Vici Properties Inc. · NYSE:VICI
Vici Properties — Q3 2019 Earnings Presentation
24 slides from Vici Properties's earnings presentation, Oct 31, 2019
Slide 1: Supplemental Financial & Operating Data, Third Quarter Ended September 30, 2019
Exhibit 99.2 SUPPLEMENTAL FINANCIAL & OPERATING DATA T H I R D Q U A R T E R ENDE D SEPTEMBER 30 , 2019
Slide 2: Disclaimers: Forward Looking Statements
Disclaimers Forward Looking Statements Certain statements in this presentation 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 perf
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 18-19
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 24 Golf Courses 4 New Nashville Developable Las Vegas Strip Land (acres) 34 Orleans Memphis 1% Cincinnati States 12 2% 3% 1% MSAs 13 Omaha Weig
Slide 6: Consolidated Balance Sheets
Consolidated Balance Sheets (amounts in thousands, except share and per share data) September 30, 2019 December 31, 2018 Assets Real estate portfolio: Investments in direct financing and sales-type leases, net $ 10,455,900 $ 8,916,047 Investments in operating leases 1,086,658 1,086,658 Land 94,711 9
Slide 7: Consolidated Balance Sheets – Quarterly
Consolidated Balance Sheets – Quarterly (amounts in thousands, except share and per share data) September 30, 2019 June 30, 2019 March 31, 2019 December 31, 2018 Assets Real estate portfolio: Investments in direct financing and sales-type leases, net $ 10,455,900 $ 9,897,031 $ 9,186,144 $ 8,916,047
Slide 8: Consolidated Statements of Operations
Consolidated Statements of Operations (amounts in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Revenues Income from direct financing and sales-type leases $ 206,001 $ 189,938 $ 603,300 $ 554,293 Income from operating
Slide 9: Consolidated Statements of Operations – Quarterly
Consolidated Statements of Operations – Quarterly (amounts in thousands, except share and per share data) Three Months Ended September 30, 2019 June 30, 2019 March 31, 2019 December 31, 2018 Revenues Income from direct financing and sales-type leases $ 206,001 $ 201,549 $ 195,750 $ 187,271 Income fr
Slide 10: Revenue Breakdown
Revenue Breakdown (amounts in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Caesars leases CPLV leasing revenue (incl. Octavius) Contractual leasing revenues (cash rent) $ 40,176 $ 36,850 $ 120,528 $ 94,932 Income fro
Slide 11: Revenue Breakdown – Quarterly
Revenue Breakdown – Quarterly (amounts in thousands, except share and per share data) Three Months Ended September 30, 2019 June 30, 2019 March 31, 2019 December 31, 2018 Caesars leases CPLV leasing revenue (incl. Octavius)1 Contractual leasing revenues (cash rent) $ 40,176 $ 40,176 $ 40,176 $ 39,38
Slide 12: Non-GAAP Financial Measures
Non‐GAAP Financial Measures (amounts in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net income attributable to common stockholders $ 144,435 $ 129,912 $ 447,333 $ 381,078 Real estate depreciation — — — — Funds From
Slide 13: Non-GAAP Financial Measures – Quarterly
Non‐GAAP Financial Measures – Quarterly (amounts in thousands, except share and per share data) Three Months Ended September 30, 2019 June 30, 2019 March 31, 2019 December 31, 2018 Net income attributable to common stockholders $ 144,435 $ 152,049 $ 150,849 $ 142,541 Real estate depreciation — — — —
Slide 14: 2019 Guidance
2019 Guidance The Company is updating its estimated net income, FFO and AFFO guidance for the full year 2019 to reflect the closing of the JACK Cincinnati Acquisition on September 20, 2019, an acceleration of the deferred financing fees that have been incurred in connection with the Eldorado Transac
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 Date Rate Frequency Credit Rating September 30, 2019 Debt Option Maturity VICI PropCo Senior Secured Credit Facilities Revolving Credit Facility 5/15
Slide 16: Property Overview
Property Overview CURRENT PORTFOLIO Caesars Palace ANNOUNCED ACQUISITIONS Las Vegas Harrah’s Las Vegas OWNED GOLF COURSES Cascata, Boulder City, NV Detroit Rio Secco, Henderson, NV Grand Bear, Harrison County, MS Horseshoe Lake Tahoe / Reno Joliet / Hammond Hammond Harrah’s Gulf Coast Council Bluffs
Slide 17: Properties Breakdown
Properties Breakdown Major MSAs Total Sq. Ft. Casino Sq. Ft. Meeting Sq. Ft. Served Property Name Location (000s) (000s) (000s) Slot Machines Table Games Hotel Rooms Chicago Horseshoe Hammond Hammond, IN 1,716 108 -- 2,220 150 -- Harrah's Joliet Joliet, IL 1,011 39 6 1,090 40 200 Cincinnati JACK Cin
Slide 18: Summary of Current Lease Terms
Summary of Current Lease Terms Non-CPLV & Joliet Pro Forma Non-CPLV Master Caesars Palace Pro Forma Las Vegas Harrah’s Las Vegas (2 Leases)1 Lease & Joliet Lease2 Las Vegas3 Master Lease2 18 Non-CPLV Properties, Harrah’s Properties 18 Non-CPLV Properties & Joliet, Harrah’s New Orleans, Harrah’s CPLV
Slide 19: Summary of Current Lease Terms (Continued)
Summary of Current Lease Terms (Continued) JACK Cleveland Margaritaville Bossier City Greektown JACK Cincinnati Century Master Lease1 /Thistledown Master Lease2 Initial Cash $23.2 Million $55.6 Million $42.8 Million $25.0 Million $65.9 Million Rent Current Cash $23.2 Million $55.6 Million $42.8 Mill
Slide 20: Recently Announced Acquisition Activity
Recently Announced Acquisition Activity $ in millions; (unaudited) Pending Transactions Announcement Multiple / Property Status Rent Value Tenant Property Details Property Images Date Cap Rate Isle Casino Cape ~41,500 Sq. Ft. of Casino Space Girardeau 863 Gaming Machines (Cape Girardeau, MO)1 20 Tab
Slide 21: Recently Completed Acquisitions & Capital Markets Activity
Recently Completed Acquisitions & Capital Markets Activity $ in millions; (unaudited) Completed Transactions Announcement Multiple / Property Status Rent Value Tenant Property Details Property Images Date Cap Rate Closed ~100,000 Sq. Ft. of Casino Space JACK Cincinnati Hard Rock April 5, 2019 (Septe
Slide 22: Right of First Refusal / Put-Call Assets
Right of First Refusal / Put‐Call Assets On June 24, 2019, the Company announced that it entered into definitive agreements pursuant to which VICI will receive the right for Put/Call agreements on the Centaur Assets, ROFRs on two Las Vegas Strip assets as well as a ROFR on Horseshoe Baltimore upon t
Slide 23: 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 24: Harrah’s N.KC Harrah’s VICI Q4 2018 Supplemental Financial & Operating Data
Harrah’s N.KC Harrah’s VICI Q3 2019 Supplemental Financial & Operating Data VICI Q4 2018 Supplemental Financial & Operating Data