Financial Data and Key Metrics Changes - AFFO per share for Q4 2024 was $0.57, an increase of 3.6% compared to $0.55 for Q4 2023 [33] - For the full year 2024, AFFO per share was $2.26, an increase of 5.1% compared to $2.15 for 2023 [33] - The company achieved a net debt to annualized fourth quarter adjusted EBITDA of approximately 5.3 times, within the target leverage range of 5 to 5.5 times [32] Business Line Data and Key Metrics Changes - The company committed approximately $1.1 billion of capital in 2024 at an initial yield of 8.1% [19] - Significant investments were made in the Venetian, with up to $700 million committed through a partner property growth fund strategy [20] Market Data and Key Metrics Changes - Las Vegas tourism hit records in 2024, with 58 million airline passengers and visitation increasing 2% year-over-year to approximately 42 million [22] - Operators in Las Vegas announced nearly $1 billion of investment in real estate since Q4 2024, reflecting a strong conviction in high-quality experiences [24] Company Strategy and Development Direction - The company initiated a strategic relationship with Cain International and Eldridge Industries, focusing on experiential investments [9][14] - The partnership aims to identify and pursue differentiated place-based experiences, enhancing the company's growth strategy [10][16] Management's Comments on Operating Environment and Future Outlook - Management noted that 2024 did not present a plentiful flow of high-quality real estate acquisition opportunities, but there were compelling development opportunities [40] - The company expects a busy start to 2025, with a wide funnel of potential investments in experiential and casino gaming spaces [44] Other Important Information - The company received an investment-grade credit rating from S&P, Fitch, and Moody's, enhancing access to capital [29] - The company has approximately $3.3 billion in total liquidity, including $525 million in cash and $2.4 billion available under its revolving credit facility [32] Q&A Session Summary Question: What does deal flow look like in 2024 compared to prior years? - Management indicated that 2024 did not see many high-quality real estate acquisition opportunities, but there were compelling development opportunities available [40][41] Question: Any comments on cash yields for various asset categories? - Management noted limited visibility on cash yields for high-quality assets on the strip due to recent trading activity and market volatility [47][50] Question: How does development funding compare to acquisitions? - Management expressed confidence in the return of capital from development funding, emphasizing the potential for ongoing partnerships with Cain and Eldridge [55][56] Question: Update on the licensing process in New York? - Management acknowledged progress in the New York licensing process but noted uncertainty regarding the outcome for the MGM property [115][116] Question: Insights on the competitive landscape for capital providers? - Management highlighted a cultural union with Cain and Eldridge, which positions the company favorably as a partner of choice for experiential investments [79]

Core Insights - VICI Properties reported fourth-quarter adjusted funds from operations (AFFO) per share of 57 cents, consistent with the Zacks Consensus Estimate, and a 3.6% increase from the prior-year quarter [1][3] - The company generated total revenues of $976.1 million, surpassing the Zacks Consensus Estimate by 0.1%, and reflecting a year-over-year increase of 4.7% [3] - VICI Properties expects AFFO per share in the range of $2.32-$2.35 for 2025, with the current Zacks Consensus Estimate at $2.31, which is below the projected range [7] Revenue Breakdown - Income from sales-type leases was $524.7 million, a 3.6% increase year-over-year [4] - Income from lease financing receivables, loans, and securities reached $420.7 million, rising 6% year-over-year [4] - Other income in the fourth quarter was $19.5 million, up 6.5% from the previous year, while golf revenues increased by 5.7% to $11.2 million [4] Financial Position - As of December 31, 2024, VICI Properties had cash and cash equivalents of $524.6 million, up from $355.7 million as of September 30, 2024 [5] - The company's total liquidity amounted to $3.3 billion, which includes cash, estimated net proceeds from forward sale agreements, and availability under its revolving credit facility [5] - Total debt remained unchanged at approximately $17.1 billion as of December 31, 2024 [6] Performance Comparison - Host Hotels & Resorts, Inc. reported fourth-quarter AFFO per share of 44 cents, exceeding the Zacks Consensus Estimate of 40 cents, with no change from the prior-year quarter [8] - Healthpeak Properties, Inc. reported fourth-quarter adjusted FFO per share of 46 cents, beating the Zacks Consensus Estimate by a penny, with results reflecting better-than-anticipated revenues [10][11]

Core Viewpoint - Vici Properties reported strong revenue growth in Q4 2024 but fell short of earnings expectations, primarily due to credit-related adjustments impacting net income [2][6]. Financial Performance - Revenue for Q4 2024 reached $976.1 million, exceeding analysts' expectations of $970 million, and reflecting a year-over-year increase of 4.7% from $931.9 million in Q4 2023 [3][6]. - Adjusted earnings per share (EPS) fell to $0.58, missing the anticipated $0.68, marking a decline of 19.2% from $0.72 in Q4 2023 [3][6]. - Adjusted funds from operations (AFFO) increased to $0.57 per share, up by 3.6% from $0.55 in Q4 2023 [3][6]. Business Overview - Vici Properties operates as a real estate investment trust focusing on gaming, hospitality, and entertainment properties, utilizing long-term triple net leases to ensure predictable revenue streams [4]. - Major tenants, including Caesars and MGM, significantly contribute to the company's rental income [4]. Strategic Initiatives - The company has been expanding through strategic partnerships and investments, committing $1.1 billion to various ventures with a weighted yield of 8.1% [5][7]. - All properties remained fully leased with a weighted average lease term of 40.7 years, providing a stable revenue floor [7]. Challenges and Risks - The decline in net income per share was primarily due to a $157.7 million adjustment in the Current Expected Credit Loss (CECL) allowance, reflecting market volatility [6][8]. - Macroeconomic conditions, including interest rate fluctuations, could impact future revenue streams and necessitate strategic adjustments in capital allocation [8]. Future Outlook - Vici Properties has set an AFFO target for 2025 between $2.455 billion and $2.485 billion, translating to AFFO per diluted share of $2.32 to $2.35, indicating a stable outlook [9].

Core Insights - VICI Properties Inc. reported revenue of $976.05 million for the quarter ended December 2024, reflecting a 4.7% increase year-over-year and a slight surprise of +0.10% over the Zacks Consensus Estimate of $975.09 million [1] - The company's EPS for the quarter was $0.57, which is lower than the $0.72 reported in the same quarter last year, and aligned with the consensus EPS estimate [1] Revenue Breakdown - Golf revenues reached $11.15 million, exceeding the estimated $10.88 million, marking a year-over-year increase of +5.7% [4] - Other income was reported at $19.47 million, slightly above the average estimate of $19.18 million, representing a +6.5% change year-over-year [4] - Income from lease financing receivables and loans was $420.74 million, surpassing the estimate of $419.65 million, with a +6% year-over-year change [4] - Income from sales-type leases was $524.69 million, slightly below the estimated $525.33 million, but still showing a +3.7% increase compared to the previous year [4] Stock Performance - Over the past month, shares of VICI Properties have returned +3.5%, outperforming the Zacks S&P 500 composite's +2.6% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

VICI Properties Inc. (VICI) came out with quarterly funds from operations (FFO) of $0.57 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.55 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post FFO of $0.56 per share when it actually produced FFO of $0.57, delivering a surprise of 1.79%.Over the last four quarters, the company has surpassed consensus FFO estimates two times.VICI Properties, which ...

Asset Ownership and Portfolio - As of December 31, 2024, VICI Properties Inc. owns 93 experiential assets, including 54 gaming properties and 39 other experiential properties across the U.S. and Canada, with a total of approximately 60,300 hotel rooms[36] - The properties are 100% leased with a weighted average lease term of approximately 40.7 years, ensuring stable cash flows[36] - VICI's portfolio includes iconic properties such as Caesars Palace Las Vegas, MGM Grand, and the Venetian Resort, which are significant demand generators[41] - The total gaming portfolio includes 54 properties under lease agreements, with various tenants and expiration dates extending into the 2050s[48] - The total other experiential portfolio consists of 39 properties, bringing the total to 93 properties[48] Financial Performance and Revenue - VICI has made approximately $37.0 billion in domestic and international investments since its formation in October 2017, leading to its addition to the S&P 500 Index in June 2022[41] - The company has achieved 100% rent collection since its formation, indicating strong tenant performance and reliability[41] - The majority of revenues are derived from rental income from "triple-net" lease agreements, with initial terms ranging from 15 to 32 years and tenant renewal options extending the lease for an additional 5 to 30 years[44] - Approximately 74% of the company's total leasing revenues for the year ended December 31, 2024, are derived from Caesars and MGM[101] - The company expects to generate approximately $1.2 billion and $1.1 billion in estimated annual lease payments from its two largest tenants, Caesars and MGM, respectively, for the year 2025[101] Lease Agreements and Rent Structure - All lease agreements provide for annual base rent escalations, with 40% of annualized rental revenue subject to CPI-linked escalation as of December 31, 2024[41] - Annual base rent escalations are structured with fixed increases of 1% to 2% or variable increases tied to CPI, with a maximum cap on CPI-based increases[44] - The MGM Master Lease has a fixed escalator of 2.0% for years two through ten, with a cap of 3.0% for future escalations, which may limit rental income growth[120] Strategic Growth and Investments - The company has established strategic financing relationships with leading experiential operators, potentially leading to future growth opportunities[41] - The company maintains a long-term focus on strategic market expansion and new product development through its embedded growth pipeline[55] - The company may engage in joint ventures or co-ownership for property investments, aiming for strategic growth opportunities[84] - The company has entered into several strategic agreements, including put-call agreements, which provide opportunities for embedded growth[55] Debt and Financing - As of December 31, 2024, total investments in real estate debt amount to $1,678.1 million, with a weighted average interest rate of 8.8% and a weighted average term of 4.4 years[53] - Senior secured loans account for $684.7 million of the total real estate debt investments, with future funding commitments of $308.8 million[53] - Future funding commitments for mezzanine loans and preferred equity total $239.7 million, with a weighted average interest rate of 9.2%[53] - The company has approximately $17.1 billion in long-term indebtedness and $2.4 billion available under the 2022 Revolving Credit Facility[152] - The company terminated the 2022 Revolving Credit Facility and entered into a new Revolving Credit Facility of $2.5 billion, maturing on February 3, 2029[152] Regulatory and Industry Risks - The company is subject to risks associated with the gaming industry, including competition and regulatory developments, which could impact its financial performance[33] - Regulatory approvals are required for transfers of gaming properties, which could delay or prohibit transactions and affect the company's ability to collect rent[116] - The company faces extensive regulation from gaming authorities, which could impact its business operations and financial condition[112] - The company is subject to risks associated with substantial investments in a single industry, which could have a material adverse effect on its financial condition and results of operations[106] Sustainability and Environmental Initiatives - The company has implemented sustainability initiatives at its golf courses, focusing on reducing electricity and fuel usage, water consumption, and waste[81] - The company is focused on tenant engagement initiatives to monitor environmental sustainability metrics throughout its leased properties[81] - The company has performed climate-related risk assessments across its portfolio, including property-specific evaluations and scenario analyses[83] - New laws and regulations relating to sustainability may entail additional compliance costs and risks, impacting financial performance[138] Corporate Governance and Employee Engagement - The company employs 27 full-time employees, all located at its corporate headquarters in New York, New York, as of December 31, 2024[71] - As of December 31, 2024, 43% of the company's directors and 44% of employees were female, with 50% of the Board's leadership being female[10] - The company offers a comprehensive employee benefits package, including a 401(k) plan, medical, dental, and vision insurance, and paid parental leave[10] Market and Economic Conditions - Economic indicators such as GDP growth and consumer confidence are correlated with demand for gaming and leisure properties, with economic downturns historically leading to decreased discretionary spending[105] - Economic conditions, such as high inflation and interest rates, may hinder the company's ability to sell or divest properties, affecting liquidity and revenue[131] - The market price of the company's common stock may be volatile due to various factors, including operational results and economic conditions[150] Taxation and REIT Compliance - The company is required to distribute 90% of its REIT taxable income to qualify for taxation as a REIT, which may limit its ability to pursue growth strategies[95] - The company may incur adverse tax consequences if it fails to qualify as a REIT, significantly reducing cash available for distributions[165] - Compliance with REIT requirements may force the company to liquidate attractive opportunities or limit expansion, adversely affecting its business plan[168]

Exhibit 99.1 VICI PROPERTIES INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2024 RESULTS - Announced Over $1 Billion in Capital Commitments in 2024 and Deployed Capital Every Month - - Announced Strategic Relationship with Cain International and Eldridge Industries - - Establishes Guidance for Full Year 2025 - NEW YORK, NY – February 20, 2025 – VICI Properties Inc. (NYSE: VICI) ("VICI Properties", "VICI" or the "Company"), an experiential real estate investment trust, today reported results for the quarter and ...

The primary goal of the Cash Flow Kingdom Income Portfolio is to produce an overall yield in the 7% - 10% range. We accomplish this by combining several different income streams to form an attractive, steady portfolio payout. The portfolio's price can fluctuate, but the income stream remains consistent. Start your free two-week trial today!VICI Properties Inc. (NYSE: VICI ) is a high-quality triple-net REIT that offers a nice dividend yield and that trades at an undemanding valuation. Add a compelling growt ...

VICI Properties Inc. (VICI) is slated to report fourth-quarter and full-year 2024 earnings results on Feb. 20, after the closing bell. Its quarterly results are expected to exhibit growth in revenues and adjusted funds from operations (AFFO) per share.See the Zacks Earnings Calendar to stay ahead of market-making news.In the last reported quarter, this New York-based experiential REIT, which owns the portfolios of market-leading gaming, hospitality and entertainment destinations, reported an AFFO per share ...

Caesars Palace opened in 1966, around 58 years ago, by developer Jay Sarno. His vision for the Las Vegas property was to create a magnificent property that gave guests a taste of the Roman Empire.Introducing iREIT®Join iREIT® on Alpha today to get the most in-depth research that includes REITs, mREIT, Preferreds, BDCs, MLPs, ETFs, Builders, and Asset Managers. Our iREIT® Tracker provides data on over 250 tickers with our quality scores, buy targets, and trim targets.We recently added an all-new Ratings Trac ...