Vici Pptys Stock Price, News & Analysis

VICI Properties (NYSE: VICI) announced the complete repayment of approximately $2,102.5 million of its Term Loan B Facility, funded by proceeds from a share issuance of 65 million shares and a forward sale agreement. This decision eliminates all secured debt from VICI's balance sheet, aligning with its goal of achieving an investment-grade capital structure. The company maintains its undrawn five-year first lien revolving credit facility. CFO David Kieske emphasized the disciplined capital allocation underpinning this strategic move.

VICI Properties Inc. (NYSE: VICI) announced the completion of a public offering of 115 million shares of common stock at $29.50 per share, raising funds primarily for debt reduction and to support the acquisition of The Venetian Resort and The Venetian Expo in Las Vegas. Of the total shares, 65 million were sold directly to underwriters, and the remainder was connected to forward sale agreements. Proceeds from this offering are expected to enhance VICI's financial position and facilitate strategic growth opportunities.

VICI Properties Inc. announced private exchange offers for its new senior notes, replacing senior notes from MGM Growth Properties. The offerings include:

• 5.625% Senior Notes due May 2024
• 4.625% Senior Notes due June 2025
• 4.500% Senior Notes due September 2026
• 5.750% Senior Notes due February 2027
• 4.500% Senior Notes due January 2028
• 3.875% Senior Notes due February 2029

The exchanges are tied to previously announced mergers expected to close in the first half of 2022, pending approvals.

VICI Properties Inc. (NYSE: VICI) announced an underwritten public offering of 100 million shares of common stock at $29.50 per share, with the offering expected to close on September 14, 2021. The company will sell 50 million shares directly, while the remaining 50 million are linked to forward sale agreements. The proceeds will be used to reduce debt and fund the acquisition of assets associated with The Venetian Resort in Las Vegas. The underwriters include major financial institutions like Morgan Stanley and Goldman Sachs.

VICI Properties Inc. (NYSE: VICI) has announced a public offering of 100,000,000 shares of its common stock. The company intends to sell 50,000,000 shares directly to underwriters, while another 50,000,000 shares will be sold related to forward sale agreements. The underwriters may also purchase an additional 15,000,000 shares. Proceeds will be used to pay down debt and fund the acquisition of The Venetian. The offering is conducted under an effective shelf registration statement.

VICI Properties Inc. has entered a triple-net lease agreement with EBCI Holdings in relation to the acquisition of Caesars Southern Indiana. The lease stipulates an initial total annual rent of $32.5 million for a term of 15 years, with annual rent escalations starting at 1.5%. This agreement reduces annual base rent payments under VICI's master lease with Caesars by $32.5 million. Additionally, VICI has a right of first refusal on real property related to a new casino resort in Danville, Virginia.

VICI Properties will acquire MGM Growth Properties (MGP) for $17.2 billion, including $5.7 billion in debt, reinforcing VICI's position as the largest experiential net lease REIT. MGP Class A shareholders will receive 1.366 shares of VICI stock per share of MGP, translating to $43.00 per share, a 15.9% premium. The merger enhances VICI's portfolio with 15 Class A properties, increasing portfolio quality and tenant diversity while retaining significant annual cash flow. The transaction is set to close in H1 2022, pending regulatory approvals.

MGM Resorts International has struck a definitive deal with VICI Properties and MGM Growth Properties to redeem MGP operating partnership units at $43 each, totaling approximately $4.4 billion. This simplifies MGM's structure and provides over $11.6 billion in liquidity, enhancing shareholder value. The agreement values MGP at $17.2 billion, including $5.7 billion in assumed debt. The lease terms include an initial 25-year term with $860 million annual rent. MGM will retain a 1% stake in VICI, valued at $370 million. The transaction is anticipated to close in H1 2022.

VICI Properties reported impressive second quarter 2021 results, with total revenues increasing 45.9% year-over-year to $376.4 million. Net income attributable to common stockholders reached $300.7 million, or $0.54 per share. The company declared a quarterly cash dividend of $0.33 per share and AFFO increased by 45.3% to $256.1 million. Additionally, VICI entered a strategic partnership with Great Wolf Resorts for up to $300 million in financing, enhancing growth prospects. The company aims for AFFO between $1,010 million and $1,035 million for the year.