Vici Properties generates net income of $690.7m for Q2

July 27, 2023
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The company, which made a net loss of $57.7m for Q2 last year, has also reported a 35.5% revenue increase and adjusted its FY2023 AFFO guidance.

Vici Properties has reported a 35.5% increase in total revenue year-on-year, reaching $898.2m. This marks steady growth for the real estate investment trust, as it is also an improvement on the previous quarter’s $877.6m total revenue.

Net income increased substantially as well, from a net loss of $57.7m in Q2 of 2022, to $690.7m this quarter. Net income per share also saw a rise from -$0.06 to $0.69, and weighted average shares outstanding increased 12.4% year-on-year.

Adjusted Funds from Operation (AFFO) increased 25.7% to $540.4m overall, and 11.9% on a per-share basis to $0.54. Vici has updated its fully-year 2023 AFFO guidance with a view to reaching $2.13bn-$2.16bn, and $2.11-$2.14 per diluted share.

At the end of Q2, Vici Properties had $738.8m in cash and cash equivalents, with $867.9m estimated forward sale equity proceeds. During this quarter, the company also agreed to the purchase of four Century Casinos’ properties in Alberta for an aggregate purchase price of $164.4m.

Edward Pitoniak, Vici Properties CEO, said, “Vici’s strong second-quarter financial performance reflects the impact of our consistent commitment to accretive acquisitions and strategic financings.

“The quarter's results and current liquidity enable Vici to continue in our pursuit of attractive domestic and international growth opportunities across the experiential landscape.”

During Q2 Vici also established an investment relationship by establishing the Vici-Canyon Ranch Growth Partnership. Vici will invest preferred equity into Canyon Ranch’s operating platform and assume call rights on Canyon Ranch Tucson and Canyon Ranch Lenox.

Vici’s earlier-announced acquisition, with Century Casinos, of Rocky Gap Casino Resort, recently closed just after the second quarter finished.


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