How did VICI perform financially in the first quarter of 2024?

Total revenues rose 8.4% to $951.5 million, net income attributable to common stockholders increased 13.7% to $590.0 million, and AFFO attributable to common stockholders grew 10.3% to $583.2 million. Per diluted share, net income was $0.57 and AFFO was $0.56, up 6.1% from $0.53.

What is the company's outlook for 2024?

VICI reaffirmed full-year 2024 AFFO guidance of $2,320 million to $2,355 million, or $2.22 to $2.25 per diluted share. The guidance excludes the impact of pending or possible future acquisitions or dispositions, capital markets activity, and other non-recurring transactions.

What is the Venetian Resort investment announced after quarter end?

On May 1, 2024, VICI agreed to provide up to $700.0 million to The Venetian Resort Las Vegas through its Partner Property Growth Fund. The initial $400.0 million is expected to be drawn in 2024 in three quarterly draws of $100.0 million, $150.0 million and $150.0 million, and the remaining $300.0 million is an option for the tenant to draw until November 1, 2026. Annual rent will increase at a 7.25% yield on each funding, and the investment is expected to be funded with cash and partial settlement of outstanding forward equity sale agreements.

How is VICI managing its debt and liquidity?

The company issued $1.05 billion of senior notes in March 2024 and used the proceeds to redeem its 5.625% notes due 2024. As of March 31, 2024, it reported approximately $17.1 billion in total debt and approximately $3.5 billion in liquidity, including $485.3 million in cash and cash equivalents, $29.6 million in short-term investments, $682.7 million of estimated forward sale proceeds and approximately $2.3 billion of revolver availability.

What did VICI pay in dividends and how did it raise equity?

On March 7, 2024, VICI declared a regular quarterly cash dividend of $0.415 per share, paid April 4, 2024, totaling approximately $432.9 million in aggregate. During the quarter, the company sold 9,662,116 shares under its ATM program at a weighted average price of $31.61 per share for $305.5 million gross, all subject to a forward sale agreement, so it received no proceeds at the time of the agreement.

VICI 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed May 1, 2024. Cited figures are marked; the original filing is the authoritative source.

VICI Properties Inc. reported first quarter 2024 results for the three months ended March 31, 2024, in a press release furnished as Exhibit 99.1 and supplemental financial and operating data furnished as Exhibit 99.2.

Total revenues rose 8.4% year over year to $951.5 million^a, net income attributable to common stockholders increased 13.7% to $590.0 million ($0.57 per diluted share), and AFFO attributable to common stockholders increased 10.3% to $583.2 million ($0.56 per diluted share, up 6.1%). The company reaffirmed full-year 2024 AFFO guidance of $2,320 million to $2,355 million, or $2.22 to $2.25 per diluted share. During the quarter, VICI issued $1.05 billion of investment grade senior notes through VICI Properties L.P., comprising $550.0 million of 5.750% notes due 2034 and $500.0 million of 6.125% notes due 2054, and used the proceeds to redeem $1,050.0 million of 5.625% notes due 2024.

The company also sold 9,662,116 shares under its ATM program for gross proceeds of $305.5 million^b, all subject to a forward sale agreement. As of March 31, 2024, the company reported approximately $17.1 billion in total debt and approximately $3.5 billion in liquidity, and stated it had $514.9 million in cash, cash equivalents and short-term investments. Subsequent to quarter end, on May 1, 2024, VICI announced it will provide up to $700.0 million to The Venetian Resort Las Vegas for reinvestment projects through its Partner Property Growth Fund strategy.

This comprises $400.0 million^c expected to be drawn in 2024 in three quarterly draws, and an incremental $300.0 million that the tenant may draw at its option until November 1, 2026. Annual rent under the Venetian lease will increase at a 7.25% yield on each funding. Separately, in January 2024 the company agreed to provide up to $105.0 million in construction financing for a Margaritaville Resort in Kansas City, Kansas, together with a call right agreement.

02—Key points

Key Highlights

Total revenues increased 8.4% year over year to $951.5 million for Q1 2024, compared with $877.6 million in Q1 2023.
Net income attributable to common stockholders was $590.0 million, or $0.57 per diluted share, up 13.7% in dollar terms and 9.4% per share from Q1 2023.
AFFO attributable to common stockholders rose 10.3% to $583.2 million, or $0.56 per diluted share, an increase of 6.1% per share.
Full-year 2024 AFFO guidance was reaffirmed at $2,320 million to $2,355 million, or $2.22 to $2.25 per diluted share.
Issued $1.05 billion of investment grade senior notes in March 2024 at an adjusted weighted average interest rate of 5.929%, and used proceeds to redeem $1,050.0 million of 5.625% notes due 2024.
Sold 9,662,116 shares under the ATM program for $305.5 million gross, with $682.7 million of estimated forward sale equity proceeds available at quarter end.
Announced up to $700.0 million Venetian Resort reinvestment financing after quarter end, with $400.0 million expected to be drawn in 2024 and a 7.25% yield on incremental rent.

03—Questions

Frequently Asked Questions

How did VICI perform financially in the first quarter of 2024?
Total revenues rose 8.4% to $951.5 million, net income attributable to common stockholders increased 13.7% to $590.0 million, and AFFO attributable to common stockholders grew 10.3% to $583.2 million. Per diluted share, net income was $0.57 and AFFO was $0.56, up 6.1% from $0.53.
What is the company's outlook for 2024?
VICI reaffirmed full-year 2024 AFFO guidance of $2,320 million to $2,355 million, or $2.22 to $2.25 per diluted share. The guidance excludes the impact of pending or possible future acquisitions or dispositions, capital markets activity, and other non-recurring transactions.
What is the Venetian Resort investment announced after quarter end?
On May 1, 2024, VICI agreed to provide up to $700.0 million to The Venetian Resort Las Vegas through its Partner Property Growth Fund. The initial $400.0 million is expected to be drawn in 2024 in three quarterly draws of $100.0 million, $150.0 million and $150.0 million, and the remaining $300.0 million is an option for the tenant to draw until November 1, 2026. Annual rent will increase at a 7.25% yield on each funding, and the investment is expected to be funded with cash and partial settlement of outstanding forward equity sale agreements.
How is VICI managing its debt and liquidity?
The company issued $1.05 billion of senior notes in March 2024 and used the proceeds to redeem its 5.625% notes due 2024. As of March 31, 2024, it reported approximately $17.1 billion in total debt and approximately $3.5 billion in liquidity, including $485.3 million in cash and cash equivalents, $29.6 million in short-term investments, $682.7 million of estimated forward sale proceeds and approximately $2.3 billion of revolver availability.
What did VICI pay in dividends and how did it raise equity?
On March 7, 2024, VICI declared a regular quarterly cash dividend of $0.415 per share, paid April 4, 2024, totaling approximately $432.9 million in aggregate. During the quarter, the company sold 9,662,116 shares under its ATM program at a weighted average price of $31.61 per share for $305.5 million gross, all subject to a forward sale agreement, so it received no proceeds at the time of the agreement.

04—Continue

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