VICI Properties (VICI) Q3 2024 earnings summary

Executive summary

• Owns 93 experiential assets, including 54 gaming and 39 other properties, with 100% occupancy and a 41-year weighted average lease term as of September 30, 2024.

• Achieved 6.7% year-over-year revenue growth to $964.7 million for Q3 2024, with net income up 31.7% to $732.9 million and AFFO up 8.4% to $593.9 million.

• Deployed $230 million in capital through loans and partner property growth fund agreements, including significant investments in the Venetian Resort and Great Wolf.

• Maintains a disciplined capital allocation strategy, focusing on both gaming and non-gaming experiential real estate, with a strong presence in Las Vegas and regional markets.

• Announced a 4.2% increase in quarterly dividend, marking the 7th consecutive annual increase.

Financial highlights

• Q3 2024 revenue was $964.7 million, up $60.4 million year-over-year; net income attributable to common stockholders was $732.9 million ($0.70 per share), up from $556.3 million ($0.55 per share) year-over-year.

• AFFO per share was $0.57 for Q3 2024, up 4.9% from $0.54 in Q3 2023.

• Adjusted EBITDA for Q3 2024 was $778.0 million, up from $726.4 million in Q3 2023.

• Total liquidity stood at $3.3 billion, including $355.7 million in cash, $630.2 million in forward sale proceeds, and $2.3 billion in revolving credit facility availability.

• G&A expenses were $16.5 million, representing 1.7% of total revenues, among the lowest in the REIT sector.

Outlook and guidance

• Updated 2024 AFFO guidance to $2,360–$2,370 million, or $2.25–$2.26 per diluted share, reflecting continued strong performance.

• Guidance excludes impacts from unclosed transactions, future acquisitions/dispositions, and other non-recurring items.

• Management expects continued growth from contractual rent escalators, new investments, and capital deployment, but notes macroeconomic uncertainty, interest rate volatility, and consumer confidence as ongoing risks.