VICI Properties Inc. (VICI) Tops Q2 EPS by 11c, Revenues Beat

VICI Properties Inc. (NYSE: VICI) reported Q2 EPS of $0.47, $0.11 better than the analyst estimate of $0.36. Revenue for the quarter came in at $257.9 million versus the consensus estimate of $255.79 million.

Second Quarter 2020 Financial and Operating Highlights

• Total revenues increased 16.8% year-over-year to $257.9 million
• Net income attributable to common stockholders was $229.4 million, or $0.47 per share
• FFO was $229.4 million, or $0.47 per share
• AFFO was $176.3 million, or $0.36 per share
• Announced $503.5 million of acquisitions and investments
• Declared a quarterly cash dividend of $0.2975 per share, a 3.5% year-over-year increase
• Completed an equity offering in which 29,900,000 shares were sold through a forward sale agreement at $22.15 per share
• Settled all 65,000,000 shares of the Company's outstanding June 2019 forward sale agreements for net proceeds of approximately $1.3 billion

CEO Comments

Edward Pitoniak, Chief Executive Officer of VICI Properties, said: “In the second quarter of 2020, we posted exceptional financial results with adjusted EBITDA growth of over 20% year-over-year. We worked closely and collaboratively with our tenant partners to provide flexible short-term solutions during unprecedented uncertainty while, we believe, preserving and, ultimately, enhancing long-term stockholder value. During the second quarter, and in July, we collected 100% of our rent, proving the strength and resilience of our business model. We announced $503.5 million of acquisition and investment activity, including the planned purchase of highly strategic land parcels adjacent to the Las Vegas Strip, which we believe provide VICI the opportunity to continue our industry-leading growth for years to come. We also continued to fortify our balance sheet by accessing the equity capital markets, raising an aggregate $662.3 million of gross proceeds through a forward sale agreement. While we are extremely encouraged by early re-opening data across the gaming industry, we will continue to monitor the landscape during this uncertain time and manage our portfolio and relationships to preserve long-term value.”

For earnings history and earnings-related data on VICI Properties Inc. (VICI) click here.

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