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VICI PROPERTIES INC. ANNOUNCES FOURTH QUARTER 2017 RESULTS
Reports Initial Results with Fourth Quarter Diluted EPS of $0.19 per share
Completes Formation Transactions and Closes its First Acquisition
LAS VEGAS, NEVADA March 8, 2018 VICI Properties Inc. (NYSE: VICI) (VICI Properties or the Company), an experiential-asset real estate investment trust, today reported results for the fourth quarter that began on October 6, 2017, the date of the Companys formation and ended December 31, 2017.
Fourth Quarter Highlights:
|||On October 6, 2017, the Company completed its formation and spin-off from Caesars Entertainment Operating Company.|
|||Net revenues for the fourth quarter were $187.6 million and included $181.3 million of rental revenues.|
|||Net income attributable to common shareholders was $42.7 million, or $0.19 per diluted share, for the fourth quarter ended December 31, 2017.|
|||NAREIT-defined Funds from Operations (FFO) attributable to common shareholders was $42.7 million, or $0.19 per diluted share, for the fourth quarter ended December 31, 2017.|
|||Adjusted Funds from Operations (AFFO) attributable to common shareholders was $84.1 million, or $0.37 per diluted share, for the fourth quarter ended December 31, 2017.|
|||On December 22, 2017, the Company completed the following transactions:|
|||Acquired all of the land and real property improvements associated with Harrahs Las Vegas Hotel & Casino (Harrahs Las Vegas) from a subsidiary of Caesars Entertainment Corporation (NASDAQ: CZR) (Caesars) for a purchase price of approximately $1.14 billion.|
|||Sold approximately 18.4 acres of certain parcels located east of Harrahs Las Vegas to a subsidiary of Caesars for a sales price of approximately $73.6 million. Such parcel may be incorporated into a larger parcel upon which Caesars may in the future construct a convention center (Eastside Convention Center.)|
|||Entered into an Amended and Restated Right of First Refusal Agreement pursuant to which VICI Properties has a right of first refusal on any sale-leaseback by Caesars of the gaming facilities of Centaur Holdings, LLC, which are proposed to be acquired by Caesars, and certain income-producing improvements if built by Caesars, subject to certain exclusions.|
The following information was filed by Vici Properties Inc. (VICI) on Thursday, March 8, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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