VICI Properties Inc (NYSE: VICI) stock fell over 0.36% in Feb 14th, 2019 pre market session (Source: Google finance) after the company missed the analysts’ estimates for the fourth quarter of FY 18. During the fourth quarter, VICI has completed a primary follow-on offering of 34,500,000 shares of common stock at an offering price of $21.00 per share for an aggregate offering value of $724.5 million, resulting in net proceeds of $694.2 million. The Company intends to utilize a portion of the net proceeds from the offering to fund the aggregate purchase price of $700.0 million for the acquisition of Greektown. During the quarter, the company had entered into an equity distribution agreement, or ATM Agreement, pursuant to which it may sell common stock, from time to time, up to an aggregate sales price of $750.0 million
As of December 31, 2018, the company had $4.1 billion in total debt and approximately $1.5 billion in liquidity comprised of $577.9 million in cash and cash equivalents, $520.9 million of short-term investments and $400.0 million of availability under the Revolving Credit Facility. on January 3, 2019 the Company entered into two interest rate swap transactions fixing a notional amount of $500.0 million under the Term Loan B Facility and, as a result, the Company’s unhedged variable rate debt was reduced to $100.0 million.
Moreover, VICI has completed the previously announced acquisition of the land and real estate assets of the Margaritaville Resort Casino, located in Bossier City, Louisiana, for $261.1 million in cash, with Penn National acquiring the operating assets of the Margaritaville Resort Casino for approximately $115.0 million in cash
VICI in the fourth quarter of FY 18 has reported the adjusted earnings per share of 37 cents, missing the analysts’ estimates for the adjusted earnings per share of 38 cents. The company had reported the adjusted revenue growth of 35.9 percent to $226 million in the fourth quarter of FY 18, missing the analysts’ estimates for revenue of $233.64 million.
VICI has declared a cash dividend of $0.2875 per share of common stock for the period from October 1, 2018 to December 31, 2018, based on an annual distribution rate of $1.15 per share. The dividend was paid on January 10, 2019 to stockholders of record as of the close of business on December 28, 2018.
For FY 19, VICI expects net income attributable to common stockholders for the year ending December 31, 2019 to be between $1.45 and $1.48 per diluted share. The Company expects AFFO per share for the year ending December 31, 2019 to be between $1.47 and $1.50 per diluted share.