VICI Properties reports Q4 AFFO 55c, consensus 55c

Reports Q4 revenue $931.9M, consensus $926.06M. Edward Pitoniak, Chief Executive Officer of VICI Properties, 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 $1.8 billion of capital at a blended yield of 7.7%, and to have done so with approximately $1.6 billion of equity and $0.2 billion 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 $1.8 billion 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% 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.”