VICI Properties Inc. Announces Second Quarter 2023 Results
- Total revenues increased 35.5% YoY to $898.2 million
- Net income attributable to common stockholders increased YoY to $690.7 million
- AFFO attributable to common stockholders increased 25.7% YoY to $540.4 million
- Ended the quarter with $738.8 million in cash and cash equivalents
- Updated AFFO guidance for full year 2023 to between $2,130 million and $2,160 million
- None.
- Reports
- Expands International Footprint in
- Completed Acquisition of Rocky Gap Casino Resort -
- Announced Expansion of Partnership with Canyon Ranch -
- Updates Guidance for Full Year 2023 -
Second Quarter 2023 Financial and Operating Highlights
-
Total revenues increased
35.5% year-over-year to$898.2 million -
Net income attributable to common stockholders increased year-over-year to
$690.7 million $(57.7) million $0.69 $(0.06) -
AFFO attributable to common stockholders increased
25.7% year-over-year to$540.4 million 11.9% year-over-year to$0.54 -
Weighted average shares outstanding increased
12.4% year-over-year -
Announced the acquisition of the real estate of Century Casinos' four gaming properties in
Alberta, Canada -
Ended the quarter with
$738.8 million $867.9 million -
Updated AFFO guidance for full year 2023 to between
$2,130 million $2,160 million $2.11 $2.14 - Subsequent to quarter end, completed the previously announced Rocky Gap Casino Resort acquisition with Century Casinos
- Subsequent to quarter end, expanded our partnership with Canyon Ranch through a preferred equity investment and call rights to acquire Canyon Ranch Tucson and Canyon Ranch Lenox
CEO Comments
Edward Pitoniak, Chief Executive Officer of VICI Properties, said, “VICI’s strong second quarter financial performance, exemplified by approximately
“In the second quarter, we continued to expand our international presence through the announced acquisition of four casino properties in
Second Quarter 2023 Financial Results
Total Revenues
Total revenues were
Net Income (Loss) Attributable to Common Stockholders
Net income (loss) 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
Second Quarter 2023 Acquisitions and Portfolio Activity
Acquisitions and Investments
On May 16, 2023, the Company entered into definitive agreements to acquire four real estate assets from Century Casinos, Inc. (NASDAQ: CNTY) ("Century") in
Subsequent to quarter-end, on July 25, 2023, the Company completed the previously announced transaction to acquire the leasehold interest in the land and buildings associated with Rocky Gap Casino Resort ("Rocky Gap") in
Subsequent to quarter-end, on July 26, 2023, the Company committed to an up to
In addition, the Company intends to provide approximately
Second Quarter 2023 Capital Markets Activity
On April 4, 2023, and subsequent to quarter end, on July 20, 2023, the Company physically settled 3,200,000 and 6,000,000 shares, respectively, under the January 2023 forward sale agreements in exchange for aggregate net proceeds of approximately
During the three months ended June 30, 2023, the Company sold a total of 327,306 shares under its ATM program for a net value of
Subsequent to quarter end, on July 12, 2023, the Company entered into a forward-starting interest rate swap agreement with an aggregate notional amount of
The following table details the issuance of outstanding shares of common stock, including restricted common stock:
|
|
Six Months Ended June 30, |
||
Common Stock Outstanding |
|
2023 |
|
2022 |
Beginning Balance January 1, |
|
963,096,563 |
|
628,942,092 |
Issuance of common stock upon physical settlement of forward sale agreements |
|
43,792,592 |
|
119,000,000 |
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 |
|
537,355 |
|
596,361 |
Ending Balance June 30, |
|
1,007,426,510 |
|
963,090,985 |
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:
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Determination of shares: |
|
|
|
|
|
|
|
|
Weighted-average shares of common stock outstanding |
|
1,006,893,810 |
|
896,545,880 |
|
1,004,189,744 |
|
791,029,664 |
Assumed conversion of restricted stock(1) |
|
696,046 |
|
— |
|
884,292 |
|
698,797 |
Assumed settlement of forward sale agreements |
|
378,566 |
|
— |
|
805,359 |
|
1,496,376 |
Diluted weighted-average shares of common stock outstanding |
|
1,007,968,422 |
|
896,545,880 |
|
1,005,879,395 |
|
793,224,837 |
| _________________________ | |
(1) |
For the three months ended June 30, 2022, any such amounts have been excluded from the diluted weighted average number of shares of common stock as the Company was in a net loss position and the effect of inclusion would have been anti-dilutive. Assuming the Company had net income for the quarter, using the treasury stock method, the assumed conversion of our restricted stock would have been in the amount of 816,708 shares. |
Balance Sheet and Liquidity
As of June 30, 2023, the Company had approximately
The Company’s outstanding indebtedness as of June 30, 2023 was as follows:
($ in millions) |
June 30, 2023 |
|
Revolving Credit Facility |
|
|
USD Borrowings |
$ |
— |
CAD Borrowings |
|
105.7 |
|
|
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 |
$ |
14,055.7 |
MGM Grand/Mandalay Bay CMBS Debt Due 2032 |
$ |
3,000.0 |
Total Debt Outstanding, Face Value |
$ |
17,055.7 |
Cash and Cash Equivalents |
|
738.8 |
Net Debt |
$ |
16,316.9 |
Dividends
On June 8, 2023, the Company declared a regular quarterly cash dividend of
2023 Guidance
The Company is updating AFFO guidance for the full year 2023. 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, 2023 will be between
The following is a summary of the Company’s full-year 2023 guidance:
|
|
Updated Guidance |
|
Prior Guidance |
||||
For the Year Ending December 31, 2023 ($ in millions): |
|
Low |
|
High |
|
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) |
|
1,011.7 |
|
1,011.7 |
|
1,009.5 |
|
1,009.5 |
The above per share estimates reflect the dilutive effect of the pending 21,102,500 shares related to the January 2023 Forward Sale Agreements and 327,306 shares related to the Q2 2023 ATM Forward Sale Agreement as calculated under the treasury stock method. VICI OP Units held by a third party 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 our 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 our 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.
Conference Call and Webcast
The Company will host a conference call and audio webcast on Thursday, July 27, 2023 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 939948. An audio replay of the conference call will be available from 1:00 p.m. ET on July 27, 2023 until midnight ET on August 3, 2023 and can be accessed by dialing +1 866-813-9403 (domestic) or +44 204-525-0658 (international) and entering the passcode 307960.
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 July 27, 2023, 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’ geographically diverse portfolio consists of 50 gaming facilities 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 rate changes, foreign currency exchange rate fluctuations, 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, 2022, 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 our 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), 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.
|
|||||
|
June 30, 2023 |
|
December 31, 2022 |
||
Assets |
|
|
|
||
Real estate portfolio: |
|
|
|
||
Investments in leases - sales-type, net |
$ |
22,655,164 |
|
$ |
17,172,325 |
Investments in leases - financing receivables, net |
|
17,144,528 |
|
|
16,740,770 |
Investments in loans and securities, net |
|
627,259 |
|
|
685,793 |
Investment in unconsolidated affiliate |
|
— |
|
|
1,460,775 |
Land |
|
150,727 |
|
|
153,560 |
Cash and cash equivalents |
|
738,793 |
|
|
208,933 |
Short-term investments |
|
— |
|
|
217,342 |
Other assets |
|
934,139 |
|
|
936,328 |
Total assets |
$ |
42,250,610 |
|
$ |
37,575,826 |
|
|
|
|
||
Liabilities |
|
|
|
||
Debt, net |
$ |
16,624,197 |
|
$ |
13,739,675 |
Accrued expenses and deferred revenue |
|
210,534 |
|
|
213,388 |
Dividends and distributions payable |
|
397,480 |
|
|
380,178 |
Other liabilities |
|
933,824 |
|
|
952,472 |
Total liabilities |
|
18,166,035 |
|
|
15,285,713 |
|
|
|
|
||
Stockholders’ equity |
|
|
|
||
Common stock |
|
10,074 |
|
|
9,631 |
Preferred stock |
|
— |
|
|
— |
Additional paid-in capital |
|
23,014,913 |
|
|
21,645,499 |
Accumulated other comprehensive income |
|
173,670 |
|
|
185,353 |
Retained earnings |
|
518,059 |
|
|
93,154 |
Total VICI stockholders’ equity |
|
23,716,716 |
|
|
21,933,637 |
Non-controlling interests |
|
367,859 |
|
|
356,476 |
Total stockholders’ equity |
|
24,084,575 |
|
|
22,290,113 |
Total liabilities and stockholders’ equity |
$ |
42,250,610 |
|
$ |
37,575,826 |
_______________________________________________________
Note: As of June 30, 2023 and December 31, 2022, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities and Other assets (sales-type sub-leases) are net of allowance for credit losses of |
|||||
VICI Properties Inc.
|
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues |
|
|
|
|
|
|
|
||||||||
Income from sales-type leases |
$ |
495,355 |
|
|
$ |
375,169 |
|
|
$ |
973,749 |
|
|
$ |
701,904 |
|
Income from lease financing receivables, loans and securities |
|
373,132 |
|
|
|
261,721 |
|
|
|
744,201 |
|
|
|
334,599 |
|
Other income |
|
18,525 |
|
|
|
15,563 |
|
|
|
36,864 |
|
|
|
23,949 |
|
Golf revenues |
|
11,146 |
|
|
|
10,170 |
|
|
|
20,991 |
|
|
|
18,796 |
|
Total revenues |
|
898,158 |
|
|
|
662,623 |
|
|
|
1,775,805 |
|
|
|
1,079,248 |
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses |
|
|
|
|
|
|
|
||||||||
General and administrative |
|
14,920 |
|
|
|
11,782 |
|
|
|
29,925 |
|
|
|
21,248 |
|
Depreciation |
|
887 |
|
|
|
779 |
|
|
|
1,701 |
|
|
|
1,555 |
|
Other expenses |
|
18,525 |
|
|
|
15,563 |
|
|
|
36,864 |
|
|
|
23,949 |
|
Golf expenses |
|
6,590 |
|
|
|
5,859 |
|
|
|
12,542 |
|
|
|
11,144 |
|
Change in allowance for credit losses |
|
(41,355 |
) |
|
|
551,876 |
|
|
|
70,122 |
|
|
|
632,696 |
|
Transaction and acquisition expenses |
|
777 |
|
|
|
16,664 |
|
|
|
(181 |
) |
|
|
17,419 |
|
Total operating expenses |
|
344 |
|
|
|
602,523 |
|
|
|
150,973 |
|
|
|
708,011 |
|
|
|
|
|
|
|
|
|
||||||||
Income from unconsolidated affiliate |
|
— |
|
|
|
15,134 |
|
|
|
1,280 |
|
|
|
15,134 |
|
Interest expense |
|
(203,594 |
) |
|
|
(133,128 |
) |
|
|
(407,954 |
) |
|
|
(201,270 |
) |
Interest income |
|
5,806 |
|
|
|
780 |
|
|
|
8,853 |
|
|
|
873 |
|
Other gains (losses) |
|
3,454 |
|
|
|
— |
|
|
|
5,417 |
|
|
|
— |
|
Income before income taxes |
|
703,480 |
|
|
|
(57,114 |
) |
|
|
1,232,428 |
|
|
|
185,974 |
|
Income tax expense |
|
(1,899 |
) |
|
|
(1,027 |
) |
|
|
(2,986 |
) |
|
|
(1,427 |
) |
Net income (loss) |
|
701,581 |
|
|
|
(58,141 |
) |
|
|
1,229,442 |
|
|
|
184,547 |
|
Less: Net (income) loss attributable to non-controlling interests |
|
(10,879 |
) |
|
|
435 |
|
|
|
(20,000 |
) |
|
|
(1,870 |
) |
Net income (loss) attributable to common stockholders |
$ |
690,702 |
|
|
$ |
(57,706 |
) |
|
$ |
1,209,442 |
|
|
$ |
182,677 |
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.69 |
|
|
$ |
(0.06 |
) |
|
$ |
1.20 |
|
|
$ |
0.23 |
|
Diluted |
$ |
0.69 |
|
|
$ |
(0.06 |
) |
|
$ |
1.20 |
|
|
$ |
0.23 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding |
|
|
|
|
|
|
|||||||||
Basic |
|
1,006,893,810 |
|
|
|
896,545,880 |
|
|
|
1,004,189,744 |
|
|
|
791,029,664 |
|
Diluted |
|
1,007,968,422 |
|
|
|
896,545,880 |
|
|
|
1,005,879,395 |
|
|
|
793,224,837 |
|
VICI Properties Inc.
(In thousands, except share and per share data) |
|||||||||||||||
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income (loss) attributable to common stockholders |
$ |
690,702 |
|
|
$ |
(57,706 |
) |
|
$ |
1,209,442 |
|
|
$ |
182,677 |
|
Real estate depreciation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Joint venture depreciation and non-controlling interest adjustments |
|
— |
|
|
|
7,310 |
|
|
|
1,426 |
|
|
|
7,310 |
|
FFO attributable to common stockholders |
|
690,702 |
|
|
|
(50,396 |
) |
|
|
1,210,868 |
|
|
|
189,987 |
|
Non-cash leasing and financing adjustments |
|
(129,510 |
) |
|
|
(86,405 |
) |
|
|
(252,344 |
) |
|
|
(121,969 |
) |
Non-cash change in allowance for credit losses |
|
(41,355 |
) |
|
|
551,876 |
|
|
|
70,122 |
|
|
|
632,696 |
|
Non-cash stock-based compensation |
|
4,031 |
|
|
|
3,236 |
|
|
|
7,498 |
|
|
|
5,866 |
|
Transaction and acquisition expenses |
|
777 |
|
|
|
16,664 |
|
|
|
(181 |
) |
|
|
17,419 |
|
Amortization of debt issuance costs and original issue discount |
|
16,680 |
|
|
|
11,991 |
|
|
|
36,362 |
|
|
|
27,968 |
|
Other depreciation |
|
826 |
|
|
|
749 |
|
|
|
1,609 |
|
|
|
1,495 |
|
Capital expenditures |
|
(330 |
) |
|
|
(202 |
) |
|
|
(1,318 |
) |
|
|
(656 |
) |
(Gain) loss on extinguishment of debt and interest rate swap settlements |
|
— |
|
|
|
(5,405 |
) |
|
|
— |
|
|
|
(5,405 |
) |
Other (gains) losses (1) |
|
(3,454 |
) |
|
|
— |
|
|
|
(5,417 |
) |
|
|
— |
|
Joint venture non-cash adjustments and non-controlling interest adjustments |
|
2,040 |
|
|
|
(12,058 |
) |
|
|
1,813 |
|
|
|
(11,856 |
) |
AFFO attributable to common stockholders |
|
540,407 |
|
|
|
430,050 |
|
|
|
1,069,012 |
|
|
|
735,545 |
|
Interest expense, net |
|
181,108 |
|
|
|
125,762 |
|
|
|
362,739 |
|
|
|
177,834 |
|
Income tax expense |
|
1,899 |
|
|
|
1,027 |
|
|
|
2,986 |
|
|
|
1,427 |
|
Joint venture adjustments and non-controlling interest adjustments |
|
— |
|
|
|
7,651 |
|
|
|
(1,021 |
) |
|
|
7,651 |
|
Adjusted EBITDA attributable to common stockholders |
$ |
723,414 |
|
|
$ |
564,490 |
|
|
$ |
1,433,716 |
|
|
$ |
922,457 |
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.69 |
|
|
$ |
(0.06 |
) |
|
$ |
1.20 |
|
|
$ |
0.23 |
|
Diluted |
$ |
0.69 |
|
|
$ |
(0.06 |
) |
|
$ |
1.20 |
|
|
$ |
0.23 |
|
FFO per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.69 |
|
|
$ |
(0.06 |
) |
|
$ |
1.21 |
|
|
$ |
0.24 |
|
Diluted |
$ |
0.69 |
|
|
$ |
(0.06 |
) |
|
$ |
1.20 |
|
|
$ |
0.24 |
|
Weighted average number of shares of common stock outstanding - Net Income (Loss) and FFO |
|||||||||||||||
Basic |
|
1,006,893,810 |
|
|
|
896,545,880 |
|
|
|
1,004,189,744 |
|
|
|
791,029,664 |
|
Diluted |
|
1,007,968,422 |
|
|
|
896,545,880 |
|
|
|
1,005,879,395 |
|
|
|
793,224,837 |
|
|
|
|
|
|
|
|
|
||||||||
AFFO per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.54 |
|
|
$ |
0.48 |
|
|
$ |
1.06 |
|
|
$ |
0.93 |
|
Diluted |
$ |
0.54 |
|
|
$ |
0.48 |
|
|
$ |
1.06 |
|
|
$ |
0.93 |
|
Weighted average number of shares of common stock outstanding - AFFO |
|||||||||||||||
Basic |
|
1,006,893,810 |
|
|
|
896,545,880 |
|
|
|
1,004,189,744 |
|
|
|
791,029,664 |
|
Diluted (2) |
|
1,007,968,422 |
|
|
|
897,362,588 |
|
|
|
1,005,879,395 |
|
|
|
793,224,837 |
|
____________________ (1) Represents non-cash foreign currency remeasurement adjustments and gain on sale of land. (2) For the three months ended June 30, 2022, the diluted weighted average number of shares of common stock outstanding in relation to AFFO is adjusted to include the dilutive effect, using the treasury stock method, of the assumed conversion of our restricted stock in the amount of 816,708 shares. For the three months ended June 30, 2022, such amounts have been excluded from the diluted weighted average number of shares of common stock in relation to net (loss) income and FFO as these were in loss positions and the effect of inclusion would have been anti-dilutive. |
|||||||||||||||
VICI Properties Inc. Revenue Breakdown (In thousands) |
||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
Contractual revenue from sales-type leases |
|
|
|
|
|
|
|
|||||||
Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease |
$ |
132,952 |
|
|
$ |
122,729 |
|
|
$ |
265,904 |
|
|
$ |
245,458 |
Caesars Las Vegas Master Lease |
|
113,619 |
|
|
|
105,556 |
|
|
|
227,238 |
|
|
|
211,112 |
MGM Grand/Mandalay Bay Lease |
|
77,468 |
|
|
|
— |
|
|
|
147,390 |
|
|
|
— |
The Venetian Resort Las Vegas Lease |
|
64,375 |
|
|
|
62,500 |
|
|
|
127,500 |
|
|
|
87,798 |
Greektown Lease |
|
12,957 |
|
|
|
12,830 |
|
|
|
25,787 |
|
|
|
25,660 |
Hard Rock Cincinnati Lease |
|
11,176 |
|
|
|
11,010 |
|
|
|
22,352 |
|
|
|
22,020 |
Southern Indiana Lease |
|
8,247 |
|
|
|
8,125 |
|
|
|
16,494 |
|
|
|
16,250 |
Century Master Lease |
|
6,865 |
|
|
|
6,376 |
|
|
|
13,730 |
|
|
|
12,752 |
Margaritaville Lease |
|
6,615 |
|
|
|
5,954 |
|
|
|
13,009 |
|
|
|
11,878 |
Income from sales-type leases non-cash adjustment (1) |
|
61,081 |
|
|
|
40,089 |
|
|
|
114,345 |
|
|
|
68,976 |
Income from sales-type leases |
|
495,355 |
|
|
|
375,169 |
|
|
|
973,749 |
|
|
|
701,904 |
|
|
|
|
|
|
|
|
|||||||
Contractual income from lease financing receivables |
|
|
|
|
|
|
|
|||||||
MGM Master Lease |
|
184,933 |
|
|
|
148,112 |
|
|
|
372,433 |
|
|
|
148,112 |
Harrah's NOLA, AC, and Laughlin |
|
42,966 |
|
|
|
39,663 |
|
|
|
85,932 |
|
|
|
79,326 |
JACK Entertainment Master Lease |
|
17,511 |
|
|
|
17,251 |
|
|
|
34,934 |
|
|
|
33,941 |
Mirage Lease |
|
22,500 |
|
|
|
— |
|
|
|
45,000 |
|
|
|
— |
Gold Strike Lease |
|
10,000 |
|
|
|
— |
|
|
|
15,000 |
|
|
|
— |
Foundation Gaming Master Lease |
|
6,063 |
|
|
|
— |
|
|
|
12,126 |
|
|
|
— |
PURE Canadian Master Lease |
|
4,050 |
|
|
|
— |
|
|
|
7,859 |
|
|
|
— |
Income from lease financing receivables non-cash adjustment (1) |
|
68,462 |
|
|
|
46,319 |
|
|
|
138,039 |
|
|
|
52,985 |
Income from lease financing receivables |
|
356,485 |
|
|
|
251,345 |
|
|
|
711,323 |
|
|
|
314,364 |
|
|
|
|
|
|
|
|
|||||||
Contractual interest income |
|
|
|
|
|
|
|
|||||||
Senior Secured Notes |
|
2,395 |
|
|
|
— |
|
|
|
2,503 |
|
|
|
— |
Senior Secured Loans |
|
5,566 |
|
|
|
9,185 |
|
|
|
15,830 |
|
|
|
18,215 |
Mezzanine Loans |
|
8,719 |
|
|
|
1,194 |
|
|
|
14,585 |
|
|
|
2,012 |
Income from loans non-cash adjustment (1) |
|
(33 |
) |
|
|
(3 |
) |
|
|
(40 |
) |
|
|
8 |
Income from loans |
|
16,647 |
|
|
|
10,376 |
|
|
|
32,878 |
|
|
|
20,235 |
Income from lease financing receivables and loans |
|
373,132 |
|
|
|
261,721 |
|
|
|
744,201 |
|
|
|
334,599 |
|
|
|
|
|
|
|
|
|||||||
Other income |
|
18,525 |
|
|
|
15,563 |
|
|
|
36,864 |
|
|
|
23,949 |
Golf revenues |
|
11,146 |
|
|
|
10,170 |
|
|
|
20,991 |
|
|
|
18,796 |
Total revenues |
$ |
898,158 |
|
|
$ |
662,623 |
|
|
$ |
1,775,805 |
|
|
$ |
1,079,248 |
____________________ (1) Amounts represent non-cash adjustments to recognize revenue on an effective interest basis in accordance with GAAP. |
||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20230726211661/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 VICI Properties' revenue growth in Q2 2023?
What was VICI Properties' net income in Q2 2023?
What was VICI Properties' AFFO in Q2 2023?
What is VICI Properties' updated AFFO guidance for full year 2023?
How much cash and cash equivalents did VICI Properties have at the end of Q2 2023?
