NEW YORK--(BUSINESS WIRE)--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