EX-99.1 2 viciq32024earningsrelease.htm EX-99.1 Document
附錄99.1
vici properties宣佈2024年第三季度業績
- 報告營業收入同比增長6.7% -
- 宣佈連續第7次年度股息增長 -
- 部署了$23000萬的資本 -
- 更新2024年整年指引 -

紐約，紐交所 - 2024年10月31日 - vici properties股權房地產投資信托（NYSE: VICI）（“vici properties”，“VICI”或“公司”）今天報告了截至2024年9月30日季度的業績。所有每股金額均以每股摊薄普通股为基础，除非另有说明。
2024年第三季度財務和運營要點
•總收入同比增長6.7％，達96470萬美元
•歸屬於普通股股東的淨利潤同比增長31.7%至73290萬美元，每股分爲，同比增長27.4%至0.70美元
•普通股股東應享有的AFFO按年增長8.4％至59390萬美元，並按每股計算，按年增長4.9％至0.57美元
•宣布每股0.4325美元的季度現金股息，代表年增加4.2%
•季末現金及現金等價物總額為$35570萬，預估未來出售股權收益為$63020萬
•透過各種貸款和合作夥伴物業增值基金協議，投入了23000萬美元的資本。
•將截至2024年全年的AFFO指引更新為在236,000萬至237,000萬美元之間，每股稀釋後在2.25至2.26美元之間。
首席執行官評論
vici properties首席執行官Edward Pitoniak表示：「在第三季度，我們繼續展示我們經濟模型的效率，年同比實現季度營業收入約7%的增長，每股可分配資金淨利潤（AFFO）年同比增長約5%。通過我們先前宣佈的資本承諾，我們在本季度能夠投入23000萬美元的資本，通過我們的貸款和合作夥伴房地產成長基金協議。在這一季度，我們宣佈提高4.2%的股息，使VICI能夠在我們的IPO以來實現7%的股息複合年增長率。我們的謹慎組合構建和從同店租金上漲中持續年收益增長，資助了我們年度股息的增長，創造了一個引人注目的複合增長機會。自成立以來100%租金收回紀錄的歷史由持久的結構性尾隨風潮、使命關鍵的房地產和租戶透明性所支持。我們期待我們投資組合的這些基石元素在未來幾年支持複合增長。」
2024年第三季度財務結果
總收入
本季度總收入爲96470萬美元，較2023年9月30日結束的季度的90430萬美元增長了6.7%。本季度的總收入包括135.9百萬美元的非現金租賃和融資調整以及1930萬美元的其他收入。


歸屬於普通股股東的凈利潤
凈利潤歸屬於普通股股東的金額為73290萬美元，每股0.70美元，較截至2023年9月30日的55630萬美元或每股0.55美元有所增加。
營運資金（FFO）
普通股股東應佔可當年度FFO為$73290萬，每股$0.70，相較於2023年9月30日結束的季度為$55630萬，每股$0.55。
調整後的運營基金（“AFFO”）
本季AFFO歸屬於普通股股東為59390萬美元，較截至2023年9月30日季度的54760萬美元增加了8.4%。本季AFFO每股為0.57美元，較截至2023年9月30日季度的0.54美元增加了4.9%。
2024年第三季度資本市場活動
在2024年9月30日結束的三個月內，公司根據ATm方案以每股加權平均價33.82美元的價格，共出售了1,996,483股，總價值為6750萬美元，所有這些股票都是根據一項未來銷售協議出售的。公司在簽署此未來銷售協議時，並未從出售股票中獲得任何收益。
在截至2024年9月30日的三個月內，公司以總名義金額為40000萬美元進行了前開始利率互換，旨在減少未來現金流量變動，以用於預期發行的長期債務。
於2024年7月1日，公司根據未來銷售協議實物交割了4,000,000股，以換取約11520萬美元的凈收益。季度結束後，於2024年10月1日，公司根據同一未解決的ATm未來賣出協議實物交割了7,000,000股，以換取約20090萬美元的凈收益。
以下表格詳細介紹了普通股的發行情況，包括受限制的普通股：
截至9月30日的九個月
普通股票優股20242023
1月1日開始餘額1,042,702,763 963,096,563 
股票預售協議實物結算後發行普通股4,000,000 53,192,592 
按股票激勵計劃發行受限及非限制普通股，扣除沒收部分469,718 538,728 
9月30日結束餘額
1,047,172,481 1,016,827,883 
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下表將用於計算基本每股收益的加權平均普通股份與用於計算稀釋每股收益的加權平均普通股份進行了調解:
截至三個月結束
2020年9月30日		截至九個月的結束日期
2020年9月30日
（以千爲單位）2024202320242023
股份的確定: 
普通股加權平均股本1,046,627 1,012,987 1,043,922 1,007,110 
假設限制股的轉換681 603 467 790 
假定結算遠期銷售協議1,031 — 508 537 
攤薄每股普通股的加權平均股份1,048,338 1,013,590 1,044,897 1,008,437 
___________________
提示：在季度結束後，即2024年10月1日，公司根據未解的ATm遠期售出協議實物結算了7,000,000股，總計淨收益約爲20090萬美元。
資產負債表和流動性
截至2024年9月30日，公司總債務約為171億美元，流動資金約33億美元，其中包括現金及現金等價物35570萬美元，預計在實體結算後，透過價差協議轉讓擁有的2085,338股股票可獲得63020萬美元的淨收益，以及其循環信貸融資中約有23億美元的可用餘額。此外，該循環信貸設施還包括按照一位或多位貸方（來自聯合組織或其他方式）同意提供這些額外信貸額度的情況下，將循環貸款承諾提高至多10億美元的選項。
2024年7月1日，公司實物結算了400萬股按ATM遠期銷售協議，以獲得約11520萬美元的總淨收益。在季度結束後，即2024年10月1日，公司又根據同一未了ATM遠期銷售協議實物結算了700萬股，以獲得約20090萬美元的總淨收益。
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The Company’s outstanding indebtedness as of September 30, 2024 was as follows:
($ in millions USD)
September 30, 2024
Revolving Credit Facility
USD Borrowings
$— 
CAD Borrowings(1)
148.3 
GBP Borrowings(1)
19.4 
3.500% Notes Due 2025750.0 
4.375% Notes Due 2025500.0 
4.625% Notes Due 2025800.0 
4.500% Notes Due 2026500.0 
4.250% Notes Due 20261,250.0 
5.750% Notes Due 2027750.0 
3.750% Notes Due 2027750.0 
4.500% Notes Due 2028350.0 
4.750% Notes Due 20281,250.0 
3.875% Notes Due 2029750.0 
4.625% Notes Due 20291,000.0 
4.950% Notes Due 20301,000.0 
4.125% Notes Due 20301,000.0 
5.125% Notes Due 20321,500.0 
5.750% Notes Due 2034550.0 
5.625% Notes Due 2052750.0 
6.125% Notes Due 2054500.0 
Total Unsecured Debt Outstanding
$14,117.7 
CMBS Debt Due 2032$3,000.0 
Total Debt Outstanding
$17,117.7 
Cash and Cash Equivalents
$355.7 
Net Debt
$16,762.0 
___________________
(1) Based on applicable exchange rates as of September 30, 2024.
Dividends
On September 5, 2024, the Company declared a regular quarterly cash dividend of $0.4325 per share, representing a 4.2% year-over-year increase. The Q3 2024 dividend was paid on October 3, 2024 to stockholders of record as of the close of business on September 18, 2024 and totaled in aggregate approximately $452.9 million.
2024 Guidance
The Company is updating its AFFO guidance for the full year 2024. In determining AFFO, the Company adjusts for certain items that are otherwise included in determining net income attributable to common stockholders, the most comparable generally accepted accounting principles in the United States (“GAAP”) financial measure. In reliance on the exception provided by applicable rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2024 AFFO to GAAP net income because we are unable to predict with reasonable certainty the amount of the change in non-cash allowance for credit losses under ASU No. 2016-13 - Financial Instruments—Credit Losses (Topic 326) (“ASC 326”) for a future period. The non-cash change in allowance for credit losses under ASC 326 with respect to a future period is dependent upon future events that are entirely outside of the Company’s control and may not be reliably predicted,
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including its tenants’ respective financial performance, fluctuations in the trading price of their common stock, credit ratings and outlook (each to the extent applicable), as well as broader macroeconomic performance. Based on past results and, as disclosed in our historical financial results, the impact of these adjustments could be material, individually or in the aggregate, to the Company’s reported GAAP results. For more information, see “Non-GAAP Financial Measures.”
The Company estimates AFFO for the year ending December 31, 2024 will be between $2,360 million and $2,370 million, or between $2.25 and $2.26 per diluted common share. Guidance does not include the impact on operating results from any pending or possible future acquisitions or dispositions, capital markets activity, or other non-recurring transactions.
The following is a summary of the Company’s updated full-year 2024 guidance:
Updated GuidancePrior Guidance
For the Year Ending December 31, 2024:LowHighLowHigh
Estimated Adjusted Funds From Operations (AFFO)$2,360$2,370$2,350$2,370
Estimated Adjusted Funds From Operations (AFFO) per diluted share$2.25$2.26$2.24$2.26
Estimated Weighted Average Share Count for the Year (in millions)
1,048.01,048.01,048.01,048.0
The above per share estimates reflect the dilutive effect of the 13,853,338 shares currently pending under the Company's outstanding forward sale agreements, as calculated under the treasury stock method. VICI partnership units held by third parties are reflected as non-controlling interests and the income allocable to them is deducted from net income to arrive at net income attributable to common stockholders and AFFO; accordingly, guidance represents AFFO per share attributable to common stockholders based solely on outstanding shares of VICI common stock.
The estimates set forth above reflect management’s view of current and future market conditions, including assumptions with respect to the earnings impact of the events referenced in this release. The estimates set forth above may be subject to fluctuations as a result of several factors and there can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.
Supplemental Information
In addition to this release, the Company has furnished Supplemental Financial Information, which is available on our website in the “Investors” section, under the menu heading “Financials”. This additional information is being provided as a supplement to the information in this release and our other filings with the SEC. The Company has no obligation to update any of the information provided to conform to actual results or changes in the Company’s portfolio, capital structure or future expectations, except as may be required by applicable law.
Conference Call and Webcast
The Company will host a conference call and audio webcast on Friday, November 1, 2024 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing +1 833-470-1428 (domestic) or +1 929-526-1599 (international) and entering the conference ID 619008. An audio replay of the conference call will be available from 1:00 p.m. ET on November 1, 2024 until midnight ET on November 8, 2024 and can be accessed by dialing +1 866-813-9403 (domestic) or +44 204-525-0658 (international) and entering the passcode 535627.
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A live audio webcast of the conference call will be available in listen-only mode through the “Investors” section of the Company’s website, www.viciproperties.com, on November 1, 2024, beginning at 10:00 a.m. ET. A replay of the webcast will be available shortly after the call on the Company’s website and will continue for one year.
About VICI Properties
VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Bowlero, Cabot, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield and Kalahari Resorts. VICI Properties also owns four championship golf courses and 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to own the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance, or achievements. Among those risks, uncertainties and other factors are: the impact of changes in general economic conditions and market developments, including inflation, interest rates, supply chain disruptions, consumer confidence levels, changes in consumer spending, unemployment levels and depressed real estate prices resulting from the severity and duration of any downturn in the U.S. or global economy; the impact of the changing interest rate environment on us, including our ability to successfully pursue investments in, and acquisitions of, additional properties and to obtain debt financing for such investments at attractive interest rates, or at all; risks associated with our completed transactions, including our ability or failure to realize the anticipated benefits thereof; our dependence on our tenants at our properties and their affiliates that serve as guarantors of the lease payments and the negative consequences any material adverse effect on their respective businesses could have on us; the possibility that any future transactions may not be consummated on the terms or timeframes contemplated, or at all, including our ability to obtain the financing necessary to complete any acquisitions on the terms we expect in a timely manner, or at all, the ability of the parties to satisfy the conditions set forth in the definitive transaction documents, including the receipt of, or delays in obtaining, governmental and regulatory approvals and consents required to consummate such transactions, or other delays or impediments to completing the transactions; the anticipated benefits of certain arrangements with certain tenants in connection with our funding of “same store” capital improvements in exchange for increased rent pursuant to the terms of our agreements with such tenants, which we refer to as the Partner Property Growth Fund; our decision and ability to exercise our purchase rights under our put-call agreements, call agreements, right of first refusal agreements and right of first offer agreements; our borrowers’ ability to repay their outstanding loan obligations to us; our
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dependence on the gaming industry; our ability to pursue our business and growth strategies may be limited by the requirement that we distribute 90% of our REIT taxable income in order to qualify for taxation as a REIT and that we distribute 100% of our REIT taxable income in order to avoid current entity-level U.S. federal income taxes; the impact of extensive regulation from gaming and other regulatory authorities; the ability of our tenants to obtain and maintain regulatory approvals in connection with the operation of our properties, or the imposition of conditions to such regulatory approvals; the possibility that our tenants may choose not to renew their respective lease agreements following the initial or subsequent terms of the leases; restrictions on our ability to sell our properties subject to the lease agreements; our tenants and any guarantors’ historical results may not be a reliable indicator of their future results; our substantial amount of indebtedness and ability to service, refinance at attractive interest rates, or at all, and otherwise fulfill our obligations under such indebtedness; our historical financial information may not be reliable indicators of our future results of operations, financial condition and cash flows; the possibility that we identify significant environmental, tax, legal or other issues, including additional costs or liabilities, that materially and adversely impact the value of assets acquired or secured as collateral (or other benefits we expect to receive) in any of our completed transactions; the impact of changes to U.S. federal income tax laws or global tax laws; the possibility of adverse tax consequences as a result of our completed transactions, including tax protection agreements to which we are a party; increased volatility in our stock price, including as a result of our completed transactions; our inability to maintain our qualification for taxation as a REIT; the impact of climate change, natural disasters, war, political and public health conditions or uncertainty or civil unrest, violence or terrorist activities or threats on our properties and changes in economic conditions or heightened travel security and health measures instituted in response to these events; the loss of the services of key personnel; the inability to attract, retain and motivate employees; the costs and liabilities associated with environmental compliance; failure to establish and maintain an effective system of integrated internal controls; our reliance on distributions received from our subsidiaries, including VICI Properties OP LLC, to make distributions to our stockholders; the potential impact on the amount of our cash distributions if we were to sell any of our properties in the future; our ability to continue to make distributions to holders of our common stock or maintain anticipated levels of distributions over time; and competition for transaction opportunities, including from other REITs, investment companies, private equity firms and hedge funds, sovereign funds, lenders, gaming companies and other investors that may have greater resources and access to capital and a lower cost of capital or different investment parameters than us.
Although the Company believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. The Company cannot assure you that the assumptions upon which these statements are based will prove to have been correct. Additional important factors that may affect the Company’s business, results of operations and financial position are described from time to time in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q and the Company’s other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.
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Non-GAAP Financial Measures
This press release presents Funds From Operations (“FFO”), FFO per share, Adjusted Funds From Operations (“AFFO”), AFFO per share and Adjusted EBITDA, which are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). These are non-GAAP financial measures and should not be construed as alternatives to net income or as an indicator of operating performance (as determined in accordance with GAAP). We believe FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of our business.
FFO is a non-GAAP financial measure that is considered a supplemental measure for the real estate industry and a supplement to GAAP measures. Consistent with the definition used by The National Association of Real Estate Investment Trusts (Nareit), we define FFO as net income (or loss) attributable to common stockholders (computed in accordance with GAAP) excluding (i) gains (or losses) from sales of certain real estate assets, (ii) depreciation and amortization related to real estate, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) our proportionate share of such adjustments from our investment in unconsolidated affiliate.
AFFO is a non-GAAP financial measure that we use as a supplemental operating measure to evaluate our performance. We calculate AFFO by adding or subtracting from FFO non-cash leasing and financing adjustments, non-cash change in allowance for credit losses, non-cash stock-based compensation expense, transaction costs incurred in connection with the acquisition of real estate investments, amortization of debt issuance costs and original issue discount, other non-cash interest expense, non-real estate depreciation (which is comprised of the depreciation related to our golf course operations), capital expenditures (which are comprised of additions to property, plant and equipment related to our golf course operations), impairment charges related to non-depreciable real estate, gains (or losses) on debt extinguishment and interest rate swap settlements, other (losses) gains, deferred income tax benefits and expenses, other non-recurring non-cash transactions, our proportionate share of non-cash adjustments from our investment in unconsolidated affiliate (including the amortization of any basis differences) with respect to certain of the foregoing and non-cash adjustments attributable to non-controlling interest with respect to certain of the foregoing.
We calculate Adjusted EBITDA by adding or subtracting from AFFO contractual interest expense (including the impact of the forward-starting interest rate swaps and treasury locks) and interest income (collectively, interest expense, net), income tax expense and our proportionate share of such adjustments from our investment in unconsolidated affiliate.
These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as measures of liquidity, nor do they measure our ability to fund all of our cash needs, including our ability to make cash distributions to our stockholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.
Reconciliations of net income to FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA are included in this release.
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VICI Properties Inc.
Consolidated Balance Sheets
(In thousands)

September 30, 2024December 31, 2023
Assets
Real estate portfolio:
Investments in leases - sales-type, net$23,429,732 $23,015,931 
Investments in leases - financing receivables, net18,410,105 18,211,102 
Investments in loans and securities, net1,550,680 1,144,177 
Land150,727 150,727 
Cash and cash equivalents355,667 522,574 
Other assets1,021,195 1,015,330 
Total assets$44,918,106 $44,059,841 
Liabilities
Debt, net$16,743,584 $16,724,125 
Accrued expenses and deferred revenue194,201 227,241 
Dividends and distributions payable457,977 437,599 
Other liabilities999,272 1,013,102 
Total liabilities18,395,034 18,402,067 
Stockholders’ equity
Common stock10,472 10,427 
Preferred stock— — 
Additional paid-in capital24,247,840 24,125,872 
Accumulated other comprehensive income141,705 153,870 
Retained earnings1,711,277 965,762 
Total VICI stockholders’ equity26,111,294 25,255,931 
Non-controlling interests411,778 401,843 
Total stockholders’ equity26,523,072 25,657,774 
Total liabilities and stockholders’ equity$44,918,106 $44,059,841 
_______________________________________________________
Note: As of September 30, 2024 and December 31, 2023, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities and Other assets (sales-type sub-leases) are net of allowance for credit losses of $740.2 million, $708.8 million, $21.8 million and $19.3 million, respectively, and $701.1 million, $703.6 million, $29.8 million and $18.7 million, respectively.
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VICI Properties Inc.
Consolidated Statement of Operations
(In thousands, except share and per share data)

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Revenues
Income from sales-type leases
$518,691 $500,212 $1,543,752 $1,473,961 
Income from lease financing receivables, loans and securities
419,115 378,502 1,242,151 1,122,703 
Other income
19,315 18,179 57,950 55,043 
Golf revenues
7,548 7,425 29,300 28,416 
Total revenues
964,669 904,318 2,873,153 2,680,123 
Operating expenses
General and administrative
16,458 14,422 48,418 44,347 
Depreciation
1,008 1,011 3,133 2,712 
Other expenses
19,315 18,179 57,950 55,043 
Golf expenses
6,824 6,332 20,148 18,874 
Change in allowance for credit losses
(31,626)95,997 32,292 166,119 
Transaction and acquisition expenses
1,164 3,566 1,728 3,385 
Total operating expenses
13,143 139,507 163,669 290,480 
Income from unconsolidated affiliate— — — 1,280 
Interest expense
(207,317)(204,927)(617,976)(612,881)
Interest income
2,797 7,341 12,016 16,194 
Other (losses) gains(64)(1,122)770 4,295 
Income before income taxes
746,942 566,103 2,104,294 1,798,531 
Provision for income taxes
(2,461)(644)(7,257)(3,630)
Net income
744,481 565,459 2,097,037 1,794,901 
Less: Net income attributable to non-controlling interests
(11,583)(9,130)(32,821)(29,130)
Net income attributable to common stockholders
$732,898 $556,329 $2,064,216 $1,765,771 
Net income per common share
Basic
$0.70 $0.55 $1.98 $1.75 
Diluted
$0.70 $0.55 $1.98 $1.75 
Weighted average number of common shares outstanding
Basic
1,046,626,838 1,012,986,784 1,043,921,660 1,007,110,068 
Diluted
1,048,338,348 1,013,589,640 1,044,897,468 1,008,437,452 
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VICI Properties Inc.
Reconciliation of Net Income to FFO, FFO per Share, AFFO, AFFO per Share and Adjusted EBITDA
(In thousands, except share and per share data)

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Net income attributable to common stockholders$732,898 $556,329 $2,064,216 $1,765,771 
Real estate depreciation— — — — 
Joint venture depreciation and non-controlling interest adjustments— — — 1,426 
FFO attributable to common stockholders732,898 556,329 2,064,216 1,767,197 
Non-cash leasing and financing adjustments(135,890)(131,344)(402,839)(383,688)
Non-cash change in allowance for credit losses(31,626)95,997 32,292 166,119 
Non-cash stock-based compensation4,601 4,019 12,973 11,517 
Transaction and acquisition expenses1,164 3,566 1,728 3,385 
Amortization of debt issuance costs and original issue discount18,747 17,283 52,900 53,645 
Other depreciation883 833 2,564 2,442 
Capital expenditures(878)(444)(1,943)(1,762)
Other losses (gains) (1)
64 1,122 (770)(4,295)
Deferred income tax provision1,945 — 4,233 — 
Joint venture non-cash adjustments and non-controlling interest adjustments1,950 253 4,100 2,066 
AFFO attributable to common stockholders593,858 547,614 1,769,454 1,616,626 
Interest expense, net185,773 180,303 553,060 543,042 
Income tax expense516 644 3,024 3,630 
Joint venture adjustments and non-controlling interest adjustments(2,152)(2,155)(6,420)(3,176)
Adjusted EBITDA attributable to common stockholders$777,995 $726,406 $2,319,118 $2,160,122 
Net income per common share
Basic$0.70 $0.55 $1.98 $1.75 
Diluted$0.70 $0.55 $1.98 $1.75 
FFO per common share
Basic$0.70 $0.55 $1.98 $1.75 
Diluted$0.70 $0.55 $1.98 $1.75 
AFFO per common share
Basic$0.57 $0.54 $1.70 $1.61 
Diluted$0.57 $0.54 $1.69 $1.60 
Weighted average number of shares of common stock outstanding
Basic1,046,626,838 1,012,986,784 1,043,921,660 1,007,110,068 
Diluted1,048,338,348 1,013,589,640 1,044,897,468 1,008,437,452 
____________________
(1) Represents non-cash foreign currency remeasurement adjustment and gain on sale of land.
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VICI Properties Inc.
Revenue Breakdown
(In thousands)

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Contractual revenue from sales-type leases
Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and Laughlin) & Joliet Lease $137,624 $132,952 $412,872 $398,856 
Caesars Las Vegas Master Lease117,305 113,619 351,915 340,857 
MGM Grand/Mandalay Bay Lease79,018 77,468 236,020 224,858 
The Venetian Resort Las Vegas Lease68,118 64,375 199,443 191,875 
PENN Greektown Lease13,214 13,214 39,640 39,001 
Hard Rock Cincinnati Lease11,541 11,176 34,623 33,528 
Century Master Lease (excluding Century Canadian Portfolio)10,971 9,740 32,913 23,470 
EBCI Southern Indiana Lease8,412 8,288 25,154 24,782 
PENN Margaritaville Lease6,706 6,615 20,088 19,624 
Income from sales-type leases non-cash adjustment (1)
65,782 62,765 191,084 177,110 
Income from sales-type leases518,691 500,212 1,543,752 1,473,961 
Contractual income from lease financing receivables
MGM Master Lease189,873 186,150 564,655 558,583 
Harrah's NOLA, AC, and Laughlin44,477 42,966 133,431 128,898 
Hard Rock Mirage Lease22,950 22,500 68,850 67,500 
JACK Entertainment Master Lease17,772 17,511 53,229 52,445 
CNE Gold Strike Lease10,404 10,000 31,473 25,000 
Bowlero Master Lease7,900 — 23,700 
Foundation Gaming Master Lease6,123 6,063 18,369 18,189 
Chelsea Piers Lease6,000 — 18,000 
PURE Canadian Master Lease4,037 4,054 12,128 11,913 
Century Canadian Portfolio3,170 887 9,535 887 
Income from lease financing receivables non-cash adjustment (1)
70,162 68,586 211,906 206,625 
Income from lease financing receivables382,868 358,717 1,145,276 1,070,040 
Contractual interest income
Senior secured notes2,405 2,344 7,209 4,847 
Senior secured loans11,334 4,565 28,320 20,395 
Mezzanine loans & preferred equity22,562 12,883 61,497 27,468 
Income from loans non-cash adjustment (1)
(54)(7)(151)(47)
Income from loans and securities36,247 19,785 96,875 52,663 
Income from lease financing receivables, loans and securities419,115 378,502 1,242,151 1,122,703 
Other income19,315 18,179 57,950 55,043 
Golf revenues7,548 7,425 29,300 28,416 
Total revenues$964,669 $904,318 $2,873,153 $2,680,123 
____________________
(1) Amounts represent non-cash adjustments to recognize revenue on an effective interest basis in accordance with GAAP.
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Investor Contacts:
Investors@viciproperties.com
(646) 949-4631

Or

David Kieske
EVP, Chief Financial Officer
DKieske@viciproperties.com

Moira McCloskey
SVP, Capital Markets
MMcCloskey@viciproperties.com

LinkedIn:
www.linkedin.com/company/vici-properties-inc
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