Vici Properties Inc. · NYSE:VICI
Vici Properties — Q4 2019 Earnings Presentation
26 slides from Vici Properties's earnings presentation, Feb 20, 2020
Slide 1: Supplemental Financial & Operating Data Fourth Quarter Ended December 31, 2019
Exhibit 99.2 SUPPLEMENTAL FINANCIAL & OPERATING DATA F O U R T H Q U A R T E R ENDE D DECEMBER 31 , 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 2019 Highlights 5 Portfolio & Financial Overview 6 Consolidated Balance Sheets 7-8 Consolidated Statements of Operations 9-10 Revenue Breakdown 11-12 Non‐GAAP Financial Measures 13-14 2020 Guidance 15 Capitalization 16 Property Overview 17 Properties Breakdown 18-19 Summary of Curr
Slide 5: 2019 Highlights
2019 Highlights $4.9 billion +45.2% $2.6 billion 100% Announced $4.9 billion in acquisitions Increased Enterprise Raised total equity Same-store occupancy across Value to $15.5 billion on proceeds of $2.6 billion our properties at 12/31/2019 12/31/2019 compared to by executing the largest 100% $10.7
Slide 6: Portfolio & Financial Overview
Portfolio & Financial Overview (amounts in thousands, except per share data and portfolio and property data) Portfolio Data Tenant MSA Diversity (% of SF)1 Properties1 28 Golf Courses 4 Developable Las Vegas Strip Land (acres) 34 Las Vegas 29% Omaha 3% States1 12 MSAs1 16 Philadelphia 19% Memphis 3%
Slide 7: Consolidated Balance Sheets
Consolidated Balance Sheets (amounts in thousands, except share and per share data) December 31, 2019 December 31, 2018 Assets Real estate portfolio: Investments in direct financing and sales-type leases, net $ 10,734,245 $ 8,916,047 Investments in operating leases 1,086,658 1,086,658 Land 94,711 95
Slide 8: Consolidated Balance Sheets – Quarterly
Consolidated Balance Sheets – Quarterly (amounts in thousands, except share and per share data) December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 Assets Real estate portfolio: Investments in direct financing and sales-type leases, net $ 10,734,245 $ 10,455,900 $ 9,897,031 $ 9,186,144
Slide 9: Consolidated Statements of Operations
Consolidated Statements of Operations (amounts in thousands, except share and per share data) Three Months Ended December 31, Year Ended December 31, 2019 2018 2019 2018 Revenues Income from direct financing and sales-type leases $ 218,905 $ 187,271 $ 822,205 $ 741,564 Income from operating leases 1
Slide 10: Consolidated Statements of Operations – Quarterly
Consolidated Statements of Operations – Quarterly (amounts in thousands, except share and per share data) Three Months Ended December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 Revenues Income from direct financing and sales-type leases $ 218,905 $ 206,001 $ 201,549 $ 195,750 Income fr
Slide 11: Revenue Breakdown
Revenue Breakdown (amounts in thousands, except share and per share data) Three Months Ended December 31, Year Ended December 31, 2019 2018 2019 2018 Contractual leasing revenues (cash rent) Caesars Palace Las Vegas $ 40,741 $ 39,383 $ 161,269 $ 134,315 Caesars Palace Las Vegas, classified as operat
Slide 12: Revenue Breakdown – Quarterly
Revenue Breakdown – Quarterly (amounts in thousands, except share and per share data) Three Months Ended December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 Contractual leasing revenues (cash rent) Caesars Palace Las Vegas $ 40,741 $ 40,176 $ 40,176 $ 40,176 Caesars Palace Las Vegas, c
Slide 13: Non-GAAP Financial Measures
Non‐GAAP Financial Measures (amounts in thousands, except share and per share data) Three Months Ended December 31, Year Ended December 31, 2019 2018 2019 2018 Net income attributable to common stockholders $ 98,631 $ 142,541 $ 545,964 $ 523,619 Real estate depreciation — — — — Funds From Operations
Slide 14: Non-GAAP Financial Measures – Quarterly
Non‐GAAP Financial Measures – Quarterly (amounts in thousands, except share and per share data) Three Months Ended December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 Net income attributable to common stockholders $ 98,631 $ 144,435 $ 152,049 $ 150,849 Real estate depreciation — — — —
Slide 15: 2020 Guidance
2020 Guidance The Company is providing estimated net income, FFO and AFFO guidance for the full year 2020. The Company estimates that net income attributable to common stockholders for the year ending December 31, 2020 will be between $631.0 million and $653.0 million, or between $1.30 and $1.35 per
Slide 16: Capitalization
Capitalization1 ($ amounts in thousands, except share and per share data) Balance as of % of Maturity Interest Interest Credit Rating December 31, Total Prepayment Years to Debt Date Rate Frequency Moody’s/S&P/Fitch 2019 Debt Option Maturity VICI PropCo Senior Secured Credit Facilities Revolving Cre
Slide 17: 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 18: 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 Cincinnati Hard Roc
Slide 19: 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 Philadelphia Bally's Atlantic City Atlantic City, NJ
Slide 20: Summary of Current Lease Terms
Summary of Current Lease Terms Non-CPLV & Joliet Regional Master Lease Caesars Palace Las Vegas Harrah’s Las Vegas2 (2 Leases)1,2 & Joliet Lease3 Las Vegas2 Master Lease3 Properties 18 Non-CPLV Properties & 18 Non-CPLV Properties, Harrah’s CPLV HLV CPLV and HLV Subject to Lease Harrah’s Joliet Jolie
Slide 21: Summary of Current Lease Terms (Continued)
Summary of Current Lease Terms (Continued) JACK Cleveland Margaritaville Bossier City Greektown Hard Rock Cincinnati Century Master Lease /Thistledown Master Lease Current Cash $23.5 Million $55.6 Million $42.8 Million $25.0 Million $65.9 Million Rent Current Lease Feb. 1, 2020 – Jan. 31, 2021 May 2
Slide 22: Recently Announced Acquisition Activity
Recently Announced Acquisition Activity $ in millions Pending Transactions Announcement Multiple / Purchase Property Property Status Rent Tenant Property Details Date Cap Rate Price Images Combined ~125,100 Sq. Ft. of Casino Space Harrah’s New Orleans1 Eldorado/ 1,460 Slot Machines, 170 Tables (New
Slide 23: Recently Completed Acquisition & Capital Markets Activity
Recently Completed Acquisition & Capital Markets Activity $ in millions Completed Transactions Announcement Property Status Rent Multiple / Cap Rate Purchase Price Tenant Date JACK Cleveland Casino (Cleveland, OH) Closed 10/28/2019 $65.9 12.8x / 7.8% $843.3 JACK Entertainment JACK Thistledown Racino
Slide 24: 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 25: 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 26: Harrah’s N.KC Harrah’s VICI Q4 2018 Supplemental Financial & Operating Data
Harrah’s N.KC Harrah’s VICI Q4 2019 Supplemental Financial & Operating Data VICI Q4 2018 Supplemental Financial & Operating Data