VICI Properties Inc Stock Research

Market Summary

USD31.65+0.02

Delayed

0.06%

VICI Alerts

Big jump in Revenue (Y/Y)
Big jump in Earnings (Y/Y)

VICI Stock Price

VICI RSI Chart

VICI Valuation

Market Cap

30.5B

Price/Earnings (Trailing)

27.27

Price/Sales (Trailing)

11.72

EV/EBITDA

26.16

Price/Free Cashflow

15.68

VICI Price/Sales (Trailing)

VICI Profitability

EBT Margin

43.80%

Return on Equity

5.1%

Return on Assets

2.97%

Free Cashflow Yield

6.38%

VICI Fundamentals

VICI Revenue

Revenue (TTM)

2.6B

Revenue Y/Y

100.94%

Revenue Q/Q

2.44%

VICI Earnings

Earnings (TTM)

1.1B

Earnings Y/Y

114.6%

Earnings Q/Q

82.55%

Price Action

52 Week Range

26.0735.69

(Low)(High)

Last 7 days

-6.3%

Last 30 days

-8.4%

Last 90 days

-6.8%

Trailing 12 Months

20.2%

VICI Financial Health

Debt/Equity

0.63

Debt/Cashflow

0.14

VICI Investor Care

Dividend Yield

4.74%

Dividend/Share (TTM)

1.5

Shares Dilution (1Y)

53.13%

Diluted EPS (TTM)

1.27

Peers (Alternatives to VICI Properties)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	51.7B	4.2B	-4.61%	-14.88%	11.88	12.36	22.43%	122.66%
DLR	30.0B	4.7B	-6.82%	-21.36%	79.47	6.4	5.96%	-77.90%
EQR	22.3B	2.7B	-9.31%	-29.65%	28.69	8.21	11.91%	-41.71%
ARE	21.2B	2.6B	-23.98%	-31.95%	40.62	8.18	22.46%	-8.68%
KIM	13.2B	1.7B	-4.07%	-13.87%	104.43	7.61	26.61%	-85.07%
MID-CAP
FRT	7.7B	1.1B	-13.38%	-14.77%	20.08	7.2	12.95%	47.42%
KRG	4.3B	802.0M	-9.03%	-5.22%	-341.02	5.37	114.83%	84.36%
VNO	2.9B	1.8B	-31.59%	-62.57%	-8.47	1.63	13.26%	-296.88%
MAC	2.1B	859.2M	-25.44%	-29.31%	-31.63	2.43	1.38%	-563.21%
SMALL-CAP
SKT	1.9B	421.4M	-3.41%	12.84%	22.56	4.55	3.35%	1705.32%
SLG	1.7B	826.7M	-30.54%	-63.53%	-22.04	2.08	-2.04%	-117.36%
AIV	1.0B	190.3M	-7.76%	-1.93%	11.27	5.46	12.08%	1950.56%
PGRE	983.2M	740.4M	-22.73%	-54.50%	-27.01	1.33	1.87%	-78.85%

Financials for VICI Properties

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	17.5%	2,601	2,214	1,838	1,552	1,510
Operating Expenses	-1.6%	991	1,007	767	156	76.00
S&GA Expenses	14.2%	48.00	42.00	39.00	35.00	33.00
EBITDA	34.4%	1,682	1,252	1,075	1,383	-
EBITDA Margin	14.4%	0.65*	0.57*	0.58*	0.89*	-
Earnings Before Taxes	41.0%	1,139	808	635	997	1,026
EBT Margin	20.0%	0.44*	0.36*	0.35*	0.64*	-
Interest Expenses	22.4%	540	441	437	383	392
Net Income	40.2%	1,118	797	628	989	1,014
Net Income Margin	19.4%	0.43*	0.36*	0.34*	0.63*	-
Free Cahsflow	11.6%	1,943	1,741	1,437	1,039	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	0.7%	37,576	37,308	37,289	21,741	17,597
Cash Equivalents	-59.7%	209	518	614	569	740
Liabilities	0.3%	15,286	15,246	15,174	6,258	5,410
Long Term Debt	0.1%	13,740	13,731	13,722	5,297	4,695
Shareholder's Equity	1.0%	21,934	21,710	22,115	15,484	12,108
Retained Earnings	169.9%	93.00	-133	-88.61	316	346
Additional Paid-In Capital	0.0%	21,645	21,642	21,644	14,972	11,755
Accumulated Depreciation	5.0%	17.00	16.00	15.00	15.00	-
Shares Outstanding	0.0%	963	963	963	748	629
Minority Interest	1.1%	356	353	352	79.00	79.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	11.6%	1,943	1,741	1,437	1,039	896
Share Based Compensation	11.3%	13.00	12.00	11.00	10.00	9.00
Cashflow From Investing	-4.9%	-9,304	-8,867	-8,643	-4,019	41.00
Cashflow From Financing	-2.1%	6,830	6,975	7,412	3,227	-514
Dividend Payments	13.9%	1,219	1,070	901	809	759

Risks for VICI

What is the probability of a big loss on VICI?

20%

Probability that VICI Properties stock will be more than 20% underwater in next one year

20%

Probability that VICI Properties stock will be more than 30% underwater in next one year.

19.2%

Probability that VICI Properties stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does VICI drawdown profile look like?

Y-axis is the maximum loss one would have experienced if VICI Properties was unfortunately bought at previous high price.

Drawdowns

Returns for VICI

Cumulative Returns on VICI

15.6%

5-Year Cumulative Returns

27.1%

3-Year Cumulative Returns

What are the long-term rolling returns for VICI?

FIve years rolling returns for VICI Properties.

Annualized Returns

Which funds bought or sold VICI recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	added	23.42	100,440	384,440	0.01%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	11.11	11,671,900	68,310,900	0.07%
2023-03-10	MATHER GROUP, LLC.	reduced	-9.88	-5,769	249,231	-%
2023-03-06	Rockefeller Capital Management L.P.	added	0.84	730,000	8,438,000	0.04%
2023-02-28	Voya Investment Management LLC	added	3.47	1,230,800	11,234,800	0.02%
2023-02-27	Parallax Volatility Advisers, L.P.	reduced	-47.96	-1,224,650	1,590,350	-%
2023-02-27	CASCADE INVESTMENT GROUP, INC.	new	-	332,197	332,197	0.35%
2023-02-24	NATIXIS	added	126	4,362,200	7,351,200	0.04%
2023-02-24	BBJS FINANCIAL ADVISORS, LLC	new	-	581,388	581,388	0.26%
2023-02-24	National Pension Service	added	6.57	6,553,730	44,043,900	0.09%

Latest Funds Activity

Are funds buying VICI calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own VICI

No. of Funds

VICI Properties News

Schedule 13G FIlings of VICI Properties

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	cohen & steers, inc.	0.23%	2,246,394	SC 13G/A
Feb 13, 2023	capital international investors	7.6%	75,641,102	SC 13G/A
Feb 13, 2023	capital world investors	2.1%	21,162,383	SC 13G/A
Feb 13, 2023	capital research global investors	5.0%	50,059,016	SC 13G
Feb 09, 2023	vanguard group inc	14.45%	144,131,966	SC 13G/A
Feb 03, 2023	state street corp	5.50%	54,889,378	SC 13G
Jan 24, 2023	blackrock inc.	9.8%	97,331,334	SC 13G/A
Feb 14, 2022	cohen & steers, inc.	6.10%	38,368,142	SC 13G
Feb 11, 2022	capital international investors	9.5%	59,597,681	SC 13G/A
Feb 11, 2022	capital world investors	5.0%	31,731,180	SC 13G

VICI Fair Value

VICI Properties fair value in different scenarios

The table shows the Fair Value estimates for VICI Properties for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	57.41 81.39%	88.77 180.47%	187.58 492.67%	314.35 893.21%	434.79 1273.74%
Current Inflation	52.51 65.91%	79.53 151.28%	163.65 417.06%	269.57 751.72%	369.85 1068.56%
Very High Inflation	46.51 46.95%	68.48 116.37%	135.76 328.94%	218.31 589.76%	296.13 835.64%

Historical VICI Properties Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of VICI Properties

View All Filings

Date Filed	Form Type	Document
Mar 15, 2023	ARS	ARS
Mar 15, 2023	DEF 14A	DEF 14A
Mar 15, 2023	DEFA14A	DEFA14A
Mar 01, 2023	4	Insider Trading
Mar 01, 2023	4	Insider Trading
Mar 01, 2023	8-K	Current Report
Feb 28, 2023	424B5	Prospectus Filed
Feb 23, 2023	8-K	Current Report
Feb 23, 2023	10-K	Annual Report
Feb 22, 2023	4	Insider Trading

Latest Insider Trading transactions for VICI

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-28	KIESKE DAVID ANDREW	sold (taxes)	-109,426	33.68	-3,249	chief financial officer
2023-02-28	Wasserman Gabriel	sold (taxes)	-17,075	33.68	-507	chief accounting officer
2023-02-22	Wasserman Gabriel	acquired	-	-	15,538	chief accounting officer
2023-02-22	KIESKE DAVID ANDREW	acquired	-	-	108,656	chief financial officer
2023-02-22	Payne John W R	sold (taxes)	-644,816	33.7	-19,134	president and coo
2023-02-22	KIESKE DAVID ANDREW	sold (taxes)	-1,272,750	33.7	-37,767	chief financial officer
2023-02-22	Wasserman Gabriel	sold (taxes)	-144,371	33.7	-4,284	chief accounting officer
2023-02-22	Pitoniak Edward Baltazar	sold (taxes)	-1,592,220	33.7	-47,247	chief executive officer
2023-02-22	Gallagher Samantha Sacks	acquired	-	-	75,414	general counsel and evp
2023-02-22	Pitoniak Edward Baltazar	acquired	-	-	281,375	chief executive officer

About VICI Properties

Edward B. Pitoniak

www.viciproperties.com

150

VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties' national, geographically diverse portfolio consists of 29 gaming facilities comprising over 48 million square feet and features approximately 19,200 hotel rooms and more than 200 restaurants, bars and nightclubs. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos Inc., Hard Rock International, JACK Entertainment and Penn National Gaming, Inc. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties' strategy is to create the nation's highest quality and most productive experiential real estate portfolio.

VICI Income Statement

2022-12-31

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Income from sales-type leases	$ 1,464,245	$ 1,167,972	$ 1,007,508
Income from operating leases	0	0	25,464
Income from lease financing receivables and loans	1,041,229	283,242	153,017
Other income	59,629	27,808	15,793
Golf revenues	35,594	30,546	23,792
Total revenues	2,600,697	1,509,568	1,225,574
Operating expenses
General and administrative	48,340	33,122	30,661
Depreciation	3,182	3,091	3,731
Other expenses	59,629	27,808	15,793
Golf expenses	22,602	20,762	17,632
Change in allowance for credit losses	834,494	(19,554)	244,517
Transaction and acquisition expenses	22,653	10,402	8,684
Total operating expenses	990,900	75,631	321,018
Income from unconsolidated affiliate	59,769	0	0
Interest expense	(539,953)	(392,390)	(308,605)
Interest income	9,530	120	6,795
Loss from extinguishment of debt	0	(15,622)	(39,059)
Gain upon lease modification	0	0	333,352
Income before income taxes	1,139,143	1,026,045	897,039
Income tax expense	(2,876)	(2,887)	(831)
Net income	1,136,267	1,023,158	896,208
Less: Net income attributable to non-controlling interests	(18,632)	(9,307)	(4,534)
Net income attributable to common stockholders	$ 1,117,635	$ 1,013,851	$ 891,674
Net income per common share
Basic (in dollars per share)	$ 1.27	$ 1.80	$ 1.76
Diluted (in dollars per share)	$ 1.27	$ 1.76	$ 1.75
Weighted average number of shares of common stock outstanding
Basic (in shares)	877,508,388	564,467,362	506,140,642
Diluted (in shares)	879,675,845	577,066,292	510,908,755
Other comprehensive income
Net income	$ 1,136,267	$ 1,023,158	$ 896,208
Reclassification of derivative (gain) loss to Interest expense	(16,233)	64,239	0
Unrealized gain (loss) on cash flow hedges	200,550	29,166	(27,443)
Comprehensive income	1,320,584	1,116,563	868,765
Comprehensive income attributable to non-controlling interests	(18,428)	(9,307)	(4,534)
Comprehensive income attributable to common stockholders	$ 1,302,156	$ 1,107,256	$ 864,231

VICI Balance Sheet

2022-12-31

VICI PROPERTIES INC. CONSOLIDATED BALANCE SHEETS - USD ($)

Dec. 31, 2022

Dec. 31, 2021

Real estate portfolio:

Investments in leases - sales-type, net

^[1]

$ 17,172,325,000

$ 13,136,664,000

Investment in unconsolidated affiliate

1,460,775,000

Land

153,560,000

153,576,000

Cash and cash equivalents

208,933,000

739,614,000

Short-term investments

217,342,000

Other assets

936,328,000

424,693,000

Total assets

37,575,826,000

17,597,373,000

Liabilities

Debt, net

13,739,675,000

4,694,523,000

Accrued expenses and deferred revenue

213,388,000

113,530,000

Dividends and distributions payable

380,178,000

226,309,000

Other liabilities

952,472,000

375,837,000

Total liabilities

15,285,713,000

5,410,199,000

Commitments and Contingencies (Note 10)

Stockholders’ equity

Common stock, $0.01 par value, 1,350,000,000 shares authorized and 963,096,563 and 628,942,092 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively

9,631,000

6,289,000

Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at December 31, 2022 and 2021

Additional paid-in capital

21,645,499,000

11,755,069,000

Accumulated other comprehensive income

185,353,000

884,000

Retained earnings

93,154,000

346,026,000

Total VICI stockholders’ equity

21,933,637,000

12,108,268,000

Non-controlling interests

356,476,000

78,906,000

Total stockholders’ equity

22,290,113,000

12,187,174,000

Total liabilities and stockholders’ equity

37,575,826,000

17,597,373,000

Investments in leases - financing receivables, net

Real estate portfolio:

Notes receivable

^[1]

16,740,770,000

2,644,824,000

Investments in loans, net

Real estate portfolio:

Notes receivable

^[1]

$ 685,793,000

$ 498,002,000

[1]

As of December 31, 2022 and December 31, 2021, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and Other assets (sales-type sub-leases) are net of $570.4 million, $726.7 million, $6.9 million and $19.8 million, respectively, and $434.9 million, $91.1 million, $0.8 million, and $6.5 million, respectively, of Allowance for credit losses. Refer to Note 5 - Allowance for Credit Losses for further details.