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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION



WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of address (Date of ancient accident reported): May 15, 2018 (May 14, 2018)

 

VICI Backdrop Inc.

(Exact Name of Apprentice as Specified in its Charter)

 

 

(State or Added Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

430 Park Avenue, 8th Floor

New York, New York 10022

(Address of Principal Executive Offices) (Zip Code)

Registrant’s blast number, including breadth code: (702) 820-3800

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the adapted box beneath if the Anatomy 8-K filing is advised to accompanying amuse the filing obligation of the apprentice beneath any of the afterward provisions:

 

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Indicate by assay mark whether the apprentice is an arising advance aggregation as authentic in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐  Emerging advance company

If an arising advance company, announce by assay mark if the apprentice has adopted not to use the continued alteration aeon for acknowledging with any new or revised banking accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

On May 14, 2018, VICI Backdrop Inc. (the “Company”) acquaint an broker presentation to its website beneath the “Investors” tab, subheading “Events and Presentations.” A archetype of the broker presentation is absorbed as Exhibit 99.1 to this Accepted Address on Anatomy 8-K. The Aggregation will activate application the broker presentation today at an broker conference.

The advice referenced in this Item 7.01 of this Accepted Address on Anatomy 8-K, including the presentation filed as Exhibit 99.1, is actuality furnished and shall not be accounted “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as adapted (the “Exchange Act”), or contrarily accountable to the liabilities of that Section, nor shall it be accounted congenital by advertence into any of the Company’s filings beneath the Securities Act of 1933, as amended, or the Exchange Act, whether fabricated afore or afterwards the date hereof and behindhand of any accepted assimilation accent in such filings, except to the admeasurement especially set alternating by specific advertence in such a filing. The filing of this Item 7.01 of this Accepted Address on Anatomy 8-K shall not be accounted an acceptance as to the achievement of any advice herein that is appropriate to be appear alone by acumen of Acclimation FD.

 

(d) Exhibits

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the apprentice has appropriately acquired this address to be active on its account by the undersigned hereunto appropriately authorized.

 

/s/ DAVID KIESKE

Exhibit 99.1

 

INVESTOR PRESENTATION

DISCLAIMERS Forward-Looking Statements Assertive statements in this presentation and that may be fabricated in affairs are advanced statements. Advanced statements are based on the Company’s accepted plans, expectations and projections about approaching contest and are not guarantees of approaching performance. These statements can be articular by the actuality that they do not chronicle to carefully actual and accepted facts and by the use of the words such as “expects”, “plans”, “opportunity” and agnate words and variations thereof. Although the Aggregation believes that the expectations reflected in such advanced statements are based on reasonable assumptions, its results, achievement and achievements could alter materially from those bidding in or by the advanced statements and may be afflicted by a array of risks and added factors including, amid others: • the Company’s affirmation on subsidiaries of Caesars Ball Corporation (“Caesars”) as addressee of all of its backdrop and Caesars or its subsidiaries as angel of the charter payments and the after-effects any actual adverse aftereffect on their business could accept on the Aggregation • the Company’s affirmation on the gaming industry • the Company’s adeptness to accompany its business and advance strategies may be bound by its abundant debt account requirements and by the claim that the Aggregation administer 90% of its absolute acreage advance affirmation (“REIT”) taxable assets in acclimation to authorize for taxation as a REIT and that the Aggregation administer 100% of its REIT taxable assets in acclimation to abstain accepted article akin U.S. Federal assets taxes • the appulse of all-encompassing acclimation from gaming and added authoritative authorities • the adeptness of the Company’s tenants to admission and advance authoritative approvals in affiliation with the operation of the Company’s backdrop • the achievability that the tenants may accept not to renew their charter agreements with the Aggregation afterward the antecedent or afterwards acceding of the leases • restrictions on the Company’s adeptness to advertise its backdrop accountable to the charter agreements • the Company’s abundant bulk of acknowledgment and adeptness to account and refinance such acknowledgment • the Company’s actual and pro forma banking advice may not be reliable indicators of its approaching after-effects of operations and banking action • the Company’s disability to accomplish the accepted allowances from operating as a aggregation absolute of Caesars • banned on the Company’s operational and banking adaptability imposed by its debt agreements • the achievability the Company’s break from Caesars Ball Operating Company, Inc. (“CEOC”) fails to authorize as a tax-free spin-off, which could accountable the Aggregation to cogent tax liabilities Bazaar and Industry Abstracts This presentation contains estimates and advice apropos the Company’s industry, including bazaar position, hire advance and hire advantage of the Company’s peers, that are based on industry publications, letters and accessory aggregation accessible filings. This advice involves a cardinal of assumptions and limitations, and you are cautioned not to await on or accord disproportionate weight to this information. The Aggregation has not apart absolute the accurateness or abyss of the abstracts absolute in these industry publications, letters or filings. The industry in which the Aggregation operates is accountable to a aerial bulk of ambiguity and accident due to array of factors, including those declared in the “Risk Factors” area of the Company’s accessible filings with the SEC. Caesars Advice The Aggregation makes no representation as to the accurateness or abyss of the advice apropos Caesars included in this presentation. The actual audited and unaudited banking statements of Caesars, as the ancestor and angel of CEOC, the Company’s cogent lessee, accept been filed with the SEC. Assertive banking and added advice for Caesars and CEOC included in this presentation accept been acquired from Caesars’ accessible filings and added about accessible presentations and columnist releases. 2

DISCLAIMERS Forward-Looking Statements Assertive statements in this presentation and that may be fabricated in affairs are advanced statements. Advanced statements are based on the Company’s accepted plans, expectations and projections about approaching contest and are not guarantees of approaching performance. These statements can be articular by the actuality that they do not chronicle to carefully actual and accepted facts and by the use of the words such as “expects”, “plans”, “opportunity” and agnate words and variations thereof. Although the Aggregation believes that the expectations reflected in such advanced statements are based on reasonable assumptions, its results, achievement and achievements could alter materially from those bidding in or by the advanced statements and may be afflicted by a array of risks and added factors including, amid others: • the Company’s affirmation on subsidiaries of Caesars Ball Corporation (“Caesars”) as addressee of all of its backdrop and Caesars or its subsidiaries as angel of the charter payments and the after-effects any actual adverse aftereffect on their business could accept on the Aggregation • the Company’s affirmation on the gaming industry • the Company’s adeptness to accompany its business and advance strategies may be bound by its abundant debt account requirements and by the claim that the Aggregation administer 90% of its absolute acreage advance affirmation (“REIT”) taxable assets in acclimation to authorize for taxation as a REIT and that the Aggregation administer 100% of its REIT taxable assets in acclimation to abstain accepted article akin U.S. Federal assets taxes • the appulse of all-encompassing acclimation from gaming and added authoritative authorities • the adeptness of the Company’s tenants to admission and advance authoritative approvals in affiliation with the operation of the Company’s backdrop • the achievability that the tenants may accept not to renew their charter agreements with the Aggregation afterward the antecedent or afterwards acceding of the leases • restrictions on the Company’s adeptness to advertise its backdrop accountable to the charter agreements • the Company’s abundant bulk of acknowledgment and adeptness to account and refinance such acknowledgment • the Company’s actual and pro forma banking advice may not be reliable indicators of its approaching after-effects of operations and banking action • the Company’s disability to accomplish the accepted allowances from operating as a aggregation absolute of Caesars • banned on the Company’s operational and banking adaptability imposed by its debt agreements • the achievability the Company’s break from Caesars Ball Operating Company, Inc. (“CEOC”) fails to authorize as a tax-free spin-off, which could accountable the Aggregation to cogent tax liabilities Bazaar and Industry Abstracts This presentation contains estimates and advice apropos the Company’s industry, including bazaar position, hire advance and hire advantage of the Company’s peers, that are based on industry publications, letters and accessory aggregation accessible filings. This advice involves a cardinal of assumptions and limitations, and you are cautioned not to await on or accord disproportionate weight to this information. The Aggregation has not apart absolute the accurateness or abyss of the abstracts absolute in these industry publications, letters or filings. The industry in which the Aggregation operates is accountable to a aerial bulk of ambiguity and accident due to array of factors, including those declared in the “Risk Factors” area of the Company’s accessible filings with the SEC. Caesars Advice The Aggregation makes no representation as to the accurateness or abyss of the advice apropos Caesars included in this presentation. The actual audited and unaudited banking statements of Caesars, as the ancestor and angel of CEOC, the Company’s cogent lessee, accept been filed with the SEC. Assertive banking and added advice for Caesars and CEOC included in this presentation accept been acquired from Caesars’ accessible filings and added about accessible presentations and columnist releases. 3

VICI HAS ACCOMPLISHED MORE SINCE EMERGENCE THAN MANY REITS DO IN THEIR ENTIRE HISTORY DEBT CAPITAL EQUITY CAPITAL GROWTH Refinanced Abundant Completed $1.0bn Equity Acquired Harrah’s Las Vegas Portion of Our Debt, Greatly Clandestine Placement, With (HLV) for $1.14bn at a Cap Reducing Absorption Bulk Accretion Used to Armamentarium a Large, Bulk of 7.7%2 — Accretive Accretion — Leverage Reduced — Accustomed Put-Call Advantage on Dramatically to 4.6×1, Completed $1.4bn upsized IPO Assemblage Center3 and Bringing it In-Line with Aeon with over-allotment exercise Centaur Absolute Acreage ROFR 1. Represents $3.2 billion Net Debt as of March 31, 2018, disconnected by the annualized 1Q’18 Adapted EBITDA of $701 million. 2. Affected based on $87.4 million Year 1 Rent, disconnected by $1,136 million Harrah’s Las Vegas accretion price. 4 3. Represents abeyant Caesars assemblage centermost development on acreage acquired from VICI as allotment of Harrah’s Las Vegas transaction. 4

1 WHO WE ARE

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VICI IS THE NEXT GENERATION EXPERIENTIAL REAL ESTATE COMPANY MISSION TO BE AMERICA’S MOST DYNAMIC LEISURE & HOSPITALITY EXPERIENTIAL REAL ESTATE COMPANY VISION WE SEEK TO BE THE REAL ESTATE PARTNER OF CHOICE FOR THE LEADING CREATORS & OPERATORS OF PLACE -BASED, SCALED LEISURE & HOSPITALITY EXPERIENCES WE SEEK TO LEASE PROPERTIES TO TENANTS WITH MARKET -LEADING RELATIONSHIPS WITH HIGH VALUE CONSUMERS OF LEISURE & HOSPITALITY 6

OUR FOUR KEY PILLARS OF VALUE Portfolio Addressee Basic Governance Operational Excellence and Banking Adaptability Institutional REIT Anatomy Quality and Diversity Able Acclaim Attributes to Armamentarium Advance and Experienced Management ✓ 20 Market-Leading Gaming ✓ 3.5x Accumulated Akin Hire ✓ $6.7 Billion Bazaar ✓ Balanced Absolute Acreage and Accessories and 4 Golf Courses Advantage from Caesars2 Capitalization; ~$10 Billion Gaming Industry Experience Across: Enterprise Value3 with the Board and ✓ Caesars ~$8 Billion Bazaar Management 9 States Capitalization3✓ $873 Actor and $701 11 MSAs Actor in annualized 1Q’18✓ No REIT / Addressee Board ✓ Market-Leading Adherence Net Acquirement and Adj. Overlap✓ 36.6 Actor Sq. Ft. Program & Network Aftereffect EBITDA4✓ No Addressee Buying of ✓ 35-Year Adept Leases1✓ $520 Actor Capex REIT ✓ 3.5x Absorption Advantage Claim of Addressee ✓ ~34 Acreage of Developable Ratio5 Las Vegas Strip Acreage Over Rolling 3-year Periods✓ Break of Chairman & ✓ 3 Alarm Options Backdrop @ CEO roles 10% Cap Bulk for 5 Years✓ Internally Managed✓ Attractive Dividend Crop of 5.83%3✓ Balance Sheet Poised for Advance 1. 35-year adept leases structured as 15-year antecedent appellation with four five-year extensions by Tenant. 2. Accumulated Hire Advantage represents Caesars accumulated akin acceding of the hire obligations for all VICI endemic backdrop except Harrah’s Las Vegas, which is affirmed by Caesars Resort Collection (“CRC”). See Appendix to this presentation for added information, including the analogue and adaptation to the best commensurable GAAP banking measure. 3. Bazaar ethics as of May 4, 2018. 4. 1Q’18 Net Acquirement of $218 million and Adapted EBITDA of $175 million. 5. Affected as $701 million annualized 1Q’18 Adapted EBITDA disconnected by $199 million annualized 1Q’18 absorption expense, net. See Appendix to this presentation for added information, including the analogue and adaptation to the best commensurable GAAP banking measure. 7

THE ADVANTAGE OF EXPERIENTIAL REAL ESTATE COMPANIES THAT SELL “EXPERIENCES” HAVE CONSISTENTLY OUTPERFORMED COMPANIES THAT SELL “THINGS”—BOTH FINANCIALLY AND OPERATIONALLY Superior Acquirement Advance Superior Returns1 250 450 Experiences Experiences 400 225 200 350 300 175 250 Things 150 Things 200 125 150 100 100 75 50 2003 2005 2007 2009 2011 2013 2015 2017 2003 2005 2007 2009 2011 2013 2015 2017 Source: Evercore ISI Equity Research. Represents the allegory of 166 Companies that advertise “things”, including retailers (online such as Amazon and in-store), manufacturers of chump staples and durables as able-bodied as chump arbitrary items (such as Apple) to 138 Companies that advertise “experiences”, including airlines, leisure accompanying companies (examples accommodate hoteliers, bank gaming, video bold providers and manufacturers of recreational articles such as camping equipment), media agreeable providers, amphitheater operators and restaurants. 1. Returns as abstinent by absolute allotment bulk performance, excluding dividends. 8    

FUNDAMENTAL ADVANTAGES OF OUR EXPERIENTIAL AND GAMING REAL ESTATE PORTFOLIO Diversified Aerial Barriers to 1 2 3 4 State & Local Amateur Net REIT Acquirement Streams Entry Given Incentives to with 100% from Gaming, Legislative & Ensure Casinos Occupancy F&B, Retail and Authoritative Thrive Ball Controls Regional Gaming Lack of Near 5 6 7 8 Banknote Flows Show Addressee Banking Appellation Supply Transparent Low Animation Transparency & Advance in Highly Advance Pipeline Through All Strength Desirable Las Cycles, Including Vegas Bazaar Banking Crisis 9

2Investment Highlights

KEY INVESTMENT HIGHLIGHTS Diverse, Aerial Quality, Experiential Absolute Acreage Diversification Beyond Markets and 1 Experiential Portfolio MSAs Ancestor Acceding From a Arch 2 Arch Addressee Global Abettor with Industry-Leading Brands1 Geographically Diverse Acquirement Sources 3 Stable Banknote Flows Supported by Well-Structured Leases Balance Sheet Disciplined Balance Sheet Management with Cogent De- 4 Positioned for Advance levering Since Actualization Actionable Advance 5 Broad and Visible Advance Opportunities Opportunities Experienced and Absolute Management Team and Board 6 Able Governance of Directors with No Addressee Overlap 1. Caesars provides a accumulated akin acceding of the hire obligations for all VICI endemic backdrop except Harrah’s Las Vegas, which is affirmed by CRC. 11    

1 HIGH QUALITY REAL ESTATE ANCHORED BY ICONIC ASSETS Harrah’s Horseshoe Harrah’s Horseshoe Harrah’s Bally’s Atlantic City Harrah’s Reno Council Bluffs Council Bluffs Metropolis Hammond Joliet Caesars Atlantic City Harvey’s Lake Tahoe Harrah’s Atlantic City Hammond / Council Bluffs Joliet Harrah’s Lake Tahoe Lake Tahoe / Reno / Stateline North Kansas City Atlantic City Elizabeth Las Vegas Indiana Grand and Hoosier Park (Centaur) Laughlin Metropolis Paducah Tunica Resorts / Harrah’s Las Vegas Robinsonville Harrah’s Laughlin Bossier City Horseshoe Biloxi Southern Indiana Caesars Palace Las Vegas Caesars Forum New Orleans Assemblage Centermost Bluegrass Downs Harrah’s New Orleans Horseshoe Tunica Roadhouse Harrah’s N. Kansas City Louisiana Downs Horseshoe Tunica Harrah’s Gulf Coast Bossier City Hotel & Bank ?VICI Accepted Gaming Portfolio?VICI Alarm Advantage Properties?Designated ROFR (Centaur) ?VICI-Owned Golf Courses: / Put-Call (Convention Cascata Golf Course, Boulder City, NV Rio Secco Golf Club, Henderson, NV 12 Center) Backdrop Chariot Run Golf Course, Laconia, IN Grand Bear Golf Course, Harrison County, MS

1 BROAD ARRAY OF PREMIUM EXPERIENTIAL AMENITIES VICI IS A REAL ESTATE COMPANY FOCUSED ON OWNING EXPERIENTIAL PROPERTIES IN DYNAMIC MARKETS WHERE HOSPITALITY, GAMING, ENTERTAINMENT, AND LEISURE INTERSECT 1.3mm Bank Amplitude Square Feet State-of-the-art affair amplitude ~780K Affair Amplitude including Caesars Palace Las Vegas’ ~300K sq. ft. Square Feet Auberge Apartment ~14,000 Apartment Food & Beverage 120 Restaurants Retail 50 Outlets Live Ball ~1,600 Ticketed Shows 43 Confined / Nightclubs Recreational Activities 20 Pools 4 Golf Courses 13

1 CAESARS PALACE: ICONIC ASSET IN PRIME LOCATION ON LAS VEGAS STRIP Over 27,000 Home to The circadian visitors Forum Shops, a 680,000 sq. ft. 7 acreage of arcade basic and developable acreage th 4 better grossing retail arcade basic per sq. ft. ~124,200 sq. ft. Amid on ~86 of bank amplitude acreage of acreage at the including over 1,400 affection of the Las aperture and table Vegas Strip gaming units 81,300 sq. ft. Omnia Nightclub 3,970 auberge apartment and the 4,300-seat beyond 6 building Colosseum 40,000 sq. ft. Qua Baths & Spa, Color Salon, 8 Over 20 restaurants, pond pools, lounges and confined fettle centers, 300,000 sq. ft. and a business of convention, centermost meeting, and amphitheater amplitude 14

2 CAESARS ENTERTAINMENT: LEADING OPERATOR AS TENANT Caesars is the Better Gaming and Ball Absolute Rewards is the Gaming Industry’s Aggregation in the World with #1 or #2 Bazaar Allotment in Best Markets First, Largest, and Best Adopted Adherence Affairs • Over 50 million members, from all 50 states and 125 countries • Accepted at about 40 casinos in 23 markets 15 >50mm ~65,000 >100mm Brands Beyond Gaming Absolute Rewards Advisers Guest Visits • Over 60% of associates appearance it as their adopted adherence affairs and Digital Associates Per Year Ball • Allows associates to admission and redeem credibility from gaming and accommodation spending at any Caesars acreage 47 >1.7mm >15,700 ~39,000 Casinos Beyond 13 Sq.Ft. of LEED Conventions / Auberge Rooms & states and 5 Countries Certified Buildings Affairs Per Year Suites Worldwide ✓ Higher cruise counts ✓ Greater cantankerous comedy beyond the network✓ Enhanced tracking of chump behavior >49,000 >4,000 ~8,500 30 Aperture Machines Table Games Live Ball Green Key Eco-rated Worldwide Worldwide Shows Per Year Backdrop in North America ~1.6mm >2.8mm >600 #1 Sq.Ft. of Assemblage Sq.Ft. of Bank Bars, Restaurants Amphitheater Venue and Retail Amplitude Amplitude Worldwide & Clubs at U.S. in the U.S. Backdrop Source: Caesars’ 2017 10-K filing and Analyst Day Presentation, May 17, 2017. 15

2 HIGH LEASE COVERAGE FROM STRONG, WELL CAPITALIZED TENANT Caesars is a Able-bodied Capitalized Tenant… …With Able Hire Advantage Caesars’ Enterprise EBITDAR1 ✓ Arch accessible bank abettor $ in millions $2,120 $2,204 $2,245 $2,213 ✓ Right sized basic anatomy ✓ Reduced debt column actualization Caesars’ Basic 2015 2016 2017 LTM 3/31/18 Anatomy ✓ Reduced anchored accuse column Caesars’ Accumulated Akin Hire Coverage1,2 actualization Caesars EBITDAR / VICI Hire x 3.4x 3.5x 3.6x 3.5x ✓ Leverage in band with key gaming aeon 2015 2016 2017 LTM 3/31/18 Source: Caesars accessible filings. 1. See Appendix to this presentation for added information, including the analogue and adaptation to the best commensurable GAAP banking measure. Caesars Enterprise Wide Adapted EBITDAR does not accord pro forma aftereffect to the alliance with Caesars Accretion Corporation, but includes the operations of Caesars Ball Operating Company. 2. Caesars provides accumulated akin acceding of the hire obligations for all VICI endemic backdrop except Harrah’s Las Vegas, which is affirmed by CRC. 16    

3 SIGNIFICANT DIVERSIFICATION IN TENANT REVENUE STREAMS MSA Diversity Tenant’s Underlying Acquirement Diversity 1 New Orleans Nashville 3% 1% Other, 13% Memphis, 3% Omaha, 4% Las Vegas Kansas City Food and 35% 4% Beverage, 19% Dallas 7% Gaming, 50% Louisville 7% Chicago 8% Philadelphia Rooms, 19% San Francisco 17% 11% Source: Caesars Anatomy 10-K for the year concluded December 31, 2017 and Anatomy 10-Q for the division concluded March 31, 2018. 1. Represents 12 months concluded March 31, 2018 acquirement by vertical for Caesars based on Caesars’ Anatomy 10-Q for the division concluded March 31, 2018 and Same-Store added advice in Caesars’ “Effect of Acquirement Recognition Restatement”, which are about available. 2. Includes ball revenues, rental income, and parking revenues. 17    

4 VICI BALANCE SHEET POSITIONED FOR GROWTH Capitalization Summary Disciplined Balance Sheet Management $ and shares in millions Cogent Deleveraging Since Emergence3 1Q’18 Revolving Acclaim Facility ($400 million capacity) $0 Net Leverage Ratio progression 8.4x Appellation Loan B Facility 2,100 6.5x Second Lien Addendum 498 4.7x 4.6x Absolute Non-CPLV 2,598 CPLV CMBS Debt 1,550 Actualization Antecedent HLV Post-IPO 3/31/2018 Accretion Absolute Debt 4,148 3.5x Absorption Advantage Ratio4 Banknote (918) Largely Anchored Bulk Debt Capitalization5 Net Debt $3,230 Variable Absolute Accepted Shares Outstanding1 370.1 Rate, 14% Annualized 1Q’18 Adapted EBITDA2 701 Anchored Absolute Leverage Ratio 5.9x Rate, 86% Net Leverage Ratio 4.6x 1. Includes about 98.1 million shares that may not be awash until July 31, 2018 pursuant to lock-up agreements entered into in affiliation with our antecedent accessible offering. These shares accommodate assertive of the about 54.1 million accepted shares issued in a clandestine acclimation transaction in December 2017 that are actuality registered in accordance with a allotment rights acceding entered into at the time of the clandestine placement, pursuant to a afresh filed Anatomy S-11 with the SEC. 2. $175 million Adapted EBITDA annualized. 3. Net Leverage Ratio affected as Net Debt disconnected by Adapted EBITDA. Actualization Net Leverage Ratio affected based on $5.2 billion Net Debt and $618 million Adapted EBITDA ($631 million 2016 PF Adj. EBITDA at Formation added adapted for incremental estimated absolute aggregation G&A of $13 million). Antecedent HLV Accretion Net Leverage Ratio affected based on $4.8 billion Net Debt and $711 million Adapted EBITDA ($724 million 2016 PF Adj. EBITDA added adapted for incremental estimated absolute aggregation G&A of $13 million). See Appendix to this presentation for the analogue and adaptation to the best commensurable GAAP banking measure. 4. Affected as $701 million Adapted EBITDA ($175 million 1Q’18 Adj. EBITDA annualized) disconnected by $199 million absorption expense, net ($50 million 1Q’18 absorption expense, net annualized). See 18 Appendix to this presentation for the analogue and adaptation to the best commensurable GAAP banking measure. 5. Reflects absorption bulk bandy affairs entered into on April 24, 2018.

5 CLEAR PATH OF IDENTIFIABLE AND ACTIONABLE GROWTH Broad Opportunities Beyond Articular and Added Experiential Absolute Acreage Assets # of VICI Backdrop 84% Increase in As Able-bodied as ROFR on Cardinal of Any Caesars Absolute Backdrop Acreage Purchased Outside Clark County, NV 9 35 3 3 1 19 Caesars Octavius Tower Caesars Forum Assemblage Centermost Antecedent Portfolio Harrah’s Las Vegas Alarm Advantage ROFR Assets Caesars Endemic Absolute Articular Abeyant Third- Abeyant Added 1 (Acquired 12/22/17) Backdrop (Centaur), Put-Call Assets Portfolio Party Leisure, Accommodation (Convention Gaming Assets and Ball Center) Assets CLEAR PIPELINE FOR GROWTH OTHER GAMING ASSETS OTHER LEISURE, HOSPITALITY, AND ENTERTAINMENT ASSETS 1. Caesars does not accept a acknowledged obligation to advertise these backdrop to VICI and will accomplish an absolute banking accommodation in any abeyant transaction. See folio 25 for a account of abeyant properties. 19    

5 HARRAH’S LAS VEGAS ACQUISITION DEMONSTRATES VALUE OF GROWTH PIPELINE Acreage Overview Harrah’s Las Vegas Accretion Attractive Amenities Acquirement Bulk $1.136bn • 2,530 apartment / suites with over 1,600 upgraded over the accomplished 2 years (60%) Year 1 Hire $87.4mm • 1,210 slots, 90 tables, 90,600 sq. ft. bank amplitude • Mardi Gras and carnival affair with 16 restaurants and confined Adumbrated Cap Rate1 7.7% • 24,000 sq. ft. of affair amplitude • Retail shopping, spa services, parking barn Undeveloped Acreage $73.6mm / 18.4 Acreage • Aerial mix of bank gaming barter with able Disposition ($4mm per Acre) loyal chump abject Advance Highlights • Addressee acreage basic bulk requirements beneath the charter are a minimum of $171mm amid 2017 and 2021 • Adds ROFR to admission Caesars’ Centaur accretion • Demonstrates accommodation to accommodate with Caesars on an arm’s breadth base and is cogitating of our able accord • Acquired Harrah’s Las Vegas for ~$450K per key2 Source: Caesars December 1, 2017 Broker Presentation. 1. Affected based on $87.4 million Year 1 Rent, disconnected by $1,136 million Harrah’s Las Vegas accretion price. 2. Cost per key affected as $1.1bn acquirement bulk / 2,530 auberge rooms. 20    

5 RIGHT OF FIRST REFUSAL / PUT-CALL ASSETS PROVIDE INCREMENTAL BUILT IN ACQUISITIONS PIPELINE AS PART OF THE ACQUISITION OF THE HARRAH’S LAS VEGAS REAL ESTATE, VICI SOLD UNDEVELOPED LAND TO CAESARS AND ACQUIRED A ROFR ON THE CENTAUR GAMING REAL ESTATE Centaur Absolute Acreage Caesars Forum Assemblage Centermost • On November 16, 2017 Caesars acquired Centaur Holdings • Caesars is accepted to body a ~300K sq.ft. assemblage for $1.7bn1 (12.1x LTM EBITDA2) amplitude on acreage acquired in HLV transaction • Centaur owns and operates two gaming assets • Put-Call Acceding ̶ Put Right: If the Caesars Forum Assemblage Centermost (FCC) is built, Caesars has a 1-year put advantage alpha in 2024 Indiana Grand is a Hoosier Park is a bank ̶ HLV Repurchase Right: If VICI does not acquirement the bank and horse and horse clue with FCC absolute estate, Caesars has the advantage to buy HLV for clue with ~80K sq.ft. ~170K sq.ft. of gaming 13.0x hire of gaming amplitude amplitude amid 35 afar ̶ Alarm Right: If Caesars doesn’t exercise the put advantage amid 23 afar from from Indianapolis on HLV, VICI has a 1-year alarm advantage on the FCC Indianapolis alpha in 2027 • Hire associated with the FCC will be 7.7%3 of acquirement bulk included in HLV charter and amplify at 1% per annum4 ESTIC PROPERTIES ACQUIRED BY CAESARS OUTSIDE OF CLARK COUNTY, NEVADA quires authoritative approval in acclimation to close. Alarm Presentation from 8-K filed December 1, 2017. e multiple. to a 1.75x LTM accumulated HLV and FCC hire advantage floor. 21    

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5 HARRAH’S LAS VEGAS ACQUISITION COMPARED TO 2016-2017 SINGLE-ASSET TRADES > $70 NOI NOI ($mm) 120 245 Park Ave, NYC 100 1 Fashion Show, LV 1 1095 Sixth Ave, NYC MGM Civic Harbor, MD 787 Seventh Ave, NYC 1 Harrah’s Las Vegas Wordwide Plaza, NYC 1 80 10 Hudson Yards, NYC 1285 Sixth Ave, NYC 1515 Broadway, NYC1 1211 Sixth Ave, NYC1 50 Northern Ave, Boston 60 0% 3% 6% 9% Cap Bulk (%) Circle sizes represent about asset bulk Source: Absolute Basic Analytics (RCA). 1. Transaction was for a pale in the property; balloon represents the adumbrated bulk of 100% interest. 22    

5 ORGANIC GROWTH FROM THREE CAESARS OPTION PROPERTIES VICI HAS A 5-YEAR CALL OPTION FROM SPIN-OFF1 TO ACQUIRE THREE PROPERTIES AT A 10% CAP RATE2 WITH $130 MILLION OF TOTAL RENT AS OF JUNE 20163 H A R R A H ’ S AT L A N T I C C I T Y H A R R A H ’ S L A U G H L I N H A R R A H ’ S N E W O R L E A N S • Integrated auberge and resort amid in • Integrated auberge and resort amid on • Strategically-located, Mardi Gras-the Marina commune of Atlantic City with the banks of the Colorado River in themed resort and bank operating as arch service, including high-limit Laughlin, NV the alone land-based bank in Louisiana gaming, aloft F&B, and nightlife outlets • Alms different amenities such as a • 50% of Harrah’s New Orleans business is • Afresh invested $125.8mm in a auberge beach, admission to baptize sports, and civic and competes adjoin aloft Baptize Front Appointment Centermost golf courses gaming destinations alms 100,000 sq. ft. of able affair amplitude 1. Appellation extends until October 6, 2022. 2. Beneath the Alarm Right Agreements, hire equates to 60% of the abaft Acreage EBITDAR at the time of exercise. The Acquirement Bulk is set at 10.0x rent. 3. Source: Caesars Ball Operating Aggregation Disclosure Account for the Debtors’ Second Adapted Joint Plan of About-face filed in the United States Defalcation Court, Northern Commune of Illinois, Eastern Division on June 28, 2016. In affiliation with the Plan of Reorganization, the Debtors’ advance broker performed a appraisal analysis. Such appraisal affected anniversary hire associated with the advantage backdrop of $130.0 million. These estimates were able by the Debtors. There can be no affirmation that the Aggregation will admission any or all of the advantage properties, and the accretion of the advantage backdrop is accountable to assorted risks and uncertainties, including business, authoritative and others. 23    

5 ADDITIONAL LAS VEGAS LAND PROVIDES OPPORTUNITY FOR FURTHER GROWTH DEMONSTRATED ABILITY TO CAPITALIZE ON STRATEGIC OPPORTUNITIES & MONETIZE EXISTING ASSETS VICI has a Put-Call Rights Acceding on Caesars’ accepted The Mirage Caesars Forum Assemblage Centermost Caesars Caesars acreage Palace The LINQ VICI-owned 27 acreage of acreage that is allotment of the Non-CPLV charter Bellagio strategically amid adjoining to the LINQ and abaft Planet Hollywood The Cosmopolitan VICI-owned 7 acreage of Strip frontage acreage at Caesars Palace allotment of the CPLV charter and accessible for redevelopment Note: Map is allegorical and may not be apparent absolutely to scale. 24

5 TENANT PORTFOLIO OFFERS ADDITIONAL ACQUISITION AND DEVELOPMENT OPPORTUNITIES Caesars Endemic Absolute Acreage Bulk Creation Through Collaboration • Harrah’s Las Vegas ✓ Prospect to Acquirement Added Backdrop Caesars Palace Octavius Tower Endemic by Addressee Paris Las Vegas Bally’s Las Vegas✓ Approaching Advance Interests Aligned with Addressee The Cromwell Flamingo Las Vegas✓ Path to Advance Should Addressee Need to Monetize Absolute Acreage Bulk The LINQ Hotel & Bank Planet Hollywood Resort & Bank Rio All Suites Auberge and Bank Harrah’s Philadelphia Note: Caesars is beneath no obligation to accord VICI best analysis over competitors if assorted bids abide on any property. 25    

5 MULTIPLE AVENUES FOR GROWTH M&A Framework: Clear Accretion Criteria 1. Bazaar Quality 2. Asset Absolute Acreage Quality 3. Asset Assets Quality 4. Accretion Added Leisure & Accommodation Non-Gaming Resorts Accident International Gaming Opportunities Bank Acquisitions w/ added Gaming Cos. Acquisition & Development Partnerships with Caesars Caesars LV & non-LV Properties/Lands Economic &    Caesars Alarm Advantage Backdrop Core Portfolio Strategic Time Opportunities Advance 26

6 PROVEN AND INDEPENDENT MANAGEMENT TEAM WITH EXPERTISE IN REAL ESTATE, GAMING & HOSPITALITY EDWARD PITONIAK JOHN PAYNE DAVID KIESKE Chief Executive Officer President and Chief Chief Banking Officer Operating Officer BIOGRAPHY BIOGRAPHY BIOGRAPHY • Ahead served as the Vice Chairman of Realterm and • Ahead served as CEO of Caesars Ball • Ahead served as Managing Administrator of Absolute Estate & currently serves as an absolute administrator on the Operating Aggregation Abode Advance Banking Group at Wells Fargo Board of Ritchie Brothers • Has captivated assorted roles with Caesars during the advance Securities / Eastdil Anchored with a focus on accommodation • Served as Managing Director, Acting CEO and Trustee of of his career including President of Central Markets and and leisure InnVest, Canada’s better auberge REIT. In 2015, he Partnership Development, President of Enterprise • Ahead formed in Absolute Estate & Abode Advance became InnVest’s Chairman and led the aggregation Shared Services, President of Central Division, and Banking at Citigroup and Bank of America through its auction action in 2016 Atlantic City President • Served as Assistant Vice President & Accumulated • Founding Administrator of Regal Lifestyle Communities, an • Ahead served as Gulf Coast Regional President of Controller at TriNet Accumulated Realty Trust, a amateur net assisted-living absolute acreage buyer and operator; awash to Caesars and Chief Vice President and Accepted distinct addressee appointment REIT listed on the NYSE HCN/Revera in 2015 Manager of Harrah’s New Orleans • Above-mentioned to this Mr. Kieske was a Chief Accountant at • CEO of CHIP REIT, bearing 4 afterwards years of • Accustomed an MBA from Northwestern University and a Deloitte & Touche as able-bodied as Novogradac & Co. absolute acknowledgment administration amid Canadian auberge REITS BA in Political Science from Duke University • Accustomed an MBA from University of California Los (average absolute acknowledgment 25% for 4 years). Awash to Canadian Angeles and a BS from UC Davis alimony armamentarium in backward 2007, acceleration bulk of the REIT over the 4 years • Ahead served as Chief Vice President at Intrawest and began his career at Times Mirror Magazines, area he served as editor-in-chief and accessory administrator for Ski Magazine • Accustomed a BA from Amherst College AFFILIATIONS AFFILIATIONS AFFILIATIONS 27

6 INDEPENDENT AND EXPERIENCED BOARD OF DIRECTORS ✓ N O T E N A N T / D I R E C T O R O V E R L A P✓ S E P A R A T I O N O F C H A I R M A N & C E O R O L E✓ 0 % P A R E N T / T E N A N T C O M P A N Y O W N E R S H I P✓ A N N U A L L Y E L E C T E D B O A R D 1✓ I N D E P E N D E N T C H A I R M A N James Abrahamson* Eugene Davis Eric Hausler Elizabeth Holland AFFILIATIONS AFFILIATIONS AFFILIATIONS AFFILIATIONS BIOGRAPHY BIOGRAPHY BIOGRAPHY BIOGRAPHY Chairman of Interstate Hotels & Resorts Founder and CEO of PIRINATE Consulting Group, LLC Ahead served as CEO of Isle of Capri CEO of Abbell Associates, LLC Ahead served as Interstate’s CEO from Serves as Chairman of the Board of Atlas Iron Limited, Casinos Currently serves as an absolute administrator U.S. Concrete Inc.2 and WMIH Corporation ISLE’s CFO    2011 to March 2017 Ahead served as from of Federal Realty Advance Affirmation Serves as a administrator of Verso Corporation and Titan Serves as an absolute administrator at La 2014 to 2016 Serves the Executive Board and the Board Energy Quinta Holdings, Inc. and at BrightView Ahead a administrator at Planet Hollywood, Delta Served as an MD in Anchored Assets Research, of Trustees of International Council of Airlines, Windstar Cruise Line, Genco Shipping and accoutrement the gaming, abode and leisure Corporation Arcade Centers Trading, and Aliante industries for Bear Stearns Craig Macnab Edward Pitoniak Michael Rumbolz AFFILIATIONS AFFILIATIONS AFFILIATIONS BIOGRAPHY BIOGRAPHY BIOGRAPHY Captivated the position of Chairman and CEO of CEO of VICI Backdrop Inc. President and CEO of Everi Holdings, Inc. Civic Retail Properties, Inc. from 2008 to Ahead served as Vice Chairman of Serves as an absolute administrator of April 2017 Realterm Seminole Hard Rock Entertainment, LLC. Serves as an absolute administrator of Forest Serves as an absolute administrator of Ritchie Ahead served as Chairman and CEO of City and American Tower Corporation Brother Auctioneers Banknote Systems, Inc. from 2005 – 2008 Ahead served as administrator of Eclipsys Served as Chairman of InnVest from Corporation from 2008 – 2014 and DDR 2015 – 2016 from 2013 – 2015 * Denotes Chair of Board of Directors 1. Opted out of the Maryland Unsolicited Takeover Act. 2. Eugene I. Davis has absitively not to angle for reelection at U.S. Concrete’s 2018 anniversary meeting. 28

3Appendix

MASTER LEASE AGREEMENTS: TRIPLE NET STRUCTURE PROVIDES SECURITY & EARNINGS PREDICTABILITY Non-CPLV & Joliet (2 Leases) Caesars Palace Las Vegas Harrah’s Las Vegas Antecedent Abject Hire $465mm $165mm $87mm Greater of 1% per year for years Greater of 2% or change Greater of 2% or change in CPI Anniversary Escalator 2 – 5 and greater of 2% or change in CPI alpha in year 6 alpha in year 2 in CPI thereafter Antecedent Abject Rent, accountable to Anniversary Antecedent Abject Rent, accountable to Anniversary Antecedent Abject Rent, accountable to Anniversary Charter Years 1-7 Escalator alpha 6th charter year Escalator alpha 2nd charter year Escalator alpha 2nd charter year Hire accountable to Anniversary Escalator added displace Hire accountable to Anniversary Escalator added Hire accountable to Anniversary Escalator added in year 8 of 70% Abject / 30% Variable hire displace in year 8 and 11 of 80% Abject / displace in year 8 and 11 of 80% Abject / 20% and in year 11 of 80% Abject / 20% Variable 20% Variable rent. Variable hire accountable Variable rent. Variable hire accountable to an Hire Resets rent. Variable hire accountable to an to an acclimation in Anniversary CPLV acclimation in HLV acquirement indexed to acclimation in Anniversary Non-CPLV Facility Facility Net Acquirement of 13% in years 8 2017 of 4% in year 8 with added Net Acquirement of 19.5% and 13% in years 8 and 11 resets indexed to 3 years above-mentioned and 11, appropriately Appellation 15-year antecedent appellation with four 5-year face-lifting options Caesars Resorts Collection will acceding Caesars will acceding the acquittal and achievement Acceding the acquittal and achievement of all of all budgetary obligations beneath the Leases budgetary obligations beneath the Leases Capex $350mm Capex spending appropriate over rolling 3 year $171mm amid 2017 and 20214 Claim aeon at $100mm minimum per year 1 Accumulated Hire $727mm2 Antecedent Advantage Ratio of Anniversary Hire Caesars at 3.5×3 1. Over the three years, the $350mm minimum is allocated $84mm to CPLV, $255mm to Non-CPLV (total $339mm) and the blow to CPLV/Non-CPLV as addressee may elect. 2. Includes $10mm attributable to anniversary golf advance fees. 3. Accumulated Hire Advantage represents Caesars accumulated akin acceding of the hire obligations for all VICI endemic backdrop except Harrah’s Las Vegas, which is affirmed by CRC. See afterwards pages of the Appendix to this presentation for added information, including the analogue and adaptation to the best commensurable GAAP banking measure. 4. Maintenance capex at 1% of net acquirement thereafter. 30

20 PROPERTIES LOCATED IN HIGH DENSITY POPULATION CENTERS DIVERSIFIED PORTFOLIO OF REGIONAL GAMING ASSETS PROVIDES LOWER VOLATILITY OF REVENUES Omaha Des Moines Kansas City Chicago Indianapolis Sacramento ?? New York San Francisco ?????? Philadelphia ? ?? ? Louisville ??? Los Angeles Nashville? Memphis ? San Diego?? Las Vegas? People per Square Mile 2,000 ?VICI Accepted Backdrop 500 to 2,000 ~100 to 500 VICI Alarm Advantage Backdrop 20 to ~100 New Orleans Designated ROFR Backdrop 1 to 20 0 to 1 100-Mile Radius of Select Aerial Density Population Centers Key Source Bazaar Dallas Source: U.S. Census Bureau. Note: Designated ROFR Backdrop and golf courses are not included in the acreage count. 31    

VICI’S STRATEGY FOR EXECUTING ON GROWTH Accretion Criteria Key Accretion Guidelines • Demographic projections • Economic projections Bazaar gaming assets) Quality • Propensity to bold (for • Gaming trends / allotment alive in bazaar Bazaar (for gaming assets) Quality • Location Asset Asset Absolute ` Assets Acreage • Building architecture quality & candor Quality Quality • Building action Accretion Criteria • Acquirement and assets trends – adherence / Asset animation / trend Band Asset Absolute Assets and projections – Acreage Quality • Acquirement assets Quality adherence / animation / trend band Accretion • Crop at accretion time • Projected abiding crop Accretion • Spread advance ability • AFFO per allotment advance 32

RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES The afterward table reconciles pro forma net assets to FFO, AFFO and Adapted EBITDA, and Net Debt to Adapted EBITDA beneath incremental G&A for the periods presented. For added information, see “Unaudited Pro Forma Accumulated Condensed Banking Information” in “Selected Actual and Pro Forma Banking Data” starting on folio 61 of the Prospectus anachronous January 31, 2018 apropos to the Company’s antecedent accessible offering. At Formation1 – Year Concluded Post-HLV – Year Concluded Post-IPO – Year Concluded ($ in millions) December 31, 2016 December 31, 2017 December 31, 2017 Net Assets $421 $583 $583 Absolute Acreage Abrasion – – – FFO $421 $583 $583 Direct Financing Charter Adjustments2 (52) (57) (57) Accident on concealment of debt – – –Acquisition and transaction costs – – –Non-cash banal advantage – – –Amortization of debt arising costs and aboriginal affair abatement – 6 6 Added Depreciation3 2 2 2 AFFO $372 $534 $534 Absorption Expense, Net 257 189 189 Provision for Assets Taxes 2 2 2 Adapted EBITDA $631 $724 $724 Incremental G&A4 13 13 13 Adapted EBITDA beneath incremental G&A $618 $711 $711 Absolute Debt (Including Adopted Equity5) 5,217 4,817 4,148 Banknote and Banknote Equivalents6 56 184 801 Net Debt $5,161 $4,633 $3,347 Net Debt to Adapted EBITDA beneath incremental G&A 8.4x 6.5x 4.7x 1. Pro forma for Formation Affairs afterward Actualization as declared in the Prospectus anachronous January 31, 2018 apropos to the Company’s antecedent accessible offering. 2. Represents the non-cash acclimation to admit anchored amounts due beneath the Charter Agreements on an able absorption base at a connected bulk of acknowledgment over the acceding of the leases. 3. Represents abrasion accompanying to our golf advance operations. 4. Represents mean of $12 million to $14 million appraisal of accepted and authoritative costs on a circumscribed basis, including costs of operating as an absolute company, incremental to the $11 million of accepted and authoritative costs reflected in unaudited pro forma accumulated account of operations for the year concluded December 31, 2016. 33 5. Includes 12 million shares of Series A Adopted Equity with an accumulated defalcation alternative of $300.0 million captivated by assertive of CEOC’s creditors and backstop investors. 6. Banknote and Banknote Equivalents for the Post-IPO aeon aloft includes $184 million of banknote accessible on December 31, 2017, per the Anatomy 10-K filed on March 28, 2018, added $617 million of actual banknote accretion generated from the achievement of the Company’s antecedent accessible offering.

RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES (CONTINUED) The afterward table reconciles pro forma net assets to FFO, AFFO and Adapted EBITDA, and Net Debt to Adapted EBITDA for the periods presented.    ($ in millions) Three Months Concluded March 31, 2018 Net Assets $112 Absolute Acreage Abrasion – FFO $112 Direct Financing Charter Adjustments1 (13) Accident on concealment of debt 23 Non-cash banal advantage 0 Acquittal of debt arising costs and aboriginal affair abatement 1 Added Depreciation2 1 AFFO $125 Absorption Expense, Net 50 Provision for Assets Taxes 0 Adapted EBITDA $175 Annualized Adapted EBITDA3 $701 Absolute Debt 4,148 Banknote and Banknote Equivalents 918 Net Debt $3,230 Net Debt to Adapted EBITDA 4.6x 1. Represents the non-cash acclimation to admit anchored amounts due beneath the Charter Agreements on an able absorption base at a connected bulk of acknowledgment over the acceding of the leases. 2. Represents abrasion accompanying to our golf advance operations. 3. Annualized Adapted EBITDA affected as Three Months Concluded March 31, 2018 Adapted EBITDA of $175 million assorted by 4. 34    

RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES:    CALCULATION OF HISTORICAL CORPORATE LEVEL RENT COVERAGE OF CAESARS The afterward table reconciles net income/(loss) of Caesars and CEOC to Adapted EBITDA of Caesars and CEOC, respectively, for the periods indicated. Commencing January 15, 2015, the after-effects of CEOC, a accessory of Caesars, are no best circumscribed with Caesars due to CEOC’s defalcation proceedings. As a result, in its about accessible filings with the SEC afterwards to January 15, 2015, Caesars began advertisement the Adapted EBITDA of Caesars and CEOC separately. Caesars ($ in millions) Year Concluded December 31, 20156 Net income/(loss) attributable to Caesars $5,920 Net income/(loss) attributable to non-controlling interests 132 Net (income)/loss from discontinued operations (155) Income tax (benefit)/provision (119) Deconsolidation and restructuring of CEOC and other1 (6,115) Accretion on deconsolidation of accessory –Loss on concealment of debt –Other income/(losses) –Interest bulk 683 Income/(loss) from operations $346 Abrasion and acquittal 374 Impairment of amicableness –Impairment of actual and added abstract assets 1 Added operating costs2 152 Accumulated bulk 174 Caesars Interactive Ball stock-based advantage 31 EBITDA attributable to discontinued operations – Acreage EBITDA $1,078 Accumulated bulk (174) Stock-based advantage expense3 62 Added items4 50 Caesars Adapted EBITDA5 $1,016 Source: Caesars Accessible Filings 1. Amounts during 2016 primarily represent Caesars’ estimated costs in affiliation with CEOC’s restructuring. Bulk during 2015 primarily represents Caesars’ accretion accustomed aloft the deconsolidation of CEOC. 2. Amounts primarily represent pre-opening costs incurred in affiliation with acreage openings and amplification projects at absolute backdrop and costs associated with the accretion and development activities and about-face activities. 3. Amounts represent stock-based advantage bulk accompanying to shares, banal options, and belted banal units accepted to the Caesars employees. 4. Amounts represent add-backs and deductions from EBITDA, acceptable beneath assertive indentures. Such add-backs and deductions accommodate action awards and settlements, costs associated with the restructuring and accompanying litigation, severance and alteration costs, sign-on and assimilation bonuses, admittance remediation costs, and business access expenses. 5. In above-mentioned periods, as acceptable beneath the indentures administering CEOC’s absolute addendum and the acclaim acceding administering CEOC’s chief anchored acclaim facilities, Caesars presented adjustments to accommodate 100% of the Adapted EBITDA of Baluma Holdings. On May 18, 2017, Baluma Holdings awash its 55% allotment in Punta del Este Conrad in Uruguay to Enjoy S.A., giving Enjoy S.A. 100% buying in the Punta del Este Conrad. Baluma Holdings accustomed net accretion from the transaction of about $180 million afterwards distributions to assertive boyhood investors. Because of the sale, Caesars’ Adapted EBITDA excludes the Adapted EBITDA of Baluma Holdings for all periods presented. 35 6. Adaptation of Caesars and CEOC abstracts for the years concluded December 31, 2015 and 2016 are as appear in Caesars’ anatomy 8-K, filed on May 18, 2017 referencing the Analyst Day presentation. Assertive above-mentioned year amounts accept been reclassified to accommodate to the accepted year’s presentation. For the year concluded December 31, 2015, $51.8 million of abrasion bulk ahead appear as accumulated bulk was reclassified to abrasion and acquittal expense.

RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES:    CALCULATION OF HISTORICAL CORPORATE LEVEL RENT COVERAGE OF CAESARS1 (CONT’D) CEOC2 ($ in millions) Year Concluded December 31, 20153 Net income/(loss) ($2,434) Accident from discontinued operations, net of assets taxes 13 Assets tax provision/(benefit) (26) Added income, including absorption assets (8) Reorganization items 2,615 Absorption bulk 345 Income/(loss) from operations $504 Abrasion and acquittal 347 Write-downs, reserves, and activity aperture costs, net of recoveries 81 Impairment of abstract assets 130 (Gain)/loss on interests in non-consolidated affiliates (1) Corporate bulk 67 Accretion and affiliation costs 6 Acquittal of abstract assets 39 Appulse of accumulation The LINQ and Octavius Tower (14) Other operating costs – Acreage EBITDA $1,160 Accumulated bulk (67) Stock-based advantage bulk 1 Added 10 CEOC Adapted EBITDA4 $1,104 Caesars Adapted EBITDA 1,016 Adapted EBITDA of Caesars and CEOC $2,120 Charter Acquittal – Non-CPLV & Joliet 465 Charter Acquittal – CPLV 165 Absolute Hire Payments 630 Corporate-Level Hire Advantage 3.4x Source: Caesars Accessible Filings 1. Caesars Enterprise Wide Adapted EBITDAR for the year concluded December 31, 2015 is as appear in Caesars’s Anatomy 8-K, filed on May 18, 2017 referencing the Analyst Day presentation from the aforementioned day. Corporate-Level Hire Advantage is affected by adding (a) Adj. EBITDA of Caesars and CEOC by (b) year one hire beneath the Adept Leases. The $630.0 million in absolute hire is comprised of year one hire of $465 million beneath the Non-CPLV Charter added $165 million beneath the CPLV Lease. 2. CEOC aloft represents the aeon above-mentioned to CEOC’s actualization from defalcation on October 6, 2017 and excludes the now-deconsolidated Ohio Properties. “Baltimore” aloft represents the now-deconsolidated Horseshoe Baltimore. 3. Assertive above-mentioned year amounts accept been reclassified to accommodate to the accepted year’s presentation. For the year concluded December 31, 2015, $51.8 million of abrasion bulk ahead appear as accumulated bulk was reclassified to abrasion and acquittal expense. 36 4. In above-mentioned periods, as acceptable beneath the indentures administering CEOC’s absolute addendum and the acclaim acceding administering CEOC’s chief anchored acclaim facilities, CEOC presented adjustments to accommodate 100% of the Adapted EBITDA of Baluma Holdings. On May 18, 2017, Baluma Holdings awash its 55% allotment in Punta del Este Conrad in Uruguay to Enjoy S.A., giving Enjoy S.A. 100% buying in the Punta del Este Conrad. Baluma Holdings accustomed net accretion from the transaction of about $180 million afterwards distributions to assertive boyhood investors. Because of the sale, CEOC’s Adapted EBITDA excludes the Adapted EBITDA of Baluma Holdings for all periods presented.

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RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES:    CALCULATION OF HISTORICAL CORPORATE LEVEL RENT COVERAGE OF CAESARS (CONT’D) Caesars adopted the ASU 2014-09 accepted able January 1, 2018, application the abounding attendant method, which requires the recasting of anniversary above-mentioned advertisement aeon presented constant with the new standard. The best cogent furnishings of adopting the new accepted accompanying to the accounting for Caesars’ Absolute Rewards chump adherence affairs and bank promotional allowances. The afterward adapt adaptation is acquired from the added advice in “Effect of Acquirement Recognition Restatement” and the broker presentation “1Q 2018 Earnings” anachronous May 2, 2018 of Caesars Ball Corporation, which is about available. Year-Ended December 31, Three Months Concluded March 31, Twelve Months Concluded March 31, ($ in millions) 2016 2017 2017 2018 2018 Net income/(loss) attributable to aggregation $(2,681) $9,842 $(403) $(34) $10,211 Net income/(loss) attributable to noncontrolling interests (24) (13) 2—(15) Discontinued operations, net of assets taxes (3,379) (26) — (26) Assets tax (benefit)/provision 338 (1,983) 61 13 (2,031) Accretion on deconsolidation of subsidiary—(31) — (31) Restructuring of CEOC and other1 5,932 (7,837) 464 (184) (8,485) Accident on concealment of debt—220 — 220 Absorption bulk 798 941 196 330 1,075 Abrasion and acquittal 788 873 189 280 964 Accumulated bulk 264 282 56 82 308 Added operating costs2 102 48 (1) 66 115 Acreage EBITDAR $2,138 $2,316 $564 $553 $2,305 Accumulated bulk (264) (282) (56) (82) (308) Stock-based advantage expense3 233 43 9 18 52 Added items4 28 129 19 29 139 Adapted EBITDAR (Same-Store5) $2,135 $2,206 $536 $518 $2,188 Baltimore Adapted EBITDAR5 69 39 14—25 Adapted EBITDAR $2,204 $2,245 $550 $518 $2,213 Charter Acquittal – Non-CPLV & Joliet 465 465 465 Charter Acquittal – CPLV 165 165 165 Absolute Hire Payments 630 630 630 Corporate-Level Hire Advantage 3.5x 3.6x 3.5x Source: Caesars Accessible Filings. 1. 2018 bulk primarily represents a change in fair bulk of our acquired accountability accompanying to the about-face advantage of the CEC Convertible Notes; 2017 bulk primarily represents CEC’s costs in affiliation with the restructuring of CEOC. 2. Amounts primarily represent costs incurred in affiliation with the development activities and about-face activities, and/or recoveries associated with such items. 3. Amounts represent stock-based advantage bulk accompanying to shares, banal options, and belted banal units accepted to the Company’s employees. 4. Amounts represent add-backs and deductions from adapted EBITDAR acceptable beneath assertive indentures. Such add-backs and deductions accommodate action awards and settlements, costs associated with CEOC’s restructuring and accompanying litigation, severance and alteration costs, sign-on and assimilation bonuses, admittance remediation costs, and business access expenses. 5. Same-store after-effects accommodate CEOC and assertive of its U.S. subsidiaries as if they circumscribed in all periods, and exclude the after-effects of the Horseshoe Baltimore acreage in periods of its alliance (dates above-mentioned to August 31, 2017). 37    

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