VICI 2023 revenues hit $3.6bn

VICI Properties reported that total revenues for Q4 2023 reached $931.9m, a 21 per cent increase year-over-year.

Net income attributable to common stockholders increased 23.8 per cent year-over-year to $747.8m and, on a per share basis, increased 15.1 per cent year-over-year to $0.72.

For the whole financial year of 2023, total revenues increased 38.9 per cent year-over-year to $3.6bn.

Net income attributable to common stockholders increased 124.9 per cent year-over-year to $2.5bn and, on a per share basis, increased 94.8 per cent year-over-year to $2.47.

CEO Edward Pitoniak said: “In 2023, VICI successfully deployed capital every single month of the year despite volatility across commercial real estate and in the capital markets. Our team continued to exercise patience and diligence in underwriting while navigating this backdrop, and we are proud to have committed $1.8bn of capital at a blended yield of 7.7 per cent, and to have done so with approximately $1.6 billion of equity and $0.2bn of debt, demonstrating our adherence to achieving our targeted long-term net leverage ratio of 5.0x to 5.5x net debt to Adjusted EBITDA.

“This year, our $1.8bn of capital commitments with best-in-class operators across gaming and other experiential sectors came with several VICI milestones. We consummated our first international real estate acquisitions of gaming properties in Canada and grew financing partnerships in Saint Lucia and the UK, made our first real estate acquisition in the family entertainment sector, significantly expanded our partnerships with Canyon Ranch and Cabot, and converted our first loan to real estate ownership.

“We believe our 2023 growth in AFFO per share of 11.8 per cent will be among the higher growth rates of S&P 500 REITs, while our 2023 investments put us in a position to deliver a 2024 AFFO per share growth on the high end of consensus average growth rates for S&P 500 REITs.”