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Vici Properties (NYSE:VICI) increased its guidance for 2023 FFO per share after Q3 earnings topped the average analyst estimate by a penny.
Guidance for 2023 adjusted FFO per share rose to $2.14-$2.15 from the previous range of $2.11-$2.14; Visible Alpha consensus is $2.14.
Q3 adjusted FFO per share of $0.54, vs. the $0.53 Visible Alpha estimate, unchanged from the previous quarter and climbed from $0.49 a year ago.
Total revenue of $904.3M, vs. $902.0M consensus, increased from $898.2M in the prior quarter and rose from $751.5M in the year-ago period.
"Vici’s (VICI) third-quarter financial performance reflects our sustained, sustainable commitment to accretive growth and capital deployment through acquisitions and strategic financing activity, exemplified by approximately 20% revenue growth and nearly 11% growth in AFFO per share year-over-year," said CEO Edward Pitoniak.
Income from lease financing receivables, loans and securities was $378.5M, up from $373.1M in Q2 and $350.9M in Q3 2022.
Q3 total operating expenses were $139.6M; by contrast, Q2's figure was $344,000, which included a $41.4M benefit from a change in allowance for credit losses, and Q3 2022's level was $270.6M.
During the quarter, Vici (VICI) closed on its acquisition of the leasehold interest in the land and buildings associated with Rocky Gap Casino Resort in Flintstone, Maryland, for $203.9M in cash. It also completed the acquisition of four real estate assets from Century Casinos in Alberta, Canada, and expanded its Canyon Ranch Growth Partnership.
Conference call on Oct. 26 at 10:00 AM ET.
Earlier, VICI Properties (VICI) FFO of $0.54 beats by $0.01, revenue of $904.32M beats by $2.32M