Vici Properties Inc. · NYSE:VICI
Vici Properties — Q1 2021 Earnings Presentation
25 slides from Vici Properties's earnings presentation, Apr 29, 2021
Slide 1: Q1 2021 Supplemental Financial & Operating Data
VICI Q1 2021 Supplemental Financial & Operating Data Oh I SUP P L EMENTAL F I NANCI AL & OP ERAT I NG DATA F I R S T Q U A R T E R E N D E D M A R C H 3 1 , 2 0 2 1 Exhibit 99.2
Slide 2: Disclaimers: Forward Looking Statements
VICI Q1 2021 Supplemental Financial & Operating Data 2 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
Slide 3: Corporate Overview
VICI Q1 2021 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 4: Table of Contents
VICI Q1 2021 Supplemental Financial & Operating Data Table of Contents Consolidated Balance Sheets 6-7 Consolidated Statements of Operations 8-9 Non‐GAAP Financial Measures 10-11 2021 Guidance 15 Properties Breakdown 18-19 Summary of Current Lease Terms 20-21 Recent Activity 22-23 Definitions of Non
Slide 5: Portfolio & Financial Overview
VICI Q1 2021 Supplemental Financial & Operating Data Three Months Ended Mar. 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 Mar. 31, 2020 Net Income (Loss) Per Share Basic $0.50 $0.54 $0.75 $0.47 ($0.05) Diluted $0.50 $0.53 $0.74 $0.47 ($0.05) Funds From Operations Per Share Basic $0.50 $0.54 $0
Slide 6: Consolidated Balance Sheets
VICI Q1 2021 Supplemental Financial & Operating Data March 31, 2021 December 31, 2020 Assets Real estate portfolio: Investments in leases - sales-type, net 13,054,135$ 13,027,644$ Investments in leases - financing receivables, net 2,628,422 2,618,562 Investments in loans, net 515,251 536,721 Land 15
Slide 7: Consolidated Balance Sheets (Quarterly)
VICI Q1 2021 Supplemental Financial & Operating Data March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 Assets Real estate portfolio: Investments in leases - sales-type and direct financing, net 13,054,135$ 13,027,644$ 13,009,966$ 10,372,656$ Investments in leases - operating — — — 1,
Slide 8: Consolidated Statements of Operations
VICI Q1 2021 Supplemental Financial & Operating Data Impact to net income related to non-cash change in allowance for credit losses - CECL 4,380$ (149,508)$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic 0.01$ (0.32)$ Diluted 0.01$ (0.32)$ 2021 2020 Revenues
Slide 9: Consolidated Statements of Operations (Quarterly)
VICI Q1 2021 Supplemental Financial & Operating Data Impact to net income (loss) related to non-cash change in allowance for credit losses - CECL 4,380$ 16,563$ (177,052)$ 65,480$ Per share impact related to non-cash change in allowance for credit losses - CECL Basic 0.01$ 0.03$ (0.33)$ 0.13$ Dilute
Slide 10: Non-GAAP Financial Measures
VICI Q1 2021 Supplemental Financial & Operating Data 2021 2020 Net income (loss) attributable to common stockholders 269,801$ (24,012)$ Real estate depreciation — — Funds From Operations (FFO) 1 269,801 (24,012) Non-cash leasing and financing adjustments (27,852) 3,267 Non-cash change in allowance f
Slide 11: Non-GAAP Financial Measures (Quarterly)
VICI Q1 2021 Supplemental Financial & Operating Data Three Months Ended March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 Net income attributable to common stockholders 269,801$ 288,010$ 398,274$ 229,402$ Real estate depreciation — — — — Funds From Operations (FFO) 1 269,801 288,010
Slide 12: Revenue Detail
VICI Q1 2021 Supplemental Financial & Operating Data 2021 2020 Contractual revenue from sales-type and direct financing leases Caesars Las Vegas Master Lease 100,652$ 63,312$ Caesars Regional Master Lease & Joliet Lease (excluding Harrah's NOLA, AC, and Laughlin) 129,040 127,133 Margaritaville Lease
Slide 13: Revenue Detail (Quarterly)
VICI Q1 2021 Supplemental Financial & Operating Data Three Months Ended March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 Contractual revenue from sales-type and direct financing leases Caesars Las Vegas Master Lease 100,652$ 100,052$ 90,181$ 63,312$ Caesars Regional Master Lease & J
Slide 14: Current Annualized Contractual Rent and Income from Mortgage Loans
VICI Q1 2021 Supplemental Financial & Operating Data Assets Per Lease Locations Annualized Rent Annualized Contractual Rent Caesars Las Vegas Master Lease 2 Las Vegas $402.6 Caesars Regional Master Lease & Joliet Lease (including Harrah's NOLA, AC, and Laughlin) 18 Regional 672.5 Margaritaville Leas
Slide 15: 2021 Guidance
VICI Q1 2021 Supplemental Financial & Operating Data 2021 Guidance The Company is reaffirming AFFO guidance for the full year 2021. The Company estimates AFFO for the year ending December 31, 2021 will be between $1,010.0 million and $1,035.0 million, or between $1.82 and $1.87 per diluted share. Th
Slide 16: Capitalization
VICI Q1 2021 Supplemental Financial & Operating Data 1. Commitment fees (0.375%-0.500% depending on leverage) on the undrawn portion of the Revolving Credit Facility are paid quarterly. 2. On April 24, 2018, VICI swapped $1.5 billion of variable rate debt at a fixed rate of 2.8297%. The interest rat
Slide 17: Portfolio Overview
VICI Q1 2021 Supplemental Financial & Operating Data Portfolio Overview 1. On March 2, 2021, VICI entered into definitive agreements to acquire from Las Vegas Sands Corp. all of the land and real estate assets associated with the Venetian Resort and Sands Expo and Convention Center (collectively, th
Slide 18: Properties Breakdown
VICI Q1 2021 Supplemental Financial & Operating Data Properties Breakdown 1. On September 3, 2020, VICI and Caesars entered into definitive agreements to sell Harrah’s Louisiana Downs for $22 million to a third party. The proceeds of the transaction shall be split ~$5.5 million to VICI and ~$16.5 mi
Slide 19: Properties Breakdown (Continued)
VICI Q1 2021 Supplemental Financial & Operating Data Properties Breakdown (Continued) Major MSAs Served Property Name Location Total Sq. Ft. (000s) Casino Sq. Ft. (000s) Meeting Sq. Ft. (000s) Slot Machines Table Games Hotel Rooms Philadelphia Caesars Atlantic City Atlantic City, NJ 3,816 113 29 2,1
Slide 20: Summary of Current Lease Terms
VICI Q1 2021 Supplemental Financial & Operating Data Summary of Current Lease Terms 1. Regional Master Lease consists of 17 Caesars properties leased from VICI and the Las Vegas Master Lease consists of Caesars Palace Las Vegas and Harrah’s Las Vegas. 2. Cash rent amounts are presented prior to acco
Slide 21: Summary of Current Lease Terms (Continued)
VICI Q1 2021 Supplemental Financial & Operating Data Summary of Current Lease Terms (Continued) Hard Rock Cincinnati Lease Century Master Lease JACK Cleveland / Thistledown Master Lease1 Tenant Hard Rock Entertainment Century Casinos JACK Entertainment Current Annual Cash Rent $43.4 Million $25.3 Mi
Slide 22: Recently Announced Transaction Activity
VICI Q1 2021 Supplemental Financial & Operating Data Recently Announced Transaction Activity 1. On March 2, 2021, VICI entered into definitive agreements to acquire from Las Vegas Sands Corp. all of the land and real estate assets associated with the Venetian Resort for $4.0 billion in cash. An affi
Slide 23: Investment & Capital Markets Activities
VICI Q1 2021 Supplemental Financial & Operating Data Investment & Capital Markets Activities ($ in millions) Recently Completed Transactions Financing Activities Property / Loan Announcement Date Closing Date Rent / Income Multiple / Cap Rate / Yield Price / Proceeds / Loan Size Tenant / Borrower Un
Slide 24: Embedded Growth Pipeline
VICI Q1 2021 Supplemental Financial & Operating Data Embedded Growth Pipeline Location / Jurisdiction LV Strip LV Strip LV Strip LV Strip LV Strip Anderson, IN Shelbyville, IN LV Strip Baltimore, MD New York, NY Danville, VA Casino Space Sq.Ft. 68,400 72,300 95,300 64,500 32,900 55,300 105,100 -- 12
Slide 25: Definitions of Non-GAAP Financial Measures
VICI Q1 2021 Supplemental Financial & Operating Data 25 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 Associa