Vici Properties Inc. · NYSE:VICI
Vici Properties — Q4 2018 Earnings Presentation
23 slides from Vici Properties's earnings presentation, Feb 14, 2019
Slide 1: Supplemental Financial & Operating Data Fourth Quarter Ended December 31, 2018
Exhibit 99.2 SUPPLEMENTAL FINANCIAL & OPERATING 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 , 2018
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 Overview1 (amounts in thousands, except per share data and portfolio and property data) Portfolio Data Tenant MSA Diversity3 Properties 22 Golf Courses 4 Omaha Memphis New Orleans Developable Las Vegas Strip Land (acres) 34 Nashville 4% 3% 3% States 10 1% MSAs 11 Kansas City 4%
Slide 6: Consolidated Balance Sheets - Annual
Consolidated Balance Sheets - Annual (amounts in thousands, except share and per share data) December 31, 2018 December 31, 2017 Assets Real estate portfolio: Investments in direct financing leases, net $ 8,916,047 $ 8,268,643 Investments in operating leases 1,086,658 1,110,400 Land 95,789 73,600 Pr
Slide 7: Consolidated Balance Sheets - Quarterly
Consolidated Balance Sheets – Quarterly (amounts in thousands, except share and per share data) December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Assets Real estate portfolio: Investments in direct financing leases, net $ 8,916,047 $ 8,815,557 $ 8,294,753 $ 8,281,557 Investments in o
Slide 8: Consolidated Statements of Operations - Annual
Consolidated Statements of Operations - Annual (amounts in thousands, except share and per share data) Period from Year Ended October 6, 2017 to December 31, 2018 December 31, 20171 Revenues Income from direct financing leases $ 741,564 $ 150,171 Income from operating leases 47,972 11,529 Tenant rei
Slide 9: Consolidated Statements of Operations - Quarterly
Consolidated Statements of Operations - Quarterly (amounts in thousands, except share and per share data) Three Months Ended December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Revenues Income from direct financing leases $ 187,271 $ 189,938 $ 182,319 $ 182,036 Income from operating le
Slide 10: Revenue Breakdown - Annual
Revenue Breakdown - Annual (amounts in thousands, except share and per share data) Period from Year Ended October 6, 2017 to December 31, 2018 December 31, 20171 Caesars leases CPLV lease CPLV leasing revenue Contractual leasing revenues $ 118,319 $ 27,503 Income from operating leases 47,972 11,529
Slide 11: Revenue Breakdown - Quarterly
Revenue Breakdown - Quarterly (amounts in thousands, except share and per share data) Three Months Ended December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Caesars leases CPLV lease CPLV Lease Contractual leasing revenues $ 31,196 $ 29,041 $ 29,041 $ 29,041 Income from operating lease
Slide 12: Non-GAAP Financial Measures - Annual
Non‐GAAP Financial Measures – Annual (amounts in thousands, except share and per share data) Period from Year Ended October 6, 2017 to December 31, 2018 December 31, 20171 Net income attributable to common stockholders $ 523,619 $ 42,662 Real estate depreciation - - Funds From Operations (FFO)2 523,
Slide 13: Non-GAAP Financial Measures - Quarterly
Non‐GAAP Financial Measures – Quarterly (amounts in thousands, except share and per share data) Three Months Ended December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Net income attributable to common stockholders $ 142,541 $ 129,912 $ 139,044 $ 112,122 Real estate depreciation - - - -
Slide 14: 2019 Guidance
2019 Guidance The Company is providing estimated net income and AFFO per share guidance, for the full year 2019. The Company estimates that net income attributable to common stockholders will be between $1.45 and $1.48 per diluted share and that AFFO per share will be between $1.47 and $1.50 per dil
Slide 15: Capitalization
Capitalization1 ($ amounts in thousands, except share and per share data) % of Maturity Interest Interest Balance as of Total Prepayment Years to Debt Date2 Rate Frequency Credit Rating December 31, 2018 Debt Option Maturity VICI PropCo Senior Secured Credit Facilities Senior Secured Revolving Credi
Slide 16: Property Overview
Property Overview COUNCIL BLUFFS METROPOLIS DETROIT JOLIET / HAMMOND Harrah’s Horseshoe Harrah’s Greektown1 Harrah’s Horseshoe Council Council Metropolis Joliet Hammond Bluffs Bluffs N. KANSAS CITY PHILADELPHIA Harrah’s Harrah’s N. Kansas Philadelphia City LAKE TAHOE / RENO ATLANTIC CITY Harrah’s De
Slide 17: Properties Breakdown
Properties Breakdown Total Sq. Ft. Casino Sq. Ft. Meeting Sq. Ft. Slot/ Major MSAs Served Property Name Location (000s) (000s) (000s) Table Games Hotel Rooms Caesars Palace Las Vegas Las Vegas, NV 8,579 124 300 1,600 3,970 Las Vegas Harrah's Las Vegas Las Vegas, NV 4,100 89 24 1,310 2,540 Harvey's L
Slide 18: Summary of Current Lease Terms
Summary of Current Lease Terms Non-CPLV & Joliet Margaritaville Bossier Caesars Palace Las Vegas2 Harrah’s Las Vegas (2 Leases)1 City Initial Cash $486 Million $200 Million $87.4 Million $23.2 million Rent Annual 1.5% in years 2-5 >2% / change in CPI beginning 1% per year for years 2 – 5 and 2% for
Slide 19: Recent Activity
Recent Activity $mm; (unaudited) Pending Transactions Announcement Multiple / Property Status Rent Value Tenant Property Details Property Images Date Cap Rate Greektown Casino- November 14, Expected $55.6 12.6x / 7.9% $700.0 Penn ~100K Sq. Ft. of Casino Space Hotel 2018 Close National 2,705 Slots, 7
Slide 20: Call Option Properties
Call Option Properties 5‐year Call Option Until October 2022 to Acquire Three Properties at a 10% Cap Rate1 with $130mm of Total Rent as of June 20162 Harrah's Atlantic City Harrah's Laughlin Harrah's New Orleans • Integrated hotel and resort located in the Marina • Integrated hotel and resort locat
Slide 21: Right of First Refusal / Put-Call Assets
Right of First Refusal / Put‐Call Assets As part of the acquisition of Harrah's Las Vegas, VICI sold undeveloped land to Caesars and acquired a ROFR on the Centaur Gaming Real Estate Centaur Real Estate Caesars Forum Convention Center • On July 16, 2018 Caesars completed the acquisition of Centaur H
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: VICI Q4 2018 Supplemental Financial & Operating Data
VICI Q4 2018 Supplemental Financial & Operating Data