Vici Properties Inc. · NYSE:VICI
Vici Properties — Q1 2020 Earnings Presentation
24 slides from Vici Properties's earnings presentation, Apr 30, 2020
Slide 1: Supplemental Financial & Operating Data, First Quarter Ended March 31, 2020
Exhibit 99.2 SUPPLEMENTAL FINANCIAL & OPERATING DATA F I R S T Q U A R T E R ENDE D M A R C H 3 1 , 2020
Slide 2: Disclaimers
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 6-7 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 Tenant MSA Diversity (% of SF) Three Months Ended Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31, 2020 2019 2019 2019 2019 Net (Loss) Income Per Share Las Vegas 29% Omaha 3%
Slide 6: Consolidated Balance Sheets
Consolidated Balance Sheets (amounts in thousands, except share and per share data) March 31, 2020 December 31, 2019 Assets Real estate portfolio: Investments in leases - direct financing and sales-type, net $ 10,330,728 $ 10,734,245 Investments in leases - operating 1,086,658 1,086,658 Investments
Slide 7: Consolidated Balance Sheets – Quarterly
Consolidated Balance Sheets – Quarterly (amounts in thousands, except share and per share data) March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019 Assets Real estate portfolio: Investments in leases - direct financing and sales-type, net $ 10,330,728 $ 10,734,245 $ 10,455,900 $ 9,897,
Slide 8: Consolidated Statements of Operations
Consolidated Statements of Operations (amounts in thousands, except share and per share data) Three Months Ended March 31, 2020 2019 Revenues Income from direct financing and sales-type leases $ 224,252 $ 195,750 Income from operating leases 10,913 10,913 Income from lease financing receivables and
Slide 9: Consolidated Statements of Operations – Quarterly
Consolidated Statements of Operations – Quarterly (amounts in thousands, except share and per share data) Three Months Ended March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019 Revenues Income from direct financing and sales-type leases $ 224,252 $ 218,905 $ 206,001 $ 201,549 Income fr
Slide 10: Revenue Breakdown
Revenue Breakdown (amounts in thousands, except share and per share data) Three Months Ended March 31, 2020 2019 Contractual leasing revenues (cash rent) Caesars Palace Las Vegas $ 41,023 $ 40,176 Caesars Palace Las Vegas, classified as operating lease revenue 10,913 10,913 Non-CPLV & Joliet 1 127,1
Slide 11: Revenue Breakdown – Quarterly
Revenue Breakdown – Quarterly (amounts in thousands, except share and per share data) Three Months Ended March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019 Contractual leasing revenues (cash rent) Caesars Palace Las Vegas $ 41,023 $ 40,741 $ 40,176 $ 40,176 Caesars Palace Las Vegas, c
Slide 12: Non-GAAP Financial Measures
Non‐GAAP Financial Measures (amounts in thousands, except share and per share data) Three Months Ended March 31, 2020 2019 Net (loss) income attributable to common stockholders $ (24,012) $ 150,849 Real estate depreciation — — Funds From Operations (FFO)1 (24,012) 150,849 Non-cash leasing and financ
Slide 13: Non-GAAP Financial Measures – Quarterly
Non‐GAAP Financial Measures – Quarterly (amounts in thousands, except share and per share data) Three Months Ended March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019 Net (loss) income attributable to common stockholders $ (24,012) $ 98,631 $ 144,435 $ 152,049 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 March 31, 2020 Total Option Maturity VICI PropCo Senior Secured Credit Facilities Revolving Credit Facil
Slide 15: 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 CURRENT PORTFOLIO Bossier
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 1,716 108 -- 2,220 150 -- 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 Philadelphia Bally's Atlantic City1 Atlantic City, NJ
Slide 18: 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 19: 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 Annual $23.5 Million $55.6 Million $42.8 Million $25.0 Million $65.9 Million Cash Rent Current Lease Feb. 1, 2020 – Jan. 31, 202
Slide 20: Recently Announced Transaction Activity
Recently Announced Transaction Activity $ in millions Pending Acquisitions Announcement Purchase Price / Property Status Rent Multiple / Cap Rate Tenant Date Sale Proceeds Harrah’s New Orleans1 (New Orleans, LA) Harrah’s Atlantic City1 Expected Close Combined Eldorado/ 6/24/2019 $154.0 11.8x / 8.4%
Slide 21: 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 22: 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 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 Q1 2020 Supplemental Financial & Operating Data VICI Q4 2018 Supplemental Financial & Operating Data