This was not the real estate trust’s only significant gain for the quarter; its net income increased by 115% from Q4 2021 to $604.1m, which – on a share-by-share basis – represented a 42% increase year-on-year to $0.63 per share.
Adjusted funds from operations (AFFO) also rose 75% from the prior-year period to $487.6m, while weighted average shares outstanding increased 51%.
Q4 also marked a period in which Vici completed the acquisition of the remaining 49.9% in its MGM Grand/Mandalay Bay joint venture, as well as two regional gaming assets through a sale-leaseback transaction with Foundation Gamin for $293.4m.
Other notable events from the quarter that contributed to Vici’s notable revenue rise include a partnership with Canyon Ranch, an investment with Century Casinos, a lease agreement with Hard Rock and an expanded partnership with Great Wolf Resorts.
These Q4 results contributed to Vici’s FY2022 revenue of $2.6bn, a 72% increase year-on-year.
AFFO for the full year increased by 62% to $1.7bn, while the year also saw Vici complete a staggering $22.8bn of acquisitions and investments, which includes its $17.2bn acquisition of MGM Growth Properties.
Vici CEO Edward Pitoniak said: “We are proud that VICI generated the highest – and only positive – total shareholder return of all S&P 500 REITs in 2022.
“We are confident that our 2022 activities and achievements will continue to put VICI in a position for sustainable accretive growth and value creation for our shareholders into 2023 and beyond.”
