VICI Properties $VICI (-0.67%) reported adjusted operating earnings (AFFO) per share of 58 cents for the first quarter (56 cents Q1 2024).
The results reflect an increase in income compared to the same quarter last year, mainly due to income from sales-type leases and income from lease financing receivables, loans and securities.
However, higher interest expenses in the quarter had a dampening effect. The company raised its forecast for AFFO per share for 2025.
VICI Properties generated total revenue of USD 984.2 million.
Revenue increased by 3.4% year-on-year.
Behind the headlines
In the quarter under review, VICI Properties' revenue from sales-type leases amounted to USD 528.6 million, an increase of 3.1 % on the same quarter of the previous year.
Income from lease financing receivables, loans and securities amounted to USD 426.5 million, an increase of 4.2 % on the previous year.
19.5 million US dollars in the first quarter represents an increase of 1% compared to the same quarter of the previous year.
However, income from golf fell by 4.8% to USD 9.6 million.
VICI Properties' quarterly interest expenses rose by 2.1% year-on-year to USD 209.3 million.
In February 2025, the company announced the commencement of a strategic relationship with Cain International and Eldridge Industries through an investment of USD 300 million in the form of a mezzanine loan in connection with the One Beverly Hills development project.
Balance sheet item:
VICI Properties ended the first quarter with cash and cash equivalents of $334.3 million, down from $524.6 million as of December 31, 2024.
As of March 31, 2024, VICI Properties' liquidity totaled $3.2 billion, including cash and cash equivalents, $624 million of estimated net proceeds from the forward contracts and approximately $2.3 billion from the revolving credit facility. This includes cash and cash equivalents, estimated net proceeds of $624.6 million available under the forward sale agreements and approximately $2.3 billion available under the revolving credit facility.
2025 had total debt of approximately $17.2 billion as of March 31, compared to $17.1 billion in the prior quarter.
2025 outlook raised:
VICI Properties now expects AFFO per share in the range of $2.33-$2.36, up from previous guidance of $2.32-$2.35.