VICI Properties, an experiential real estate investment trust, has reported results for the quarter ended June 30, 2024.
Total revenues increased 6.6 per cent year-over-year to $957m. Net income attributable to common stockholders increased 7.3 per cent year-over-year to $741.3m and, on a per share basis, increased 3.7 per cent year-over-year to $0.71.
CEO Edward Pitoniak said: “In the second quarter, we committed up to $950m of capital into existing high-quality partnerships, $650m of which will be deployed this year, comprised of our $400m property improvement investment into the Venetian and $250m credit investment into Great Wolf Resorts.
"We funded $350m of the aggregate commitment in the second quarter and an additional $150m of the Venetian Capital Investment subsequent to quarter end.
"Given the funding cadence of these investments and our strong liquidity position at quarter end, we were able to fund them with capital on hand.
"The Venetian capital investment exemplifies the value of our Partner Property Growth Fund strategy, which provides attractive capital deployment opportunities to invest into existing VICI assets at scale, and the Great Wolf transaction demonstrates VICI's ability to recycle capital via our VICI Experiential Credit Solutions strategy.
"We believe these investments demonstrate that VICI has advantageous levers for sustained, sustainable growth with quality tenants in durable sectors across attractive geographies."
