VICI Properties has announced its Q4 results for 2022, along with its full financial year highlights. The real estate company showed a 100.9% revenue increase to $769.9m for the fourth quarter of 2022.
Its net income attributable to common stockholders increased 114.6% year-over-year to $604.1m; on a per-share basis, this represented a 41.7% annual rise to $0.63. Adjusted funds from operations came in at $487.7m, another double-digit incline of 74.8%.
Shareholders will be pleased, with weighted average shares outstanding increasing by 51.4% year-over-year.
These positive results for Q4 2022 can be attributed to numerous factors. It was in Q4 that VICI announced the acquisition of the remaining 49.9% interest in its MGM Grand/Mandalay Bay joint venture; it finalized this purchase after quarter-end.
Full-year highlights were also highly encouraging on several fronts. VICI reported FY2022 revenue of $2.6bn which represented a 72.3% annual increase. Meanwhile, its net income attributable to common stockholders increased 10.2% year-over-year to $1.1bn.
VICI bought two regional gaming assets through a sale-leaseback transaction with Foundation Gaming for $293.4m in January 2022. The company also announced a partnership with Canyon Ranch, providing up to $200m in financing for its Austin, Texas-based properties.
VICI Properties CEO Edward Pitoniak commented: “In 2022, less than 5 years from our IPO, VICI became a Top 10 REIT in the RMZ REIT Index, a member of the S&P 500 and an investment grade issuer of credit.
“In the second half of the year and into 2023, we demonstrated the advantage and flexibility provided by VICI’s scale and liquidity as we announced and originated approximately $4.5bn of investments across a variety of gaming and non-gaming opportunities.”
