Vici Properties Inc. · NYSE:VICI
Vici Properties — Q3 2018 Earnings Presentation
20 slides from Vici Properties's earnings presentation, Nov 1, 2018
Slide 1: Supplemental Financial & Operating Data, Third Quarter Ended September 30, 2018
Exhibit 99.2 SUPPLEMENTA L FINANCIAL & OPERATING DATA T H I R D Q U A R T E R E N D E D S E P T E M B E R 30, 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 Consolidated Statements of Operations 7 Revenue Breakdown 8 Non‐GAAP Financial Measures 9 2018 Guidance 10 Capitalization 11 Property Overview 12 Properties Breakdown 13 Summary of Current Lease Terms 14 Lease Modificat
Slide 5: Portfolio & Financial Overview
Portfolio & Financial Overview1 (unaudited; amounts in thousands, except per share data and portfolio and property data) Portfolio Data Tenant MSA Diversity3 Properties 20 Golf Courses 4 Developable Las Vegas Strip Land (acres) 34 Omaha Memphis New Orleans Nashville States 9 4% 3% 3% 1% MSAs 11 Kans
Slide 6: Consolidated Balance Sheets
Consolidated Balance Sheets (unaudited; amounts in thousands, except share and per share data) September 30, 2018 December 31, 2017 Assets Real estate portfolio: Investments in direct financing leases, net $ 8,815,557 $ 8,268,643 Investments in operating leases 1,075,691 1,110,400 Land 95,789 73,600
Slide 7: Consolidated Statements of Operations
Consolidated Statements of Operations (unaudited; amounts in thousands, except share and per share data) Three Months Ended September 30, 2018 June 30, 2018 Revenues Income from direct financing leases $ 189,938 $ 182,319 Income from operating leases 12,209 12,209 Tenant reimbursement of property ta
Slide 8: Revenue Breakdown
Revenue Breakdown (unaudited; amounts in thousands) Three Months Ended September 30, 2018 June 30, 2018 Caesars leases CPLV lease Contractual leasing revenues $ 29,041 $ 29,041 Income from operating leases 12,209 12,209 Direct financing lease adjustment (non-cash)1 5,492 5,417 CPLV leasing revenue $
Slide 9: Non-GAAP Financial Measures
Non‐GAAP Financial Measures (unaudited; amounts in thousands, except share and per share data) Three Months Ended September 30, 2018 June 30, 2018 Net income attributable to common stockholders $ 129,912 $ 139,044 Real estate depreciation - - Funds From Operations (FFO) 129,912 139,044 Direct financ
Slide 10: 2018 Guidance
2018 Guidance The Company is updating its estimated net income per share guidance to reflect the non-cash loss on impairment which occurred in the current quarter and is reaffirming its AFFO per share guidance, for the full year 2018. The Company estimates that net income attributable to common stoc
Slide 11: Capitalization
Capitalization1 ($ amounts in thousands, except share and per share data) % of Maturity Interest Interest Balance as of Total Prepayment Years to Debt Description Date2 Rate Frequency Credit Rating September 30, 2018 Debt Option Maturity VICI PropCo Senior Secured Credit Facilities Senior Secured Re
Slide 12: Property Overview
Property Overview N. KANSAS CITY COUNCIL BLUFFS METROPOLIS JOLIET / HAMMOND PHILADELPHIA Harrah’s Harrah’s Horseshoe Harrah’s Harrah’s Horseshoe Harrah’s N. Kansas Council Council Metropolis Joliet Hammond Philadelphia3 City Bluffs Bluffs ATLANTIC CITY LAKE TAHOE / RENO Bally’s Harrah’s Atlantic Cit
Slide 13: Properties Breakdown
Properties Breakdown Meeting Sq. Ft. Slot/ Major MSAs Served Property Name Location Total Sq. Ft. (000s) Casino Sq. Ft. (000s) (000s) Table Games Hotel Rooms Caesars Palace Las Vegas Las Vegas, NV 8,579 124,181 300,000 1,400 3,980 Las Vegas Harrah's Las Vegas Las Vegas, NV 4,100 90,600 24,000 1,210
Slide 14: Summary of Current Lease Terms
Summary of Current Lease Terms1 Non-CPLV & Joliet (2 Leases) Caesars Palace Las Vegas3 Harrah’s Las Vegas Initial Base Rent $465 Million2 $165 Million $87 Million Greater of 2% or change in CPI beginning Greater of 2% or change in CPI beginning Greater of 1% per year for years 2 – 5 and Annual Escal
Slide 15: Lease Modifications
Lease Modifications Lease Modifications Entered Into With Caesars In Connection With Octavius Tower and Pending Harrah’s Philadelphia1 Acquisitions Provide Long-Term Stability Anticipated Term Strategic Rationale Non-CPLV Master Lease Annual • 1.5% rent escalators beginning in year 2 ✓ Annual escala
Slide 16: Recent Activity
Recent Activity $mm; (unaudited) Completed / Pending Transactions Rent / Multiple / Property Date Status Value Tenant Property Details Property Images Coverage Cap Rate Margaritaville June 19, 2018 Expected Close $23.2 / 1.9x 11.3x / 8.9% $261.1 Penn 26.5K Sq. Ft. of Casino Space Resort Casino Q4’18
Slide 17: Call Option Properties
Call Option Properties VICI has a 5‐year1 call option from spin‐off to acquire three properties at a 10% cap rate2 with $130mm of total rent as of June 20163 Harrah's Atlantic City Harrah's Laughlin Harrah's New Orleans • Integrated hotel and resort located in the Marina • Integrated hotel and resor
Slide 18: 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 19: 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 20: BALLY:
BALLY: