VICI Properties reports Q2 AFFO 54c, consensus 53c

Reports Q2 revenue $898.2M, consensus $885.45M. Edward Pitoniak, CEO of VICI Properties, said, “VICI’s strong second quarter financial performance, exemplified by approximately 36% revenue growth and nearly 12% growth in AFFO per share year-over-year, reflects the impact of our consistent commitment to accretive acquisitions and strategic financings. We also ended the quarter with ample liquidity, including $739M in cash and cash equivalents, $868M of estimated equity proceeds available upon settlement of forward sale agreements, and $2.4B of availability under the Revolving Credit Facility. The quarter’s results and current liquidity enable VICI to continue in our pursuit of attractive domestic and international growth opportunities across the experiential landscape. In the second quarter, we continued to expand our international presence through the announced acquisition of four casino properties in Alberta, Canada with our existing tenant and partner, Century Casinos. Subsequent to quarter end, we also closed the previously announced acquisition with Century of Rocky Gap, proving the value of our enduring partnerships with growth-minded operators. Finally, we are excited to announce that subsequent to quarter end, we broadened and deepened our relationship with Canyon Ranch through the establishment of our VICI-Canyon Ranch Growth Partnership, a multi-faceted investment relationship. This initiative includes VICI investing preferred equity into the Canyon Ranch operating platform, an investment that will contribute to enabling the Canyon Ranch operating platform to resource the growth of the Canyon Ranch resort network and other brand extensions. Through this investment, we have also further enhanced our embedded growth pipeline with call rights on Canyon Ranch Tucson and Canyon Ranch Lenox as well as solidified the partnership as the capital partner for Canyon Ranch as they look to expand their wellness resort ecosystem.”