Real estate investment trust VICI Properties has reported its financial results for the third quarter of the year. For the period ended September 30, the REIT reported $751.5 million in revenue, up 100% compared to the same quarter last year.
The year-over-year increase in total revenues was primarily related to incremental revenue from the acquisitions of MGM Growth, which closed on April 29, 2022, and the land and real estate assets of The Venetian Resort Las Vegas, which closed on February 23, 2022. Total revenues for the quarter included $126.4 million of non-cash items, comprised of $108.6 million of non-cash leasing and financing adjustments and $17.9 million of other income.
Edward Pitoniak, Chief Executive Officer of VICI Properties, said: “VICI’s strong third quarter financial performance reflects the full impact of our extensive acquisition and financing activity over the past two years, whereby VICI doubled its total revenue on a year-over-year basis. In Q3 2022, we also increased our dividend by 8.3%, highlighting our commitment to growing the dividend for stockholders.”
Net income attributable to common stockholders was $330.9 million for the quarter, or $0.34 per share, compared to $161.9 million in the prior year. Meanwhile, the Funds from Operations (FFO) attributable to common stockholders was $340.6 million for the quarter, and FFO per share was $0.35 for the quarter. Adjusted Funds from Operations (AFFO) attributable to common stockholders was $470.7 million for the quarter, an increase of 82.8%.
On July 1, the company entered into a loan agreement with Great Wolf Resorts, under which it agreed to provide up to $59.0 million of mezzanine financing, the proceeds of which will be used to fund the development of Great Wolf Lodge South Florida, a more than $250.0 million, 500-room indoor water park resort project in Collier County, Florida.
Furthermore, on August 25, VICI announced it entered into definitive agreements to acquire an interest in the land and buildings associated with Rocky Gap Casino Resort, located in Flintstone, Maryland, from Golden Entertainment for approximately $203.9 million. Century Casinos agreed to acquire the operating assets of Rocky Gap for approximately $56.1 million.
Also during Q3, on August 30, the company entered into a loan agreement with Great Wolf, under which it agreed to provide up to $127.0 million of mezzanine financing to fund the development of Great Wolf Lodge Gulf Coast Texas, a more than $200.0 million, 532-room indoor water park resort project in Webster, Texas.
And subsequent to the quarter, on October 7, the company entered into a partnership with Canyon Ranch whereby VICI will provide a delayed draw term loan facility for up to $200 million to fund the development of Canyon Ranch’s newest wellness-resort offering, Canyon Ranch Austin, in Austin, Texas.
