VICI Properties Inc. (NYSE: VICI) reported Q1 EPS of $0.50, $0.01 better than the analyst estimate of $0.49. Revenue for the quarter came in at $374.3 million versus the consensus estimate of $363.79 million.

First Quarter 2021 Financial and Operating Highlights

• Total revenues increased 46.8% year-over-year to $374.3 million
• Net income attributable to common stockholders was $269.8 million, or $0.50 per share
• FFO was $269.8 million, or $0.50 per share
• AFFO increased 41.7% year-over-year to $255.0 million
• AFFO per share increased 23.7% to $0.47
• Announced a $4.0 billion acquisition of the land and real estate assets of The Venetian Resort Las Vegas and the Sands Expo and Convention Center
• Declared a quarterly cash dividend of $0.33 per share
• Completed an equity offering in which 69,000,000 shares were sold through forward sale agreements at $29.00 per share

CEO Comments

Edward Pitoniak, Chief Executive Officer of VICI Properties, said: “During the first quarter of 2021, Team VICI worked hard to create value for our stockholders by generating AFFO growth in the quarter and by executing a transaction that will generate, upon closing, AFFO growth in future quarters. Following on our strong double-digit AFFO growth in 2020, a year in which most REITs posted AFFO declines, we posted 23.7% growth in AFFO per share in Q1 2021. VICI also announced in Q1 the $4.0 billion acquisition of the real estate of the Venetian Resort Las Vegas and the Sands Expo and Convention Center: one of America's most economically productive commercial real estate assets. Upon closing, this acquisition will generate $250 million of incremental annual rent without any direct corresponding increase in our operating expenses, demonstrating the extreme efficiency of our triple net business model. Our successful track record of consistent value creation is supported by prudent balance sheet management and our proven access to capital markets, as we raised $2.0 billion of equity during the quarter to fund the Venetian acquisition, eliminating equity market risk with respect to the acquisition. Finally, we are very pleased with recent reporting on the continuing resurgence in visitation and spending within gaming jurisdictions across the US. We believe US gaming, after showing its resilience as a consumer leisure sector throughout the worst periods of the COVID-19 pandemic, will demonstrate continuing leadership as America fully reopens from the crisis."

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