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")
(1)
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
Capital expenditures (2)
Loss on extinguishment of debt and interest rate swap settlements
Non-cash adjustments attributable to non-controlling interests
Adjusted Funds From Operations ("AFFO")
Interest expense, net
Income tax expense
Adjusted EBITDA
Annualized Adjusted EBITDA
Full Year Impact of the Venetian
Annualized Adjusted EBITDA (Pro Forma Venetian Acquisition)
3Q21 MGP LQA Adjusted EBITDA (Pro Forma MGM Springfield Acquisition) (3)
Anticipated Synergies
Annualized Adjusted EBITDA (Pro Forma Venetian and MGP Acquisition)
VICI
Three Months Ended
September 30, 2021
$162
$162
(31)
9
2
0
34
1
(0)
80
0
$257
667
0
$325
$1,298
250
$1,548
$1,008
12
$2,569
(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 $30MM of rent attributable to acquisition of MGM Springfield. MGP may calculate Adj. EBITDA differently and, accordingly, MGP 52
Adj. EBITDA presented herein may not be comparable to Adj. EBITDA reported by VICI. See MGP's public filings for additional information, including reconciliations to the nearest Non-GAAP financial measure.View entire presentation