Vici Properties Inc. · NYSE:VICI
Vici Properties — Q3 2020 Earnings Presentation
24 slides from Vici Properties's earnings presentation, Oct 28, 2020
Slide 1: Supplemental Financial & Operating Data, Third Quarter Ended September 30, 2020
Exhibit 99.2 SUPPLEMENTAL FINANCIAL & OPERATING DATA T H I R D Q U A R T E R ENDE D SEPTEMBER 30 , 2020
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: About VICI Properties
Corporate Overview About VICI Properties (NYSE: VICI) Covering Equity Analysts VICI Properties Inc. (“VICI Properties” or the “Company”) is an experiential real Firm Analyst Phone Email estate investment trust that owns one of the largest portfolios of market-leading Barclays Felicia Hendrix (212) 5
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 Capitalization 14 Property Overview 15 Properties Breakdown 16-17 Summary of Current Lease Terms 18-19 Recent Activit
Slide 5: Portfolio & Financial Overview
Portfolio & Financial Overview (amounts in thousands, except per share data and portfolio and property data) Financial Highlights Portfolio Data Three Months Ended Properties 29 Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, Golf Courses 4 2020 2020 2020 2019 2019 Developable Las Vegas Strip Land (acr
Slide 6: Consolidated Balance Sheets
Consolidated Balance Sheets (amounts in thousands, except share and per share data) September 30, 2020 December 31, 2019 Assets Real estate portfolio: Investments in leases - sales-type and direct financing, net $ 13,009,966 $ 10,734,245 Investments in leases - operating — 1,086,658 Investments in l
Slide 7: Consolidated Balance Sheets – Quarterly
Consolidated Balance Sheets – Quarterly (amounts in thousands, except share and per share data) September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019 Assets Real estate portfolio: Investments in leases - sales-type and direct financing, net $ 13,009,966 $ 10,372,656 $ 10,330,728 $ 10,734
Slide 8: Consolidated Statements of Operations
Consolidated Statements of Operations (amounts in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenues Income from sales-type and direct financing leases $ 270,274 $ 206,001 $ 718,421 $ 603,300 Income from operating
Slide 9: Consolidated Statements of Operations – Quarterly
Consolidated Statements of Operations – Quarterly (amounts in thousands, except share and per share data) Three Months Ended September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019 Revenues Income from sales-type and direct financing leases $ 270,274 $ 223,895 $ 224,252 $ 218,905 Income fr
Slide 10: Revenue Breakdown
Revenue Breakdown (amounts in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Contractual leasing revenues (cash rent) Caesars Las Vegas Master Lease 1 $ 93,819 $ 73,158 $ 242,269 $ 219,474 Caesars Regional Master Lease
Slide 11: Revenue Breakdown – Quarterly
Revenue Breakdown – Quarterly (amounts in thousands, except share and per share data) Three Months Ended September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019 Contractual leasing revenues (cash rent) Caesars Las Vegas Master Lease 1 $ 93,819 $ 74,225 $ 74,225 $ 73,722 Caesars Regional Ma
Slide 12: Non-GAAP Financial Measures
Non‐GAAP Financial Measures (amounts in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income attributable to common stockholders $ 398,274 $ 144,435 $ 603,664 $ 447,333 Real estate depreciation — — — — Funds From
Slide 13: Non-GAAP Financial Measures – Quarterly
Non‐GAAP Financial Measures – Quarterly (amounts in thousands, except share and per share data) Three Months Ended September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019 Net income (loss) attributable to common stockholders $ 398,274 $ 229,402 $ (24,012) $ 98,631 Real estate depreciation
Slide 14: Capitalization
Capitalization ($ amounts in thousands, except share and per share data) Maturity Interest Interest Credit Rating Balance as of % of Prepayment Years to Debt Date Rate Frequency Moody’s/S&P/Fitch September 30, 2020 Total Option Maturity VICI PropCo Senior Secured Credit Facilities Revolving Credit F
Slide 15: Property Overview
Property Overview Caesars Palace Las Vegas Harrah’s Lake Tahoe Detroit Lake Tahoe 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 Cincinnat
Slide 16: 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 1,716 117 -- 2,140 150 -- Chicago Harrah's Joliet Joliet, IL 1,011 39 6 1,090 40 200 Cincinnati Hard Roc
Slide 17: 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 Bally's Atlantic City1 Atlantic City, NJ 2,547 127 64
Slide 18: Summary of Current Lease Terms
Summary of Current Lease Terms Regional Master Lease and Las Vegas Master Lease1 Margaritaville Bossier City Lease Greektown Lease Joliet Lease1 Tenant Caesars Entertainment Caesars Entertainment Penn National Gaming Penn National Gaming Current Annual 2 $23.5 Million $55.6 Million Cash Rent $662.5
Slide 19: Summary of Current Lease Terms (Continued)
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 $43.4 Million $25.0 Million $65.9 Million1 Cash Rent Current Oct. 1, 2020 – Sept. 30,
Slide 20: Recently Announced Transaction Activity
Recently Announced Transaction Activity ($ in millions) Pending Dispositions Announcement Property Date Status Rent Yield Proceeds Tenant No Change to Bally’s Atlantic City1 Expected Rent under 4/24/2020 N/A ~$19.0 N/A (Atlantic City, NJ) Q4 2020 Regional Master Lease No Change to Harrah’s Louisiana
Slide 21: Completed Transactions & Capital Markets Activity
Completed Transactions & Capital Markets Activity ($ in millions) Completed Transactions Announcement Rent / Multiple / Cap Rate Price / Proceeds / Property / Loan Date Closing Date Income / Yield Loan Size Tenant / Borrower Chelsea Piers New York - 8/31/2020 $4.6 7.0% $65.01 Chelsea Piers Caesars F
Slide 22: Embedded Growth Pipeline
Embedded Growth Pipeline Two Las Vegas Strip ROFRs Baltimore Chelsea Piers Put / Call Agreements First Asset ROFR1 New York Second Asset Location / LV Strip LV Strip LV Strip LV Strip LV Strip Anderson, IN Shelbyville,IN LV Strip Baltimore, MD New York, NY Jurisdiction Casino Space 68,400 72,300 95,
Slide 23: 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 24: VICI Q4 2018 Supplemental Financial & Operating Data
VICI Q3 2020 Supplemental Financial & Operating Data VICI Q4 2018 Supplemental Financial & Operating Data