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

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed October 31, 2024
Period End
October 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 October 31, 2024. Cited figures are marked; the original filing is the authoritative source.

VICI Properties Inc. reported third-quarter 2024 results on October 31, 2024, with total revenues of $964.7 milliona, up 6.7% year-over-year from $904.3 million, and net income attributable to common stockholders of $732.9 million, or $0.70 per share, compared with $556.3 million, or $0.55 per share, a year earlier.

AFFO attributable to common stockholders was $593.9 millionb, or $0.57 per share, an increase of 8.4% in total dollars and 4.9% per share. The company declared a quarterly dividend of $0.4325 per share, a 4.2% year-over-year increase, and described it as its seventh consecutive annual dividend increase. The company updated its full-year 2024 AFFO guidance to between $2,360 million and $2,370 million, or between $2.25 and $2.26 per diluted share, versus prior guidance of $2,350 million to $2,370 million, or $2.24 to $2.26 per share.

As of September 30, 2024, total debt was $17.1 billionc and liquidity was approximately $3.3 billion, including $355.7 million of cash, $630.2 million of estimated forward sale equity proceeds, and about $2.3 billion of revolver availability. The company deployed $230 million of capital during the quarter through loan and Partner Property Growth Fund agreements. The filing furnishes a press release and supplemental financial and operating data as Exhibits 99.1 and 99.2.

Under Regulation FD, the information is furnished rather than filed. The company also reported a balance sheet with total assets of $44.92 billiond at September 30, 2024, and stated that it had 100% rent collection since formation in the CEO's comments.

02—Key points

Key Highlights

  1. Total revenues rose 6.7% year-over-year to $964.7 million for the third quarter of 2024.
  2. Net income attributable to common stockholders was $732.9 million, or $0.70 per diluted share, versus $0.55 a year earlier.
  3. AFFO attributable to common stockholders was $593.9 million, or $0.57 per share, up 8.4% in dollars and 4.9% per share.
  4. Quarterly dividend declared at $0.4325 per share, a 4.2% year-over-year increase, described as the seventh consecutive annual dividend increase.
  5. Full-year 2024 AFFO guidance raised at the low end to $2,360 million to $2,370 million, or $2.25 to $2.26 per diluted share.
  6. Liquidity of approximately $3.3 billion at September 30, 2024, against total debt of approximately $17.1 billion.
  7. Deployed $230 million of capital during the quarter through loan and Partner Property Growth Fund agreements.

03—Questions

Frequently Asked Questions

  1. How did VICI perform in the third quarter of 2024?

    Total revenues were $964.7 million, up 6.7% from $904.3 million. Net income attributable to common stockholders was $732.9 million, or $0.70 per share, compared with $556.3 million, or $0.55 per share, a year earlier. AFFO was $593.9 million, or $0.57 per share.

  2. Did VICI change its 2024 guidance?

    Yes. The company updated full-year 2024 AFFO guidance to between $2,360 million and $2,370 million, or $2.25 to $2.26 per diluted share. Prior guidance was $2,350 million to $2,370 million, or $2.24 to $2.26 per share. The estimated weighted average share count was 1,048.0 million shares.

  3. What is the company's dividend and how much will be paid?

    The company declared a quarterly cash dividend of $0.4325 per share, a 4.2% year-over-year increase. The Q3 2024 dividend was paid on October 3, 2024, totaling approximately $452.9 million in aggregate.

  4. What is VICI's liquidity and debt position?

    At September 30, 2024, the company had about $17.1 billion in total debt and about $3.3 billion in liquidity, including $355.7 million of cash, $630.2 million of estimated net proceeds from forward sale agreements, and about $2.3 billion of revolving credit facility availability. Net debt was $16,762.0 million.

  5. What do the exhibits to this filing contain?

    Exhibit 99.1 is the October 31, 2024 press release announcing third-quarter results. Exhibit 99.2 is the Supplemental Financial & Operating Data for the quarter ended September 30, 2024. The filing states that this information is furnished under Item 2.02 and Item 7.01 and is not deemed filed under Section 18 of the Exchange Act.

04—Continue

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