VICI Properties Inc. finished the year with bang, as evidenced by its financial report covering both the fourth quarter of 2021 as well as the entire year. It was a busy time for the property company, one in which volume of acquisition hit record highs.
Among the highlights of the fourth quarter, which finished on December 31, 2022, are the following: a 2.7% year-over-year revenue increase to $383.2m; for stockholders, net income reached $281.5m, a number amounting to $0.44 a share; adjusted funds for operations were up 10.8% to $278.9m
Among the non-numerical highlights from the quarter was a deal entered with Hard Rock International concerning Las Vegas’ Mirage Hotel & Casino as well as the disposition of Harrah’s Louisiana Downs.
Full 2021 highlights follow: a 23.2% year-over-year revenue increased to $1.5bn; income attributable to stockholders amounted to $1.01bn, or $1.76 a share; adjusted funds for operation grew by 25.3% year-over-year, reaching $1.05bn.
VICI CEO Edward Pitoniak described the year’s performance in glowing terms: “The year 2021 was truly a transformational year for VICI as we announced record acquisition volume of over $21bn and enhanced our funnel of investment opportunities through strategic partnerships with Blackstone Real Estate and Apollo Global Management portfolio companies.”
Pitoniak also noted the health of the company’s overall balance sheet: “Additionally, with the support of our equity and credit investors, we have made significant strides on our path to an investment grade balance sheet. We believe this transformation in 2021 positions VICI for an improved cost of capital and the benefits of enhanced scale, significantly widening our investable universe and future growth prospects.”
VICI got 2022 off to a good start, as well. It, with affiliates of Apollo Global Management, completed the purchase of The Venetian from Las Vegas Sands for $6.5bn.
