Real estate investment trust VICI Properties reported third quarter total revenue of $376m, a 10.6% improvement year-on-year.
Adjusted funds from operations was $257m, a per share increase of 5.9% y-o-y.
Net income for the quarter was $162m, compared to $398m in the same period prior year. VICI attributed the y-o-y decline in net income to a $333m one-time gain upon lease modification that occurred in Q3 2020 and an $80m loss on extinguishment of debt and interest rate sweep settlements in Q3 2021.
VICI has announced over $21 billion of transactions so far in 2021, including a $4 billion acquisition of The Venetian and a $17.2 billion acquisition of MGM Growth Properties.
Edward Pitoniak, Chief Executive Officer of VICI Properties, said: “In 2021, a year in which American gaming has been one of the world's most dynamic leisure/hospitality sectors, and a year that has seen Las Vegas generate visitation levels unrivaled in global tourism, VICI has been one of the world's most dynamic and productive real estate investment managers.”
As of September 30, 2021, VICI had $4.8 billion in total debt and approximately $4.9 billion in liquidity, comprised of $669.5 million in cash and cash equivalents, $1.0 billion of availability under the revolving credit facility.
Pitoniak added, “VICI will own 10 properties on the Las Vegas Strip, the most economically productive street in America; we will own America's highest-quality and largest portfolio of regional gaming assets; and with an estimated $45 billion enterprise value, we will have a balance sheet deliberately engineered to achieve an investment grade rating.”
