Net loss attributable to common stockholders dropped to $57.7m compared to income of $300.7m, with adjusted funds from operations reported as $430.1m, an uptick of 67.9 per cent year-on-year compared to $256.1m.Įdward Pitoniak, Chief Executive Officer of Vici Properties, commented: “The second quarter of 2022 marked another transformational quarter at Vici. These updates come as the REIT disclosed that revenue through the second quarter of the year increased 76 per cent to $662.6m from the $376.4m produced one year earlier. The former will see a fresh lease entered into alongside Hard Rock for initial base rent of $90m, with the deal remaining subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of 2022.įurthermore, CNB, whose lease alongside Vici will also mimic the aforementioned sale figure, remains subject to customary closing conditions and regulatory approvals ahead of finalisation in the first half of 2023. Simultaneous with the closing, the company entered into an amended and restated triple-net master lease with MGM for an initial term of 25 years, with three 10-year tenant renewal options for an initial total annual rent of $860m.Īdditionally, the company retained MGP’s 50.1 per cent ownership stake in the joint venture between MGP and Blackstone, which owns the real estate assets of MGM Grand Las Vegas and Mandalay Bay.Īnnual rent under the MGM master lease will be reduced by $90m upon closing the sale of the operations of the Mirage Hotel & Casino to Hard Rock International, and by $40m when Gold Strike Casino Resort is divestment to the Cherokee Nation Businesses. Vici Properties has reaffirmed full-year guidance following “another transformational quarter,” after the company closed a key transaction through Q2 with yet more to follow in the coming months.ĭuring the quarter the real estate investment trust closed the acquisition of MGM Growth Properties for total consideration of approximately $17.2bn, inclusive of the assumption of approximately $5.7bn of net debt.
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