Q4 2024 VICI Properties Inc Earnings Call Transcript

Feb 21, 2025 / 03:00PM GMT

Release Date Price: $31.28 (+1.69%)

Transcript 10-K8-K

Key Points

Positve

VICI Properties Inc (VICI) announced a new strategic and financial relationship with Cain International and Eldridge Industries, marking a significant growth opportunity.
The company committed approximately $1.1 billion of capital in 2024 at an initial yield of 8.1%, showcasing strong investment activity.
VICI Properties Inc (VICI) achieved an investment-grade credit rating across all three major agencies, enhancing its financial standing.
The company reported AFFO per share growth of 5.1% for the full year 2024, indicating strong financial performance.
VICI Properties Inc (VICI) has a robust liquidity position with approximately $3.3 billion in total liquidity, supporting future growth initiatives.

Negative

The deal flow for high-quality real estate acquisition opportunities was limited in 2024, impacting potential growth.
There is uncertainty in pricing for permanent assets due to volatility in the 10-year treasury yield, affecting investment decisions.
The company faces competition in the casino space, which could impact its ability to secure new acquisitions.
VICI Properties Inc (VICI) has a significant amount of forward equity, which could lead to dilution if not managed carefully.
The allowance for credit losses showed significant swings due to macroeconomic factors, indicating potential financial risks.

Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VICI Properties fourth quarter and full year 2024 earnings conference call. (Operator Instructions) Please note that this conference call is being recorded today, February 21, 2025.

I'll now turn the call 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 fourth quarter and full year 2024 earnings release and supplemental information. The release and supplemental information can be found in the investors section of the VICI Properties website at www.viciproperties.com.

Some of our comments today will be forward-looking statements within the meaning of the federal securities laws. Forward-looking statements, which are usually identified by the use of words such as will, believe, expect, should,

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