- Establishes Guidance for Full Year 2021 -
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, 2020.
All per share amounts included herein are on a per diluted share
basis unless otherwise stated.
Fourth Quarter 2020 Financial and Operating
Highlights
- Total revenues increased 57.0% year-over-year to $373.0
million
- Net income attributable to common stockholders was $288.0
million, or $0.53 per share
- AFFO increased 42.5% year-over-year to $251.7 million
- AFFO per share increased 24.3% to $0.46
- Completed the disposition of Bally's Atlantic City
- Entered into an agreement for The Eastern Band of Cherokee
Indians to become the new tenant at the Company's Caesars Southern
Indiana property
Full Year 2020 Financial and Operating Highlights
- Total revenues increased 37.0% year-over-year to $1.2
billion
- Net income attributable to common stockholders was $891.7
million, or $1.75 per share
- AFFO increased 28.7% year-over-year to $835.8 million
- AFFO per share increased 10.8% to $1.64
- Completed $4.6 billion of acquisitions and investments,
including VICI’s first investment outside of gaming through an $80
million mortgage loan to Chelsea Piers New York
- Increased quarterly cash dividend by 10.9%
- Completed an equity offering in which 29,900,000 shares were
sold through a forward sale agreement at $22.15 per share, raising
gross proceeds of $662.3 million
- Issued 7,500,000 shares under the Company’s ATM Program for net
proceeds of approximately $200.0 million
- Issued $2.5 billion of Senior Unsecured Notes at a blended and
weighted average interest rate of 3.8%
- Redeemed the remaining $500.0 million 8% senior secured notes
scheduled to mature in 2023
- Repriced our $2.1 billion Term Loan, lowering the interest rate
from L + 2.00% to L + 1.75%
Comments
Edward Pitoniak, Chief Executive Officer of VICI Properties,
said: “Prior to 2020, we were often asked how the Gaming REIT model
would fare once it hit its first recession. What VICI faced in 2020
was far beyond a normal recession, but thanks to our tenants’
operating excellence and liquidity, thanks to the intense loyalty
gaming customers have to the gaming experience, and thanks to the
mission-criticality of our assets, VICI’s business model has proven
itself during this on-going COVID-19 crisis. In 2020, we collected
one hundred percent of our rent, in cash, on time, again thanks to
the superiority of our tenants' business models. And when many
REITs were plugging holes in the hull, we completed $4.6 billion of
acquisitions and investments, including a creative mortgage
structure with our largest tenant, Caesars, and our first
investment outside of gaming in the Chelsea Piers New York
Facility. Finally, as 2020 unfolded, it became clear that our
tenants will increasingly benefit from the technology-driven
tailwind that legalized sports betting represents, giving our
tenants a powerful new paradigm for developing their next
generation of customers, further ensuring the durability of their
business models and of our real estate.”
Said David Kieske, Executive Vice President and Chief Financial
Officer, “During a year when many REITs had to work hard to shore
up their liquidity, VICI spent 2020 further improving its balance
sheet. We accessed the capital markets throughout the year, raising
$862 million of gross equity proceeds through a forward sale
agreement and under our ATM program, and issuing $2.5 billion of
unsecured notes, laddering our debt maturities and lowering our
cost of capital while steadily forging our path toward a future
investment grade credit rating. In Q3, we announced a dividend
increase of 10.9%, one of the largest 2020 dividend increases among
large-cap American REITs. Over the last three years, since VICI’s
2018 IPO, our collective activities enabled us to double our
annualized revenue and EBITDA and deliver superior total return for
shareholders. In fact, over the three-year period ended December
31, 2020, VICI delivered total return of 46.2%, significantly above
the 11.2% generated by REITs in the RMZ REIT index.”
Fourth Quarter 2020 Financial Results
Total Revenues
Total revenues were $373.0 million for the quarter, an increase
of 57.0% compared to $237.5 million for the quarter ended December
31, 2019. Total revenues for the quarter included $35.1 million of
non-cash items, comprised of $28.0 million of non-cash leasing and
financing adjustments and $7.1 million of other income.
Net Income Attributable to Common Stockholders
Net income attributable to common stockholders was $288.0
million for the quarter, or $0.53 per share, compared to $98.6
million, or $0.21 per share for the quarter ended December 31,
2019.
Funds from Operations (“FFO”)
FFO attributable to common stockholders was $288.0 million for
the quarter, or $0.53 per share, compared to $98.6 million, or
$0.21 per share, for the quarter ended December 31, 2019.
Adjusted Funds from Operations (“AFFO”)
AFFO attributable to common stockholders was $251.7 million for
the quarter, an increase of 42.5% compared to $176.6 million for
the quarter ended December 31, 2019. AFFO was $0.46 per share for
the quarter compared to $0.37 per share for the quarter ended
December 31, 2019.
Full Year 2020 Financial Results
Total Revenues
Total revenues were $1.2 billion for the year, an increase of
37.0% compared to $894.8 million for the year ended December 31,
2019. Total revenues for the year included $55.6 million of
non-cash items, comprised of $39.8 million of non-cash leasing and
financing adjustments and $15.8 million of other non-cash
income.
Net Income Attributable to Common Stockholders
Net income attributable to common stockholders was $891.7
million for the year, or $1.75 per share, compared to $546.0
million, or $1.24 per share for the year ended December 31,
2019.
Funds from Operations (“FFO”)
FFO attributable to common stockholders was $891.7 million for
the year, or $1.75 per share, compared to $546.0 million, or $1.24
per share, for the year ended December 31, 2019.
Adjusted Funds from Operations (“AFFO”)
AFFO attributable to common stockholders was $835.8 million for
the year, an increase of 28.7% compared to $649.6 million for the
year ended December 31, 2019. AFFO was $1.64 per share for the year
compared to $1.48 per share for the year ended December 31,
2019.
Fourth Quarter and Full Year 2020 Acquisitions and Portfolio
Activity
Acquisitions and Investments
Over the course of 2020, the Company completed approximately
$4.6 billion of acquisitions and investments at a weighted-average
initial yield of 7.8%. These investments include: the acquisition
of the real estate assets of JACK Cleveland Casino and JACK
Thistledown Racino for $843.3 million, completed on January 24,
2020; the acquisition of Harrah's New Orleans, Harrah's Laughlin
and Harrah's Atlantic City and related lease modifications with
Caesars for an aggregate price of $3.2 billion, completed on July
20, 2020; an $80 million mortgage loan to Chelsea Piers New York,
secured by the Chelsea Piers complex in New York City, completed on
August 31, 2020; and a $400 million mortgage loan to Caesars
secured by the Caesars Forum Convention Center in Las Vegas,
completed on September 18, 2020.
Dispositions
As previously disclosed, on September 3, 2020, the Company and
Caesars entered into definitive agreements to sell Harrah’s
Louisiana Downs Casino to a third party for an aggregate of $22.0
million. The Company is entitled to receive $5.5 million from the
sale. Annual base rent payments under the Regional Master Lease
Agreement will remain unchanged following completion of the
disposition, which the Company anticipates will close in the first
half of 2021 and remains subject to regulatory approval and
customary closing conditions.
On September 30, 2020, the Company and Caesars closed on the
previously announced transaction to sell Harrah’s Reno to a third
party. The purchase price for Harrah’s Reno was $41.5 million and
the Company received approximately $31.1 million of the proceeds
from the sale. Annual base rent payments under the Regional Master
Lease Agreement remained unchanged following completion of the
disposition.
On November 18, 2020, the Company and Caesars closed on the
previously announced transaction to sell Bally's Atlantic City
Hotel & Casino to Bally's Corporation. The total purchase price
for Bally's Atlantic City was $25.0 million and the Company
received approximately $19.0 million of the proceeds from the sale.
The annual rent payments under the Caesars Regional Master Lease
Agreement remained unchanged following completion of the
disposition.
Other Portfolio Activity
On December 24, 2020, in connection with the Eastern Band of
Cherokee Indians’ (“EBCI”) agreement to acquire the operations of
Caesars Southern Indiana from Caesars, the Company agreed to enter
into a triple-net lease agreement with EBCI with respect to the
real property associated with Caesars Southern Indiana. In
addition, as part of the transaction, the parties have agreed to
negotiate a right of first refusal for VICI Properties on the real
property associated with the development of a new casino resort in
Danville, Virginia. Initial total annual rent under the lease with
EBCI will be $32.5 million. The lease will have an initial term of
15 years, with four 5-year tenant renewal options. The tenant’s
obligations under the lease will be guaranteed by EBCI. Annual base
rent payments under the Regional Master Lease with Caesars will be
reduced by $32.5 million upon completion of EBCI’s acquisition of
the operations of Caesars Southern Indiana and the execution of the
lease between the Company and EBCI. The property is expected to
retain the Caesars brand name and to continue to be a part of the
Caesars Rewards loyalty program in accordance with the terms of a
licensing agreement negotiated between EBCI and Caesars.
Balance Sheet and Liquidity
As of December 31, 2020, the Company had $6.9 billion in total
debt. VICI Properties had approximately $1.9 billion in liquidity,
comprised of $316.0 million in cash and cash equivalents, $20.0
million in short-term investments, $1.0 billion of availability
under the Revolving Credit Facility (subject to the terms of the
credit agreement) and approximately $547.2 million in proceeds
available through the physical settlement of the remaining
26,900,000 shares that are subject to the June 2020 Forward Sale
Agreement.
The Company’s outstanding indebtedness as of December 31, 2020
was as follows:
($ in millions)
December 31, 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 and Cash Equivalents
$
316.0
Short-Term Investments
$
20.0
Net Debt
$
6,514.0
Dividends
On December 10, 2020, the Company declared a regular quarterly
cash dividend of $0.33 per share, representing a 10.9% increase
year over year. The Q4 2020 dividend was paid on January 7, 2021 to
stockholders of record as of the close of business on December 23,
2020 and it totaled in aggregate approximately $177.0 million.
2021 Guidance
The Company is providing estimated AFFO guidance for the full
year 2021. The Company estimates AFFO for the year ending December
31, 2021 will be between $1,010.0 million and $1,035.0 million, or
between $1.82 and $1.87 per diluted share. These per share
estimates reflect the dilutive impact of the pending 26,900,000
forward sale shares, assuming settlement and the issuance of such
shares on June 17, 2021, the maturity date of the agreement, and
the dilutive effect prior to the expected settlement date as
calculated under the treasury stock method. These estimates do not
include the impact on operating results from any pending or
possible future acquisitions or dispositions, capital markets
activity, or other non-recurring transactions.
The following is a summary of the Company's full-year 2021
guidance:
For the Year Ending December 31, 2021
($ in millions):
Low
High
Estimated Adjusted Funds From Operations
(AFFO)
$1,010.0
$1,035.0
Estimated Adjusted Funds From Operations
(AFFO) per diluted share
$1.82
$1.87
Estimated Weighted Average Share Count at
Year End (in millions)
554.7
554.7
In determining Adjusted Funds from Operations (“AFFO”), the
Company adjusts for certain items that are otherwise included in
determining net income attributable to common stockholders, the
most comparable GAAP financial measure. For more information, see
“Non-GAAP Financial Measures.” The Company is unable to provide a
reconciliation of its stated AFFO guidance to net income
attributable to common stockholders because it is unable to predict
with reasonable certainty the amount of the change in non-cash
allowance for credit losses under ASU No. 2016-13 - Financial
Instruments—Credit Losses (Topic 326) (“ASC 326”) for a future
period. The non-cash change in allowance for credit losses under
ASC 326 with respect to a future period is dependent upon future
events that are entirely outside of the Company's control and may
not be reliably predicted, including its tenants’ respective
financial performance, fluctuations in the trading price of their
common stock, credit ratings and outlook (each to the extent
applicable), as well as broader macroeconomic performance. Based on
past results, the impact of these adjustments could be material,
individually or in the aggregate, to the Company's reported GAAP
results.
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. 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 the
Company's 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 the
Company's 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
Friday, February 19, 2021 at 10:00 a.m. Eastern Time (ET). The
conference call can be accessed by registering online at
http://www.directeventreg.com/registration/event/1078778 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 in
listen-only mode through the “Investors” section of the Company’s
website, www.viciproperties.com, on February 19, 2021, 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 Inc. (“VICI Properties” or the “Company”) is an
experiential real estate investment trust that owns one of the
largest portfolios of market-leading gaming, hospitality and
entertainment destinations, including the world-renowned Caesars
Palace. VICI Properties’ national, geographically diverse portfolio
consists of 28 gaming facilities comprising 47 million square feet
and features approximately 18,000 hotel rooms and more than 200
restaurants, bars, nightclubs and sportsbooks. Its properties are
leased to industry leading gaming and hospitality operators,
including Caesars Entertainment, Inc., Century Casinos, Inc., Hard
Rock International Inc., JACK Entertainment LLC and Penn National
Gaming, Inc. VICI Properties also has an investment in the Chelsea
Piers, New York facility and 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.
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, in some cases 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. We continue to monitor the
impact of the COVID-19 pandemic on our tenant's businesses,
including with respect to their respective financial and operating
situations, liquidity needs and contingency planning.
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); the Company’s dependence on
subsidiaries of Caesars Entertainment, Inc. (“Caesars”), Penn
National Gaming, Inc. (“Penn”), Seminole Hard Rock Entertainment,
Inc. (“Hard Rock”), Century Casinos, Inc. (“Century Casinos”) and
Rock Ohio Ventures LLC (“JACK Entertainment”) as tenants of our
properties and Caesars, Penn, Hard Rock, Century Casinos and JACK
Entertainment or certain of their respective subsidiaries as
guarantors of the lease payments and the negative consequences any
material adverse effect on their respective businesses could have
on the Company; risks that the Company may not achieve the benefits
contemplated by its recently completed transactions and
acquisitions of real estate assets; the possibility that the
Company identifies significant environmental, tax, legal or other
issues that materially and adversely impact the value of assets
acquired or secured as collateral (or other benefits it expects to
receive) in any of its recently completed transactions; and the
effects of the Company’s recently completed transactions on it,
including the future impact on the Company’s 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 and its tenants 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 have
negatively impacted consumer discretionary spending and travel and
may continue to do so, 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
most recent Annual Report on Form 10-K, 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) attributable to common
stockholders (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, non-cash change in allowance for credit
losses, 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, gains (or losses) on debt
extinguishment, other non-recurring, non-cash gains or losses (such
as non-cash gain upon lease modification) and non-cash adjustments
attributable to non-controlling interest with respect to certain of
the foregoing. The non-cash change in allowance for credit losses
consists of estimated credit loss for our investments in leases -
sales-type and direct financing, 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 most recent Annual Report on
Form 10-K 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)
December 31, 2020
December 31, 2019
Assets
Real estate portfolio:
Investments in leases - sales-type and
direct financing, net
$
13,027,644
$
10,734,245
Investments in leases - operating
—
1,086,658
Investments in leases - financing
receivables, net
2,618,562
—
Investments in loans, net
536,721
—
Land
158,190
94,711
Cash and cash equivalents
315,993
1,101,893
Short-term investments
19,973
59,474
Other assets
386,530
188,638
Total assets
$
17,063,613
$
13,265,619
Liabilities
Debt, net
$
6,765,532
$
4,791,563
Accrued interest
46,422
20,153
Deferred financing liability
73,600
73,600
Deferred revenue
93,659
70,340
Dividends payable
176,992
137,056
Other liabilities
413,663
123,918
Total liabilities
7,569,868
5,216,630
Stockholders’ equity
Common stock
5,367
4,610
Preferred stock
—
—
Additional paid in capital
9,363,539
7,817,582
Accumulated other comprehensive loss
(92,521)
(65,078)
Retained earnings
139,454
208,069
Total VICI stockholders’ equity
9,415,839
7,965,183
Non-controlling interests
77,906
83,806
Total stockholders’ equity
9,493,745
8,048,989
Total liabilities and stockholders’
equity
$
17,063,613
$
13,265,619
_______________________________________________________ Note: As of
December 31, 2020, our Investments in leases - sales-type and
direct financing, Investments in leases - financing receivables,
Investments in loans and Other assets (sales-type sub-leases) are
net of $454.2 million, $91.0 million, $1.8 million and $6.9 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 December
31,
Year Ended December
31,
2020
2019
2020
2019
Revenues
Income from sales-type and direct
financing leases
$
289,087
$
218,905
$
1,007,508
$
822,205
Income from operating leases
—
10,913
25,464
43,653
Income from lease financing receivables
and loans
70,321
—
153,017
—
Other income
7,091
—
15,793
—
Golf revenues
6,519
7,719
23,792
28,940
Total revenues
373,018
237,537
1,225,574
894,798
Operating expenses
General and administrative
8,101
5,109
30,661
24,569
Depreciation
741
883
3,731
3,831
Other expenses
7,091
—
15,793
—
Golf expenses
4,451
4,538
17,632
18,901
Change in allowance for credit losses
(16,563
)
—
244,517
—
Transaction and acquisition expenses
981
249
8,684
4,998
Total operating expenses
4,802
10,779
321,018
52,299
Interest expense
(77,420
)
(71,448
)
(308,605
)
(248,384
)
Interest income
52
4,153
6,795
20,014
Loss from extinguishment of debt
—
(58,143
)
(39,059
)
(58,143
)
Gain upon lease modification
—
—
333,352
—
Income before income taxes
290,848
101,320
897,039
555,986
Income tax expense
(436
)
(607
)
(831
)
(1,705
)
Net income
$
290,412
$
100,713
$
896,208
$
554,281
Less: Net income attributable to
non-controlling interests
(2,402
)
(2,082
)
(4,534
)
(8,317
)
Net income attributable to common
stockholders
$
288,010
$
98,631
$
891,674
$
545,964
Net income per common share
Basic
$
0.54
$
0.21
$
1.76
$
1.25
Diluted
$
0.53
$
0.21
$
1.75
$
1.24
Weighted average number of common
shares outstanding
Basic
536,333,632
460,689,199
506,140,642
435,071,096
Diluted
541,935,681
472,642,363
510,908,755
439,152,946
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,
2020
2019
2020
2019
Net income attributable to common
stockholders
$
288,010
$
98,631
891,674
545,964
Real estate depreciation
—
—
—
—
FFO
288,010
98,631
891,674
545,964
Non-cash leasing and financing
adjustments
(27,977
)
2,534
(39,803
)
239
Non-cash change in allowance for credit
losses
(16,563)
—
244,517
—
Non-cash stock-based compensation
2,013
1,402
7,388
5,223
Transaction and acquisition expenses
981
249
8,684
4,998
Amortization of debt issuance costs and
original issue discount
4,368
14,854
19,872
33,034
Other depreciation
710
875
3,615
3,815
Capital expenditures
(218
)
(106
)
(2,200
)
(2,097
)
Loss on extinguishment of debt
—
58,143
39,059
58,143
Non-cash gain upon lease modification
—
—
(333,352)
—
Non-cash adjustments attributable to
non-controlling interests
340
51
(3,650
)
253
AFFO
251,664
176,633
835,804
649,572
Interest expense, net
73,000
52,441
281,938
195,336
Income tax expense
436
607
831
1,705
Adjusted EBITDA
325,100
229,681
1,118,573
846,613
Net income per common share
Basic
$
0.54
$
0.21
$
1.76
$
1.25
Diluted
$
0.53
$
0.21
$
1.75
$
1.24
FFO per common share
Basic
$
0.54
$
0.21
$
1.76
$
1.25
Diluted
$
0.53
$
0.21
$
1.75
$
1.24
AFFO per common share
Basic
$
0.47
$
0.38
$
1.65
$
1.49
Diluted
$
0.46
$
0.37
$
1.64
$
1.48
Weighted average number of shares of
common stock outstanding
Basic
536,333,632
460,689,199
506,140,642
435,071,096
Diluted
541,935,681
472,642,363
510,908,755
439,152,946
VICI Properties Inc.
Revenue Detail
(In thousands)
Three Months Ended December
31,
Year Ended December
31,
2020
2019
2020
2019
Contractual revenue from sales-type and
direct financing leases
Caesars Las Vegas Master Lease
$
100,052
$
62,809
$
316,857
$
249,543
Caesars Regional Master Lease & Joliet
Lease (excluding Harrah's NOLA, AC, and Laughlin)
128,405
126,507
509,805
502,272
Margaritaville Lease
5,886
5,800
23,515
23,138
Greektown Lease
13,889
13,889
55,556
33,751
Hard Rock Lease
10,848
10,687
42,910
11,993
Century Master Lease
6,250
1,747
25,000
1,747
Income from sales-type and direct
financing leases non-cash adjustment(1)
23,757
(2,534
)
33,865
(239
)
Income from sales-type and direct
financing leases
289,087
218,905
1,007,508
822,205
Contractual revenue from operating
leases
Land component of Caesars Palace
—
10,913
25,464
43,653
Income from operating leases
—
10,913
25,464
43,653
Contractual income from lease financing
receivables
JACK Entertainment Master Lease
16,470
—
61,807
—
Harrah's NOLA, AC, and Laughlin
38,884
—
69,519
—
Income from lease financing receivables
non-cash adjustment(1)
4,247
—
6,018
—
Income from lease financing
receivables
59,601
—
137,344
—
Contractual interest income
JACK Entertainment Loan
1,663
—
5,165
—
Caesars Forum Convention Center Loan
7,871
—
8,983
—
Chelsea Piers Loan
1,213
—
1,605
—
Income from loans non-cash
adjustment(1)
(27
)
—
(80
)
—
Income from loans
10,720
—
15,673
—
Income from lease financing receivables
and loans
70,321
—
153,017
—
Other income
7,091
—
15,793
—
Golf revenues
6,519
7,719
23,792
28,940
Total revenues
$
373,018
$
237,537
$
1,225,574
$
894,798
____________________ (1) Amounts represent non-cash adjustments to
recognize revenue on an effective interest basis in accordance with
GAAP.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210218006000/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
Grafico Azioni Vici Properties (NYSE:VICI)
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