VICI Properties announced second-quarter revenue of $957 million, an increase of of 6.6 percent from the year before. The disclosure was made late Wednesday afternoon.
The real estate investment trust stated that net income attributable to common stockholders increased 7.3 percent year over year to $741.3 million. Total revenue for the quarter included $131.3 million of non-cash leasing and financing adjustments and $19.3 million of other income.
VICI also revealed a $700 million capex investment in the Venetian on the Las Vegas Strip. The capital infusion was through VICI’s Partner Property Growth Fund that funds extensive capex projects.
“Given the funding cadence of these investments and our strong liquidity position at quarter end, we were able to fund them with capital on hand,” said Vici CEO Edward Pitoniak. “We believe these investments demonstrate that VICI has advantageous levers for sustained sustainable growth with quality tenants in durable sectors across attractive geographies.”
In addition, VICI lent $250 million in mezzanine financing to Great Wolf Resorts. In return, Great Wolf repaid the REIT’s $79.5 million mezzanine loan for Great Wolf Lodge Maryland. The remaining $170.5 million capital commitment was made with cash.
The REIT ended the second quarter with $681 million of estimated forward-sale equity proceeds. It is carrying debt of $17.1 billion against $347.2 million in cash on hand. VICI also had an undrawn $2.3 billion in credit available.
