Total Revenue

+7% ( " " " )

The increase from approximately $900 million to $964.7 million was primarily driven by leasing revenue growth from recent property acquisitions and annual rent escalators ( " " " ). Continued demand for gaming real estate supported higher occupancy rates, and portfolio expansions further fueled revenue growth. Looking ahead, a stable gaming market and potential further acquisitions could maintain this upward trajectory.

Income from Lease Financing Receivables

+11% ( " " " " )

Rising from an estimated $377 million to $419.1 million, this metric benefited from new lease agreements, such as Bowlero and Chelsea Piers, and annual rent escalations across existing leases ( " " " " ). Additionally, non-cash effective interest adjustments enhanced reported income. Future expansions and stable tenant performance may continue to support growth in lease financing income.

Other Income

+6% ( " " " " )

Climbing from about $18.2 million to $19.3 million, the assumption of sub-leases in recent transactions (e.g., Rocky Gap Casino and Chelsea Piers) was the principal driver ( " " " " ). These arrangements require tenants to pay all associated ground and use costs, increasing gross recorded income. Future acquisitions with similar lease structures could further increase Other Income.

Net Income

+30% ( " " )

Growing to $744.5 million, net income benefited from the strong top-line performance and stable operating expenses ( " " ). Portfolio diversification and higher lease receipts also reduced credit risk. Continued acquisitions and prudent capital management suggest ongoing profit expansion, though exposure to broader economic cycles remains a factor.

EPS (Diluted)

+30% ( " " )

Rising to $0.70, the higher net income offset the impact of new share issuances, resulting in a substantial EPS jump ( " " ). Forward-looking earnings may remain robust if the company maintains current leasing momentum and manages dilution effectively. However, possible capital raises for future acquisitions and macroeconomic risks could moderate EPS growth.

AFFO

FY 2024

$2.35B – $2.37B "

$2.36B – $2.37B "

raised

AFFO per share

FY 2024

$2.24 – $2.26 "

$2.25 – $2.26 "

raised

Consistent focus on growth in both gaming and non-gaming real estate, including experiential assets

Consistently highlighted in Q2 " " , Q1 " , and Q4. " " "

Reiterated commitment to gaming (Las Vegas) and non-gaming deals, including experiential assets. " " " " " "

Ongoing theme, central to VICI’s strategy.

Las Vegas as a key market with significant portfolio concentration and continued expansion plans

Q2: Strong belief in Las Vegas ecosystem " " " ; Q1: 10 Strip assets, expansions noted " " " ; Q4: Major holdings like Venetian. " " " "

Emphasized Las Vegas ownership, especially near sports arenas; continued reinvestment. " " " "

Remains bullish, Las Vegas still pivotal.

Recurring concern over consumer spending weakness, especially among lower-income segments

Q2: Cautious notes on lower-income spending " " ; Q1: Stress on liquidity for lower-income segments " " " ; Q4: No mention.

Acknowledged softness among lower-end consumers, though partners maintain strong performance. " " "

Still monitored, but not hindering rent collection.

Stable rent collection and resilience, highlighted by 100% on-time rent during downturns

Q1: Emphasized 100% rent collection through pandemic. " Q2/Q4: No mention.

No mention this period.

Previously stressed, not repeated recently.

International expansion opportunities in legalized gaming markets (e.g., Australia, New Zealand, Europe)

Q2: Studied Australia, NZ, Europe " ; Q1/Q4: No mention.

Focused on global mapping; specifically cited Canada and Scotland, no mention of Australia/NZ/Europe. "

Interest remains, details vary each call.

Sporadic deal flow in experiential real estate, indicating that new acquisitions outside gaming may not be constant

Q2: Mostly gaming-focused " ; Q1: No direct mention; Q4: Volatile CRE market mentioned. "

Confirmed sporadic nature of experiential deal flow, but still pursuing opportunities. "

Acknowledged, but deals sought selectively.

3% annual rent growth target ($90 million in incremental rent) supporting robust earnings potential

Q2/Q1/Q4: No mention.

Highlighted as a key goal for evaluating potential deals. "

New mention in Q3, underscores future rent growth.

New pillars of growth (e.g., property partner growth funds, credit solutions) diversifying revenue streams

Q2: Credit solutions at $2.2B; cautious underwriting " " " ; Q1: Partner fund & credit used for expansions " " " " " ; Q4: Private credit & smaller loans. " " " " "

Discussed property partner funds, credit solutions as core strategies. " " "

Consistently emphasized across calls.

Increasing allocation to mezzanine and preferred equity, reflecting higher potential returns but increased credit risk

Q2: Underwriting process described " ; Q4: Mezzanine lending as a strategic tool " ; Q1: No mention.

No mention this period.

Periodically raised, not in Q3.

Risk of overconcentration in Las Vegas if market conditions decline

Q2: Acknowledged but comfortable with LV exposure " ; Q1: High Strip concentration, seeking downtown/regional growth " ; Q4: No direct mention.

Confidence in LV’s resilience; no direct caution on overconcentration. " "

Recognized but generally offset by bullish LV view.

Tax dispute at MGM National Harbor and near-term debt maturities noted in Q4 2023 are no longer mentioned

Q2/Q1: No mention; Q4: Briefly cited as a tenant issue and bond maturity strategy. " "

No mention this period.

No longer discussed after Q4.

Cautious sentiment around future experiential investments due to unpredictability of cash flows

Q2: Careful on live entertainment flows " ; Q1: Durability concerns (e.g., pickleball) " ; Q4: Rigorous underwriting for new sectors. " "

Not explicit, though volatility in deals was noted. "

Remains guarded, with thorough vetting required.