Transformative Acquisitions: MGM Growth Properties & The Venetian Resort
RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES
The following table reconciles net income to FFO, AFFO and Adjusted EBITDA.
Last Twelve Months Ended
Three Months Ended
($ in millions)
September 30, 2021
September 30, 2021
June 30, 2021
March 31, 2021
December 31, 2020
$1,020
$162
301
270
288
Net income attributable to common stockholders
Real estate depreciation
Funds From Operations ("FFO")
$1,020
$162
$301
$270
$288
(1)
Non-cash leasing and financing adjustments
(116)
(31)
(29)
(28)
(28)
Non-cash change in allowance for credit losses
(41)
9
(29)
(4)
(17)
Non-cash stock-based compensation
9
2
2
2
2
Transaction and acquisition expenses
11
0
1
9
1
Amortization of debt issuance costs and original issue
55
34
10
7
st
4
discount
(2)
Other depreciation
3
1
1
1
1
Capital expenditures
(2)
(0)
(0)
(1)
(0)
Loss on extinguishment of debt and interest rate swap
settlements
80
80
Non-cash adjustments attributable to non-controlling
0
interests
Adjusted Funds From Operations ("AFFO")
$257
Interest expense, net
Income tax expense
Adjusted EBITDA
Total debt
Cash and cash equivalents & short term investments
Net Debt
1
0
0
0
$1,020
$255
$252
280
67
70
70
73
3
0
1
0
0
$1,303
$325
$327
$326
$325
4,750
670
$256
4,080
Net Leverage Ratio
VICI
3.1x
(1) Amounts represent the non-cash adjustment to income from sales-type leases, direct financing leases and lease financing receivables in order to recognize income on an effective interest basis at a constant rate of return over
the term of the leases. (2) Represents depreciation related to our golf course operations.
49View entire presentation