– Reports Second Quarter Net Income of $0.37
per Diluted Share –
– Updates Guidance for Full Year 2019 –
VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the
“Company”), an experiential real estate investment trust, today
reported results for the quarter ended June 30, 2019.
Second Quarter 2019 Financial Results Summary
- Total revenues were $220.7 million for the quarter ended June
30, 2019, compared to $221.0 million for the quarter ended June 30,
2018. The quarter ended June 30, 2018 included $18.9 million
associated with tenant reimbursement of property taxes no longer
recorded as revenue1. Excluding the impact of tenant reimbursement
of property taxes, total revenues for the quarter ended June 30,
2019 increased 9.3% compared to the quarter ended June 30,
2018.
- Leasing revenues were $212.5 million for the quarter ended June
30, 2019, representing a 9.2% increase compared to $194.5 million
for the quarter ended June 30, 2018.
- Net income attributable to common stockholders was $152.0
million, or $0.37 per diluted share, for the quarter ended June 30,
2019, compared to $139.0 million, or $0.38 per diluted share, for
the quarter ended June 30, 2018.
- NAREIT-defined Funds From Operations (“FFO”) attributable to
common stockholders was $152.0 million, or $0.37 per diluted share,
for the quarter ended June 30, 2019, compared to $139.0 million, or
$0.38 per diluted share, for the quarter ended June 30, 2018.
- Adjusted Funds From Operations (“AFFO”) attributable to common
stockholders was $156.8 million, or $0.38 per diluted share, for
the quarter ended June 30, 2019, compared to $128.8 million, or
$0.35 per diluted share for the quarter ended June 30, 2018.
Second Quarter 2019 Acquisitions and Portfolio
Activity
On April 5, 2019, we entered into definitive agreements to
acquire the land and real estate assets of JACK Cincinnati Casino
(“JACK Cincinnati Casino”), located in Cincinnati, Ohio from
affiliates of JACK Entertainment LLC, for approximately $558.3
million, and a subsidiary of Hard Rock International (“Hard Rock”)
has agreed to acquire the operating assets of the JACK Cincinnati
Casino for $186.5 million (together, the “JACK Cincinnati
Acquisition”). Simultaneous with the closing of the JACK Cincinnati
Acquisition, we will enter into a triple-net lease agreement for
the JACK Cincinnati Casino with a subsidiary of Hard Rock. The
lease will have an initial total annual rent of $42.75 million, for
an implied capitalization rate of 7.7%, and an initial term of 15
years, with four five-year tenant renewal options. The tenant’s
obligations under the lease will be guaranteed by Seminole Hard
Rock Entertainment, Inc. The transaction is subject to regulatory
approvals and customary closing conditions and is expected to close
by the end of 2019.
On May 23, 2019, we completed the previously announced
transaction to acquire from affiliates of JACK Entertainment LLC
all of the land and real estate assets associated with Greektown
Hotel Casino (“Greektown”), for $700.0 million in cash, and an
affiliate of Penn National Gaming, Inc. (NASDAQ: PENN) (“Penn
National”) acquired the operating assets of Greektown for $300.0
million in cash (together, the “Greektown Acquisition”).
Simultaneous with the closing of the Greektown Acquisition, we
entered into a triple-net lease agreement for Greektown with a
subsidiary of Penn National. The lease has an initial total annual
rent of $55.6 million, for an implied capitalization rate of 7.9%,
and an initial term of 15 years, with four five-year tenant renewal
options. The tenant’s obligations under the lease are guaranteed by
Penn National and certain of its subsidiaries.
___________________________
1 Upon the adoption of ASC 842 on January 1, 2019, we ceased
recording tenant reimbursement of property taxes as these taxes are
paid directly by our tenants to the applicable government
entity.
On June 17, 2019, we entered into definitive agreements to
acquire the land and real estate assets of (i) Mountaineer Casino,
Racetrack & Resort located in New Cumberland, West Virginia,
(ii) Lady Luck Casino Caruthersville located in Caruthersville,
Missouri and (iii) Isle Casino Cape Girardeau located in Cape
Girardeau, Missouri (the “Century Portfolio”) from affiliates of
Eldorado Resorts, Inc. (NASDAQ: ERI) (“Eldorado”), for
approximately $277.8 million, and a subsidiary of Century Casinos,
Inc. (NASDAQ: CNTY) (“Century Casinos”) has agreed to acquire the
operating assets of the Century Portfolio for approximately $107.2
million (together, the “Century Portfolio Acquisition”).
Simultaneous with the closing of the Century Portfolio Acquisition,
we will enter into a master triple-net lease agreement for the
Century Portfolio with a subsidiary of Century Casinos. The master
lease will have an aggregate initial total annual rent of $25.0
million, for an implied capitalization rate of 9.0%, and an initial
term of 15 years, with four five-year tenant renewal options. The
tenants’ obligations under the lease will be guaranteed by Century
Casinos. The transaction is subject to regulatory approvals and
customary closing conditions and is expected to close in early
2020.
On June 24, 2019, we entered into a master transaction agreement
(the “Master Transaction Agreement” or “MTA”) with Eldorado in
connection with Eldorado’s proposed business combination with
Caesars Entertainment Corporation (NASDAQ: CZR) (“Caesars”). Per
the terms of the Master Transaction Agreement, we will enter into
agreements to acquire the land and real estate assets associated
with Harrah’s New Orleans, Harrah’s Laughlin, and Harrah’s Atlantic
City and modify certain provisions of the existing Caesars lease
agreements for total consideration of approximately $3.2 billion in
cash (collectively, the “Eldorado Transaction”). A summary of the
key transactions contemplated by the Master Transaction Agreement
are as follows:
- We will acquire all of the land and real estate assets
associated with Harrah’s New Orleans, Harrah’s Laughlin, and
Harrah’s Atlantic City (collectively, the “Properties”) for an
aggregate purchase price of approximately $1.8 billion.
Simultaneous with the closing of the acquisition of each Property,
each applicable Property will be added to the Non-CPLV Master Lease
Agreement. The Non-CPLV annual rent will increase at closing of the
Property acquisitions by $154.0 million, for an implied
capitalization rate of 8.5%;
- In consideration of approximately $1.2 billion and $214.0
million, the rent under the CPLV Lease Agreement and the HLV Lease
Agreement will increase by $83.5 million and $15.0 million,
respectively, for implied capitalization rates of 7.0%. The CPLV
Lease Agreement and HLV Lease Agreement will be amended and
combined into a single master lease agreement (the “Las Vegas
Master Lease”). The Las Vegas Master Lease will operate under the
existing CPLV Lease Agreement terms, subject to the additional
lease modifications described below;
- All rent coverage floors under the existing Caesars leases (as
amended to reflect the inclusion of the Properties into the
Non-CPLV Master Lease Agreement and the creation of the Las Vegas
Master Lease) will be eliminated;
- All existing Caesars leases will be modified to reflect a
uniform parent guarantee from the newly combined entity, which will
retain the Caesars name;
- All existing Caesars leases will be extended such that, upon
the closing of the Eldorado/Caesars combination, a full 15-year
lease term will remain prior to expiration of the initial lease
term;
- We and Eldorado will enter into a put-call agreement, whereby
the Company has a call right to acquire, and Eldorado has a put
right to require that the Company acquire, the land and real estate
assets associated with Harrah’s Hoosier Park and Indiana Grand
(together, the “Centaur Assets”). The purchase price related to the
put option from Eldorado would be an 8.0% capitalization rate (or
12.5x the initial annual rent). The purchase price related to the
call option would be a 7.7% capitalization rate (or 13.0x the
initial annual rent). The initial annual rent for the Centaur
Assets would be the amount that causes the ratio of EBITDAR of the
property to the initial property lease rent to equal 1.3x. The
put-call agreement may be exercised by either party between January
1, 2022 and December 31, 2024;
- We will be granted rights of first refusal for whole asset sale
or sale-leaseback transactions on two Las Vegas Strip properties,
and a right of first refusal for a sale-leaseback transaction on
Horseshoe Casino Baltimore. The first Las Vegas property will be
selected among: Bally’s Las Vegas, Flamingo Las Vegas, Paris Las
Vegas and Planet Hollywood Resort & Casino, with the second
property to be one of the previous four plus the LINQ Hotel &
Casino.
- We will either obtain the consent of the debt holders under the
existing CMBS mortgage loan on Caesars Palace Las Vegas (the "CPLV
CMBS Debt") that is required in connection with the Eldorado
Transaction or cause the CPLV CMBS Debt to be repaid in full prior
to closing of the Eldorado/Caesars combination. Eldorado has agreed
to reimburse us for 50% of out-of-pocket costs in connection with
obtaining the consent or refinancing the CPLV CMBS Debt, including
any prepayment penalties should the lender not consent and we have
to refinance the debt (which reimbursement obligations exist
regardless of whether the Eldorado/Caesars combination is
consummated).
The Eldorado Transaction will result in aggregate incremental
annual rent of $252.5 million, for an implied capitalization rate
of 7.9%, and is subject to the closing of the Eldorado/Caesars
combination. The Eldorado Transaction and the Eldorado/Caesars
combination are both subject to regulatory approvals and customary
closing conditions. Eldorado has publicly disclosed that it expects
the combination to close in the first half of 2020.
We can provide no assurances that the JACK Cincinnati
Acquisition, the Century Portfolio Acquisition, or the Eldorado
Transaction will be consummated on the terms or timeframe described
herein, or at all.
Second Quarter 2019 Capital Markets Activity
On May 15, 2019, we amended our revolving credit facility (the
“Revolving Credit Facility”) to, among other things, increase
borrowing capacity by $600 million to a total of $1.0 billion, and
extended the maturity date with a new five-year term to May 2024.
Borrowings under the Revolving Credit Facility will bear interest
at a rate based on a leverage-based pricing grid with a range of
175 to 200 basis points over LIBOR (London Interbank Offered Rate),
depending on the applicable total net debt to adjusted total assets
ratio. This Revolving Credit Facility replaces the Company’s
previous revolving credit facility, which had a total borrowing
capacity of $400 million, a maturity date in December 2022, and
under which borrowings bore interest at 200 basis points over
LIBOR. The Company currently has no outstanding balance on the
Revolving Credit Facility.
On June 24, 2019, in connection with the Eldorado Transaction,
we entered into a commitment letter (the “Commitment Letter”) with
Deutsche Bank Securities Inc. and Deutsche Bank AG Cayman Islands
Branch (together, the “Bridge Lender”), pursuant to which and
subject to the terms and conditions set forth therein, the Bridge
Lender has agreed to provide (i) a 364-day first lien secured
bridge facility of up to $3.3 billion in the aggregate (the
“Eldorado Senior Bridge Facility”) and (ii) a 364-day second lien
secured bridge facility of up to $1.5 billion in the aggregate (the
“Eldorado Junior Bridge Facility,” and, together with the Eldorado
Senior Bridge Facility, the “Bridge Facilities”), for the purpose
of providing a portion of the financing necessary to fund the
consideration to be paid pursuant to the terms of the Eldorado
Transaction documents and related fees and expenses. We currently
intend to incur additional long-term senior secured term loans
and/or opportunistically access the debt capital markets to fund a
portion of the cash consideration for the Eldorado Transaction,
but, absent such a long-term debt financing, we expect to draw on
the Bridge Facilities in connection with the closing of the
Eldorado Transaction to fund a portion of the cash consideration,
and, in the future, raise long-term debt financing to refinance
such amounts borrowed under the Bridge Facilities, subject to
market and other conditions.
On June 28, 2019, we completed a primary follow-on offering of
(i) 50,000,000 shares of common stock (including 15,000,000 shares
sold pursuant to the exercise in full of the underwriters’ option
to purchase additional common stock) at an offering price of $21.50
per share for an aggregate offering value of $1.1 billion,
resulting in net proceeds, after the deduction of the underwriting
discount and expenses, of $1.0 billion and (ii) 65,000,000 common
shares that are subject to forward sale agreements to be settled
within 15 months. We intend to use the net proceeds from the
offering and any proceeds that we may receive upon settlement of
the forward sale agreements to fund a portion of the purchase price
for the JACK Cincinnati Acquisition, the Century Portfolio
Acquisition, the Eldorado Transaction and for general business
purposes.
“The second quarter demonstrates our relentless focus on
building a best-in-class REIT and creating long-term value for our
shareholders through our significant acquisition and capital
markets activities,” said Edward Pitoniak, Chief Executive Officer
of VICI Properties. “During the quarter, we announced over $4
billion in acquisitions, entered new partnerships with Hard Rock,
Century Casinos, and Eldorado Resorts, and formally expanded our
relationship with Penn National by closing on the previously
announced Greektown Acquisition. On a combined basis, upon closing,
the transactions we announced in the quarter will grow our run-rate
annual rent nearly 40% and double our number of tenants.
Additionally, the nearly $2.5 billion of equity we raised through
our follow-on and forward equity offering solidifies our balance
sheet, eliminating equity market risk, and we believe we remain
well positioned with significant liquidity and access to capital to
keep growing our portfolio and driving shareholder value.”
Balance Sheet and Capital Markets Activity
As of June 30, 2019, the Company had $4.1 billion in total debt
and approximately $2.3 billion in liquidity comprised of $1.2
billion in cash and cash equivalents, $97.6 million of short-term
investments and $1.0 billion of availability under the Revolving
Credit Facility (subject to compliance with the financial covenants
of the facility). The Company’s outstanding indebtedness as of June
30, 2019 was as follows:
($ in millions)
June 30, 2019
Revolving Credit Facility
$
—
Term Loan B Facility
2,100.0
CPLV CMBS Debt
1,550.0
Second Lien Notes
498.5
Total debt outstanding, face value
$
4,148.5
Cash and cash equivalents
$
1,205.3
Short-term investments
$
97.6
Net Debt
$
2,845.6
Dividends
On June 13, 2019, the Company declared a cash dividend of
$0.2875 per share of common stock for the period from April 1, 2019
to June 30, 2019, based on an annual distribution rate of $1.15 per
share. The dividend was paid on July 12, 2019 to stockholders of
record as of the close of business on June 28, 2019.
2019 Guidance
The Company is providing its estimated net income, FFO and AFFO
guidance on an aggregate basis and updating per share guidance for
the full year 2019 to reflect the closing of the Greektown
Acquisition on May 23, 2019 as well as all capital markets
activities completed in the second quarter, including the issuance
of 50,000,000 shares of common stock and an estimated impact of
potential dilution resulting from the forward sale agreements
during the period of time prior to settlement. The Company
estimates that net income attributable to common stockholders for
the year ending December 31, 2019 will be between $605.0 million
and $615.0 million, or between $1.38 and $1.40 per diluted share.
The Company estimates AFFO for the year ending December 31, 2019
will be between $635.0 million and $645.0 million, or between $1.45
and $1.47 per diluted share. These per share estimates reflect the
dilutive impact of the additional 50,000,000 shares of common stock
issued on June 28, 2019, as well as an estimated impact of
potential dilution resulting from the forward sale agreements
during the period of time prior to settlement.
The following is a summary of the Company’s full-year 2019
guidance:
These estimates do not include the impact on operating
results from currently pending transactions (including the JACK
Cincinnati Acquisition, the Century Portfolio Acquisition and the
Eldorado Transaction), the sale of common shares subject to the
forward sale agreement entered into with the forward purchasers in
June 2019 or possible future acquisitions or dispositions, capital
markets activity, or other non-recurring transactions.
2019 Aggregate Guidance: Net
Income, FFO & AFFO ($ in millions)
Updated Guidance
Prior Guidance
For the Year Ending December 31, 2019:
Low
High
Low
High
Estimated net income attributable to
common stockholders
$
605.0
$
615.0
$
590.0
$
605.0
Estimated real estate depreciation
—
—
—
—
Estimated Funds From Operations
(FFO)
$
605.0
$
615.0
590.0
605.0
Estimated direct financing and sales-type
lease adjustments
(6.5
)
(6.5
)
(8.0
)
(8.0
)
Estimated transaction and acquisition
expenses, non-cash stock-based
compensation, amortization of debt
issuance costs and OID, other non-cash
interest expense, non-real estate
depreciation, capital expenditures, impairment
charges and gains or losses on debt
extinguishments
36.5
36.5
18.0
18.0
Estimated Adjusted Funds From
Operations (AFFO)
$
635.0
$
645.0
$
600.0
$
615.0
2019 Per Share Guidance: Net
Income, FFO & AFFO
Updated Guidance
Prior Guidance
For the Year Ending December 31, 2019:
Low
High
Low
High
Estimated net income attributable to
common stockholders per diluted share
$
1.38
$
1.40
$
1.45
$
1.48
Estimated real estate depreciation per
diluted share
—
—
—
—
Estimated Funds From Operations (FFO)
per diluted share
$
1.38
$
1.40
$
1.45
$
1.48
Estimated direct financing and sales-type
lease adjustments per diluted share
(0.01
)
(0.01
)
(0.02
)
(0.02
)
Estimated transaction and acquisition
expenses, non-cash stock-based compensation,
amortization of debt issuance costs and
OID, other non-cash interest expense, non-real
estate depreciation, capital expenditures,
impairment charges and gains or losses on
debt extinguishments, per diluted
share
0.08
0.08
0.04
0.04
Estimated Adjusted Funds From
Operations (AFFO) per diluted share
$
1.45
$
1.47
$
1.47
$
1.50
Estimated Weighted Average Share Count at
Year End (in millions)
438.0
438.0
409.4
409.4
The estimates set forth above reflect management’s view of
current and future market conditions, including assumptions with
respect to the earnings impact of the events referenced in this
release and otherwise to be referenced during the conference call
referred to below. The estimates set forth above may be subject to
fluctuations as a result of several factors and there can be no
assurance that the Company’s actual results will not differ
materially from the estimates set forth above.
Supplemental Information
In addition to this release, the Company has furnished
Supplemental Financial Information, which is available on our
website in the "Investors" section, under the menu heading
"Financials." This additional information is being provided as a
supplement to the information in this release and our other filings
with the SEC. The Company has no obligation to update any of the
guidance or other information provided to conform to actual results
or changes in the Company’s portfolio, capital structure or future
expectations.
Conference Call and Webcast
The Company will host a conference call and audio webcast on
Thursday, August 1, 2019 at 10:00 a.m. Eastern Time (ET). The
conference call can be accessed by dialing 833-227-5837 (domestic)
or 647-689-4064 (international). An audio replay of the conference
call will be available from 1:00 p.m. ET on August 1, 2019 until
midnight ET on August 8, 2019 and can be accessed by dialing
800-585-8367 (domestic) or 416-621-4642 (international) and
entering the passcode 5449747.
A live audio webcast of the conference call will be available
through the “Investors” section of the Company’s website,
www.viciproperties.com, on August 1, 2019, beginning at 10:00 a.m.
ET. A replay of the webcast will be available shortly after the
call on the Company’s website and will continue for one year.
About VICI Properties
VICI Properties 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 Caesars Palace. VICI Properties’ national,
geographically diverse portfolio consists of 23 gaming facilities
comprising over 40 million square feet and features approximately
15,200 hotel rooms and more than 150 restaurants, bars and
nightclubs. Its properties are leased to industry leading gaming
and hospitality operators, including Caesars Entertainment
Corporation and Penn National Gaming, Inc. VICI Properties also
owns four championship golf courses and 34 acres of undeveloped
land adjacent to the Las Vegas Strip. VICI Properties’ strategy is
to create the nation’s highest quality and most productive
experiential real estate portfolio. For additional information,
please visit www.viciproperties.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. You can identify these
statements by our use of the words “assumes,” “believes,”
“estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,”
and similar expressions that do not relate to historical matters.
All statements other than statements of historical fact are
forward-looking statements. You should exercise caution in
interpreting and relying on forward-looking statements because they
involve known and unknown risks, uncertainties, and other factors
which are, in some cases, beyond the Company’s control and could
materially affect actual results, performance, or achievements.
Among those risks, uncertainties and other factors are risks that
the Company may not achieve the benefits contemplated by the
acquisition of the real estate assets; risks that not all potential
risks and liabilities have been identified in the Company’s due
diligence; risks regarding the ability to receive, or delays in
obtaining, the governmental and regulatory approvals and consents
required to consummate our pending acquisitions, or other delays or
impediments to completing our pending acquisitions; our ability to
obtain the financing necessary to complete our pending acquisitions
on the terms we currently expect or at all; the possibility that
our pending acquisitions may not be completed or that completion
may be unduly delayed; and the effects of our recently completed
acquisitions and the pending acquisitions on us, including the
post-acquisition impact on our financial condition, financial and
operating results, cash flows, strategy and plans. Although the
Company believes that in making such forward-looking statements its
expectations are based upon reasonable assumptions, such statements
may be influenced by factors that could cause actual outcomes and
results to be materially different from those projected. The
Company cannot assure you that the assumptions upon which these
statements are based will prove to have been correct. Additional
important factors that may affect the Company’s business, results
of operations and financial position are described from time to
time in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2018, Quarterly Reports on Form 10-Q and the Company’s
other filings with the Securities and Exchange Commission. The
Company does not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise, except as may be required by
applicable law.
Non-GAAP Financial Measures
This press release presents 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
accordance with, generally accepted accounting principles in the
United States (“GAAP”). These are non-GAAP financial measures and
should not be construed as alternatives to net income or as an
indicator of operating performance (as determined in accordance
with GAAP). We believe FFO, FFO per share, AFFO, AFFO per share and
Adjusted EBITDA provide a meaningful perspective of the underlying
operating performance of our business.
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 define FFO as net income (or loss) (computed in accordance with
GAAP) excluding (i) gains (or losses) from sales of certain real
estate assets, (ii) depreciation and amortization related to real
estate, (iii) gains and losses from change in control and (iv)
impairment write-downs of certain real estate assets and
investments in entities when the impairment is directly
attributable to decreases in the value of depreciable real estate
held by the entity.
AFFO is a non-GAAP financial measure that we use as a
supplemental operating measure to evaluate our performance. We
calculate AFFO by adding or subtracting from FFO direct financing
and sales-type lease adjustments, transaction costs incurred in
connection with the acquisition of real estate investments,
non-cash stock-based compensation expense, amortization of debt
issuance costs and original issue discount, other non-cash interest
expense, non-real estate depreciation (which is comprised of the
depreciation related to our golf course operations), capital
expenditures (which are comprised of additions to property, plant
and equipment related to our golf course operations), impairment
charges related to non-depreciable real estate and gains (or
losses) on debt extinguishment.
We calculate Adjusted EBITDA by adding or subtracting from AFFO
interest expense and interest income (collectively, interest
expense, net) and income tax expense.
These non-GAAP financial measures: (i) do not represent cash
flow from operations as defined by GAAP; (ii) should not be
considered as an alternative to net income as a measure of
operating performance or to cash flows from operating, investing
and financing activities; and (iii) are not alternatives to cash
flow as a measure of liquidity. In addition, these measures should
not be viewed as measures of liquidity, nor do they measure our
ability to fund all of our cash needs, including our ability to
make cash distributions to our stockholders, to fund capital
improvements, or to make interest payments on our indebtedness.
Investors are also cautioned that FFO, FFO per share, AFFO, AFFO
per share and Adjusted EBITDA, as presented, may not be comparable
to similarly titled measures reported by other real estate
companies, including REITs, due to the fact that not all real
estate companies use the same definitions. Our presentation of
these measures does not replace the presentation of our financial
results in accordance with GAAP.
Reconciliations of net income to FFO, FFO per share, AFFO, AFFO
per share and Adjusted EBITDA are included in this release.
VICI Properties Inc.
Consolidated Balance
Sheets
(In thousands, except share
and per share data)
June 30, 2019
December 31, 2018
Assets
Real estate portfolio:
Investments in direct financing and
sales-type leases, net
$
9,897,031
$
8,916,047
Investments in operating leases
1,086,658
1,086,658
Land
94,711
95,789
Cash and cash equivalents
1,205,335
577,883
Restricted cash
28,217
20,564
Short-term investments
97,586
520,877
Other assets
112,508
115,550
Total assets
$
12,522,046
$
11,333,368
Liabilities
Debt, net
$
4,124,448
$
4,122,264
Accrued interest
13,965
14,184
Deferred financing liability
73,600
73,600
Deferred revenue
5
43,605
Dividends payable
132,441
116,287
Other liabilities
105,164
62,406
Total liabilities
4,449,623
4,432,346
Stockholders’ equity
Common stock
4,610
4,047
Preferred stock
—
—
Additional paid in capital
7,814,829
6,648,430
Accumulated other comprehensive income
(70,003
)
(22,124
)
Retained earnings
239,301
187,096
Total VICI stockholders’ equity
7,988,737
6,817,449
Non-controlling interests
83,686
83,573
Total stockholders’ equity
8,072,423
6,901,022
Total liabilities and stockholders’
equity
$
12,522,046
$
11,333,368
VICI Properties Inc.
Consolidated Statement of
Operations and Comprehensive Income
(In thousands,
except share and per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2019
2018
2019
2018
Revenues
Income from direct financing and
sales-type leases
$
201,549
$
182,319
$
397,299
$
364,355
Income from operating leases
10,914
12,209
21,827
24,418
Tenant reimbursement of property taxes
—
18,932
—
36,175
Golf operations
8,283
7,515
15,622
14,303
Revenues
220,746
220,975
434,748
439,251
Operating expenses
General and administrative
6,518
7,160
12,743
14,468
Depreciation
1,018
922
1,948
1,828
Property taxes
—
18,932
—
36,175
Golf operations
4,848
4,513
8,940
8,608
Transaction and acquisition expenses
2,867
—
3,756
—
Total operating expenses
15,251
31,527
27,387
61,079
Operating income
205,495
189,448
407,361
378,172
Interest expense
(54,819
)
(51,440
)
(108,405
)
(104,314
)
Interest income
4,004
3,799
9,171
5,477
Loss from extinguishment of debt
—
—
—
(23,040
)
Income before income taxes
154,680
141,807
308,127
256,295
Income tax expense
(553
)
(448
)
(1,074
)
(832
)
Net income
154,127
141,359
$
307,053
$
255,463
Less: Net income attributable to
non-controlling interests
(2,078
)
(2,315
)
(4,155
)
(4,297
)
Net income attributable to common
stockholders
$
152,049
$
139,044
$
302,898
$
251,166
Net income per common share
Basic
$
0.37
$
0.38
$
0.74
$
0.70
Diluted
$
0.37
$
0.38
$
0.74
$
0.70
Weighted average number of common
shares
outstanding
Basic
412,309,577
369,932,843
409,040,025
356,454,441
Diluted
412,821,400
369,991,738
409,473,202
356,491,047
VICI Properties Inc.
Reconciliation of Net Income
to FFO, FFO per Share, AFFO, AFFO per Share and Adjusted
EBITDA
(In thousands, except share and
per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2019
2018
2019
2018
Net income attributable to common
stockholders
$
152,049
$
139,044
$
302,898
$
251,166
Real estate depreciation
—
—
—
—
FFO
152,049
139,044
302,898
251,166
Direct financing and sales-type lease
adjustments attributable to common stockholders
(2,210
)
(12,863
)
(4,656
)
(25,776
)
Transaction and acquisition expenses
2,867
—
3,756
—
Loss on extinguishment of debt
—
—
—
23,040
Non-cash stock-based compensation
1,366
468
2,417
859
Amortization of debt issuance costs and
original issue discount
1,899
1,489
3,364
2,982
Other depreciation
1,016
919
1,943
1,825
Capital expenditures
(212
)
(211
)
(1,403
)
(557
)
AFFO
156,775
128,846
308,319
253,539
Interest expense, net
48,916
46,152
95,870
95,855
Income tax expense
553
448
1,074
832
Adjusted EBITDA
$
206,244
$
175,446
$
405,263
$
350,226
Net income per common share
Basic and diluted
$
0.37
$
0.38
$
0.74
$
0.70
FFO per common share
Basic and diluted
$
0.37
$
0.38
$
0.74
$
0.70
AFFO per common share
Basic and diluted
$
0.38
$
0.35
$
0.75
$
0.71
Weighted average number of common
shares outstanding
Basic
412,309,577
369,932,843
409,040,025
356,454,441
Diluted
412,821,400
369,991,738
409,473,202
356,491,047
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190731005877/en/
Investor Contacts: Investors@viciproperties.com (646) 949-4631 Or
David Kieske EVP, Chief Financial Officer DKieske@viciproperties.com
Danny Valoy Vice President, Finance DValoy@viciproperties.com
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