Vici Investor Presentation
RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES (CONT.)
The following table reconciles net income attributable to common stockholders to FFO, AFFO and Adjusted EBITDA for the periods presented.
Nine Months Ended
September 30, 2017 (¹)
$439
($ in millions)
Net income attributable to common stockholders
Real estate depreciation
Funds From Operations ("FFO") attributable to common stockholders
Non-cash leasing and financing adjustments (3)
Non-cash stock-based compensation
Transaction and acquisition expenses
Loss on extinguishment of debt
Amortization of debt issuance costs and original issue discount
Other depreciation (4)
Adjusted Funds From Operations ("AFFO") attributable to common stockholders
Interest expense, net
(4)
Income tax expense
Adjusted EBITDA attributable to common stockholders
VICI
$439
(43)
4
2
$402
141
1
$545
For the Period October 6, 2017
- December 31, 2017 (²)
$43
$43
(8)
1
9
38
0
1
$84
63
(2)
$145
(1) Represents pro forma Adj. EBITDA for the nine months ended September 30, 2017, based upon the historical financial statements of Caesars Entertainment Operating Company, our predecessor, as presented in the Form S-11
filed by VICI on January 30, 2018. (2) Represents the period from October 6, 2017 to December 31, 2017, as presented in the Form 10-K filed by VICI on March 28, 2018. (3) 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. (4) Represents depreciation or
expenses, as applicable, related to our golf course operations.
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