Investor Presentaiton
RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES
The following table reconciles net income attributable to common stockholders to FFO, AFFO, Adjusted EBITDA, and Pro Forma Adjusted EBITDA 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
(4)
Run Rate Impact of the Venetian Lease Rent Adjustment (5)
LTM Q1'22 MGP Adj. EBITDA (Pro Forma MGM Springfield) (6)
Anticipated Synergies
LTM Q1'22 Pro Forma Adjusted EBITDA
Total debt
Cash & cash equivalents
Net Debt
Pro Forma Total Leverage Ratio
Pro Forma Net Leverage Ratio (7)
VICI
Last Twelve Months Ended
Three Months Ended
March 31, 2022
$984
March 31, 2022
December 31, 2021
September 30, 2021
June 30, 2021
$240
$281
$162
$301
$984
$240
$281
$162
$301
(127)
(36)
(31)
(31)
(29)
66
81
5
9
(29)
10
3
2
2
2
2
1
1
0
1
81
16
21
3
1
(2)
(0)
ཊ་€
34
10
1
1
1
(1)
(0)
(0)
80
80
1
0
0
0
0
$1,098
$305
$279
$257
$256
238
52
50
67
70
3
0
1
0
1
$1,339
$358
$329
$325
$327
225
996
12
$2,572
As of May 27, 2022
15,453
~502
14,951
6.0x
5.8x
(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 in September 2021 in connection with the early settlement of the
outstanding interest rate swap agreements. (4) For the last twelve months ended March 31, 2022, Adjusted EBITDA reflects the impact of the Venetian acquisition for only the stub period from the date of its consummation, February 23,
2022 March 31, 2022, and does not reflect the MGP acquisition, which closed subsequent to quarter end on April 29, 2022. (5) Adjusted to include rent attributable to acquisition of the Venetian for April 1, 2021 - February 23, 2022,
the closing date of VICI's acquisition. (6) As publicly reported by MGP, adjusted to include rent attributable to acquisition of MGM Springfield for April 1, 2021 - October 29, 2021, the closing date of MGP's acquisition, and to reflect a
$13mm rent differential between rent received from April 1, 2021 - March 31, 2022 by MGP under the MGM Master Lease and the terms of VICI's Amended and Restated MGM Master Lease. (7) Pro Forma Net Leverage Ratio is defined
as Total Debt less Cash & Cash Equivalents divided by LTM Q1'22 Pro Forma Adj. EBITDA.
24View entire presentation