- Reports 110.7% Year-over-Year Revenue Growth
-
- Completed First International Acquisition in
Canada -
- Completed the Acquisition of the Remaining
49.9% Stake in MGM Grand / Mandalay Bay Joint Venture -
- Reaffirms Guidance for Full Year 2023 -
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, 2023. All per
share amounts included herein are on a per diluted common share
basis unless otherwise stated.
First Quarter 2023 Financial and Operating Highlights
- Total revenues increased 110.7% year-over-year to $877.6
million
- Net income attributable to common stockholders increased 115.8%
year-over-year to $518.7 million and, on a per share basis,
increased 47.9% year-over-year to $0.52
- AFFO attributable to common stockholders increased 73.0%
year-over-year to $528.6 million and, on a per share basis,
increased 18.6% year-over-year to $0.53
- Weighted average shares outstanding increased 45.9%
year-over-year
- Acquired four gaming properties in Alberta, Canada for C$271.9
million, representing the Company’s first international
investment
- Completed the previously announced acquisition of the remaining
49.9% interest in the MGM Grand/Mandalay Bay joint venture
- Announced the expansion of existing partnership with Great Wolf
Resorts through the origination of a construction loan of up to
$287.9 million
- Purchased $85.0 million of senior secured notes to fund the
redevelopment of the Hard Rock Ottawa Casino
- Entered into a triple-net lease agreement with Cherokee Nation
Businesses related to the Gold Strike Casino Resort
- Completed a forward equity offering with an aggregate gross
offering value of approximately $1.0 billion
CEO Comments
Edward Pitoniak, Chief Executive Officer of VICI Properties,
said, “The first quarter of 2023 continued the momentum VICI
generated in 2022: expanding our platform, cultivating new and
expanding existing partner relationships, and accessing liquidity
opportunistically. We added a new partnership and tenant with PURE
Canadian Gaming and announced our first international investment
with the acquisition of PURE's four Canadian casinos. VICI’s
international expansion opens up a new frontier of investment
opportunities as VICI aims to be an owner of premier global
experiential real estate. We expanded our existing relationship
with MGM Resorts by acquiring the remaining 49.9% interest in the
MGM Grand/Mandalay Bay joint venture, thereby accretively
consolidating our ownership of two of the most economically
productive assets on the Las Vegas Strip. We are proud to grow our
American tribal gaming relationships, partnering with Cherokee
Nation Entertainment, owned by the Cherokee Nation, one of the
largest tribal nations in the U.S., as the operator of our Gold
Strike property in Mississippi. We also announced a fourth loan
investment with Great Wolf to fund the development of a resort
adjacent to the Foxwoods Resort Casino owned by the Mashantucket
Pequot Tribal Nation. Finally, in March, we continued to support
Hard Rock, while incrementally expanding our international reach by
purchasing senior secured notes related to the redevelopment of the
Hard Rock Ottawa Casino. Our Q1 2023 activity highlights VICI’s
focus on building off of our transformative 2022 and our relentless
pursuit of attractive domestic and international growth
opportunities both within and outside of gaming.”
First Quarter 2023 Financial Results
Total Revenues
Total revenues were $877.6 million for the quarter, an increase
of 110.7% compared to $416.6 million for the quarter ended March
31, 2022. The year-over-year increase in total revenues was
primarily related to revenue from the acquisitions of (i) MGM
Growth Properties LLC, which closed on April 29, 2022, (ii) the
land and real estate assets of the Venetian Resort Las Vegas, which
closed on February 23, 2022, and (iii) the remaining 49.9% interest
in the MGM Grand/Mandalay Bay JV (defined below), which closed on
January 9, 2023. Total revenues for the quarter included $122.8
million of non-cash leasing and financing adjustments and $18.3
million of other income.
Net Income Attributable to Common Stockholders
Net income attributable to common stockholders was $518.7
million for the quarter, or $0.52 per share, compared to $240.4
million, or $0.35 per share, for the quarter ended March 31,
2022.
Funds from Operations (“FFO”)
FFO attributable to common stockholders was $520.2 million for
the quarter, or $0.52 per share, compared to $240.4 million, or
$0.35 per share, for the quarter ended March 31, 2022.
Adjusted Funds from Operations (“AFFO”)
AFFO attributable to common stockholders was $528.6 million for
the quarter, an increase of 73.0% compared to $305.5 million for
the quarter ended March 31, 2022. AFFO per share was $0.53 for the
quarter, an increase of 18.6% compared to $0.44 for the quarter
ended March 31, 2022.
First Quarter 2023 Acquisitions and Portfolio
Activity
Acquisitions and Investments
On January 6, 2023, the Company acquired four real estate assets
from PURE Canadian Gaming Corp. (“PURE”) in Alberta, Canada: PURE
Casino Edmonton, PURE Casino Yellowhead, PURE Casino Calgary, and
PURE Casino Lethbridge (collectively, the “PURE Portfolio”) for an
aggregate purchase price of approximately C$271.9 million
(approximately US$200.8 million). The Company financed the
acquisition with a combination of cash on hand and a C$140.0
million (approximately US$103.6 million) draw under its Revolving
Credit Facility. Simultaneous with the acquisition, the Company
entered into a triple-net master lease agreement with PURE covering
the PURE Portfolio, which has an initial total annual rent of
approximately C$21.8 million (approximately US$16.1 million),
representing an implied acquisition cap rate of 8.0%.
On January 9, 2023, the Company closed on the previously
announced acquisition of the remaining 49.9% interest in the joint
venture that owns the MGM Grand Las Vegas and Mandalay Bay (the
“MGM Grand/Mandalay Bay JV”) from Blackstone Real Estate Income
Trust, Inc. (“BREIT”) for cash consideration of approximately $1.3
billion and the assumption of BREIT’s pro rata share of the
existing $3.0 billion property-level debt. The MGM Grand/Mandalay
Bay JV triple-net lease currently generates total annual rent of
$309.9 million following the annual rent escalation as of March 1,
2023. The cash consideration was funded through a combination of
cash on hand and proceeds from the settlement of outstanding
forward sale agreements from the November 2022 equity offering and
sales under the Company's ATM program.
On March 28, 2023, the Company purchased $85.0 million of senior
secured notes issued by H.R. Ottawa, L.P, which owns and operates
the Hard Rock Ottawa Casino. Hard Rock intends to use the proceeds
to fund a portion of (i) the redevelopment and rebrand of the
existing Rideau Carleton Raceway Casino, located in Ottawa, Canada,
(ii) the development of an integrated "Hard Rock" branded hotel
with approximately 150 rooms and (iii) the repayment of existing
debt.
Other Portfolio Activity
On February 15, 2023, the Company entered into a triple-net
lease agreement with Cherokee Nation Businesses (“CNB”) with
respect to the real property associated with the Gold Strike Casino
Resort (“Gold Strike”) in Tunica, Mississippi in connection with
CNB’s previously announced acquisition of the operations of Gold
Strike from MGM Resorts International ("MGM"). The Gold Strike
lease has an initial annual base rent of $40.0 million with other
economic terms substantially similar to the MGM master lease.
Annual base rent payments under the MGM master lease were reduced
by $40.0 million, to a total of $730.0 million, upon the closing of
MGM's divestiture of the operations of Gold Strike and entry into
the Gold Strike lease.
First Quarter 2023 Capital Markets Activity
On January 3, 2023, the Company drew down C$140.0 million
(approximately US$103.6 million) under its Revolving Credit
Facility to fund a portion of the purchase price of the PURE
Portfolio acquisition.
In January 2023, the Company settled an aggregate 40,592,592
shares under its ATM and November 2022 forward sale agreements in
exchange for approximately $1.3 billion of total cash proceeds used
to fund VICI’s acquisition and investment activity.
On January 18, 2023, the Company completed a primary offering of
30,302,500 shares of common stock (inclusive of 3,952,500 shares
sold pursuant to the exercise in full of the underwriters’
over-allotment option) at a public offering price of $33.00 per
share for an aggregate offering value of approximately $1.0 billion
pursuant to forward sale agreements (the “January 2023 Forward Sale
Agreements”). Subsequent to quarter-end, on April 4, 2023, the
Company physically settled 3,200,000 shares under the January 2023
Forward Sale Agreements at a forward share price of $31.71 per
share, in exchange for total net proceeds of approximately $101.5
million.
In March 2023, the Company entered into two forward-starting
interest rate swap agreements with an aggregate notional amount of
$250.0 million. The interest rate swap transaction is intended to
reduce the variability in future cash flows for a forecasted
issuance of long-term debt over a maximum period ending December
2024.
The following table details the issuance of outstanding shares
of common stock, including restricted common stock:
Three Months Ended March
31,
Common Stock Outstanding
2023
2022
Beginning Balance January 1,
963,096,563
628,942,092
Issuance of common stock upon physical
settlement of forward sale agreements
40,592,592
119,000,000
Issuance of restricted and unrestricted
common stock under the stock incentive program, net of
forfeitures
515,763
471,219
Ending Balance March 31,
1,004,204,918
748,413,311
The following table reconciles the weighted-average shares of
common stock outstanding used in the calculation of basic earnings
per share to the weighted-average shares of common stock
outstanding used in the calculation of diluted earnings per
share:
Three Months Ended March
31,
2023
2022
Determination of shares:
Weighted-average shares of common stock
outstanding
1,001,526,645
684,341,045
Assumed conversion of restricted stock
1,072,530
580,886
Assumed settlement of forward sale
agreements
1,232,150
2,992,752
Diluted weighted-average shares of common
stock outstanding
1,003,831,325
687,914,683
Balance Sheet and Liquidity
As of March 31, 2023, the Company had approximately $17.1
billion in total debt and approximately $3.6 billion in liquidity,
comprised of $247.7 million in cash and cash equivalents, $960.4
million of estimated proceeds available upon settlement of the
January 2023 Forward Sale Agreements and $2.4 billion of
availability under the Revolving Credit Facility. In addition, the
Revolving Credit Facility includes the option to increase the
revolving loan commitments by up to $1.0 billion to the extent that
any one or more lenders (from the syndicate or otherwise) agree to
provide such additional credit extensions.
The Company’s outstanding indebtedness as of March 31, 2023 was
as follows:
($ in millions)
March 31, 2023
Revolving Credit Facility
USD Borrowings
$
—
CAD Borrowings
103.6
5.625% Notes Due 2024
1,050.0
3.500% Notes Due 2025
750.0
4.375% Notes Due 2025
500.0
4.625% Notes Due 2025
800.0
4.500% Notes Due 2026
500.0
4.250% Notes Due 2026
1,250.0
5.750% Notes Due 2027
750.0
3.750% Notes Due 2027
750.0
4.500% Notes Due 2028
350.0
4.750% Notes Due 2028
1,250.0
3.875% Notes Due 2029
750.0
4.625% Notes Due 2029
1,000.0
4.950% Notes Due 2030
1,000.0
4.125% Notes Due 2030
1,000.0
5.125% Notes Due 2032
1,500.0
5.625% Notes Due 2052
750.0
Total Unsecured Debt Outstanding, Face
Value
$
14,053.6
MGM Grand/Mandalay Bay CMBS Debt Due
2032
$
3,000.0
Total Debt Outstanding, Face Value
$
17,053.6
Cash, Cash Equivalents and Short-Term
Investments
$
247.7
Net Debt
$
16,805.9
Dividends
On March 9, 2023, the Company declared a regular quarterly cash
dividend of $0.39 per share. The Q1 2023 dividend was paid on April
6, 2023 to stockholders of record as of the close of business on
March 23, 2023 and totaled in aggregate approximately $391.6
million.
2023 Guidance
The Company is reaffirming AFFO guidance for the full year 2023.
In determining AFFO, the Company adjusts for certain items that are
otherwise included in determining net income attributable to common
stockholders, the most comparable generally accepted accounting
principles in the United States (“GAAP”) financial measure. In
reliance on the exception provided by applicable rules, the Company
does not provide guidance for GAAP net income, the most comparable
GAAP financial measure, or a reconciliation of 2023 AFFO to GAAP
net income because we are 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 and, as disclosed in our
historical financial results, the impact of these adjustments could
be material, individually or in the aggregate, to the Company’s
reported GAAP results. For more information, see “Non-GAAP
Financial Measures.”
The Company estimates AFFO for the year ending December 31, 2023
will be between $2,115 million and $2,155 million, or between $2.10
and $2.13 per diluted share. Guidance does not include the impact
on operating results from any pending or possible future
acquisitions or dispositions, capital markets activity, or other
non-recurring transactions.
The following is a summary of the Company’s full-year 2023
guidance:
For the Year Ending December 31, 2023
($ in millions):
Low
High
Estimated Adjusted Funds From Operations
(AFFO)
$2,115
$2,155
Estimated Adjusted Funds From Operations
(AFFO) per diluted share
$2.10
$2.13
Estimated Weighted Average Share Count for
the Year (in millions)
1,009.5
1,009.5
The above per share estimates reflect the dilutive effect of the
pending 27,102,500 shares related to the January 2023 Forward Sale
Agreements as calculated under the treasury stock method. VICI OP
Units held by a third party are reflected as non-controlling
interests and the income allocable to them is deducted from net
income to arrive at net income attributable to common stockholders
and AFFO; accordingly, guidance represents AFFO per share
attributable to common stockholders based solely on outstanding
shares of VICI common stock.
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
Tuesday, May 2, 2023 at 9:00 a.m. Eastern Time (ET). The conference
call can be accessed by dialing 833-470-1428 (domestic) or +1
404-975-4839 (international) and entering the conference ID 621271.
An audio replay of the conference call will be available from 12:00
p.m. ET on May 2, 2023 until midnight ET on May 9, 2023 and can be
accessed by dialing 866-813-9403 (domestic) or +1 929-458-6194
(international) and entering the passcode 396416.
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 May 2, 2023, beginning at 9:00
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 S&P 500® experiential real estate
investment trust that owns one of the largest portfolios of
market-leading gaming, hospitality and entertainment destinations,
including Caesars Palace Las Vegas, MGM Grand and the Venetian
Resort Las Vegas, three of the most iconic entertainment facilities
on the Las Vegas Strip. VICI Properties’ geographically diverse
portfolio consists of 49 gaming facilities across the United States
and Canada comprising approximately 124 million square feet and
features approximately 60,100 hotel rooms and more than 450
restaurants, bars, nightclubs and sportsbooks. Its properties are
occupied by industry leading gaming and hospitality operators under
long-term, triple-net lease agreements. VICI Properties has a
growing array of investing and financing partnerships with leading
non-gaming experiential operators, including Great Wolf Resorts,
Cabot, Canyon Ranch and Chelsea Piers. VICI Properties also owns
four championship golf courses and 34 acres of undeveloped and
underdeveloped land adjacent to the Las Vegas Strip. VICI
Properties’ goal is to create the highest quality and most
productive experiential real estate portfolio through a strategy of
partnering with the highest quality experiential place makers and
operators. 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 and
market developments, including inflation, interest rate changes,
supply chain disruptions, consumer confidence levels, changes in
consumer spending, unemployment levels and depressed real estate
prices resulting from the severity and duration of any downturn in
the U.S. or global economy; the impact of the rise in interest
rates on us, including our ability to successfully pursue
investments in, and acquisitions of, additional properties and to
obtain debt financing for such investments at attractive interest
rates, or at all; risks associated with our pending and recently
closed transactions, including our ability or failure to realize
the anticipated benefits thereof; our dependence on our tenants at
our properties, including their financial condition, results of
operations, cash flows and performance, and their affiliates that
serve as guarantors of the lease payments, and the negative
consequences any material adverse effect on their respective
businesses could have on us; our ability to obtain the financing
necessary to complete any acquisitions on the terms we expect in a
timely manner, or at all; the anticipated benefits of certain
arrangements with certain tenants relating to our funding of "same
store" capital improvements in exchange for increased rent pursuant
to the terms of our agreements with such tenants, which we refer to
as the Partner Property Growth Fund; our borrowers’ ability to
repay their outstanding loan obligations to us; our dependence on
the gaming industry; the impact of extensive regulation from gaming
and other regulatory authorities; the ability of our tenants to
obtain and maintain regulatory approvals in connection with the
operation of our properties, or the imposition of conditions to
such regulatory approvals; the possibility that our tenants may
choose not to renew their lease agreements with us following the
initial or subsequent terms of the leases; restrictions on our
ability to sell our properties subject to our lease agreements; our
tenants and any guarantors’ historical results may not be a
reliable indicator of their future results; our substantial amount
of indebtedness, and ability to service, refinance and otherwise
fulfill our obligations under such indebtedness; our historical
financial information may not be reliable indicators of our future
results of operations, financial condition and cash flows; our
inability to successfully pursue investments in, and acquisitions
of, additional properties; the possibility that we identify
significant environmental, tax, legal or other issues that
materially and adversely impact the value of assets acquired or
secured as collateral (or other benefits we expect to receive) in
any of our pending or completed transactions; the possibility of
adverse tax consequences as a result of our pending or recently
completed transactions, including tax protection agreements to
which we are a party; increased volatility in our stock price,
including as a result of our pending or recently completed
transactions; our inability to maintain our qualification for
taxation as a REIT; our reliance on distributions received from our
subsidiaries, including VICI OP, to make distributions to our
stockholders; our ability to continue to make distributions to
holders of our common stock or maintain anticipated levels of
distributions over time; competition for transaction opportunities,
including from other REITs, investment companies, private equity
firms and hedge funds, sovereign funds, lenders, gaming companies
and other investors that may have greater resources and access to
capital and a lower cost of capital or different investment
parameters than us.
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, 2022,
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, (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 and (v) our
proportionate share of such adjustments from our investment in
unconsolidated affiliate.
AFFO is a non-GAAP financial measure that we use as a
supplemental operating measure to evaluate our performance. We
calculate our AFFO by adding or subtracting from FFO non-cash
leasing and financing adjustments, non-cash change in allowance for
credit losses, non-cash stock-based compensation expense,
transaction costs incurred in connection with the acquisition of
real estate investments, 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 and interest rate swap settlements, other gains
(losses), other non-recurring non-cash transactions, our
proportionate share of non-cash adjustments from our investment in
unconsolidated affiliate (including the amortization of any basis
differences) with respect to certain of the foregoing 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 (including the impact of the
forward-starting interest rate swaps and treasury locks) and
interest income (collectively, interest expense, net), income tax
expense and our proportionate share of such adjustments from our
investment in unconsolidated affiliate.
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)
March 31, 2023
December 31, 2022
Assets
Real estate portfolio:
Investments in leases - sales-type,
net
$
22,579,820
$
17,172,325
Investments in leases - financing
receivables, net
17,051,187
16,740,770
Investments in loans and securities,
net
886,524
685,793
Investment in unconsolidated affiliate
—
1,460,775
Land
153,560
153,560
Cash and cash equivalents
247,673
208,933
Short-term investments
—
217,342
Other assets
934,049
936,328
Total assets
$
41,852,813
$
37,575,826
Liabilities
Debt, net
$
16,606,240
$
13,739,675
Accrued expenses and deferred revenue
221,283
213,388
Dividends and distributions payable
396,212
380,178
Other liabilities
954,543
952,472
Total liabilities
18,178,278
15,285,713
Stockholders’ equity
Common stock
10,042
9,631
Preferred stock
—
—
Additional paid-in capital
22,910,509
21,645,499
Accumulated other comprehensive income
170,441
185,353
Retained earnings
220,254
93,154
Total VICI stockholders’ equity
23,311,246
21,933,637
Non-controlling interests
363,289
356,476
Total stockholders’ equity
23,674,535
22,290,113
Total liabilities and stockholders’
equity
$
41,852,813
$
37,575,826
_______________________________________________________
Note: As of March 31, 2023 and December
31, 2022, our Investments in leases - sales-type, Investments in
leases - financing receivables, Investments in loans and securities
and Other assets (sales-type sub-leases) are net of $716.6 million,
$689.5 million, $15.7 million and $17.0 million, respectively, and
$570.4 million, $726.7 million, $6.9 million and $19.8 million,
respectively. of Allowance for credit losses.
VICI Properties Inc.
Consolidated Statement of
Operations
(In thousands, except share and
per share data)
Three Months Ended March
31,
2023
2022
Revenues
Income from sales-type leases
$
478,394
$
326,735
Income from lease financing receivables,
loans and securities
371,069
72,878
Other income
18,339
8,386
Golf revenues
9,845
8,626
Total revenues
877,647
416,625
Operating expenses
General and administrative
15,005
9,466
Depreciation
814
776
Other expenses
18,339
8,386
Golf expenses
5,952
5,285
Change in allowance for credit losses
111,477
80,820
Transaction and acquisition expenses
(958
)
755
Total operating expenses
150,629
105,488
Income from unconsolidated affiliate
1,280
—
Interest expense
(204,360
)
(68,142
)
Interest income
3,047
93
Other gains (losses)
1,963
—
Income before income taxes
528,948
243,088
Income tax expense
(1,087
)
(400
)
Net income
527,861
242,688
Less: Net income attributable to
non-controlling interests
(9,121
)
(2,305
)
Net income attributable to common
stockholders
$
518,740
$
240,383
Net income per common share
Basic
$
0.52
$
0.35
Diluted
$
0.52
$
0.35
Weighted average number of
common shares outstanding
Basic
1,001,526,645
684,341,045
Diluted
1,003,831,325
687,914,683
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,
2023
2022
Net income attributable to common
stockholders
$
518,740
$
240,383
Real estate depreciation
—
—
Joint venture depreciation and
non-controlling interest adjustments
1,426
—
FFO attributable to common
stockholders
520,166
240,383
Non-cash leasing and financing
adjustments
(122,834
)
(35,564
)
Non-cash change in allowance for credit
losses
111,477
80,820
Non-cash stock-based compensation
3,467
2,630
Transaction and acquisition expenses
(958
)
755
Amortization of debt issuance costs and
original issue discount
19,682
15,977
Other depreciation
783
746
Capital expenditures
(988
)
(454
)
Other (gains) losses (1)
(1,963
)
—
Joint venture non-cash adjustments and
non-controlling interest adjustments
(227
)
202
AFFO attributable to common
stockholders
528,605
305,495
Interest expense, net
181,631
52,072
Income tax expense
1,087
400
Joint venture adjustments and
non-controlling interest adjustments
(1,021
)
—
Adjusted EBITDA attributable to common
stockholders
$
710,302
$
357,967
Net income per common share
Basic
$
0.52
$
0.35
Diluted
$
0.52
$
0.35
FFO per common share
Basic
$
0.52
$
0.35
Diluted
$
0.52
$
0.35
AFFO per common share
Basic
$
0.53
$
0.45
Diluted
$
0.53
$
0.44
Weighted average number of shares of
common stock outstanding
Basic
1,001,526,645
684,341,045
Diluted
1,003,831,325
687,914,683
____________________
(1)
Represents non-cash foreign
currency remeasurement adjustments.
VICI Properties Inc.
Revenue Breakdown
(In thousands)
Three Months Ended March
31,
2023
2022
Contractual revenue from sales-type
leases
Caesars Regional Master Lease (excluding
Harrah's NOLA, AC, and Laughlin) & Joliet Lease
$
132,952
$
122,729
Caesars Las Vegas Master Lease
113,619
105,556
MGM Grand/Mandalay Bay Lease
69,922
—
The Venetian Resort Las Vegas Lease
63,125
25,298
Greektown Lease
12,830
12,830
Hard Rock Cincinnati Lease
11,176
11,010
EBCI Lease
8,247
8,125
Century Master Lease
6,865
6,376
Margaritaville Lease
6,394
5,924
Income from sales-type leases non-cash
adjustment (1)
53,264
28,887
Income from sales-type leases
478,394
326,735
Contractual income from lease financing
receivables
MGM Master Lease
187,500
—
Harrah's NOLA, AC, and Laughlin
42,966
39,663
JACK Entertainment Master Lease
17,423
16,690
Mirage Lease
22,500
—
Gold Strike Lease
5,000
—
Foundation Master Lease
6,063
—
PURE Master Lease
3,809
—
Income from lease financing receivables
non-cash adjustment (1)
69,577
6,666
Income from lease financing
receivables
354,838
63,019
Contractual interest income
Senior Secured Notes
108
—
Senior Secured Loans
10,264
9,030
Mezzanine Loans
5,866
818
Income from loans non-cash adjustment
(1)
(7
)
11
Income from loans
16,231
9,859
Income from lease financing receivables
and loans
371,069
72,878
Other income
18,339
8,386
Golf revenues
9,845
8,626
Total revenues
$
877,647
$
416,625
____________________
(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/20230501005576/en/
Investor Contacts: Investors@viciproperties.com (646)
949-4631
Or
David Kieske EVP, Chief Financial Officer
DKieske@viciproperties.com
Moira McCloskey SVP, Capital Markets
MMcCloskey@viciproperties.com
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