- Announces Record Revenue Growth of 46.8%
-
- Reaffirms 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 ended March 31, 2021. All per
share amounts included herein are on a per diluted share basis
unless otherwise stated.
First Quarter 2021 Financial and Operating Highlights
- Total revenues increased 46.8% year-over-year to $374.3
million
- Net income attributable to common stockholders was $269.8
million, or $0.50 per share
- FFO was $269.8 million, or $0.50 per share
- AFFO increased 41.7% year-over-year to $255.0 million
- AFFO per share increased 23.7% to $0.47
- Announced a $4.0 billion acquisition of the land and real
estate assets of The Venetian Resort Las Vegas and the Sands Expo
and Convention Center
- Declared a quarterly cash dividend of $0.33 per share
- Completed an equity offering in which 69,000,000 shares were
sold through forward sale agreements at $29.00 per share
CEO Comments
Edward Pitoniak, Chief Executive Officer of VICI Properties,
said: “During the first quarter of 2021, Team VICI worked hard to
create value for our stockholders by generating AFFO growth in the
quarter and by executing a transaction that will generate, upon
closing, AFFO growth in future quarters. Following on our strong
double-digit AFFO growth in 2020, a year in which most REITs posted
AFFO declines, we posted 23.7% growth in AFFO per share in Q1 2021.
VICI also announced in Q1 the $4.0 billion acquisition of the real
estate of the Venetian Resort Las Vegas and the Sands Expo and
Convention Center: one of America's most economically productive
commercial real estate assets. Upon closing, this acquisition will
generate $250 million of incremental annual rent without any direct
corresponding increase in our operating expenses, demonstrating the
extreme efficiency of our triple net business model. Our successful
track record of consistent value creation is supported by prudent
balance sheet management and our proven access to capital markets,
as we raised $2.0 billion of equity during the quarter to fund the
Venetian acquisition, eliminating equity market risk with respect
to the acquisition. Finally, we are very pleased with recent
reporting on the continuing resurgence in visitation and spending
within gaming jurisdictions across the US. We believe US gaming,
after showing its resilience as a consumer leisure sector
throughout the worst periods of the COVID-19 pandemic, will
demonstrate continuing leadership as America fully reopens from the
crisis."
First Quarter 2021 Financial Results
Total Revenues
Total revenues were $374.3 million for the quarter, an increase
of 46.8% compared to $255.0 million for the quarter ended March 31,
2020. Total revenues for the quarter included $34.9 million of
non-cash items, comprised of $27.9 million of non-cash leasing and
financing adjustments and $7.0 million of other income.
Net Income (Loss) Attributable to Common Stockholders
Net income (loss) attributable to common stockholders was $269.8
million for the quarter, or $0.50 per share, compared to $(24.0)
million, or $(0.05) per share for the quarter ended March 31, 2020.
The net income and net income per share loss in Q1 2020 was
primarily related to the Company’s adoption of ASU No. 2016-13 -
Financial Instruments-Credit Losses (Topic 326) - June 2016 (as
amended through May 2019) (“CECL”) as of January 1, 2020.
Funds from Operations (“FFO”)
FFO attributable to common stockholders was $269.8 million for
the quarter, or $0.50 per share, compared to $(24.0) million, or
$(0.05) per share, for the quarter ended March 31, 2020. The FFO
and FFO per share loss in Q1 2020 was primarily related to the
Company’s adoption of CECL.
Adjusted Funds from Operations (“AFFO”)
AFFO attributable to common stockholders was $255.0 million for
the quarter, an increase of 41.7% compared to $180.0 million for
the quarter ended March 31, 2020. AFFO was $0.47 per share for the
quarter compared to $0.38 per share for the quarter ended March 31,
2020.
First Quarter 2021 Acquisitions and Portfolio
Activity
Acquisitions and Investments
On March 3, 2021, the Company announced it entered into
definitive agreements to acquire from Las Vegas Sands Corp. (NYSE:
LVS) (“LVS”) all of the land and real estate assets associated with
the Venetian Resort Las Vegas and the Sands Expo and Convention
Center, located in Las Vegas, Nevada (collectively, the “Venetian
Resort”), for $4.0 billion in cash, representing a 6.25% cap rate.
An affiliate of certain funds managed by affiliates of Apollo
Global Management, Inc. (the “Apollo Funds”), has agreed to acquire
the operating assets of the Venetian Resort for $2.25 billion,
subject to customary closing conditions. Simultaneous with the
closing of the transaction, the Company will enter into a
triple-net lease agreement for the Venetian Resort with an
affiliate of the Apollo Funds. The lease will have an initial total
annual rent of $250.0 million and an initial term of 30 years, with
two ten-year tenant renewal options. LVS has agreed with the tenant
to provide lease payment support designed to guarantee the tenant’s
rent obligations under the lease through 2023, with early
termination of such lease payment support if the tenant achieves a
certain financial milestone or a tenant change of control occurs.
The transaction is subject to customary closing conditions,
including regulatory approvals, and is expected to be completed by
year-end 2021.
First Quarter 2021 Capital Markets Activity
On March 2, 2021, in connection with the acquisition of the
Venetian Resort, the Company entered into a commitment letter with
Deutsche Bank Securities Inc. and Deutsche Bank AG Cayman Islands
Branch, and Morgan Stanley Senior Funding, Inc. (collectively, the
“Venetian Acquisition Bridge Lender”), pursuant to which and
subject to the terms and conditions set forth therein, the Venetian
Acquisition Bridge Lender -provided commitments in an amount up to
$4.0 billion in the aggregate, consisting of a 364-day first lien
secured bridge facility (the “Venetian Acquisition Bridge
Facility”), for the purpose of providing the financing necessary to
fund the consideration payable by the Company in connection with
the acquisition of the Venetian Resort.
On March 8, 2021, the Company completed a primary follow-on
offering of 69,000,000 shares of its common stock at a public
offering price of $29.00 per share, for an aggregate offering value
of $2.0 billion pursuant to forward sales agreements (the “March
2021 Forward Sale Agreements”). Receipt of the proceeds remains
subject to physical settlement pursuant to the terms of the March
2021 Forward Sale Agreements. The Company expects to use the
proceeds that it receives upon the future settlement of the March
2021 Forward Sale Agreements to fund a portion of the purchase
price for the pending acquisition of the Venetian Resort and for
general business purposes, which may include the acquisition,
development and improvement of properties, capital expenditures,
working capital and the repayment of indebtedness.
Following entry into the March 2021 Forward Sale Agreements, the
commitments under the Venetian Acquisition Bridge Facility were
reduced by approximately $1.9 billion.
Subsequent to quarter end, on April 26, 2021, the Company
amended the forward sale agreement entered into in June 2020 (the
“June 2020 Forward Sale Agreement”) relating to the unissued
26,900,000 shares of common stock remaining under the June 2020
Forward Sale Agreement to extend the maturity date from June 17,
2021 to December 17, 2021.
Balance Sheet and Liquidity
As of March 31, 2021, the Company had $6.9 billion in total debt
and approximately $3.8 billion in liquidity, comprised of $322.5
million in cash and cash equivalents, $1.0 billion of availability
under the Revolving Credit Facility (subject to continued
compliance with the financial covenants of the facility),
approximately $537.4 million in net proceeds available through the
physical settlement of the remaining 26,900,000 shares that are
subject to the June 2020 Forward Sale Agreement and approximately
$1.9 billion in net proceeds available through the physical
settlement of 69,000,000 shares that are subject to the March 2021
Forward Sale Agreements.
The Company’s outstanding indebtedness as of March 31, 2021 was
as follows:
($ in millions)
March 31, 2021
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
$
322.5
Net Debt
$
6,527.5
Dividends
On March 11, 2021, the Company declared a regular quarterly cash
dividend of $0.33 per share. The Q1 2021 dividend was paid on April
8, 2021 to stockholders of record as of the close of business on
March 25, 2021 and it totaled in aggregate approximately $177.1
million.
2021 Guidance
The Company is reaffirming 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 $1.87 per diluted share. These per share estimates
reflect the dilutive impact of the pending 26,900,000 shares
related to the June 2020 Forward Sale Agreement, assuming
settlement and the issuance of such shares on December 17, 2021,
the maturity date of the June 2020 Forward Sale Agreement (as
amended), and the dilutive effect prior to the expected settlement
date as calculated under the treasury stock method, as well as the
dilutive effect of the pending 69,000,000 shares related to the
March 2021 Forward Sale Agreements as calculated under the treasury
stock method. These estimates do not include the impact on
operating results from any pending or possible future acquisitions
or dispositions, capital markets activity, or other non-recurring
transactions.
The following is a summary of the Company's full-year 2021
guidance:
For the Year Ending December 31, 2021
($ 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)
554.6
554.6
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 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
Friday, April 30, 2021 at 10:00 a.m. Eastern Time (ET). The
conference call can be accessed by dialing 833-670-0715 (domestic)
or 236-714-2931 (international) and entering conference ID
6589534.
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 April 30, 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. 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 17,800
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 aims to
deliver sustained income and value growth through its strategy of
creating the highest quality and most productive experiential asset
portfolio in American real estate investment management.
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, which resulted in the temporary closure of
substantially all of our tenants’ operations at our properties (as
well as our golf course properties). Although all of our leased
properties and our golf courses are currently open, they remain
subject to any current or future operating limitations or closures
imposed by state and local governments and/or regulatory
authorities. As a result, our tenants’ facilities at our properties
are currently generally operating at reduced capacity and subject
to additional operating restrictions, and we cannot predict how
long they will be required to operate subject to such operating
restrictions, or whether they will be subject to additional
restrictions or forced to close again in the future. Due to these
closures, operating restrictions and other factors, our tenants’
operations, liquidity and financial performance have been adversely
affected, and the ongoing nature of the pandemic may further impact
our tenants’ businesses and, accordingly, our business and
financial performance. 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’s pending transactions may
not be consummated on the terms or timeframes contemplated, or at
all; risks regarding the ability of the parties to the Company’s
pending transactions to satisfy the conditions set forth in the
definitive transaction documents, including the ability to receive,
or delays in obtaining, the governmental and regulatory approvals
and consents required to consummate the pending transactions, or
other delays or impediments to completing the transactions; risks
regarding the ability of the applicable parties to obtain the
financing necessary to complete the pending transactions on the
terms expected or at all; risks that the Company may not achieve
the benefits contemplated by its pending and 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 pending or 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 our and our
tenants' financial condition, results of operations, cash flows and
performance. The extent to which the COVID-19 pandemic continues to
adversely affect our tenants, and ultimately impacts our business
and financial condition, 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, the availability, distribution, public
acceptance and efficacy of one or more approved vaccines, 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 have resulted and may
in the future result in the temporary closure of our tenants’
operations at our properties, the ability of our 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 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 we 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
Annual Report on Form 10-K for the year ended December 31, 2020,
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.
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)
March 31, 2021
December 31, 2020
Assets
Real estate portfolio:
Investments in leases - sales-type,
net
$
13,054,135
$
13,027,644
Investments in leases - financing
receivables, net
2,628,422
2,618,562
Investments in loans, net
515,251
536,721
Land
158,046
158,190
Cash and cash equivalents
322,530
315,993
Short-term investments
—
19,973
Other assets
406,617
386,530
Total assets
$
17,085,001
$
17,063,613
Liabilities
Debt, net
$
6,769,211
$
6,765,532
Accrued interest
47,075
46,422
Deferred financing liability
73,600
73,600
Deferred revenue
493
93,659
Dividends payable
177,089
176,992
Other liabilities
417,841
413,663
Total liabilities
7,485,309
7,569,868
Stockholders’ equity
Common stock
5,370
5,367
Preferred stock
—
—
Additional paid-in capital
9,364,294
9,363,539
Accumulated other comprehensive loss
(80,143)
(92,521)
Retained earnings
232,038
139,454
Total VICI stockholders’ equity
9,521,559
9,415,839
Non-controlling interests
78,133
77,906
Total stockholders’ equity
9,599,692
9,493,745
Total liabilities and stockholders’
equity
$
17,085,001
$
17,063,613
____________________
Note: As of March 31, 2021 and December 31, 2020, our
Investments in leases - sales-type and direct financing,
Investments in leases - financing receivables and Investments in
loans and Other assets (sales-type sub-leases) are net of $451.2
million, $91.4 million, $0.1 million and $6.7 million,
respectively, and $454.2 million, $91.0 million, $1.8 million and
$6.9 million of Allowance for credit losses, respectively.
VICI Properties Inc.
Consolidated Statement of Operations (In thousands, except
share and per share data)
Three Months Ended March
31,
2021
2020
Revenues
Income from sales-type and direct
financing leases
$
290,146
$
224,252
Income from operating leases
—
10,913
Income from lease financing receivables
and loans
70,377
12,843
Other income
6,974
693
Golf operations
6,813
6,300
Revenues
374,310
255,001
Operating expenses
General and administrative
8,085
7,015
Depreciation
792
867
Other expenses
6,974
703
Golf operations
4,506
4,370
Change in allowance for credit losses
(4,380)
149,508
Transaction and acquisition expenses
8,721
4,517
Total operating expenses
24,698
166,980
Interest expense
(77,048)
(76,093)
Interest income
19
5,520
Loss from extinguishment of debt
—
(39,059)
Income (loss) before income taxes
272,583
(21,611)
Income tax expense
(484)
(454)
Net income (loss)
272,099
(22,065)
Less: Net income attributable to
non-controlling interests
(2,298)
(1,947)
Net income (loss) attributable to common
stockholders
$
269,801
$
(24,012)
Net income (loss) per common
share
Basic
$
0.50
$
(0.05)
Diluted
$
0.50
$
(0.05)
Weighted average number of common
shares outstanding
Basic
536,480,505
465,177,425
Diluted
544,801,802
465,177,425
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 March
31,
2021
2020
Net income (loss) attributable to common
stockholders
$
269,801
$
(24,012)
Real estate depreciation
—
—
FFO
269,801
(24,012)
Non-cash leasing and financing
adjustments
(27,852)
3,267
Non-cash change in allowance for credit
losses
(4,380)
149,508
Transaction and acquisition expenses
8,721
4,517
Non-cash stock-based compensation
2,277
1,350
Amortization of debt issuance costs and
original issue discount
6,691
6,299
Other depreciation
760
843
Capital expenditures
(1,233)
(762)
Loss on extinguishment of debt
—
39,059
Non-cash adjustments attributable to
non-controlling interests
227
(93)
AFFO
255,012
179,976
Interest expense, net
70,338
64,274
Income tax expense
484
454
Adjusted EBITDA
$
325,834
$
244,704
Net income (loss) per common
share
Basic
$
0.50
$
(0.05)
Diluted
$
0.50
$
(0.05)
FFO per common share
Basic
$
0.50
$
(0.05)
Diluted
$
0.50
$
(0.05)
AFFO per common share
Basic
$
0.48
$
0.39
Diluted
$
0.47
$
0.38
Weighted average number of shares of
common stock outstanding
Basic
536,480,505
465,177,425
Diluted (1)
544,801,802
465,177,425
____________________
(1) For the three months ended March 31, 2020, the diluted
weighted average number of shares of common stock outstanding in
relation to AFFO is adjusted to include the dilutive effect, using
the treasury stock method, of the assumed conversion of our
restricted stock in the amount of 83,367 shares and the assumed
settlement of our forward sale agreements in the amount of
10,291,832 shares to a total diluted share number of 475,552,624.
For the three months ended March 31, 2020, such amounts have been
excluded from the diluted weighted average number of shares of
common stock in relation to net loss and FFO as these were in loss
positions and the effect of inclusion would have been
anti-dilutive.
VICI Properties Inc. Revenue
Breakdown (In thousands)
Three Months Ended March
31,
2021
2020
Contractual revenue from sales-type and
direct financing leases
Caesars Las Vegas Master Lease
$
100,652
$
63,312
Caesars Regional Master Lease & Joliet
Lease (excluding Harrah's NOLA, AC, and Laughlin)
129,040
127,133
Margaritaville Lease
5,872
5,857
Greektown Lease
13,889
13,889
Hard Rock Lease
10,848
10,688
Century Master Lease
6,313
6,250
Income from sales-type and direct
financing leases non-cash adjustment(1)
23,532
(2,877)
Income from sales-type and direct
financing leases
290,146
224,252
Contractual revenue from operating
leases
Land component of Caesars Palace
—
10,913
Income from operating leases
—
10,913
Contractual income from lease financing
receivables
JACK Entertainment Master Lease
16,470
12,397
Harrah's NOLA, AC, and Laughlin
39,077
—
Income from lease financing receivables
non-cash adjustment(1)
4,345
(377)
Income from lease financing
receivables
59,892
12,020
Contractual interest income
JACK Entertainment Loan
1,634
836
Caesars Forum Convention Center Loan
7,700
—
Chelsea Piers Loan
1,176
—
Income from loans non-cash
adjustment(1)
(25)
(13)
Income from loans
10,485
823
Income from lease financing receivables
and loans
70,377
12,843
Other income
6,974
693
Golf revenues
6,813
6,300
Total revenues
$
374,310
$
255,001
____________________
(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/20210429006000/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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Da Giu 2024 a Lug 2024
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