Earnings summaries and quarterly performance for VICI PROPERTIES.
Executive leadership at VICI PROPERTIES.
Board of directors at VICI PROPERTIES.
Research analysts who have asked questions during VICI PROPERTIES earnings calls.
AP
Anthony Paolone
JPMorgan Chase & Co.
6 questions for VICI
Also covers: ALX, ARE, AVB +32 more
Barry Jonas
Truist Securities
6 questions for VICI
Also covers: BALY, BRSL, BYD +17 more
DK
David Katz
Jefferies Financial Group Inc.
6 questions for VICI
Also covers: AGS, BALY, BYD +36 more
CB
Caitlin Burrows
Goldman Sachs
5 questions for VICI
Also covers: ALX, BNL, BRX +19 more
John DeCree
CBRE
5 questions for VICI
Also covers: BYD, CZR, FLL +10 more
Greg McGinniss
Scotiabank
4 questions for VICI
Also covers: BRX, COLD, EPRT +14 more
JK
James Kammert
Evercore ISI
4 questions for VICI
Also covers: ADC, ARE, CHCT +6 more
Rich Hightower
Barclays
4 questions for VICI
Also covers: ADC, AMH, APLE +25 more
SR
Smedes Rose
Citigroup
4 questions for VICI
Also covers: ADC, ALX, DEA +19 more
Chris Darling
Green Street
3 questions for VICI
Also covers: APLE, DRH, GLPI +6 more
HS
Haendel St. Juste
Mizuho Financial Group
3 questions for VICI
Also covers: AAT, ADC, AIV +21 more
CB
Chad Beynon
Macquarie
2 questions for VICI
Also covers: ACEL, AGS, AMC +31 more
Daniel Guglielmo
Capital One
2 questions for VICI
Also covers: APC, ARKO, CHDN +8 more
John Kilichowski
Wells Fargo & Company
2 questions for VICI
Also covers: ADC, CTRE, EPR +17 more
RK
Ronald Kamdem
Morgan Stanley
2 questions for VICI
Also covers: AAT, ADC, AHR +37 more
WG
Wesley Golladay
Robert W. Baird & Co.
2 questions for VICI
Also covers: ADC, AHR, ARE +25 more
BR
Bennett Rose
Citigroup
1 question for VICI
Also covers: ADC, DRH, EPR +8 more
Cheryl Rollins
Wells Fargo
1 question for VICI
Dan Guglielmo
Capital One Financial Corporation
1 question for VICI
Also covers: ARKO, EPRT, GLPI +3 more
Jamie Feldman
Wells Fargo & Company
1 question for VICI
Also covers: ADC, AMH, ARE +19 more
Jenny Li
Morgan Stanley
1 question for VICI
Also covers: ADC, EXR, GLPI +1 more
JK
Jeremy Kuhl
Goldman Sachs
1 question for VICI
Also covers: EXR, SAFE
Max Marsh
CBRE Group, Inc.
1 question for VICI
Also covers: BYD, FLUT, RHP
Nicholas Joseph
Citigroup
1 question for VICI
Also covers: AMH, ARE, CUBE +13 more
RV
Ravi Vaidya
Mizuho
1 question for VICI
Also covers: AAT, CUBE, EPRT +11 more
Recent press releases and 8-K filings for VICI.
VICI Properties reports Q4 2025 financial results and guidance
VICI
Earnings
Guidance Update
New Projects/Investments
- AFFO rose 6.8% y/y to $642.5 M (up 5.6% to $0.60 per share) in Q4; full-year AFFO was $2.5 B (+ 6.6%) or $2.38 per share
- 2026 AFFO guidance set at $2.59 B–$2.625 B or $2.42–$2.45 per share
- Balance sheet: total debt $17.1 B, net debt/annualized Q4 adj. EBITDA ~ 5×, W.A. interest rate 4.46%, $3.2 B liquidity (cash $608 M; forwards $243 M; revolver $2.4 B)
- 2025 new partnerships totaled $2.1 B of committed capital at an 8.9% weighted average initial yield, including Cain & Eldridge ($450 M mezzanine loan), Red Rock Resorts ($510 M loan), Clairvest acquisition, and a $1.16 B sale-leaseback with Golden Entertainment
2 days ago
VICI Properties reports Q4 and FY 2025 results
VICI
Earnings
Guidance Update
- Q4 AFFO grew 6.8% y/y to $642.5 M ($0.60/share, +5.6% y/y); FY 2025 AFFO rose 6.6% y/y to $2.5 B ($2.38/share, +5.1% y/y)
- G&A was $19.3 M in Q4 and $65.1 M for FY (1.9% and 1.6% of revenues); net debt of $17.1 B with net debt/EBITDA ~5× and $3.2 B liquidity
- 2026 AFFO guidance of $2.59–2.625 B (or $2.42–2.45 per diluted share), excluding non-closed transactions
- Ongoing portfolio strategy: Caesars exposure down to high-30% of rent, while diversifying into new experiential sectors, including sports infrastructure and live entertainment financing
2 days ago
VICI Properties reports Q4 2025 earnings
VICI
Earnings
Guidance Update
Dividends
- VICI posted Q4 revenue of $1.013 billion, up from $976.1 million a year earlier.
- Net income in Q4 was $614.3 million ($604.8 million to common), driving EPS of $0.57.
- Q4 AFFO per share was $0.60, contributing to a 5.1% full-year AFFO per share growth to $2.38.
- The board declared an annualized dividend of $1.80 per share, representing 4.0% YoY growth.
- For FY 2026, VICI guides AFFO of $2.59–$2.625 billion or $2.42–$2.45 per diluted share.
2 days ago
VICI Properties reports Q4 and full year 2025 results
VICI
Earnings
Guidance Update
New Projects/Investments
- AFFO for Q4 2025 was $642.5 million (+6.8% YoY) or $0.60 per share (+5.6%); full-year AFFO was $2.5 billion (+6.6%) or $2.38 per share (+5.1%).
- 2026 AFFO guidance is $2.59–2.625 billion in total or $2.42–2.45 per share.
- Deployed $2.1 billion of capital in 2025 across partnerships—including a $450 million mezzanine loan to Cain & Eldridge, a $510 million term loan for Red Rock Resorts, a Clairvest deal, and a $1.16 billion sale-leaseback with Golden Entertainment—at a 8.9% initial yield.
- Maintained a strong balance sheet with $17.1 billion of total debt (net leverage ~5× EBITDA), a 4.46% weighted average interest rate, and $3.2 billion of liquidity.
2 days ago
VICI Properties announces Q4 and full year 2025 results
VICI
Earnings
Guidance Update
- Q4 2025 total revenues rose 3.8% yoy to $1.0 billion, with net income of $604.8 million ($0.57 per share, –1.6% yoy).
- Q4 2025 AFFO increased 6.8% yoy to $642.5 million ($0.60 per share).
- Full year 2025 total revenues were $4.0 billion (+4.1% yoy); net income was $2.8 billion ($2.61 per share, +3.6% yoy); AFFO was $2.5 billion ($2.38 per share, +6.6% yoy).
- Announced $2.1 billion in 2025 capital commitments at an 8.9% initial yield.
- Provided 2026 AFFO guidance of $2.59–$2.625 billion (or $2.42–$2.45 per diluted share).
3 days ago
VICI Properties announces Q4 and full-year 2025 results
VICI
Earnings
Guidance Update
New Projects/Investments
- In Q4 2025, total revenues rose 3.8% YoY to $1.0 billion; net income was $604.8 million (–1.6% YoY, $0.57 per share) and AFFO reached $642.5 million (+6.8% YoY, $0.60 per share).
- For full-year 2025, total revenues increased 4.1% YoY to $4.0 billion; net income was $2.8 billion (+3.6% YoY, $2.61 per share) and AFFO was $2.5 billion (+6.6% YoY, $2.38 per share).
- Announced $2.1 billion in 2025 capital commitments at a 8.9% weighted average initial yield, including the $1.16 billion Golden Entertainment sale-leaseback and mezzanine and term-loan investments in One Beverly Hills and North Fork Mono Casino & Resort.
- Issued 2026 guidance for AFFO of $2,590–$2,625 million (or $2.42–$2.45 per diluted share).
3 days ago
VICI Properties declares Q4 2025 dividend amid market volatility
VICI
Dividends
- Declared a $0.45 quarterly dividend per share for October–December 2025, marking the eighth consecutive annual increase and a 4% year-over-year rise.
- Shares trading near their 52-week low at $27.70, offering a 6.4% dividend yield.
- Maintains strong profitability with a 92.6% operating margin and 70.18% net margin.
- Faces analyst concerns about the Caesars regional gaming lease, posing a potential risk to future earnings.
Dec 5, 2025, 1:57 AM
VICI Properties plans $1.16B acquisition of Golden Entertainment casinos
VICI
M&A
New Projects/Investments
- VICI Properties will acquire the land and real estate of seven Nevada casino properties from Golden Entertainment in a $1.16 billion sale-leaseback deal.
- Golden shareholders will receive ≈0.9 VICI share plus $2.75 cash per Golden share, reflecting a 41% premium.
- The assets will be leased back under a 30-year triple-net master lease with starting annual rent of $87 million, escalating 2% from lease year three.
- VICI will assume and repay $426 million of Golden’s debt; the transaction is expected to close in mid-2026.
- The acquired portfolio includes over 6,000 hotel rooms, 362,000 sq ft of casino space, 4,306 slot machines, and 78 table games.
Nov 7, 2025, 1:50 AM
VICI Properties to enter sale-leaseback of Golden Entertainment real estate
VICI
M&A
Debt Issuance
- Golden Entertainment will sell its operating assets to Blake Sartini and lease back seven casino real estate assets to VICI Properties. Golden shareholders receive 0.902 shares of VICI stock plus $2.75 cash per Golden share, valuing the deal at $30.00 per share (41% premium).
- VICI will assume and repay up to $426 million of Golden’s outstanding senior secured debt, while Santander provides debt financing to support Sartini’s cash consideration.
- The transaction, unanimously approved by Golden’s independent committee, includes a “go-shop” period through December 5, 2025, and is expected to close mid-2026, subject to regulatory and shareholder approvals.
Nov 6, 2025, 1:00 PM
VICI Properties reports Q3 2025 results
VICI
Earnings
Guidance Update
M&A
- AFFO per share of $0.60, up 5.3% year-over-year from $0.57.
- Declared a quarterly dividend of $0.45 per share, a 4% increase and the eighth consecutive annual raise.
- Raised 2025 AFFO guidance to $2.36–$2.37 per diluted share, boosting the lower end by $0.01 and implying 4.6% per-share growth.
- Agreed a new triple-net lease with Clairvest for Northfield Park, setting initial annual base rent at $53 million (or $54 million if closing on/after May 1, 2026); MGM master-lease rent will decrease by the same amount, leaving total rent unchanged.
- Maintained strong liquidity with $17.1 billion total debt, net debt to annualized Q3 adjusted EBITDA of ~5× (low end of target range), and a weighted-average interest rate of 4.47% over 6.2 years to maturity.
Oct 31, 2025, 2:00 PM
Quarterly earnings call transcripts for VICI PROPERTIES.
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