VICI Properties Inc. Announces Third Quarter 2021 Results
VICI Properties reported a 10.6% revenue growth to $375.7 million for Q3 2021, with net income at $161.9 million or $0.28 per share. The company announced the $17.2 billion acquisition of MGM Growth Properties and a strategic arrangement to finance BigShots Golf. Adjusted Funds from Operations (AFFO) rose by 12.9% to $257.4 million, with AFFO per share at $0.45. VICI plans to fund the acquisition mainly through debt financing and has updated its full-year AFFO guidance to $1.04-$1.045 billion.
- 10.6% revenue growth YoY to $375.7 million.
- AFFO increased 12.9% YoY to $257.4 million.
- $17.2 billion acquisition of MGM Growth Properties expected to enhance portfolio.
- Strategic partnership with BigShots Golf for $80 million mortgage funding.
- Net income decreased from $398.3 million to $161.9 million YoY.
- $79.9 million loss on extinguishment of debt incurred.
- Potential delays in MGP Transactions completion.
- Reports
- Announced the Strategic Acquisition of
- Announced a Strategic Arrangement with BigShots Golf -
- Updates Guidance for Full Year 2021 -
Third Quarter 2021 Financial and Operating Highlights
-
Total revenues increased
10.6% year-over-year to$375.7 million -
Net income attributable to common stockholders and FFO were
$161.9 million $0.28 -
AFFO increased
12.9% year-over-year to$257.4 million -
AFFO per share increased
5.9% year-over-year to$0.45 -
Announced the strategic acquisition of
MGM Growth Properties LLC (“MGP”) for$17.2 billion -
Announced strategic arrangement whereby
VICI Properties may provide up to$80.0 million the United States -
Completed an equity offering of 115,000,000 shares at
$29.50 $3.4 billion -
Repaid in full the
$2.1 billion -
Declared a quarterly cash dividend of
$0.36 9.1% year-over-year increase
CEO Comments
“Additionally, during the third quarter we announced a strategic arrangement with
Third Quarter 2021 Financial Results
Total Revenues
Total revenues were
Net Income Attributable to Common Stockholders and Funds from Operations (“FFO”)
Net income and FFO attributable to common stockholders was
Adjusted Funds from Operations (“AFFO”)
AFFO attributable to common stockholders was
Third Quarter 2021 Acquisitions and Portfolio Activity
Acquisitions and Investments
On
Under the terms of the MGP Master Transaction Agreement, MGP Class A common shareholders will receive 1.366 shares of the Company's newly issued common stock in exchange for each Class A common share of MGP. The fixed exchange ratio represents an agreed upon price of
Simultaneous with the closing of the transaction, the Company will enter into an amended and restated triple-net master lease with
The Company expects the MGP Transactions, which are subject to regulatory approvals, approval by the stockholders of the Company, and customary closing conditions, to be completed in the first half of 2022. However,
On
Other Portfolio Activity
On
On
Third Quarter 2021 Capital Markets Activity
On
On
On
On
The following table details the issuance of outstanding shares of the Company's common stock, including restricted common stock:
|
|
Nine Months Ended |
||
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 and unrestricted common stock under the stock incentive program, net of forfeitures |
|
375,165 |
|
164,037 |
Ending Balance |
|
628,944,887 |
|
536,668,779 |
| ____________________ | ||
| (1) |
Excludes the 50,000,000 and 69,000,000 remaining shares subject to the |
|
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:
|
Three Months Ended
|
|
Nine Months Ended
|
|||||
(In thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Determination of shares: |
|
|
|
|
|
|
|
|
Weighted-average shares of common stock outstanding |
555,153,692 |
|
533,407,916 |
|
542,843,855 |
|
496,002,850 |
|
Assumed conversion of restricted stock |
891,058 |
|
501,256 |
|
919,621 |
|
322,670 |
|
Assumed settlement of forward sale agreements |
15,849,795 |
|
2,271,003 |
|
13,350,034 |
|
3,656,749 |
|
Diluted weighted-average shares of common stock outstanding |
571,894,545 |
|
536,180,175 |
|
557,113,510 |
|
499,982,269 |
|
Balance Sheet and Liquidity
As of
The Company’s outstanding indebtedness as of
($ in millions) |
|
|||
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 |
$ |
669.5 |
|
|
Net Debt |
$ |
4,080.5 |
|
|
Dividends
On
2021 Guidance
The Company is updating AFFO guidance for the full year 2021. The Company estimates AFFO for the year ending
The following is a summary of the Company's updated full-year 2021 guidance:
|
|
Updated Guidance |
|
Prior Guidance |
||||
For the Year Ending |
|
Low |
|
High |
|
Low |
|
High |
Estimated Adjusted Funds From Operations (AFFO) |
|
|
|
|
|
|
|
|
Estimated Adjusted Funds From Operations (AFFO) per diluted share |
|
|
|
|
|
|
|
|
Estimated Weighted Average Share Count at Year End (in millions) |
|
580.0 |
|
580.0 |
|
555.0 |
|
555.0 |
In determining 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 our 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 our 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
In connection with the COVID-19 pandemic, various state governments and/or regulatory authorities issued directives, mandates, orders or similar actions restricting non-essential business operations, which resulted in the temporary closure of substantially all of our tenants’ operations at our properties (as well as our golf course properties). Although all of our leased properties and our golf courses are currently open, without restriction in some jurisdictions, they remain subject to any current or future operating limitations or closures imposed by state and local governments and/or regulatory authorities. While our tenants’ recent performance at many of our leased properties has been at or above pre-pandemic levels, they 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 ensuring sufficient employee staffing and service levels, and the sustainability of maintaining improved operating margins and financial performance. Due to prior closures, operating restrictions and other factors, our tenants’ operations, liquidity and financial performance have been adversely affected, and the ongoing nature of the pandemic, including emerging variants, may further impact our tenants’ businesses and, accordingly, our business and financial performance. We continue to monitor the impact of the COVID-19 pandemic on our tenant's businesses, including with respect to their respective business performance, operations, liquidity and financial results.
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 the words “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, including as a result of delay in completing the MGP Transactions; the impact of changes in general economic conditions, including low consumer confidence, 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 our forward-looking statements is the impact of the COVID-19 pandemic on our, and our tenants’, financial condition, results of operations, cash flows and performance. The extent to which the COVID-19 pandemic continues to adversely affect our 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 our tenants, the ability of our 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 leases that we agreed to with certain of our 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 Annual Report on Form 10-K for the year ended
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, non-cash stock-based compensation expense, transaction costs incurred in connection with the acquisition of real estate investments, 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 transactions (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, net |
$ |
13,124,209 |
|
|
$ |
13,027,644 |
|
|
Investments in leases - financing receivables, net |
2,640,399 |
|
|
2,618,562 |
|
|||
Investments in loans, net |
523,897 |
|
|
536,721 |
|
|||
Land |
153,576 |
|
|
158,190 |
|
|||
Cash and cash equivalents |
669,514 |
|
|
315,993 |
|
|||
Short-term investments |
— |
|
|
19,973 |
|
|||
Other assets |
437,209 |
|
|
386,530 |
|
|||
Total assets |
$ |
17,548,804 |
|
|
$ |
17,063,613 |
|
|
|
|
|
|
|||||
Liabilities |
|
|
|
|||||
Debt, net |
$ |
4,692,032 |
|
|
$ |
6,765,532 |
|
|
Accrued interest |
45,078 |
|
|
46,422 |
|
|||
Deferred financing liability |
73,600 |
|
|
73,600 |
|
|||
Deferred revenue |
461 |
|
|
93,659 |
|
|||
Dividends payable |
226,300 |
|
|
176,992 |
|
|||
Other liabilities |
382,547 |
|
|
413,663 |
|
|||
Total liabilities |
5,420,018 |
|
|
7,569,868 |
|
|||
|
|
|
|
|||||
Stockholders’ equity |
|
|
|
|||||
Common stock |
6,289 |
|
|
5,367 |
|
|||
Preferred stock |
— |
|
|
— |
|
|||
Additional paid-in capital |
11,752,852 |
|
|
9,363,539 |
|
|||
Accumulated other comprehensive loss |
— |
|
|
(92,521 |
) |
|||
Retained earnings |
290,966 |
|
|
139,454 |
|
|||
Total VICI stockholders’ equity |
12,050,107 |
|
|
9,415,839 |
|
|||
Non-controlling interest |
78,679 |
|
|
77,906 |
|
|||
Total stockholders’ equity |
12,128,786 |
|
|
9,493,745 |
|
|||
Total liabilities and stockholders’ equity |
$ |
17,548,804 |
|
|
$ |
17,063,613 |
|
|
_______________________________________________________ |
Note: As of |
|
||||||||||||||||
Consolidated Statement of Operations |
||||||||||||||||
(In thousands, except share and per share data) |
||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Revenues |
|
|
|
|
|
|
|
|||||||||
Income from sales-type and direct financing leases |
$ |
292,059 |
|
|
$ |
270,274 |
|
|
$ |
873,337 |
|
|
$ |
718,421 |
|
|
Income from operating leases |
— |
|
|
3,638 |
|
|
— |
|
|
25,464 |
|
|||||
Income from lease financing receivables and loans |
70,205 |
|
|
52,827 |
|
|
210,578 |
|
|
82,696 |
|
|||||
Other income |
6,936 |
|
|
7,276 |
|
|
20,897 |
|
|
8,702 |
|
|||||
Golf revenues |
6,504 |
|
|
5,638 |
|
|
21,602 |
|
|
17,273 |
|
|||||
Total revenues |
375,704 |
|
|
339,653 |
|
|
1,126,414 |
|
|
852,556 |
|
|||||
|
|
|
|
|
|
|
|
|||||||||
Operating expenses |
|
|
|
|
|
|
|
|||||||||
General and administrative |
8,379 |
|
|
8,047 |
|
|
24,092 |
|
|
22,560 |
|
|||||
Depreciation |
771 |
|
|
910 |
|
|
2,320 |
|
|
2,990 |
|
|||||
Other expenses |
6,936 |
|
|
7,263 |
|
|
20,897 |
|
|
8,702 |
|
|||||
Golf expenses |
5,143 |
|
|
4,672 |
|
|
14,881 |
|
|
13,181 |
|
|||||
Change in allowance for credit losses |
9,031 |
|
|
177,052 |
|
|
(24,453 |
) |
|
261,080 |
|
|||||
Transaction and acquisition expenses |
177 |
|
|
2,026 |
|
|
9,689 |
|
|
7,703 |
|
|||||
Total operating expenses |
30,437 |
|
|
199,970 |
|
|
47,426 |
|
|
316,216 |
|
|||||
|
|
|
|
|
|
|
|
|||||||||
Interest expense |
(165,099 |
) |
|
(77,399 |
) |
|
(321,953 |
) |
|
(231,185 |
) |
|||||
Interest income |
26 |
|
|
214 |
|
|
75 |
|
|
6,743 |
|
|||||
Loss from extinguishment of debt |
(15,622 |
) |
|
— |
|
|
(15,622 |
) |
|
(39,059 |
) |
|||||
Gain upon lease modification |
— |
|
|
333,352 |
|
|
— |
|
|
333,352 |
|
|||||
Income before income taxes |
164,572 |
|
|
395,850 |
|
|
741,488 |
|
|
606,191 |
|
|||||
Income tax (expense) benefit |
(388 |
) |
|
368 |
|
|
(2,128 |
) |
|
(395 |
) |
|||||
Net income |
164,184 |
|
|
396,218 |
|
|
739,360 |
|
|
605,796 |
|
|||||
Less: Net (income) loss attributable to non-controlling interest |
(2,322 |
) |
|
2,056 |
|
|
(6,988 |
) |
|
(2,132 |
) |
|||||
Net income attributable to common stockholders |
$ |
161,862 |
|
|
$ |
398,274 |
|
|
$ |
732,372 |
|
|
$ |
603,664 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income per common share |
|
|
|
|
|
|
|
|||||||||
Basic |
$ |
0.29 |
|
|
$ |
0.75 |
|
|
$ |
1.35 |
|
|
$ |
1.22 |
|
|
Diluted |
$ |
0.28 |
|
|
$ |
0.74 |
|
|
$ |
1.31 |
|
|
$ |
1.21 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average number of common shares outstanding |
|
|
|
|
|
|
||||||||||
Basic |
555,153,692 |
|
|
533,407,916 |
|
|
542,843,855 |
|
|
496,002,850 |
|
|||||
Diluted |
571,894,545 |
|
|
536,180,175 |
|
|
557,113,510 |
|
|
499,982,269 |
|
|||||
|
||||||||||||||||
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 |
|
Nine Months Ended |
||||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Net income attributable to common stockholders |
$ |
161,862 |
|
|
$ |
398,274 |
|
|
$ |
732,372 |
|
|
$ |
603,664 |
|
|
Real estate depreciation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||
FFO |
161,862 |
|
|
398,274 |
|
|
732,372 |
|
|
603,664 |
|
|||||
Non-cash leasing and financing adjustments |
(30,865 |
) |
|
(18,919 |
) |
|
(88,063 |
) |
|
(11,826 |
) |
|||||
Non-cash change in allowance for credit losses |
9,031 |
|
|
177,052 |
|
|
(24,453 |
) |
|
261,080 |
|
|||||
Non-cash stock-based compensation |
2,395 |
|
|
2,013 |
|
|
7,067 |
|
|
5,375 |
|
|||||
Transaction and acquisition expenses |
177 |
|
|
2,026 |
|
|
9,689 |
|
|
7,703 |
|
|||||
Amortization of debt issuance costs and original issue discount |
34,098 |
|
|
4,368 |
|
|
50,723 |
|
|
15,504 |
|
|||||
Other depreciation |
742 |
|
|
879 |
|
|
2,228 |
|
|
2,905 |
|
|||||
Capital expenditures |
(131 |
) |
|
(337 |
) |
|
(1,638 |
) |
|
(1,982 |
) |
|||||
Loss on extinguishment of debt and interest rate swap settlements (1) |
79,861 |
|
|
— |
|
|
79,861 |
|
|
39,059 |
|
|||||
Non-cash gain upon lease modification |
— |
|
|
(333,352 |
) |
|
— |
|
|
(333,352 |
) |
|||||
Non-cash adjustments attributable to non-controlling interest |
250 |
|
|
(4,097 |
) |
|
773 |
|
|
(3,990 |
) |
|||||
AFFO |
257,420 |
|
|
227,907 |
|
|
768,559 |
|
|
584,140 |
|
|||||
Interest expense, net |
66,736 |
|
|
72,817 |
|
|
206,916 |
|
|
208,938 |
|
|||||
Income tax expense (benefit) |
388 |
|
|
(368 |
) |
|
2,128 |
|
|
395 |
|
|||||
Adjusted EBITDA |
$ |
324,544 |
|
|
$ |
300,356 |
|
|
$ |
977,603 |
|
|
$ |
793,473 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income per common share |
|
|
|
|
|
|
|
|||||||||
Basic |
$ |
0.29 |
|
|
$ |
0.75 |
|
|
$ |
1.35 |
|
|
$ |
1.22 |
|
|
Diluted |
$ |
0.28 |
|
|
$ |
0.74 |
|
|
$ |
1.31 |
|
|
$ |
1.21 |
|
|
FFO per common share |
|
|
|
|
|
|
|
|||||||||
Basic |
$ |
0.29 |
|
|
$ |
0.75 |
|
|
$ |
1.35 |
|
|
$ |
1.22 |
|
|
Diluted |
$ |
0.28 |
|
|
$ |
0.74 |
|
|
$ |
1.31 |
|
|
$ |
1.21 |
|
|
AFFO per common share |
|
|
|
|
|
|
|
|||||||||
Basic |
$ |
0.46 |
|
|
$ |
0.43 |
|
|
$ |
1.42 |
|
|
$ |
1.18 |
|
|
Diluted |
$ |
0.45 |
|
|
$ |
0.43 |
|
|
$ |
1.38 |
|
|
$ |
1.17 |
|
|
Weighted average number of shares of common stock outstanding |
|
|
|
|
|
|
||||||||||
Basic |
555,153,692 |
|
|
533,407,916 |
|
|
542,843,855 |
|
|
496,002,850 |
|
|||||
Diluted |
571,894,545 |
|
|
536,180,175 |
|
|
557,113,510 |
|
|
499,982,269 |
|
|||||
| ____________________ | ||
(1) |
Includes swap breakage costs of approximately |
|
|
||||||||||||||||
Revenue Breakdown |
||||||||||||||||
(In thousands) |
||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Contractual revenue from sales-type and direct financing leases |
|
|
|
|
|
|
|
|||||||||
Caesars Las |
$ |
100,652 |
|
|
$ |
90,181 |
|
|
$ |
301,956 |
|
|
$ |
216,805 |
|
|
Caesars Regional |
126,603 |
|
|
127,134 |
|
|
384,683 |
|
|
381,401 |
|
|||||
Margaritaville Lease |
5,866 |
|
|
5,886 |
|
|
17,604 |
|
|
17,629 |
|
|||||
Greektown Lease |
12,829 |
|
|
13,889 |
|
|
40,255 |
|
|
41,667 |
|
|||||
|
10,848 |
|
|
10,687 |
|
|
32,544 |
|
|
32,062 |
|
|||||
Century |
6,313 |
|
|
6,250 |
|
|
18,939 |
|
|
18,750 |
|
|||||
EBCI Lease |
2,437 |
|
|
— |
|
|
2,437 |
|
|
— |
|
|||||
Income from sales-type and direct financing leases non-cash adjustment(1) |
26,511 |
|
|
16,247 |
|
|
74,919 |
|
|
10,107 |
|
|||||
Income from sales-type and direct financing leases |
292,059 |
|
|
270,274 |
|
|
873,337 |
|
|
718,421 |
|
|||||
|
|
|
|
|
|
|
|
|||||||||
Contractual revenue from operating leases |
|
|
|
|
|
|
|
|||||||||
Land component of |
— |
|
|
3,638 |
|
|
— |
|
|
25,464 |
|
|||||
Income from operating leases |
— |
|
|
3,638 |
|
|
— |
|
|
25,464 |
|
|||||
|
|
|
|
|
|
|
|
|||||||||
Contractual income from lease financing receivables |
|
|
|
|
|
|
|
|||||||||
JACK Entertainment |
16,470 |
|
|
16,470 |
|
|
49,410 |
|
|
45,337 |
|
|||||
Harrah's NOLA, AC, and |
39,077 |
|
|
30,634 |
|
|
117,231 |
|
|
30,634 |
|
|||||
Income from lease financing receivables non-cash adjustment(1) |
4,631 |
|
|
2,695 |
|
|
13,498 |
|
|
1,772 |
|
|||||
Income from lease financing receivables |
60,178 |
|
|
49,799 |
|
|
180,139 |
|
|
77,743 |
|
|||||
Contractual interest income |
|
|
|
|
|
|
|
|||||||||
JACK Entertainment Loan |
940 |
|
|
1,547 |
|
|
3,574 |
|
|
3,502 |
|
|||||
Caesars Forum Convention Center Loan |
7,893 |
|
|
1,112 |
|
|
23,379 |
|
|
1,112 |
|
|||||
|
1,200 |
|
|
392 |
|
|
3,563 |
|
|
392 |
|
|||||
Great |
271 |
|
|
— |
|
|
276 |
|
|
— |
|
|||||
Income from loans non-cash adjustment(1) |
(277 |
) |
|
(23 |
) |
|
(353 |
) |
|
(53 |
) |
|||||
Income from loans |
10,027 |
|
|
3,028 |
|
|
30,439 |
|
|
4,953 |
|
|||||
Income from lease financing receivables and loans |
70,205 |
|
|
52,827 |
|
|
210,578 |
|
|
82,696 |
|
|||||
|
|
|
|
|
|
|
|
|||||||||
Other income |
6,936 |
|
|
7,276 |
|
|
20,897 |
|
|
8,702 |
|
|||||
Golf revenues |
6,504 |
|
|
5,638 |
|
|
21,602 |
|
|
17,273 |
|
|||||
Total revenues |
$ |
375,704 |
|
|
$ |
339,653 |
|
|
$ |
1,126,414 |
|
|
$ |
852,556 |
|
|
| ____________________ | ||
(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/20211027005984/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 were the Q3 2021 financial results for VICI Properties?
What is the significance of the MGM Growth Properties acquisition for VICI?
How much did VICI Properties update its AFFO guidance for 2021?
What impact did the acquisition of MGM Growth Properties have on VICI's finances?
What was the decline in VICI's net income in Q3 2021 compared to the previous year?
