VICI Properties generates $964.7m in total revenue throughout Q3 2024
Income from sales-type leases accounted for the most revenue for VICI Properties, reported to be $518.7m for the third quarter of 2024.
Key Points
- Total revenues increased 6.7% year-over-year to be $964.7m throughout Q3 2024
- VICI Properties also reported that its net income was $732.9m during Q3 2024, an increase of 31.7% from the prior year period
VICI Properties has announced the company’s financial results for the third quarter of 2024, witnessing increases in total revenues, net income and adjusted funds from operations (AFFO). During Q3 2023, VICI Properties generated $964.7m in revenue, a 6.7% increase from the prior year period.
AFFO was reported to be $593.9m for the third quarter of 2024, an increase of 8.4% year-over-year, while AFFO per share also grew by 4.9% from the prior year period to be $0.57.
“In the third quarter, we continued to demonstrate the flow-through efficiency of our economic model, increasing our quarterly revenue by approximately 7% year-over-year and our AFFO per share by approximately 5% year-over-year. Through our previously announced capital commitments, we were able to deploy $230m of capital during the quarter, through various of our loan and Partner Property Growth Fund agreements,” VICI Properties CEO Edward Pitoniak said.
“In the quarter we announced a 4.2% dividend increase, enabling VICI to achieve a dividend CAGR of 7% since our IPO. Our methodical portfolio construction and consistent annual earnings growth from same-store rent escalations have funded our annual dividend increases, creating a compelling compounding opportunity.”
Net income managed to increase by 31.7% from the prior year period for a total of $732.9m during the third quarter of 2024, with net income per share also increasing by 27.4% year-over-year to be $0.70.
Good to know: Century Casinos signed a definitive agreement with VICI Properties subsidiaries to sell its Alberta, Canada real estate in 2023 for $164.4m
The company’s revenue was mainly generated by income from sales-type leases and lease financing receivables, loans and securities, which accounted for $518.7m and $419.1m of the total revenue, respectively.
Its regional lease with Caesars was reported to result in a revenue of $137m during the third quarter of 2024, while the Caesars Las Vegas Master lease drew $117.3m of the sector’s revenue. From lease financing receivables, the MGM Master lease led the way with a revenue of $189.9m, with VICI Properties’ lease with Harrah’s was the next closest at $44.5m.
VICI Properties’ operating expenses managed to decrease by over 90% from the third quarter of 2023, only being reported to be $13.1m for Q3 2024.
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