VICI Investor Presentation

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Real Estate

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2020

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#1VICI INVESTOR PRESENTATION CAESARS PALACE wawanan CAESARS PALACE ARE OMMA CAESARS PALACE INVEST IN THE EXPERIENCE#2DISCLAIMERS Forward Looking Statements Certain statements in this presentation and that may be made in meetings are forward-looking statements. Forward-looking statements are based on VICI Properties Inc.'s ("VICI" or the "Company") current plans, expectations and projections about future events and are not guarantees of future performance. These statements can be identified by the fact that they do not relate to strictly historical and current facts and by the use of the words such as "expects", "plans", "opportunities" and similar words and variations thereof. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, its results, performance and achievements could differ materially from those expressed in or by the forward-looking statements and may be affected by a variety of risks and other factors including, among others: the impact of changes in general economic conditions, including low consumer confidence, unemployment levels and depressed real estate prices resulting from the severity and duration of any downturn in the U.S. or global economy (including stemming from the COVID-19 pandemic and changes in economic conditions as a result of the COVID-19 pandemic); our dependence on subsidiaries of Caesars Entertainment, Inc. ("CEI" or "Caesars"), Penn National Gaming, Inc. ("Penn"), Seminole Hard Rock Entertainment, Inc. ("Hard Rock"), Century Casinos, Inc. ("Century Casinos") and Rock Ohio Ventures LLC ("JACK Entertainment") as tenants of our properties and CEI, Penn, Hard Rock, Century Casinos and JACK Entertainment or certain of their respective subsidiaries as guarantors of the lease payments and the negative consequences any material adverse effect on their respective businesses could have on the Company; the Company's dependence on the gaming industry; the possibility that the Company's pending transactions, including the pending $400 million loan to a subsidiary of CEI secured by, among other things, a first priority fee mortgage on the Caesars Forum Convention Center (the "Caesars Forum Mortgage Loan") and the pending acquisition of approximately 23 acres of land in the vicinity of, or adjacent to, The LINQ Hotel & Casino, Bally's Las Vegas, Paris Las Vegas and Planet Hollywood gaming facilities (the "Las Vegas Land Acquisition") pursuant to a non-binding letter of intent with CEI, may not be completed or that completion may be unduly delayed; the Company's ability to pursue its business and growth strategies may be limited by its substantial debt service requirements and by the requirement that the Company distribute 90% of its real estate investment trust ("REIT") taxable income in order to qualify for taxation as a REIT and that it distribute 100% of its REIT taxable income in order to avoid current entity-level U.S. Federal income taxes; the impact of extensive regulation from gaming and other regulatory authorities; the ability of the Company's tenants to obtain and maintain regulatory approvals in connection with the operation of its properties; the possibility that the Company's tenants may choose not to renew the respective lease agreements following the initial or subsequent terms of the leases; restrictions on the Company's ability to sell its properties subject to the lease agreements; CEI's, Penn's, Hard Rock's, Century Casinos' and JACK Entertainment's historical results may not be a reliable indicator of their future results; the Company's substantial amount of indebtedness and ability to service, refinance and otherwise fulfill its obligations under such indebtedness; limits on the Company's operational and financial flexibility imposed by its debt agreements; the Company's historical financial information may not be reliable indicators of its future results of operations, financial condition and cash flows; the ability to receive, or delays in obtaining, the governmental and regulatory approvals and consents required to consummate the Company's pending transactions, or other delays impediments to completing these transactions; the Company's ability to obtain or consummate the financing necessary to complete its pending transactions on the terms it currently expect or at all; the possibility that the pending transactions may not be consummated on the terms or timeframe described herein, or at all; the possibility that the Company identifies significant environmental, tax, legal or other issues that materially and adversely impact the value of properties acquired (or other benefits it expects to receive) in any of its pending or recently completed transactions; the effects of its recently completed and pending transactions on the Company, including the future impact on its financial condition, financial and operating results, cash flows, strategy and plans; and the possibility the Company's separation from Caesars Entertainment Operating Company, Inc. fails to qualify as a tax-free spin-off, which could subject it to significant tax liabilities. Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the impact of the COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of the Company, its tenants and its pending transactions. The extent to which the COVID-19 pandemic impacts the Company and its tenants will largely depend on future developments that are highly uncertain and cannot be predicted with confidence, including the impact of the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures on our tenants, including various state governments and/or regulatory authorities issuing directives, mandates, orders or similar actions restricting freedom of movement and business operations, such as travel restrictions, border closures, business closures, limitations on public gatherings, quarantines and "shelter-at-home" orders resulting in the closure of our tenants' operations at our properties. Each of the foregoing could have a material adverse effect on our tenants' ability to satisfy their obligations under their leases with us, including their continued ability to pay rent in a timely manner, or at all, and/or to make capital expenditures or other payments required under their leases. In addition, changes and instability in global, national and regional economic activity and financial markets as a result of the COVID-19 pandemic could negatively impact consumer discretionary spending and travel, which could have a material adverse effect on our tenants' businesses. Investors are cautioned to interpret many of the risks identified here and under the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2019 as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic. Additional important factors that may affect the Company's business, results of operations and financial position are described from time to time in the Company's Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Reports on Form 10-Q and the Company's other filings with the U.S. Securities and Exchange Commission ("SEC"). The Company 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 hay be required by applicable law. Caesars, Penn, Hard Rock, Century and JACK Entertainment Information The Company makes no representation as to the accuracy or completeness of the information regarding Caesars, Penn, Hard Rock, Century and JACK Entertainment included in this presentation. The historical audited and unaudited financial statements of Caesars, as the parent and guarantor of CEOC, LLC ("CEOC"), the Company's significant lessee, have been filed with the SEC. Certain financial and other information for Caesars, Penn, Hard Rock, Century and JACK Entertainment included in this presentation have been derived from their respective filings, if and as applicable, and other publicly available presentations and press releases. While we believe this information to be reliable, we have not independently investigated or verified such data. Market and Industry Data This presentation contains estimates and information concerning the Company's industry, including market position, rent growth and rent coverage of the Company's peers, that are based on industry publications, reports and peer company public filings. This information involves a number of assumptions and limitations, and you are cautioned not to rely on or give undue weight to this information. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications, reports or filings. The industry in which the Company operates is subject to a high degree of uncertainty and risk due to variety of factors, including those described in the "Risk Factors" section of the Company's public filings with the SEC. Non-GAAP Financial Measures This presentation includes reference to Funds From Operations ("FFO"), FFO per share, Adjusted Funds From Operations ("AFFO"), AFFO per share, and Adjusted EBITDA, which are not required by, or presented in accordance with, generally accepted accounting principles in the United States ("GAAP"). These are non-GAAP financial measures and should not be construed as alternatives to net income or as an indicator of operating performance (as determined in accordance with GAAP). We believe FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of our business. For additional information regarding these non-GAAP financial measures see "Definitions of Non-GAAP Financial Measures" included in the Appendix at the end of this presentation. Financial Data Financial information provided herein is as of June 30, 2020 unless otherwise indicated. Published on August 5, 2020. ⒸVICI. All rights reserved. No part of this publication may be reproduced, distributed or transmitted in any form or by any means, including without limitation photocopying, recording or any other electronic or mechanical methods, without the expression written permission of VICI. VICI 2#3VICI PROPERTIES COMPANY SNAPSHOT (¹) VICI Properties Inc. (NYSE: VICI) is an experiential, triple net REIT that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations 29 Properties ~2M Casino SF 13 83% PORTFOLIO DATA CAESARS ENTERTAINMENT. VICI 17 Markets 18K+ 37K+ Hotel Rooms Gaming Units Properties Acquired in 7 Markets Since Formation 46M+ Total SF 10**** 14 6% PENN NATIONAL GAMING, IN C. INVESTMENT & CAPITAL RAISING ACTIVITY SINCE FORMATION Investment Volume ~$8.2Bn $717 $1,136 $1,000 5% $852 $1,551 J.A.C.K. ENTERTAINMENT 2017 2018 Announced Investment Volume TRIPLE NET LEASES WITH 5 TENANTS Equity Raised ~$6.6Bn $2,116 Hard Rock 3% $4,957 2020 YTD Run-Rate Ann. Investment Rev. ($ in millions) Resulting in 7.9% Unlevered Yield on Incremental Investments To Date(²) $1,267 2019 Equity Raised Rent/Interest Acquired ~$645M $2,601 * CENTURY™ CASINOS 2% $1,301 $567 $862 100% Rent Collected YTD (3) Reflects % of current annual cash rent. (1) Reflects closing of the transactions contemplated by the Master Transaction Agreement between VICI and Eldorado Resorts, Inc. (the "Eldorado Transaction") on July 20, 2020 and pro forma for the Caesars Forum Mortgage Loan and Las Vegas Land Acquisition, which are subject to, among other things, the completion of due diligence and negotiation of definitive documentation, and the pending Harrah's Reno and Bally's Atlantic City dispositions. (2) Represents rent/interest acquired as a percentage of investment volume. (3) Through July 2020. 3#4VICI IS THE NEXT GENERATION EXPERIENTIAL REAL ESTATE COMPANY MISSION TO BE AMERICA'S MOST DYNAMIC LEISURE & HOSPITALITY EXPERIENTIAL REAL ESTATE COMPANY VISION WE SEEK TO BE THE REAL ESTATE PARTNER OF CHOICE FOR THE LEADING CREATORS & OPERATORS OF PLACE-BASED, SCALED LEISURE & HOSPITALITY EXPERIENCES WE SEEK TO LEASE PROPERTIES TO TENANTS WITH MARKET- LEADING RELATIONSHIPS WITH HIGH VALUE CONSUMERS OF LEISURE & HOSPITALITY VICI 4#5VICI PROVIDES THE OPTIMAL COMBINATION OF: ✓ In-Place Acquisition Opportunities ✓ Potential & Credibility for Substantial Non- Gaming Growth External & Internal Growth Portfolio Income: Character & Quality VICI ✓ Sector Revenue Stability Across All Historical Cycles ✓ Long-Term Leases Backed by Corporate Rent Coverage Capability & Governance ✓ $22.7bn of Activity Since Emergence(¹) ✓ Fully Internalized Governance & Management (1) Represents $8,210mm in aggregate of closed or announced acquisitions and loans, $2,600mm secured debt facilities in December 2017, $600mm of increased availability under our existing revolving credit facility in May 2019, $6,579mm in aggregate of equity issuances, including follow-on, private placement, and at-the-market offerings, and $4,750mm of unsecured notes issued in November 2019 and February 2020. 5#6PORTFOLIO INCOME: CHARACTER AND QUALITY VICI CAESARS PALACE LAS VEGAS, NV HORSESHOE BOSSIER CITY BOSSIER CITY, LA HARRAH'S & HARVEY'S LAKE TAHOE STATELINE, NV FOTENTE TH#7FUNDAMENTAL ADVANTAGES OF OUR EXPERIENTIAL AND GAMING REAL ESTATE PORTFOLIO 1 5 Triple Net REIT with 100% Occupancy Financial Transparency & Strength of Tenants VICI 2 AUGUSTIS TOWER 6 Revenue Streams from Gaming, F&B, Retail and Entertainment LOI Diversified Significant Embedded Growth Pipeline SEOSEBBBBBEE 3 7 FREINS High Barriers to Entry Given Legislative & Regulatory Controls Lack of Near Term Supply Growth in Highly Desirable Las Vegas Market 4 8 Weighted Average Lease Term of 32.7 Years Regional Gaming Cash Flows Show Low Volatility Through All Historical Cycles, Including Financial Crisis លោក#8INCOME FOUNDATION: STRENGTH OF OUR TENANTS CAESARS ENTERTAINMENT. Caesar Entertainment (NASDAQ: CZR) is the largest casino- entertainment company in the U.S. and one of the world's most diversified casino providers(¹) $1,050mm Annual Rent to VICI Over 55 Casinos in 16 States Across the U.S. 1st and Largest Loyalty Program in the Industry 56% Leased vs. 44% Owned Assets Caesars Palace VICI PENN NATIONAL GAMING, INC. Penn National Gaming (NASDAQ: PENN) is the rgest U.S. regional gaming operator with a leading portfolio of regional assets $79.1mm Annual Rent to VICI 41 Properties in 19 Jurisdictions Across the U.S. 193 Food & Beverage Locations Margaritaville Hard Rock Hard Rock has developed a leading global presence as one of the world's recognized brands and has achieved an investment grade credit rating I $42.8mm Annual Rent to VICI Over 260 Branded Hard Rock Venues in 76 Countries 13 Casinos Hard Rock Cincinnati CENTURY™ CASINOS Century Casinos (NASDAQ: CNTY) is an international gaming company that develops, owns, and operates small to mid- sized casinos in mid-tier markets $25.0mm Annual Rent to VICI 18 Casinos in 4 Countries and 5 Cruise Ship-Based Casinos marcas Aceeee LLLL Mountaineer Casino J·A·C·K· ENTERTAINMENT JACK Entertainment is a regional gaming company that is part of the Rock Ventures Family of Companies, currently controlled by Dan Gilbert and affiliates I $65.9mm Annual Rent and $6.3mm Interest Payment to VICI(2) Rock Ventures also owns Quicken Loans, Bedrock and the Cleveland Cavaliers JACK Cleveland Source: Caesars, Penn and Century public filings, Hard Rock and JACK Entertainment website. We have not independently verified this data and are presenting it in accordance with each company's respective public disclosure. (1) Reflects consummation of the Eldorado/Caesars Merger and the Eldorado Transaction on July 20, 2020. (2) Reflects JACK Lease Agreement Amendment and Amended and Restated ROV Loan entered into on July 16, 2020. 8#9INCOME PORTFOLIO DIVERSIFICATION Lake Tahoe / Reno Las Vegas Laughlin Council Bluffs ** VICI North Kansas City* CURRENT PORTFOLIO PENDING DISPOSITIONS (¹) Bally's Atlantic City Harrah's Reno Joliet / Hammond Metropolis Tunica Resorts / Robinsonville OWNED GOLF COURSES Cascata, Boulder City, NV Rio Secco, Henderson, NV Grand Bear, Saucier, MS Chariot Run, Laconia, IN Bossier City Detroit Biloxi New Orleans Cleveland Philadelphia Cincinnati Louisville Atlantic City DESIGNATED PUT/CALL PROPERTIES(²) Indiana Grand Racing & Casino Harrah's Hoosier Park Caesars Forum Convention Center DESIGNATED ROFR PROPERTIES(²) Bally's Las Vegas Flamingo Las Vegas Paris Las Vegas Planet Hollywood The LINQ Horseshoe Baltimore VICI CONTINUES TO DIVERSIFY ITS RENT BASE GEOGRAPHIC RENT DIVERSIFICATION At Formation (2017) 26% Las Vegas TENANT RENT DIVERSIFICATION At Formation (2017) CAESARS ENTERTAINMENT. 74% Regional 100% 31% Las Vegas J.A.C.K. ENTERTAINMENT PENN NATIONAL GAMING, INC. Current Hard Rock 6% Current CENT 3% 2% 5% 83% 69% Regional (1) On December 31, 2019, VICI and Caesars jointly entered into a definitive agreement to sell Harrah's Reno, as subsequently amended on May 29, 2020, for $41.5 million to a third party; the proceeds shall be split 75% to VICI and 25% to Caesars. On April 24, 2020, VICI and Caesars entered into definitive agreements to sell Bally's Atlantic City for $25 million to a third party; the proceeds shall be split ~$19.0 million to VICI and ~$6.0 million to Caesars. The annual rent payments under the Regional Master Lease will remain unchanged following completion of the dispositions. The dispositions are subject to customary closing conditions and regulatory approvals. (2) Please refer to page 26 for a summary of terms of VICI's existing put/call and ROFR agreements. 9#10INCOME DURABILITY THROUGHOUT HISTORICAL ECONOMIC CYCLES GAMING REVENUE: 50% LESS VOLATILE THAN S&P 500 REVENUE... 300% 250% 200% 150% 100% 50% 18.0 17.5 17.0 Q498 16.5 Q400 ...WITH DEMONSTRATED DURABILITY IN REGIONAL MARKETS... Core Commercial Annual Gaming Revenues ($bn) (²) 18.5 2007 2009 Trough: $17.3bn VICI Peak-to-Trough: Gambling -9% Retail -11% S&P Sales -18% 2007 Peak: $18.0bn Q402 2009 Q404 2011 Q406 2013 2017: $18.3bn Peak-to-Trough: -3.9% 2017 vs Peak: +1.9% 2017 vs Trough: +6.0% 2015 Q408 2017 90% 80% Q410 70% ...AND UNWAVERING DEMAND IN LAS VEGAS (3) Las Vegas Strip Occupancy 100% Q412 2009 Trough: 87% Casino Gambling PCE (¹) Retail & Food Service Sales S&P 500 Revenue/Share Q414 2005 2007 2009 2011 2013 2015 2017 Source: Haver Analytics, Goldman Sachs Global Investment Research, published February 26, 2018; State Gaming Boards, UNLV, Credit Suisse. Credit Suisse Research, Published September 11, 2018; company filings. (1) Refers to the Personal Consumption Expenditures as defined and reported by the U.S. Bureau of Economic Analysis. (2) Core regional markets focus on more mature and representative commercial regional gaming markets, adjusted for adjacent new supply, cannibalization between markets, and excluding genuinely additive supply and destination markets. (3) Represents average occupancy percentage of Wynn, Las Vegas Sands and MGM Las Vegas properties per company filings. Q416 2007 Peak: 97% 2017: 91% Peak-to-Trough: -9.5% -6.1% 2017 vs Peak: 2017 vs Trough: +4.1% 10#11INCOME MAGNITUDE AND VALUE NOI ($MM) 250.0 200.0 150.0 100.0 50.0 3.00% VICI 2015-2020 YTD SINGLE-ASSET REAL ESTATE TRANSACTIONS WITH NOI > $70 MILLION Fashion Show! LV(1) 10 Hudson Yards, NYC (1) 1095 6th Ave, NYC (1) 1515 Broadway, NYC (¹) 4.00% 787 7th Ave, NYC 1211 6th Ave, NYC (¹) 1285 6th Ave, NYC World wide Plaza, NYC (1) 245 Park Ave, NYC 5.00% 30 Hudson Yards, NYC Bellagio Wind Creek Bethlehem 50 Northern Ave, Boston 6.00% MGM Grand(¹) Circle sizes represent asset NOI Mandalay Bay(¹) ● ● Select Las Vegas Strip Sales & Financings The Shops at Crystals sold in 2016 at a 4.5% cap rate Town Square Las Vegas sold in 2017 at a 5.3% cap rate The Grand Canal Shoppes mortgage debt was refinanced in 2019 at an appraised cap rate of 4.5% Caesars Palace(2) 7.00% Source: Real Capital Analytics (RCA) (1) Transaction was for a stake in the property; bubble represents the implied price of 100% interest. (2) Represents incremental rent acquired related to the Eldorado Transaction. Harrah's Las Vegas National Harbor, MD 8.00% Cap Rate (%) 11#12GROWTH OPPORTUNITIES VICI GREEKTOWN CASINO HOTEL GREEKTOWN CASINO-HOTEL DETROIT, MI Harrahs ⒸHR HARRAH'S LAS VEGAS LAS VEGAS, NV Harrah's HARRAH'S NEW ORLEANS NEW ORLEANS, LA Harrahs Harrans CASINO Karrah's#13SUBSTANTIAL EMBEDDED RENT GROWTH ($ in millions) $1,263 Current Annual Cash Rent VICI IDENTIFIED ACQUISITION PIPELINE PROVIDES SIGNIFICANT RENT GROWTH Subject to Caesars Portfolio Strategy BALLY'S LAS VEGAS Flamingo Paris planet hollywood RESORT & CASINO LAS VEGAS THE LINQ HORSESHOE. CASINO BALTIMORE Illustrative Rent from ROFRs (¹) INDIANA GRAND RACING CASINO Harrahs HOOSIER PARK RACING & CASINO Illustrative Rent from Centaur Put/Call Options (¹) Pipeline Upside Supported by $44Bn Commercial Casino Industry (465 Casinos) CAESARS FORUM Illustrative Rent from Caesars Forum Put/Call Option (¹) 2019 Gross Gaming Revenue Contribution LV Strip Casinos $7Bn Regional Casinos $37Bn Source: American Gaming Association, UNLV Center for Gaming Research. (1) Please refer to page 26 for a summary of terms and conditions of VICI's existing put/call and ROFR agreements. Total Identified Potential Portfolio Other Gaming, Leisure, Hospitality & Entertainment Assets 13#14LAS VEGAS LAND PROVIDES OPPORTUNITY FOR FURTHER GROWTH Pro forma for the Las Vegas Land Acquisition, VICI will control and have full use of ~50 acres adjacent to the Las Vegas Strip Treasure Island Caesars Palace Bellagio ARIA UNRIVALED OPPORTUNITY TO DEEPEN THE STRIP AT ITS CENTER VICI The Mirage The Cosmopolitan The Shops at Crystals The Palazzo The Venetian Harrah's The LINQ HOOFSTOTE Flamingo Bally's Paris Planet Hollywood Denotes VICI's ROFR properties. (2) Denotes VICI's total Las Vegas Strip land holdings pro forma for the Las Vegas Land Acquisition. MSG Sphere Las Vegas Land Acquisition (~23 acres) (¹) VICI-owned 27 acres of land that is currently under the Regional Master Lease strategically located adjacent to The LINQ and behind Planet Hollywood VICI has a Put/Call Option on the Caesars Forum Convention Center land (~28 acres)(2) VICI-owned 7 acres of Strip frontage property at Caesars Palace; part of the Las Vegas Master Lease and available for redevelopment MSG Sphere: $1.7 billion development project Las Vegas Monorail, a key thoroughfare for Las Vegas visitors, connects Caesars Forum to the Las Vegas Convention Center and also serves the entire west flank of the VICI land parcel Note: Map is illustrative and may not be shown exactly to scale. (1) The Las Vegas Land Acquisition, announced on June 15, 2020, remains cross-conditioned on the consummation of the Caesars Forum Mortgage Loan and subject to, among other things, the completion of due diligence and negotiation of definitive documentation. (2) Please refer to page 26 for a summary of terms and conditions of VICI's existing put/call and ROFR agreements. 14#15FRAMEWORK FOR EXPLORING EXPERIENTIAL REAL ESTATE SECTORS PANDEMIC RECOVERY CAPABILITY VICI }} LOW CYCLICALITY VICI seeks to investigate, validate and potentially invest in sectors that feature these fundamental characteristics FAVORABLE SUPPLY / DEMAND BALANCE LOW SECULAR THREAT EXPERIENTIAL DURABILITY & LONGEVITY 8 me 8 > + LOW CYCLICALITY Relatively lower cyclicality than other consumer discretionary sectors Balance between drive-to and fly-to destinations, with drive-to destinations generally being less cyclical Strong CRM capability, enabling cost-effective demand-building efforts and customer activation during economic downturns ● LOW SECULAR THREAT • Not currently and not likely to be subject to the "Amazon effect" Dominated by operators with strong economic performance • Core experiences of sector cannot be achieved at home, work or digitally ● EXPERIENTIAL DURABILITY & LONGEVITY • Dominated by operators whose strong customer understanding and innovative capability ensures enduring relevance of experiences • Core experiences have proven durability • Centered around diverse experiences and diverse demographics not over-exposed to any one experience or demographic FAVORABLE SUPPLY / DEMAND BALANCE Supply growth is difficult and/or costly to achieve Supply growth may be subject to regulatory control Dominated by "rational" competitors not prone to over-investment and thus, over-supply ● ● PANDEMIC RECOVERY CAPABILITY How does an experiential sector recover from COVID-19? What was the rent paying track record of the sector during the pandemic? • What liquidity and access to capital were sector companies able to maintain? 15#16CAPABILITY & GOVERNANCE VICI CASCATA GOLF COURSE BOULDER CITY, NV MARGARITAVILLE BOSSIER CITY BOSSIER CITY, LA Hard Rock RICHA HARD ROCK CINCINNATI CINCINNATI, OH MARGATTAYLLE Hard Rock PAR

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