VICI Properties Inc (NYSE: VICI) stock rose over 3.4% on 1st November, 2019 (As of 1:54 pm GMT-4 ; Source: Google finance) after the company posted third quarter of FY 19. VICI in the third quarter of FY 19 has reported the adjusted earnings per share of 31 cents, while adjusted revenue growth of 35.9 percent to $222.5 million in the third quarter of FY 19, beating the analysts’ estimates for revenue of $223.99 million. The company has posted Q3 adjusted FFO per share of 35 cents, which has beaten the average analyst estimate of 33 cents and compares with 36 cents in the year-ago quarter.
At the end of September, 2019, the Company had total debt of $4.1 billion and liquidity of approximately $1.8 billion comprised of $431.4 million in cash and cash equivalents, $342.8 million of short-term investments and $1 billion of availability under the Revolving Credit Facility. For the third quarter, the company has reported the 11.2% growth in the Net income attributable to common stockholders to $144.4 million. For the third quarter, the company has reported the 24.5% growth in the Adjusted Funds From Operations (“AFFO”) attributable to common stockholders to $164.6 million.
Additionally, the Company has declared a cash dividend of $0.2975 per share of common share for the third quarter, based on an annual distribution rate of $1.19 per share, which reflects a 3.5% increase from the prior annualized dividend rate.
In addition, during the quarter the company had closed the JACK Cincinnati acquisition, from which the company has added $42.75 million in annual rent, increasing the rent by 4.9% on an annualized basis. With this acquisition, in the third quarter the company had expanded the tenant roster with Hard Rock International, an international leader in gaming, entertainment and hospitality experiences. The company’s balance sheet remains well capitalized as the company is working to close the pending acquisitions of the Century Portfolio, JACK Cleveland Casino and JACK Thistledown Racino, and the Eldorado Transaction on a leverage-neutral basis.
For FY 19, the company expects net income attributable to common stockholders to be between $600 million and $606 million, or between $1.37 and $1.38 per diluted share. The Company expects AFFO for the year ending December 31, 2019 to be in the range of $645 million and $650 million, or to be in the range of $1.47 and $1.48 per diluted share