Vici Properties Inc. · NYSE:VICI
Vici Properties — Q2 2019 Earnings Presentation
23 slides from Vici Properties's earnings presentation, Jul 31, 2019
Slide 1: Supplemental Financial & Operating Data, Second Quarter Ended June 30, 2019
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 , 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 23 Golf Courses 4 Developable Las Vegas Strip Land (acres) 34 New Orleans Detroit States 11 Memphis 3% Nashville 5% MSAs 12 3% 1% Weighted Aver
Slide 6: Consolidated Balance Sheets
Consolidated Balance Sheets (amounts in thousands, except share and per share data) June 30, 2019 December 31, 2018 Assets Real estate portfolio: Investments in direct financing and sales-type leases, net $ 9,897,031 $ 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) June 30, 2019 March 31, 2019 December 31, 2018 September 30, 2018 Assets Real estate portfolio: Investments in direct financing and sales-type leases, net $ 9,897,031 $ 9,186,144 $ 8,916,047 $ 8,815,557 I
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, 2019 2018 2019 2018 Revenues Income from direct financing and sales-type leases $ 201,549 $ 182,319 $ 397,299 $ 364,355 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, 2019 March 31, 2019 December 31, 2018 September 30, 2018 Revenues Income from direct financing and sales-type leases $ 201,549 $ 195,750 $ 187,271 $ 189,938 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, 2019 2018 2019 2018 Caesars leases CPLV leasing revenue (incl. Octavius) Contractual leasing revenues $ 40,176 $ 29,041 $ 80,352 $ 58,082 Income from operating leases 10,91
Slide 11: Revenue Breakdown - Quarterly
Revenue Breakdown - Quarterly (amounts in thousands, except share and per share data) Three Months Ended June 30, 2019 March 31, 2019 December 31, 2018 September 30, 2018 Caesars leases CPLV leasing revenue (incl. Octavius)1 Contractual leasing revenues $ 40,176 $ 40,176 $ 39,383 $ 36,850 Income fro
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, 2019 2018 2019 2018 Net income attributable to common stockholders $ 152,049 $ 139,044 $ 302,898 $ 251,166 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, 2019 March 31, 2019 December 31, 2018 September 30, 2018 Net income attributable to common stockholders $ 152,049 $ 150,849 $ 142,541 $ 129,912 Real estate depreciation — — — —
Slide 14: 2019 Guidance
2019 Guidance The Company is providing its estimated net income, FFO and AFFO guidance on an aggregate basis and updating per share guidance for the full year 2019 to reflect the closing of the Greektown Acquisition on May 23, 2019, as well as all capital markets activities completed in the second q
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 June 30, 2019 Debt Option Maturity VICI PropCo Senior Secured Credit Facilities Revolving Credit Facility 5/15/2024
Slide 16: Property Overview
Property Overview Detroit Lake Tahoe / Reno Joliet / Hammond Council Bluffs Philadelphia Cincinnati Atlantic City Las Vegas North Kansas City Louisville Metropolis Laughlin Tunica Resorts / Robinsonville Bossier City Biloxi New Orleans CURRENT PORTFOLIO ANNOUNCED ACQUISITIONS OWNED GOLF COURSES DESI
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 Horseshoe Hammond Hammond, IN 1,716 108 -- 2,220 150 -- Chicago Harrah's Joliet Joliet, IL 1,011 39 6 1,090 40 200 Horseshoe Bossier C
Slide 18: Summary of Current Lease Terms
Summary of Current Lease Terms1 Non-CPLV & Joliet Margaritaville Bossier Caesars Palace Las Vegas3 Harrah’s Las Vegas Greektown (2 Leases)2 City Initial Cash $493.9 Million $200.0 Million $87.4 Million $23.2 Million $55.6 Million Rent Current Cash $501.0 Million $204.4 Million $88.3 Million $23.2 Mi
Slide 19: 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 ~100,000 Sq. Ft. of Casino Space JACK Cincinnati Expected Close $558.3 Hard Rock April 5, 2019 $42.8 13.05x
Slide 20: 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 ~100,000 Sq. Ft. of Casino Space Greektown Casino- Penn 2,705 Slots, 75 Table Games Cl
Slide 21: 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 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: Harrah’s N.KC Harrah’s VICI Q4 2018 Supplemental Financial & Operating Data
Harrah’s N.KC Harrah’s VICI Q2 2019 Supplemental Financial & Operating Data VICI Q4 2018 Supplemental Financial & Operating Data