VICI Properties beats Q3 revenue estimates, lifts lower end of 2024 FFO forecast

Reuters06:10

Oct 31 (Reuters) - VICI Properties on Thursday nudged up the lower end of its full-year funds from operation (FFO) outlook after beating market expectations for third-quarter revenue on gains from its experiential real estate investments such as wellness, entertainment and youth sports.

Shares of the real estate investment trust were up 1% after the bell.

VICI has emphasized on expanding to more categories of experience-based real estate, citing increased consumer spending towards experiences. Along with casinos, the REIT has invested in golf courses, indoor water parks, wellness resorts and bowling alleys.

It operates on a sale-leaseback model, where it identifies an existing asset, purchases the real estate, and immediately leases it back to the operator. These transactions often immediately add to the company's income.

The company, whose portfolio includes casinos such as Caesars Palace and MGM Grand in Las Vegas, reported a quarterly revenue of $964.7 million, ahead of analysts' expectations of $952.9 million.

It posted a quarterly adjusted FFO of 57 cents per share in-line with Wall Street expectations.

The Maryland-based hospitality and entertainment REIT now expects full-year adjusted FFO between $2.25 and $2.26 per share, compared with $2.24 to $2.26 per share forecast previously.

(Reporting by Aishwarya Jain; Editing by Shailesh Kuber)

((Aishwarya.Jain@thomsonreuters.com;))

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