Vici Properties Inc. · NYSE:VICI
Vici Properties — Q2 2018 Earnings Presentation
19 slides from Vici Properties's earnings presentation, Aug 2, 2018
Slide 1: Supplemental Financial & Operating Data, Second Quarter Ended June 30, 2018
SUPPLEMENTAL FINANCIAL & OPERATING DATA SEC O ND Q U AR TER ENDED JU NE 30, 2018 Exhibit 99.2
Slide 2: Forward Looking Statements
VICI Q2 2018 Supplemental Financial & Operating Data 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 the Company’s current plans, expectations and projections about future even
Slide 3: Disclaimers (cont.)
VICI Q2 2018 Supplemental Financial & Operating Data Disclaimers (cont.) 0 32 96 0 96 199 0 187 167 112 173 71 72 73 79 162 35 45 244 242 241 194 209 216 Caesars Information The Company makes no representation as to the accuracy or completeness of the information regarding Caesars included in this p
Slide 4: Definitions
VICI Q2 2018 Supplemental Financial & Operating Data Definitions Non‐GAAP Financial Measures This presentation includes reference to Funds From Operations (“FFO”), FFO per share, Adjusted Funds From Operations (“AFFO”), AFFO per share, and Adjusted EBITDA, which are not required by, or presented in
Slide 5: Corporate Overview
VICI Q2 2018 Supplemental Financial & Operating Data Corporate Overview About VICI Properties (NYSE: VICI) Senior Management Edward Pitoniak John Payne David Kieske Samantha Gallagher Gabriel Wasserman Chief Executive Officer & Director President & Chief Operating Officer EVP, Chief Financial Office
Slide 6: Table of Contents
Table of Contents VICI Q2 2018 Supplemental Financial & Operating Data Page 7 Portfolio & Financial Overview Consolidated Balance Sheets 8 Consolidated Statements of Operations 9 Revenue Breakdown 10 Non‐GAAP Financial Measures 11 2018 Guidance 12 Capitalization 13 Properties Overview 14 Properties
Slide 7: Portfolio & Financial Overview
Three Months Ended June 30, 2018 March 31, 2018 Net Income Per Share (Basic & Diluted) $0.38 $0.33 Funds From Operations Per Share (FFO) (Basic & Diluted)6 $0.38 $0.33 Adjusted Funds from Operations Per Share (AFFO) (Basic & Diluted)6 $0.35 $0.36 Adjusted EBITDA6 $175,446 $174,781 Annualized Dividen
Slide 8: Consolidated Balance Sheets
VICI Q2 2018 Supplemental Financial & Operating Data Consolidated Balance Sheets (unaudited; amounts in thousands, except share and per share data)
Slide 9: Consolidated Statements of Operations
VICI Q2 2018 Supplemental Financial & Operating Data Consolidated Statements of Operations (unaudited; amounts in thousands, except share and per share data)
Slide 10: Revenue Breakdown
VICI Q2 2018 Supplemental Financial & Operating Data Revenue Breakdown (unaudited; amounts in thousands)
Slide 11: Non-GAAP Financial Measures
VICI Q2 2018 Supplemental Financial & Operating Data Non‐GAAP Financial Measures (unaudited; amounts in thousands, except share and per share data) Net income per common share Basic and diluted 0.38 $ 0.33 $ FFO per common share Basic and diluted 0.38 $ 0.33 $ AFFO per common share Basic and diluted
Slide 12: 2018 Guidance
VICI Q2 2018 Supplemental Financial & Operating Data 2018 Guidance (unaudited) The Company is increasing its estimated net income and AFFO per share guidance for the full year 2018 to reflect the completion of the Octavius Tower acquisition. The Company estimates that net income attributable to comm
Slide 13: Capitalization
Notes As of June 30, 2018. The Term Loan B Facility requires scheduled quarterly payments in amounts equal to 0.25% of the original principal amount adjusted for prepayments as defined in the Credit Agreement dated December 22, 2017. The Term Loan B Facility will mature on December 22, 2024 or the d
Slide 14: Properties Overview
Harrah’s Reno Harvey’s Lake Tahoe Harrah’s Lake Tahoe Harrah’s Las Vegas Caesars Palace Las Vegas Bally’s Atlantic City Caesars Atlantic City Harrah’s Council Bluffs Horseshoe Council Bluffs Harrah’s Metropolis Horseshoe Southern Indiana North Kansas City Tunica Resorts / Robinsonville Bossier City
Slide 15: Properties Breakdown
VICI Q2 2018 Supplemental Financial & Operating Data Properties Breakdown Major MSAs Served Property Name Location Total Sq. Ft. (000s) Casino Sq. Ft. (000s) Meeting Sq. Ft. (000s) Slot/ Table Games Hotel Rooms Las Vegas Caesars Palace Las Vegas Las Vegas, NV 8,579 124,181 300,000 1,400 3,980 Harrah
Slide 16: Summary of Current Lease Terms
VICI Q2 2018 Supplemental Financial & Operating Data Summary of Current Lease Terms Non-CPLV & Joliet (2 Leases) 1 Caesars Palace Las Vegas 2 Harrah’s Las Vegas Initial Base Rent $465 Million $165 Million $87 Million Annual Escalator Greater of 2% or change in CPI beginning in year 6 Greater of 2% o
Slide 17: Recent Activity
VICI Q2 2018 Supplemental Financial & Operating Data Recent Activity Notes On May 9, 2018, the Company announced that it entered into a non-binding letter of intent (“LOI”) with Caesars Entertainment Corporation regarding various strategic transactions. On July 11, 2018, subsequent to the end of the
Slide 18: Call Option Properties
VICI Q2 2018 Supplemental Financial & Operating Data Call Option Properties Notes Term extends until October 6, 2022. Under the Call Right Agreements, rent equates to 60% of the trailing Property EBITDAR at the time of exercise. The Purchase Price is set at 10.0x rent. Source: Caesars Entertainment
Slide 19: Right of First Refusal / Put-Call Assets
VICI Q2 2018 Supplemental Financial & Operating Data Right of First Refusal / Put‐Call Assets Notes Source: Caesars Investor / Lender Call Presentation from 8‐K filed December 1, 2017. Implied cap rate on 13.0x purchase multiple. Rent expected to be $35.4 million subject to a 1.75x LTM combined HLV