VICI Properties Inc. Announces Second Quarter 2026 Results
- Announced Partnership with Club Med on the Acquisition and Redevelopment of Carambola Beach Resort in
- Added Clairvest, Golden Entertainment, and Club Med to Diversified Tenant Roster -
- Updates Guidance for Full Year 2026 -
Second Quarter 2026 Financial and Operating Highlights
-
Total revenues increased
5.7% year-over-year to$1.1 billion -
Net income attributable to common stockholders decreased
39.1% year-over-year to$526.5 million 41.0% year-over-year to$0.48 -
AFFO attributable to common stockholders increased
7.8% year-over-year to$679.6 million 4.6% year-over-year to$0.62 -
Entered into a lease with an affiliate of funds managed by Clairvest in connection with its acquisition of the operations of MGM Northfield Park in
Northfield, Ohio , adding VICI’s 14th tenant -
Closed the previously announced
$1.16 billion Nevada casino properties from Golden Entertainment and entered into a master lease with an entity owned and controlled by Blake L. Sartini, adding VICI’s 15th tenant -
Announced a build-to-suit transaction with Club Med whereby VICI acquired the Carambola Beach Resort in
St. Croix for$20.3 million $55.2 million -
Completed the acquisition of two gaming assets and two adjacent limited-service hotels in
Alberta, Canada , forC (approximately$200.6 million US ), in connection with the closing of Pure Casino Entertainment’s take-private acquisition of Gamehost Inc.$141.0 million -
Ended the quarter with
$288.1 million -
Updated AFFO guidance for full year 2026 to between
$2,675 million $2,695 million $2.45 $2.47
CEO Comments
Edward Pitoniak, Chief Executive Officer of VICI Properties, said, “The second quarter of 2026 was emblematic of VICI’s enduring strategic focus on developing and expanding relationships. With the commencement of our lease with Clairvest at Northfield Park, the closing of our acquisition of the Golden Entertainment casino portfolio, and the acquisition and planned redevelopment of Carambola Beach Resort (
Second Quarter 2026 Financial Results
Total Revenues
Total revenues were
Net Income Attributable to Common Stockholders
Net income attributable to common stockholders was
Funds from Operations (“FFO”)
FFO attributable to common stockholders was
Adjusted Funds from Operations (“AFFO”)
AFFO attributable to common stockholders was
Second Quarter 2026 Investment Activity
Investment Activity
On April 21, 2026, VICI entered into a new triple-net lease agreement (the “Northfield Park Lease”) with an affiliate of funds managed by Clairvest Group Inc. (“Clairvest”) with respect to the real property of MGM Northfield Park, located in
On April 30, 2026, VICI closed the previously announced
On June 15, 2026, VICI and Club Med Group (“Club Med”) announced a partnership to acquire the Carambola Beach Resort in
On June 24, 2026, VICI completed the previously announced
Second Quarter 2026 Capital Markets Activity
On April 29, 2026, VICI physically settled the remaining 7,750,000 shares under its outstanding forward sale agreement in exchange for total net settlement proceeds of approximately
On June 23, 2026, VICI drew
During the three months ended June 30, 2026, VICI entered into forward-starting interest rate swap agreements with an aggregate notional amount of
The following table details the issuance of outstanding shares of common stock, including restricted common stock:
|
|
Six Months Ended June 30, |
||||
Common Stock Outstanding |
|
2026 |
|
2025 |
||
Beginning Balance January 1, |
|
1,068,811,371 |
|
1,056,366,685 |
||
Issuance of common stock in connection with the Golden Entertainment Transaction |
|
24,296,255 |
|
|
— |
|
Issuance of common stock upon physical settlement of forward sale agreements |
|
7,750,000 |
|
|
— |
|
Issuance of restricted and unrestricted common stock under the stock incentive program, net of forfeitures |
|
217,280 |
|
|
339,078 |
|
Ending Balance June 30, |
|
1,101,074,906 |
|
|
1,056,705,763 |
|
The following table reconciles the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average shares of common stock outstanding used in the calculation of diluted earnings per share:
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||
(In thousands) |
2026 |
|
2025 |
|
2026 |
|
2025 |
||||
Determination of shares: |
|
|
|
|
|
|
|
||||
Weighted-average shares of common stock outstanding |
1,090,197 |
|
1,056,223 |
|
1,079,358 |
|
1,056,118 |
||||
Assumed conversion of restricted stock |
40 |
|
|
669 |
|
|
84 |
|
|
530 |
|
Assumed settlement of forward sale agreements |
— |
|
|
379 |
|
|
— |
|
|
204 |
|
Diluted weighted-average shares of common stock outstanding |
1,090,237 |
|
|
1,057,271 |
|
|
1,079,442 |
|
|
1,056,852 |
|
Balance Sheet and Liquidity
As of June 30, 2026, the Company had approximately
The Company’s outstanding indebtedness as of June 30, 2026 was as follows:
($ in millions USD) |
June 30, 2026 |
||
Revolving Credit Facility |
|
||
USD Borrowings |
$ |
— |
|
CAD Borrowings (1) |
|
246.5 |
|
GBP Borrowings (1) |
|
21.9 |
|
|
|
500.0 |
|
|
|
1,250.0 |
|
|
|
750.0 |
|
|
|
750.0 |
|
|
|
350.0 |
|
|
|
1,250.0 |
|
|
|
400.0 |
|
|
|
750.0 |
|
|
|
1,000.0 |
|
|
|
1,000.0 |
|
|
|
1,000.0 |
|
|
|
750.0 |
|
|
|
1,500.0 |
|
|
|
550.0 |
|
|
|
900.0 |
|
|
|
750.0 |
|
|
|
500.0 |
|
Total Unsecured Debt Outstanding |
$ |
14,218.4 |
|
CMBS Debt Due 2032 |
$ |
3,000.0 |
|
Total Debt Outstanding |
$ |
17,218.4 |
|
Cash and Cash Equivalents |
$ |
288.1 |
|
Net Debt |
$ |
16,930.3 |
|
___________________ |
|||
(1) Based on applicable exchange rates as of June 30, 2026. |
|||
Dividends
On June 4, 2026, the Company declared a regular quarterly cash dividend of
2026 Guidance
The Company is updating its AFFO guidance for the full year 2026. In determining AFFO, the Company adjusts for certain items that are otherwise included in determining net income attributable to common stockholders, the most comparable generally accepted accounting principles in
The Company estimates AFFO for the year ending December 31, 2026 will be between
The following is a summary of the Company’s updated full-year 2026 guidance:
|
|
Updated Guidance |
|
Prior Guidance |
||||
For the Year Ending December 31, 2026: |
|
Low |
|
High |
|
Low |
|
High |
Estimated Adjusted Funds From Operations (AFFO) (in millions) |
|
|
|
|
|
|
|
|
Estimated Adjusted Funds From Operations (AFFO) per diluted share |
|
|
|
|
|
|
|
|
Estimated Weighted Average Share Count for the Year (in millions) |
|
1,090.3 |
|
1,090.3 |
|
1,090.7 |
|
1,090.7 |
VICI partnership units held by third parties are reflected as non-controlling interests and the income allocable to them is deducted from net income to arrive at net income attributable to common stockholders and AFFO; accordingly, guidance represents AFFO per share attributable to common stockholders based solely on outstanding shares of VICI common stock.
The estimates set forth above reflect management’s view of current and future market conditions, including assumptions with respect to the earnings impact of the events referenced in this release. The estimates set forth above may be subject to fluctuations as a result of several factors and there can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.
Supplemental Information
In addition to this release, the Company has furnished Supplemental Financial Information, which is available on our website in the “Investors” section, under the menu heading “Financials”. This additional information is being provided as a supplement to the information in this release and our other filings with the SEC. The Company has no obligation to update any of the information provided to conform to actual results or changes in the Company’s portfolio, capital structure or future expectations, except as may be required by applicable law.
Conference Call and Webcast
The Company will host a conference call and audio webcast on Thursday, July 30, 2026 at 10:00 a.m. Eastern Time (ET). Please visit the VICI Properties website (https://investors.viciproperties.com/news-events/events) to listen to the earnings call via a live webcast. Listeners who wish to participate in the question and answer session may do so via telephone by pre-registering on the Company’s earnings call registration webpage (https://register-conf.media-server.com/register/BI0d4c1813f7fa4085ae557ba8cb179bad). All registrants will receive dial-in information and a PIN allowing them to access the live call. An on-demand replay of the earnings call will be available on the Company’s website (https://investors.viciproperties.com/news-events/events) immediately following the conclusion of the live call for a period of one year.
About VICI Properties
VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 103 experiential assets across a geographically diverse portfolio consisting of 63 gaming properties and 40 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features approximately 66,000 hotel rooms and over 700 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Club Med, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance, or achievements, which could differ materially from those set forth in the forward-looking statements and may be affected by a variety of risks. Among those risks, uncertainties and other factors are: the impact of changes in general economic conditions and market developments, including inflation, interest rate changes and volatility, tariffs and trade barriers, supply chain disruptions, changes in consumer spending, consumer confidence levels, unemployment levels, governmental action (including significant layoffs or reductions in force among federal government employees or a prolonged U.S. federal government shutdown), and depressed real estate prices resulting from the severity and duration of any downturn or recession in the U.S. or global economy; our ability to successfully pursue and consummate transactions, including investments in, and acquisitions of, real estate and to obtain debt financing for such investments at attractive interest rates, or at all; risks associated with our pending and completed transactions, including our ability or failure to realize the anticipated benefits thereof; our dependence on our tenants at our properties and their affiliates that serve as guarantors of the lease payments, and the negative consequences any material adverse effect on their respective businesses could have on us; the possibility that any pending or future transactions may not be consummated on the terms or timeframes contemplated, or at all, including our ability to obtain the financing necessary to complete any acquisitions on the terms we expect in a timely manner, or at all, the ability of the parties to satisfy the conditions set forth in the definitive transaction documents, including the receipt of, or delays in obtaining, governmental and regulatory approvals and consents required to consummate such transactions, or other delays or impediments to completing the transactions; the anticipated benefits of certain arrangements with certain tenants in connection with our funding of “same store” capital improvements in exchange for increased rent pursuant to the terms of our agreements with such tenants, which we refer to as the Partner Property Growth Fund strategy; our decision and ability to exercise our purchase rights under our put-call agreements, call agreements, right of first refusal agreements and right of first offer agreements; the credit risk of our tenants and borrowers in connection with the rental and other obligations owed to us under applicable leases, related guarantees, or loan agreements, including risks distinct to our lending activities with respect to development and construction loans for non-stabilized properties; our dependence on the gaming industry, which is characterized by, among other things, a high degree of competition, extensive regulation, and sensitivity to changes in consumer behavior and discretionary spending; our ability to pursue our business and growth strategies may be limited by the requirement that we distribute
Although the Company believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. The Company cannot assure you that the assumptions upon which these statements are based will prove to have been correct. Additional important factors that may affect the Company’s business, results of operations and financial position are described from time to time in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q and the Company’s other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.
Non-GAAP Financial Measures
This press release presents Funds From Operations (“FFO”), FFO per share, Adjusted Funds From Operations (“AFFO”), AFFO per share and Adjusted EBITDA, which are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). These are non-GAAP financial measures and should not be construed as alternatives to net income or as an indicator of operating performance (as determined in accordance with GAAP). We believe FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of our business.
FFO is a non-GAAP financial measure that is considered a supplemental measure for the real estate industry and a supplement to GAAP measures. Consistent with the definition used by the National Association of Real Estate Investment Trusts (Nareit), we define FFO as our net income (or loss) attributable to common stockholders (computed in accordance with GAAP) excluding (i) gains (or losses) from sales of certain real estate assets, (ii) depreciation and amortization related to real estate, (iii) gains and losses from change in control and (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.
AFFO is a non-GAAP financial measure that we use as a supplemental operating measure to evaluate our performance. We calculate AFFO by adding or subtracting from FFO non-cash leasing and financing adjustments, non-cash change in allowance for credit losses, non-cash stock-based compensation expense, transaction costs incurred in connection with the acquisition of real estate investments, amortization of debt issuance costs and original issue discount, other non-cash interest expense, capitalized interest on real estate under development, non-real estate depreciation (which is comprised of the depreciation related to our golf course operations), capital expenditures (which are comprised of additions to property, plant and equipment related to our golf course operations), impairment charges related to non-depreciable real estate, gains (or losses) on debt extinguishment and interest rate swap settlements, other gains (or losses), deferred income tax expenses and benefits, other non-recurring non-cash transactions and non-cash adjustments attributable to non-controlling interest with respect to certain of the foregoing.
We calculate Adjusted EBITDA by adding or subtracting from AFFO contractual interest expense (including the impact of the forward-starting interest rate swaps and treasury locks) and interest income (collectively, interest expense, net), current income tax expense and adjustments attributable to non-controlling interests.
These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as measures of liquidity, nor do they measure our ability to fund all of our cash needs, including our ability to make cash distributions to our stockholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.
Reconciliations of net income to FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA are included in this release.
VICI Properties Inc. Consolidated Balance Sheets (In thousands) |
|||||||
|
June 30, 2026 |
|
December 31, 2025 |
||||
Assets |
|
|
|
||||
Real estate portfolio: |
|
|
|
||||
Investments in leases - sales-type, net |
$ |
24,577,355 |
|
$ |
23,706,563 |
||
Investments in leases - financing receivables, net |
|
19,280,057 |
|
|
|
18,697,133 |
|
Investments in loans and securities, net |
|
2,917,311 |
|
|
|
2,525,457 |
|
Real estate under development |
|
23,272 |
|
|
|
— |
|
Land |
|
148,002 |
|
|
|
148,002 |
|
Cash and cash equivalents |
|
288,063 |
|
|
|
563,479 |
|
Short-term investments |
|
— |
|
|
|
44,484 |
|
Other assets |
|
1,037,160 |
|
|
|
1,039,050 |
|
Total assets |
$ |
48,271,220 |
|
|
$ |
46,724,168 |
|
|
|
|
|
||||
Liabilities |
|
|
|
||||
Debt, net |
$ |
16,931,155 |
|
|
$ |
16,773,241 |
|
Accrued expenses and deferred revenue |
|
220,415 |
|
|
|
238,715 |
|
Dividends and distributions payable |
|
500,755 |
|
|
|
486,259 |
|
Other liabilities |
|
1,016,184 |
|
|
|
1,003,366 |
|
Total liabilities |
|
18,668,509 |
|
|
|
18,501,581 |
|
|
|
|
|
||||
Stockholders’ equity |
|
|
|
||||
Common stock |
|
11,011 |
|
|
|
10,688 |
|
Preferred stock |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
25,854,906 |
|
|
|
24,898,868 |
|
Accumulated other comprehensive income |
|
115,412 |
|
|
|
121,031 |
|
Retained earnings |
|
3,189,420 |
|
|
|
2,767,053 |
|
Total VICI stockholders’ equity |
|
29,170,749 |
|
|
|
27,797,640 |
|
Non-controlling interests |
|
431,962 |
|
|
|
424,947 |
|
Total stockholders’ equity |
|
29,602,711 |
|
|
|
28,222,587 |
|
Total liabilities and stockholders’ equity |
$ |
48,271,220 |
|
|
$ |
46,724,168 |
|
________________________________________ |
|||||||
Note: As of June 30, 2026 and December 31, 2025, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities and Other assets (sales-type sub-leases) are net of allowance for credit losses of |
|||||||
VICI Properties Inc. Consolidated Statement of Operations (In thousands, except share and per share data) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Income from sales-type leases |
$ |
549,202 |
|
|
$ |
530,348 |
|
|
$ |
1,085,919 |
|
|
$ |
1,058,952 |
|
Income from lease financing receivables, loans and securities |
|
478,395 |
|
|
|
440,260 |
|
|
|
930,348 |
|
|
|
866,740 |
|
Other income |
|
18,915 |
|
|
|
19,536 |
|
|
|
37,814 |
|
|
|
39,049 |
|
Golf revenues |
|
11,993 |
|
|
|
11,190 |
|
|
|
22,945 |
|
|
|
20,797 |
|
Total revenues |
|
1,058,505 |
|
|
|
1,001,334 |
|
|
|
2,077,026 |
|
|
|
1,985,538 |
|
|
|
|
|
|
|
|
|
||||||||
Expenses |
|
|
|
|
|
|
|
||||||||
General and administrative |
|
15,429 |
|
|
|
14,561 |
|
|
|
31,405 |
|
|
|
29,421 |
|
Depreciation |
|
998 |
|
|
|
741 |
|
|
|
1,965 |
|
|
|
1,737 |
|
Other expenses |
|
18,915 |
|
|
|
19,536 |
|
|
|
37,814 |
|
|
|
39,049 |
|
Golf expenses |
|
7,395 |
|
|
|
6,619 |
|
|
|
13,864 |
|
|
|
12,971 |
|
Change in allowance for credit losses |
|
271,059 |
|
|
|
(142,001 |
) |
|
|
152,284 |
|
|
|
44,956 |
|
Transaction and acquisition expenses |
|
1,815 |
|
|
|
7,434 |
|
|
|
1,982 |
|
|
|
7,479 |
|
Total expenses |
|
315,611 |
|
|
|
(93,110 |
) |
|
|
239,314 |
|
|
|
135,613 |
|
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
(209,927 |
) |
|
|
(213,797 |
) |
|
|
(419,289 |
) |
|
|
(423,048 |
) |
Interest income |
|
2,228 |
|
|
|
2,293 |
|
|
|
6,721 |
|
|
|
5,990 |
|
Other (losses) gains |
|
(345 |
) |
|
|
992 |
|
|
|
(366 |
) |
|
|
874 |
|
Income before income taxes |
|
534,850 |
|
|
|
883,932 |
|
|
|
1,424,778 |
|
|
|
1,433,741 |
|
Benefit from (provision for) income taxes |
|
461 |
|
|
|
(5,564 |
) |
|
|
(3,513 |
) |
|
|
(3,108 |
) |
Net income |
|
535,311 |
|
|
|
878,368 |
|
|
|
1,421,265 |
|
|
|
1,430,633 |
|
Less: Net income attributable to non-controlling interests |
|
(8,790 |
) |
|
|
(13,289 |
) |
|
|
(22,354 |
) |
|
|
(21,947 |
) |
Net income attributable to common stockholders |
$ |
526,521 |
|
|
$ |
865,079 |
|
|
$ |
1,398,911 |
|
|
$ |
1,408,686 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.48 |
|
|
$ |
0.82 |
|
|
$ |
1.30 |
|
|
$ |
1.33 |
|
Diluted |
$ |
0.48 |
|
|
$ |
0.82 |
|
|
$ |
1.30 |
|
|
$ |
1.33 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of shares of common stock outstanding |
|
|
|
|
|||||||||||
Basic |
|
1,090,197,080 |
|
|
|
1,056,222,836 |
|
|
|
1,079,358,468 |
|
|
|
1,056,118,206 |
|
Diluted |
|
1,090,236,611 |
|
|
|
1,057,270,580 |
|
|
|
1,079,442,313 |
|
|
|
1,056,852,269 |
|
VICI Properties Inc. Reconciliation of Net Income to FFO, FFO per Share, AFFO, AFFO per Share and Adjusted EBITDA (In thousands, except share and per share data) |
|||||||||||||||
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|||||||||||||
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||
Net income attributable to common stockholders |
$ |
526,521 |
|
|
$ |
865,079 |
|
|
$ |
1,398,911 |
|
|
$ |
1,408,686 |
|
Real estate depreciation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
FFO attributable to common stockholders |
|
526,521 |
|
|
|
865,079 |
|
|
|
1,398,911 |
|
|
|
1,408,686 |
|
Non-cash leasing and financing adjustments |
|
(139,145 |
) |
|
|
(130,022 |
) |
|
|
(269,177 |
) |
|
|
(262,069 |
) |
Non-cash change in allowance for credit losses |
|
271,059 |
|
|
|
(142,001 |
) |
|
|
152,284 |
|
|
|
44,956 |
|
Non-cash stock-based compensation |
|
4,609 |
|
|
|
4,439 |
|
|
|
8,734 |
|
|
|
7,343 |
|
Transaction and acquisition expenses |
|
1,815 |
|
|
|
7,434 |
|
|
|
1,982 |
|
|
|
7,479 |
|
Amortization of debt issuance costs and original issue discount |
|
17,406 |
|
|
|
18,743 |
|
|
|
34,689 |
|
|
|
37,514 |
|
Capitalized interest on real estate under development |
|
(56 |
) |
|
|
— |
|
|
|
(56 |
) |
|
|
— |
|
Other depreciation |
|
866 |
|
|
|
611 |
|
|
|
1,702 |
|
|
|
1,478 |
|
Capital expenditures |
|
(131 |
) |
|
|
(618 |
) |
|
|
(760 |
) |
|
|
(750 |
) |
Other losses (gains) (1) |
|
345 |
|
|
|
(992 |
) |
|
|
366 |
|
|
|
(874 |
) |
Deferred income tax (benefit) provision |
|
(2,096 |
) |
|
|
4,048 |
|
|
|
10 |
|
|
|
72 |
|
Non-cash adjustments attributable to non-controlling interests |
|
(1,557 |
) |
|
|
3,457 |
|
|
|
1,858 |
|
|
|
2,325 |
|
AFFO attributable to common stockholders |
|
679,636 |
|
|
|
630,178 |
|
|
|
1,330,543 |
|
|
|
1,246,160 |
|
Interest expense, net |
|
190,349 |
|
|
|
192,761 |
|
|
|
377,935 |
|
|
|
379,544 |
|
Current income tax expense |
|
1,635 |
|
|
|
1,516 |
|
|
|
3,503 |
|
|
|
3,036 |
|
Adjustments attributable to non-controlling interests |
|
(2,118 |
) |
|
|
(2,216 |
) |
|
|
(4,253 |
) |
|
|
(4,365 |
) |
Adjusted EBITDA attributable to common stockholders |
$ |
869,502 |
|
|
$ |
822,239 |
|
|
$ |
1,707,728 |
|
|
$ |
1,624,375 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.48 |
|
|
$ |
0.82 |
|
|
$ |
1.30 |
|
|
$ |
1.33 |
|
Diluted |
$ |
0.48 |
|
|
$ |
0.82 |
|
|
$ |
1.30 |
|
|
$ |
1.33 |
|
FFO per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.48 |
|
|
$ |
0.82 |
|
|
$ |
1.30 |
|
|
$ |
1.33 |
|
Diluted |
$ |
0.48 |
|
|
$ |
0.82 |
|
|
$ |
1.30 |
|
|
$ |
1.33 |
|
AFFO per common share |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.62 |
|
|
$ |
0.60 |
|
|
$ |
1.23 |
|
|
$ |
1.18 |
|
Diluted |
$ |
0.62 |
|
|
$ |
0.60 |
|
|
$ |
1.23 |
|
|
$ |
1.18 |
|
Weighted average number of shares of common stock outstanding |
|
|
|
|
|||||||||||
Basic |
|
1,090,197,080 |
|
|
|
1,056,222,836 |
|
|
|
1,079,358,468 |
|
|
|
1,056,118,206 |
|
Diluted |
|
1,090,236,611 |
|
|
|
1,057,270,580 |
|
|
|
1,079,442,313 |
|
|
|
1,056,852,269 |
|
________________________ |
|||||||||||||||
(1) Represents non-cash foreign currency remeasurement adjustment and gain on sale of certain land parcels. |
|||||||||||||||
VICI Properties Inc. Revenue Breakdown (In thousands) |
|||||||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||
Contractual income from sales-type leases |
|
|
|
|
|
|
|
||||||||
Caesars Regional Master Lease (excluding Harrah's NOLA, AC, and |
$ |
140,534 |
|
|
$ |
137,689 |
|
|
$ |
281,068 |
|
|
$ |
275,378 |
|
Caesars Las Vegas Master Lease |
|
126,419 |
|
|
|
123,855 |
|
|
|
252,838 |
|
|
|
247,710 |
|
MGM Grand/Mandalay Bay Lease |
|
82,210 |
|
|
|
80,598 |
|
|
|
163,345 |
|
|
|
160,142 |
|
The Venetian Resort Las Vegas Lease |
|
77,175 |
|
|
|
75,545 |
|
|
|
153,264 |
|
|
|
149,764 |
|
PENN Master Lease (1) |
|
20,244 |
|
|
|
19,997 |
|
|
|
40,421 |
|
|
|
39,910 |
|
Century Master Lease (excluding Century Canadian Portfolio) |
|
12,677 |
|
|
|
12,321 |
|
|
|
25,354 |
|
|
|
24,642 |
|
Hard Rock Cincinnati Lease |
|
12,192 |
|
|
|
11,864 |
|
|
|
24,384 |
|
|
|
23,728 |
|
Clairvest Northfield Park Lease |
|
10,474 |
|
|
|
— |
|
|
|
10,474 |
|
|
|
||
EBCI Southern Indiana Lease |
|
8,624 |
|
|
|
8,496 |
|
|
|
17,248 |
|
|
|
16,992 |
|
PURE Master Lease (2) |
|
222 |
|
|
|
— |
|
|
|
222 |
|
|
|
— |
|
Income from sales-type leases non-cash adjustment (3) |
|
58,431 |
|
|
|
59,983 |
|
|
|
117,301 |
|
|
|
120,686 |
|
Income from sales-type leases |
|
549,202 |
|
|
|
530,348 |
|
|
|
1,085,919 |
|
|
|
1,058,952 |
|
|
|
|
|
|
|
|
|
||||||||
Contractual income from lease financing receivables |
|
|
|
|
|
|
|
||||||||
MGM Master Lease |
|
185,779 |
|
|
|
192,405 |
|
|
|
379,449 |
|
|
|
382,278 |
|
Harrah's NOLA, AC, and |
|
44,603 |
|
|
|
43,683 |
|
|
|
89,206 |
|
|
|
87,366 |
|
Hard Rock Mirage Lease |
|
23,877 |
|
|
|
23,409 |
|
|
|
47,754 |
|
|
|
46,818 |
|
JACK Entertainment Master Lease |
|
18,490 |
|
|
|
18,039 |
|
|
|
36,830 |
|
|
|
35,989 |
|
Golden Entertainment Master Lease |
|
14,500 |
|
|
|
— |
|
|
|
14,500 |
|
|
|
— |
|
CNE Gold Strike Lease |
|
10,754 |
|
|
|
10,543 |
|
|
|
21,366 |
|
|
|
20,947 |
|
Lucky Strike Master Lease |
|
8,300 |
|
|
|
8,098 |
|
|
|
16,600 |
|
|
|
16,196 |
|
Foundation Master Lease |
|
6,354 |
|
|
|
6,184 |
|
|
|
12,708 |
|
|
|
12,368 |
|
Chelsea Piers Lease |
|
6,075 |
|
|
|
6,000 |
|
|
|
12,150 |
|
|
|
12,000 |
|
PURE Master Lease |
|
4,118 |
|
|
|
4,029 |
|
|
|
8,244 |
|
|
|
7,899 |
|
Century Canadian Portfolio (5) |
|
3,252 |
|
|
|
3,181 |
|
|
|
6,534 |
|
|
|
6,250 |
|
Income from lease financing receivables non-cash adjustment (3) |
|
80,743 |
|
|
|
70,039 |
|
|
|
151,944 |
|
|
|
141,437 |
|
Income from lease financing receivables |
|
406,845 |
|
|
|
385,610 |
|
|
|
797,285 |
|
|
|
769,548 |
|
|
|
|
|
|
|
|
|
||||||||
Contractual interest income |
|
|
|
|
|
|
|
||||||||
Senior secured notes |
|
2,565 |
|
|
|
2,411 |
|
|
|
4,936 |
|
|
|
4,820 |
|
Senior secured loans |
|
25,275 |
|
|
|
21,447 |
|
|
|
49,017 |
|
|
|
36,304 |
|
Mezzanine loans & preferred equity |
|
43,912 |
|
|
|
31,034 |
|
|
|
79,502 |
|
|
|
56,364 |
|
Income from loans non-cash adjustment (3) |
|
(202 |
) |
|
|
(242 |
) |
|
|
(392 |
) |
|
|
(296 |
) |
Income from loans and securities |
|
71,550 |
|
|
|
54,650 |
|
|
|
133,063 |
|
|
|
97,192 |
|
Income from lease financing receivables, loans and securities |
|
478,395 |
|
|
|
440,260 |
|
|
|
930,348 |
|
|
|
866,740 |
|
|
|
|
|
|
|
|
|
||||||||
Other income |
|
18,915 |
|
|
|
19,536 |
|
|
|
37,814 |
|
|
|
39,049 |
|
Golf revenues |
|
11,993 |
|
|
|
11,190 |
|
|
|
22,945 |
|
|
|
20,797 |
|
Total revenues |
$ |
1,058,505 |
|
|
$ |
1,001,334 |
|
|
$ |
2,077,026 |
|
|
$ |
1,985,538 |
|
____________________ |
|||||||||||||||
(1) On December 4, 2025, VICI combined the individual leases with PENN Entertainment (the PENN Greektown Lease and the PENN Margaritaville Lease) into one master lease for both properties (the “PENN Master Lease”). There was no change to the aggregate amount of rent collected by VICI. (2) Reflects Gamehost Portfolio. (3) Amounts represent non-cash adjustments to recognize revenue on an effective interest basis in accordance with GAAP. (4) Assets are part of the Caesars Regional Master Lease. (5) Assets are part of the Century Master Lease. |
|||||||||||||||
Press Release Category: Financial Results
View source version on businesswire.com: https://www.businesswire.com/news/home/20260729098200/en/
Investor Contacts:
Investors@viciproperties.com
(646) 949-4631
Or
David Kieske
EVP, Chief Financial Officer
DKieske@viciproperties.com
Moira McCloskey
SVP, Capital Markets
MMcCloskey@viciproperties.com
LinkedIn:
www.linkedin.com/company/vici-properties-inc
Source: VICI Properties Inc.