Vici Properties Inc. · NYSE:VICI
Vici Properties — Q3 2023 Earnings Presentation
28 slides from Vici Properties's earnings presentation, Oct 25, 2023
Slide 1: Supplemental Financial & Operating Data Third Quarter Ended September 30, 2023
Supplemental Financial & Operating Data Third Quarter Ended September 30, 2023 Exhibit 99.2
Slide 2: Forward Looking Statements
2Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Forward Looking Statements Certain statements in this presentation are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are based on VICI Properties Inc.’s (“VICI” or the “Company”) current plans
Slide 3: Table of Contents
3Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA TABLE OF CONTENTS Corporate Overview………………………………………………………………………….. 4 Portfolio & Financial Highlights……………………………………………………………... 5 Consolidated Balance Sheets………………………………………………………………. 6-7 Consolidated Statement of Operations……………………………….…………………… 8-9 No
Slide 4: Corporate Overview
4Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CORPORATE OVERVIEW VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Gran
Slide 5: Portfolio & Financial Highlights
5Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended Sept. 30, 2023 Jun. 30, 2023 Mar. 31, 2023 Dec. 31, 2022 Sep. 30, 2022 Net Income Per Common Share Basic $0.55 $0.69 $0.52 $0.63 $0.34 Diluted $0.55 $0.69 $0.52 $0.63 $0.34 Funds From Operations Per Common Share Basic $0.55 $0.69 $0
Slide 6: Consolidated Balance Sheets
6Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CONSOLIDATED BALANCE SHEETS ($ amounts in thousands USD, except share and per share data) September 30, 2023 December 31, 2022 Assets Real estate portfolio: Investments in leases - sales-type, net 22,889,984$ 17,172,325$ Investments in leases - financ
Slide 7: Consolidated Balance Sheets – Quarterly
7Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CONSOLIDATED BALANCE SHEETS – QUARTERLY ($ amounts in thousands USD) September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Assets Real estate portfolio: Investments in leases - sales-type, net 22,889,984$ 22,655,164$ 22,579,820$ 17,172,325
Slide 8: Consolidated Statements of Operations
8Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revenues Income from sales-type leases 500,212$ 376,048$ 1,473,961$ 1,077,952$ Income from lease financing receivables, loans and securities 378,502 350,945 1,122,703
Slide 9: Consolidated Statements of Operations – Quarterly
9Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Revenues Income from sales-type leases 500,212$ 495,355$ 478,394$ 386,293$ Income from lease financing receivables, loans and securities 378,502 373,132 371,069 355,6
Slide 10: Non-GAAP Financial Measures
10Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income attributable to common stockholders 556,329$ 330,905$ 1,765,771$ 513,582$ Real estate depreciation — — — — Joint venture depreciation and non-controlling
Slide 11: Non-GAAP Financial Measures – Quarterly
11Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Net income attributable to common stockholders 556,329$ 690,702$ 518,740$ 604,053$ Real estate depreciation — — — — Joint venture depreciation and non-controlling in
Slide 12: Revenue Detail
12Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Contractual revenue from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 132,952$ 122,729$ 398,856$ 368,18
Slide 13: Revenue Detail – Quarterly
13Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA Three Months Ended September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Contractual revenue from sales-type leases Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease 132,952$ 132,952$ 132,952$ 129,54
Slide 14: Annualized Contractual Rent and Income from Loans
14Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA ANNUALIZED CONTRACTUAL RENT AND INCOME FROM LOANS (1) Includes rent or a portion of rent collected in CAD, assuming an exchange rate of C$1:00:US$0.74 as of September 30, 2023. (2) Reflects VICI’s acquisition of the Bowlero Portfolio, which closed su
Slide 15: 2023 Guidance
15Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA 2023 GUIDANCE ($ amounts in millions USD, except per share data) The Company is increasing AFFO guidance for the full year 2023. In determining AFFO, the Company adjusts for certain items that are otherwise included in determining net income attribut
Slide 16: Capitalization & Key Credit Metrics
16Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CAPITALIZATION & KEY CREDIT METRICS – AS OF SEPT. 30, 2023 (1) Following the closing of the MGP acquisition, MGM holds 100% of the outstanding third-party held OP Units, which may be redeemed for cash or, at VICI's election, shares of common stock. (
Slide 17: Debt Detail
17Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA DEBT DETAIL (1) Carrying value shown net of unamortized original issue discount and unamortized debt issuance costs. (2) Holders of the senior notes, as well as the trustee under the governing indentures and the administrative agent and lenders under
Slide 18: Geographic Diversification
18Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA GEOGRAPHIC DIVERSIFICATION (1) Based on annualized contractual rent as of October 2023. Diversified Portfolio: 26 States and 1 Canadian Province Gaming: 15 States (52% Regional, 47% Las Vegas, 1% International)(1) Non-Gaming Experiential: 11 States A
Slide 19: Summary of Current Lease Terms
19Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA MGM Master Lease Caesars Regional Master Lease and Joliet Lease(1) Caesars Las Vegas Master Lease(1) MGM Grand/Mandalay Bay Master Lease Tenant MGM Resorts International Caesars Entertainment Caesars Entertainment MGM Resorts International Annual Cas
Slide 20: Summary of Current Lease Terms (Continued)
20Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONTINUED) The Venetian Resort Las Vegas Lease Mirage Lease JACK Entertainment Master Lease Century Master Lease Tenant Affiliate of funds managed by affiliates of Apollo Global Management, Inc. Hard Rock Entertainment
Slide 21: Summary of Current Lease Terms (Continued)
21Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONTINUED) (1) Starting in lease year 5, if the change in CPI is less than 0.5%, there will be no escalation in rent for such lease year. (2) With respect to lease year 0, for the period Caesars Southern Indiana was cl
Slide 22: Summary of Current Lease Terms (Continued)
22Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA SUMMARY OF CURRENT LEASE TERMS (CONTINUED) Bowlero Master Lease Margaritaville Lease Foundation Gaming Master Lease PURE Canadian Master Lease Tenant Bowlero PENN Entertainment Foundation Gaming PURE Canadian Gaming Annual Cash Rent as of October 202
Slide 23: Investment Activity
23Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA INVESTMENT ACTIVITY Note: Assumes exchange rate of C$1.00:US$0.74 as of September 30, 2023 where applicable. (1) Reflects VICI’s acquisition of the Bowlero Portfolio, which closed subsequent to quarter end on October 19, 2023. (2) The Century Canadia
Slide 24: Capital Markets Activity
24Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA CAPITAL MARKETS ACTIVITY (1) Subsequent to quarter end on October 17, 2023, VICI settled 17.7 million shares under the January 2023 forward sale agreements at a forward share price of $31.65 per share, in exchange for total net proceeds of approximat
Slide 25: Gaming Embedded Growth Pipeline
25Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA GAMING EMBEDDED GROWTH PIPELINE The descriptions of the Put/Call Agreements and ROFR Agreements herein are presented as a summary of such agreements, which are or may be subject to additional terms and conditions as described in the applicable agreem
Slide 26: Non-Gaming Embedded Growth Pipeline
26Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA NON-GAMING EMBEDDED GROWTH PIPELINE The descriptions of the Put/Call Agreements, Purchase Right Agreements, and Right of First Offer Agreements herein are presented as a summary of such agreements, which are or may be subject to additional terms and
Slide 27: Analyst Coverage
27Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA ANALYST COVERAGE Firm Analyst Phone Email BNP Paribas Nate Crossett (646) 725-3716 Nate.crossett@us.bnpparibas.com BofA Securities Shaun Kelley (646) 855-1005 Shaun.kelley@bofa.com Capital One Securities Dan Guglielmo (202) 213-6408 Daniel.guglielmo@
Slide 28: Definitions of Non-GAAP Financial Measures
28Q3 2023 SUPPLEMENTAL FINANCIAL & OPERATING DATA 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 o