VICI Properties' Q1 AFFO Meets Estimates, Revenues Rise Y/Y

Core Viewpoint - VICI Properties reported a first-quarter adjusted funds from operations (AFFO) per share of 58 cents, consistent with estimates, and a 3.6% increase year-over-year, driven by revenue growth from sales-type leases and lease financing, despite higher interest expenses [1][2] Financial Performance - Total revenues for VICI Properties reached $984.2 million, slightly below the consensus estimate of$985.6 million, marking a 3.4% year-over-year increase [2] - Income from sales-type leases was $528.6 million, up 3.1$426.5 million [3] - Other income increased by 1% to $19.5 million, although golf revenues fell by 4.8$9.6 million [3] - Quarterly interest expenses rose 2.1% year-over-year to $209.3 million [3] Balance Sheet Position - As of March 31, 2024, VICI Properties had cash and cash equivalents of$334.3 million, down from $524.6 million at the end of 2024 [5] - Total liquidity was reported at$3.2 billion, which includes cash, estimated net proceeds from forward sale agreements, and availability under a revolving credit facility [5] - Total debt increased to approximately $17.2 billion, up from$17.1 billion in the previous quarter [6] 2025 Outlook - The company raised its AFFO per share guidance for 2025 to a range of $2.33-$2.36, above the previous guidance of $2.32-$2.35, aligning with the current consensus estimate [7]