VICI - Earnings call transcript Q3 2018

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Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VICI Properties’ Third Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. Please note that this conference call is being recorded today, November 02, 2018. the to turn with Sacks now Properties. VICI will call Samantha over Gallagher I

Samantha Sacks Gallagher

and Everyone VICI and good to Operator, Investors information you, Thank morning. in found site third The and the XXXX at can information. be the of should quarter earnings Web supplemental release the the Section release supplemental Properties Company’s access have www.viciproperties.com.

Federal our statements within of the forward-looking today the be Securities will comments Some of Laws. meaning

what as the Forward-looking subject should, will, from statements, uncertainties such are actual of which the and financial relying materially other to for are to impact SEC cause we in results results filings and expect, by intend, caution phrases, I risks use or identified risks future you projects more that guidance, operating could differ the interpreting words exercise usually detailed discussion similar numerous Company’s that on a expect. could of and refer Therefore, should condition. them. you to

turn Financial remarks, over the Chief Chief With provide Ed earnings Kieske, will Payne, discuss release or comparable to Chief measures, prepared we to measure not and we’ll with substitute These During reconciliation is accordance Officer. the Company’s and quarter our considered and evaluating we Officer; non-GAAP measures Ed the A call performance. I our Executive our then the open Chief Officer; these Accounting some financial David which to for be in Ed. Pitoniak, of John a team call, call supplemental have GAAP. isolation believe in useful that, information. questions. measures Hosting directly be operating third should Gabe and and the in the Operating in as will most today, results we opening available can GAAP call Wasserman, President XXXX Officer;

Ed Pitoniak

and We have VICI's fiscal it reported quarter to morning. Thank you, evening the you over year just one results our We has results we released third morning earnings emerged join and quarters everyone. now our good this appreciate a quarter our last year the under third since belts. spin-off. full time We of taking Samantha been call from four

of ownership is activity QX, few the managed AFFO or $XX being the framework Vegas. of we first closed we that times raised $XXX.X February of of billion to over Here million, debt XX%. equity equity our our We de-lever of We’ve closed our $X every QX, the so one that in X.X the debt, of refinanced in announced day Las of nearly over and quarters of we’ve shareholders' past us Palace, properly, day our managing only all realized after tower emergence over billion from for four from growth making our on Caesars the was serve that cared be actions to adding steadily billion $X will day, and and of after relentlessly to a as acquisitions real while we’ve of being our right and our of pipeline $X.X the iconic decision, our accomplished to And private risk are building This rent key taking shareholder. class placement value regard as our on out growing good rounding shareholders this interest contingent of operations. day governance and and the equity our leadership business acquisition quarter We common created. pro $X.X always within times sector million debt-to-EBITDA estate have our XXXX total might forma about are through established accomplishment billion X.X and by eliminated XXXX of IPO. and

hope We Hill, Margareta the modification during transactions. closing of wrapped the toward fourth those move to all continue quarter. Philadelphia lease to We have Harris up and

in pursue do of a We can to lot properties in see sector activity turn about option see sector based management two, continue as as portfolio elements on to that income we'll high the key energetic one, as and model; how attest business first to John we three year our capability; attractive high forgotten, have governance durable has Not progressed quality to our well we of down and a is best and to to transparent market. moment we over now good you. be three prospects. what that, available. the in over ourselves growth ROFO opportunities. through and all Needless John, seeing intend With I’ll and slowing sector still we’re to so growth become the pocket, in very as continue John we our in feel discuss call call best to the back three, say, any cycles; don’t assets in

John Payne

us gaming everyone. environment is gaming active Thanks, transactions by the market to Ed and for over testament the and the operators, REIT and more broadly REIT The gaming have past growing model. of the investors morning good sector announced transactions to the number year in a continues be confidence

National, closed fourth close the make and we and progress Tower hope Boulder continue with the completing This the which during we Octavius quarter towards quarter. to Margaritaville, acquisition Philadelphia of Caesars we on at to Palace City with Harris Caesars Pan

announced currently down. no slowing is as have there transactions the you've marketplace. external past in of from out we’ve shortage We year, the the growth intention over And no seen of opportunities

new allowed relationships guy have are within have we changed. industry progress market, goals. the the the towards have that in goals to long-standing make our Those us we While not

for expanding regional all diversifying on We Las while growing value exposure; Vegas attractive our continue in creating geographically to shareholders. based, and markets our work tenant on

that that independence, we of and not deals to deals, only partners and said this, what your build to turn demonstrated call consider operating executing capital to to-date have beneficial by we work. our true who discuss principles depth portfolio the we’ve we who our been to both success and our results. shareholders underlying will our their capital. David putting our of the can our I’ll With key to tenants focus mutually with can the the before, further believe As that, understanding believe the over announced continue to to we’ve but are business financial have VICI. have we entrusted The completed We fair OpCo acquisitions on our

David Kieske

John. reported total million Thanks, per share for We AFFO of quarter. $XXX.X third or the $X.XX

of Real earnings and income comprised property for revenue $XXX.X of golf Our was leases from tenants. reflect business from from comprised our our $XX.X of from million property taxes our paid by and the $X.X million million, income million which operating $XXX.X real quarter $XXX.X of of business. leases, business was financing million property million $XX.X

adjusting the AFFO direct quarter change net income $XX.X $XX non-controlling financing to million. the leases, attributable from for should to a leases portion with item. million for direct investments income our Our in financing non-cash is deducted net includes to After Joliet, interest DFL calculate our that from which is

the On completed side, our our transition were previously and from administrative to Las Vegas $X.X discussed steady quarter. G&A. York cost that New the costs we to general rate million have run for thrilled the for and report We're state reached

fluctuations per hover cost around expect to slight with quarter million that occurring possibly continue will quarter-to-quarter. $XX We

was vacant non-operating land non-operating background acres the recognized spinoff Company CEOC, and inherited on scattered non-cash country. part it VICI from During loss parcels. parcels across of certain $XX.X of QX, land way By emergence million approximately impairment on the of XXX

are none parcels the operations our Vegas land the of component of parcels land of regional portfolio. outside are of located of and Las property the All

exceeded the certain As the emergence our balance our monetize was value. time value of at part the of carrying to determined efforts market the sheet parcels, it on reported fair

land remaining operating As sheets. the a of million income recorded $XX investment one-time on result, non we reclassified from impairment land the value balance cash approximately to and in

completed of term on annual Tower initial million. the On on include balance lease the October lease, XX, amended expires The provides modifications, purchase Philadelphia $XXX.X detail year renewal funded the the $XX Octavius lease with and standalone is be an has tower. XXXX, pursuant and for acquisition four, five sheet. connection to with the side was to options. with XXth, which on July for will of cash Tower rent Harrah's Octavius of million a Octavius operating acquisition we In of closing that

we fourth modifications hope lease has to Margaritaville close the Harrah's the and mentioned, Philadelphia As during quarter. been and

for We the reduction including modifications connection $XXX to approximately be purchase cash million. outflow price of total upon these expect million the in impact transactions, $XXX of the Philadelphia net with lease the the agreed

We expect cash transactions to both on using funded sheet. be the balance

the short-term Turning cash to ended balance We of million quarter our with sheet. investment. approximately $XXX and

average a weighted impacts weighted Our outstanding average of X.XX% end including the interest years. X.X rate and maturity of billion was interest a of $X.X quarter approximately rate, debt swaps with at our

of AFFO X to XXXX, our times. XXXX. Based on annualize the our impairment, updating no QX. we for year estimated quarter Company the the guidance remainder share to debt which leverage until have occurred share XXXX. net its reaffirming is adjusted full respect per With on guidance is We income reflect the maturing guidance the loss EBITDA, per in third for net And non-cash are

yet $X.XX for As will continue $X.XX December net a XXXX. the be that between net and stockholders year have and and share be We share per XX, does per include AFFO not to acquisitions $X.XX diluted closed. reminder, pending attributable that guidance will common to estimate $X.XX our per income ending not between share,

$X.XXXX XXth. portfolio are we on our the continue we this as records XXth, increased share. dividend Company’s was we’d the believe we our time Octavius be September tremendous targeted on strategy, a of the reflected position Tower, value. on happy and X.X%; keep $X.XX we closing open dividend stockholder to The annualize dividend of of to well rate we to paid the rates line common which questions. of raised XXth with closing, October our as close business the we to for per dividend driving for In growing our share regarding stock third shareholder of annual of the on make dividend of Finally, September our quarterly declared at policy; of execute Operator, quarter, per progress

Operator

Thank Instructions]. you [Operator

Your first from go Daniel with Adam question Please is Instinet. ahead. line of Nomura the

open. is line Your

Daniel Adam

Caesars. environment call bit and guys terms public up of with operators dropdowns casino seeing pipeline outside of owner that, Thanks. And talk to about properties both we in the are private opportunities opportunities? as are publicly a or you Can you little right new traded other and follow more the M&A seeing operators? from What

John Payne

quarters, two been for last bit in be I’m like So, the continues activity to little going record The a space speaking. strong. we’ve broken a the to sound

know the We’re that and and there to independence. companies, kid the model all sure When companies they’re don’t obviously we’re we there. that sure mixture we’re that as are understand our there. there making be active, out public transact, the whether quite it's both but comes and say is assets out the VICI's we’re operators I’d know, making sure whether a block there there, out we’re new out is talking presence out And about it making -- out of we there on or all are private again, we’re that true that

Ed Pitoniak

the add understanding What part controllers just benefiting might and/or increasing we’re to I Dan, from of that. on asset is operators. the

them what capital than transaction, leaseback the of sale a And could they we nature access cases, either other that and to capital. another markets through say that As the convey in if public the a permanent channels. we’re private cheaper we form do capital many we to of permanent is believe, or to is form

Operator

comes ahead, your is Citi. from Rose go Smedes question next the of open. Please Your line with line

Unidentified Analyst

this Smedes. as There mean what state on your well change Caesars and your of would media for about Caesars, options existing with as the from lot Abhishek Harrah’s a anything perspective. the on leases been stories three call for if of Casinos? control of Can talk is you This about have

Ed Pitoniak

-- we context to just provide whenever with to talk about mean I Caesars. start

It's I my XXXX, in all years long-term Caesars. of with be I deformation a least it relationship age, then the and mean into We -- at chances XX the are good are go here if that continues but would a in a pretty in that has relationship relationship to future. we’re think

control. They're yesterday, in Caesars what perhaps regard change nothing announced potential of but all terms CEO any has is obvious change in terms is of just of the of obviously control, that they as of changes undertaking I technicalities In search a control. to emphasize to announced of think the of first

and David one We’re to place to over take I'll it turn John.

David Kieske

we if good in carry those don't are. And if be call about we tenant, our those the there those I terms leases the then of essentially speculating obligations would were what the change but feel mean, control. as as and and our of leases we forward is control. that a obligations any are you And we're have of change entity impacted presses our as rumored were tenant only and with the entity, in on Caesars tenants. relationship concern Caesars are properties, Yes, any would of the there of have well

John Payne

And well at quarter look in the business quarter-by-quarter. this I if think at the two space you at the obviously results, XX%. and you look up we're have to do was obviously triple Smedes EBITDAR Caesars, you know that you just look net But underlying past

This between healthy XX%. quarter down I forecasting X% quarter little the strong Those the are growth of the but really was those was for tenants business? looks and outlook a they're are think it underlying fourth

Unidentified Analyst

And think change would you about the it call the way of timing options.

more would little them So to later, sooner in rather front be than different? it on you exercise or to opt is

Ed Pitoniak

necessarily. not No,

not how it the years when happen we any at of a four about time impact will of on best we opportune do always the or we down. time -- on properties to time very the them. take based timing Our it over we’ll concerned are call that exercise and believing a timing shareholders always that do We remaining call to them believe call not calls behalf be is may multiple -- have may anything to given it our upon it's our

Operator

comes Sachs. Grambling question Goldman with from next Your Stephen

open. is line Your

Stephen Grambling

to I little the maybe the that's is, clarification deterioration rest Can the on expectations your impairment. maybe the there you land a maybe land? then even why or you of provide land? just And under or was of with the details of maybe what some guess where also to one fell cost just it that do plan more

David Kieske

it. how is likelihood land been going for this on and expand is were a potential it's speak sheet around. we're balance there this And of Over when opportunities that a Caesars to and years, grant time John So jurisdictions has long to that can been Caesars' to land represents gaming accumulated. period

non-operating any It So this is operations. is land casino with really minimis land. associated non-de not

was VICI -- we speak. some went as monetize bankruptcy so the put and to And value to to And the went as has on the that accounting because is it value far standpoint us was brought market the books during we intrinsic something value. that emergence this that as no within it's start over we going this to the from was the simply was creditors than so bucket realized fair of that an forward, different to

that aggregate. $XX $XX accounting time million down, to one mean, non-cash million time of up I there but the so of took we $XX And a just write cleaning the was that at million some the in wrote we down emergence. the was done

Stephen Grambling

just alluded to even or property turning overall all the M&A at general? to maybe either due But just and pricing a expectations, then rising environment have you performance, shift seen any And in this the to gaming you bit. in rates interest sector little

John Payne

as watch earlier has been it or not time, in activity continue have robust as maybe to communicated. it’s at any have We seen the the to previous activity I've a difference pricing quarters little it’s this in has that. as the just we'll -- But been

to listen continue what’s number to in not market, have to continue the the but decline out we'll seen monitor, in we a activities. of again So,

Operator

Your Credit McKnight next question Cameron with comes from Suisse.

open. is line Your

Cameron McKnight

question is for David, John. The or or Ed

settles down potential do terms lot that over settles with transactions, of years X% deals level Where over do accretion you done In that? it per from And AFFO mean of down to the have some think gaming share. accretion been think below past you X% I to few time? at

Ed Pitoniak

I trades explanation block or the think that that of that that until part is generating big trades of recently magnitude we’re most big of Cam, the accretion. portfolio on accretion historically, capable for of

is to that accretion. you’d magnitude point single on us unto think per obviously on of but focused to as of I I a accretion will will was you share transaction. acquisition evaluate that not single the as that on the single, especially per get return accretion cost accretion of required relation harder share on the itself Because mathematically in rightly transaction you’re capital make three more going the to assets, per the the when also execute at see down think we achiever only that basis, sure opposed And on of transactions I EPS to it’s cash bigger, of us cash to positive cash somewhat always cash be each asset unlikely become which get to share. would each return of and an as

Cameron McKnight

And then, funding David, in M&A. terms of

If might price? you were issue paper year seven to that today, do you where think XX

David Kieske

But the markets as BB it's are I moving to tell to mean debt that BaX, with in high is that about. are and around moves XX make Xs accretion rating, and fluid still to us liquid rates books. would our the what talked Ed rating bankers years the the the around, the sense achieve pricing mid being continue overall

Cameron McKnight

John, And for interpretation if one in saw of been in I gaming the you’ve long then the last time. quarter can. one John, in your a industry Vegas? third what we What’s

John Payne

think prepared for people numbers. I were

have going numbers compared first than have but third, is I come fourth we’re the to the The to that and weakness XXXX, less in which they’re the be about prior seeing to nice Cam. looking think had weaker have Cam, which the and about strength expectation quite fourth into a some the and was at exceeded the that that talked great and see. year operators to lot funny, hear. It's onto they seem we’re out to

Ed Pitoniak

the through to regional cash rent did the distribute was the XX% the as thing, Florence's John's cycles, reasonable all what about their of for already such market that their as was quarter-to-quarter. net reports this strong. having is QX strategy to very in -- and reported Caesars in we confidently portfolio yesterday, The just to can out portfolio It at you Las feel portfolio that where see period add a results, Vegas. we Again, Las because would our performance live we're we matter nonetheless like REIT, us geographically. is Cam, who in XX% regions, tenants triple both for Vegas But diversity have REIT, like right that exposure of a quarter-to-quarter as strategy but again happens a that that collect disclosure level same not we the going no operator in we other balance alluded I and we're is having our the

Operator

with comes question Bank. from Deutsche next Your Carlo Santarelli

open. is line Your

Carlo Santarelli

that circle transactions, for comment of two the to $XXX wanted earlier the modification. financing terms including lease the the to just million David back of net in

mentioned cash. largely You

you think sheet as the I of $XXX you comfortable the balance guys XQ. about cash guys at balance there what's have the level? corporate million And on to are keep willing of

David Kieske

we to one commercial million we short classifications So out investments. an thing days. highly is with paper are that the just from point have accounting want maturities to term XX investment Those $XXX XXX also liquid of grade of simply

XXX So, that remarks. to that two my in the referenced the that's extent together,

We pending cash on fund have to two transactions. plenty balance of the the sheet

go As want to to quarter's dividends. million needs we cover think $XX cash $XXX our about next cash We sure basis, on to range. the million get enough probably we forward in make a the

have low allows that we're generate little dividend from our we very to covered. to cash well to our payout We we ratio be flow sure to working also free capital with fund make needs. continue us But want able and

Carlo Santarelli

And follow may then if up. just I one

side, the to them right As at on of doing in of the Caesars. some the the little changes it more to until now settled? about be or bit might believe you are you be forward. going a Does there Do think place making partnering potential decision anything pertains that you be potentially know, are that there you on. lag When things for taking a buy any of obviously, could M&A

Ed Pitoniak

lot confidence Carlo. time a of Again, board. tell, Caesars' Only have in we the will

management of lot a have the confidence We Caesars' in team.

deserves how hospitality you what are I the results. and to satisfaction in and on and And that good guest promoter estate yesterday reported generate lot that get that commitment has time happy hospitality as want net improving I backgrounds, customer continues customers' continuing a One a prospects. terms didn't with of heard think Caesars improvement thing have put happiness, in company service growth continuing a have a of I scores is tenants whenever future. probably just the how highlight I attention the think over scores. people to they stock And has that was grow implications you that Caesars' in real very and it to yesterday improving you

Operator

next Bank America. comes with of from Your question Kelley Sean

Your mute? line Kelly, is open. Sean is your line Hello, on

Unidentified Analyst

you interest know is This prepared your Ally in growing I is remarks on Vegas. guys for Sean. in mentioned

Just that think be right other there that are currently appealing interested in, expanding and any would in? maybe or you're seem now regional wondering ones you markets in

John Payne

footprint we as other there to regional that assets just that regional that asset portfolio we market that opportunities. an strip to in continue local talked We for like very in is as the came in about well. we expanding to We’ve in an We not Reno which We seeing. would only strength the business there on and continue market, our interested Vegas, the business. sale, and what there at grow. to diversify markets would opportunity there. growth markets look was That have aren’t continues we’re show some think to get all but assets into with already be like those In our continue we well great some then

that’s there at to we of all for still think them. short answer is So the a but opportunity us markets all look hitting

Ed Pitoniak

growth, And much and in when wage out taking of regions saw on day for mean maybe jobs very John's place is obviously add good regional just so we vitality feel going moreover we things years comment and economic that positive come to a to operators onto within support very increased here. positive the is

Operator

your go Please question ahead, line open. Your with next Goldman Komal from is is Sachs. Patel

Komal Patel

couple been so quick the especially once, larger at pace has taking a far potentially follow on multiple What’s appetite measured? or transactions your M&A of ups. considering of fairly on properties Just

Ed Pitoniak

underlying question David. fund turn over lot will and to of think I really to larger obviously I with transactions. our our because effectively I confidence think has it do a has Ken, ability that to the to do

David Kieske

day have sense tenant good for that were diversification. they portfolios, the as with mean portfolio debt and accretive needed We diversification from any larger because as to access has just our larger. we the of accretive, one away would we be markets not they basis acquisition, to feel larger if acquire And a us. markets shy acquisitions it are I potentially our if both equity to and they made

So, John has is a not away alluded there on lot size. from and there just given going to, out we’re anything the shying frankly

Komal Patel

contribute equity the Yes, Is direction about transaction. think was as you going the in, of be how I guys that level could was that, could and a would than so just too something range actually a six it range, considering leverage a high using transactions? follow up. frame you that these there for Is that something think in higher you potential that X.X

David Kieske

in to up EBITDA discipline the X.X of times X times be times today. Ed As on the and in may net are alluded There to at debt EBITDA, a going X.X be times we it his X.X to in picks we hard to leverage debt would times. basis our talked we’ve about, keeping pressed to X.X ever emergence get times some range. as we Komal, to it's X And opening of slightly we north be very remarks, but when they are low are fives,

acquire we to So a assets or to portfolios and the leverage can disciplined work and make be to grow neutral we sure basis. to we on portfolio want measured want accretively

Komal Patel

doesn't do more on one did? last consider in public attractive risk M&A that deals Or your for be to appetite? given Would up, with if of one you peers think something comes just the align aggressive the an recently one me, effort using property like for you an your then TRS structure rights landscape. operating quite And

Ed Pitoniak

I we sense very don't the given fact tax though, made have time a out And the so. as say REIT. we if that does receive distributions source generally to it I obviously most seriously the capital us REIT we're rule to it take would think to equity the effective we in in it again, way do ever we at in possible as income. invest order a that believe from a

it we to would investors turn look it possible. way see can in which So take most wouldn't always dollar rule to our again, any degree our and Company but we the we of that to over income out tax generates effective the

Operator

next Please DeCree is Gaming. your go is ahead, from question Your John open. line Union with

John DeCree

on much the a all touched acquisitions maybe prepared of pretty timing Do on think in of range Margaritaville? have missed questions, but item, or and it my housekeeping just the I if time I remarks. you Harrah's you've updated

David Kieske

we there guided, similar mentioned, the Margaritaville to on of up Penn by timing as the we As everything end have year, wrapped call in on hope -- Margaritaville. their in

We’re just both on through consent regulatory processes and some loan transactions. working final of those

John DeCree

a economic M&A We've strategic in that of is environment? other say scale than accretive. diversity Are priorities to as a the your just a little and do ensuring then in for and you might you terms And be but differently other about things bit talked question high that you deal obviously tenant environment there next little level. value or appetite different the M&A parts, maybe the looking ask to

Ed Pitoniak

diversity markets, more not itself. is more Tenant diversity exposure to necessarily unto always means tenant practices more tenant end And a obviously user is to end an of relationships. just value diversity. more end We’re operating going customer getting

yields that and more end to again, we’ll that to So the And the in tenants, very end to if quality the the and doing. its more what the more of be big be day the do into, we're part that obviously will at that relationship again it of we're of a of the operators' market always quality have market will buying have customers. us But happy asset achieve with that.

Operator

is Please Baird. from with Milligan open. is your R.J. question next Your go ahead, line

R.J. Milligan

are I'm sellers of or Is questions as Just deals? where though for having in the from to changed the increased larger what you're there change curious economics or Most deals how any my in single smaller rents? been expecting asked. of discussions assets. have selling terms have portfolios you're smaller possibly negotiations curious those

John Payne

that question smaller. we're I'd from change answer the really to. depends operator larger talking it really that Not -- on to

on As goals are you it but times. operator, the and depending changed all there not can in property, objectives different the has recent imagine, at the

it's we've really down talked been So a been deal. quite with to but watch. comes continue It's We'll possible about it to quite to achieve active is stable. the as seller trying what

Ed Pitoniak

terms was in was heck is just this we'll going the the going recover We time based from, quickly all last pretty we a to there so And air was the stocks that hit I really about gaming big was of through And strong they that. a get showing. equilibrium R. there them certainly stocks that here And performed think Post months. two able the that performance earnings we’ll little the now from J., the of just just volatile, announcements, months results every because tell sense go gaming only nature. come especially violet re-price everything, or that an on. a hard. rise in -- I gaming if their as operators, pocket out to find longer-term here. to bit wild so these don’t upon have to mean, public it to the above everybody wild over-reaction it's And that given operators, of maybe seeing I you’re so the how couple okay was seen greater quickly QX we quick, pretty a what they’ve in if think something fundamentally number operator that over really QX was have all and think anybody add are

R.J. Milligan

of would equilibrium, And and/or hit greater we real in we terms that the do anticipate of which estate? selling M&A when velocity

Ed Pitoniak

conversations to think these to flow obviously or potential don’t do know transactions around will the I pick these that commitment going if velocity is recognition a very But much be and transactions take I there the time. necessarily -- up.

Operator

is next with question Your Instructions] Adam Please ahead. [Operator go from Daniel Nomura.

Your open. line is

Daniel Adam

Just Thanks. intend close? one up. you what and Can deals quick Philadelphia follow expected and us once guidance per accretion XQ do Harrah's And is Margaritaville? AFFO to from the those XXXX update share remind you

David Kieske

rents. annual generate generate guidance through million would $XX deals a once just million our Dan, Margaritaville and update do rents follow would be Harrah's as reminder, And Philadelphia will those $XX of of about annual to close.

can would that a terms having I get on AFFO share once So in these we that of our do year from growth, our of full those acquisitions and the think the which year portfolio. closed, shareholders a to you appreciate really per we in benefit and adds what XXXX math full outstanding

excited brings. about XXXX we’re So what

Ed Pitoniak

the And turns to the hand Obviously, because are maybe flow through retake earlier. with with into David $XXX NOI, just for to that obvious, XXX% paid rent into turns referred AFFO about. the being they just million plus cash cash of that on

Operator

no at call over turn I this presenters. There are questions time. the back to further the

Ed Pitoniak

time your for to an everybody fourth thanks And report again. progress look We Kareena. results. we today. on our providing our you, and forward continued update when Thanks Thank year-end quarter

Operator

This today’s call. concludes

You may now disconnect.

VICI Properties (VICI) 2 Nov 182018 Q3 Earnings call transcript