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VICI Properties Inc. (NYSE:VICI)
Q2 2020 Earnings Call
Jul 30, 2020, 1:00 p.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good day, ladies and gentlemen, thank you for standing by. Welcome to the VICI Properties Second Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note that today's conference is being recorded today, July 30, 2020.

I would now like to turn the call over to Samantha Gallagher, General Counsel with VICI Properties.

Samantha Gallagher -- Executive Vice President, General Counsel And Secretary

Thank you, operator, and good morning. Everyone should have access to the company's second quarter 2020 earnings release and supplemental information. The release and supplemental information can be found in the Investors section of the VICI Properties website at www.viciproperties.com. Some of our comments today will be forward-looking statements within the meaning of the federal securities laws. Forward-looking statements, which are usually identified by the use of words such as will, believe, expect, should, intend, project or other similar phrases, are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect.

Therefore, you should exercise caution in interpreting and relying on them. I refer you to the company's SEC filings for a more detailed discussion of the risks that could impact future operating results and financial condition. During the call, we will discuss certain non-GAAP measures, which we believe can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP.

A reconciliation of these measures to the most directly comparable GAAP measure is available in our second quarter 2020 earnings release and our supplemental information. Hosting the call today, we have Ed Pitoniak, Chief Executive Officer; John Payne, President and Chief Operating Officer; David Kieske, Chief Financial Officer; and Gabe Wasserman, Chief Accounting Officer. Ed and team will provide some opening remarks, and then we will open the call to questions.

With that, I'll turn the call over to Ed.

Edward B. Pitoniak -- Chief Executive Officer

Thank you, Samantha. Good morning, everyone, and thanks for joining us. Here's what remains foremost for us at this time. We continue to hope that all our stakeholders are weathering this COVID-19 crisis as best as can be. We held our last earnings call on Thursday, May 1, and in my opening remarks, I had focused on what, because of COVID-19, we did not know with any certainty at the time. We did not know when our assets would reopen; what the recovery pace of our tenants' businesses would be; when exactly our $3.2 billion transaction with Eldorado/Caesars would close; finally, when VICI would be able to return to an offensive portfolio growth strategy. Here today, July 30, we now know four key facts.

Number one, virtually all of our assets have reopened. Number two, our operators have seen strong operating recovery in our regional assets. And through the end of June, we're seeing improving results at our two Las Vegas assets. Number three, the Eldorado/Caesars merger closed on July 20, and our $3.2 billion portion of that overall transaction will produce annual incremental rent of $253 million at a 7.8% cap rate while also replenishing VICI's embedded growth pipeline.

Number four, we returned to offense and continued our opportunistic growth on June 15 when we announced our intention to provide a $400 million mortgage loan on the brand-new Caesars Forum Convention Center and purchased 23 more acres of Strip-proximate land, giving us a total land assemblage of 50 Strip-proximate acres, giving VICI the only large-scale opportunity to deepen the Las Vegas Strip at its center and to participate in the potential for long-term growth that this land represents. It all added up to another quarter that validated VICI's business model and generated market-leading growth. For second quarter 2020 and in July, VICI collected 100% of cash rent from all of our tenants, which very few American REITs were able to do in Q2.

This contributed to VICI achieving 20.4% growth in adjusted EBITDA year-over-year, which we believe will be among the various very highest EBITDA growth rates among all American REITs for the quarter. In a moment, John Payne will discuss our operational performance and the benefits of the Caesars merger in more depth, and David Kieske will give you details about our own financial performance. But let me take a moment to speak of the root causes of our Q2 2020 performance. We believe VICI was able to continue collecting 100% of rent, delivered 20.4% EBITDA growth and opportunistically go back on offense in Q2 2020 because fundamentally, we have high-quality tenants. For any rent-collecting multi-tenanted REIT, the strength of the REIT's business model is the aggregated strength of its tenants' business models.

All of our tenants at this time are gaming operators, and during Q2, gaming operators generally and our five gaming operators specifically, namely Caesars, Penn National, Hard Rock, Century Casinos and JACK Entertainment, showed the strength, liquidity, durability and agility of their business models. As most of you know, I've spent time and have experience in a number of leisure, recreational and hospitality sectors both as an operator and as a real estate investment manager. In coming to gaming real estate, as I did in 2017, I've come into a sector where the operators are, I strongly believe, the most dynamic and success-driven operators in global leisure and hospitality. Over the course of this COVID-19 crisis, our five operators have shown just how skilled, energetic, decisive and driven they are.

Here's what they have shown over the last few months: quick and effective action to shore up their liquidity; quick and effective action to minimize costs and cash burn rates during the period of closure; quick and effective action to be ready to reopen safely once given the green light; finally, quick and effective action to restore revenue and EBITDA when many other leisure sectors haven't even reopened yet. What we're also seeing is that our operators' businesses are key factors to the health of their local economies and to their state and local treasuries. As long as our operators can operate safely, their states and cities want them open for everyone's benefit.

At VICI, we're sober, very sober, in fact, about the fact that the COVID-19 crisis is not over. We cannot rule out the resurgence of the virus could depress demand for or potentially lead to reclosures of casinos. But in what we've seen so far for our gaming tenants and for VICI, this crisis may ultimately provide strong proof of the strength and quality of the gaming REIT business model, which is built in turn on the strength and quality of our tenants' businesses.

To hear more about our tenants, I'll now turn the call over to our President and COO, John Payne. John?

John Payne -- President and Chief Operations Officer

Thanks, Ed. Good morning, everyone. The second quarter of 2020 was another very productive quarter for VICI. Over the past several months, we've worked jointly with our tenants, including Caesars, Century Casino and JACK Entertainment, to provide limited short-term relief with respect to certain non-rent-related requirements under our leases. As we've said in the past, we'll work to provide short-term solutions for our partners as needed based on each individual operators' unique circumstances. Accordingly, during this quarter, we've announced agreements to modify certain near-term capital expenditure requirements for Caesars and Century.

Additionally, as noted and more detailed in our earnings press release, during the second quarter, we partnered with JACK Entertainment and agreed to fund a gaming expansion at Thistledown Racino, yielding more rent for VICI commencing in April 2022 at an attractive 10% cap rate while also modifying our existing loan facility to provide certain temporary covenant relief and to add an additional five years to the initial lease term as well as increasing the principal on the existing term loan and providing revolver facility to JACK.

These agreements and short-term modifications help ensure that the operators we partner with are able to focus intently on reopening and operating their business through the current pandemic while also protecting the integrity of our lease agreements and preserving long-term value for our stakeholders. As many of you have likely seen by now, the reopening of casino properties throughout the United States has been met with very robust consumer demand. Property across the regional landscapes have experienced healthy volumes, and in many cases, profitability is exceeding pre-COVID in prior year levels. We view this as a testament to the resilience, durability and longevity of the brick-and-mortar casino experience.

While destination and fly to markets may take longer to recover, we remain believers in markets such as Las Vegas, which has proven our value proposition over a decade. As real estate investors, we think about investing in assets and markets over long periods of time and believe the geographic exposure we have engineered with approximately 70% of rent coming from drive-to regional markets and the remaining 30% from the Las Vegas Strip represents a good balance for VICI and our shareholders during this time. Over the past nearly three years since we started VICI, we have communicated our firm belief in the attractiveness of gaming as a real estate asset class0.

We believe the gaming industry through early reopening results is showcasing superiority to many other real estate sectors. While the gaming industry is unique and at times complex, we are fortunate as real estate investors to have decades of gaming experience within our management team, which greatly benefits us as we continue to navigate the pandemic and ultimately focus on investing for the long term and growing VICI through accretive transactions.

In terms of acquisitions and the outlook for growth, on June 15, we announced a planned $400 million mortgage loan transaction with Caesars, which will be secured by the Caesars Forum Convention Center in Las Vegas. This structure allows VICI to benefit from $30.8 million of incremental annual income upon closing while providing flexibility for the asset to ramp before ultimately converting to an opco/propco structure, accelerating our call option from 2027 to 2025. Simultaneous with the mortgage transaction, we announced the intended purchase of approximately 23 acres of land from Caesars at a very attractive valuation of $4.5 million per acre.

This land sits adjacent to the center of gravity of the Las Vegas Strip surrounded by assets that have proven their financial viability over a decade and, combined with our existing 27 acres along the same corridor, gives us approximately 50 contiguous acres. Over time, we will seek to partner with third parties for the development of that land with the goal of continuing our market-leading growth well into the future. And finally, 10 days ago, on July 20, we completed our transformative transaction as part of the Eldorado/Caesars merger.

We acquired Harrah's Atlantic City, Harrah's Laughlin and Harrah's New Orleans and modified our existing leases with Caesars for total consideration of $3.2 billion. This transaction adds $253 million of incremental annual rent for VICI. It strengthens the terms of our leases with Caesars and restocks our embedded growth pipeline through ROFRs on two Las Vegas Strip assets, a put/call agreement on Harrah's Hoosier Park and Indiana Grand in Indianapolis and a ROFR on Horseshoe Baltimore.

In addition to this robust and unmatched embedded pipeline of opportunities, we continue to maintain a very active dialogue with our operators across gaming and other sectors and believe our broad investment spectrum will continue to yield consistent accretive growth for VICI's stockholders.

Now I'll turn the call over to David who will discuss our financial results and balance sheet. David?

David Kieske -- Chief Financial Officer

Thanks, John. I'll touch briefly on our financial results for the second quarter and then move to our balance sheet and liquidity. Before I discuss the quarter, let me just acknowledge and express my sincere gratitude to our team across accounting, asset management, finance and legal, for all their efforts closing the quarter remotely during this pandemic while, at the same time, we were closing a $3.2 billion transaction. We at VICI are lucky to have such a cohesive team. For the quarter, total GAAP revenues in Q2 2020 increased 16.8% over Q2 2019, $257.9 million while total cash revenues in Q2 2020 were $261 million, an increase of 19.5% over Q2 2019.

These year-over-year increases were the result of adding $44.4 million of rent during the quarter from the Greektown, Hard Rock Cincinnati and the Century acquisitions, which closed in 2019, and the JACK Cleveland Thistledown acquisition and related loan, which closed on January 24, 2020. AFFO was $176.3 million or $0.36 per diluted share for the quarter. Total AFFO increased 12.4% over Q2 2019 while our weighted average diluted share count increased approximately 18.5% as a result of our June 2019 equity offering and settlement of the June 2019 forward sale agreements, which added 65 million shares to our balance sheet in advance of closing on our portion of the Eldorado/Caesars transaction.

AFFO for the quarter was also negatively impacted by approximately $23 million of negative interest expense carry related to the February bond offering for the Eldorado transaction being held in escrow for the entire quarter and approximately $3 million less in interest income on a year-over-year basis due to the decline in interest rates. Our G&A was $7.5 million for the quarter and, as a percentage of total revenues, was 2.9% for the quarter, which is in line with our full year projections and represents one of the lowest ratios in the triple-net sector. Our results once again highlight our highly efficient triple-net model as flow-through of cash revenue to adjusted EBITDA was 99.2% for the quarter.

As you may recall, beginning January 1, 2020, we adopted CECL, current estimated credit losses, a new accounting standard, which requires us to estimate and record a noncash provision or allowance for future credit losses related to all existing and any future investments in direct financing and sales-type leases and similar assets. CECL is applicable to VICI as we account for our investments as finance leases, which are subject to the accounting standard, as opposed to operating leases like our gaming REIT peers, which are scoped out of the standard. In the second quarter, the noncash allowance related to CECL was a reversal of $65.3 million from the allowance for Q1 2020, which drove a $0.13 increase in net income per share.

I'd like to again make the point that this is a noncash allowance, and as such, there is no impact to AFFO or AFFO per share. We continue to point investors to AFFO and AFFO per share as we believe that should be the primary metric used to evaluate our financial performance and our ability to pay dividends. Turning to our balance sheet and capital markets activities. On June 2, 2020, we settled in full the June 2019 forward sale agreements, realizing net proceeds of approximately $1.3 billion of cash onto our balance sheet.

On June 19, in connection with the announcement of the pending Caesars Forum Convention Center mortgage and acquisition of the approximately 23 acres of land, we completed an upsized primary follow-on offering of 29.9 million shares of common stock at an offering price of $22.15 per share for gross proceeds of $662.3 million through a forward sale agreement. The proceeds remain subject to settlement pursuant to the terms of the forward sale agreement.

As Ed and John have mentioned, on July 20, 2020, we closed on our portion of the Eldorado/Caesars transaction, adding $253 million of annual rent to our portfolio through the acquisition of three Harrah's assets and the acquisition of incremental rent from our Caesars Palace and Harrah's Las Vegas assets for total consideration of $3.2 billion in cash. We utilized the proceeds from the settlement of the June 2019 forward sale agreements as well as the $2 billion of proceeds from the February bond offering that were previously in escrow to fund the transaction. Following this, we have approximately $400 million of cash on hand.

Our total debt outstanding at quarter end was $6.9 billion with a weighted average interest rate of 4.18%. The weighted average maturity of our debt is approximately 6.6 years, and we have no debt maturing until 2024. As of June 30, our net debt to LTM EBITDA was approximately 3.4 times below our stated range and focus of maintaining net leverage between five and 5.5 times. This does include the impact of the June two forward settlement and restricted cash that sat in escrow as of June 30.

We currently have approximately $1.4 billion in available liquidity comprised of the approximately $400 million in cash on hand and $1 billion of availability under our revolving credit facility, which is undrawn. In addition, the company has access to approximately $630 million in net proceeds from the future settlement of the 29.9 million shares that are subject to the forward sale agreement entered into on June 19. During the second quarter, we paid a dividend of $0.2975 per share based on the annualized dividend of $1.19 per share. Our AFFO payout ratio for the second quarter was 83%, slightly above our long-term range of 75% as a result of the June 2019 equity offering.

With that, operator, please open the line for questions.

Questions and Answers:

Operator

[Operator Instructions] Your first question comes from the line of Carlo Santarelli with Deutsche Bank.

Carlo Santarelli -- Deutsche Bank -- Analyst

Good to hear from you and thanks for taking my questions. For starters, maybe this one is kind of best for John. As John, as things have evolved coming out of obviously the pandemic, the closure period, etc, and as you look ahead and drawing from kind of your deep industry knowledge and whatnot, I think it would be fair, or at least from my perspective would be fair, to say that we do likely see some contraction of the go forward in terms of trends that we're seeing right now.

In the event that, that happens and we do start to see a little bit of the macroeconomic impact of the pandemic in kind of trends, do you believe in this new interest rate paradigm and where we are right now, and kind of what we've seen in terms of debt issuances from some operators coming in at meaningfully higher than what we've seen previously spreads, that there will be a flow of kind of new opportunities as kind of the trading multiple versus the cost of capital dynamic has shrunk materially in favor of promoting more transaction activity?

John Payne -- President and Chief Operations Officer

Yes. It's a very good question. Again, I think it's important to remember because we moved so fast that just back in April, the focus of these operators was really about getting open, right, and ensuring liquidity. We now are sitting here in July, and it's about staying open. And I think to your point, Carlo, as you're asking about, now are they starting to think strategically? And are there going to be opportunities for us?

What I would tell you is from our perspective, and I think I've communicated this, not only have we been working with our five current tenants throughout this pandemic, I've stayed active with really almost every operator in the gaming industry, understanding their position, how their business is doing, what they're seeing from their consumers and letting them know, due to our positioning that David and Ed have put us in with ample liquidity, that should there be an opportunity for us to transact with them to help them grow their portfolio or provide liquidity or do a sale leaseback, that we're available, and we'd like to talk to them.

That doesn't really answer your question about predicting the future. But what I would tell you, it's our job to make sure that there are transactions that at least we're in the mix and people understand that we're moving from as Ed said earlier in his remarks, from being completely on the defensive to back, as we've shown over the past weeks, back on the offensive side of the ball a little bit here. But Ed should also Ed and David should also weigh in on that question.

Edward B. Pitoniak -- Chief Executive Officer

Yes. Carlo, you have rightly identified the fact that for a lot of operators in gaming, as, frankly, across every leisure and hospitality sector, the cost of capital has gone up meaningfully in the last few months, both the cost of debt capital, as you've cited, but also the cost of equity capital. And as I think you've heard us talk about before, we actually see the capital we provide through a sale leaseback as, in fact, being another form of equity. It is permanent capital. The recipient of it does not have to pay us back. And the cost of the capital we give them is simply the rent they pay us.

So if you look at rent as expressed as a cap rate, it is generally much lower than their cost of equity currently and probably for a while yet. And to your point, it is becoming competitive with their cost of debt. So based on that and also based on the fact that I think we're already starting to see operators, especially regional operators, who want to grow their store count, those who do want to grow their store count are very focused on partnering with REITs in order to win the bid because it will otherwise be very hard for an operator who wants to grow store count to win the bidding if they have to bid against an opco/propco bidding combination.

Carlo Santarelli -- Deutsche Bank -- Analyst

Yes. That's very helpful. And then, David, if I just could, one quick one. I think if you kind of look at fourth quarter run rate EBITDA relative to kind of your current net debt levels, etc, you guys would probably be looking at leverage of around five times, which certainly does provide a little bit of cushion in a lower rate environment for you guys to go out and potentially take on some leverage. Could you kind of comment a little bit about how you're thinking about the capital structure here moving forward in terms of the hypothetical next potential transaction?

David Kieske -- Chief Financial Officer

Yes, Carlo. You're right. We'll be just kind of sub-5 times on a pro forma run rate basis for everything we've announced. As we talked about with the equity raise in June, we'll likely match-fund that equity with debt at some point in the future, which gives us $1.2-odd billion of total buying power if you go out and think about raising $600 million, $700 million of high yield here at some point in the future. So on an ultimate leverage-neutral basis with the balance sheet, we've got the optionality, the flexibility, and obviously the capital markets are a conducive backdrop right now for that. So...

Carlo Santarelli -- Deutsche Bank -- Analyst

So great, thanks guys. Thank you all very much.

Operator

Your next question comes from the line of R.J. Milligan with Baird.

R.J. Milligan -- Baird -- Analyst

Hey, good morning guys. Ed, you mentioned restocking the pipeline, especially the captive pipeline with the closing of Eldorado and Caesars. Just curious on your thoughts on timing of executing on any of those growth opportunities.

Edward B. Pitoniak -- Chief Executive Officer

Yes. I'll actually turn it over to John here momentarily, R.J. But I mean there's no question that Eldorado was what we now call should now call Caesars, the new Caesars, was greatly helped by the financing activities they undertook in mid-June, simultaneous with the announcement of our convention center mortgage and land purchase. So they obviously put themselves in a better position than the market at large had anticipated post-merger. And when it comes to the timing of anything we might do with them, I'll turn it over to John.

John Payne -- President and Chief Operations Officer

Yes. Look, I it's hard to as I said before, to exactly predict the timing. But as our embedded growth plan has entered into the ROFRs on the Las Vegas Strip, we obviously have talked quite a bit about our put/call opportunity on the two assets in Indianapolis and then a ROFR on Horseshoe Baltimore. So as Tom Reeg and Bret Yunker take over Caesars, they'll continue to see where there's opportunities. We like all those opportunities. I think you've heard them talk about having enough supply in Las Vegas and potentially selling one or two assets there. As I said in my opening remarks, we are big believers in the long term of Las Vegas.

Las Vegas obviously had some short-term issues they're going to have to deal with, with the decrease in flights, the loss of international business and the decrease in convention business, but we really are big believers in that state for the long term based on consumer behavior and absolutely the number of segments that people can be attracted. So we'll just have to see what plays out with the embedded pipeline. But that doesn't mean we're sitting back and waiting just for the embedded pipeline to determine our growth of our company. As I've said, I've been quite active making sure people know understanding what's going on with operators and spending time in talking to them. So we'll see how it ultimately plays out in the coming months.

R.J. Milligan -- Baird -- Analyst

And do you anticipate doing more unique transactions similar to the one that we saw with the convention center if you're not happy with where your cost of capital is?

Edward B. Pitoniak -- Chief Executive Officer

I don't think, R.J., it so much will be a function of whether or not we're happy with our cost of capital. I think it'll be more a function of the organic situation of what we're looking at, how much clarity and certainty there is around income production at the moment and how much clarity and confidence there is around forecasting the income production in the near to midterm. So again, I think those will be the key elements that will drive the structuring decisions that we make. David, I don't know if you want to add to that.

David Kieske -- Chief Financial Officer

No. I was going to say the same point. It's not necessarily related to cost of capital. There's a myriad of factors that go into it. And obviously, with the mortgage, it was, as we talked about, kind of a synthetic bridge to long-term real estate ownership.

R.J. Milligan -- Baird -- Analyst

Understood. Thanks guys.

Operator

Thank you. Your next question comes from the line of Barry Jonas with SunTrust Robinson Humphrey.

Barry Jonas -- SunTrust Robinson Humphrey -- Analyst

Hey guys, good morning. Wanted to start off asking, how should we think about any regulatory risks around your ability to exercise the put/call agreements for the two Caesars racetracks in Indiana? And if, for some reason, regulators had any issues, would you get access to a comparable asset or assets within the Caesars portfolio instead?

Edward B. Pitoniak -- Chief Executive Officer

John, you want to start on that?

John Payne -- President and Chief Operations Officer

Yes, I'll start. I mean I think that like any transaction, there's always you always have to get regulatory approval. So the comment that the racing commission of Indiana would need to approve a sale leaseback of the two Indianapolis assets is not surprising to me at all, having been in the industry for too many years, 20-plus years. Every acquisition we've ever done is had those stipulations that we need to go through a process. We need to spend time with the racing commission to let them understand who we are. So not a concern about the language that's out there right now. Maybe Sam or Danny, you want to answer the second part on the potential substitution should there be an issue.

Samantha Gallagher -- Executive Vice President, General Counsel And Secretary

Sure, John. This is Samantha. The arrangement that John said does not have substitute assets. But as John mentioned, I think those comments surrounding the put/call was not surprising and is actually no different than prior comments when we had a ROFR, a prior ROFR on those assets. So we intend to work with the regulators over the period of time before the put/call is exercisable to make sure they can get comfortable with our REIT structure.

Barry Jonas -- SunTrust Robinson Humphrey -- Analyst

Great. That's really helpful. And then I guess Caesars, new Caesars is talking about selling, I believe, operations at three of your assets now. Just curious, can you remind us if they would need your consent to sell those operations?

Edward B. Pitoniak -- Chief Executive Officer

John and Samantha?

John Payne -- President and Chief Operations Officer

Yes. So if you're talking about two assets in Indiana, and then I think what's the third you're referring to just so I answer the question?

Barry Jonas -- SunTrust Robinson Humphrey -- Analyst

Louisiana.

John Payne -- President and Chief Operations Officer

But the answer is yes.

Barry Jonas -- SunTrust Robinson Humphrey -- Analyst

Yes. Got it.

John Payne -- President and Chief Operations Officer

So yes, both those assets in Indiana that have been referred to, the Southern Indiana and Hammond, would need our consent as they currently sit inside the master lease, and we really like the real estate of those two assets.

Barry Jonas -- SunTrust Robinson Humphrey -- Analyst

Understood. Then just a quick one. You've agreed to various capex waivers for your operators. Given the strength we're seeing in regional markets now, top line but more so margin, do you think those waivers are still needed?

John Payne -- President and Chief Operations Officer

I think when we negotiated these waivers with a few of our tenants, it was absolutely appropriate. The properties are doing well right now, and we're excited about that. But I think we're pretty cautious. And as Ed said in his opening remarks, we're pretty realistic about that the pandemic is not over. We hope the business continue to perform well. We expect them at this time to do that. But again, I think those relief packages at the time we negotiate were absolutely appropriate for us and for our tenant.

Barry Jonas -- SunTrust Robinson Humphrey -- Analyst

Great. I appreciate all the color.

Operator

Thank you. Your next question comes from the line of Smedes Rose with Citi.

Smedes Rose -- Citi -- Analyst

Hi, thanks. I just wanted to go back to the convention center for a moment. You talked about just having some clarity on income production. And I was just wondering, can you talk about your views on income production at that center? What's kind of the book of business look like? And I assume it's all sort of been pushed out a little bit. And how do you anticipate financing that loan? Will it be with cash on hand? Will you use equity? Maybe you could talk about that a little bit.

Edward B. Pitoniak -- Chief Executive Officer

Yes. So on the book of business, Smedes, prior to the outbreak of the crisis, Caesars had actually built up a very strong book of business for the convention center. And obviously, to your point, conventions that were scheduled for the asset in 2020 have largely been postponed or canceled within 2020. And you would have to we would have to all hear from Caesars, which we will be doing obviously shortly, as to how things are looking for 2021 and beyond. In terms of our financing of the mortgage, I'll turn it over to David because that was obviously the main focus of our equity raise back in June. David?

David Kieske -- Chief Financial Officer

Yes. Thanks, Ed. As we when we announced the deal on June 15, we obviously simultaneously announced the equity offering, which resulted in an upsized equity offering and gross proceeds of about $660-odd million. As we talked about, in connection with that, there's an efficiency to raising capital and over-equitizing. And as I mentioned earlier, we will match-fund that to ultimately run our balance sheet on a leverage-neutral basis.

So as we think about funding that mortgage, we've got cash on hand, about $400 million as we sit here today, and then we have access to that forward, which really doesn't have an end date on it. So we'll likely fund that with a mix of cash and some of that forward here as that closes probably late third quarter and then ultimately go out to the debt markets at some point in the future to match-fund that on a leverage-neutral basis.

Smedes Rose -- Citi -- Analyst

Would you expect this acquisition then to be accretive to earnings?

David Kieske -- Chief Financial Officer

Yes, we would. I mean the 7.7% cap rate and on a leverage-neutral basis, it is accretive to earnings.

Smedes Rose -- Citi -- Analyst

Great. And then I just wanted to ask you, do you have any color on when the Greektown Casino might reopen?

Edward B. Pitoniak -- Chief Executive Officer

John?

John Payne -- President and Chief Operations Officer

We got word yesterday that the state of Michigan is going to allow the Detroit casinos to open August I think it was August five or 6. So Penn will come out, I'm sure, relatively shortly here and give an exact date. But the news came out, Smedes, yesterday that, that will happen in the state of Michigan.

Smedes Rose -- Citi -- Analyst

Great. Okay, thank you guys.

Operator

Thank you. Your next question comes from the line of John G. DeCree with Union Gaming.

John G. DeCree -- Union Gaming -- Analyst

Hi guys, Wanted to ask a question about the land that you've purchased in your land bank in Las Vegas. I don't know if we've spent quite enough time on that. So I believe parcels or your initial parcel is a part of the lease with your existing tenant. Maybe not the part that you've just bought but the existing part. And I was wondering if you could talk about any restrictions that you might have on that or how the relationship would work. If you wanted to develop it or if your partner wanted to develop it, what are some of your options on those parcels?

Edward B. Pitoniak -- Chief Executive Officer

Yes. So I'll start, John, and then Samantha can jump in and correct me if I get anything wrong. You're absolutely right. The land that we already own, the 27 acres we already own were subject to the Caesars lease, and Caesars had the right to use that land within our overall lease arrangement with Caesars.

With our purchase of the 23 acres we did not already own, we've also built an agreement that will become part of the formal agreement once we execute on the transaction in full, whereby Caesars will be able to continue to occupy the land until we have a use for it, and they will in turn, for occupying the land, cover the cost of that land in regard to things like real estate taxes, insurance and security. In terms of our overall vision for the land, we see this as a way of capitalizing on what we still very strongly believe to be the long-term growth of Las Vegas, long-term growth of Las Vegas as a tourist destination and, frankly, also the long-term growth of Las Vegas as a global city in its entirety.

And we see that land as giving us a chance to participate, again not only in the growth of Las Vegas tourism but in the growth of Las Vegas as a place where people choose to work and to live as well as to play. And this land gives us an opportunity to do what we most love doing, which is growing our business by growing our relationships. We are not a developer.

We will not take on development risk. It's not what REITs generally do. And what we will do is partner with great developers, great providers of development capital who should get rewarded for development risk in order to realize the highest and best use of this land over time. And what this land ultimately does is provide part of the answer to the question, where does VICI's growth come five to 10 years from now? Because again, over that kind of time frame, we are still raging bulls on Las Vegas.

John G. DeCree -- Union Gaming -- Analyst

A quick follow-up on that. If you were to find a partner away from Caesars today, would there be any restrictions on what the land could be used for? I'm not sure if it's entitled for gaming. Maybe a better question for John. But would we expect it to be maybe it's too soon at this point, complementary to the buildings that are your tenant owns nearby? Or could you potentially do hotel casino there as well that may be competitive?

Edward B. Pitoniak -- Chief Executive Officer

It's way too early to tell, John, way too early. I mean what I would say is whatever whenever you develop, you want it to be complementary to what's around you because that tends to be the way you realize the greatest amount of traffic and the greatest amount of overall attraction for the destination.

John G. DeCree -- Union Gaming -- Analyst

Got it. Thanks, that's all for me. Appreciate it guys.

Operator

Your next question comes from the line of Todd Stender with Wells Fargo Securities.

Todd Stender -- Wells Fargo Securities -- Analyst

Most of my questions have been answered regarding the land parcels, but I would suspect you'll see some earnings drag, I guess. If you're combining the mortgage with the land parcel, I guess I get the impression that Caesars will cover some of the operating expenses but maybe just not cash flow-producing real estate. How do you think about funding that with this equity but having maybe some earnings drag going forward?

Edward B. Pitoniak -- Chief Executive Officer

David?

David Kieske -- Chief Financial Officer

Yes. Todd, it's really on the $100 million or the $103 million of incremental capital that we have to invest to acquire the approximately 23 acres. At the right point in time when we ultimately decide what we do with the land, as Ed's talked about, and the right partnership and the right long-term vision, the other 27 acres would come out of the lease. And then at that time, there might be some drag, but obviously, that's very, very early days and how that ultimately plays out, TBD, to be determined. But if you think about $100 million on our total balance sheet, very, very de minimis minor drag given that asset non-income-producing nature of that asset mix.

Edward B. Pitoniak -- Chief Executive Officer

Especially when looked at, Todd, as leverage-neutral, i.e., not $103 million of equity.

Todd Stender -- Wells Fargo Securities -- Analyst

Got it. Okay. And timing, I think I got the impression this is a late Q3. And if that's the case, is that forward equity, maybe that's the timing around maybe seeing some of that be settled?

David Kieske -- Chief Financial Officer

Yes. We're working on, as we as you know where we talked about it with everybody, we announced it on a letter of intent and working through documentation and diligence now as we speak. So sometime mid- to late third quarter is when we'd expect that to close. And you're right, that's probably when we would ultimately use some of that forward settle a portion of that forward agreement.

Todd Stender -- Wells Fargo Securities -- Analyst

All right, that's helpful.

Operator

Thank you. Your next question comes from the line of Jared Shojaia with Wolfe Research.

Jared Shojaia -- Wolfe Research -- Analyst

Hi, good morning everyone and thanks for taking my question. Now that the Caesars deal has closed, your payout ratio on go-forward AFFO is well below your historical target. Can you just talk about how you're thinking about the dividend right here? And should we assume that September is kind of your typical time period for when you reevaluate?

Edward B. Pitoniak -- Chief Executive Officer

David?

David Kieske -- Chief Financial Officer

Yes. Jared, thanks for joining, and thanks for your work this quarter. Yes, we adhered to an annual increase in our dividend. We bumped it in Q3 of 2018, we bumped it in Q3 of 2019, and we don't bump our dividends midyear or at the closing of transaction. So and we've got time before we make any decision around the September declaration and ultimately October payout. We work closely with our Board and assess where we are in terms of our liquidity, where we are in terms of the state of the pandemic and COVID, obviously where our tenants' business are and the outlook going forward.

So our payout ratio is a little bit high right now just because of the non-income earning shares that we've had on our balance sheet since the June 2019 offering. But we're going to approach the third quarter with cautious. And as Ed talked about, we're sober where we are in the world. So we'll evaluate with the Board and make the right decision to be in a position to ensure that we never put VICI out there as a REIT that has to cut their dividend or change the use their dividend going forward.

Jared Shojaia -- Wolfe Research -- Analyst

Okay. And then just a separate question, would love to get your thoughts and opinion on this. Do you think we could see a revaluation of regional gaming assets as this crisis has probably shown the world that regional assets are a lot more stable than many people might have realized. And then on the flip side, obviously, I know you sound pretty bullish on Las Vegas, but how are you thinking about the revaluation or devaluation potential of Vegas here? Would love to get your perspective.

Edward B. Pitoniak -- Chief Executive Officer

Yes, I'll speak initially from a real estate perspective, Jared, and then John can jump in. But starting with Las Vegas, I do not think over the long term, it should change the way in which Las Vegas gaming real estate is valued. You obviously saw an institutional investor of the caliber of Blackstone come in and validate Las Vegas real estate. They obviously are investing for the long term. They are long-term believers in the value of Las Vegas real estate as are we.

This is a temporary crisis. It will eventually come to an end. We do not think this crisis generates secular negatives for Las Vegas. We do think Las Vegas can and will come roaring back for a whole host of reasons. But to your first point, regional, yes, you are absolutely right. This should really validate regional gaming as a real estate asset class as well as obviously an operating business given that it is far outperforming just about any other leisure hospitality sector you can possibly identify. And it is not it was not under secular threat coming into this. It was posting very positive results as a sector in January and February.

It is showing itself again very well here. And going forward, you're not looking at the kind of overhang of secular negatives you are seeing in other categories like movie theaters, where Universal has said, "Yes, OK, after 17 days, we can start streaming the movie." So again, we think this is very validating for regional gaming. But I'll turn it over to John, who has obviously operated so many of the assets that we own in the regions and can verify just how integral they are to the lives of regional customers. John?

John Payne -- President and Chief Operations Officer

Yes. Not much to add here other than I have a smile on my face as someone who spent almost 20 years of his career operating in these regional assets, it's nice to see that the world is starting to understand how durable they are, the loyalty from their consumers. As you've probably heard me say, I mean these are people's social clubs or country clubs or this is where people go to have their entertainment.

It's where their friends are. And you can see even during this worst pandemic that we've ever seen in our lifetime that as the businesses open up, they've been quite successful. So it's nice to see, and I agree with Ed and his comments, especially when you look at these assets compared to restaurants and movie theaters and a variety of other areas that are struggling where these assets as they've been opened up have done quite well.

Jared Shojaia -- Wolfe Research -- Analyst

Great, thank you very much.

Operator

Your next question comes from the line of Greg McGinniss with Scotiabank.

Greg McGinniss -- Scotiabank -- Analyst

Good morning. Hi guys. Ed, I'm just curious, given the rent payments through Q2, assets being open, the ability for your largest tenants to access capital and the apparent return of the regional business, just wondering why you didn't feel confident enough to reinstate guidance for the year. And what would need to happen for you to become more comfortable to do so?

Edward B. Pitoniak -- Chief Executive Officer

Yes. I think we need the benefit of time, Greg. We are still as a nation and as a national economy, we are still in a period of great uncertainty, uncertainty and lack of clarity. And when you have uncertainty and lack of clarity, it pretty much leads to not being able to be bullishly confident in forecasting anything. So to return to guidance at this point, we believe would be fundamentally premature. But David, I'll turn it over to you to see if you have any added thoughts.

David Kieske -- Chief Financial Officer

No. The other thing, Greg, as I think we've talked to you about, obviously, our business is pretty transparent and pretty predictable, especially now that the Eldorado deal has closed and the noise out of that, so to speak, is now flowing through on a run rate. When we pulled guidance, part of the reason was also CECL. There's a little noise in the noncash implications of CECL. We will have a charge in the third quarter around it's related to the closing of the Eldorado transaction and bringing those three new assets onto our balance sheet. So it's hard to exactly predict that and pinpoint that. So we'll assess guidance probably as we turn the calendar and go out into 2021, likely the next point in time.

Greg McGinniss -- Scotiabank -- Analyst

Okay. Fair enough. And then just a quick 2-parter on the Caesars agreements with state regulators. First is what level of additional financial commitment is now required to Caesars? And how do you think about that burden versus rent they owe you? And secondly, are there any other demands that we should be aware of that may impact the business, such as the sale of the Indiana casino operations?

Edward B. Pitoniak -- Chief Executive Officer

I think for starters, Greg, everything that all of the principal requirements and obligations have been obviously publicly announced. That is the way the regulators do business. And in terms of the additional financial burdens, if you're referring, for example, to the capex requirements in New Jersey, obviously, those will benefit the assets and their performance. And to the extent that Caesars enjoys, as we believe they will, an incremental return on that incremental capital, it will enhance obviously their performance as a tenant.

Greg McGinniss -- Scotiabank -- Analyst

Great, thank you very much.

Edward B. Pitoniak -- Chief Executive Officer

Thanks, Greg.

Operator

Your next question comes from the line of Richard Hightower with Evercore.

Richard Hightower -- Evercore -- Analyst

Hey, good morning everybody.

David Kieske -- Chief Financial Officer

Hey, Rich.

Richard Hightower -- Evercore -- Analyst

So a couple of ones here. So just with respect to the incremental term loan and revolver to JACK Entertainment, I know that the initial term loan tranche had a five year term. Are there any prepayment features that we should know about there? And if given that it's 9% secured paper and potentially JACK might have other options for that capital or another source of capital that's maybe a little bit cheaper, how should we think about that dynamic between VICI and JACK? And then what would you do to sort of replace the income before the end of the five years if it came to that?

David Kieske -- Chief Financial Officer

Yes. Rich, there is a prepayment feature after 18 months, I believe. Samantha, correct me if I'm wrong. But given it's a small amount, $50 million well, now $70 million, we'd look for opportunities to reinvest that. But this is kind of a win-win and consistent with our approach for helping our tenants shore up some of their liquidity at a point in time when nothing was open. And as you've seen in Ohio, the assets are doing extremely well.

Richard Hightower -- Evercore -- Analyst

Okay.

Edward B. Pitoniak -- Chief Executive Officer

And then...

Richard Hightower -- Evercore -- Analyst

Yes, go ahead, sorry.

Edward B. Pitoniak -- Chief Executive Officer

Rich and Rich, were they to repay the loan, we certainly do not lack for confidence in our ability to redeploy that return to capital accretively. Obviously, led by John Payne's business development heroics for VICI over the last 2.5 years with over $8 billion of transactions, we're always confident that if there are compelling opportunities out there, we're going to source them and execute on them best we can.

Richard Hightower -- Evercore -- Analyst

Yes, it is a staggering amount of work that you guys have all done, so I agree with that. My second question is maybe a twist on the valuation question from earlier. But just looking at stock performance and multiples across the net lease REIT space, Ed, where do you think VICI and your closest peers are with respect to that incremental cap rate compression relative to some of the more traditional retail-focused net lease names? Given that, I mean, collections are all across the board, but some are quite low, and you guys are sitting at 100%, where do we think we are in that evolution?

Edward B. Pitoniak -- Chief Executive Officer

Yes. I think we're on a positive upflow, Rich. We're obviously not there yet. And I think part of the explanation for not being there yet, for not having closed the gap quickly is that these things do take time. And I'm not sure, frankly, how much fundamental analysis and valuation is going on right now anyway. But to your implicit point, yes, I do think the broad investment community, the dedicated REITs, the income-seeking generalist investors are going to recognize and are, again, to your point, starting to recognize that the gaming REITs, all three of us, are posting very good rent collection results, but moreover, our tenants are showing themselves to be performing very strongly.

And that I do believe, to your point, deserves ultimately deserves rerating at least to parity, if not arguably to some measure of premium given how we performed. And again, given that as well, Rich, that this crisis is really showing the stress and strain of any sector that was beginning to show signs of secular threat. Whether it be the secular threat as represented by e-commerce, the secular threat as represented by things like screening media, gaming is really well integrated as a place-based destination experience in the lives of millions upon millions of Americans. And we think that ultimately adds up to very high-quality real estate.

Richard Hightower -- Evercore -- Analyst

Great, thank you.

Operator

Your next question comes from the line of Thomas Allen with Morgan Stanley.

Thomas Allen -- Morgan Stanley -- Analyst

Hi, good morning. So I think in the prepared remarks, you talked about how the tenants' businesses have held in well through the end of June. Maybe for John, what are you hearing on the latest kind of operations since COVID cases picked up?

John Payne -- President and Chief Operations Officer

Yes. I've not heard much of a change in the business. I have heard some occupancy levels going up in some jurisdictions. But regionally, the business continues to be strong based on the conversations that I've been having. Again, I think as they continue to add some more amenities back to the facilities, as when or when the restrictions are lifted, you're going to see the business continue to perform.

Thomas Allen -- Morgan Stanley -- Analyst

Okay. That echoes what Boyd said earlier this week. Just and then just as my follow-up, how are you thinking about the multiple paid or the returns you're looking for when you're funding capital improvements versus the entire real estate of a property?

Edward B. Pitoniak -- Chief Executive Officer

David, do you want to take that?

David Kieske -- Chief Financial Officer

Yes. It's a good question, Thomas. And with the JACK the capital that we just funded it of is we earned a we're earning a 10% return, but that's partly because we're not the income is not coming in until April of 2022. So even though it's $18 million, a very small amount for VICI, there's it's an attractive return, but it's out in the future. It goes part and parcel of exactly what it is. Is it expansion of a ballroom? Is it truly income-enhancing, income-producing with the overall asset?

Is it going to be significantly improved, which would lower the risk of the asset and maybe warrant a slightly higher price? Or is it of the specific examples, but it's in and around, probably slightly higher than where we've been acquiring assets just given it's an incremental add-on to an asset. But each situation and each cap rate is obviously dependent upon the unique facts and circumstances of the situation.

Thomas Allen -- Morgan Stanley -- Analyst

Okay, thank you.

Operator

Your next question comes from the line of John Massocca with Ladenburg Thalmann.

John Massocca -- Ladenburg Thalmann -- Analyst

Good morning.

Edward B. Pitoniak -- Chief Executive Officer

Hey, John

John Payne -- President and Chief Operations Officer

So I know you've almost talked ad nauseam about the pipeline. But maybe as we think about underwriting an appropriate valuation for Las Vegas Strip assets, do you think you would need to see a couple of quarters of post-pandemic performance in the market before you get comfortable underwriting any transaction? Or do you think given the long-term nature of your leases, you could just underwrite to almost kind of pre-pandemic performance levels?

Edward B. Pitoniak -- Chief Executive Officer

I'm going to turn it over to John Payne here in a moment. John will talk about it. I would just say that when it comes to growth, we never attach any kind of words that have anything to do with nausea. We love growth. But anyway, over to you, John Payne.

John Payne -- President and Chief Operations Officer

It's hard to follow that. Look, as it pertains to Las Vegas, I mean again, I think we've been consistent, and I've been very loud about this, that we really are long-term investors. Yes, in short term, Vegas has some hurdles that they need to get over, but this is a city that even during this time and even with the restrictions that are on it, consumers are going to enjoy what they have to offer. And we believe, over time, 2022, 2023, moving on, that the business is going to rebound. As it pertains to underwriting an asset now, that's exactly what we're spending time on, is what is the appropriate level to do that?

What is the appropriate cap rate? But we'll have to continue to study the business. As to your point, we'll have to continue to see what the next couple of months are like in the quarters and then determine the EBITDAR that we'd use to underwrite as well as the cap rate. But again, I can't stress enough, you hear a lot about the short term of Las Vegas. But we talk a lot more about the long term and this how resilient this city has been and how resilient the operators are to continue to reinvent themselves and be successful with the properties that they have.

John Massocca -- Ladenburg Thalmann -- Analyst

Okay. And then maybe switching gears a little bit. Given the strength of kind of regional operations, should we expect or potentially could we see any more lease modifications going forward? I mean correct me if I'm wrong, but the only leases that are kind of as is versus pre-pandemic are Hard Rock and the Penn leases.

Edward B. Pitoniak -- Chief Executive Officer

John?

John Payne -- President and Chief Operations Officer

Yes. I mean I can't predict what's going to happen. I think we've been as we've said a couple of times, we've been sober about that we are still in the middle of a pandemic. The operations that have opened, and almost all of our operations have opened other than Michigan, which will open here shortly, have been quite successful, in fact, exceeding some of their 2019 numbers. So we're just going to have to wait and see. If we continue on this path, the businesses are going to be strong and there won't need to be any concessions, but we'll just have to monitor what happens in the United States. But we feel obviously much better here in July than we did back in early May.

John Massocca -- Ladenburg Thalmann -- Analyst

Thank you all very much.

Edward B. Pitoniak -- Chief Executive Officer

Thanks, John.

Operator

Your next question comes from the line of David Katz with Jefferies.

Edward B. Pitoniak -- Chief Executive Officer

David?

David Katz -- Jefferies -- Analyst

Hello? Can you hear me OK?

Edward B. Pitoniak -- Chief Executive Officer

Yes.

David Katz -- Jefferies -- Analyst

Sorry. I know you've covered quite a bit of detail. I appreciate that. I just wanted to talk about the capex waivers that are in place and how you're thinking about those versus a terminology that would be more like deferral and whether there could be sort of catch-ups down the road in the interest of preserving real estate's value by making sure it's properly invested.

Edward B. Pitoniak -- Chief Executive Officer

Yes. I think, David, one of the key principles that we believe in is that ultimately, our operators are the beneficiaries of capital well spent, and they bear the first pain when capital is not spent. I think the self-reinforcing positive qualities of this business model as opposed to, say, the hotel business model where a third-party manager dictates capital that they own or may or may not get a return on, we much prefer this model because at the end of the day, the operator is responsible for the capital, but it's also again the beneficiary of capital well spent and is the one first harmed when it is not spent in terms of lost competitiveness, revenue and profit. So we believe in this model and the ability of this model to prevent assets deteriorating in the way that, as you rightly point out, they can when capital is not spent over the long term that needs to be spent.

Operator

Your final question comes from the line of Shaun Kelley with Bank of America.

Shaun Kelley -- Bank of America -- Analyst

Just in under the wire, I suppose. So just one question for me. John, in your prepared remarks, you said or mentioned a sort of 70-30 mix between the regional portfolio and the Vegas portfolio. The undertone has been here throughout the call, but just kind of curious to say it out loud. Is this an appropriate mix for VICI going forward? Or how do you think about that 70-30 split kind of strategically? Obviously, you'll underwrite acquisitions as they come, but is that a target ratio that investors should think about that is a comfort level for management, especially after everything we've seen from a performance perspective through COVID? Or just how do you think about that?

John Payne -- President and Chief Operations Officer

Yes. I don't think we've ever talked about necessarily a target. I think what we've talked a lot about is we like the diversification that we are really the only REIT in this space that has positioned itself to invest in destination resorts in Las Vegas also as well as the local business in Las Vegas should that come about as well as every market in the region with all different types of operators. So I think our philosophy has been we want to remain diverse.

We want to continue to grow our tenant base. We started this company 2.5 years ago with one tenant, now have 5, and I think you'll ultimately see that grow. But we today, we're at 70-30. We like where that is. But I don't think, Shaun, you'd hear us say that's where absolutely has to be exactly around those numbers. We just like the diversification and being in many different types of markets. And you can see that diversification has helped us during this pandemic.

Edward B. Pitoniak -- Chief Executive Officer

And Shaun, I would just add to that, to what John has rightly said that as a REIT, we obviously want to give our investors a chance at not only income, steady, predictable income, but we also want to give our investors a chance at capital appreciation, at the market recognizing the superior value of the assets. And over the long term, and as I think, again, was validated by the investments Blackstone made in Las Vegas last year and early this year, we do believe that Las Vegas could give the greatest opportunity for capital appreciation, which, when combined with the steady income production of regionals, we think it adds up to a very compelling long-term, both income and capital appreciation strategy.

Shaun Kelley -- Bank of America -- Analyst

Thank you.

Operator

And there are no further questions at this time.

Edward B. Pitoniak -- Chief Executive Officer

Thank you, operator. To close out, please let me reiterate our thanks to all of you for being on today's call. We are proud of the results that we've provided to our stockholders this quarter. And those results, again, are validation of both VICI's business and the businesses of our tenants. With 100% rent collection cash rent collection in Q2, with our ability to go back on offense well before most other REITs, with the closing of our $3.2 billion transaction with Caesars and the $253 million of annual rent growth it brings, we believe we are on track to deliver one of the strongest growth rates of any REIT in America over the next year or two. Again, thank you, and good health to all. Operator, that concludes the call.

Operator

This concludes today's conference call. You may now disconnect.

Duration: 67 minutes

Call participants:

Samantha Gallagher -- Executive Vice President, General Counsel And Secretary

Edward B. Pitoniak -- Chief Executive Officer

John Payne -- President and Chief Operations Officer

David Kieske -- Chief Financial Officer

Carlo Santarelli -- Deutsche Bank -- Analyst

R.J. Milligan -- Baird -- Analyst

Barry Jonas -- SunTrust Robinson Humphrey -- Analyst

Smedes Rose -- Citi -- Analyst

John G. DeCree -- Union Gaming -- Analyst

Todd Stender -- Wells Fargo Securities -- Analyst

Jared Shojaia -- Wolfe Research -- Analyst

Greg McGinniss -- Scotiabank -- Analyst

Richard Hightower -- Evercore -- Analyst

Thomas Allen -- Morgan Stanley -- Analyst

John Massocca -- Ladenburg Thalmann -- Analyst

David Katz -- Jefferies -- Analyst

Shaun Kelley -- Bank of America -- Analyst

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