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VICI Properties 8-K Report, Financial Results (Jul 31, 2024)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed July 31, 2024
Period End
July 31, 2024
Security
VICI
In the record · 2017–202610-K1010-Q288-K161

VICI filed 10 annual reports (10-K), 28 quarterly reports (10-Q) and 161 current reports (8-K) between 2017 and 2026.

  1. Deal closed8-K · Sep ’19Sep ’19
  2. Material agreement8-K · Mar ’21Mar ’21
  3. Material agreement8-K · Jan ’23Jan ’23
  4. Leadership change8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed July 31, 2024. Cited figures are marked; the original filing is the authoritative source.

VICI Properties Inc. and VICI Properties L.P. furnished this Form 8-K to report results for the three and six months ended June 30, 2024.

Total revenues for the quarter were $957.0 milliona, up 6.6% year over year from $898.2 million. Net income attributable to common stockholders was $741.3 million, or $0.71 per diluted share, compared with $690.7 million, or $0.69, a year earlier. AFFO attributable to common stockholders was $592.4 million, up 9.6% from $540.4 million, or $0.57 per share, up 5.9% from $0.54.

The company disclosed two capital deployments in the quarter. It committed up to $700 millionb to The Venetian Resort Las Vegas under its Partner Property Growth Fund, with $100.0 million drawn in Q2 2024, $150.0 million drawn in Q3 2024, and $150.0 million expected in Q4 2024. It also originated a $250.0 million mezzanine loan as part of a $1.55 billion Great Wolf Resorts financing.

The company ended the quarter with $347.2 millionc in cash and cash equivalents and approximately $3.4 billion in liquidity, and it raised its full-year 2024 AFFO guidance to $2,350 million to $2,370 million, or $2.24 to $2.26 per diluted share, from $2,320 million to $2,355 million. As of June 30, 2024, total debt was $17.1 billion and net debt was $16,771.8 million.

The company's LQA net leverage ratio was 5.4x, and its LTM net leverage was 5.6x. The filing also reports a quarterly dividend of $0.415d per share, paid July 3, 2024, totaling approximately $432.9 million.

02—Key points

Key Highlights

  1. Total revenues rose 6.6% year over year to $957.0 million; net income attributable to common stockholders rose 7.3% to $741.3 million.
  2. AFFO attributable to common stockholders increased 9.6% to $592.4 million, or $0.57 per diluted share, up 5.9% per share.
  3. Up to $700 million Venetian Capital Investment through the Partner Property Growth Fund, with incremental Venetian rent at a 7.25% yield on fundings.
  4. $250.0 million Great Wolf mezzanine loan as part of a $1.55 billion financing; Great Wolf repaid VICI's $79.5 million Great Wolf Lodge Maryland mezzanine loan.
  5. Full-year 2024 AFFO guidance raised to $2,350 million to $2,370 million, or $2.24 to $2.26 per diluted share.
  6. Liquidity of approximately $3.4 billion, including $347.2 million cash, $681.0 million of forward sale equity proceeds, and about $2.3 billion of revolver availability.
  7. Total debt of approximately $17.1 billion, with an LQA net leverage ratio of 5.4x; ratings are Ba1/Positive (Moody's) and BBB-/Stable (S&P and Fitch).

03—Questions

Frequently Asked Questions

  1. How did VICI's second-quarter 2024 earnings compare with the prior year?

    Net income attributable to common stockholders was $741.3 million, or $0.71 per diluted share, versus $690.7 million, or $0.69, in Q2 2023. AFFO attributable to common stockholders was $592.4 million, or $0.57 per share, versus $540.4 million, or $0.54. Total revenues were $957.0 million, up 6.6%.

  2. What new capital commitments did VICI announce?

    VICI announced it will provide up to $700 million to The Venetian Resort Las Vegas through the Partner Property Growth Fund. It has also originated a $250.0 million mezzanine loan for Great Wolf Resorts as part of a $1.55 billion financing. The filing states that $650.0 million of the commitments will be deployed in 2024.

  3. Why did VICI raise its 2024 AFFO guidance?

    The filing raises full-year 2024 AFFO guidance to $2,350 million to $2,370 million, or $2.24 to $2.26 per diluted share, from $2,320 million to $2,355 million, or $2.22 to $2.25 previously. The guidance excludes the impact of pending or future acquisitions, dispositions, capital markets activity and other non-recurring transactions.

  4. How is VICI funding its capital commitments and how liquid is it?

    The company funded the Q2 Venetian draw and the Great Wolf loan with cash, and the filing states that the Q3 and Q4 Venetian draws are funded with a combination of cash and proceeds from partial settlement of forward equity sale agreements. As of June 30, 2024, total liquidity was approximately $3.4 billion, comprising $347.2 million cash, $681.0 million of estimated forward sale proceeds and about $2.3 billion of revolver availability.

  5. What is VICI's debt and leverage position?

    As of June 30, 2024, total debt was $17,119.0 million and net debt was $16,771.8 million. The LQA net leverage ratio was 5.4x and LTM net leverage was 5.6x. The weighted average years to maturity was 6.6 years, and 99.0% of debt was fixed rate.

04—Continue

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