VICI Properties (VICI) Q2 Earnings Preview: Revenue Growth May Offset Lower Earnings Estimates

VICI Properties (NYSE:VICI) is estimated to report lower year-over-year earnings amid capital commitments and macro pressures

Gaming real estate investment trust (REIT) VICI Properties (NYSE:VICI) is set to announce Q2 results on Wednesday, July 31st, after market close.

The company's Q1 earnings and revenue both came in above the Street, with revenue continuing to rise and expenses holding steady from a year ago. The company also reaffirmed its guidance for 2024 AFFO per share at $2.22-$2.25, vs. consensus of $2.53.

During Q2, the company committed ~$1B of capital to facilitate tenant growth initiatives.

Meanwhile, deal activity felt slower than usual, JMP Securities noted separately.

The investment bank said VICI has a healthy balance sheet but anticipates minimal equity capital raise activity, cutting its 2024 AFFO per share estimate by a penny to $2.26 from $2.27.

The Q2 consensus FFO estimate is $0.66 (-4.63% Y/Y) and the consensus revenue estimate is $953.68M (+6.18% Y/Y).

Gaming stocks have largely continued to underperform year-to-date, fundamentals have held up despite persistent macro pressures.

The sector has seen fewer downward estimate revisions in Q2 despite investor worries about an ever-looming consumer pullback, Truist Securities noted in a recent research note.

Truist maintained its Buy rating on VICI, with a $40 price target.

Jefferies also kept a bullish view ahead of the casino REIT's Q2 earnings report.

The REIT owns a large, Las Vegas-anchored, portfolio of gaming properties, including 54 gaming and 39 other experiential properties, such as meeting & convention space, hotel rooms, retail outlet, golf and other entertainment venues.

A near-term earnings catalyst for casino operators on the Las Vegas Strip is the closing of the Tropicana Las Vegas and The Mirage Hotel & Casino, which will reduce the total room supply on the Las Vegas Strip by 4.9%.

The Wall Street analysts give VICI a Buy rating on average, with a price target of $35.08. Seeking Alpha analysts and the Quant Rating system also grade the REIT a Buy.

Quant gives the stock a score of 4.08 on a scale of 5, with a B+ for Valuation, A+ for Growth, A+ for Profitability, C- for Momentum and D+ for Revisions.

「この体験型不動産投資信託は、第 1 四半期に 1 株あたり 0.57 ドルの利益を上げ、配当として 1 株あたり 0.415 ドルを支払ったため、配当性向は 73% になりました。過去 12 か月間、VICI プロパティーズの配当性向は 65 でした。 %なので、現時点では不労所得投資家は配当について心配する必要はないと思います」とSAの著者であるOn the Pulse氏は述べています。

重要なのは、同社は配当金を増やしており、投資家は9月の増配が期待できる、と著者は指摘しました。

金利引き下げの期待、成長促進の可能性、同業他社と比較した過小評価により、VICI は大きな上昇の可能性を秘めた魅力的な投資となっています。 「VICI の債券投資の結果、前向きな報告が得られることを期待しています」と SA 寄稿者の The Gaming Dividend 氏は述べています。

VICI は過去 1 か月間で約 10.39% 上昇しました。

7月15日時点での空売り金利は1.81%で、1,891万株が空売りされたことに相当します。

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