VICI Properties Inc. Announces Third Quarter 2023 Results

VICI Properties Inc., an experiential real estate investment trust, reported results for the quarter ended September 30, 2023.

Third Quarter 2023 Financial and Operating Highlights

• Total revenues increased 20.3% year-over-year to $904.3 million
• Net income attributable to common stockholders increased year-over-year to $556.3 million from $330.9 million and, on a per share basis, increased year-over-year to $0.55 from $0.34
• AFFO attributable to common stockholders increased 16.4% year-over-year to $547.6 million and, on a per share basis, increased 10.7% year-over-year to $0.54
• Weighted average shares outstanding increased 5.1% year-over-year
• Completed the Rocky Gap Casino Resort acquisition with Century Casinos and acquired the real estate of Century Casinos’ four gaming properties in Alberta, Canada
• Expanded the partnership with Canyon Ranch through a preferred equity investment, a mortgage loan and call rights to acquire Canyon Ranch Tucson and Canyon Ranch Lenox
• Declared a quarterly cash dividend of $0.415 per share, representing a 6.4% year-over-year increase
• Ended the quarter with $510.9 million in cash and cash equivalents and $807.2 million of estimated available forward sale equity proceeds
• Increased AFFO guidance for full year 2023 to between $2,170 million and $2,180 million, or between $2.14 and $2.15 per diluted share
• Subsequent to quarter end, entered the family entertainment sector through the acquisition of 38 bowling entertainment centers in a sale-leaseback transaction with Bowlero.

Edward Pitoniak, CEO of VICI Properties, said: “VICI’s third quarter financial performance reflects our sustained, sustainable commitment to accretive growth and capital deployment through acquisitions and strategic financing activity, exemplified by approximately 20% revenue growth and nearly 11% growth in AFFO per share year-over-year. During the quarter, in addition to closing Rocky Gap and announcing the expansion of our Canyon Ranch Growth Partnership, we expanded our international presence through closing the acquisition of four casino properties in Alberta, Canada with our existing tenant and partner, Century Casinos.

“Subsequent to quarter end, we entered into a new experiential sector with Bowlero, the market leader in reinvigorating the programming and economics of the bowling experience through their innovative consolidation and growth model. In this partnership, we acquired 38 Bowlero properties and concurrently bolstered our embedded growth pipeline by obtaining a right of first offer to acquire current or future Bowlero real estate in the coming years through sale-leaseback transactions. We also expanded our presence in 11 new states and added another publicly traded tenant to our roster. VICI’s differentiation stems from our commitment to partnering with operators who define their respective experiential categories, as Bowlero has done with the bowling experience.”

Third Quarter 2023 Financial Results

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Total Revenues

Total revenues were $904.3 million for the quarter, an increase of 20.3% compared to $751.5 million for the quarter ended September 30, 2022. Total revenues for the quarter included $131.3 million of non-cash leasing and financing adjustments and $18.2 million of other income.

Net Income Attributable to Common Stockholders

Net income attributable to common stockholders was $556.3 million for the quarter, or $0.55 per share, compared to $330.9 million, or $0.34 per share, for the quarter ended September 30, 2022.