- Reports 6.6% Year-over-Year Revenue Growth -
- Announced Capital Investment in the Venetian Resort through the
Partner Property Growth Fund - - Announced $250 Million Great Wolf
Mezzanine Loan - - Raises Guidance for Full Year 2024 -
VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, "VICI" or
the “Company”), an experiential real estate investment trust, today
reported results for the quarter ended June 30, 2024. All per share
amounts included herein are on a per diluted common share basis
unless otherwise stated.
Second Quarter 2024 Financial and Operating
Highlights
- Total revenues increased 6.6% year-over-year to $957.0
million
- Net income attributable to common stockholders increased 7.3%
year-over-year to $741.3 million and, on a per share basis,
increased 3.7% year-over-year to $0.71
- AFFO attributable to common stockholders increased 9.6%
year-over-year to $592.4 million and, on a per share basis,
increased 5.9% year-over-year to $0.57
- Announced an up to $700 million investment through VICI's
Partner Property Growth Fund strategy to fund extensive
reinvestment projects at The Venetian Resort Las Vegas
- Announced the origination of a $250 million mezzanine loan as
part of a $1.55 billion financing for Great Wolf Resorts, Inc.
through the VICI Experiential Credit Solutions strategy
- Ended the quarter with $347.2 million in cash and cash
equivalents and $681.0 million of estimated forward sale equity
proceeds
- Raised AFFO guidance for full year 2024 to between $2,350
million and $2,370 million, or between $2.24 and $2.26 per diluted
share
CEO Comments
Edward Pitoniak, Chief Executive Officer of VICI Properties,
said, “In the second quarter, we committed up to $950.0 million of
capital into existing high-quality partnerships, $650.0 million of
which will be deployed this year, comprised of our $400.0 million
property improvement investment into the Venetian and $250.0
million credit investment into Great Wolf Resorts. We funded $350.0
million of the aggregate commitment in the second quarter and an
additional $150.0 million of the Venetian Capital Investment
subsequent to quarter end. Given the funding cadence of these
investments and our strong liquidity position at quarter end, we
were able to fund them with capital on hand. The Venetian Capital
Investment exemplifies the value of our Partner Property Growth
Fund strategy, which provides attractive capital deployment
opportunities to invest into existing VICI assets at scale, and the
Great Wolf transaction demonstrates VICI's ability to recycle
capital via our VICI Experiential Credit Solutions strategy. We
believe these investments demonstrate that VICI has advantageous
levers for sustained, sustainable growth with quality tenants in
durable sectors across attractive geographies."
Second Quarter 2024 Financial Results
Total Revenues
Total revenues were $957.0 million for the quarter, an increase
of 6.6% compared to $898.2 million for the quarter ended June 30,
2023. Total revenues for the quarter included $131.3 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 $741.3
million for the quarter, or $0.71 per share, compared to $690.7
million, or $0.69 per share, for the quarter ended June 30,
2023.
Funds from Operations (“FFO”)
FFO attributable to common stockholders was $741.3 million for
the quarter, or $0.71 per share, compared to $690.7 million, or
$0.69 per share, for the quarter ended June 30, 2023.
Adjusted Funds from Operations (“AFFO”)
AFFO attributable to common stockholders was $592.4 million for
the quarter, an increase of 9.6% compared to $540.4 million for the
quarter ended June 30, 2023. AFFO per share was $0.57 for the
quarter, an increase of 5.9% compared to $0.54 for the quarter
ended June 30, 2023.
Second Quarter 2024 Acquisitions and Portfolio
Activity
Acquisitions and Investments
On May 1, 2024, the Company announced that it will provide up to
$700.0 million of capital to The Venetian Resort Las Vegas ("The
Venetian Resort") for extensive reinvestment projects through its
Partner Property Growth Fund strategy (the "Venetian Capital
Investment"). The Venetian Capital Investment is comprised of
$400.0 million expected to be drawn in 2024 and an incremental
$300.0 million that The Venetian Resort will have the option, but
not the obligation, to draw in whole or in part until November 1,
2026. The initial $400.0 million investment is and will be funded
in three quarterly capital fundings based on a fixed schedule:
$100.0 million was drawn in Q2 2024, $150.0 million was drawn in Q3
2024 and $150.0 million will be drawn in Q4 2024. Annual rent under
the existing Venetian Resort lease (as amended, the “Venetian
Resort Lease”) increases commencing on the first day of the quarter
immediately following each capital funding at a 7.25% yield (the
"Incremental Venetian Rent"). The Incremental Venetian Rent will
begin escalating annually at 2.0% on March 1, 2029 and, commencing
on March 1, 2031, will begin escalating on the same terms as the
rest of the rent payable under the Venetian Resort Lease with
annual escalation equal to the greater of 2.0% or CPI, capped at
3.0%. The $100.0 million draw in Q2 2024 and the $150.0 million
draw in Q3 2024 were funded, and the $150.0 million draw in Q4 2024
is expected to be funded, with a combination of cash and proceeds
from the partial settlement of the Company's outstanding forward
equity sale agreements.
On May 9, 2024, the Company announced that it had originated a
$250.0 million mezzanine loan (the “Mezzanine Loan”) as part of a
$1.55 billion financing that also includes a single borrower group
CMBS securitization (the “Great Wolf Loan”) for Great Wolf Resorts,
Inc. (“Great Wolf”) through its VICI Experiential Credit Solutions
strategy. The Mezzanine Loan has an annual fixed interest rate and
an initial term of two years with three 12-month extension options,
subject to the satisfaction of certain conditions. In connection
with the Great Wolf Loan origination, Great Wolf repaid VICI’s
$79.5 million mezzanine loan for Great Wolf Lodge Maryland. The
remaining $170.5 million capital commitment was funded with
cash.
Second Quarter 2024 Capital Markets Activity
Subsequent to quarter end, on July 1, 2024, the Company
physically settled 4,000,000 shares under its outstanding ATM
forward sale agreements in exchange for aggregate net proceeds of
approximately $115.2 million.
Subsequent to quarter end, during July 2024, the Company entered
into forward-starting interest rate swaps with an aggregate
notional amount of $100.0 million, which is intended to reduce the
variability in future cash flows for a forecasted issuance of
long-term debt.
The following table details the issuance of outstanding shares
of common stock, including restricted common stock:
Six Months Ended June
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
—
43,792,592
Issuance of restricted and unrestricted
common stock under the stock incentive program, net of
forfeitures
468,980
537,355
Ending Balance June 30,
1,043,171,743
1,007,426,510
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,
(in thousands)
2024
2023
2024
2023
Determination of shares:
Weighted-average shares of common stock
outstanding
1,042,651
1,006,894
1,042,530
1,004,190
Assumed conversion of restricted stock
309
696
361
884
Assumed settlement of forward sale
agreements
—
379
247
805
Diluted weighted-average shares of common
stock outstanding
1,042,960
1,007,968
1,043,138
1,005,879
Balance Sheet and Liquidity
As of June 30, 2024, the Company had approximately $17.1 billion
in total debt and approximately $3.4 billion in liquidity,
comprised of $347.2 million in cash and cash equivalents, $681.0
million of estimated net proceeds available upon physical
settlement of 22,856,855 shares outstanding under its forward sale
agreements, and approximately $2.3 billion of availability under
its revolving credit facility. In addition, the revolving credit
facility includes the option to increase the revolving loan
commitments by up to $1.0 billion to the extent that any one or
more lenders (from the syndicate or otherwise) agree to provide
such additional credit extensions.
Subsequent to quarter end, on July 1, 2024, the Company
physically settled 4,000,000 shares under its outstanding ATM
forward sale agreements in exchange for aggregate net proceeds of
approximately $115.2 million.
The Company’s outstanding indebtedness as of June 30, 2024 was
as follows:
($ in millions USD)
June 30, 2024
Revolving Credit Facility
USD Borrowings
$
—
CAD Borrowings(1)
157.6
GBP Borrowings(1)
11.4
3.500% Notes Due 2025
750.0
4.375% Notes Due 2025
500.0
4.625% Notes Due 2025
800.0
4.500% Notes Due 2026
500.0
4.250% Notes Due 2026
1,250.0
5.750% Notes Due 2027
750.0
3.750% Notes Due 2027
750.0
4.500% Notes Due 2028
350.0
4.750% Notes Due 2028
1,250.0
3.875% Notes Due 2029
750.0
4.625% Notes Due 2029
1,000.0
4.950% Notes Due 2030
1,000.0
4.125% Notes Due 2030
1,000.0
5.125% Notes Due 2032
1,500.0
5.750% Notes Due 2034
550.0
5.625% Notes Due 2052
750.0
6.125% Notes Due 2054
500.0
Total Unsecured Debt Outstanding
$
14,119.0
CMBS Debt Due 2032
$
3,000.0
Total Debt Outstanding
$
17,119.0
Cash and Cash Equivalents
$
347.2
Net Debt
$
16,771.8
_______________
(1)
Based on applicable exchange rates as of
June 30, 2024.
Dividends
On June 7, 2024, the Company declared a regular quarterly cash
dividend of $0.415 per share. The Q2 2024 dividend was paid on July
3, 2024 to stockholders of record as of the close of business on
June 18, 2024 and totaled in aggregate approximately $432.9
million.
2024 Guidance
The Company is raising 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 United States (“GAAP”) financial measure. In
reliance on the exception provided by applicable rules, the Company
does not provide guidance for GAAP net income, the most comparable
GAAP financial measure, or a reconciliation of 2024 AFFO to GAAP
net income because we are unable to predict with reasonable
certainty the amount of the change in non-cash allowance for credit
losses under ASU No. 2016-13 - Financial Instruments—Credit Losses
(Topic 326) (“ASC 326”) for a future period. The non-cash change in
allowance for credit losses under ASC 326 with respect to a future
period is dependent upon future events that are entirely outside of
the Company’s control and may not be reliably predicted, including
its tenants’ respective financial performance, fluctuations in the
trading price of their common stock, credit ratings and outlook
(each to the extent applicable), as well as broader macroeconomic
performance. Based on past results and, as disclosed in our
historical financial results, the impact of these adjustments could
be material, individually or in the aggregate, to the Company’s
reported GAAP results. For more information, see “Non-GAAP
Financial Measures.”
The Company estimates AFFO for the year ending December 31, 2024
will be between $2,350 million and $2,370 million, or between $2.24
and $2.26 per diluted common share. Guidance does not include the
impact on operating results from any pending or possible future
acquisitions or dispositions, capital markets activity, or other
non-recurring transactions.
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)
$2,350
$2,370
$2,320
$2,355
Estimated Adjusted Funds From Operations
(AFFO) per diluted share
$2.24
$2.26
$2.22
$2.25
Estimated Weighted Average Share Count for
the Year (in millions)
1,048.0
1,048.0
1,046.0
1,046.0
The above per share estimates reflect the dilutive effect of the
18,856,855 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
Thursday, August 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 896264. An audio replay of the conference call will
be available from 1:00 p.m. ET on August 1, 2024 until midnight ET
on August 8, 2024 and can be accessed by dialing +1 866-813-9403
(domestic) or +44 204-525-0658 (international) and entering the
passcode 762138.
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 August 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 the United
States and Canada. The portfolio is comprised of approximately 127
million square feet and features approximately 60,300 hotel rooms
and over 500 restaurants, bars, nightclubs and sportsbooks. Its
properties are occupied by industry-leading gaming, leisure and
hospitality operators under long-term, triple-net lease agreements.
VICI Properties has a growing array of real estate and financing
partnerships with leading operators in other experiential sectors,
including Bowlero, Cabot, Canyon Ranch, Chelsea Piers, Great Wolf
Resorts, Homefield and Kalahari Resorts. VICI Properties also owns
four championship golf courses and 33 acres of undeveloped and
underdeveloped land adjacent to the Las Vegas Strip. VICI
Properties’ goal is to own the highest quality and most productive
experiential real estate portfolio through a strategy of partnering
with the highest quality experiential place makers and operators.
For additional information, please visit
www.viciproperties.com.
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
U.S. or global economy; the impact of increased interest rates on
us, including our ability to successfully pursue investments in,
and acquisitions of, additional properties and to obtain debt
financing for such investments at attractive interest rates, or at
all; risks associated with our recently closed transactions,
including our ability or failure to realize the anticipated
benefits thereof; our dependence on our tenants at our properties
and their affiliates that serve as guarantors of the lease payments
and the negative consequences any material adverse effect on their
respective businesses could have on us; the possibility that any
future transactions may not be consummated on the terms or
timeframes contemplated, or at all, including our ability to obtain
the financing necessary to complete any acquisitions on the terms
we expect in a timely manner, or at all, the ability of the parties
to satisfy the conditions set forth in the definitive transaction
documents, including the receipt of, or delays in obtaining,
governmental and regulatory approvals and consents required to
consummate such transactions, or other delays or impediments to
completing the transactions; the anticipated benefits of certain
arrangements with certain tenants in connections with our funding
of “same store” capital improvements in exchange for increased rent
pursuant to the terms of our agreements with such tenants, which we
refer to as the Partner Property Growth Fund; our decision and
ability to exercise our purchase rights under our put-call
agreements, call agreements, right of first refusal agreements and
right of first offer agreements; our borrowers’ ability to repay
their outstanding loan obligations to us; our dependence on the
gaming industry; our ability to pursue our business and growth
strategies may be limited by the requirement that we distribute 90%
of our REIT taxable income in order to qualify for taxation as a
REIT and that we distribute 100% of our REIT taxable income in
order to avoid current entity-level U.S. federal income taxes; the
impact of extensive regulation from gaming and other regulatory
authorities; the ability of our tenants to obtain and maintain
regulatory approvals in connection with the operation of our
properties, or the imposition of conditions to such regulatory
approvals; the possibility that our tenants may choose not to renew
their respective lease agreements following the initial or
subsequent terms of the leases; restrictions on our ability to sell
our properties subject to the lease agreements; our tenants and any
guarantors’ historical results may not be a reliable indicator of
their future results; our substantial amount of indebtedness and
ability to service, refinance and otherwise fulfill our obligations
under such indebtedness; our historical financial information may
not be reliable indicators of our future results of operations,
financial condition and cash flows; the possibility that we
identify significant environmental, tax, legal or other issues,
including additional costs or liabilities, that materially and
adversely impact the value of assets acquired or secured as
collateral (or other benefits we expect to receive) in any of our
recently completed transactions; the impact of changes to the U.S.
federal income tax laws; the possibility of adverse tax
consequences as a result of our recently completed transactions,
including tax protection agreements to which we are a party;
increased volatility in our stock price, including as a result of
our recently completed transactions; our inability to maintain our
qualification for taxation as a REIT; the impact of climate change,
natural disasters, war, political and public health conditions or
uncertainty or civil unrest, violence or terrorist activities or
threats on our properties and changes in economic conditions or
heightened travel security and health measures instituted in
response to these events; the loss of the services of key
personnel; the inability to attract, retain and motivate employees;
the costs and liabilities associated with environmental compliance;
failure to establish and maintain an effective system of integrated
internal controls; our reliance on distributions received from our
subsidiaries, including VICI Properties OP LLC, to make
distributions to our stockholders; the potential impact on the
amount of our cash distributions if we were to sell any of our
properties in the future; our ability to continue to make
distributions to holders of our common stock or maintain
anticipated levels of distributions over time; and competition for
transaction opportunities, including from other REITs, investment
companies, private equity firms and hedge funds, sovereign funds,
lenders, gaming companies and other investors that may have greater
resources and access to capital and a lower cost of capital or
different investment parameters than us.
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 the
United States (“GAAP”). These are non-GAAP financial measures and
should not be construed as alternatives to net income or as an
indicator of operating performance (as determined in accordance
with GAAP). We believe FFO, FFO per share, AFFO, AFFO per share and
Adjusted EBITDA provide a meaningful perspective of the underlying
operating performance of our business.
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)
June 30, 2024
December 31, 2023
Assets
Real estate portfolio:
Investments in leases - sales-type,
net
$
23,189,566
$
23,015,931
Investments in leases - financing
receivables, net
18,337,881
18,211,102
Investments in loans and securities,
net
1,461,198
1,144,177
Land
150,727
150,727
Cash and cash equivalents
347,160
522,574
Other assets
1,024,718
1,015,330
Total assets
$
44,511,250
$
44,059,841
Liabilities
Debt, net
$
16,727,361
$
16,724,125
Accrued expenses and deferred revenue
215,689
227,241
Dividends and distributions payable
437,785
437,599
Other liabilities
1,004,102
1,013,102
Total liabilities
18,384,937
18,402,067
Stockholders’ equity
Common stock
10,432
10,427
Preferred stock
—
—
Additional paid-in capital
24,128,989
24,125,872
Accumulated other comprehensive income
148,211
153,870
Retained earnings
1,431,264
965,762
Total VICI stockholders’ equity
25,718,896
25,255,931
Non-controlling interests
407,417
401,843
Total stockholders’ equity
26,126,313
25,657,774
Total liabilities and stockholders’
equity
$
44,511,250
$
44,059,841
_______________________________________________________
Note: As of June 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 $762.7 million, $706.7 million, $26.5 million and
$20.0 million, respectively, and $701.1 million, $703.6 million,
$29.8 million and $18.7 million, respectively.
VICI Properties Inc.
Consolidated Statement of
Operations
(In thousands, except share and
per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Revenues
Income from sales-type leases
$
512,289
$
495,355
$
1,025,061
$
973,749
Income from lease financing receivables,
loans and securities
413,735
373,132
823,036
744,201
Other income
19,323
18,525
38,635
36,864
Golf revenues
11,656
11,146
21,752
20,991
Total revenues
957,003
898,158
1,908,484
1,775,805
Operating expenses
General and administrative
15,768
14,920
31,960
29,925
Depreciation
992
887
2,125
1,701
Other expenses
19,323
18,525
38,635
36,864
Golf expenses
6,813
6,590
13,324
12,542
Change in allowance for credit losses
(43,000
)
(41,355
)
63,918
70,122
Transaction and acquisition expenses
259
777
564
(181
)
Total operating expenses
155
344
150,526
150,973
Income from unconsolidated affiliate
—
—
—
1,280
Interest expense
(205,777
)
(203,594
)
(410,659
)
(407,954
)
Interest income
3,926
5,806
9,219
8,853
Other gains
990
3,454
834
5,417
Income before income taxes
755,987
703,480
1,357,352
1,232,428
Provision for income taxes
(3,234
)
(1,899
)
(4,796
)
(2,986
)
Net income
752,753
701,581
1,352,556
1,229,442
Less: Net income attributable to
non-controlling interests
(11,451
)
(10,879
)
(21,238
)
(20,000
)
Net income attributable to common
stockholders
$
741,302
$
690,702
$
1,331,318
$
1,209,442
Net income per common share
Basic
$
0.71
$
0.69
$
1.28
$
1.20
Diluted
$
0.71
$
0.69
$
1.28
$
1.20
Weighted average number of common
shares outstanding
Basic
1,042,650,713
1,006,893,810
1,042,530,017
1,004,189,744
Diluted
1,042,959,627
1,007,968,422
1,043,137,980
1,005,879,395
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 June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net income attributable to common
stockholders
$
741,302
$
690,702
$
1,331,318
$
1,209,442
Real estate depreciation
—
—
—
—
Joint venture depreciation and
non-controlling interest adjustments
—
—
—
1,426
FFO attributable to common
stockholders
741,302
690,702
1,331,318
1,210,868
Non-cash leasing and financing
adjustments
(131,283
)
(129,510
)
(266,949
)
(252,344
)
Non-cash change in allowance for credit
losses
(43,000
)
(41,355
)
63,918
70,122
Non-cash stock-based compensation
4,579
4,031
8,372
7,498
Transaction and acquisition expenses
259
777
564
(181
)
Amortization of debt issuance costs and
original issue discount
17,644
16,680
34,153
36,362
Other depreciation
835
826
1,681
1,609
Capital expenditures
(633
)
(330
)
(1,065
)
(1,318
)
Other gains (1)
(990
)
(3,454
)
(834
)
(5,417
)
Deferred income tax provision
1,853
—
2,288
—
Joint venture non-cash adjustments and
non-controlling interest adjustments
1,859
2,040
2,150
1,813
AFFO attributable to common
stockholders
592,425
540,407
1,175,596
1,069,012
Interest expense, net
184,207
181,108
367,287
362,739
Income tax expense
1,381
1,899
2,508
2,986
Joint venture adjustments and
non-controlling interest adjustments
(2,140
)
—
(4,268
)
(1,021
)
Adjusted EBITDA attributable to common
stockholders
$
775,873
$
723,414
$
1,541,123
$
1,433,716
Net income per common share
Basic
$
0.71
$
0.69
$
1.28
$
1.20
Diluted
$
0.71
$
0.69
$
1.28
$
1.20
FFO per common share
Basic
$
0.71
$
0.69
$
1.28
$
1.21
Diluted
$
0.71
$
0.69
$
1.28
$
1.20
AFFO per common share
Basic
$
0.57
$
0.54
$
1.13
$
1.06
Diluted
$
0.57
$
0.54
$
1.13
$
1.06
Weighted average number of shares of
common stock outstanding
Basic
1,042,650,713
1,006,893,810
1,042,530,017
1,004,189,744
Diluted
1,042,959,627
1,007,968,422
1,043,137,980
1,005,879,395
_______________
(1)
Represents non-cash foreign currency
remeasurement adjustment and gain on sale of land.
VICI Properties Inc.
Revenue Breakdown
(In thousands)
Three Months Ended June
30,
Six Months Ended June
30,
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
$
275,248
$
265,904
Caesars Las Vegas Master Lease
117,305
113,619
234,610
227,238
MGM Grand/Mandalay Bay Lease
79,018
77,468
157,002
147,390
The Venetian Resort Las Vegas Lease
66,306
64,375
131,325
127,500
PENN Greektown Lease
13,213
12,957
26,426
25,787
Hard Rock Cincinnati Lease
11,541
11,176
23,082
22,352
Century Master Lease (excluding Century
Canadian Portfolio)
10,971
6,865
21,942
13,730
EBCI Southern Indiana Lease
8,371
8,247
16,742
16,494
PENN Margaritaville Lease
6,706
6,615
13,382
13,009
Income from sales-type leases non-cash
adjustment (1)
61,234
61,081
125,302
114,345
Income from sales-type leases
512,289
495,355
1,025,061
973,749
Contractual income from lease financing
receivables
MGM Master Lease
188,632
184,933
374,782
372,433
Harrah's NOLA, AC, and Laughlin
44,477
42,966
88,954
85,932
Hard Rock Mirage Lease
22,950
22,500
45,900
45,000
JACK Entertainment Master Lease
17,772
17,511
35,457
34,934
CNE Gold Strike Lease
10,336
10,000
21,069
15,000
Bowlero Master Lease
7,900
—
15,800
Foundation Gaming Master Lease
6,123
6,063
12,246
12,126
Chelsea Piers Lease
6,000
—
12,000
PURE Canadian Master Lease
4,024
4,050
8,091
7,859
Century Canadian Portfolio
3,159
—
6,365
—
Income from lease financing receivables
non-cash adjustment (1)
70,103
68,462
141,744
138,039
Income from lease financing
receivables
381,476
356,485
762,408
711,323
Contractual interest income
Senior secured notes
2,403
2,395
4,804
2,503
Senior secured loans
9,137
5,566
16,986
15,830
Mezzanine loans & preferred equity
20,773
8,719
38,935
14,585
Income from loans non-cash adjustment
(1)
(54
)
(33
)
(97
)
(40
)
Income from loans
32,259
16,647
60,628
32,878
Income from lease financing receivables
and loans
413,735
373,132
823,036
744,201
Other income
19,323
18,525
38,635
36,864
Golf revenues
11,656
11,146
21,752
20,991
Total revenues
$
957,003
$
898,158
$
1,908,484
$
1,775,805
_______________
(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/20240731469106/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
Vici Properties (NYSE:VICI)
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