VICI Properties Inc. (NYSE: VICI) reported Q4 EPS of $0.37, $0.01 worse than the analyst estimate of $0.38. Revenue for the quarter came in at $226 million versus the consensus estimate of $233.64 million.

• Revenues were $226.0 million for the quarter ended December 31, 2018 and included $218.5 million of real property revenues, compared to $187.6 million for the quarter ended December 31, 20171, which included $181.3 million of real property revenues.
• Net income attributable to common stockholders was $142.5 million, or $0.37 per diluted share for the quarter ended December 31, 2018, compared to $42.7 million, or $0.19 per diluted share, for the quarter ended December 31, 2017.
• NAREIT-defined Funds From Operations (“FFO”) attributable to common stockholders was $142.5 million, or $0.37 per diluted share, for the quarter ended December 31, 2018, compared to $42.7 million, or $0.19 per diluted share, for the quarter ended December 31, 2017.
• Adjusted Funds From Operations (“AFFO”) attributable to common stockholders was $139.9 million, or $0.36 per diluted share for the quarter ended December 31, 2018, compared to $84.1 million, or $0.37 per diluted share for the quarter ended December 31, 2017.

Edward Pitoniak, Chief Executive Officer of VICI Properties, said, “This quarter marks the end of what has been a monumental first, full fiscal year for VICI Properties. Since formation, we have raised approximately $3.1 billion in equity capital to fortify our balance sheet and fund accretive acquisitions. We have announced or closed on approximately $2.7 billion of transactions adding over $220 million in rent accretively, all while preserving the three call option properties for additional future growth. We have enhanced our portfolio by increasing our geographic diversity and expanding into top regional urban gaming markets, as well as increasing our footprint on the Las Vegas Strip, a market with some of the most productive real estate in the world. We have also begun to diversify our tenant base by adding Penn National, a best-in-class operator.”

Mr. Pitoniak continued, “Our balance sheet is in great shape, with one of the lowest leverage levels in the Triple Net sector, and our strategy and execution have been well received by the capital markets. During 2018, we completed our $1.4 billion upsized IPO in February, the fourth largest REIT IPO ever, and then in November 2018 we completed a $725 million follow-on equity offering, the largest-ever first follow-on of primary shares by an American REIT. We also amended our foundational leases to enhance our organic growth in the near term, while protecting against volatility in our rental income over the long term. The key reason we’ve been able to accomplish so much in such a short time period is that we have built one of the most energetic and high-performing management/governance teams in the American REIT sector. As we begin 2019, we are well capitalized and excited about our growth prospects and intend to continue to execute on our goal of delivering consistent and strong total returns to our common stockholders.”

GUIDANCE:

VICI Properties Inc. sees FY2019 EPS of $1.45-$1.48, versus the consensus of $1.63.

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