Company: VICI Properties Inc.
Symbol: VICI
Description: They are an owner, acquirer and developer of experiential real estate assets across leading gaming, hospitality, entertainment and leisure destinations.
Shares: 50 million
Price Range: $19.00-$21.00
Trade Date: 2/1
Underwriter(s): Morgan Stanley, Goldman Sachs & Co., BofA Merrill Lynch, Barclays, Citigroup, Deutsche Bank Securities
Co-Manager(s): Credit Suisse, UBS Investment Bank, Stifel, Citizens Capital Markets, Wells Fargo Securities, Nomura, Union Gaming
Terms Added: 1-22-18
Business: Their national, geographically diverse portfolio consists of 20 market-leading properties, including Caesars Palace Las Vegas and Harrah’s Las Vegas, two of the most iconic entertainment facilities on the Las Vegas Strip. Their entertainment facilities are leased to leading brands that seek to drive consumer loyalty and value with guests through superior services, experiences, products and continuous innovation. Across more than 36 million square feet, their well-maintained properties are located in nine states, contain nearly 14,000 hotel rooms and feature over 150 restaurants, bars and nightclubs. Their portfolio also includes approximately 34 acres of undeveloped land adjacent to the Strip that is leased to Caesars, which they may look to monetize as appropriate. They also own and operate four championship golf courses located near certain of their properties, two of which are in close proximity to the Las Vegas Strip. As a growth focused public real estate company, they expect our relationship with their partners will position them for the acquisition of additional properties across leisure and hospitality.
Financials: They are one of the largest net lease REITs in the United States with $648.9 million and $862.5 million of revenue, $439.1 million and $582.5 million of net income and $544.6 million and $724.0 million of Adjusted EBITDA for the nine months ended September 30, 2017 and for the year ended December 31, 2016, respectively, in each case on a pro forma basis.
Distributions: They intend to make regular quarterly distributions to holders of shares of their common stock. They expect their quarterly distribution rate to be $0.2625 per share. On an annualized basis, this would be $1.05 per share, or an annual distribution rate of approximately 5.25%.
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