VICI properties raises FFO outlook on new deal signings

VICI Properties

31/07/2024 22:24

July 31 - Real estate investment trust VICI Properties
 VICI.N  beat analysts' expectations for second-quarter results
and raised its outlook for 2024 adjusted funds from operations
(AFFO) on Wednesday, in light of new deal signings. 
    The company now expects full-year AFFO to be in the range of
$2.24 to $2.26 per share, compared to its prior forecast of
$2.22 to $$2.25 apiece. 
    Shares of the company were up 1.6% after the bell.
    The Maryland-based hospitality and entertainment REIT
reported a quarterly profit of 71 cents per share. Analysts were
expecting a profit of 68 cents per share. 
   The company, whose portfolio includes casinos such as Caesars
Palace  CZR.O  and MGM Grand  MGM.N , operates on a
sale-leaseback model, where it identifies an existing gaming
asset, purchases it and immediately leases it back to the
operator.
   These transactions often immediately add to the company's
income.
    In the second quarter, VICI said it had committed $950
million of capital to existing partnerships and announced
funding of up to $700 million to The Venetian Resort in Las
Vegas. 
    Quarterly AFFO came in at 57 cents per share, in line with
Wall Street estimates. 
    Total revenue for the quarter ended June 30 was $957
million, up 6.6% from a year earlier. Analysts, on average, were
expecting revenue of $952.4 million, as per LSEG data. 

 (Reporting by Aishwarya Jain; editing by Alan Barona)
 ((Aishwarya.Jain@thomsonreuters.com;))