Vici Properties Inc. · NYSE:VICI
Vici Properties — Q4 2020 Earnings Presentation
27 slides from Vici Properties's earnings presentation, Feb 18, 2021
Slide 1: Q4 2020 Supplemental Financial & Operating Data
VICI Q4 2020 Supplemental Financial & Operating Data Oh I SUP P L EMENTAL F I NANCI AL & OP ERAT I NG DATA F O U R T H Q U A R T E R E N D E D D E C E M B E R 3 1 , 2 0 2 0 Exhibit 99.2
Slide 2: Disclaimers: Forward Looking Statements
VICI Q4 2020 Supplemental Financial & Operating Data 2 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
Slide 3: Corporate Overview
VICI Q4 2020 Supplemental Financial & Operating Data Corporate Overview About VICI Properties (NYSE: VICI) Senior Management Edward Pitoniak John Payne David Kieske Samantha Gallagher Gabriel Wasserman Chief Executive Officer & Director President & Chief Operating Officer EVP, Chief Financial Office
Slide 4: Table of Contents
VICI Q4 2020 Supplemental Financial & Operating Data Table of Contents 2020 Highlights Consolidated Balance Sheets 7-8 Consolidated Statements of Operations 9-10 Non‐GAAP Financial Measures 11-12 Run Rate Lease Revenue 16 Properties Breakdown 19-20 Summary of Current Lease Terms 21-22 Recent Activit
Slide 5: 2020 Highlights
VICI Q4 2020 Supplemental Financial & Operating Data 2020 Highlights $4.6 billion Closed $4.6 billion of transactions including JACK Cleveland/Thistledown, JACK Entertainment Loan, the Eldorado Transaction, Caesars Forum Loan and Chelsea Piers New York Loan 10.9% Announced annualized dividend increa
Slide 6: Portfolio & Financial Overview
VICI Q4 2020 Supplemental Financial & Operating Data Three Months Ended Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 Mar. 31, 2020 Dec. 31, 2019 Net Income (Loss) Per Share Basic $0.54 $0.75 $0.47 ($0.05) $0.21 Diluted $0.53 $0.74 $0.47 ($0.05) $0.21 Funds From Operations Per Share Basic $0.54 $0.75 $0
Slide 7: Consolidated Balance Sheets
VICI Q4 2020 Supplemental Financial & Operating Data December 31, 2020 December 31, 2019 Assets Real estate portfolio: Investments in leases - sales-type and direct financing, net 13,027,644$ 10,734,245$ Investments in leases - operating — 1,086,658 Investments in leases - financing receivables, net
Slide 8: Consolidated Balance Sheets (Quarterly)
VICI Q4 2020 Supplemental Financial & Operating Data December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Assets Real estate portfolio: Investments in leases - sales-type and direct financing, net 13,027,644$ 13,009,966$ 10,372,656$ 10,330,728$ Investments in leases - operating — — 1,08
Slide 9: Consolidated Statements of Operations
VICI Q4 2020 Supplemental Financial & Operating Data 2020 2019 2020 2019 Revenues Income from sales-type and direct financing leases 289,087$ 218,905$ 1,007,508$ 822,205$ Income from operating leases — 10,913 25,464 43,653 Income from lease financing receivables and loans 70,321 — 153,017 — Other in
Slide 10: Consolidated Statements of Operations (Quarterly)
VICI Q4 2020 Supplemental Financial & Operating Data Three Months Ended December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Revenues Income from sales-type and direct financing leases 289,087$ 270,274$ 223,895$ 224,252$ Income from operating leases — 3,638 10,913 10,913 Income from lea
Slide 11: FFO and AFFO Reconciliation
VICI Q4 2020 Supplemental Financial & Operating Data 2020 2019 2020 2019 Net income attributable to common stockholders 288,010$ 98,631$ 891,674$ 545,964$ Real estate depreciation — — — — Funds From Operations (FFO) 1 288,010 98,631 891,674 545,964 Non-cash leasing and financing adjustments (27,977)
Slide 12: FFO and AFFO Reconciliation (Quarterly)
VICI Q4 2020 Supplemental Financial & Operating Data Three Months Ended December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Net income (loss) attributable to common stockholders 288,010$ 398,274$ 229,402$ (24,012)$ Real estate depreciation — — — — Funds From Operations (FFO) 1 288,010
Slide 13: Revenue Detail
VICI Q4 2020 Supplemental Financial & Operating Data 2020 2019 2020 2019 Contractual revenue from sales-type and direct financing leases Caesars Las Vegas Master Lease 100,052$ 62,809$ 316,857$ 249,543$ Caesars Regional Master Lease & Joliet Lease (excluding Harrah's NOLA, AC, and Laughlin) 128,405
Slide 14: Revenue Detail (Quarterly)
VICI Q4 2020 Supplemental Financial & Operating Data Three Months Ended December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Contractual revenue from sales-type and direct financing leases Caesars Las Vegas Master Lease 100,052$ 90,181$ 63,312$ 63,312$ Caesars Regional Master Lease & Jo
Slide 15: Run Rate Lease Revenue
VICI Q4 2020 Supplemental Financial & Operating Data Assets Per Lease Locations Annualized Rent Annualized Contractual Rent Caesars Las Vegas Master Lease 2 Las Vegas $402.6 Caesars Regional Master Lease & Joliet Lease (including Harrah's NOLA, AC, and Laughlin) 18 Regional 672.5 Margaritaville Leas
Slide 16: 2021 Guidance
VICI Q4 2020 Supplemental Financial & Operating Data 2021 Guidance For the Year Ending December 31, 2021: Low High Estimated Adjusted Funds From Operations (AFFO) $1,010.0 $1,035.0 Estimated Adjusted Funds From Operations (AFFO) per diluted share $1.82 $1.87 Estimated Weighted Average Share Count at
Slide 17: Capitalization
VICI Q4 2020 Supplemental Financial & Operating Data 1. Commitment fees (0.375%-0.500% depending on leverage) on the undrawn portion of the Revolving Credit Facility are paid quarterly. 2. On April 24, 2018, VICI swapped $1.5 billion of variable rate debt at a fixed rate of 2.8297%. The interest rat
Slide 18: Portfolio Overview
VICI Q4 2020 Supplemental Financial & Operating Data Portfolio Overview 1. On September 3, 2020, VICI and Caesars entered into definitive agreements to sell Harrah’s Louisiana Downs for $22 million to a third party; the proceeds shall be split ~$5.5 million to VICI and ~$16.5 million to Caesars. The
Slide 19: Properties Breakdown
VICI Q4 2020 Supplemental Financial & Operating Data Properties Breakdown 1. On September 3, 2020, VICI and Caesars entered into definitive agreements to sell Harrah’s Louisiana Downs for $22 million to a third party. The proceeds of the transaction shall be split ~$5.5 million to VICI and ~$16.5 mi
Slide 20: Properties Breakdown (Continued)
VICI Q4 2020 Supplemental Financial & Operating Data Properties Breakdown (Continued) Major MSAs Served Property Name Location Total Sq. Ft. (000s) Casino Sq. Ft. (000s) Meeting Sq. Ft. (000s) Slot Machines Table Games Hotel Rooms Philadelphia Caesars Atlantic City Atlantic City, NJ 3,816 113 29 2,1
Slide 21: Summary of Current Lease Terms
VICI Q4 2020 Supplemental Financial & Operating Data Summary of Current Lease Terms 1. Regional Master Lease consists of 17 Caesars properties leased from VICI and the Las Vegas Master Lease consists of Caesars Palace Las Vegas and Harrah’s Las Vegas. 2. Cash rent amounts are presented prior to acco
Slide 22: Summary of Current Lease Terms (Continued)
VICI Q4 2020 Supplemental Financial & Operating Data Summary of Current Lease Terms (Continued) Hard Rock Cincinnati Lease Century Master Lease JACK Cleveland / Thistledown Master Lease1 Tenant Hard Rock Entertainment Century Casinos JACK Entertainment Current Annual Cash Rent $43.4 Million $25.3 Mi
Slide 23: Recently Announced Transaction Activity
VICI Q4 2020 Supplemental Financial & Operating Data Recently Announced Transaction Activity 1. On December 24, 2020, VICI agreed to enter into a triple net lease agreement with EBCI with respect to the real property associated with Caesars Southern Indiana in connection with the consummation of EBC
Slide 24: Investment & Capital Markets Activities
VICI Q4 2020 Supplemental Financial & Operating Data Investment & Capital Markets Activities ($ in millions) 2020 Completed Transactions Financing Activities Property / Loan Announcement Date Closing Date Rent / Income Multiple / Cap Rate / Yield Price / Proceeds / Loan Size Tenant / Borrower Unsecu
Slide 25: Embedded Growth Pipeline
VICI Q4 2020 Supplemental Financial & Operating Data Embedded Growth Pipeline Location / Jurisdiction LV Strip LV Strip LV Strip LV Strip LV Strip Anderson, IN Shelbyville, IN LV Strip Baltimore, MD New York, NY Danville, VA Casino Space Sq.Ft. 68,400 72,300 95,300 64,500 32,900 55,300 105,100 -- 12
Slide 26: Definitions of Non-GAAP Financial Measures
VICI Q4 2020 Supplemental Financial & Operating Data 26 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 Associa
Slide 27: 2018 Supplemental Financial & Operating Data
VICI Q4 2020 Supplemental Financial & Operating Data VICI Q4 2018 Supplemental Financial & Operating Data