Vici Investor Presentation
RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES
The following table reconciles net income attributable to common stockholders to FFO, AFFO, Adjusted EBITDA, and Further Adjusted EBITDA for the periods presented.
Last Twelve Months Ended
Three Months Ended
June 30, 2022
$626
($ in millions)
Net income attributable to common stockholders
Real estate depreciation
Joint venture depreciation and non-controlling interest adjustments
Funds From Operations ("FFO") attributable to common stockholders
(1)
Non-cash leasing and financing adjustments ¹¹
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
(Gain) loss on extinguishment of debt and interest rate swap settlements (³)
Joint venture non-cash adjustments and non-controlling interest adjustments
Adjusted Funds From Operations ("AFFO") attributable to common stockholders
Interest expense, net
Income tax expense
Joint venture adjustments and non-controlling interest adjustments
Adjusted EBITDA attributable to common stockholders"
Q2'22 MGP Acquisition Rent Adjustment (5)
Q2'22 Further Adj. EBITDA
Annualized Q2'22 Further Adj. EBITDA
Total debt (6)
Cash & cash equivalents
Net Debt
Adjusted LQA Total Leverage Ratio
Adjusted LQA Net Leverage Ratio (7)
VICI
(4)
7
$633
(184)
647
11
18
83
3
(2)
74
(11)
$1,272
294
3
9
$1,577
June 30, 2022
($58)
-
7
($50)
(86)
552
3
17
12
1
(0)
(5)
(12)
$430
126
1
8
$564
78
$642
$2,569
15,453
(614)
14,839
6.0x
5.8x
March 31, 2022
$240
$240
(36)
81
3
1
16
1
(0)
0
$305
52
0
0
$358
December 31, 2021 September 30, 2021
$281
$162
$281
(31)
5
2
1
21
1
(1)
0
$279
50
1
1
$329
$162
(31)
9
2
0
34
1
(0)
80
0
$257
67
0
0
$325
(1) Amounts represent the non-cash adjustment to income from sales-type 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 in September 2021 in connection with the early settlement of the
outstanding interest rate swap agreements. (4) For the last twelve months ended June 30, 2022, Adjusted EBITDA reflects the impact of the Venetian acquisition and MGP acquisition for only the stub period from the date of their
consummation, February 23, 2022 - June 30, 2022 and April 29, 2022 - June 30, 2022, respectively. (5) Adjusted to include rent attributable to the acquisition of MGP as if it had closed on April 1, 2022 instead of the closing date of
April 29, 2022. (6) Includes VICI's pro rata share of BREIT JV CMBS debt. (7) Adjusted LQA Net Leverage Ratio is defined as Total Debt less Cash & Cash Equivalents divided by Annualized Q2'22 Further Adj. EBITDA.
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