VICI Properties Inc. Announces Fourth Quarter and Full Year 2023 Results
- VICI Properties Inc. reported a 21.0% year-over-year increase in total revenues to $931.9 million for Q4 2023.
- Net income attributable to common stockholders rose by 23.8% year-over-year to $747.8 million, with AFFO increasing by 17.0% to $570.4 million for the same period.
- Full year 2023 saw total revenues increase by 38.9% to $3.6 billion, with net income rising by 124.9% to $2.5 billion and AFFO increasing by 29.1% to $2.2 billion.
- VICI Properties made significant acquisitions in Q4 2023, including 38 bowling entertainment centers and the leasehold interest of Chelsea Piers in New York City.
- The company also provided loans for developments, such as a mezzanine loan to Kalahari for an indoor waterpark resort and a delayed draw loan facility for Cabot Saint Lucia.
- VICI Properties raised capital through equity offerings, with gross proceeds of $390.2 million and $305.5 million in forward equity under the ATM program in Q4 2023 and subsequent to year-end, respectively.
- None.
Insights
The reported financial performance of VICI Properties Inc. demonstrates significant year-over-year growth in key metrics such as total revenues, net income and Adjusted Funds from Operations (AFFO). A 38.9% increase in total revenues and a 124.9% increase in net income attributable to common stockholders for the full year 2023 are substantial, reflecting a robust expansion strategy and effective capital deployment. The 29.1% increase in AFFO is particularly noteworthy for investors as it indicates the operational efficiency and ability to generate cash flow from the REIT's leasing activities.
The strategic acquisitions and investments made by VICI Properties, including their first international real estate acquisitions and expansion into new experiential categories, indicate a diversification strategy that could mitigate risks associated with market volatility. The deployment of capital every month, despite broader market challenges, is a testament to VICI's active management and opportunistic growth approach. The forward equity offerings and ATM program usage have bolstered the company's liquidity, allowing for continuous investment activities without over-leveraging, as indicated by the targeted net leverage ratio adherence.
VICI Properties Inc.'s strategic maneuver into experiential real estate sectors, including the acquisition of bowling entertainment centers and the leasehold interest of Chelsea Piers, suggests a calculated move to capitalize on unique, high-traffic properties. The focus on triple-net lease agreements is a conservative approach that ensures stable and predictable income streams. The initial yields on these investments, ranging around 7%, are aligned with industry standards for such properties and reflect the company's disciplined investment criteria.
The company's forward-looking statements about AFFO per share growth in 2024 being on the high end of consensus average growth rates for S&P 500 REITs indicate confidence in the sustainability of their growth trajectory. This projection, combined with the sixth consecutive annual dividend increase, positions VICI as a potentially attractive option for income-focused investors.
The expansion of VICI Properties into international markets and diverse experiential sectors mirrors broader trends in the real estate investment trust industry, where operators seek to diversify holdings and tap into growing tourism and leisure markets. The growth in AFFO per share is a critical indicator of VICI's ability to scale operations efficiently, a factor that market analysts often scrutinize when assessing a company's performance relative to its peers.
The guidance for full-year 2024, as well as the detailed account of capital markets activity, provides transparency that can be valued by investors and analysts alike. The mention of a blended yield of 7.7% on capital commitments indicates a favorable return on investments, which is an attractive figure in the current REIT market environment.
- Announced Nearly
- Made First International Investments and Expanded into New Experiential Categories -
- Establishes Guidance for Full Year 2024 -
Fourth Quarter 2023 Financial and Operating Highlights
-
Total revenues increased
21.0% year-over-year to$931.9 million -
Net income attributable to common stockholders increased
23.8% year-over-year to$747.8 million 15.1% year-over-year to$0.72 -
AFFO increased
17.0% year-over-year to$570.4 million 8.8% year-over-year to$0.55 -
Weighted average shares outstanding increased
7.5% year-over-year -
Announced the acquisition of 38 bowling entertainment centers in a
$432.9 million -
Announced an agreement to provide an up to
$212.2 million Thornburg, Virginia -
Announced the acquisition of the leasehold interest of Chelsea Piers in
New York City for a total purchase price of$342.9 million -
Announced an agreement to provide an up to
$100.0 million £9.0 million loan for the redevelopment of Cabot Highlands with an agreement in principle to provide additional development financing, subject to the negotiation of definitive documentation and other deal terms -
Raised
$390.2 million -
Subsequent to quarter-end:
-
Announced an agreement to provide an up to
$105.0 million Kansas City, Kansas , and entered into a call right agreement that provides the Company with a call option on (i) the Margaritaville Resort, (ii) the new Homefield youth sports training facility, (iii) the new Homefield baseball center, and (iv) the existing Homefield youth sports complex inOlathe, Kansas -
Raised
$305.5 million
-
Announced an agreement to provide an up to
Full Year 2023 Financial and Operating Highlights
-
Total revenues increased
38.9% year-over-year to$3.6 billion -
Net income attributable to common stockholders increased
124.9% year-over-year to$2.5 billion 94.8% year-over-year to$2.47 -
AFFO increased
29.1% year-over-year to$2.2 billion 11.8% year-over-year to$2.15 -
Announced and originated
$1.8 billion -
Increased annualized cash dividend by
6.4% in the third quarter, representing the Company's sixth consecutive annual dividend increase -
Completed a forward equity offering with an aggregate gross offering value of approximately
$1.0 billion $643.0 million $305.5 million $1.6 billion
CEO Comments
Edward Pitoniak, Chief Executive Officer of VICI Properties, said, “In 2023, VICI successfully deployed capital every single month of the year despite volatility across commercial real estate and in the capital markets. Our team continued to exercise patience and diligence in underwriting while navigating this backdrop, and we are proud to have committed
Fourth Quarter 2023 Financial Results
Total Revenues
Total revenues were
Net Income Attributable to Common Stockholders
Net income attributable to common stockholders was
Funds from Operations (“FFO”)
FFO attributable to common stockholders was
Adjusted Funds from Operations (“AFFO”)
AFFO attributable to common stockholders was
Full Year 2023 Financial Results
Total Revenues
Total revenues were
Net Income Attributable to Common Stockholders
Net income attributable to common stockholders was
Funds from Operations (“FFO”)
FFO attributable to common stockholders was
Adjusted Funds from Operations (“AFFO”)
AFFO attributable to common stockholders was
Fourth Quarter 2023 Acquisitions and Portfolio Activity
Acquisitions Activity
On October 19, 2023, the Company announced the acquisition of the real estate assets of 38 bowling entertainment centers from Bowlero Corp. (NYSE: BOWL) ("Bowlero") in a sale-leaseback transaction for an aggregate purchase price of
On December 19, 2023, the Company announced the acquisition of the leasehold interest of Chelsea Piers in
Loan Originations
On December 7, 2023, the Company announced an agreement to provide an up to
On December 19, 2023, the Company announced an agreement to provide an up to
Subsequent to quarter-end, on January 23, 2024, the Company announced that it had entered into a construction loan agreement for up to
Full Year 2023 Acquisitions and Portfolio Activity
Acquisitions and Investment Activity
Over the course of 2023, the Company announced and originated approximately
Announced and closed real estate acquisition volume totaled
Additionally, the Company entered into
Fourth Quarter 2023 and Full Year 2023 Capital Markets and Subsequent Activity
On January 18, 2023, the Company completed a primary offering of 30,302,500 shares of common stock (inclusive of 3,952,500 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional common stock solely to cover over-allotments, if any) at a public offering price of
During the twelve months ended December 31, 2023, the Company settled a total of 29,788,250 shares under the outstanding ATM forward sale agreements (including those entered into in 2022) in exchange for approximately
During the twelve months ended December 31, 2023, the Company sold a total of 21,365,397 shares under its ATM program at a weighted average price per share of
Subsequent to year-end, in January 2024, the Company sold a total of 9,662,116 shares under its ATM program at a weighted average price per share of
During the twelve months ended December 31, 2023, the Company drew down
During the twelve months ended December 31, 2023, the Company entered into seven forward-starting interest rate swap agreements with an aggregate notional amount of
The following table details the issuance of outstanding shares of common stock, including restricted common stock:
Common Stock Outstanding |
|
2023 |
|
2022 |
|
2021 |
Beginning Balance January 1 |
|
963,096,563 |
|
628,942,092 |
|
536,669,722 |
Issuance of common stock in primary follow-on offerings |
|
— |
|
— |
|
65,000,000 |
Issuance of common stock upon physical settlement of forward sale agreements |
|
79,065,750 |
|
119,000,000 |
|
26,900,000 |
Issuance of common stock in connection with the MGP Transactions |
|
— |
|
214,552,532 |
|
— |
Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures |
|
540,450 |
|
601,939 |
|
372,370 |
Ending Balance December 31 |
|
1,042,702,763 |
|
963,096,563 |
|
628,942,092 |
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:
|
Year Ended December 31, |
||||
(In thousands) |
2023 |
|
2022 |
|
2021 |
Determination of shares: |
|
|
|
|
|
Weighted-average shares of common stock outstanding |
1,014,513 |
. |
877,508 |
|
564,467 |
Assumed conversion of restricted stock |
784 |
. |
955 |
|
924 |
Assumed settlement of forward sale agreements |
480 |
. |
1,213 |
|
11,675 |
Diluted weighted-average shares of common stock outstanding |
1,015,777 |
. |
879,676 |
|
577,066 |
Balance Sheet and Liquidity
As of December 31, 2023, the Company had approximately
Subsequent to year-end, in January 2024, the Company sold a total of 9,662,116 shares under its ATM program at a weighted average price per share of
The Company’s outstanding indebtedness (shown in USD) as of December 31, 2023 was as follows:
($ in millions) |
December 31, 2023 |
||
Revolving Credit Facility |
|
||
USD Borrowings |
$ |
— |
|
CAD Borrowings(1) |
|
162.3 |
|
GBP Borrowings(1) |
|
11.5 |
|
|
|
1,050.0 |
|
|
|
750.0 |
|
|
|
500.0 |
|
|
|
800.0 |
|
|
|
500.0 |
|
|
|
1,250.0 |
|
|
|
750.0 |
|
|
|
750.0 |
|
|
|
350.0 |
|
|
|
1,250.0 |
|
|
|
750.0 |
|
|
|
1,000.0 |
|
|
|
1,000.0 |
|
|
|
1,000.0 |
|
|
|
1,500.0 |
|
|
|
750.0 |
|
Total Unsecured Debt Outstanding, Face Value |
$ |
14,123.8 |
|
MGM Grand/Mandalay Bay CMBS Debt Due 2032 |
$ |
3,000.0 |
|
Total Debt Outstanding, Face Value |
$ |
17,123.8 |
|
Cash & Cash Equivalents |
$ |
522.6 |
|
Net Debt |
$ |
16,601.2 |
|
(1) Based on applicable exchange rates as of December 31, 2023. |
|||
Dividends
On December 7, 2023, the Company declared a regular quarterly cash dividend of
2024 Guidance
The Company is providing preliminary AFFO guidance for the full year 2024. In determining AFFO, the Company adjusts for certain items that are otherwise included in determining net income attributable to common stockholders, the most comparable generally accepted accounting principles in
The Company estimates AFFO for the year ending December 31, 2024 will be between
The following is a summary of the Company’s full-year 2024 guidance:
|
|
|
|
|
For the Year Ending December 31, 2024 ($ in millions): |
|
Low |
|
High |
Estimated Adjusted Funds From Operations (AFFO) |
|
|
|
|
Estimated Adjusted Funds From Operations (AFFO) per diluted share |
|
|
|
|
Estimated Weighted Average Share Count for the Year (in millions) |
|
1,046 |
|
1,046 |
The above per share estimates reflect the dilutive effect of the pending 22,856,855 shares related to the outstanding forward sale agreements as calculated under the treasury stock method. VICI partnership units held by a third parties are reflected as non-controlling interests and the income allocable to them is deducted from net income to arrive at net income attributable to common stockholders and AFFO; accordingly, guidance represents AFFO per share attributable to common stockholders based solely on outstanding shares of VICI common stock.
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 the Company’s 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 the Company’s other filings with the SEC. The Company has no obligation to update any of the information provided to conform to actual results or changes in the Company’s portfolio, capital structure or future expectations, except as may be required by applicable law.
Conference Call and Webcast
The Company will host a conference call and audio webcast on Friday, February 23, 2024 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing +1 833-470-1428 (domestic) or +1 929-526-1599 (international) and entering the conference ID 453059. An audio replay of the conference call will be available from 1:00 p.m. ET on February 23, 2024 until midnight ET on March 1, 2024 and can be accessed by dialing +1 866-813-9403 (domestic) or +44 204-525-0658 (international) and entering the passcode 121561.
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 February 23, 2024, beginning at 10:00 a.m. ET. A replay of the webcast will be available shortly after the call on the Company’s website and will continue for one year.
About VICI Properties
VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across
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: the impact of changes in general economic conditions and market developments, including inflation, interest rates, supply chain disruptions, consumer confidence levels, changes in consumer spending, unemployment levels and depressed real estate prices resulting from the severity and duration of any downturn in the
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 December 31, 2023, Quarterly Reports on Form 10-Q and the Company’s other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.
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 The National Association of Real Estate Investment Trusts (Nareit), we define FFO as net income (or loss) attributable to common stockholders (computed in accordance with GAAP) excluding (i) gains (or losses) from sales of certain real estate assets, (ii) depreciation and amortization related to real estate, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) our proportionate share of such adjustments from our investment in unconsolidated affiliate.
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 gains (losses), deferred income tax benefits and expenses, other non-recurring non-cash transactions, our proportionate share of non-cash adjustments from our investment in unconsolidated affiliate (including the amortization of any basis differences) with respect to certain of the foregoing 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 (including the impact of the forward-starting interest rate swaps and treasury locks) and interest income (collectively, interest expense, net), income tax expense and our proportionate share of such adjustments from our investment in unconsolidated affiliate.
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.
VICI Properties Inc. Consolidated Balance Sheets (In thousands, except share and per share data) |
|||||||
|
December 31, 2023 |
|
December 31, 2022 |
||||
Assets |
|
|
|
||||
Real estate portfolio: |
|
|
|
||||
Investments in leases - sales-type, net |
$ |
23,015,931 |
|
|
$ |
17,172,325 |
|
Investments in leases - financing receivables, net |
|
18,211,102 |
|
|
|
16,740,770 |
|
Investments in loans and securities, net |
|
1,144,177 |
|
|
|
685,793 |
|
Investment in unconsolidated affiliate |
|
— |
|
|
1,460,775 |
||
Land |
|
150,727 |
|
|
|
153,560 |
|
Cash and cash equivalents |
|
522,574 |
|
|
|
208,933 |
|
Short-term investments |
|
— |
|
|
|
217,342 |
|
Other assets |
|
1,015,330 |
|
|
|
936,328 |
|
Total assets |
$ |
44,059,841 |
|
|
$ |
37,575,826 |
|
|
|
|
|
||||
Liabilities |
|
|
|
||||
Debt, net |
$ |
16,724,125 |
|
|
$ |
13,739,675 |
|
Accrued expenses and deferred revenue |
|
227,241 |
|
|
|
213,388 |
|
Dividends and distributions payable |
|
437,599 |
|
|
|
380,178 |
|
Other liabilities |
|
1,013,102 |
|
|
|
952,472 |
|
Total liabilities |
|
18,402,067 |
|
|
|
15,285,713 |
|
|
|
|
|
||||
Stockholders’ equity |
|
|
|
||||
Common stock |
|
10,427 |
|
|
|
9,631 |
|
Preferred stock |
|
— |
|
|
|
— |
|
Additional paid in capital |
|
24,125,872 |
|
|
|
21,645,499 |
|
Accumulated other comprehensive income |
|
153,870 |
|
|
|
185,353 |
|
Retained earnings |
|
965,762 |
|
|
|
93,154 |
|
Total VICI stockholders’ equity |
|
25,255,931 |
|
|
|
21,933,637 |
|
Non-controlling interests |
|
401,843 |
|
|
|
356,476 |
|
Total stockholders’ equity |
|
25,657,774 |
|
|
|
22,290,113 |
|
Total liabilities and stockholders’ equity |
$ |
44,059,841 |
|
|
$ |
37,575,826 |
|
_______________________________________________________
|
|||||||
VICI Properties Inc. Consolidated Statement of Operations (In thousands, except share and per share data) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues |
|
|
|
|
|
|
|
||||||||
Income from sales-type leases |
$ |
506,217 |
|
|
$ |
386,293 |
|
|
$ |
1,980,178 |
|
|
$ |
1,464,245 |
|
Income from lease financing receivables, loans and securities |
|
396,813 |
|
|
|
355,685 |
|
|
|
1,519,516 |
|
|
|
1,041,229 |
|
Other income |
|
18,283 |
|
|
|
17,818 |
|
|
|
73,326 |
|
|
|
59,629 |
|
Golf revenues |
|
10,552 |
|
|
|
10,110 |
|
|
|
38,968 |
|
|
|
35,594 |
|
Total revenues |
|
931,865 |
|
|
|
769,906 |
|
|
|
3,611,988 |
|
|
|
2,600,697 |
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses |
|
|
|
|
|
|
|
||||||||
General and administrative |
|
15,256 |
|
|
|
15,029 |
|
|
|
59,603 |
|
|
|
48,340 |
|
Depreciation |
|
1,586 |
|
|
|
811 |
|
|
|
4,298 |
|
|
|
3,182 |
|
Other expenses |
|
18,283 |
|
|
|
17,818 |
|
|
|
73,326 |
|
|
|
59,629 |
|
Golf expenses |
|
8,215 |
|
|
|
6,272 |
|
|
|
27,089 |
|
|
|
22,602 |
|
Change in allowance for credit losses |
|
(63,295 |
) |
|
|
(30,965 |
) |
|
|
102,824 |
|
|
|
834,494 |
|
Transaction and acquisition expenses |
|
4,632 |
|
|
|
3,287 |
|
|
|
8,017 |
|
|
|
22,653 |
|
Total operating expenses |
|
(15,323 |
) |
|
|
12,252 |
|
|
|
275,157 |
|
|
|
990,900 |
|
|
|
|
|
|
|
|
|
||||||||
Income from unconsolidated affiliate |
|
— |
|
|
|
21,916 |
|
|
|
1,280 |
|
|
|
59,769 |
|
Interest expense |
|
(205,175 |
) |
|
|
(169,329 |
) |
|
|
(818,056 |
) |
|
|
(539,953 |
) |
Interest income |
|
7,776 |
|
|
|
5,633 |
|
|
|
23,970 |
|
|
|
9,530 |
|
Other gains |
|
161 |
|
|
|
— |
|
|
|
4,456 |
|
|
|
— |
|
Income before income taxes |
|
749,950 |
|
|
|
615,874 |
|
|
|
2,548,481 |
|
|
|
1,139,143 |
|
Benefit from (provision for) income taxes |
|
9,771 |
|
|
|
(1,032 |
) |
|
|
6,141 |
|
|
|
(2,876 |
) |
Net income |
$ |
759,721 |
|
|
$ |
614,842 |
|
|
$ |
2,554,622 |
|
|
$ |
1,136,267 |
|
Less: Net income attributable to non-controlling interests |
|
(11,952 |
) |
|
|
(10,789 |
) |
|
|
(41,082 |
) |
|
|
(18,632 |
) |
Net income attributable to common stockholders |
$ |
747,769 |
|
|
$ |
604,053 |
|
|
$ |
2,513,540 |
|
|
$ |
1,117,635 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.72 |
|
|
$ |
0.63 |
|
|
$ |
2.48 |
|
|
$ |
1.27 |
|
Diluted |
$ |
0.72 |
|
|
$ |
0.63 |
|
|
$ |
2.47 |
|
|
$ |
1.27 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding |
|
|
|
|
|
|
|||||||||
Basic |
|
1,036,702,399 |
|
|
|
962,580,619 |
|
|
|
1,014,513,195 |
|
|
|
877,508,388 |
|
Diluted |
|
1,037,834,052 |
|
|
|
965,299,406 |
|
|
|
1,015,776,697 |
|
|
|
879,675,845 |
|
VICI Properties Inc. 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 December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income attributable to common stockholders |
$ |
747,769 |
|
|
$ |
604,053 |
|
|
$ |
2,513,540 |
|
|
$ |
1,117,635 |
|
Real estate depreciation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Joint venture depreciation and non-controlling interest adjustments |
|
— |
|
|
|
10,093 |
|
|
|
1,426 |
|
|
|
27,146 |
|
FFO |
|
747,769 |
|
|
|
614,146 |
|
|
|
2,514,966 |
|
|
|
1,144,781 |
|
Non-cash leasing and financing adjustments |
|
(131,800 |
) |
|
|
(107,109 |
) |
|
|
(515,488 |
) |
|
|
(337,631 |
) |
Non-cash change in allowance for credit losses |
|
(63,295 |
) |
|
|
(30,965 |
) |
|
|
102,824 |
|
|
|
834,494 |
|
Non-cash stock-based compensation |
|
4,019 |
|
|
|
3,627 |
|
|
|
15,536 |
|
|
|
12,986 |
|
Transaction and acquisition expenses |
|
4,632 |
|
|
|
3,287 |
|
|
|
8,017 |
|
|
|
22,653 |
|
Amortization of debt issuance costs and original issue discount |
|
16,807 |
|
|
|
10,301 |
|
|
|
70,452 |
|
|
|
48,595 |
|
Other depreciation |
|
1,299 |
|
|
|
780 |
|
|
|
3,741 |
|
|
|
3,060 |
|
Capital expenditures |
|
(1,080 |
) |
|
|
(709 |
) |
|
|
(2,842 |
) |
|
|
(1,802 |
) |
(Gain) loss on extinguishment of debt and interest rate swap settlements |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,405 |
) |
Other gains (1) |
|
(161 |
) |
|
|
— |
|
|
|
(4,456 |
) |
|
|
— |
|
Deferred income tax benefit |
|
(10,426 |
) |
|
|
— |
|
|
|
(10,426 |
) |
|
|
— |
|
Joint venture non-cash adjustments and non-controlling interest adjustments |
|
2,650 |
|
|
|
(5,759 |
) |
|
|
4,716 |
|
|
|
(27,930 |
) |
AFFO |
|
570,414 |
|
|
|
487,599 |
|
|
|
2,187,040 |
|
|
|
1,693,801 |
|
Interest expense, net |
|
180,592 |
|
|
|
153,395 |
|
|
|
723,634 |
|
|
|
487,233 |
|
Income tax expense |
|
655 |
|
|
|
1,032 |
|
|
|
4,285 |
|
|
|
2,876 |
|
Joint venture adjustments and non-controlling interest adjustments |
|
(2,111 |
) |
|
|
11,568 |
|
|
|
(5,287 |
) |
|
|
30,755 |
|
Adjusted EBITDA |
$ |
749,550 |
|
|
$ |
653,594 |
|
|
$ |
2,909,672 |
|
|
$ |
2,214,665 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.72 |
|
|
$ |
0.63 |
|
|
$ |
2.48 |
|
|
$ |
1.27 |
|
Diluted |
$ |
0.72 |
|
|
$ |
0.63 |
|
|
$ |
2.47 |
|
|
$ |
1.27 |
|
FFO per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.72 |
|
|
$ |
0.64 |
|
|
$ |
2.48 |
|
|
$ |
1.30 |
|
Diluted |
$ |
0.72 |
|
|
$ |
0.64 |
|
|
$ |
2.48 |
|
|
$ |
1.30 |
|
AFFO per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.55 |
|
|
$ |
0.51 |
|
|
$ |
2.16 |
|
|
$ |
1.93 |
|
Diluted |
$ |
0.55 |
|
|
$ |
0.51 |
|
|
$ |
2.15 |
|
|
$ |
1.93 |
|
Weighted average number of shares of common stock outstanding |
|
|
|||||||||||||
Basic |
|
1,036,702,399 |
|
|
|
962,580,619 |
|
|
|
1,014,513,195 |
|
|
|
877,508,388 |
|
Diluted |
|
1,037,834,052 |
|
|
|
965,299,406 |
|
|
|
1,015,776,697 |
|
|
|
879,675,845 |
|
____________________
|
|||||||||||||||
VICI Properties Inc. Revenue Detail (In thousands) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Contractual income from sales-type leases |
|
|
|
|
|
|
|
||||||||
Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease |
$ |
136,067 |
|
|
$ |
129,544 |
|
|
$ |
534,923 |
|
|
$ |
497,731 |
|
Caesars Las Vegas Master Lease |
|
116,076 |
|
|
|
110,932 |
|
|
|
456,933 |
|
|
|
427,600 |
|
MGM Grand/Mandalay Bay Lease |
|
77,468 |
|
|
|
— |
|
|
|
302,326 |
|
|
|
— |
|
The Venetian Resort Las Vegas Lease |
|
64,375 |
|
|
|
62,500 |
|
|
|
256,250 |
|
|
|
212,798 |
|
PENN Greektown Lease |
|
13,214 |
|
|
|
12,830 |
|
|
|
52,215 |
|
|
|
51,320 |
|
Hard Rock Cincinnati Lease |
|
11,541 |
|
|
|
11,176 |
|
|
|
45,069 |
|
|
|
44,206 |
|
EBCI Southern Indiana Lease |
|
8,370 |
|
|
|
8,247 |
|
|
|
33,152 |
|
|
|
32,663 |
|
Century Master Lease (excluding Century Canadian Portfolio) |
|
10,740 |
|
|
|
6,376 |
|
|
|
34,210 |
|
|
|
25,504 |
|
PENN Margaritaville Lease |
|
6,615 |
|
|
|
5,953 |
|
|
|
26,239 |
|
|
|
23,784 |
|
Income from sales-type leases non-cash adjustment(1) |
|
61,751 |
|
|
|
38,735 |
|
|
|
238,861 |
|
|
|
148,639 |
|
Income from sales-type leases |
|
506,217 |
|
|
|
386,293 |
|
|
|
1,980,178 |
|
|
|
1,464,245 |
|
|
|
|
|
|
|
|
|
||||||||
Contractual income from lease financing receivables |
|
|
|
|
|
|
|
||||||||
MGM Master Lease |
|
186,150 |
|
|
|
211,855 |
|
|
|
744,733 |
|
|
|
574,967 |
|
Harrah's NOLA, AC, and Laughlin |
|
43,974 |
|
|
|
41,866 |
|
|
|
172,872 |
|
|
|
160,855 |
|
JACK Entertainment Master Lease |
|
17,511 |
|
|
|
17,251 |
|
|
|
69,956 |
|
|
|
68,442 |
|
Hard Rock Mirage Lease |
|
22,500 |
|
|
|
3,145 |
|
|
|
90,000 |
|
|
|
3,145 |
|
CNE Gold Strike Lease |
|
10,000 |
|
|
|
— |
|
|
|
35,000 |
|
|
|
— |
|
Foundation Master Lease |
|
6,063 |
|
|
|
652 |
|
|
|
24,252 |
|
|
|
652 |
|
PURE Master Lease |
|
3,996 |
|
|
|
— |
|
|
|
15,909 |
|
|
|
— |
|
Century Canadian Portfolio |
|
3,176 |
|
|
|
— |
|
|
|
4,063 |
|
|
|
— |
|
Bowlero Master Lease |
|
6,371 |
|
|
|
— |
|
|
|
6,371 |
|
|
|
— |
|
Chelsea Piers Lease |
|
903 |
|
|
|
— |
|
|
|
903 |
|
|
|
— |
|
Income from lease financing receivables non-cash adjustment(1) |
|
70,072 |
|
|
|
68,379 |
|
|
|
276,697 |
|
|
|
188,993 |
|
Income from lease financing receivables |
|
370,716 |
|
|
|
343,148 |
|
|
|
1,440,756 |
|
|
|
997,054 |
|
Contractual interest income |
|
|
|
|
|
|
|
||||||||
Senior secured notes |
|
2,399 |
|
|
|
— |
|
|
|
7,246 |
|
|
|
— |
|
Senior secured loans |
|
7,607 |
|
|
|
9,801 |
|
|
|
28,002 |
|
|
|
37,524 |
|
Mezzanine loans & preferred equity |
|
16,114 |
|
|
|
2,741 |
|
|
|
43,582 |
|
|
|
6,651 |
|
Income from loans non-cash adjustment(1) |
|
(23 |
) |
|
|
(5 |
) |
|
|
(70 |
) |
|
|
— |
|
Income from loans and securities |
|
26,097 |
|
|
|
12,537 |
|
|
|
78,760 |
|
|
|
44,175 |
|
Income from lease financing receivables and loans |
|
396,813 |
|
|
|
355,685 |
|
|
|
1,519,516 |
|
|
|
1,041,229 |
|
|
|
|
|
|
|
|
|
||||||||
Other income |
|
18,283 |
|
|
|
17,818 |
|
|
|
73,326 |
|
|
|
59,629 |
|
Golf revenues |
|
10,552 |
|
|
|
10,110 |
|
|
|
38,968 |
|
|
|
35,594 |
|
Total revenues |
$ |
931,865 |
|
|
$ |
769,906 |
|
|
$ |
3,611,988 |
|
|
$ |
2,600,697 |
|
____________________
|
|||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240222720039/en/
Investor Contacts:
Investors@viciproperties.com
(646) 949-4631
Or
David Kieske
EVP, Chief Financial Officer
DKieske@viciproperties.com
Moira McCloskey
SVP, Capital Markets
MMcCloskey@viciproperties.com
Source: VICI Properties Inc.
FAQ
What was the year-over-year increase in total revenues for VICI Properties Inc. in Q4 2023?
How much did net income attributable to common stockholders increase by in Q4 2023 for VICI Properties Inc.?
What was the year-over-year increase in total revenues for VICI Properties Inc. for the full year 2023?
How much did net income attributable to common stockholders increase by in the full year 2023 for VICI Properties Inc.?
What acquisitions did VICI Properties Inc. make in Q4 2023?
What loans did VICI Properties Inc. provide for developments in Q4 2023?
How much capital did VICI Properties Inc. raise through equity offerings in Q4 2023?
