VICI Dividend Growth & Investment Grade Ratings
RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES
The following table reconciles net income to FFO, AFFO, Adjusted EBITDA, Adjusted EBITDA (Pro Forma Venetian Acquisition) and Adjusted EBITDA (Pro Forma Venetian and
MGP Acquisitions) for the periods presented.
($ in millions)
Net income attributable to common stockholders
Real estate depreciation
Funds From Operations ("FFO")
Non-cash leasing and financing adjustments"
(1)
Non-cash change in allowance for credit losses
Non-cash stock-based compensation
Transaction and acquisition expenses
Amortization of debt issuance costs and original issue discount
Other depreciation (2)
Capital expenditures
Loss on extinguishment of debt and interest rate swap settlements (3)
Non-cash adjustments attributable to non-controlling interests
Adjusted Funds From Operations ("AFFO")
Interest expense, net
Income tax expense
Adjusted EBITDA
Last Twelve Months Ended
Three Months Ended
December 31, 2021
December 31, 2021
September 30, 2021
June 30, 2021
March 31, 2021
$1,014
$281
$162
301
270
$1,014
$281
$162
$301
$270
(119)
(31)
(31)
(29)
(28)
(20)
5
9
(29)
(4)
9
2
2
2
2
10
1
0
1
9
71
21
34
10
10
7
3
1
1
1
1
(2)
(1)
(0)
(0)
(1)
80
80
1
0
0
0
0
$1,047
$279
$257
$256
$255
257
50
67
70
70
3
1
1
0
$329
$325
$327
$326
Full Year Impact of the Venetian Lease Rent
Adjusted EBITDA (Pro Forma Venetian Acquisition)
2021 MGP Adjusted EBITDA (Pro Forma MGM Springfield Acquisition) (4)
Anticipated Synergies
Adjusted EBITDA (Pro Forma Venetian and MGP Acquisitions)
$1,307
250
$1,557
1,004
12
$2,573
VICI
(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. (3) Includes swap breakage costs of approximately $64.2mm incurred by VICI PropCo on September 15, 2021 in connection with the early
settlement of the outstanding interest rate swap agreements. (4) Adjusted to include rent attributable to acquisition of MGM Springfield for January 1, 2021 - October 29, 2021, the closing date of MGP's acquisition.
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