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Investor Presentaiton

BALANCE SHEET POSITIONED FOR GROWTH LONG TERM NET LEVERAGE TARGET OF 5.0-5.5X SUMMARY CAPITALIZATION ($ and shares in millions) Pro Forma MGP Unsecured $2.5Bn Revolving Credit Facility Unsecured $1.0Bn Delayed Draw Term Loan Senior Unsecured Notes Total Unsecured Debt Pro Rata Share of BREIT JV CMBS Debt 13,950 $13,950 1,503 Total Debt $15,453 Cash & Cash Equivalents as of May 27, 2022 ~502 Net Debt $14,951 Common Shares OP Units 963.0 12.2 DEBT COMPOSITION ($MM) (1) 100% fixed rate debt outstanding 90% unsecured debt, including unconsolidated share of BREIT JV debt ✓ 7.4 weighted average years to maturity Total Shares and Units Outstanding 975.2 Share Price as of May 27, 2022 $30.87 500 Equity Market Capitalization $30,105 Total Enterprise Value $45,056 800 LTM Q1'22 Pro Forma Adj. EBITDA (2) $2,572 Pro Forma Total Leverage Ratio(2) 6.0x Pro Forma Net Leverage Ratio(2)(3) 5.8x VICI Ratings S&P: BBB- / Stable Fitch: BBB- / Stable Moody's: Ba1/ Stable On April 20, 2022, VICI priced its inaugural investment grade bond offering - the $5.0bn issuance marks the largest REIT IG debt issuance ever VICI 500 750 1,250 1,250 1,050 750 750 350 1,000 750 1,503 1,500 1,000 1,000 750 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2052 Existing VICI Notes ■New Notes Issued April'22 Exchanged MGP Notes BREIT JV CMBS Debt Note: The documents governing the Company's debt are consistent with certain tax-related requirements related to security for the Company's debt. (1) Does not reflect undrawn revolving credit facility and delayed draw term loan, which mature in 2027 inclusive of applicable extension options. (2) LTM Q1 2022 Adj. EBITDA pro forma for the rent attributable to the acquisition of the Venetian Resort from April 1, 2021 - February 23, 2022, the closing date of such acquisition, and the impact of the MGP acquisition, which closed subsequent to quarter end on April 29, 2022, including $996mm of LTM Q1 2022 Adj. EBITDA attributable to MGP (adjusted to include 19 rent attributable to the acquisition of MGM Springfield from April 1, 2021 - October 29, 2021, the date of such acquisition), $12mm of expected G&A synergies, 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. See "Reconciliation from GAAP to Non-GAAP Measures" in the appendix for additional information, including the definition and reconciliation to the most comparable GAAP financial measures. (3) Pro Forma Net Leverage Ratio is defined as Total Debt less Cash & Cash Equivalents divided by LTM Q1'22 Pro Forma Adj. EBITDA.
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