas, I imply, Wynn’s outcomes had been completely unimaginable. We noticed these unimaginable outcomes popping out of the buildings that we personal.
So, John, I do not see loads of buying and selling in Las Vegas at the moment. With regards to the regionals, I believe it is only a matter of they like working these companies proper now. There might be some trades over time. And if there are, we are going to see if there’s a possibility for us.
Edward Baltazar Pitoniak — Chief Government Officer
And, John, I will simply add to that that I believe with regards to regional gaming, you realize, we’re in a interval the place investing in regional gaming needs to be finished with precision, market by market, asset by asset. We’re clearly seeing provide progress throughout a lot of the U.S. regional panorama. And I believe if you are going to make investments incremental capital in regional gaming, you need to be extremely acutely aware of recent competitors and new provide and what that may imply for same-store gross sales at current belongings.
So, once more, it isn’t solely a case of, properly, what’s accessible. It is also a case of, properly, what do you actually need to personal? Once more, we’re very a lot on this for the long run, and thus we’re going to be, by nature, selective.
John DeCree — Analyst
Thanks, Ed and John. That is useful. Perhaps yet one more on the dialogue of sort of Aman motels as instance, you realize, loads of these extremely high-end worldwide motels. I am curious your ideas on how you concentrate on increasing a bit extra internationally.
Clearly, there are some in Canada. However would you go abroad sort of in a — in an funding or lending capability such as you’ve finished in California not too long ago, so alternatives the place perhaps not actual property possession, however MEZ or nevertheless else you’d construction it in some worldwide markets or one thing like that on the desk? How sort of far have you ever explored these sort of lending in worldwide market alternatives?
Samantha Sacks Gallagher — Government Vice President, Normal Counsel, and Secretary
Yeah, that is Samantha. So, we undoubtedly would, and we truly do have some lending exercise within the U.Ok. and Scotland proper now with Cabot. And we have finished — our inner crew has finished loads of work round actually mapping the world and the place we will make investments each from a lending perspective, in addition to an acquisition perspective, understanding any tax leakage and actually taking a look at what jurisdictions could be most compelling for us in order that once we take a look at our TAM, we’re actually educated about that.
So, the reply to that query is sure, we completely can and would.
John W. R. Payne — President and Chief Working Officer
And have.
Samantha Sacks Gallagher — Government Vice President, Normal Counsel, and Secretary
And have.
John DeCree — Analyst
Thanks very a lot.
Edward Baltazar Pitoniak — Chief Government Officer
Thanks, John.
Operator
Thanks. Our subsequent query comes from Chris Darling of Inexperienced Road. Your line is now open. Please go forward.
Chris Darling — Inexperienced Road Advisors — Analyst
Thanks. Good morning. Query on the gaming facet. It looks as if there’s been much more capital flowing into the historic horse racing phase of the market.
A few initiatives, I believe, have been introduced in New Hampshire. Is that this a phase of the market that is attention-grabbing to you and the way would you concentrate on type of the alternatives and dangers concerned?
John W. R. Payne — President and Chief Working Officer
Chris, good to talk to you. Sure should you’re asking would we make an funding right into a racetrack, significantly most of those investments are including some type of new playing to that funding. So, whether or not it is historic racing machines which are being added in sure markets. Different markets are including simply easy Class III slot machines.
And a few, as we heard earlier right this moment, speaking about Empire Metropolis, their capacity to show a racino right into a full-fledged on line casino. So, to reply your query, they’re all areas that we’d have curiosity in inserting investments if we’ve the appropriate companions, if it had the appropriate construction alongside the best way. So, we proceed to review the markets that you simply talked about and different markets that might — as I discussed, there might be some new markets that open up over time, and we might be considering these as properly.
Chris Darling — Inexperienced Road Advisors — Analyst
All proper. Truthful sufficient. After which only one extra rapidly from me. Curious should you may stroll via the rationale from a PURE gaming standpoint to promote the Canadian operations to IGP.
After which I believe it might be useful as properly to know a bit of bit extra about who IGP is, sort of their scale, the place they personal, future ambitions, something that you would add.
John W. R. Payne — President and Chief Working Officer
Yeah, we had been very excited. We had an incredible relationship with the administration crew and the homeowners of PURE, however we’re excited to type our new relationship with a couple of tribes which have — nations which have come collectively to type this group. We’re studying extra about their pursuits, their capability to develop their enterprise. That was one of many issues that we had been enthusiastic about, not solely them buying the operations of the belongings we personal in Canada, but additionally our capacity to proceed to accomplice not solely in Canada however there might be alternatives all around the world.
So, the extra we study one another — this was our first alternative to work collectively — the extra I believe you will see us develop with them over time ought to the appropriate alternatives come about.
Edward Baltazar Pitoniak — Chief Government Officer
And, Chris, simply to ensure I understood your query clearly, I need to make clear that we did not promote something. The prior proprietor of PURE, Onex, a Toronto-based PE agency, bought the OpCo to IGP. And never solely are we enthusiastic about IGP being our new accomplice on the Alberta belongings, it additionally signifies that OpCos are marketable, that there are consumers for OpCos, which I believe there was some questioning round. However this can be a clear instance of gaming OpCos as OpCos having worth.
Chris Darling — Inexperienced Road Advisors — Analyst
Received it. And yeah, that time was understood, Ed, however I admire the clarification. That is all from me. So, thanks for the time.
Edward Baltazar Pitoniak — Chief Government Officer
Thanks, Chris.
John W. R. Payne — President and Chief Working Officer
Thanks, Chris.
Operator
Thanks. At the moment, I will flip the decision again to Ed Pitoniak for any additional remarks.
Edward Baltazar Pitoniak — Chief Government Officer
Thanks, Alex, and due to all of you. We all know you’ve got bought — a lot of you have got one other name developing right here simply momentarily. So, we want you the very best, and thanks once more for attending this morning. Bye for now.
Operator
[Operator signoff]
Length: 0 minutes
Name contributors:
Samantha Sacks Gallagher — Government Vice President, Normal Counsel, and Secretary
Edward Baltazar Pitoniak — Chief Government Officer
John W. R. Payne — President and Chief Working Officer
David Kieske — Government Vice President, Chief Monetary Officer
Anthony Paolone — Analyst
Ed Pitoniak — Chief Government Officer
John Payne — President and Chief Working Officer
Tony Paolone — Analyst
Caitlin Burrows — Goldman Sachs — Analyst
Barry Jonas — Analyst
Greg McGinniss — Analyst
Greg McGinnis — Analyst
Richard Hightower — Analyst
Wealthy Hightower — Analyst
Gabriel Wasserman — Chief Accounting Officer
Gabe Wasserman — Chief Accounting Officer
Jim Kammert — Evercore ISI — Analyst
Smedes Rose — Analyst
Samantha Gallagher — Government Vice President, Normal Counsel, and Secretary
David Katz — Analyst
John Kilichowski — Analyst
John DeCree — Analyst
Chris Darling — Inexperienced Road Advisors — Analyst
