Vici Properties’ total revenue hits $1bn for Q2
The real estate investment trust has seen a year-over-year revenue rise of 4.6% amid a busy period of investment.
Key Points
- Vici Properties saw its total revenue rise 4.6% year-on-year to $1bn
- Recovered from the downturn of income reported for Q1
- The Caesars spin-off investment trust has increased its financial commitments in the One Beverly Hills project
Total revenues for the New-York property company hit $1bn for Q2 – a rise of 4.6% year-over-year.
This spelled good news for stockholders with their price-per-share spiking at $0.82, a pick-up of 15%.
The company purse is looking healthy with Vici rounding off the quarter with $233m in cash and cash equivalents, not including $621.5m of estimated forward sale equity proceeds.
As a result of the positive quarterly showing, the company has raised its AFFO guidance for the full year of 2025 and increased investments into development.
One such development is a deal to provide up to $510m pursuant to a delayed draw term loan facility for the development of the North Fork Mono Casino and Resort near Madera, California.
Edward Pitoniak is the CEO at Vici Properties, and he attributed the Caesars spin-off company’s earnings growth to “contractual rent escalations coupled with investment activity across new and existing partnerships.”
Good to know: Vici Properties reportedly collected 100% of its rent on time and in cash during the COVID-19 pandemic
The results will make positive reading for those involved with the company considering the slight fall in net income experience in Q1.
The uptick for the same metric this time around was driven, according to the report, by a $99m aggregate change in the CECL allowance from 30 June 2024 to 30 June 2025.
Another significant investment made during this financial period was an increase in the amount of money Vici Properties has committed the development of One Beverly Hills, a mixed-use venue in California.
Vici now has $450m committed to the project, further exhibiting the real estate investment trust’s determination to diversify.
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