– Establishes Guidance for Full Year 2020,
Excluding Pending Acquisitions –
VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the
“Company”), an experiential real estate investment trust, today
reported results for the quarter and year ended December 31,
2019.
Fourth Quarter 2019 Financial Results Summary
- Total revenues were $237.5 million for the quarter, compared to
$226.0 million for the quarter ended December 31, 2018. The quarter
ended December 31, 2018 included $19.9 million associated with
tenant reimbursement of property taxes that are no longer recorded
as revenue1. Excluding the impact of tenant reimbursement of
property taxes, total revenues for the quarter increased 15.2%
compared to the quarter ended December 31, 2018.
- Leasing revenues were $229.8 million for the quarter,
representing a 15.7% increase compared to $198.6 million for the
quarter ended December 31, 2018.
- Net income attributable to common stockholders was $98.6
million for the quarter, compared to $142.5 million for the quarter
ended December 31, 2018. Per share net income attributable to
common stockholders was $0.21 per diluted share for the quarter,
compared to $0.37 per diluted share for the quarter ended December
31, 2018. The decrease in net income and net income per diluted
share for the quarter ended December 31, 2019 is primarily related
to costs associated with the early termination of the CPLV CMBS
debt in November, amortization of debt issuance costs related to
the Eldorado transaction and an increased share count, related to
the issuance of 50 million shares in June 2019.
- NAREIT-defined Funds From Operations (“FFO”) attributable to
common stockholders was $98.6 million, or $0.21 per diluted share,
for the quarter compared to $142.5 million, or $0.37 per diluted
share, for the quarter ended December 31, 2018. The decrease in FFO
and FFO per diluted share for the quarter ended December 31, 2019
is primarily related to costs associated with the early termination
of the CPLV CMBS debt in November, amortization of debt issuance
costs related to the Eldorado transaction and an increased share
count, related to the issuance of 50 million shares in June
2019.
- Adjusted Funds From Operations (“AFFO”) attributable to common
stockholders was $176.6 million for the quarter, representing an
increase of 26.3% compared to AFFO of $139.9 million for the
quarter ended December 31, 2018. AFFO was $0.37 per diluted share
for the quarter compared to $0.36 per diluted share for the quarter
ended December 31, 2018.
Full Year 2019 Financial Results Summary
- Total revenues were $894.8 million for the year, compared to
$898.0 million for the year ended December 31, 2018. The year ended
December 31, 2018 included $81.2 million associated with tenant
reimbursement of property taxes that are no longer recorded as
revenue1. Excluding the impact of tenant reimbursement of property
taxes, total revenues increased 9.6% compared to the year ended
December 31, 2018.
- Leasing revenues were $865.9 million for the year, representing
a 9.7% increase compared to $789.5 million for the year ended
December 31, 2018.
- Net income attributable to common stockholders was $546.0
million for the year, compared to $523.6 million for the year ended
December 31, 2018. Per share net income attributable to common
stockholders for the year was $1.24 per diluted share compared to
$1.43 per diluted share for the year ended December 31, 2018. The
year-over-year decrease in per share results is directly
attributable to an increased share count, related to the issuance
of 50 million shares in June 2019.
- FFO attributable to common stockholders was $546.0 million, or
$1.24 per diluted share for the year, compared to $523.6 million,
or $1.43 per diluted share, for the year ended December 31, 2018.
The year-over-year decrease in per share results is directly
attributable to an increased share count, related to the issuance
of 50 million shares in June 2019.
- AFFO attributable to common stockholders was $649.6 million for
the year, representing an increase of 23.6% compared to AFFO of
$525.6 million for the year ended December 31, 2018. AFFO was $1.48
per diluted share for the year, compared to $1.43 per diluted share
for the year ended December 31, 2018.
Edward Pitoniak, Chief Executive Officer of VICI, said: “In
2019, through the great work of our team and through the unstinting
support of our stockholders, VICI continued to transform itself and
its sector. We announced $4.9 billion of acquisitions, representing
all arms-length gaming net-lease transactions among publicly-traded
companies, and we raised $2.6 billion of equity, including the
largest-ever REIT follow-on offering of primary shares. VICI
completed its inaugural unsecured notes issuance in November 2019,
enhancing our balance sheet and laddering our maturities while
replacing the Caesars Palace CMBS secured debt with unsecured debt,
marking a key step on our path to an investment grade rating. We
increased adjusted EBITDA by over 17%, or $124 million, to $847
million, yielding 100% flow-through on our 2019 adjusted revenue
growth of approximately $124 million. We also raised our dividend
for the second consecutive year, maintained a solid, low-levered
balance sheet and doubled our roster of best-in-class gaming
operators by adding Hard Rock International and Century Casinos
Inc. as tenants. Our 2019 total return performance of 43.2% puts
VICI in the top position amongst gaming net lease REITs and top
three amongst all triple net lease REITs for 2019 total return. We
increased our total enterprise value by over 45%, to $15.5 billion
on December 31, 2019, meaning that in just over two years we have
become the third largest American Triple Net REIT by enterprise
value.”
Fourth Quarter 2019 Acquisitions and Portfolio
Activity
On December 6, 2019, we completed the previously announced
transaction to acquire the land and real estate assets of Century
Casino Cape Girardeau in Cape Girardeau, Missouri, Century Casino
Caruthersville in Caruthersville, Missouri, and Mountaineer Casino,
Racetrack & Resort in New Cumberland, West Virginia, from
Eldorado Resorts, Inc. (NASDAQ: ERI) (“Eldorado”) for an aggregate
purchase price of approximately $277.8 million in cash. We funded
the transaction with cash on hand. Simultaneous with the closing of
the transaction, we entered into a triple-net master lease
agreement with Century Casinos, Inc. (NASDAQ: CNTY) (“Century”).
The master lease has an initial total annual rent of $25.0 million
and an initial term of 15 years, with four 5-year tenant renewal
options. The tenant’s obligations under the lease are guaranteed by
Century.
Fourth Quarter 2019 Capital Markets Activity
On November 26, 2019, our wholly owned subsidiaries VICI
Properties L.P. (the “Operating Partnership”) and VICI Note Co.
Inc. (the “Co-Issuer” and, together with the Operating Partnership,
the “Issuers”) issued $1.25 billion aggregate principal amount of
4.25% senior unsecured notes due 2026 (the “2026 Notes”) and $1.0
billion aggregate principal amount of 4.625% senior unsecured notes
due 2029 (the “2029 Notes” and, together with the 2026 Notes, the
“Notes”). We used the net proceeds from the offering of Notes (the
“November 2019 Senior Unsecured Notes Offering”) to refinance the
existing $1.55 billion asset-level real estate mortgage financing
secured by the real estate assets associated with Caesars Palace
Las Vegas (the “CPLV CMBS”) and to pay certain fees and expenses
and consummate certain other previously announced transactions with
the remaining proceeds.
Subsequent to Year End
On January 24, 2020 we completed the previously announced
transaction to acquire the casino-entitled land and real estate and
related assets of the JACK Cleveland Casino, located in Cleveland,
Ohio and the JACK Thistledown Racino located in North Randall,
Ohio, from affiliates of JACK Ohio LLC (“JACK Entertainment”), for
approximately $843.3 million. Simultaneous with the closing of the
JACK Cleveland/Thistledown Acquisition, we entered into a master
triple-net lease agreement for JACK Cleveland Casino and JACK
Thistledown Racino with subsidiaries of JACK Entertainment. We
funded the transaction using a mix of cash on hand and a portion of
the proceeds that we raised in our November 2019 Senior Unsecured
Notes Offering. The lease has an initial total annual rent of $65.9
million and an initial term of 15 years, with four five-year tenant
renewal options. The tenant’s obligations under the lease are
guaranteed by Rock Ohio Ventures LLC (“Rock Ohio Ventures”).
Additionally, we made a $50.0 million loan to affiliates of Rock
Ohio Ventures secured by, among other things, certain non-gaming
real estate assets owned by such affiliates and guaranteed by Rock
Ohio Ventures. The loan bears interest at 9.0% per annum for a
period of five years with two one-year extension options.
On January 24, 2020, our wholly owned subsidiary VICI Properties
1 LLC entered into Amendment No. 1 to the Amended and Restated
Propco Credit Agreement, which, among other things, reduced the
interest rate on our Term Loan B Facility from LIBOR plus 2.00% to
LIBOR plus 1.75% with a LIBOR floor of 0%.
On February 5, 2020, we issued (i) $750.0 million in aggregate
principal amount of 3.500% senior unsecured 5-year notes due 2025
(the “2025 Notes”), (ii) $750.0 million in aggregate principal
amount of 3.750% senior unsecured 7-year notes due 2027 and (iii)
$1.0 billion of 4.125% senior unsecured 10.5-year notes due 2030.
We placed $2.0 billion of the net proceeds into escrow pending the
consummation of the Eldorado Transaction, and used the remaining
net proceeds from the 2025 Notes to redeem in full the outstanding
$498.5 million in aggregate principal amount of the 8.0% second
priority senior unsecured notes due 2023 (the “Second Lien Notes”).
The Second Lien Notes were redeemed in full on February 20,
2020.
On February 7, 2020, we sold 7,500,000 shares under our
at-the-market offering program for aggregate gross proceeds of
$202.1 million.
Balance Sheet and Liquidity
As of December 31, 2019, the Company had $4.8 billion in total
debt and approximately $2.2 billion in liquidity comprised of $1.1
billion in cash and cash equivalents, $59.5 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). In addition, the Company has access to the
65,000,000 shares that are subject to the forward sale agreement
entered into in June 2019, which would provide an additional
approximately $1.3 billion in proceeds upon settlement. The
Company’s outstanding indebtedness as of December 31, 2019 was as
follows and does not reflect capital markets activity subsequent to
quarter end (including the February 2020 unsecured notes offering
and redemption of the Second Lien Notes):
($ in millions)
December 31, 2019
Revolving Credit Facility
$
—
Term Loan B Facility
2,100.0
2026 Notes
1,250.0
2029 Notes
1,000.0
Second Lien Notes
498.5
Total debt outstanding, face value
$
4,848.5
Cash and cash equivalents
$
1,101.9
Short-term investments
$
59.5
Net Debt
$
3,687.1
Dividends
On December 12, 2019, the Company declared a cash dividend of
$0.2975 per share of common stock for the period from October 1,
2019 to December 31, 2019, based on an annual distribution rate of
$1.19 per share. The dividend was paid on January 9, 2020 to
stockholders of record as of the close of business on December 27,
2019.
2020 Guidance
The Company is providing estimated net income, FFO and AFFO
guidance for the full year 2020. The Company estimates that net
income attributable to common stockholders for the year ending
December 31, 2020 will be between $631.0 million and $653.0
million, or between $1.30 and $1.35 per diluted share, which does
not include any pending acquisitions. The Company estimates AFFO
for the year ending December 31, 2020 will be between $728.0
million and $748.0 million, or between $1.50 and $1.54 per diluted
share, which does not include any pending acquisitions. 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 estimate of the additional shares from the unsettled forward
sale agreements that are required to be included in the dilutive
earnings per share calculation under the treasury stock method.
These estimates do not include the impact on operating
results from currently pending transactions (including the Eldorado
Transaction in which we will collect $253 million of annual rent),
the sale of common shares subject to the forward sale agreements
entered into with the forward purchasers in June 2019 or possible
future acquisitions or dispositions, capital markets activity, or
other non-recurring transactions. Guidance does not include charges
related to the new accounting pronouncement, ASU No. 2016-13 -
Financial Instruments-Credit Losses (Topic 326), which is effective
for us beginning in the first quarter of 2020 and which will
require us to record a non-cash credit allowance for our
investments in direct financing and sales-type leases.
The following is a summary of the Company’s full-year 2020
guidance:
2020 Aggregate Guidance: Net
Income, FFO & AFFO ($ in millions)
For the Year Ending December 31, 2020:
Low
High
Estimated net income attributable to
common stockholders
$631.0
$653.0
Estimated real estate depreciation
—
—
Estimated Funds From Operations
(FFO)
$631.0
$653.0
Estimated direct financing and sales-type
lease adjustments
18.0
18.0
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
79.0
77.0
Estimated Adjusted Funds From
Operations (AFFO)
$728.0
$748.0
2020 Per Share Guidance: Net
Income, FFO & AFFO
For the Year Ending December 31, 2020:
Low
High
Estimated net income attributable to
common stockholders per diluted share
$1.30
$1.35
Estimated real estate depreciation per
diluted share
—
—
Estimated Funds From Operations (FFO)
per diluted share
$1.30
$1.35
Estimated direct financing and sales-type
lease adjustments per diluted share
0.04
0.04
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
0.16
0.16
Estimated Adjusted Funds From
Operations (AFFO) per diluted share
$1.50
$1.54
Estimated Weighted Average Share Count at
Year End (in millions)
484.3
484.3
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, February 20, 2020 at 5:00 p.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 8:00 p.m. ET on February 20, 2020 until
midnight ET on February 27, 2020 and can be accessed by dialing
800-585-8367 (domestic) or 416-621-4642 (international) and
entering the passcode 6555717.
A live audio webcast of the conference call will be available
through the “Investors” section of the Company’s website,
www.viciproperties.com, on February 20, 2020, beginning at 5:00
p.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 28 gaming facilities
comprising over 40 million square feet and features approximately
15,600 hotel rooms and more than 180 restaurants, bars and
nightclubs. Its properties are leased to industry leading gaming
and hospitality operators, including Caesars Entertainment
Corporation, Century Casinos Inc., Hard Rock International, JACK
Entertainment 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 our
pending and recently completed acquisitions of real estate assets;
risks that not all potential risks and liabilities have been
identified in the Company’s due diligence; for our pending and
recently completed acquisitions; 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, 2019,
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)
December 31, 2019
December 31, 2018
Assets
Real estate portfolio:
Investments in direct financing and
sales-type leases, net
$
10,734,245
$
8,916,047
Investments in operating leases
1,086,658
1,086,658
Land
94,711
95,789
Cash and cash equivalents
1,101,893
577,883
Restricted cash
—
20,564
Short-term investments
59,474
520,877
Other assets
188,638
115,550
Total assets
$
13,265,619
$
11,333,368
Liabilities
Debt, net
$
4,791,563
$
4,122,264
Accrued interest
20,153
14,184
Deferred financing liability
73,600
73,600
Deferred revenue
70,340
43,605
Dividends payable
137,056
116,287
Other liabilities
123,918
62,406
Total liabilities
5,216,630
4,432,346
Stockholders’ equity
Common stock
4,610
4,047
Preferred stock
—
—
Additional paid in capital
7,817,582
6,648,430
Accumulated other comprehensive income
(65,078
)
(22,124
)
Retained earnings
208,069
187,096
Total VICI stockholders’ equity
7,965,183
6,817,449
Non-controlling interests
83,806
83,573
Total stockholders’ equity
8,048,989
6,901,022
Total liabilities and stockholders’
equity
$
13,265,619
$
11,333,368
VICI Properties Inc.
Consolidated Statement of
Operations and Comprehensive Income
(In thousands, except share and
per share data)
Three Months Ended December
31,
Year Ended December
31,
2019
2018
2019
2018
Revenues
Income from direct financing and
sales-type leases
$
218,905
$
187,271
$
822,205
$
741,564
Income from operating leases
10,913
11,345
43,653
47,972
Tenant reimbursement of property taxes
—
19,918
—
81,240
Golf operations
7,719
7,505
28,940
27,201
Revenues
237,537
226,039
894,798
897,977
Operating expenses
General and administrative
5,109
4,283
24,569
24,429
Depreciation
883
929
3,831
3,686
Property taxes
—
20,212
—
81,810
Golf operations
4,538
4,540
18,901
17,371
Loss on impairment
—
—
—
12,334
Transaction and acquisition expenses
249
393
4,998
393
Total operating expenses
10,779
30,357
52,299
140,023
Operating income
226,758
195,682
842,499
757,954
Interest expense
(71,448
)
(54,297
)
(248,384
)
(212,663
)
Interest income
4,153
3,803
20,014
11,307
Loss from extinguishment of debt
(58,143
)
—
(58,143
)
(23,040
)
Income before income taxes
101,320
145,188
555,986
533,558
Income tax expense
(607
)
(557
)
(1,705
)
(1,441
)
Net income
100,713
144,631
$
554,281
$
532,117
Less: Net income attributable to
non-controlling interests
(2,082
)
(2,090
)
(8,317
)
(8,498
)
Net income attributable to common
stockholders
$
98,631
$
142,541
$
545,964
$
523,619
Net income per common share
Basic
$
0.21
$
0.37
$
1.25
$
1.43
Diluted
$
0.21
$
0.37
$
1.24
$
1.43
Weighted average number of common
shares outstanding
Basic
460,689,199
385,720,716
435,071,096
367,226,395
Diluted
472,642,363
385,847,082
439,152,946
367,316,901
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 December
31,
Year Ended December
31,
2019
2018
2019
2018
Net income attributable to common
stockholders
$
98,631
$
142,541
$
545,964
$
523,619
Real estate depreciation
—
—
—
—
FFO
98,631
142,541
545,964
523,619
Direct financing and sales-type lease
adjustments attributable to common stockholders
2,585
(6,199
)
492
(44,852
)
Transaction and acquisition expenses
249
393
4,998
393
Non-cash stock-based compensation
1,402
860
5,223
2,342
Amortization of debt issuance costs and
original issue discount
14,854
1,498
33,034
5,976
Other depreciation
875
928
3,815
3,679
Capital expenditures
(106
)
(156
)
(2,097
)
(899
)
Loss on impairment
—
—
—
12,334
Loss on extinguishment of debt
58,143
—
58,143
23,040
AFFO
176,633
139,865
649,572
525,632
Interest expense, net
52,441
48,996
195,336
195,380
Income tax expense
607
557
1,705
1,441
Adjusted EBITDA
$
229,681
$
189,418
$
846,613
$
722,453
Net income per common share
Basic
$
0.21
$
0.37
$
1.25
$
1.43
Diluted
$
0.21
$
0.37
$
1.24
$
1.43
FFO per common share
Basic
$
0.21
$
0.37
$
1.25
$
1.43
Diluted
$
0.21
$
0.37
$
1.24
$
1.43
AFFO per common share
Basic
$
0.38
$
0.36
$
1.49
$
1.43
Diluted
$
0.37
$
0.36
$
1.48
$
1.43
Weighted average number of common
shares outstanding
Basic
460,689,199
385,720,716
435,071,096
367,226,395
Diluted
472,642,363
385,847,082
439,152,946
367,316,901
___________________________________
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200220005793/en/
Investors: Investors@viciproperties.com (646)
949-4631
Or
David Kieske EVP, Chief Financial Officer
DKieske@viciproperties.com
Danny Valoy Vice President, Finance
DValoy@viciproperties.com
Grafico Azioni Vici Properties (NYSE:VICI)
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Da Giu 2024 a Lug 2024
Grafico Azioni Vici Properties (NYSE:VICI)
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Da Lug 2023 a Lug 2024