VICI Filing 0001705696-25-000033

Financial Performance

Total revenues increased by 6.6% year-over-year to $3.8 billion.

The 10-K filing states that total revenues increased from $3,611,988 thousand in 2023 to $3,849,205 thousand in 2024, representing a 6.6% increase. This growth is a key indicator of the company's financial health.

Net income attributable to common stockholders increased by 6.6% year-over-year to $2.7 billion.

The 10-K filing shows that net income attributable to common stockholders rose from $2,513,540 thousand in 2023 to $2,678,810 thousand in 2024. This indicates improved profitability for equity holders.

AFFO increased 8.4% year-over-year to $2.4 billion, and AFFO per diluted share increased 5.1% to $2.26.

The 10-K highlights that Adjusted Funds From Operations (AFFO), a key metric for REITs, increased from $2,187,040 thousand in 2023 to $2,370,793 thousand in 2024. AFFO per diluted share also increased, indicating improved performance on a per-share basis.

Growth & Strategy

Investments in Partner Property Growth Fund totaled $411.8 million, adding $33.2 million in annualized rent.

Originated three debt investments totaling $365.0 million of commitments.

Entered into agreements to fund up to $700.0 million of capital investment into the Venetian Resort.

Management Execution

Collected 100% of contractual rent in cash.

Announced an increase in quarterly cash dividend to $0.4325 per share, representing a 4.2% increase.

Issued $1,050.0 million and $750.0 million of investment grade senior notes to refinance existing debt.

Risk Factors

Company is significantly dependent on tenants for substantially all revenues.

Company is dependent on the gaming industry and may be susceptible to risks associated with it.

A concentrated portion of revenues are generated from the Las Vegas Strip, making the company subject to greater risks than a company that is more geographically diversified.

Competitive Position

Competition for real property investments exists with other REITs, gaming companies, investment companies, private equity firms, hedge funds, sovereign funds, lenders and other private investors.

Increased competition will make it more challenging to identify and successfully capitalize on acquisition opportunities that meet investment objectives.

The company's ability to compete is also impacted by national and local economic trends, availability of investment alternatives, availability and cost of capital, construction and renovation costs, existing laws and regulations, new legislation and population trends.

Operational Efficiency

Tenants are responsible for all property costs and expenses associated with ongoing maintenance and operation, including utilities, property tax and insurance.

The company's long-term triple-net leases provide tenants with complete control over management at the leased properties, including sole responsibility for all operations and related expenses.

General and administrative expenses increased $9.5 million during the year ended December 31, 2024 compared to the year ended December 31, 2023.

Innovation & Technology

The company's tenants seek to drive consumer loyalty and value with guests through superior services, experiences and products and continuous innovation.

The company's tenants will continue to make strategic value-enhancing investments in the company's properties over time, helping to maintain their competitive position.

The company faces risks associated with cybersecurity incidents and other significant disruptions of its information technology (IT) networks and related systems or those IT networks and systems of third parties.

Capital Allocation

The company expects to employ leverage in its capital structure in amounts that it determines appropriate from time to time.

The company may, without stockholder approval, borrow money under the Revolving Credit Facility, issue debt or equity securities, retain earnings, assume indebtedness, obtain mortgage financing on a portion of owned properties, engage in a joint venture, or employ a combination of these methods.

The company is subject to indebtedness limitations pursuant to the restrictive covenants of its outstanding indebtedness.

ESG Initiatives

The company is committed to the improvement of environmental conditions through its business activities within the scope of its capabilities.

The company has implemented recording and reporting protocols through a third-party service provider to facilitate the monitoring of utility data in order to more fully understand the environmental impact of its operations.

The company has performed energy and water audits and regulatory assessments at each of the Golf Courses to further inform its sustainability initiatives.

Market Environment

The company is reliant on tenants to maintain and protect the trademarks, brand names and other licensed intellectual property used in the operation or promotion of the leased properties.

Operation of the leased properties, as well as the company's business and financial condition, could be adversely impacted by infringement, invalidation, unauthorized use or litigation affecting any such intellectual property.