Part 3/9:
Notably, the adjusted funds from operations (AFFO) climbed by 5.4% year-over-year to $601 million, increasing by 3.6% on a per-share basis. This discrepancy between total AFFO and per-share growth can be attributed to the continuous issuance of new shares over nearly every year, a common practice for many REITs due to regulations requiring the disbursement of at least 90% of taxable income as dividends. With rising interest rates, VICI shifted from relying solely on debt to issuing new shares, resulting in some dilution for existing shareholders.