VICI Dividend Growth & Investment Grade Ratings
RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES (CONT.)
The following table reconciles net income to FFO, AFFO and Adjusted EBITDA for the periods presented.
($ in millions)
Net income attributable to common stockholders
Real estate depreciation
Funds From Operations ("FFO")
(1)
Non-cash leasing and financing adjustments
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 settlement (3)
Loss on impairment
Non-cash gain upon lease modification
(4)
Non-cash adjustments attributable to non-controlling interests
Adjusted Funds From Operations ("AFFO")
Interest expense, net
Income tax expense
Adjusted EBITDA
Weighted average number of shares of common stock outstanding - diluted
AFFO per common share - diluted
Total debt
Cash and cash equivalents
Net Debt
Net Leverage Ratio
VICI
Year Ended December 31,
2021
2020
2019
2018
$1,014
$892
$546
$524
$1,014
$892
$546
$524
(119)
(40)
0
(45)
(20)
245
-
9
7
5
10
9
5
71
20
33
206
3
4
4
(2)
སེ༠
(2)
(2)
80
39
58
4
(1)
23
12
(333)
1
(4)
0
0
$1,047
$836
$650
$526
257
282
195
195
3
1
2
1
$1,307
577
$1.82
$1,119
511
$847
$722
$1.64
439
$1.48
367
$1.43
As of December 31, 2021
Pro Forma for Venetian
4,750
5,350
670
~430
4,080
4,920
3.1x
3.2x
(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) 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.
47View entire presentation