VICI Properties 8-K Report, Financial Results (Feb 22, 2024)

VICI Properties Inc. reported fourth quarter and full year 2023 results on February 22, 2024, as stated in the Form 8-K, which furnishes a press release (Exhibit 99.1) and supplemental financial and operating data (Exhibit 99.2).

For the full year 2023, total revenues were $3,612.0 million^a, up 38.9% year-over-year, and net income attributable to common stockholders was $2,513.5 million, or $2.47 per diluted share. AFFO was $2,187.0 million, or $2.15 per diluted share, an increase of 11.8% per share. The company announced and originated approximately $1.8 billion of acquisitions and investments in 2023 at a weighted average initial yield of 7.7%, including the $432.9 million Bowlero sale-leaseback and the $342.9 million Chelsea Piers leasehold acquisition, plus $698.2 million of strategic financing partnerships.

Balance sheet and liquidity figures as of December 31, 2023 show approximately $17.1 billion^b in total debt and approximately $3.2 billion in liquidity, comprised of $522.6 million of cash, $382.2 million of forward sale agreement proceeds and $2.3 billion of revolver availability. The company declared a quarterly dividend of $0.415 per share, a 6.4% year-over-year increase. Subsequent to year-end, VICI sold 9,662,116 shares under its ATM program for $305.5 million and reported approximately $3.5 billion in liquidity upon completion of that event.

For 2024, the company guided to AFFO of $2,320 million to $2,355 million^c, or $2.22 to $2.25 per diluted share, excluding the impact of any pending or possible future acquisitions, dispositions, capital markets activity or other non-recurring transactions. The guidance reflects the dilutive effect of 22,856,855 shares pending under outstanding forward sale agreements.