NEW YORK–February 19, 2021–VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, today reported results for the quarter and year ended December 31, 2020. All per share amounts included herein are on a per diluted share basis unless otherwise stated.
Fourth Quarter 2020 Financial and Operating Highlights
- Total revenues increased 57.0% year-over-year to $373.0 million
- Net income attributable to common stockholders was $288.0 million, or $0.53 per share
- AFFO increased 42.5% year-over-year to $251.7 million
- AFFO per share increased 24.3% to $0.46
- Completed the disposition of Bally’s Atlantic City
- Entered into an agreement for The Eastern Band of Cherokee Indians to become the new tenant at the Company’s Caesars Southern Indiana property
Full Year 2020 Financial and Operating Highlights
- Total revenues increased 37.0% year-over-year to $1.2 billion
- Net income attributable to common stockholders was $891.7 million, or $1.75 per share
- AFFO increased 28.7% year-over-year to $835.8 million
- AFFO per share increased 10.8% to $1.64
- Completed $4.6 billion of acquisitions and investments, including VICI’s first investment outside of gaming through an $80 million mortgage loan to Chelsea Piers New York
- Increased quarterly cash dividend by 10.9%
- Completed an equity offering in which 29,900,000 shares were sold through a forward sale agreement at $22.15 per share, raising gross proceeds of $662.3 million
- Issued 7,500,000 shares under the Company’s ATM Program for net proceeds of approximately $200.0 million
- Issued $2.5 billion of Senior Unsecured Notes at a blended and weighted average interest rate of 3.8%
- Redeemed the remaining $500.0 million 8% senior secured notes scheduled to mature in 2023
- Repriced our $2.1 billion Term Loan, lowering the interest rate from L + 2.00% to L + 1.75%
Comments
Edward Pitoniak, Chief Executive Officer of VICI Properties, said: “Prior to 2020, we were often asked how the Gaming REIT model would fare once it hit its first recession. What VICI faced in 2020 was far beyond a normal recession, but thanks to our tenants’ operating excellence and liquidity, thanks to the intense loyalty gaming customers have to the gaming experience, and thanks to the mission-criticality of our assets, VICI’s business model has proven itself during this on-going COVID-19 crisis. In 2020, we collected one hundred percent of our rent, in cash, on time, again thanks to the superiority of our tenants’ business models. And when many REITs were plugging holes in the hull, we completed $4.6 billion of acquisitions and investments, including a creative mortgage structure with our largest tenant, Caesars, and our first investment outside of gaming in the Chelsea Piers New York Facility. Finally, as 2020 unfolded, it became clear that our tenants will increasingly benefit from the technology-driven tailwind that legalized sports betting represents, giving our tenants a powerful new paradigm for developing their next generation of customers, further ensuring the durability of their business models and of our real estate.”
Said David Kieske, Executive Vice President and Chief Financial Officer, “During a year when many REITs had to work hard to shore up their liquidity, VICI spent 2020 further improving its balance sheet. We accessed the capital markets throughout the year, raising $862 million of gross equity proceeds through a forward sale agreement and under our ATM program, and issuing $2.5 billion of unsecured notes, laddering our debt maturities and lowering our cost of capital while steadily forging our path toward a future investment grade credit rating. In Q3, we announced a dividend increase of 10.9%, one of the largest 2020 dividend increases among large-cap American REITs. Over the last three years, since VICI’s 2018 IPO, our collective activities enabled us to double our annualized revenue and EBITDA and deliver superior total return for shareholders. In fact, over the three-year period ended December 31, 2020, VICI delivered total return of 46.2%, significantly above the 11.2% generated by REITs in the RMZ REIT index.”
