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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vici Properties Inc | NYSE:VICI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.5707 | 1.91% | 30.4707 | 30.5475 | 30.01 | 30.33 | 2,593,196 | 18:57:13 |
VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, “VICI” or the “Company”) an experiential real estate investment trust, today announced the expansion of two experiential relationships with the acquisition of the leasehold interest of Chelsea Piers in New York City (“Chelsea Piers”), as well as an agreement with Cabot for a delayed draw loan facility in Saint Lucia and an agreement in principle to provide a delayed draw loan facility in Scotland, for potential total gross committed capital of nearly $550 million at a blended investment yield of approximately 8%, with $480 million of this capital incremental to the original ~$70 million loan to Chelsea Piers. The transaction with Chelsea Piers represents VICI’s first conversion of an initial loan investment into real estate ownership, and the agreement with Cabot will expand and internationalize the companies’ investment partnership in pilgrimage golf beyond the existing financing agreement for the development of Cabot Citrus Farms in Florida. Further details are below:
The cash portions of the transactions were or are expected to be funded with a combination of cash on hand, partial settlement of outstanding forward equity sale agreements, and drawing down funds denominated in British pounds sterling under the Company’s existing revolving credit facility.
Key Comments from VICI
Key Comments from Our Partners
In addition to this release, the Company has furnished Transaction Overview presentations. Both are available on VICI’s website in the “Investors” section, under the menu heading “Events & Presentations.” For both presentations, please visit https://investors.viciproperties.com/events-and-presentations/.
About VICI Properties
VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 non-gaming experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading non-gaming experiential operators, including Bowlero, Cabot, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, and Kalahari Resorts and Conventions. VICI Properties also owns four championship golf courses and 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” “will,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond VICI’s control and could materially affect actual results, performance, or achievements. Among those risks, uncertainties and other factors are risks that VICI may not enter into the pending transactions on the contemplated terms, or at all, or achieve the anticipated benefits of the transactions, including any future transactions or the anticipated benefits thereof. Additional important risk factors that may affect VICI’s business, results of operations and financial position are detailed from time to time in VICI’s filings with the Securities and Exchange Commission. VICI does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231218710665/en/
Investors: Investors@viciproperties.com (646) 949-4631 Or David Kieske EVP, Chief Financial Officer DKieske@viciproperties.com
Moira McCloskey SVP, Capital Markets MMcCloskey@viciproperties.com
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