VICI Properties reports Q2 AFFO 57c, consensus 56c

Reports Q2 revenue $957.0M, consensus $956.61M. Edward Pitoniak, Chief Executive Officer of VICI Properties, said, “In the second quarter, we committed up to $950.0 million of capital into existing high-quality partnerships, $650.0 million of which will be deployed this year, comprised of our $400.0 million property improvement investment into the Venetian and $250.0 million credit investment into Great Wolf Resorts. We funded $350.0 million of the aggregate commitment in the second quarter and an additional $150.0 million 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.”