Vici Properties: 2021 was truly a transformational year

Vici Properties has lauded the past year as a truly transformational period for the group, which included record acquisition volume of $21.3bn in purchases and investments.

This comes as the real estate investment trust reports that revenue through 2021’s fourth quarter increased 2.7 per cent to $383.2m (2020: $373m), including $38.3m of non-cash items.

Net income attributable to common stockholders dropped from $281.5m to $288m, with adjusted funds from operations reaching $278.9m (2020: $251.7m).

Total revenue for year closed up 23.2 per cent at $1.5bn (2020: 1.22bn), including $147.2m of non-cash items, with net income attributable to common stockholders increasing to $1bn (2020: $891.7m) and adjusted funds from operations reported as $1bn, an uptick of 25.3 per cent year-on-year compared to $835.8m.

“The year 2021 was truly a transformational year for Vici as we announced record acquisition volume of over $21bn, and enhanced our funnel of investment opportunities through strategic partnerships with Blackstone Real Estate and Apollo Global Management portfolio companies,” explained Edward Pitoniak, CEO of Vici Properties

“We successfully accessed the equity capital markets with two of the largest REIT follow-on equity offerings ever executed, prudently eliminating equity funding risk, and we have eliminated all outstanding secured debt, as we’ve worked toward closing our large-scale transactions. 

“Additionally, with the support of our equity and credit investors, we have made significant strides on our path to an investment grade balance sheet. We believe this transformation in 2021 positions Vici for an improved cost of capital and the benefits of enhanced scale, significantly widening our investable universe and future growth prospects.”

The company has also heaped praise on a slew of transactions rolled-out over the course of the year, which includes the pending strategic acquisition of MGM Growth Properties for approximately $17.2bn.

Furthermore, in addition to disclosing the divestment of the operations of Mirage Hotel and Casino, alongside MGM Resorts, to Hard Rock International, earlier today Vici finalised its previously announced transaction to acquire the land and real estate assets of the Venetian Resort Las Vegas for $4bn.

“Finally, we’re very excited to have separately announced today the closing of our acquisition of the real property of The Venetian, one of the leading icons of American commercial real estate, giving us ownership of America’s largest single hotel facility, which ran at 100.3 per cent occupancy in the fourth quarter of 2021, and ownership of America’s largest private-sector convention and trade show facility,” Pitoniak closed.