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, 2020. All per share
amounts included herein are on a per diluted share basis unless
otherwise stated.
Second Quarter 2020 Financial and Operating
Highlights
- Total revenues increased 16.8% year-over-year to $257.9
million
- Net income attributable to common stockholders was $229.4
million, or $0.47 per share
- FFO was $229.4 million, or $0.47 per share
- AFFO was $176.3 million, or $0.36 per share
- Announced $503.5 million of acquisitions and investments
- Declared a quarterly cash dividend of $0.2975 per share, a 3.5%
year-over-year increase
- Completed an equity offering in which 29,900,000 shares were
sold through a forward sale agreement at $22.15 per share
- Settled all 65,000,000 shares of the Company's outstanding June
2019 forward sale agreements for net proceeds of approximately $1.3
billion
CEO Comments
Edward Pitoniak, Chief Executive Officer of VICI Properties,
said: “In the second quarter of 2020, we posted exceptional
financial results with adjusted EBITDA growth of over 20%
year-over-year. We worked closely and collaboratively with our
tenant partners to provide flexible short-term solutions during
unprecedented uncertainty while, we believe, preserving and,
ultimately, enhancing long-term stockholder value. During the
second quarter, and in July, we collected 100% of our rent, proving
the strength and resilience of our business model. We announced
$503.5 million of acquisition and investment activity, including
the planned purchase of highly strategic land parcels adjacent to
the Las Vegas Strip, which we believe provide VICI the opportunity
to continue our industry-leading growth for years to come. We also
continued to fortify our balance sheet by accessing the equity
capital markets, raising an aggregate $662.3 million of gross
proceeds through a forward sale agreement. While we are extremely
encouraged by early re-opening data across the gaming industry, we
will continue to monitor the landscape during this uncertain time
and manage our portfolio and relationships to preserve long-term
value.”
Second Quarter 2020 Financial Results
Total Revenues
Total revenues were $257.9 million for the quarter, an increase
of 16.8% compared to $220.7 million for the quarter ended June 30,
2019.
Net Income Attributable to Common Stockholders
Net income attributable to common stockholders was $229.4
million for the quarter, or $0.47 per share, compared to $152.0
million, or $0.37 per share for the quarter ended June 30,
2019.
Funds from Operations (“FFO”)
FFO attributable to common stockholders was $229.4 million for
the quarter, or $0.47 per share, compared to $152.0 million, or
$0.37 per share, for the quarter ended June 30, 2019.
Adjusted Funds from Operations (“AFFO”)
AFFO attributable to common stockholders was $176.3 million for
the quarter, an increase of 12.4% compared to AFFO of $156.8
million for the quarter ended June 30, 2019. AFFO was $0.36 per
share for the quarter compared to $0.38 per share for the quarter
ended June 30, 2019. AFFO per share declined on a year-over-year
basis as a result of an 18.5% increase in the weighted average
number of common shares outstanding.
Second Quarter 2020 Acquisitions and Portfolio
Activity
Acquisitions and Investments
On June 15, 2020, the Company entered into a non-binding letter
of intent to provide a $400 million mortgage loan to Caesars
Entertainment, Inc. (“Caesars,” formerly known as Eldorado Resorts,
Inc., or “Eldorado”) secured by the Caesars Forum Convention Center
in Las Vegas. The loan will bear interest at a rate of 7.7% per
annum, with payments subject to 2% annual escalation, and will have
a term of five years pre-payable beginning in year three subject to
certain conditions. The Caesars Forum Convention Center will remain
subject to the existing Put/Call Agreement between Caesars and
VICI, with certain modifications, including VICI’s call option
accelerating to the scheduled maturity date of the loan in 2025.
Additionally, the Company agreed to acquire approximately 23 acres
of undeveloped land parcels adjacent to the center of the Las Vegas
Strip for a purchase price of $4.5 million per acre for an
estimated total purchase price of approximately $103.5 million. The
consummation of the mortgage loan and land purchase are
cross-conditioned upon each other and remain subject to, among
other things, the completion of due diligence and negotiation of
definitive documentation.
Dispositions
On April 24, 2020, the Company and Caesars entered into
definitive agreements to sell the Bally’s Atlantic City Hotel &
Casino for $25.0 million to a subsidiary of Twin River Worldwide
Holdings, Inc. There will be no change to the rent VICI Properties
receives under the Regional Master Lease and the Company is
entitled to receive approximately $19.0 million of the proceeds
from the sale.
Other Portfolio Activity
On June 1, 2020, the Company and Caesars entered into an Omnibus
Amendment to Leases (the “Omnibus Amendment”) in connection with
the ongoing COVID-19 pandemic and its impact on operations and
financial performance. The Omnibus Amendment provides Caesars with
certain relief with respect to a portion of their capital
expenditure obligations under the Caesars lease agreements, subject
to certain conditions.
Additionally, in May 2020, the Company entered into an amendment
to the triple net lease agreement entered into with Century
Casinos, Inc. (“Century”) in connection with the acquisition of
three casino properties in December 2019 (the “Century Master
Lease”). The Century Master Lease contains certain covenants,
including minimum capital expenditures. As a result of the casino
closures in connection with the COVID-19 pandemic, the Company
agreed to waive Century’s capital expenditure requirements for 2020
and defer to not later than December 31, 2021 certain other
expenditures contemplated in connection with the underwriting of
the acquired casino properties, subject to certain conditions.
Second Quarter 2020 Capital Markets Activity
On June 19, 2020, the Company completed a primary follow-on
offering of 29,900,000 shares of common stock at an offering price
of $22.15 per share, for an aggregate offering value of $662.3
million pursuant to a forward sale agreement. The proceeds remain
subject to physical settlement pursuant to the terms of the forward
sale agreement.
Subsequent to Quarter End
On July 20, 2020, the Company announced the completion of
transactions contemplated in the Master Transaction Agreement
announced on June 24, 2019 with Caesars in connection with
Eldorado’s acquisition of Caesars Entertainment Corporation. Per
the terms of the Master Transaction Agreement, VICI Properties
acquired the land and real estate assets associated with Harrah’s
New Orleans, Harrah’s Laughlin, and Harrah’s Atlantic City and
modified certain provisions of the Caesars lease agreements for
total consideration of approximately $3.2 billion in cash.
On July 16, 2020, the Company and JACK Ohio LLC (“JACK
Entertainment”) entered into an amendment to the existing master
triple-net lease agreement (the “JACK Lease Agreement Amendment”),
pursuant to which, among other things, VICI agreed to fund $18.0
million for the construction of a new gaming patio amenity at JACK
Thistledown Racino. In connection with the construction of the
gaming patio, commencing on April 1, 2022, rent under the master
lease will increase by an incremental $1.8 million. The JACK Lease
Agreement Amendment also provides for relief with respect to
certain existing covenants through March 31, 2022, adds an
additional five years to the initial lease term, with JACK
Entertainment having three five-year renewal options as a result of
such extension of the initial lease term, and provides for annual
rent escalation to begin in 2022 rather than 2021. The JACK Lease
Agreement Amendment does not provide for a reduction of the
tenant’s rent obligations and the relief is conditioned upon (i)
JACK Entertainment's timely payment of rent obligations under the
master lease and (ii) no tenant event of default occurring during
the compliance period set forth in the JACK Lease Agreement
Amendment.
Simultaneously with entry into the JACK Lease Agreement
Amendment, the Company and affiliates of Rock Ohio Ventures LLC
entered into an amendment and restatement of the existing $50.0
million term loan agreement pursuant to which, among other things,
the Company increased the existing term loan to $70.0 million,
bearing interest at a rate of 9.0% per annum, and added a $25.0
million revolving credit facility, bearing interest at a rate of
LIBOR plus 2.75%. In connection with the amendment and restatement
VICI received additional collateral so that the term and revolving
loans are now secured by a first priority lien on substantially all
gaming and non-gaming real and personal property of JACK
Entertainment.
Balance Sheet and Liquidity
As of June 30, 2020, the Company had $6.9 billion in total debt.
With respect to this total debt, $2.0 billion of proceeds from the
February unsecured notes offering were held in escrow to fund our
transaction with Eldorado. VICI had approximately $2.7 billion in
liquidity comprised of $1.7 billion in cash and cash equivalents
and $1.0 billion of availability under the Revolving Credit
Facility (subject to continued compliance with the financial
covenants of the facility). Following the closing of the Eldorado
transaction, VICI Properties had approximately $400.0 million in
cash, as well as the $1.0 billion of availability under the
Revolving Credit Facility.
The Company’s outstanding indebtedness as of June 30, 2020 was
as follows:
($ in millions)
June 30, 2020
Revolving Credit Facility
$
—
Term Loan B Facility (2024 Maturity)
2,100.0
2025 Notes
750.0
2026 Notes
1,250.0
2027 Notes
750.0
2029 Notes
1,000.0
2030 Notes
1,000.0
Total Debt Outstanding, Face Value
$
6,850.0
Cash, Cash Equivalents & Restricted
Cash
$
3,680.5
Net Debt
$
3,169.5
Dividends
On June 11, 2020, we declared a regular quarterly cash dividend
of $0.2975 per share, which was paid on July 10, 2020 to
stockholders of record as of the close of business on June 30,
2020. The aggregate dividend payment was approximately $158.7
million.
Impact of the COVID-19 Pandemic on Our Business
In connection with the COVID-19 pandemic, various state
governments and/or regulatory authorities issued directives,
mandates, orders or similar actions restricting non-essential
business operations, resulting in the temporary closure of
substantially all of our tenants’ operations at our properties (as
well as our golf course properties). While most of our tenants’
facilities at our properties (and all four of our golf course
properties) have reopened, they have reopened at reduced capacity
and subject to additional operating restrictions, and we cannot
predict how long they will be subject to such restrictions, or
whether they will be subject to additional restrictions or future
closures. As previously announced, in connection with the ongoing
COVID-19 pandemic and its impact on our tenants’ operations and
financial performance, we have provided certain short-term non-rent
related relief under our lease agreements to some of our tenants,
and we continue to actively engage in dialogues with our tenants
regarding how best to respond to the COVID-19 pandemic and its
impact on their businesses, including with respect to their
respective financial and operating situations, liquidity needs and
contingency planning.
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
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, July 30, 2020 at 10:00 a.m. Eastern Time (ET). The
conference call can be accessed by registering online at
www.directeventreg.com/registration/event/1652939 at which time
registrants will receive dial-in information as well as a passcode
and registrant ID. At the time of the call, participants will dial
in using the numbers in the confirmation email and enter their
passcode and ID, upon which they will enter the conference
call.
A live audio webcast of the conference call will be available
through the “Investors” section of the Company’s website,
www.viciproperties.com, on July 30, 2020, 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 31 gaming facilities
comprising over 50 million square feet and features approximately
20,200 hotel rooms and more than 200 restaurants, bars and
nightclubs. Its properties are leased to industry leading gaming
and hospitality operators, including Caesars Entertainment, Inc.,
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 “anticipates,” “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 the impact of changes in general economic conditions, including
low consumer confidence, unemployment levels and depressed real
estate prices resulting from the severity and duration of any
downturn in the U.S. or global economy (including stemming from the
COVID-19 pandemic and changes in the economic conditions as a
result of the COVID-19 pandemic); risks that the Company may not
achieve the benefits contemplated by our pending and recently
completed transactions and 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
transactions, or other delays or impediments to completing our
pending transactions; our ability to obtain the financing necessary
to complete our pending transactions on the terms we currently
expect or at all; the possibility that our pending transactions may
not be completed on the current terms or at all, or that completion
may be unduly delayed; and the effects of our recently completed
transactions and pending transactions on us, including the post-
transaction impact on our financial condition, financial and
operating results, cash flows, strategy and plans.
Currently, one of the most significant factors that could cause
actual outcomes to differ materially from our forward-looking
statements is the impact of the COVID-19 pandemic on the financial
condition, results of operations, cash flows and performance of the
Company and its tenants. The extent to which the COVID-19 pandemic
impacts the Company, its tenants and our pending transactions, will
largely depend on future developments that are highly uncertain and
cannot be predicted with confidence, including the impact of the
actions taken to contain the pandemic or mitigate its impact, and
the direct and indirect economic effects of the pandemic and
containment measures on our tenants, including various state
governments and/or regulatory authorities issuing directives,
mandates, orders or similar actions restricting freedom of movement
and business operations, such as travel restrictions, border
closures, business closures, limitations on public gatherings,
quarantines and “shelter-at-home” orders that resulted in the
temporary closure of our tenants’ operations at our properties, the
ability of the Company’s tenants to successfully operate their
businesses following the reopening of their respective facilities,
including the costs of complying with regulatory requirements
necessary to keep the facilities open, including compliance with
operating restrictions and reduced capacity requirements, the need
to close any of the facilities after reopening as a result of the
COVID-19 pandemic and the effects of the negotiated capital
expenditure reductions and other amendments to the lease agreements
that the Company agreed to with certain of its tenants in response
to the COVID-19 pandemic. Each of the foregoing could have a
material adverse effect on our tenants’ ability to satisfy their
obligations under their leases with us, including their continued
ability to pay rent in a timely manner, or at all, and/or to fund
capital expenditures or make other payments required under their
leases. In addition, changes and instability in global, national
and regional economic activity and financial markets as a result of
the COVID-19 pandemic could negatively impact consumer
discretionary spending and travel, which could have a material
adverse effect on our tenants’ businesses.
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 non-cash leasing
and financing adjustments attributable to common stockholders,
non-cash change in allowance for credit losses attributable to
common stockholders, 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. The non-cash change in allowance for credit losses
attributable to common stockholders consists of estimated credit
loss for our investments in leases - direct financing and
sales-type, investments in leases - financing receivables and
investments in loans as a result of our adoption of ASU No. 2016-13
- Financial Instruments-Credit Losses (Topic 326). No similar
adjustments are reflected in prior periods because the accounting
standard was adopted effective January 1, 2020 and does not require
retrospective application. Please see Note 6 - Allowance for Credit
Losses in our Quarterly Report on Form 10-Q for the quarter ended
June 30, 2020 for further information.
We calculate Adjusted EBITDA by adding or subtracting from AFFO
contractual 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, 2020
December 31, 2019
Assets
Real estate portfolio:
Investments in leases - direct financing
and sales-type, net
$
10,372,656
$
10,734,245
Investments in leases - operating
1,086,658
1,086,658
Investments in leases - financing
receivables, net
812,636
—
Investments in loans, net
49,876
—
Land
94,711
94,711
Cash and cash equivalents
1,680,536
1,101,893
Restricted cash
2,000,000
—
Short-term investments
—
59,474
Other assets
180,561
188,638
Total assets
$
16,277,634
$
13,265,619
Liabilities
Debt, net
$
6,758,132
$
4,791,563
Accrued interest
48,828
20,153
Deferred financing liability
73,600
73,600
Deferred revenue
358
70,340
Dividends payable
158,659
137,056
Other liabilities
163,646
123,918
Total liabilities
7,203,223
5,216,630
Stockholders’ equity
Common stock
5,337
4,610
Preferred stock
—
—
Additional paid in capital
9,296,511
7,817,582
Accumulated other comprehensive loss
(117,265
)
(65,078
)
Retained (deficit) earnings
(191,835
)
208,069
Total VICI stockholders’ equity
8,992,748
7,965,183
Non-controlling interests
81,663
83,806
Total stockholders’ equity
9,074,411
8,048,989
Total liabilities and stockholders’
equity
$
16,277,634
$
13,265,619
Note: As of June 30, 2020, our Investments in leases - direct
financing and sales-type, Investments in leases - financing
receivables and Investments in loans are net of $355.3 million,
$37.6 million and $0.4 million of Allowance for credit losses,
respectively. The credit loss standard does not require
retrospective application and as such there is no corresponding
allowance as of December 31, 2019.
VICI Properties Inc.
Consolidated Statement of
Operations
(In thousands,
except share and per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Revenues
Income from direct financing and
sales-type leases
$
223,895
$
201,549
$
448,147
$
397,299
Income from operating leases
10,913
10,914
21,826
21,827
Income from lease financing receivables
and loans
17,026
—
29,869
—
Tenant reimbursements and other income
733
—
1,426
—
Golf operations
5,335
8,283
11,635
15,622
Revenues
257,902
220,746
512,903
434,748
Operating expenses
General and administrative
7,498
6,518
14,513
12,743
Depreciation
1,213
1,018
2,080
1,948
Tenant reimbursements and other
expenses
736
—
1,439
—
Golf operations
4,139
4,848
8,509
8,940
Change in allowance for credit losses
(65,480
)
—
84,028
—
Transaction and acquisition expenses
1,160
2,867
5,677
3,756
Total operating expenses
(50,734
)
15,251
116,246
27,387
Operating income
308,636
205,495
396,657
407,361
Interest expense
(77,693
)
(54,819
)
(153,786
)
(108,405
)
Interest income
1,009
4,004
6,529
9,171
Loss from extinguishment of debt
—
—
(39,059
)
—
Income before income taxes
231,952
154,680
210,341
308,127
Income tax expense
(309
)
(553
)
(763
)
(1,074
)
Net income
231,643
154,127
$
209,578
$
307,053
Less: Net income attributable to
non-controlling interests
(2,241
)
(2,078
)
(4,188
)
(4,155
)
Net income attributable to common
stockholders
$
229,402
$
152,049
$
205,390
$
302,898
Net income per common share
Basic
$
0.47
$
0.37
$
0.43
$
0.74
Diluted
$
0.47
$
0.37
$
0.43
$
0.74
Weighted average number of common
shares outstanding
Basic
489,012,165
412,309,577
477,094,795
409,040,025
Diluted
489,213,427
412,821,400
481,652,482
409,473,202
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,
2020
2019
2020
2019
Net income attributable to common
stockholders
$
229,402
$
152,049
$
205,390
$
302,898
Real estate depreciation
—
—
—
—
FFO
229,402
152,049
205,390
302,898
Non-cash leasing and financing adjustments
attributable to common stockholders
3,869
(2,210
)
7,179
(4,656
)
Non-cash change in allowance for credit
losses attributable to common stockholders
(65,323
)
—
84,049
—
Transaction and acquisition expenses
1,160
2,867
5,677
3,756
Non-cash stock-based compensation
2,012
1,366
3,362
2,417
Amortization of debt issuance costs and
original issue discount
4,837
1,899
11,136
3,364
Other depreciation
1,183
1,016
2,026
1,943
Capital expenditures
(883
)
(212
)
(1,645
)
(1,403
)
Loss on extinguishment of debt
—
—
39,059
—
AFFO
176,257
156,775
356,233
308,319
Interest expense, net
71,847
48,916
136,121
95,870
Income tax expense
309
553
763
1,074
Adjusted EBITDA
$
248,413
$
206,244
$
493,117
$
405,263
Net income per common share
Basic and diluted
$
0.47
$
0.37
$
0.43
$
0.74
FFO per common share
Basic and diluted
$
0.47
$
0.37
$
0.43
$
0.74
AFFO per common share
Basic
$
0.36
$
0.38
$
0.75
$
0.75
Diluted
$
0.36
$
0.38
$
0.74
$
0.75
Weighted average number of shares of
common stock outstanding
Basic
489,012,165
412,309,577
477,094,795
409,040,025
Diluted
489,213,427
412,821,400
481,652,482
409,473,202
VICI Properties Inc.
Revenue Breakdown
(In thousands,
except share and per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Contractual leasing revenues (cash
rent)
Caesars Palace Las Vegas
$
41,023
$
40,176
$
82,046
$
80,352
Caesars Palace Las Vegas, classified as
operating lease revenue
10,913
10,914
21,826
21,827
Non-CPLV & Joliet(1)
127,134
125,255
254,267
250,510
Harrah's Las Vegas
22,289
22,068
44,578
44,137
Margaritaville Bossier City
5,886
5,800
11,743
11,538
Greektown
13,889
5,973
27,778
5,973
Hard Rock Cincinnati
10,687
—
21,375
—
Century Portfolio
6,250
—
12,500
—
JACK Cleveland/Thistledown, classified as
lease financing revenue
16,470
—
28,867
—
Total contractual leasing revenues
(cash rent)
$
254,541
$
210,186
$
504,980
$
414,337
Investments in loans
1,119
—
1,955
—
Golf operations
5,335
8,283
11,635
15,622
Total cash revenue
$
260,995
$
218,469
$
518,570
$
429,959
Non-cash lease adjustments(2)
Caesars Palace Las Vegas
$
(2,645
)
$
(1,725
)
$
(5,216
)
$
(3,428
)
Non-CPLV & Joliet
3,448
4,800
7,013
9,471
Harrah's Las Vegas
(450
)
(206
)
(892
)
(408
)
Margaritaville Bossier City
(1,122
)
(322
)
(2,169
)
(576
)
Greektown
(2,508
)
(270
)
(4,918
)
(270
)
Hard Rock Cincinnati
(233
)
—
(448
)
—
Century Portfolio
247
—
490
—
JACK Cleveland/Thistledown
(546
)
—
(923
)
—
Total non-cash lease
adjustments
$
(3,809
)
$
2,277
$
(7,063
)
$
4,789
Investments in loans non-cash
adjustment
(17
)
—
(30
)
—
Total non-cash adjustments
$
(3,826
)
$
2,277
$
(7,093
)
$
4,789
Other income
733
—
1,426
—
Total GAAP revenues
$
257,902
$
220,746
$
512,903
$
434,748
(1) Includes 100% of revenues. A JV partner owns a 20%
non-controlling interest in Harrah’s Joliet.
(2) Amounts represent the non-cash adjustment to income from
direct financing leases, sales-type leases and lease financing
receivables in order to recognize income on an effective interest
basis at a constant rate of return over the term of the leases.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200729005882/en/
Investor Contacts: Investors@viciproperties.com (646) 949-4631 Danny
Valoy Vice President, Finance DValoy@viciproperties.com David Kieske EVP, Chief
Financial Officer DKieske@viciproperties.com
Grafico Azioni Vici Properties (NYSE:VICI)
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Da Set 2024 a Ott 2024
Grafico Azioni Vici Properties (NYSE:VICI)
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Da Ott 2023 a Ott 2024