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VICI Properties
🇺🇸 NYSE:VICI
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•
Dec 31, 2023

VICI Properties Q4 2023 Earnings Report

VICI Properties reported strong Q4 2023 results, marked by revenue growth and strategic capital deployment.

Key Takeaways

VICI Properties Inc. announced a 21.0% year-over-year increase in total revenues, reaching $931.9 million for the fourth quarter of 2023. Net income attributable to common stockholders increased by 23.8% to $747.8 million, with AFFO also increasing by 17.0% to $570.4 million. The company completed significant acquisitions and investments, including the acquisition of 38 bowling entertainment centers from Bowlero Corp and the leasehold interest of Chelsea Piers in New York City.

Total revenues increased 21.0% year-over-year to $931.9 million.

Net income attributable to common stockholders increased 23.8% year-over-year to $747.8 million, or $0.72 per share.

AFFO increased 17.0% year-over-year to $570.4 million, or $0.55 per share.

VICI Properties deployed capital every month of the year, investing in gaming and experiential sectors, including international real estate acquisitions.

Total Revenue
$932M
Previous year: $770M
+21.0%
EPS
$0.55
Previous year: $0.51
+7.8%
Gross Profit
$924M
Previous year: $746M
+23.8%
Cash and Equivalents
$523M
Previous year: $209M
+150.1%
Free Cash Flow
$574M
Total Assets
$44.1B
Previous year: $37.6B
+17.3%

VICI Properties

VICI Properties

VICI Properties Revenue by Segment

Forward Guidance

The Company estimates AFFO for the year ending December 31, 2024 will be between $2,320 million and $2,355 million, or between $2.22 and $2.25 per diluted share.

Positive Outlook

  • Estimated Adjusted Funds From Operations (AFFO) between $2,320 million and $2,355 million.
  • Estimated Adjusted Funds From Operations (AFFO) per diluted share between $2.22 and $2.25.
  • Estimated Weighted Average Share Count for the Year is 1,046 million.
  • Guidance reflects management’s view of current and future market conditions.
  • Guidance includes assumptions with respect to the earnings impact of events referenced in the release.

Challenges Ahead

  • Guidance does not include the impact on operating results from any pending or possible future acquisitions or dispositions.
  • Guidance does not include the impact from capital markets activity.
  • Guidance does not include the impact from other non-recurring transactions.
  • Estimates may be subject to fluctuations as a result of several factors.
  • There can be no assurance that the Company’s actual results will not differ materially from the estimates.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View VICI Properties