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VICI Properties Inc. Announces Third Quarter 2024 Results

1. VICI reported a 6.7% revenue growth year-over-year. 2. Net income surged 31.7% to $732.9 million. 3. VICI increased its dividend by 4.2%, marking the seventh consecutive raise. 4. Deployed $230 million across various funding agreements. 5. 2024 AFFO guidance updated to between $2.36 billion and $2.37 billion.

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FAQ

Why Very Bullish?

The revenue and income increase alongside dividend growth could attract investors, similar to past performance spikes.

How important is it?

Positive earnings reports of this magnitude typically drive substantial market interest and can influence stock valuation significantly.

Why Long Term?

Sustained financial growth and elevated dividends likely enhance investor confidence and stock value over time.

Related Companies

VICI Properties Inc. Announces Third Quarter 2024 Results

- Reports 6.7% Year-over-Year Revenue Growth -
- Announced 7th Consecutive Annual Dividend Increase -
- Deployed $230 million of Capital -
- Updates Guidance for Full Year 2024 -

NEW YORK--()--VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, "VICI" or the “Company”), an experiential real estate investment trust, today reported results for the quarter ended September 30, 2024. All per share amounts included herein are on a per diluted common share basis unless otherwise stated.

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 $732.9 million and, on a per share basis, increased 27.4% year-over-year to $0.70
  • AFFO attributable to common stockholders increased 8.4% year-over-year to $593.9 million and, on a per share basis, increased 4.9% year-over-year to $0.57
  • Declared a quarterly cash dividend of $0.4325 per share, representing a 4.2% year-over-year increase
  • Ended the quarter with $355.7 million in cash and cash equivalents and $630.2 million of estimated forward sale equity proceeds
  • Deployed $230 million of capital through various loan and Partner Property Growth Fund agreements
  • Updated AFFO guidance for full year 2024 to between $2,360 million and $2,370 million, or between $2.25 and $2.26 per diluted share

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 7% year-over-year and our AFFO per share by approximately 5% year-over-year. Through our previously announced capital commitments, we were able to deploy $230 million of capital during the quarter, through various of our loan and Partner Property Growth Fund agreements. In the quarter, we announced a 4.2% dividend increase, enabling VICI to achieve a dividend CAGR of 7% since our IPO. Our portfolio construction and consistent annual earnings growth from same-store rent escalations have funded our annual dividend increases, creating a compelling compounding opportunity. Our record of 100% rent collection since formation is strengthened by enduring secular tailwinds, mission-critical real estate and tenant transparency. We expect these cornerstone elements to support compounding growth for years to come."

Third Quarter 2024 Financial Results

Total Revenues

Total revenues were $964.7 million for the quarter, an increase of 6.7% compared to $904.3 million for the quarter ended September 30, 2023. Total revenues for the quarter included $135.9 million of non-cash leasing and financing adjustments and $19.3 million of other income.

Net Income Attributable to Common Stockholders

Net income attributable to common stockholders was $732.9 million for the quarter, or $0.70 per share, compared to $556.3 million, or $0.55 per share, for the quarter ended September 30, 2023.

Funds from Operations (“FFO”)

FFO attributable to common stockholders was $732.9 million for the quarter, or $0.70 per share, compared to $556.3 million, or $0.55 per share, for the quarter ended September 30, 2023.

Adjusted Funds from Operations (“AFFO”)

AFFO attributable to common stockholders was $593.9 million for the quarter, an increase of 8.4% compared to $547.6 million for the quarter ended September 30, 2023. AFFO per share was $0.57 for the quarter, an increase of 4.9% compared to $0.54 for the quarter ended September 30, 2023.

Contacts

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

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