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Vici Properties (NYSE: VICI) reported stronger-than-expected fourth-quarter 2023 earnings and revenue, capping a year in which the company deployed capital every month despite a volatile commercial real estate market.
The REIT that focuses on casinos and entertainment venues expects Adjusted FFO per share 2024 of $2.22-$2.25, compared to analysts’ average estimate of $2.25 and $2.15 reported in 2023.
Adjusted FFO per share of $0.55, matching the Visible Alpha consensus, increased from $0.54 in Q3 and $0.51 in Q4 2022.
Total revenue of $931.9 million, beating analysts’ average estimate of $921.1 million, increased from $904.3 million in the prior quarter and $769.9 million in the same one-year period does. Revenue from sales-type leasing rose to $506.2 million from $500.2 million in the prior quarter and $386.3 million a year ago.
Revenue from receivables, loans and securities for lease financing was $396.8 million, up from $378.5 million in the third quarter and $355.7 million in the fourth quarter of 2022.
Fourth quarter total operating expenses were -$15.3 million compared to $139.6 million in the third quarter and $12.3 million in the fourth quarter of 2022. The current quarter included $63.3 million dollars of credit loss allowance benefits, while the third quarter included a provision of $96.0 million and the fourth quarter of 2022 included a provision of $31.0 million. benefit.
Fourth quarter adjusted EBITDA of $749.6 million increased from $726.4 million in the third quarter and $653.6 million in the fourth quarter of 2022.
“In 2023, VICI successfully deployed capital every single month of the year, despite volatility in the commercial real estate and capital markets,” said Edward Pitoniak, CEO of Vici Properties (VICI).
Conference call Feb. 23 at 10 a.m. ET.
Previously, VICI Properties FFO of $0.72 tops by $0.09, revenue of $931.9M tops by $10.77M