VICI Properties Inc. Announces Fourth Quarter and Full Year 2021 Results
VICI Properties announces the completion of its $4 billion acquisition of The Venetian Resort Las Vegas, part of a record acquisition volume of over $21 billion in 2021. Fourth Quarter revenues rose 2.7% year-over-year to $383.2 million, attributed to increased rental income. However, Net Income per share decreased by 17.0% to $0.44. Full Year 2021 revenues surged 23.2% to $1.5 billion, while AFFO increased by 25.3%. The company declared a 9.1% increase in its annual cash dividend and provided a preliminary AFFO guidance for 2022 between $1.80 and $1.84 per share.
- Completed $4 billion acquisition of The Venetian Resort Las Vegas.
- Achieved record acquisition volume exceeding $21 billion in 2021.
- Full Year 2021 revenues increased by 23.2% to $1.5 billion.
- Annualized AFFO rose by 25.3%, reaching $1,047.4 million.
- Declared a dividend increase of 9.1% year-over-year.
- Net income per share decreased by 17.0% to $0.44 in Q4 2021.
- AFFO per share declined by 5.8% year-over-year in Q4 2021.
- Announces Completion of the
- Announced Record Acquisition Volume in 2021 -
- Establishes Preliminary Guidance for Full Year 2022 -
Fourth Quarter 2021 Financial and Operating Highlights
-
Total revenues increased
2.7% year-over-year to$383.2 million -
Net income attributable to common stockholders was
$281.5 million $0.44 -
AFFO increased
10.8% year-over-year to$278.9 million -
AFFO per share decreased
5.8% year-over-year to$0.44 -
Weighted average shares outstanding increased
17.6% year-over-year - Completed the disposition of Harrah's Louisiana Downs
-
Entered into an agreement with
Hard Rock related to theMirage Hotel & Casino inLas Vegas -
Subsequent to year-end, completed the
$4.0 billion
Full Year 2021 Financial and Operating Highlights
-
Total revenues increased
23.2% year-over-year to$1.5 billion -
Net income attributable to common stockholders was
$1,013.9 million $1.76 -
AFFO increased
25.3% year-over-year to$1,047.4 million -
AFFO per share increased
11.0% year-over-year to$1.82 -
Announced record acquisition volume of over
$21 billion -
Increased annualized cash dividend by
9.1% -
Completed two equity raises with an aggregate offering value of
$5.4 billion -
Repaid the
$2.1 billion
CEO Comments
Fourth Quarter 2021 Financial Results
Total Revenues
Total revenues were
Net Income Attributable to Common Stockholders
Net income attributable to common stockholders was
Funds from Operations (“FFO”)
FFO attributable to common stockholders was
Adjusted Funds from Operations (“AFFO”)
AFFO attributable to common stockholders was
Full Year 2021 Financial Results
Total Revenues
Total revenues were
Net Income Attributable to Common Stockholders
Net income attributable to common stockholders was
Funds from Operations (“FFO”)
FFO attributable to common stockholders was
Adjusted Funds from Operations (“AFFO”)
AFFO attributable to common stockholders was
Fourth Quarter and Full Year 2021 Acquisitions and Portfolio Activity
Acquisitions and Investments
Over the course of 2021, the Company announced approximately
Additionally, the Company entered into a strategic arrangement with
Subsequent to year end, on
Dispositions
On
Other Portfolio Activity
On
The Company expects the acquisition of MGP to be completed in the first half of 2022, while the Mirage Transaction is expected to be completed in the second half of 2022. All transactions remain subject to customary closing conditions and regulatory approvals.
Fourth Quarter 2021 Capital Markets and Subsequent Activity
On
Subsequent to year end, on
On
The following table details the Company's issuance of outstanding shares of common stock, including restricted common stock:
Common Stock Outstanding |
|
2021 |
|
2020 |
Beginning Balance |
|
536,669,722 |
|
461,004,742 |
Issuance of common stock in primary follow-on offerings |
|
65,000,000 |
|
— |
Issuance of common stock upon physical settlement of forward sale agreements(1) |
|
26,900,000 |
|
68,000,000 |
Issuance of common stock under the at-the-market offering program |
|
— |
|
7,500,000 |
Issuance of restricted common stock under the stock incentive program, net of forfeitures(2) |
|
372,370 |
|
164,980 |
Ending Balance |
|
628,942,092 |
|
536,669,722 |
____________________ |
||
(1) |
Excludes the 50,000,000 and 69,000,000 remaining shares subject to the |
|
(2) |
The years ended |
|
The following table reconciles the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average shares of common stock outstanding used in the calculation of diluted earnings per share:
|
Year Ended |
||||
(In thousands) |
2021 |
|
2020 |
|
2019 |
Determination of shares: |
|
|
|
|
|
Weighted-average shares of common stock outstanding |
564,467 |
|
506,141 |
|
435,071 |
Assumed conversion of restricted stock |
924 |
|
412 |
|
566 |
Assumed settlement of forward sale agreements |
11,675 |
|
4,356 |
|
3,516 |
Diluted weighted-average shares of common stock outstanding |
577,066 |
|
510,909 |
|
439,153 |
Balance Sheet and Liquidity
As of
Following the acquisition of the Venetian Resort Las Vegas, the Company had approximately
The Company’s outstanding indebtedness as of
($ in millions) |
|
|
Secured Revolving Credit Facility |
$ |
— |
2025 Notes |
|
750.0 |
2026 Notes |
|
1,250.0 |
2027 Notes |
|
750.0 |
2029 Notes |
|
1,000.0 |
2030 Notes |
|
1,000.0 |
Total Debt Outstanding, Face Value |
$ |
4,750.0 |
Cash and Cash Equivalents |
$ |
739.6 |
Short-Term Investments |
$ |
— |
Net Debt |
$ |
4,010.4 |
Dividends
On
2022 Guidance
The Company is providing preliminary AFFO guidance for the full year 2022. The Company's guidance does not include the impact on operating results from any pending or possible future acquisitions or dispositions (e.g., the pending acquisition of MGP), capital markets activity, or other non-recurring transactions.
The Company’s guidance incorporates the impact on operating results of the just-announced closure of the Venetian Resort Las Vegas acquisition, and the settlement of an aggregate 119,000,000 shares that were subject to the
The Company estimates AFFO for the year ending
The following is a summary of the Company's full-year 2022 guidance:
|
|
|
|
|
For the Year Ending |
|
Low |
|
High |
Estimated Adjusted Funds From Operations (AFFO) |
|
|
|
|
Estimated Adjusted Funds From Operations (AFFO) per diluted share |
|
|
|
|
Estimated Weighted Average Share Count for the Year (in millions) |
|
733.7 |
|
733.7 |
In determining Adjusted Funds from Operations (“AFFO”), the Company adjusts for certain items that are otherwise included in determining net income attributable to common stockholders, the most comparable GAAP financial measure. For more information, see “Non-GAAP Financial Measures.” The Company is unable to provide a reconciliation of its stated AFFO guidance to net income attributable to common stockholders because it is unable to predict with reasonable certainty the amount of the change in non-cash allowance for credit losses under ASU No. 2016-13 - Financial Instruments—Credit Losses (Topic 326) (“ASC 326”) for a future period. The non-cash change in allowance for credit losses under ASC 326 with respect to a future period is dependent upon future events that are entirely outside of the Company's control and may not be reliably predicted, including its tenants’ respective financial performance, fluctuations in the trading price of their common stock, credit ratings and outlook (each to the extent applicable), as well as broader macroeconomic performance. Based on past results, the impact of these adjustments could be material, individually or in the aggregate, to the Company's reported GAAP results.
The estimates set forth above reflect management’s view of current and future market conditions, including assumptions with respect to the earnings impact of the events referenced in this release. The estimates set forth above may be subject to fluctuations as a result of several factors and there can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.
Supplemental Information
In addition to this release, the Company has furnished Supplemental Financial Information, which is available on the Company's website in the “Investors” section, under the menu heading “Financials”. This additional information is being provided as a supplement to the information in this release and the Company's other filings with the
Conference Call and Webcast
The Company will host a conference call and audio webcast on
A live audio webcast of the conference call will be available in listen-only mode through the “Investors” section of the Company’s website, www.viciproperties.com, on
About
Impact of the COVID-19 Pandemic on Our Business
Since the emergence of the COVID-19 pandemic in early 2020, among the broader public health, societal and global impacts, the pandemic has resulted in governmental and/or regulatory actions imposing temporary closures or restrictions from time to time on our tenants’ operations at our properties and our golf course operations. Although all of our leased properties and our golf courses are currently open and operating, without restriction in some jurisdictions, they remain subject to any current or future operating limitations, restrictions or closures imposed by governmental and/or regulatory authorities. While our tenants’ recent performance at many of our leased properties has been at or above pre-pandemic levels, our tenants may continue to face additional challenges and uncertainty due to the impact of the COVID-19 pandemic, such as complying with operational and capacity restrictions and ensuring sufficient employee staffing and service levels, and the sustainability of maintaining improved operating margins and financial performance. The ongoing nature of the pandemic, including the impact of emerging variants, may further adversely affect our tenants’ businesses and, accordingly, our business and financial performance may be adversely affected in the future.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of words such as “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance, or achievements. Among those risks, uncertainties and other factors are: risks associated with the pending MGP Transactions, including our ability or failure to complete the pending MGP Transactions and to realize the anticipated benefits of the pending MGP Transactions; the impact of changes in general economic conditions and market developments, including inflation, low consumer confidence, supply chain disruptions, unemployment levels and depressed real estate prices resulting from the severity and duration of any downturn in the
Currently, one of the most significant factors that could cause actual outcomes to differ materially from the Company’s forward-looking statements is the impact of the COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of the Company and its tenants. The extent to which the COVID-19 pandemic continues to adversely affect the Company’s tenants, and ultimately impacts our business and financial condition, depends on future developments which cannot be predicted with confidence, including the impact of the actions taken to contain the pandemic or mitigate its impact, including the availability, distribution, public acceptance and efficacy of approved vaccines, new or mutated variants of COVID-19 (including vaccine-resistant variants) or a similar virus, the direct and indirect economic effects of the pandemic and containment measures on the Company’s tenants, the ability of the Company’s tenants to successfully operate their businesses, including the costs of complying with regulatory requirements necessary to keep their respective facilities open, such as reduced capacity requirements, the need to close any of the facilities after reopening as a result of the COVID-19 pandemic, and the effects of the negotiated capital expenditure reductions and other amendments to the lease agreements that the Company agreed to with certain of its tenants in response to the COVID-19 pandemic. Each of the foregoing could have a material adverse effect on our tenants’ ability to satisfy their obligations under their leases with us, including their continued ability to pay rent in a timely manner, or at all, and/or to fund capital expenditures or make other payments required under their leases.
Although the Company believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. The Company cannot assure you that the assumptions upon which these statements are based will prove to have been correct. Additional important factors that may affect the Company’s business, results of operations and financial position are described from time to time in the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and the Company’s other filings with the
Non-GAAP Financial Measures
This press release presents Funds From Operations (“FFO”), FFO per share, Adjusted Funds From Operations (“AFFO”), AFFO per share and Adjusted EBITDA, which are not required by, or presented in accordance with, generally accepted accounting principles in
FFO is a non-GAAP financial measure that is considered a supplemental measure for the real estate industry and a supplement to GAAP measures. Consistent with the definition used by
AFFO is a non-GAAP financial measure that we use as a supplemental operating measure to evaluate our performance. We calculate AFFO by adding or subtracting from FFO non-cash leasing and financing adjustments, non-cash change in allowance for credit losses, transaction costs incurred in connection with the acquisition of real estate investments, non-cash stock-based compensation expense, amortization of debt issuance costs and original issue discount, other non-cash interest expense, non-real estate depreciation (which is comprised of the depreciation related to our golf course operations), capital expenditures (which are comprised of additions to property, plant and equipment related to our golf course operations), impairment charges related to non-depreciable real estate, gains (or losses) on debt extinguishment and interest rate swap settlements, other non-recurring non-cash gains or losses (such as non-cash gain upon lease modification) and non-cash adjustments attributable to non-controlling interest with respect to certain of the foregoing.
We calculate Adjusted EBITDA by adding or subtracting from AFFO contractual interest expense and interest income (collectively, interest expense, net) and income tax expense.
These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as measures of liquidity, nor do they measure our ability to fund all of our cash needs, including our ability to make cash distributions to our stockholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.
Reconciliations of net income to FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA are included in this release.
Consolidated Balance Sheets (In thousands, except share and per share data) |
||||||
|
|
|
|
|||
Assets |
|
|
|
|||
Real estate portfolio: |
|
|
|
|||
Investments in leases - sales-type and direct financing, net |
$ |
13,136,664 |
|
$ |
13,027,644 |
|
Investments in leases - financing receivables, net |
|
2,644,824 |
|
|
2,618,562 |
|
Investments in loans, net |
|
498,002 |
|
|
536,721 |
|
Land |
|
153,576 |
|
|
158,190 |
|
Cash and cash equivalents |
|
739,614 |
|
|
315,993 |
|
Short-term investments |
|
— |
|
|
19,973 |
|
Other assets |
|
424,693 |
|
|
386,530 |
|
Total assets |
$ |
17,597,373 |
|
$ |
17,063,613 |
|
|
|
|
|
|||
Liabilities |
|
|
|
|||
Debt, net |
$ |
4,694,523 |
|
$ |
6,765,532 |
|
Accrued expenses and deferred revenue |
|
113,530 |
|
|
155,807 |
|
Dividends payable |
|
226,309 |
|
|
176,992 |
|
Other liabilities |
|
375,837 |
|
|
471,537 |
|
Total liabilities |
|
5,410,199 |
|
|
7,569,868 |
|
|
|
|
|
|||
Stockholders’ equity |
|
|
|
|||
Common stock |
|
6,289 |
|
|
5,367 |
|
Preferred stock |
|
— |
|
|
— |
|
Additional paid in capital |
|
11,755,069 |
|
|
9,363,539 |
|
Accumulated other comprehensive income (loss) |
|
884 |
|
|
(92,521 |
) |
Retained earnings |
|
346,026 |
|
|
139,454 |
|
Total VICI stockholders’ equity |
|
12,108,268 |
|
|
9,415,839 |
|
Non-controlling interest |
|
78,906 |
|
|
77,906 |
|
Total stockholders’ equity |
|
12,187,174 |
|
|
9,493,745 |
|
Total liabilities and stockholders’ equity |
$ |
17,597,373 |
|
$ |
17,063,613 |
|
_______________________________________________________
Note: As of
Consolidated Statement of Operations (In thousands, except share and per share data) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Revenues |
|
|
|
|
|
|
|
||||||||
Income from sales-type and direct financing leases |
$ |
294,635 |
|
|
$ |
289,087 |
|
|
$ |
1,167,972 |
|
|
$ |
1,007,508 |
|
Income from operating leases |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25,464 |
|
Income from lease financing receivables and loans |
|
72,664 |
|
|
|
70,321 |
|
|
|
283,242 |
|
|
|
153,017 |
|
Other income |
|
6,911 |
|
|
|
7,091 |
|
|
|
27,808 |
|
|
|
15,793 |
|
Golf revenues |
|
8,944 |
|
|
|
6,519 |
|
|
|
30,546 |
|
|
|
23,792 |
|
Total revenues |
|
383,154 |
|
|
|
373,018 |
|
|
|
1,509,568 |
|
|
|
1,225,574 |
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses |
|
|
|
|
|
|
|
||||||||
General and administrative |
|
9,030 |
|
|
|
8,101 |
|
|
|
33,122 |
|
|
|
30,661 |
|
Depreciation |
|
771 |
|
|
|
741 |
|
|
|
3,091 |
|
|
|
3,731 |
|
Other expenses |
|
6,911 |
|
|
|
7,091 |
|
|
|
27,808 |
|
|
|
15,793 |
|
Golf expenses |
|
5,881 |
|
|
|
4,451 |
|
|
|
20,762 |
|
|
|
17,632 |
|
Change in allowance for credit losses |
|
4,899 |
|
|
|
(16,563 |
) |
|
|
(19,554 |
) |
|
|
244,517 |
|
Transaction and acquisition expenses |
|
713 |
|
|
|
981 |
|
|
|
10,402 |
|
|
|
8,684 |
|
Total operating expenses |
|
28,205 |
|
|
|
4,802 |
|
|
|
75,631 |
|
|
|
321,018 |
|
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
(70,437 |
) |
|
|
(77,420 |
) |
|
|
(392,390 |
) |
|
|
(308,605 |
) |
Interest income |
|
45 |
|
|
|
52 |
|
|
|
120 |
|
|
|
6,795 |
|
Loss from extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(15,622 |
) |
|
|
(39,059 |
) |
Gain upon lease modification |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
333,352 |
|
Income before income taxes |
|
284,557 |
|
|
|
290,848 |
|
|
|
1,026,045 |
|
|
|
897,039 |
|
Income tax expense |
|
(759 |
) |
|
|
(436 |
) |
|
|
(2,887 |
) |
|
|
(831 |
) |
Net income |
$ |
283,798 |
|
|
$ |
290,412 |
|
|
$ |
1,023,158 |
|
|
$ |
896,208 |
|
Less: Net income attributable to non-controlling interest |
|
(2,319 |
) |
|
|
(2,402 |
) |
|
|
(9,307 |
) |
|
|
(4,534 |
) |
Net income attributable to common stockholders |
$ |
281,479 |
|
|
$ |
288,010 |
|
|
$ |
1,013,851 |
|
|
$ |
891,674 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.45 |
|
|
$ |
0.54 |
|
|
$ |
1.80 |
|
|
$ |
1.76 |
|
Diluted |
$ |
0.44 |
|
|
$ |
0.53 |
|
|
$ |
1.76 |
|
|
$ |
1.75 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding |
|
|
|
|
|
|
|||||||||
Basic |
|
628,632,771 |
|
|
|
536,333,632 |
|
|
|
564,467,362 |
|
|
|
506,140,642 |
|
Diluted |
|
637,407,750 |
|
|
|
541,935,681 |
|
|
|
577,066,292 |
|
|
|
510,908,755 |
|
Reconciliation of Net Income to FFO, FFO per Share, AFFO, AFFO per Share and Adjusted EBITDA (In thousands, except share and per share data) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Net income attributable to common stockholders |
$ |
281,479 |
|
|
$ |
288,010 |
|
|
$ |
1,013,851 |
|
|
$ |
891,674 |
|
Real estate depreciation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
FFO |
|
281,479 |
|
|
|
288,010 |
|
|
|
1,013,851 |
|
|
|
891,674 |
|
Non-cash leasing and financing adjustments |
|
(31,363 |
) |
|
|
(27,977 |
) |
|
|
(119,426 |
) |
|
|
(39,803 |
) |
Non-cash change in allowance for credit losses |
|
4,899 |
|
|
|
(16,563 |
) |
|
|
(19,554 |
) |
|
|
244,517 |
|
Non-cash stock-based compensation |
|
2,304 |
|
|
|
2,013 |
|
|
|
9,371 |
|
|
|
7,388 |
|
Transaction and acquisition expenses |
|
713 |
|
|
|
981 |
|
|
|
10,402 |
|
|
|
8,684 |
|
Amortization of debt issuance costs and original issue discount |
|
20,729 |
|
|
|
4,368 |
|
|
|
71,452 |
|
|
|
19,872 |
|
Other depreciation |
|
742 |
|
|
|
710 |
|
|
|
2,970 |
|
|
|
3,615 |
|
Capital expenditures |
|
(852 |
) |
|
|
(218 |
) |
|
|
(2,490 |
) |
|
|
(2,200 |
) |
Loss on extinguishment of debt and interest rate swap settlements (1) |
|
— |
|
|
|
— |
|
|
|
79,861 |
|
|
|
39,059 |
|
Non-cash gain upon lease modification |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(333,352 |
) |
Non-cash adjustments attributable to non-controlling interest |
|
227 |
|
|
|
340 |
|
|
|
1,000 |
|
|
|
(3,650 |
) |
AFFO |
|
278,878 |
|
|
|
251,664 |
|
|
|
1,047,437 |
|
|
|
835,804 |
|
Interest expense, net |
|
49,663 |
|
|
|
73,000 |
|
|
|
256,579 |
|
|
|
281,938 |
|
Income tax expense |
|
759 |
|
|
|
436 |
|
|
|
2,887 |
|
|
|
831 |
|
Adjusted EBITDA |
$ |
329,300 |
|
|
$ |
325,100 |
|
|
$ |
1,306,903 |
|
|
$ |
1,118,573 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.45 |
|
|
$ |
0.54 |
|
|
$ |
1.80 |
|
|
$ |
1.76 |
|
Diluted |
$ |
0.44 |
|
|
$ |
0.53 |
|
|
$ |
1.76 |
|
|
$ |
1.75 |
|
FFO per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.45 |
|
|
$ |
0.54 |
|
|
$ |
1.80 |
|
|
$ |
1.76 |
|
Diluted |
$ |
0.44 |
|
|
$ |
0.53 |
|
|
$ |
1.76 |
|
|
$ |
1.75 |
|
AFFO per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.44 |
|
|
$ |
0.47 |
|
|
$ |
1.86 |
|
|
$ |
1.65 |
|
Diluted |
$ |
0.44 |
|
|
$ |
0.46 |
|
|
$ |
1.82 |
|
|
$ |
1.64 |
|
Weighted average number of shares of common stock outstanding |
|
|
|||||||||||||
Basic |
|
628,632,771 |
|
|
|
536,333,632 |
|
|
|
564,467,362 |
|
|
|
506,140,642 |
|
Diluted |
|
637,407,750 |
|
|
|
541,935,681 |
|
|
|
577,066,292 |
|
|
|
510,908,755 |
|
____________________
(1) For the year ended
Revenue Detail (In thousands) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Contractual revenue from sales-type and direct financing leases |
|
|
|
|
|
|
|
||||||||
Caesars Las |
$ |
103,923 |
|
|
$ |
100,052 |
|
|
$ |
405,879 |
|
|
$ |
316,857 |
|
Caesars Regional |
|
122,127 |
|
|
|
128,405 |
|
|
|
506,810 |
|
|
|
509,805 |
|
Margaritaville Lease |
|
5,865 |
|
|
|
5,886 |
|
|
|
23,469 |
|
|
|
23,515 |
|
Greektown Lease |
|
12,830 |
|
|
|
13,889 |
|
|
|
53,085 |
|
|
|
55,556 |
|
|
|
11,010 |
|
|
|
10,848 |
|
|
|
43,554 |
|
|
|
42,910 |
|
Century |
|
6,311 |
|
|
|
6,250 |
|
|
|
25,250 |
|
|
|
25,000 |
|
Caesars Southern Indiana Lease |
|
8,125 |
|
|
|
— |
|
|
|
10,562 |
|
|
|
— |
|
Income from sales-type and direct financing leases non-cash adjustment(1) |
|
24,444 |
|
|
|
23,757 |
|
|
|
99,363 |
|
|
|
33,865 |
|
Income from sales-type and direct financing leases |
|
294,635 |
|
|
|
289,087 |
|
|
|
1,167,972 |
|
|
|
1,007,508 |
|
|
|
|
|
|
|
|
|
||||||||
Contractual revenue from operating leases |
|
|
|
|
|
|
|
||||||||
Land component of |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25,464 |
|
Income from operating leases |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25,464 |
|
|
|
|
|
|
|
|
|
||||||||
Contractual income from lease financing receivables |
|
|
|
|
|
|
|
||||||||
JACK Entertainment |
|
16,470 |
|
|
|
16,470 |
|
|
|
65,880 |
|
|
|
61,807 |
|
Harrah's NOLA, AC, and |
|
39,470 |
|
|
|
38,884 |
|
|
|
156,701 |
|
|
|
69,519 |
|
Income from lease financing receivables non-cash adjustment(1) |
|
6,929 |
|
|
|
4,247 |
|
|
|
20,427 |
|
|
|
6,018 |
|
Income from lease financing receivables |
|
62,869 |
|
|
|
59,601 |
|
|
|
243,008 |
|
|
|
137,344 |
|
Contractual interest income |
|
|
|
|
|
|
|
||||||||
JACK Entertainment Loan |
|
40 |
|
|
|
1,663 |
|
|
|
3,614 |
|
|
|
5,165 |
|
Caesars Forum Convention Center Loan |
|
8,029 |
|
|
|
7,871 |
|
|
|
31,408 |
|
|
|
8,983 |
|
|
|
1,200 |
|
|
|
1,213 |
|
|
|
4,763 |
|
|
|
1,605 |
|
Great |
|
537 |
|
|
|
— |
|
|
|
813 |
|
|
|
— |
|
Income from loans non-cash adjustment(1) |
|
(11 |
) |
|
|
(27 |
) |
|
|
(364 |
) |
|
|
(80 |
) |
Income from loans |
|
9,795 |
|
|
|
10,720 |
|
|
|
40,234 |
|
|
|
15,673 |
|
Income from lease financing receivables and loans |
|
72,664 |
|
|
|
70,321 |
|
|
|
283,242 |
|
|
|
153,017 |
|
|
|
|
|
|
|
|
|
||||||||
Other income |
|
6,911 |
|
|
|
7,091 |
|
|
|
27,808 |
|
|
|
15,793 |
|
Golf revenues |
|
8,944 |
|
|
|
6,519 |
|
|
|
30,546 |
|
|
|
23,792 |
|
Total revenues |
$ |
383,154 |
|
|
$ |
373,018 |
|
|
$ |
1,509,568 |
|
|
$ |
1,225,574 |
|
____________________
(1) Amounts represent non-cash adjustments to recognize revenue on an effective interest basis in accordance with GAAP.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220223006250/en/
Investor Contacts:
Investors@viciproperties.com
(646) 949-4631
Or
EVP, Chief Financial Officer
DKieske@viciproperties.com
Vice President, Finance
DValoy@viciproperties.com
Source:
FAQ
What is the significance of VICI's $4 billion acquisition of The Venetian Resort Las Vegas?
What were VICI Properties' financial highlights for Q4 2021?
How did VICI's total revenues for 2021 compare to the previous year?
What guidance did VICI provide for Adjusted Funds From Operations (AFFO) in 2022?
What impact did the acquisition of The Venetian have on VICI's liquidity?
