VICI Properties Inc. Announces Third Quarter 2024 Results
VICI Properties reported strong Q3 2024 results with total revenues increasing 6.7% year-over-year to $964.7 million. Net income attributable to common stockholders rose 31.7% to $732.9 million ($0.70 per share). The company deployed $230 million of capital through loan and Partner Property Growth Fund agreements and declared a quarterly dividend of $0.4325 per share, marking a 4.2% year-over-year increase. VICI updated its full-year 2024 AFFO guidance to between $2,360-2,370 million, or $2.25-2.26 per diluted share. The company ended Q3 with $355.7 million in cash and $630.2 million in estimated forward sale equity proceeds.
VICI Properties ha riportato risultati solidi per il Q3 2024 con ricavi totali che sono aumentati del 6,7% rispetto all'anno precedente, raggiungendo i 964,7 milioni di dollari. Il reddito netto attribuibile agli azionisti ordinari è aumentato del 31,7% a 732,9 milioni di dollari (0,70 dollari per azione). L'azienda ha investito 230 milioni di dollari attraverso accordi di prestiti e nel Partner Property Growth Fund e ha dichiarato un dividendo trimestrale di 0,4325 dollari per azione, segnando un incremento del 4,2% rispetto all'anno precedente. VICI ha aggiornato le previsioni per l'anno intero 2024 sull'AFFO a un intervallo compreso tra 2.360 e 2.370 milioni di dollari, ovvero 2,25-2,26 dollari per azione diluita. L'azienda ha chiuso il Q3 con 355,7 milioni di dollari in contante e 630,2 milioni di dollari in proventi stimati da vendite future.
VICI Properties reportó resultados sólidos para el Q3 2024 con ingresos totales que aumentaron un 6.7% interanual hasta alcanzar los 964.7 millones de dólares. Los ingresos netos atribuibles a los accionistas comunes aumentaron un 31.7% a 732.9 millones de dólares (0.70 dólares por acción). La empresa desplegó 230 millones de dólares en capital a través de acuerdos de préstamos y del Fondo de Crecimiento de Propiedades Asociadas, y declaró un dividendo trimestral de 0.4325 dólares por acción, lo que representa un incremento del 4.2% respecto al año anterior. VICI actualizó su guía de AFFO para todo el año 2024 a un rango de entre 2,360 y 2,370 millones de dólares, o 2.25-2.26 dólares por acción diluida. La empresa cerró el Q3 con 355.7 millones de dólares en efectivo y 630.2 millones de dólares en ingresos estimados por ventas futuras.
VICI Properties는 총 수입이 전년 대비 6.7% 증가하여 9억6470만 달러에 달하는 강력한 2024년 3분기 실적을 발표했습니다. 보통주주에게 귀속되는 순이익은 31.7% 증가하여 7억3290만 달러(주당 0.70 달러)로 증가했습니다. 회사는 대출 및 파트너 자산 성장 기금 계약을 통해 2억3000만 달러의 자본을 배치했으며, 주당 0.4325달러의 분기 배당금을 선언하여 전년 대비 4.2% 증가했습니다. VICI는 2024년 전체 연도 AFFO 가이던스를 23억6000만 달러에서 23억7000만 달러 사이로, 즉 희석 주당 2.25-2.26 달러로 업데이트했습니다. 회사는 3분기를 마치며 3억5570만 달러의 현금과 6억3020만 달러의 예상 선매 출처 수익을 보유하고 있습니다.
VICI Properties a annoncé des résultats solides pour le T3 2024 avec des revenus totaux en hausse de 6,7 % d'une année sur l'autre, atteignant 964,7 millions de dollars. Le revenu net attribuable aux actionnaires ordinaires a augmenté de 31,7 % pour atteindre 732,9 millions de dollars (0,70 dollar par action). L'entreprise a investi 230 millions de dollars de capital par le biais de prêts et d'accords avec le Fonds de Croissance des Propriétés Partenaires, et a déclaré un dividende trimestriel de 0,4325 dollar par action, marquant une augmentation de 4,2 % par rapport à l'année précédente. VICI a révisé ses prévisions pour l'AFFO de l'année pleine 2024, le portant entre 2 360 et 2 370 millions de dollars, soit 2,25 à 2,26 dollars par action diluée. L'entreprise a clôturé le T3 avec 355,7 millions de dollars en liquidités et 630,2 millions de dollars de produits estimés de ventes futures.
VICI Properties hat starke Ergebnisse für das Q3 2024 gemeldet, mit einem Anstieg der Gesamteinnahmen um 6,7% im Vergleich zum Vorjahr auf 964,7 Millionen US-Dollar. Der den Stammaktionären zurechenbare Nettogewinn stieg um 31,7% auf 732,9 Millionen US-Dollar (0,70 US-Dollar je Aktie). Das Unternehmen setzte 230 Millionen US-Dollar Kapital durch Kredite und Vereinbarungen im Partner Property Growth Fund ein und erklärte eine vierteljährliche Dividende von 0,4325 US-Dollar je Aktie, was einem Anstieg von 4,2% im Vergleich zum Vorjahr entspricht. VICI aktualisierte die Prognose für das gesamte Jahr 2024 für das AFFO auf einen Bereich von 2.360 bis 2.370 Millionen US-Dollar oder 2,25-2,26 US-Dollar pro verwässerter Aktie. Das Unternehmen beendete das Q3 mit 355,7 Millionen US-Dollar in bar und 630,2 Millionen US-Dollar an geschätzten Erlösen aus künftigen Verkäufen.
- Revenue growth of 6.7% YoY to $964.7M
- Net income increase of 31.7% YoY to $732.9M
- AFFO growth of 8.4% YoY to $593.9M
- 4.2% dividend increase, achieving 7% CAGR since IPO
- 100% rent collection maintained since formation
- $230M capital deployment in Q3
- Increased debt level of $17.1B as of Q3 2024
Insights
VICI Properties delivered strong Q3 2024 results with notable growth metrics:
The balance sheet remains robust with
The
The company's proactive interest rate risk management through
- Reports
- Announced 7th Consecutive Annual Dividend Increase -
- Deployed
- Updates Guidance for Full Year 2024 -
Third Quarter 2024 Financial and Operating Highlights
-
Total revenues increased
6.7% year-over-year to$964.7 million -
Net income attributable to common stockholders increased
31.7% year-over-year to and, on a per share basis, increased$732.9 million 27.4% year-over-year to$0.70 -
AFFO attributable to common stockholders increased
8.4% year-over-year to and, on a per share basis, increased$593.9 million 4.9% year-over-year to$0.57 -
Declared a quarterly cash dividend of
per share, representing a$0.43 254.2% year-over-year increase -
Ended the quarter with
in cash and cash equivalents and$355.7 million of estimated forward sale equity proceeds$630.2 million -
Deployed
of capital through various loan and Partner Property Growth Fund agreements$230 million -
Updated AFFO guidance for full year 2024 to between
and$2,360 million , or between$2,370 million and$2.25 per diluted share$2.26
CEO Comments
Edward Pitoniak, Chief Executive Officer of VICI Properties, said, “In the third quarter, we continued to demonstrate the flow-through efficiency of our economic model, increasing our quarterly revenue by approximately
Third Quarter 2024 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
Third Quarter 2024 Capital Markets Activity
During the three months ended September 30, 2024, the Company sold a total of 1,996,483 shares under its ATM program at a weighted average price per share of
During the three months ended September 30, 2024, the Company entered into forward-starting interest rate swaps with an aggregate notional amount of
On July 1, 2024, the Company physically settled 4,000,000 shares under an outstanding ATM forward sale agreement in exchange for aggregate net proceeds of approximately
The following table details the issuance of outstanding shares of common stock, including restricted common stock:
|
|
Nine Months Ended September 30, |
||||||
Common Stock Outstanding |
|
|
2024 |
|
|
|
2023 |
|
Beginning Balance January 1, |
|
|
1,042,702,763 |
|
|
|
963,096,563 |
|
Issuance of common stock upon physical settlement of forward sale agreements |
|
4,000,000 |
|
|
53,192,592 |
|
||
Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures |
|
|
469,718 |
|
|
|
538,728 |
|
Ending Balance September 30, |
|
|
1,047,172,481 |
|
|
|
1,016,827,883 |
|
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
|
|
Nine Months Ended
|
||||||||||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Determination of shares: |
|
|
|
|
|
|
|
||||||||
Weighted-average shares of common stock outstanding |
|
1,046,627 |
|
|
|
1,012,987 |
|
|
|
1,043,922 |
|
|
|
1,007,110 |
|
Assumed conversion of restricted stock |
|
681 |
|
|
603 |
|
|
467 |
|
|
790 |
||||
Assumed settlement of forward sale agreements |
|
1,031 |
|
|
|
— |
|
|
|
508 |
|
|
|
537 |
|
Diluted weighted-average shares of common stock outstanding |
|
1,048,338 |
|
|
|
1,013,590 |
|
|
|
1,044,897 |
|
|
|
1,008,437 |
|
___________________ |
|||||||||||||||
Note: Subsequent to quarter end, on October 1, 2024, the Company physically settled 7,000,000 shares under an outstanding ATM forward sale agreement for aggregate net proceeds of approximately |
Balance Sheet and Liquidity
As of September 30, 2024, the Company had approximately
On July 1, 2024, the Company physically settled 4,000,000 shares under an outstanding ATM forward sale agreement in exchange for aggregate net proceeds of approximately
The Company’s outstanding indebtedness as of September 30, 2024 was as follows:
($ in millions USD) |
September 30, 2024 |
||
Revolving Credit Facility |
|
||
USD Borrowings |
$ | — |
|
CAD Borrowings(1) |
|
148.3 |
|
GBP Borrowings(1) |
|
19.4 |
|
|
|
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 |
|
|
|
550.0 |
|
|
|
750.0 |
|
|
|
500.0 |
|
Total Unsecured Debt Outstanding |
$ |
14,117.7 |
|
CMBS Debt Due 2032 |
$ |
3,000.0 |
|
Total Debt Outstanding |
$ |
17,117.7 |
|
Cash and Cash Equivalents |
$ |
355.7 |
|
Net Debt |
$ |
16,762.0 |
|
___________________ |
|||
(1) Based on applicable exchange rates as of September 30, 2024. |
Dividends
On September 5, 2024, the Company declared a regular quarterly cash dividend of
2024 Guidance
The Company is updating its 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 updated full-year 2024 guidance:
|
|
Updated Guidance |
|
Prior Guidance |
||||||||||||
For the Year Ending December 31, 2024: |
|
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) |
|
|
1,048.0 |
|
|
|
1,048.0 |
|
|
|
1,048.0 |
|
|
|
1,048.0 |
The above per share estimates reflect the dilutive effect of the 13,853,338 shares currently pending under the Company's outstanding forward sale agreements, as calculated under the treasury stock method. VICI partnership units held by 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 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, except as may be required by applicable law.
Conference Call and Webcast
The Company will host a conference call and audio webcast on Friday, November 1, 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 619008. An audio replay of the conference call will be available from 1:00 p.m. ET on November 1, 2024 until midnight ET on November 8, 2024 and can be accessed by dialing +1 866-813-9403 (domestic) or +44 204-525-0658 (international) and entering the passcode 535627.
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 November 1, 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 (losses) gains, 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) |
|||||||
|
September 30, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
||||
Real estate portfolio: |
|
|
|
||||
Investments in leases - sales-type, net |
$ |
23,429,732 |
|
|
$ |
23,015,931 |
|
Investments in leases - financing receivables, net |
|
18,410,105 |
|
|
18,211,102 |
||
Investments in loans and securities, net |
|
1,550,680 |
|
|
|
1,144,177 |
|
Land |
|
150,727 |
|
|
|
150,727 |
|
Cash and cash equivalents |
|
355,667 |
|
|
|
522,574 |
|
Other assets |
|
1,021,195 |
|
|
|
1,015,330 |
|
Total assets |
$ |
44,918,106 |
|
|
$ |
44,059,841 |
|
|
|
|
|
||||
Liabilities |
|
|
|
||||
Debt, net |
$ |
16,743,584 |
|
|
$ |
16,724,125 |
|
Accrued expenses and deferred revenue |
|
194,201 |
|
|
|
227,241 |
|
Dividends and distributions payable |
|
457,977 |
|
|
|
437,599 |
|
Other liabilities |
|
999,272 |
|
|
|
1,013,102 |
|
Total liabilities |
|
18,395,034 |
|
|
|
18,402,067 |
|
|
|
|
|
||||
Stockholders’ equity |
|
|
|
||||
Common stock |
|
10,472 |
|
|
|
10,427 |
|
Preferred stock |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
24,247,840 |
|
|
|
24,125,872 |
|
Accumulated other comprehensive income |
|
141,705 |
|
|
|
153,870 |
|
Retained earnings |
|
1,711,277 |
|
|
|
965,762 |
|
Total VICI stockholders’ equity |
|
26,111,294 |
|
|
|
25,255,931 |
|
Non-controlling interests |
|
411,778 |
|
|
|
401,843 |
|
Total stockholders’ equity |
|
26,523,072 |
|
|
|
25,657,774 |
|
Total liabilities and stockholders’ equity |
$ |
44,918,106 |
|
|
$ |
44,059,841 |
|
_______________________________________________________ |
|||||||
Note: As of September 30, 2024 and December 31, 2023, 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. Consolidated Statement of Operations (In thousands, except share and per share data) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues |
|
|
|
|
|
|
|
||||||||
Income from sales-type leases |
$ |
518,691 |
|
|
$ |
500,212 |
|
|
$ |
1,543,752 |
|
|
$ |
1,473,961 |
|
Income from lease financing receivables, loans and securities |
|
419,115 |
|
|
|
378,502 |
|
|
|
1,242,151 |
|
|
|
1,122,703 |
|
Other income |
|
19,315 |
|
|
|
18,179 |
|
|
|
57,950 |
|
|
|
55,043 |
|
Golf revenues |
|
7,548 |
|
|
|
7,425 |
|
|
|
29,300 |
|
|
|
28,416 |
|
Total revenues |
|
964,669 |
|
|
|
904,318 |
|
|
|
2,873,153 |
|
|
|
2,680,123 |
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses |
|
|
|
|
|
|
|
||||||||
General and administrative |
|
16,458 |
|
|
|
14,422 |
|
|
|
48,418 |
|
|
|
44,347 |
|
Depreciation |
|
1,008 |
|
|
|
1,011 |
|
|
|
3,133 |
|
|
|
2,712 |
|
Other expenses |
|
19,315 |
|
|
|
18,179 |
|
|
|
57,950 |
|
|
|
55,043 |
|
Golf expenses |
|
6,824 |
|
|
|
6,332 |
|
|
|
20,148 |
|
|
|
18,874 |
|
Change in allowance for credit losses |
|
(31,626 |
) |
|
|
95,997 |
|
|
|
32,292 |
|
|
|
166,119 |
|
Transaction and acquisition expenses |
|
1,164 |
|
|
|
3,566 |
|
|
|
1,728 |
|
|
|
3,385 |
|
Total operating expenses |
|
13,143 |
|
|
|
139,507 |
|
|
|
163,669 |
|
|
|
290,480 |
|
|
|
|
|
|
|
|
|
||||||||
Income from unconsolidated affiliate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,280 |
|
Interest expense |
|
(207,317 |
) |
|
|
(204,927 |
) |
|
|
(617,976 |
) |
|
|
(612,881 |
) |
Interest income |
|
2,797 |
|
|
|
7,341 |
|
|
|
12,016 |
|
|
|
16,194 |
|
Other (losses) gains |
|
(64 |
) |
|
|
(1,122 |
) |
|
|
770 |
|
|
|
4,295 |
|
Income before income taxes |
|
746,942 |
|
|
|
566,103 |
|
|
|
2,104,294 |
|
|
|
1,798,531 |
|
Provision for income taxes |
|
(2,461 |
) |
|
|
(644 |
) |
|
|
(7,257 |
) |
|
|
(3,630 |
) |
Net income |
|
744,481 |
|
|
|
565,459 |
|
|
|
2,097,037 |
|
|
|
1,794,901 |
|
Less: Net income attributable to non-controlling interests |
|
(11,583 |
) |
|
|
(9,130 |
) |
|
|
(32,821 |
) |
|
|
(29,130 |
) |
Net income attributable to common stockholders |
$ |
732,898 |
|
|
$ |
556,329 |
|
|
$ |
2,064,216 |
|
|
$ |
1,765,771 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.70 |
|
|
$ |
0.55 |
|
|
$ |
1.98 |
|
|
$ |
1.75 |
|
Diluted |
$ |
0.70 |
|
|
$ |
0.55 |
|
|
$ |
1.98 |
|
|
$ |
1.75 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding |
|
|
|
|
|
|
|||||||||
Basic |
|
1,046,626,838 |
|
|
|
1,012,986,784 |
|
|
|
1,043,921,660 |
|
|
|
1,007,110,068 |
|
Diluted |
|
1,048,338,348 |
|
|
|
1,013,589,640 |
|
|
|
1,044,897,468 |
|
|
|
1,008,437,452 |
|
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 September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income attributable to common stockholders |
$ |
732,898 |
|
|
$ |
556,329 |
|
|
$ |
2,064,216 |
|
|
$ |
1,765,771 |
|
Real estate depreciation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Joint venture depreciation and non-controlling interest adjustments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,426 |
|
FFO attributable to common stockholders |
|
732,898 |
|
|
|
556,329 |
|
|
|
2,064,216 |
|
|
|
1,767,197 |
|
Non-cash leasing and financing adjustments |
|
(135,890 |
) |
|
|
(131,344 |
) |
|
|
(402,839 |
) |
|
|
(383,688 |
) |
Non-cash change in allowance for credit losses |
|
(31,626 |
) |
|
|
95,997 |
|
|
|
32,292 |
|
|
|
166,119 |
|
Non-cash stock-based compensation |
|
4,601 |
|
|
|
4,019 |
|
|
|
12,973 |
|
|
|
11,517 |
|
Transaction and acquisition expenses |
|
1,164 |
|
|
|
3,566 |
|
|
|
1,728 |
|
|
|
3,385 |
|
Amortization of debt issuance costs and original issue discount |
|
18,747 |
|
|
|
17,283 |
|
|
|
52,900 |
|
|
|
53,645 |
|
Other depreciation |
|
883 |
|
|
|
833 |
|
|
|
2,564 |
|
|
|
2,442 |
|
Capital expenditures |
|
(878 |
) |
|
|
(444 |
) |
|
|
(1,943 |
) |
|
|
(1,762 |
) |
Other losses (gains) (1) |
|
64 |
|
|
|
1,122 |
|
|
|
(770 |
) |
|
|
(4,295 |
) |
Deferred income tax provision |
|
1,945 |
|
|
|
— |
|
|
|
4,233 |
|
|
|
— |
|
Joint venture non-cash adjustments and non-controlling interest adjustments |
|
1,950 |
|
|
|
253 |
|
|
|
4,100 |
|
|
|
2,066 |
|
AFFO attributable to common stockholders |
|
593,858 |
|
|
|
547,614 |
|
|
|
1,769,454 |
|
|
|
1,616,626 |
|
Interest expense, net |
|
185,773 |
|
|
|
180,303 |
|
|
|
553,060 |
|
|
|
543,042 |
|
Income tax expense |
|
516 |
|
|
|
644 |
|
|
|
3,024 |
|
|
|
3,630 |
|
Joint venture adjustments and non-controlling interest adjustments |
|
(2,152 |
) |
|
|
(2,155 |
) |
|
|
(6,420 |
) |
|
|
(3,176 |
) |
Adjusted EBITDA attributable to common stockholders |
$ |
777,995 |
|
|
$ |
726,406 |
|
|
$ |
2,319,118 |
|
|
$ |
2,160,122 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.70 |
|
|
$ |
0.55 |
|
|
$ |
1.98 |
|
|
$ |
1.75 |
|
Diluted |
$ |
0.70 |
|
|
$ |
0.55 |
|
|
$ |
1.98 |
|
|
$ |
1.75 |
|
FFO per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.70 |
|
|
$ |
0.55 |
|
|
$ |
1.98 |
|
|
$ |
1.75 |
|
Diluted |
$ |
0.70 |
|
|
$ |
0.55 |
|
|
$ |
1.98 |
|
|
$ |
1.75 |
|
AFFO per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.57 |
|
|
$ |
0.54 |
|
|
$ |
1.70 |
|
|
$ |
1.61 |
|
Diluted |
$ |
0.57 |
|
|
$ |
0.54 |
|
|
$ |
1.69 |
|
|
$ |
1.60 |
|
Weighted average number of shares of common stock outstanding |
|
|
|
|
|||||||||||
Basic |
|
1,046,626,838 |
|
|
|
1,012,986,784 |
|
|
|
1,043,921,660 |
|
|
|
1,007,110,068 |
|
Diluted |
|
1,048,338,348 |
|
|
|
1,013,589,640 |
|
|
|
1,044,897,468 |
|
|
|
1,008,437,452 |
|
____________________ |
|||||||||||||||
(1) Represents non-cash foreign currency remeasurement adjustment and gain on sale of land. |
VICI Properties Inc. Revenue Breakdown (In thousands) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Contractual revenue from sales-type leases |
|
|
|
|
|
|
|
||||||||
Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease |
$ |
137,624 |
|
|
$ |
132,952 |
|
|
$ |
412,872 |
|
|
$ |
398,856 |
|
Caesars Las Vegas Master Lease |
|
117,305 |
|
|
|
113,619 |
|
|
|
351,915 |
|
|
|
340,857 |
|
MGM Grand/Mandalay Bay Lease |
|
79,018 |
|
|
|
77,468 |
|
|
|
236,020 |
|
|
|
224,858 |
|
The Venetian Resort Las Vegas Lease |
|
68,118 |
|
|
|
64,375 |
|
|
|
199,443 |
|
|
|
191,875 |
|
PENN Greektown Lease |
|
13,214 |
|
|
|
13,214 |
|
|
|
39,640 |
|
|
|
39,001 |
|
Hard Rock Cincinnati Lease |
|
11,541 |
|
|
|
11,176 |
|
|
|
34,623 |
|
|
|
33,528 |
|
EBCI Southern Indiana Lease |
|
10,971 |
|
|
|
8,288 |
|
|
|
32,913 |
|
|
|
24,782 |
|
Century Master Lease (excluding Century Canadian Portfolio) |
|
8,412 |
|
|
|
9,740 |
|
|
|
25,154 |
|
|
|
23,470 |
|
PENN Margaritaville Lease |
|
6,706 |
|
|
|
6,615 |
|
|
|
20,088 |
|
|
|
19,624 |
|
Income from sales-type leases non-cash adjustment (1) |
|
65,782 |
|
|
|
62,765 |
|
|
|
191,084 |
|
|
|
177,110 |
|
Income from sales-type leases |
|
518,691 |
|
|
|
500,212 |
|
|
|
1,543,752 |
|
|
|
1,473,961 |
|
|
|
|
|
|
|
|
|
||||||||
Contractual income from lease financing receivables |
|
|
|
|
|
|
|
||||||||
MGM Master Lease |
|
189,873 |
|
|
|
186,150 |
|
|
|
564,655 |
|
|
|
558,583 |
|
Harrah's NOLA, AC, and Laughlin |
|
44,477 |
|
|
|
42,966 |
|
|
|
133,431 |
|
|
|
128,898 |
|
Hard Rock Mirage Lease |
|
22,950 |
|
|
|
22,500 |
|
|
|
68,850 |
|
|
|
67,500 |
|
JACK Entertainment Master Lease |
|
17,772 |
|
|
|
17,511 |
|
|
|
53,229 |
|
|
|
52,445 |
|
CNE Gold Strike Lease |
|
10,404 |
|
|
|
10,000 |
|
|
|
31,473 |
|
|
|
25,000 |
|
Bowlero Master Lease |
|
7,900 |
|
|
|
— |
|
|
|
23,700 |
|
|
|
||
Foundation Gaming Master Lease |
|
6,123 |
|
|
|
6,063 |
|
|
|
18,369 |
|
|
|
18,189 |
|
Chelsea Piers Lease |
|
6,000 |
|
|
|
— |
|
|
|
18,000 |
|
|
|
||
PURE Canadian Master Lease |
|
4,037 |
|
|
|
4,054 |
|
|
|
12,128 |
|
|
|
11,913 |
|
Century Canadian Portfolio |
|
3,170 |
|
|
|
887 |
|
|
|
9,535 |
|
|
|
887 |
|
Income from lease financing receivables non-cash adjustment (1) |
|
70,162 |
|
|
|
68,586 |
|
|
|
211,906 |
|
|
|
206,625 |
|
Income from lease financing receivables |
|
382,868 |
|
|
|
358,717 |
|
|
|
1,145,276 |
|
|
|
1,070,040 |
|
|
|
|
|
|
|
|
|
||||||||
Contractual interest income |
|
|
|
|
|
|
|
||||||||
Senior secured notes |
|
2,405 |
|
|
|
2,344 |
|
|
|
7,209 |
|
|
|
4,847 |
|
Senior secured loans |
|
11,334 |
|
|
|
4,565 |
|
|
|
28,320 |
|
|
|
20,395 |
|
Mezzanine loans & preferred equity |
|
22,562 |
|
|
|
12,883 |
|
|
|
61,497 |
|
|
|
27,468 |
|
Income from loans non-cash adjustment (1) |
|
(54 |
) |
|
|
(7 |
) |
|
|
(151 |
) |
|
|
(47 |
) |
Income from loans and securities |
|
36,247 |
|
|
|
19,785 |
|
|
|
96,875 |
|
|
|
52,663 |
|
Income from lease financing receivables, loans and securities |
|
419,115 |
|
|
|
378,502 |
|
|
|
1,242,151 |
|
|
|
1,122,703 |
|
|
|
|
|
|
|
|
|
||||||||
Other income |
|
19,315 |
|
|
|
18,179 |
|
|
|
57,950 |
|
|
|
55,043 |
|
Golf revenues |
|
7,548 |
|
|
|
7,425 |
|
|
|
29,300 |
|
|
|
28,416 |
|
Total revenues |
$ |
964,669 |
|
|
$ |
904,318 |
|
|
$ |
2,873,153 |
|
|
$ |
2,680,123 |
|
____________________ |
|||||||||||||||
(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/20241031575983/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
LinkedIn:
www.linkedin.com/company/vici-properties-inc
Source: VICI Properties Inc.
FAQ
What was VICI Properties' revenue growth in Q3 2024?
How much did VICI's dividend increase in Q3 2024?
What is VICI's updated AFFO guidance for full year 2024?