VICI Properties Inc. reported total revenues of $976.1 million for the fourth quarter of 2024, a 4.7% increase from $931.9 million in the prior year quarter. For the full year 2024, total revenues grew 6.6% to $3,849.2 million, up from $3,612.0 million in 2023. Adjusted Funds From Operations (AFFO) per share for Q4 2024 was $0.57, an increase from $0.55 in Q4 2023, while full-year AFFO per share rose 5.1% to $2.26 from $2.15.
Net income attributable to common stockholders for Q4 2024 was $614.6 million, or $0.58 per share, a decrease from $747.8 million, or $0.72 per share, in Q4 2023. This decline was primarily attributed to a $157.7 million aggregate change in the non-cash CECL allowance. Despite this accounting adjustment, the underlying AFFO demonstrated consistent growth.
The company announced approximately $1.1 billion in capital commitments during 2024 at a weighted average initial yield of 8.1%, including investments in Homefield, The Venetian Resort, and Great Wolf Resorts. VICI also established its initial AFFO guidance for the full year 2025, projecting between $2.32 and $2.35 per diluted common share. This guidance reflects the company's expected performance based on its existing portfolio and committed investments, providing a baseline for investor expectations.
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