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.
Year Ended December 31,
2020
$892
($ 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 (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
(3)
Loss on extinguishment of debt and interest rate swap settlements
Loss on impairment
Non-cash gain upon lease modification (4)
Non-cash adjustments attributable to non-controlling interests
Adjusted Funds From Operations ("AFFO") attributable to common stockholders
Interest expense, net
Income tax expense
Adjusted EBITDA attributable to common stockholders
VICI
2021
$1,014
$1,014
(119)
(20)
9
10
71
3
(2)
80
1
$1,047
257
3
$1,307
$892
(40)
245
7
9
20
4
(2)
39
(333)
(4)
$836
282
1
$1,119
2019
$546
$546
0
5
5
33
4
(2)
58
0
$650
195
2
$847
2018
$524
$524
(45)
2
0
6
4
(1)
23
12
0
$526
195
1
$722
(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) 2021 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) Gain upon lease modification of $333.4mm in the year ended December 31, 2020 resulted from the reclassifications of the Caesars Lease Agreements upon the
consummation of the Eldorado Transaction on July 20, 2020. As a result, we recorded the investments at their estimated fair values as of the modification date and recognized a net gain equal to the difference in fair value of the
assets and their carrying values immediately prior to the modification.
26View entire presentation