VICI Properties (VICI) Q4 2024 earnings summary

Executive summary

• Announced a strategic partnership with Cain International and Eldridge Industries, including a $300 million mezzanine loan for One Beverly Hills and a non-binding letter of intent for future experiential investments.

• Owns 93 experiential assets, including 54 gaming and 39 other properties, with 100% occupancy and a 40.7-year weighted average lease term as of December 31, 2024.

• Committed approximately $1.1 billion of capital in 2024 at an initial yield of 8.1%, deploying capital every month and leveraging new and existing relationships.

• Operators of key properties announced nearly $1 billion in new investments since Q4, reflecting strong conviction in high-quality experiential assets.

• Moody’s upgraded issuer credit rating to Baa3 with a stable outlook in November 2024, achieving investment grade across all three agencies.

Financial highlights

• Q4 2024 total revenues were $976.1 million, up 4.7% year-over-year; full year revenues reached $3.85 billion, up 6.6%.

• Q4 2024 net income attributable to common stockholders was $614.6 million, down 17.8% year-over-year, primarily due to a $157.7 million change in CECL allowance; full year net income rose 6.6% to $2.68 billion.

• Q4 2024 AFFO was $601.3 million, up 5.4% year-over-year; full year AFFO grew 8.4% to $2.37 billion.

• Q4 2024 AFFO per share was $0.57, up 3.6% year-over-year; full year AFFO per share was $2.26, up 5.1%.

• Margins remain strong in the high 90% range (excluding non-cash items); G&A expense was $20.7 million for the quarter, only 2.1% of total revenues.

Outlook and guidance

• 2025 AFFO guidance is $2,455–$2,485 million, or $2.32–$2.35 per diluted share, based on 1,056.9 million shares, implying 3.3% year-over-year growth at the midpoint.

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

• Management expects results may fluctuate due to macroeconomic and tenant-specific factors.