Vici Properties Inc. · NYSE:VICI
Vici Properties — Q2 2020 Earnings Presentation
24 slides from Vici Properties's earnings presentation, Jul 29, 2020
Slide 1: Supplemental Financial & Operating Data, Second Quarter Ended June 30, 2020
Exhibit 99.2 SUPPLEMENTAL FINANCIAL & OPERATING DATA S E C O N D Q U A R T E R ENDE D J U N E 3 0 , 2020
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) Covering Equity Analysts VICI Properties Inc. (“VICI Properties” or the “Company”) is an experiential real Firm Analyst Phone Email estate investment trust that owns one of the largest portfolios of market-leading Barclays Felicia Hendrix (212) 5
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 Capitalization 14 Property Overview 15 Properties Breakdown 16-17 Summary of Current Lease Terms 18-19 Recent Activit
Slide 5: Portfolio & Financial Overview
Portfolio & Financial Overview (amounts in thousands, except per share data and portfolio and property data) Financial Highlights Portfolio Data Three Months Ended Properties 31 Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Golf Courses 4 2020 2020 2019 2019 2019 Developable Las Vegas Strip Land (acr
Slide 6: Consolidated Balance Sheets
Consolidated Balance Sheets (amounts in thousands, except share and per share data) June 30, 2020 December 31, 2019 Assets Real estate portfolio: Investments in leases - direct financing and sales-type, net $ 10,372,656 $ 10,734,245 Investments in leases - operating 1,086,658 1,086,658 Investments i
Slide 7: Consolidated Balance Sheets – Quarterly
Consolidated Balance Sheets – Quarterly (amounts in thousands, except share and per share data) June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 Assets Real estate portfolio: Investments in leases - direct financing and sales-type, net $ 10,372,656 $ 10,330,728 $ 10,734,245 $ 10,455
Slide 8: Consolidated Statements of Operations
Consolidated Statements of Operations (amounts in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenues Income from direct financing and sales-type leases $ 223,895 $ 201,549 $ 448,147 $ 397,299 Income from operating leases 10,
Slide 9: Consolidated Statements of Operations – Quarterly
Consolidated Statements of Operations – Quarterly (amounts in thousands, except share and per share data) Three Months Ended June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 Revenues Income from direct financing and sales-type leases $ 223,895 $ 224,252 $ 218,905 $ 206,001 Income fr
Slide 10: Revenue Breakdown
Revenue Breakdown (amounts in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Contractual leasing revenues (cash rent) Caesars Palace Las Vegas $ 41,023 $ 40,176 $ 82,046 $ 80,352 Caesars Palace Las Vegas, classified as operating
Slide 11: Revenue Breakdown – Quarterly
Revenue Breakdown – Quarterly (amounts in thousands, except share and per share data) Three Months Ended June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 Contractual leasing revenues (cash rent) Caesars Palace Las Vegas $ 41,023 $ 41,023 $ 40,741 $ 40,176 Caesars Palace Las Vegas, c
Slide 12: Non-GAAP Financial Measures
Non‐GAAP Financial Measures (amounts in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net income attributable to common stockholders $ 229,402 $ 152,049 $ 205,390 $ 302,898 Real estate depreciation — — — — Funds From Operations
Slide 13: Non-GAAP Financial Measures – Quarterly
Non‐GAAP Financial Measures – Quarterly (amounts in thousands, except share and per share data) Three Months Ended June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 Net income (loss) attributable to common stockholders $ 229,402 $ (24,012) $ 98,631 $ 144,435 Real estate depreciation
Slide 14: Capitalization
Capitalization ($ amounts in thousands, except share and per share data) Maturity Interest Interest Credit Rating Balance as of % of Prepayment Years to Debt Date Rate Frequency Moody’s/S&P/Fitch June 30, 2020 Total Option Maturity VICI PropCo Senior Secured Credit Facilities Revolving Credit Facili
Slide 15: Property Overview
Property Overview Caesars Palace Las Vegas Harrah’s Lake Tahoe Detroit Lake Tahoe / Reno Joliet / Hammond Cleveland Council Bluffs Philadelphia Cincinnati Atlantic City Las Vegas North Kansas City Louisville Metropolis Caesars Caesars Laughlin Tunica Resorts / Robinsonville Bossier City Hard Rock Ci
Slide 16: 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 Horseshoe Hammond Hammond, IN 1,716 117 -- 2,140 150 -- Chicago Harrah's Joliet Joliet, IL 1,011 39 6 1,090 40 200 Cincinnati Hard Roc
Slide 17: Properties Breakdown (Continued)
Properties Breakdown (Continued) Major MSAs Total Sq. Ft. Casino Sq. Ft. Meeting Sq. Ft. Served Property Name Location (000s) (000s) (000s) Slot Machines Table Games Hotel Rooms Caesars Atlantic City Atlantic City, NJ 3,632 116 29 1,890 130 1,140 Bally's Atlantic City1 Atlantic City, NJ 2,547 127 64
Slide 18: Summary of Current Lease Terms
Summary of Current Lease Terms Regional Master Lease1 Las Vegas Master Lease1 Margaritaville Bossier City Greektown Tenant Caesars Entertainment Caesars Entertainment Penn National Gaming Penn National Gaming Current Annual $662.5 Million2 $395.4 Million $23.5 Million $55.6 Million Cash Rent Current
Slide 19: Summary of Current Lease Terms (Continued)
Summary of Current Lease Terms (Continued) Hard Rock Cincinnati Century Master Lease JACK Cleveland /Thistledown Master Lease1 Tenant Hard Rock Entertainment Century Casinos JACK Entertainment Current Annual $42.8 Million $25.0 Million $65.9 Million1 Cash Rent Current Sept. 20, 2019 – Sept. 30, 2020
Slide 20: Recently Announced Transaction Activity
Recently Announced Transaction Activity ($ in millions) Pending Transactions Announcement Rent / Price / Proceeds / Property / Loan Status Yield Tenant / Borrower Date Income Loan Size Las Vegas Land Acquisition (~23 Acres)1 Expected Close 6/15/2020 - - $4.5 / Acre - (Las Vegas, NV) H2 2020 Caesars
Slide 21: Completed Acquisition & Capital Markets Activity
Completed Acquisition & Capital Markets Activity ($ in millions) Completed Transactions Announcement Property Closing Date Rent Multiple / Cap Rate Purchase Price Tenant Date Harrah’s New Orleans Harrah’s Atlantic City 6/24/2019 7/20/2020 $154.0 11.8x / 8.4% $1,823.0 Caesars Entertainment Harrah’s L
Slide 22: Embedded Growth Pipeline
Embedded Growth Pipeline Two Las Vegas Strip ROFRs Baltimore Put / Call Agreements First Asset ROFR1 Second Asset Location / LV Strip LV Strip LV Strip LV Strip LV Strip Anderson,IN Shelbyville,IN LV Strip Baltimore, MD Jurisdiction Casino Space 68,400 72,300 95,300 64,500 32,900 55,300 105,100 -- 1
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: VICI Q4 2018 Supplemental Financial & Operating Data
VICI Q2 2020 Supplemental Financial & Operating Data VICI Q4 2018 Supplemental Financial & Operating Data