VICI Properties Announces Record End-of-Year Results
The experiential real estate investment trust (REIT) made $2.6 billion in revenue for 2022, riding on its many lucrative partnerships
VICI’s savvy choice of investments continues to pay off as its shares keep rising and net income soars. The REIT maintained its momentum during the last quarter, demonstrating substantial boosts across the most relevant metrics. Such impressive financial results provide a stable foundation for the investment trust to provide its shareholders with sustainable growth and rising value.
Financials Exceeded Expectations
Q4 revenues rose an impressive 100.9% year-over-year, reaching $769.9 million. Profits for the fiscal year 2022 also grew significantly. VICI made a total of $2.6 billion, an increase of 72.3% compared to 2021. Such a substantial revenue bump coincided with a sharp increase in adjusted funds from operations (AFFO), which increased 61.7% from last year to $1.7 billion.
These metrics are generally positive for VICI’s shareholders. Net income attributable to common stockholders rose to $1,117.6 million compared to $1,013.9 million for 2021. However, per-share prices dropped to $1.27 from $1.76. VICI attributed the decline to increased CECL allowance and the higher weighted average share count, which rose 51.4% year-over-year in Q4.
High-Profile Investments in 2022 Bolstered VICI’s Momentum
Such a meteoric rise in revenue is the direct result of VICI’s many successful partnerships throughout the year. In the fourth quarter alone, the REIT invested $51.9 million in Century Casinos in Missouri, acquired assets, completed the acquisition of the remaining 49.9% interest in MGM Grand/Mandalay Bay, and made a new lease agreement with Hard Rock related to Vegas’ Mirage Hotel & Casino, among others.
We… announced and originated approximately $4.5 billion of investments…, diversifying our relationships and expanding internationally.
Edward Pitoniak, CEO of VICI Properties
CEO Pitoniak was very pleased with 2022’s results. He shared that VICI was the only S&P 500 REIT to report a positive shareholder return and was now among the top 10 REITs in the RMZ REIT Index. Pitoniak was proud of the transformational acquisitions across Las Vegas, which made VICI the leading real estate owner in the Strip, laying a solid foundation for the coming year.
We are confident that our 2022… achievements will continue to put VICI in position for sustainable accretive growth and value creation for our shareholders into 2023 and beyond.
Edward Pitoniak, CEO of VICI Properties
VICI has successfully utilized its scale and liquidity, allowing for a flexible investment approach and a carefully curated portfolio of gaming and non-gaming assets. The recent acquisitions of four PURE casinos marked the REIT’s first foray into Canada, increasing the number of its gaming properties to eleven. With more expansions planned for 2023, VICI is well underway to maintain its upward trajectory.
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