VICI Properties Inc. (VICI) Tops Q3 EPS by 40c, Revenues Beat

VICI Properties Inc. (NYSE: VICI) reported Q3 EPS of $0.74, $0.40 better than the analyst estimate of $0.34. Revenue for the quarter came in at $339.65 million versus the consensus estimate of $307.65 million.

Third Quarter 2020 Financial and Operating Highlights

• Total revenues increased 52.6% year-over-year to $339.7 million
• Net income attributable to common stockholders was $398.3 million, or $0.74 per share
• FFO was $398.3 million, or $0.74 per share
• AFFO increased 38.4% year-over-year to $227.9 million
• AFFO per share increased 22.9% to $0.43
• Completed $3.7 billion of acquisitions and investments, including closure of our $3.2 billion transaction with Caesars, $400 million mortgage on Caesars Forum Convention Center, and VICI’s first investment outside of gaming through an $80 million mortgage loan to Chelsea Piers New York
• Declared a quarterly cash dividend of $0.33 per share, a 10.9% year-over-year increase
• Settled 3,000,000 shares of the Company's outstanding June 2020 forward sale agreement for net proceeds of approximately $63.0 million

CEO Comments

Edward Pitoniak, Chief Executive Officer of VICI Properties, said: “In the third quarter VICI’s investors — both equity and credit — were rewarded with the growth that they have endorsed and funded through our extensive acquisition and financing activities over the last 6 quarters. In Q3 2020 we grew AFFO 38.4% compared to prior year, while also rewarding shareholders with an 11% increase in our quarterly dividend.

“Additionally, we completed our first formal venture into asset classes beyond Gaming through our financing of an incomparable experiential asset, New York’s Chelsea Piers. Over the last 25 years the Chelsea Piers Team — led by Roland Betts, Tom Bernstein and David Tewksbury — has made Chelsea Piers the leading New York gathering space for recreation, entertainment and film production. We also entered into an agreement with Chelsea Piers that could lead to a longer-term financing partnership in the future. We’re honored to be in business with the Chelsea Piers team.”

For earnings history and earnings-related data on VICI Properties Inc. (VICI) click here.

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