Vici Pptys Stock Price, News & Analysis

VICI Properties reported strong financial results for Q4 and full year 2024. Total revenues increased 4.7% year-over-year to $976.1M in Q4, and 6.6% to $3.8B for the full year. The company announced over $1B in capital commitments in 2024 at a weighted average initial yield of 8.1%.

Q4 net income decreased 17.8% to $614.6M ($0.58 per share) due to CECL allowance changes. However, AFFO increased 5.4% to $601.3M ($0.57 per share). For full year 2024, net income grew 6.6% to $2.7B ($2.56 per share), while AFFO rose 8.4% to $2.4B ($2.26 per share).

Key highlights include a credit rating upgrade by Moody's to 'Baa3', a new $2.5B multicurrency credit facility, and a strategic relationship with Cain International and Eldridge Industries involving a $300M investment in One Beverly Hills. The company increased its dividend by 4.2% and established guidance for 2025.

VICI Properties has announced a strategic partnership with Cain International and Eldridge Industries focused on investing in high-growth, experience-driven real estate. The collaboration launches with VICI's $300 million investment into a mezzanine loan for One Beverly Hills, a 17.5-acre luxury mixed-use development.

The development will feature Aman Beverly Hills, the brand's first West Coast hotel, along with Aman-branded residences and an Aman Club. The project includes a renovation of The Beverly Hilton and will incorporate 10 acres of botanical gardens, luxury retail, and dining experiences. Construction has begun with completion expected in late 2027.

The development will include 5.5 acres of private botanical gardens for Aman residents and guests, plus 4.5 acres of public space. VICI funded the investment through cash on hand and its existing revolving credit facility.

VICI Properties (NYSE: VICI) has announced a new $2.5 billion multicurrency unsecured revolving credit facility, replacing its existing facility of the same size. The new facility, which received strong support from 15 financial institutions, matures on February 3, 2029, and includes extension options. Based on current credit ratings and leverage ratios, it bears interest at 85.0 basis points over the SOFR rate for USD borrowings, with a facility fee of 20.0 basis points.

The company maintains an option to increase the facility by up to $1.0 billion with lender agreement. Wells Fargo Securities and JPMorgan Chase Bank served as Joint Bookrunners, with Wells Fargo Bank as Administrative Agent. The facility was substantially oversubscribed, demonstrating strong banking sector confidence in VICI's business model.

VICI Properties (NYSE: VICI) has released its tax treatment details for 2024 distributions on common stock. The company paid quarterly dividends totaling $2.1100 per share throughout 2024, with payments of $0.4150 per share in the first three quarters and $0.4325 per share in the fourth quarter.

Of the total distributions, $1.5045 is classified as ordinary dividends, with $0.1730 categorized as non-dividend distributions (return of capital). The January 9, 2025 distribution of $0.4325 will be treated as a 2025 distribution for federal tax purposes. Notably, $1.5013 qualifies as Section 199A dividends, subject to the 45-day holding period requirement.

VICI Properties (NYSE: VICI) has announced it will release its fourth quarter and full year 2024 financial results on Thursday, February 20, 2025, after the New York Stock Exchange closes. The company will host a conference call and audio webcast the following day, Friday, February 21, 2025, at 10:00 a.m. ET.

Investors can access the conference call by dialing +1 833-470-1428 (domestic) or +1 929-526-1599 (international) with conference ID 752834. An audio replay will be available from 1:00 p.m. ET on February 21 until February 28, 2025. A live webcast will be accessible through the company's website Investors section, with a replay available for one year.

VICI Properties announced that its subsidiary, VICI Properties L.P., has completed a $750 million public offering of senior unsecured notes due 2031, with a 5.125% interest rate. The notes were issued at 99.643% of par value and will mature on November 15, 2031. The company plans to use the proceeds to repay its outstanding $750 million in 3.500% senior notes due 2025. The offering was managed by multiple financial institutions, including J.P. Morgan, Wells Fargo Securities, and Barclays, among others.

VICI Properties has announced an amendment and assignment of its master lease agreement with PURE Canadian Gaming Corp. to Indigenous Gaming Partners Inc. (IGP), a partnership of five institutional First Nations established for acquiring gaming assets in North America. IGP, partnering with Sonco Gaming, will maintain the existing lease terms, including annual base rent of C$22.0 million (US$15.5 million) for a 25-year base term with four 5-year renewal options.

The agreement covers four casino properties in Alberta, Canada: PURE Casino Edmonton, Yellowhead, Calgary, and Lethbridge. VICI received a 5-year right of first offer (ROFO) on future sale-leaseback transactions. The lease maintains its original escalation terms, starting at 1.25% in year 3 and adjusting to the greater of 1.5% or Canadian CPI (capped at 2.5%) from year 4.

VICI Properties announced the pricing of a $750 million senior unsecured notes offering through its subsidiary VICI Properties L.P. The notes, due 2031, carry a 5.125% interest rate and will be issued at 99.643% of par value. Interest payments will be made semi-annually on May 15 and November 15, starting May 15, 2025. The offering is expected to close on December 19, 2024.

The company plans to use the proceeds to repay its existing $750 million 3.500% senior notes due 2025, with any remaining funds allocated for general corporate purposes, including property acquisitions, improvements, capital expenditures, working capital, and debt refinancing.

VICI Properties (NYSE: VICI) has announced its Board of Directors' declaration of a regular quarterly cash dividend. Shareholders will receive $0.4325 per share of common stock for the period from October 1, 2024 to December 31, 2024. The dividend payment is scheduled for January 9, 2025, and stockholders must be on record by the close of business on December 17, 2024 to be eligible.