Vici Properties Inc. · NYSE:VICI
Vici Properties — Q1 2019 Earnings Presentation
23 slides from Vici Properties's earnings presentation, May 1, 2019
Slide 1: Supplemental Financial & Operating Data, First Quarter Ended March 31, 2019
Exhibit 99.2 SUPPLEMENTAL FINANCIAL & OPERATING DATA F I R S T Q U A R T E R E N D E D M A R C H 3 1 , 2019
Slide 2: Disclaimers: Forward Looking Statements
Disclaimers 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
Slide 3: Corporate Overview
Corporate Overview About VICI Properties (NYSE: VICI) VICI Properties Inc. (“VICI Properties” or the “Company”) is an experiential real estate investment trust that owns one of the largest portfolios of market‐leading gaming, hospitality and entertainment destinations, including the world‐renowned C
Slide 4: Table of Contents
Table of Contents Portfolio & Financial Overview 5 Consolidated Balance Sheets 6-7 Consolidated Statements of Operations 8-9 Revenue Breakdown 10-11 Non‐GAAP Financial Measures 12-13 2019 Guidance 14 Capitalization 15 Property Overview 16 Properties Breakdown 17 Summary of Current Lease Terms 18 Rec
Slide 5: Portfolio & Financial Overview
Portfolio & Financial Overview (amounts in thousands, except per share data and portfolio and property data) Portfolio Data Tenant MSA Diversity2 Properties 22 Golf Courses 4 Memphis Developable Las Vegas Strip Land (acres) 34 Omaha New Orleans 3% Nashville States 10 4% 3% 1% MSAs 11 Kansas City Wei
Slide 6: Consolidated Balance Sheets
Consolidated Balance Sheets (amounts in thousands, except share and per share data) March 31, 2019 December 31, 2018 Assets Real estate portfolio: Investments in direct financing and sales-type leases, net $ 9,186,144 $ 8,916,047 Investments in operating leases 1,086,658 1,086,658 Land 94,711 95,789
Slide 7: Consolidated Balance Sheets – Quarterly
Consolidated Balance Sheets – Quarterly (amounts in thousands, except share and per share data) March 31, 2019 December 31, 2018 September 30, 2018 June 30, 2018 Assets Real estate portfolio: Investments in direct financing and sales-type leases, net $ 9,186,144 $ 8,916,047 $ 8,815,557 $ 8,294,753 I
Slide 8: Consolidated Statements of Operations
Consolidated Statements of Operations (amounts in thousands, except share and per share data) Three Months Ended March 31, 2019 March 31, 2018 Revenues Income from direct financing and sales-type leases $ 195,750 $ 182,036 Income from operating leases 10,913 12,209 Tenant reimbursement of property t
Slide 9: Consolidated Statements of Operations – Quarterly
Consolidated Statements of Operations - Quarterly (amounts in thousands, except share and per share data) Three Months Ended March 31, 2019 December 31, 2018 September 30, 2018 June 30, 2018 Revenues Income from direct financing and sales-type leases $ 195,750 $ 187,271 $ 189,938 $ 182,319 Income fr
Slide 10: Revenue Breakdown
Revenue Breakdown (amounts in thousands, except share and per share data) Three Months Ended March 31, 2019 March 31, 2018 Caesars leases CPLV leasing revenue (incl. Octavius) Contractual leasing revenues $ 40,176 $ 29,041 Income from operating leases 10,913 12,209 Direct financing and sales-type le
Slide 11: Revenue Breakdown – Quarterly
Revenue Breakdown - Quarterly (amounts in thousands, except share and per share data) Three Months Ended March 31, 2019 December 31, 2018 September 30, 2018 June 30, 2018 Caesars leases CPLV leasing revenue (incl. Octavius)1 Contractual leasing revenues $ 40,176 $ 39,383 $ 36,850 $ 29,041 Income fro
Slide 12: Non-GAAP Financial Measures
Non‐GAAP Financial Measures (amounts in thousands, except share and per share data) Three Months Ended March 31, 2019 March 31, 2018 Net income attributable to common stockholders $ 150,849 $ 112,122 Real estate depreciation — — Funds From Operations (FFO)1 150,849 112,122 Direct financing and sales
Slide 13: Non-GAAP Financial Measures – Quarterly
Non‐GAAP Financial Measures – Quarterly (amounts in thousands, except share and per share data) Three Months Ended March 31, 2019 December 31, 2018 September 30, 2018 June 30, 2018 Net income attributable to common stockholders $ 150,849 $ 142,541 $ 129,912 $ 139,044 Real estate depreciation — — — —
Slide 14: 2019 Guidance
2019 Guidance The Company is reaffirming its estimated net income and AFFO per share guidance for the full year 2019. The Company estimates that net income attributable to common stockholders for the year ending December 31, 2019 will be between $1.45 and $1.48 per diluted share. The Company estimat
Slide 15: Capitalization
Capitalization1 ($ amounts in thousands, except share and per share data) % of Maturity Interest Interest Balance as of Total Prepayment Years to Debt Date2 Rate Frequency Credit Rating March 31, 2019 Debt Option Maturity VICI PropCo Senior Secured Credit Facilities Revolving Credit Facility 12/22/2
Slide 16: Property Overview
Property Overview COUNCIL BLUFFS METROPOLIS CINCINNATI DETROIT JOLIET / HAMMOND Harrah’s 2 Harrah’s Horseshoe JACK Greektown Harrah’s Horseshoe Metropolis Cincinnati1 Council Council Joliet Hammond Bluffs Bluffs N. KANSAS CITY PHILADELPHIA Harrah’s Harrah’s N. Kansas Philadelphia City LAKE TAHOE / R
Slide 17: Properties Breakdown
Properties Breakdown Major MSAs Total Sq. Ft. Casino Sq. Ft. Meeting Sq. Ft. Hotel Served Property Name Location (000s) (000s) (000s) Slot Machines Table Games Rooms Caesars Palace Las Vegas Las Vegas, NV 8,579 124 300 1,440 160 3,970 Las Vegas Harrah's Las Vegas Las Vegas, NV 4,100 89 24 1,220 90 2
Slide 18: Summary of Current Lease Terms
Summary of Current Lease Terms Non-CPLV & Joliet Margaritaville Bossier Caesars Palace Las Vegas2 Harrah’s Las Vegas (2 Leases)1 City Initial Cash $493.9 Million $200.0 Million $87.4 Million $23.2 million Rent Current Cash $501.0 Million $204.4 Million $88.3 Million $23.2 Million Rent3 Annual 1.5% i
Slide 19: Recent Activity
Recent Activity $mm; (unaudited) Pending Transactions Announcement Multiple / Property Status Rent Value Tenant Property Details Property Images Date Cap Rate JACK Cincinnati April 5, 2019 Expected $42.8 13.05x / 7.7% $558.3 Hard Rock ~100K Sq. Ft. of Casino Space (Cincinnati, OH)1 Close Int’l 1,800
Slide 20: Call Option Properties
Call Option Properties 5‐year Call Option Until October 2022 to Acquire Three Properties at a 10% Cap Rate1 with $130mm of Total Rent as of June 20162 Harrah's Atlantic City Harrah's Laughlin Harrah's New Orleans • Integrated hotel and resort located in the Marina • Integrated hotel and resort locat
Slide 21: Right of First Refusal / Put-Call Assets
Right of First Refusal / Put‐Call Assets As part of the acquisition of Harrah's Las Vegas, VICI sold undeveloped land to Caesars and acquired a ROFR on the Centaur Gaming Real Estate Centaur Real Estate Caesars Forum Convention Center • On July 16, 2018 Caesars completed the acquisition of Centaur H
Slide 22: Definitions of Non-GAAP Financial Measures
Definitions of Non-GAAP Financial Measures FFO is a non-GAAP financial measure that is considered a supplemental measure for the real estate industry and a supplement to GAAP measures. Consistent with the definition used by The National Association of Real Estate Investment Trusts (“NAREIT”), we def
Slide 23: VICI Supplemental Financial & Operating Data
VICI Q1 2019 Supplemental Financial & Operating Data VICI Q4 2018 Supplemental Financial & Operating Data