Transformative Acquisitions: MGM Growth Properties & The Venetian Resort
RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES (CONT.)
The following table reconciles net income to FFO, AFFO and Adjusted EBITDA.
($ in millions)
Net income attributable to common stockholders
Real estate depreciation
Funds From Operations ("FFO")
Year Ended December 31,
2020
2019
2018
$892
$546
$524
$892
$546
$524
(1)
Non-cash leasing and financing adjustments
(40)
0
(45)
Non-cash change in allowance for credit losses
245
Non-cash stock-based compensation
7
5
2
Transaction and acquisition expenses
9
5
0
Amortization of debt issuance costs and original issue discount
20
33
6
Other depreciation (2)
4
4
4
Capital expenditures
(2)
(2)
(1)
Loss on extinguishment of debt
39
58
23
12
Loss on impairment
Non-cash gain upon lease modification
(333)
Non-cash adjustments attributable to non-controlling interests
(4)
0
0
Adjusted Funds From Operations ("AFFO")
$836
$650
$526
Interest expense, net
282
195
195
Income tax expense
Adjusted EBITDA
1
2
1
$1,119
$847
$722
Weighted average number of shares of common stock outstanding - diluted
AFFO per common share - diluted
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.
50
511
439
367
$1.64
$1.48
$1.43View entire presentation