VICI Properties Inc (FRA:1KN)
€ 30.085 0.175 (0.59%) Market Cap: 31.85 Bil Enterprise Value: 47.86 Bil PE Ratio: 12.85 PB Ratio: 1.33 GF Score: 83/100
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Q2 2024 VICI Properties Inc Earnings Call Transcript

Aug 01, 2024 / 02:00PM GMT
Release Date Price: €29.16 (-0.44%)

Key Points

Positve
  • VICI Properties Inc (VICI) reported a strong blended investment yield of 7.9% from recent capital commitments.
  • The company has a robust liquidity position with approximately $3.2 billion in total liquidity.
  • VICI Properties Inc (VICI) raised its AFFO guidance for 2024, expecting year-over-year AFFO per share growth of 4.7%.
  • The company continues to benefit from the strong performance of its Las Vegas assets, with record-breaking passenger numbers at Harry Reid International Airport.
  • VICI Properties Inc (VICI) maintains a highly efficient triple net model with strong margins in the high 90% range and the highest net income margin in the S&P 500.
Negative
  • The decision not to exercise the call right to acquire certain assets may raise questions about future growth opportunities.
  • There are concerns about potential consumer weakness, particularly at the lower end, which could impact some of VICI Properties Inc (VICI)'s tenants.
  • The company faces significant debt maturities in the first half of 2025, which will require effective refinancing.
  • There is uncertainty regarding the impact of potential legislative changes on regional gaming markets.
  • The company's exposure to Las Vegas, while beneficial, also poses a risk due to the concentration of assets in one market.
Editor

Please stand by for streaming text.

Operator

Good day, ladies and gentlemen, thank you for standing by, and welcome to VICI Properties second-quarter 2024 earnings conference call. At this time, all participants are in listen-only mode. Please note that this conference call is being recorded today, August 1 2024. (Operator Instructions)

I will now hand you over to Samantha Gallagher, General Counsel, with VICI Properties. Please go ahead.

Samantha Gallagher
VICI Properties Inc - Executive Vice President, General Counsel, Secretary

Thank you, operator, and good morning. Everyone should have access to the company's second quarter 2024 earnings release and supplemental information, the release and supplemental information regarding the Investors section of the VICI Properties' website at www.viciproperties.com.

Our comments today will be forward looking statements within the meaning of federal securities laws. Forward-looking statements,

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