VICI Properties Inc.

FAQs

What is VICI Properties?

We are a Las Vegas-based real estate investment trust (“REIT”) that owns, acquires, and develops single-tenant, triple-net leased properties, with a focus best-in-class gaming, hospitality and entertainment destinations that provide exceptional customer experiences. We partner with leading brands that are committed to driving customer loyalty and value through great service, superior products and constant innovation. Our strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. We believe our specialized knowledge and targeted investment philosophy are key differentiators, providing us with a sustainable competitive advantage that presents a compelling value proposition for investors seeking current income as well as long-term growth.

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When was VICI Properties founded?

VICI Properties was formed as a Real Estate Investment Trust (“REIT”) and commenced operations on October 6, 2017, as a result of a spin-off from Caesars Entertainment Operating Company (“CEOC”) as part of a reorganization under Chapter 11.

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What is VICI Properties’ fiscal year?

VICI Properties’ fiscal year aligns with the calendar year, ending on December 31st.

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Can I purchase shares directly from VICI Properties?

VICI’s common stock can be bought or sold through a stockbroker, bank or financial institution that offers brokerage services.

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How do I obtain copies of financial information for VICI Properties?

Most of VICI Properties’ reports and financial filings can be viewed and downloaded from the News Releases or SEC Filings pages on the company website. They can also be accessed via the Securities & Exchange Commission website under EDGAR search at sec.gov.

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How can I receive email alerts from VICI Properties?

A ‘subscribe to emails’ sign up for email alerts on our SEC filings, presentations, events, news, and end-of-day stock quotes, can be found in the ‘subscribe to emails’ area of the Investor section drop-down menu, and in the footer of this website.

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How can I request additional information from VICI Properties?

You can request information via our Contact page. Investors can contact us by email at investors@viciproperties.com or by phone at 725-520-6415. Media inquiries can contact us by email at pr@viciproperties.com or by phone at 725-520-6414.

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What is the nature of VICI Properties relationship with Caesars Entertainment?

A significant proportion of our properties are leased to Caesars Entertainment through a master lease agreement. They operate those properties, providing market-leading experiences to an intensely loyal consumer base.

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What are Funds From Operations (“FFO”) and FFO as adjusted?

The National Association of Real Estate Investment Trusts (“NAREIT”) developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP and management provides FFO herein because it believes this information is useful to investors in this regard.

FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. Pursuant to the definition of FFO by the Board of Governors of NAREIT, we calculate FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from sales [or acquisitions] of depreciable operating properties and impairment losses of depreciable real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. We have calculated FFO for all periods presented in accordance with this definition.

In addition, we present FFO as adjusted by adding to FFO costs (gains) associated with loan refinancing or payoff, net, transaction costs (benefit), retirement severance expense, provision for loan losses, preferred share redemption costs and termination fees associated with tenants’ exercises of education properties buy-out options and by subtracting gain on early extinguishment of debt, gain (loss) on sale of land, gain on insurance recovery and deferred income tax benefit (expense). FFO and FFO as adjusted are a non-GAAP financial measures. FFO and FFO as adjusted do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO and FFO as adjusted the same way so comparisons with other REITs may not be meaningful.

For further definitions and additional information, please visit NAREIT’s website at reit.com.

back to top
What is VICI Properties?

We are a Las Vegas-based real estate investment trust (“REIT”) that owns, acquires, and develops single-tenant, triple-net leased properties, with a focus best-in-class gaming, hospitality and entertainment destinations that provide exceptional customer experiences. We partner with leading brands that are committed to driving customer loyalty and value through great service, superior products and constant innovation. Our strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. We believe our specialized knowledge and targeted investment philosophy are key differentiators, providing us with a sustainable competitive advantage that presents a compelling value proposition for investors seeking current income as well as long-term growth.

back to top
When was VICI Properties founded?

VICI Properties was formed as a Real Estate Investment Trust (“REIT”) and commenced operations on October 6, 2017, as a result of a spin-off from Caesars Entertainment Operating Company (“CEOC”) as part of a reorganization under Chapter 11.

back to top
What is VICI Properties’ fiscal year?

VICI Properties’ fiscal year aligns with the calendar year, ending on December 31st.

back to top
Can I purchase shares directly from VICI Properties?

VICI’s common stock can be bought or sold through a stockbroker, bank or financial institution that offers brokerage services.

back to top
How do I obtain copies of financial information for VICI Properties?

Most of VICI Properties’ reports and financial filings can be viewed and downloaded from the News Releases or SEC Filings pages on the company website. They can also be accessed via the Securities & Exchange Commission website under EDGAR search at sec.gov.

back to top
How can I receive email alerts from VICI Properties?

A ‘subscribe to emails’ sign up for email alerts on our SEC filings, presentations, events, news, and end-of-day stock quotes, can be found in the ‘subscribe to emails’ area of the Investor section drop-down menu, and in the footer of this website.

back to top
How can I request additional information from VICI Properties?

You can request information via our Contact page. Investors can contact us by email at investors@viciproperties.com or by phone at 725-520-6415. Media inquiries can contact us by email at pr@viciproperties.com or by phone at 725-520-6414.

back to top
What is the nature of VICI Properties relationship with Caesars Entertainment?

A significant proportion of our properties are leased to Caesars Entertainment through a master lease agreement. They operate those properties, providing market-leading experiences to an intensely loyal consumer base.

back to top
What are Funds From Operations (“FFO”) and FFO as adjusted?

The National Association of Real Estate Investment Trusts (“NAREIT”) developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP and management provides FFO herein because it believes this information is useful to investors in this regard.

FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. Pursuant to the definition of FFO by the Board of Governors of NAREIT, we calculate FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from sales [or acquisitions] of depreciable operating properties and impairment losses of depreciable real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. We have calculated FFO for all periods presented in accordance with this definition.

In addition, we present FFO as adjusted by adding to FFO costs (gains) associated with loan refinancing or payoff, net, transaction costs (benefit), retirement severance expense, provision for loan losses, preferred share redemption costs and termination fees associated with tenants’ exercises of education properties buy-out options and by subtracting gain on early extinguishment of debt, gain (loss) on sale of land, gain on insurance recovery and deferred income tax benefit (expense). FFO and FFO as adjusted are a non-GAAP financial measures. FFO and FFO as adjusted do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO and FFO as adjusted the same way so comparisons with other REITs may not be meaningful.

For further definitions and additional information, please visit NAREIT’s website at reit.com.

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