VICIVici Properties

Real estate · REIT · NYSE

VICI and 9 peers, year by year

The 9 Real estate companies closest to VICI in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
VICI Vici Properties	FY2025	$4.0B	+4.1%	-	-	69.3%	-	10.0%	0.60
CCI Crown Castle	FY2025	$4.3B	+12.0%	-	48.7%	10.4%	67.4%	n/m	n/m
CSGP CoStar Group	FY2025	$3.2B	+18.7%	78.9%	−2.2%	0.2%	3.8%	0.1%	0.02
BXP BXP, Inc.	FY2025	$3.5B	+2.2%	59.1%	-	7.9%	-	5.4%	0.15
EXR Extra Space Storage	FY2025	$3.4B	+7.1%	-	41.8%	28.8%	38.1%	7.3%	-
PSA Public Storage	FY2025	$4.8B	+2.7%	-	-	37.0%	-	19.3%	1.11
DOC Healthpeak Properties	FY2025	$2.8B	+6.2%	-	-	2.5%	12.6%	1.0%	1.31
INVH Invitation Homes	FY2025	$2.7B	+4.2%	-	-	21.5%	-	6.2%	0.88
SBAC SBA Communications	FY2025	$2.8B	+59.9%	75.5%	47.7%	37.4%	37.9%	n/m	n/m
ARE Alexandria Real Estate Equities	FY2025	$3.0B	−2.9%	-	-	−47.2%	-	−9.2%	0.80

Revenuepeer median $3.2B

Sales growthpeer median +6.2%

Gross marginpeer median 75.5%

CSGP 78.9%
SBAC 75.5%
BXP 59.1%
VICI -
CCI -
EXR -
PSA -
DOC -
INVH -
ARE -

Operating marginpeer median 44.8%

CCI 48.7%
SBAC 47.7%
EXR 41.8%
CSGP −2.2%
VICI -
BXP -
PSA -
DOC -
INVH -
ARE -

Net marginpeer median 10.4%

FCF marginpeer median 37.9%

CCI 67.4%
EXR 38.1%
SBAC 37.9%
DOC 12.6%
CSGP 3.8%
VICI -
BXP -
PSA -
INVH -
ARE -

Return on equitypeer median 5.4%

Debt / equitypeer median 0.84

DOC 1.31
PSA 1.11
INVH 0.88
ARE 0.80
VICI 0.60
BXP 0.15
CSGP 0.02
CCI n/m
EXR -
SBAC n/m

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2017 to FY2025

Revenue as reported in the 10-K.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
VICI Dec	$187.6M	$898.0M	$894.8M	$1.2B	$1.5B	$2.6B	$3.6B	$3.8B	$4.0B
CCI Dec	$4.4B	$5.4B	$5.8B	$5.8B	$6.3B	$7.0B	$4.7B	$4.5B	$4.3B
CSGP Dec	$965.2M	$1.2B	$1.4B	$1.7B	$1.9B	$2.2B	$2.5B	$2.7B	$3.2B
BXP Dec	$2.6B	$2.7B	$3.0B	$2.8B	$2.9B	$3.1B	$3.3B	$3.4B	$3.5B
EXR Dec	$1.1B	$1.2B	$1.3B	$1.4B	$1.6B	$1.9B	$2.6B	$3.3B	$3.4B
PSA Dec	$2.7B	$2.8B	$2.9B	$2.9B	$3.4B	$4.2B	$4.5B	$4.7B	$4.8B
DOC Dec	$1.8B	$1.2B	$1.2B	$1.6B	$1.9B	$2.1B	$2.2B	$2.7B	$2.8B
INVH Dec	$1.1B	$1.7B	$1.8B	$1.8B	$2.0B	$2.2B	$2.4B	$2.6B	$2.7B
SBAC Dec	$1.7B	$1.9B	$2.0B	$2.1B	$2.3B	$2.6B	$2.7B	$2.7B	$2.8B
ARE Dec	$1.1B	$1.3B	$1.5B	$1.9B	$2.1B	$2.6B	$2.9B	$3.1B	$3.0B
Peer median	$1.7B	$1.7B	$1.8B	$1.9B	$2.1B	$2.6B	$2.7B	$3.1B	$3.2B

Sales growth, FY2017 to FY2025

Revenue against the fiscal year before.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
VICI Dec	-	+379%	−0.4%	+37.0%	+23.2%	+72.3%	+38.9%	+6.6%	+4.1%
CCI Dec	−0.1%	+10.2%	+16.7%	−22.4%	+19.4%	+12.2%	−35.6%	−54.4%	+12.0%
CSGP Dec	+15.2%	+23.5%	+17.4%	+18.5%	+17.2%	+12.3%	+12.5%	+11.4%	+18.7%
BXP Dec	+2.0%	+4.4%	+9.0%	−6.6%	+4.4%	+7.6%	+5.3%	+4.1%	+2.2%
EXR Dec	−1.2%	+6.0%	+19.5%	+4.5%	+27.1%	+26.6%	+21.6%	+18.5%	+7.1%
PSA Dec	+4.2%	+3.2%	+3.5%	+2.1%	+17.2%	+22.4%	+8.0%	+3.9%	+2.7%
DOC Dec	−13.2%	+3.9%	+0.1%	+202%	+8.0%	+5.0%	+6.6%	+7.8%	+6.2%
INVH Dec	+14.3%	+63.4%	+2.4%	+3.3%	+9.5%	+12.1%	+8.7%	+7.7%	+4.2%
SBAC Dec	+5.8%	+19.9%	+22.8%	−16.3%	+59.1%	+45.0%	−34.4%	−21.5%	+59.9%
ARE Dec	+22.4%	+17.7%	+15.4%	+23.1%	+12.1%	+22.5%	+11.5%	+8.0%	−2.9%
Peer median	+4.2%	+10.2%	+15.4%	+3.3%	+17.2%	+12.3%	+8.0%	+7.7%	+6.2%

Gross margin, FY2017 to FY2025

Gross profit / revenue.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
VICI Dec	-	-	-	-	-	-	-	-	-
CCI Dec	-	-	-	-	-	-	-	-	-
CSGP Dec	77.2%	77.4%	79.3%	81.4%	81.6%	81.0%	80.0%	79.6%	78.9%
BXP Dec	61.7%	60.7%	61.7%	61.3%	62.8%	62.1%	61.1%	59.9%	59.1%
EXR Dec	-	-	-	-	-	-	-	-	-
PSA Dec	73.5%	73.0%	-	-	-	-	-	-	-
DOC Dec	-	-	-	-	-	-	-	-	-
INVH Dec	-	-	-	-	-	-	-	-	-
SBAC Dec	74.2%	74.9%	75.5%	77.1%	76.4%	74.6%	77.4%	78.3%	75.5%
ARE Dec	-	-	-	-	-	-	-	-	-
Peer median	73.8%	73.9%	75.5%	77.1%	76.4%	74.6%	77.4%	78.3%	75.5%

Operating margin, FY2017 to FY2025

Operating income / revenue.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
VICI Dec	76.9%	15.6%	5.8%	26.2%	-	-	-	-	-
CCI Dec	22.2%	25.8%	27.1%	31.9%	31.6%	34.7%	44.3%	47.5%	48.7%
CSGP Dec	18.0%	23.0%	26.0%	17.4%	22.2%	20.7%	11.5%	0.2%	−2.2%
BXP Dec	34.9%	-	-	-	-	-	-	-	-
EXR Dec	59.2%	51.8%	48.5%	49.1%	61.9%	54.6%	45.7%	40.6%	41.8%
PSA Dec	53.3%	-	-	-	-	-	-	-	-
DOC Dec	-	-	-	-	-	-	-	-	-
INVH Dec	11.2%	-	-	-	-	-	-	-	-
SBAC Dec	26.5%	29.2%	29.0%	30.4%	33.9%	35.1%	34.1%	53.6%	47.7%
ARE Dec	-	-	-	-	-	-	-	-	-
Peer median	26.5%	27.5%	28.0%	31.2%	32.7%	34.9%	39.2%	44.1%	44.8%

Net margin, FY2017 to FY2025

Net income / revenue.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
VICI Dec	23.7%	58.3%	61.0%	72.8%	67.2%	43.0%	69.6%	69.6%	69.3%
CCI Dec	10.2%	9.5%	13.0%	17.1%	17.3%	24.0%	31.7%	−87.5%	10.4%
CSGP Dec	12.7%	20.0%	22.5%	13.7%	15.1%	16.9%	15.3%	5.1%	0.2%
BXP Dec	17.8%	21.5%	17.6%	31.6%	17.5%	27.3%	5.8%	0.4%	7.9%
EXR Dec	43.3%	34.7%	32.1%	35.5%	52.5%	44.7%	31.4%	26.2%	28.8%
PSA Dec	54.0%	62.0%	53.3%	46.6%	57.2%	104.0%	47.6%	44.1%	37.0%
DOC Dec	22.4%	89.1%	3.7%	25.1%	26.7%	24.3%	14.0%	9.0%	2.5%
INVH Dec	−10.0%	−0.3%	8.2%	10.8%	13.1%	17.1%	21.4%	17.3%	21.5%
SBAC Dec	6.0%	2.5%	7.3%	1.2%	10.3%	17.5%	18.5%	28.0%	37.4%
ARE Dec	15.0%	28.6%	23.7%	40.9%	27.0%	20.1%	3.6%	10.4%	−47.2%
Peer median	15.0%	21.5%	17.6%	25.1%	17.5%	24.0%	18.5%	10.4%	10.4%

Free cash flow, FY2017 to FY2025

Cash from operations minus capital spending.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
VICI Dec	-	$503.2M	$679.4M	-	-	-	-	-	-
CCI Dec	$3.2B	$761.0M	$641.0M	$1.4B	$1.6B	$1.6B	$2.9B	$2.8B	$2.9B
CSGP Dec	$210.2M	$305.8M	$457.8M	$486.1M	$346.0M	$443.5M	$372.0M	−$186.0M	$123.0M
BXP Dec	-	-	-	-	-	-	-	-	-
EXR Dec	-	-	-	-	-	$44.9M	$1.3B	$1.4B	$1.3B
PSA Dec	-	-	-	-	-	-	-	-	-
DOC Dec	$375.3M	$287.8M	$168.8M	−$30.5M	$35.5M	−$61.7M	$181.7M	$333.7M	$357.0M
INVH Dec	$258.9M	$557.2M	-	-	-	-	-	-	-
SBAC Dec	$671.4M	$700.8M	$815.8M	$997.5M	$1.1B	$1.1B	$1.3B	$1.1B	$1.1B
ARE Dec	-	-	-	-	-	-	-	-	-
Peer median	$375.3M	$557.2M	$549.4M	$741.8M	$701.1M	$443.5M	$1.3B	$1.1B	$1.1B

FCF margin, FY2017 to FY2025

Free cash flow / revenue.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
VICI Dec	-	56.0%	75.9%	-	-	-	-	-	-
CCI Dec	74.6%	14.2%	11.1%	24.5%	24.6%	22.4%	60.9%	62.0%	67.4%
CSGP Dec	21.8%	25.7%	32.7%	29.3%	17.8%	20.3%	15.2%	−6.8%	3.8%
BXP Dec	-	-	-	-	-	-	-	-	-
EXR Dec	-	-	-	-	-	2.3%	49.5%	43.2%	38.1%
PSA Dec	-	-	-	-	-	-	-	-	-
DOC Dec	20.3%	24.2%	13.6%	−1.9%	1.9%	−3.0%	8.3%	12.4%	12.6%
INVH Dec	24.6%	32.3%	-	-	-	-	-	-	-
SBAC Dec	38.9%	37.6%	40.5%	47.9%	45.7%	40.7%	48.2%	41.3%	37.9%
ARE Dec	-	-	-	-	-	-	-	-	-
Peer median	24.6%	25.7%	23.2%	26.9%	21.2%	20.3%	48.2%	41.3%	37.9%

Return on equity, FY2017 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
VICI Dec	0.9%	7.7%	6.9%	9.5%	8.4%	5.1%	10.0%	10.1%	10.0%
CCI Dec	3.7%	4.4%	7.1%	10.6%	13.3%	22.5%	23.5%	n/m	n/m
CSGP Dec	4.6%	7.9%	9.2%	4.2%	5.1%	5.4%	5.1%	1.8%	0.1%
BXP Dec	8.0%	9.9%	9.2%	14.6%	8.7%	13.8%	3.2%	0.3%	5.4%
EXR Dec	20.4%	17.2%	16.5%	18.9%	26.6%	26.4%	5.6%	6.1%	7.3%
PSA Dec	16.1%	18.8%	16.8%	15.9%	20.9%	43.2%	21.5%	21.3%	19.3%
DOC Dec	7.8%	17.9%	0.7%	6.1%	7.8%	7.5%	4.8%	2.9%	1.0%
INVH Dec	−1.2%	−0.1%	1.8%	2.3%	2.7%	3.7%	5.1%	4.7%	6.2%
SBAC Dec	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
ARE Dec	2.8%	5.2%	4.1%	6.6%	3.5%	2.7%	0.6%	1.8%	−9.2%
Peer median	6.2%	8.9%	8.1%	8.6%	8.2%	10.7%	5.1%	2.9%	5.4%

Debt / equity, FY2017 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
VICI Dec	0.88	0.60	0.60	0.72	0.39	0.63	0.66	0.63	0.60
CCI Dec	1.36	1.45	1.74	2.05	2.51	3.03	3.72	n/m	n/m
CSGP Dec	0.00	0.00	0.00	0.19	0.18	0.15	0.14	0.13	0.02
BXP Dec	0.52	0.51	0.52	0.49	0.57	-	0.00	0.09	0.15
EXR Dec	0.26	-	-	-	-	-	-	0.04	-
PSA Dec	0.16	0.15	0.21	0.30	0.80	0.68	0.91	0.96	1.11
DOC Dec	1.47	0.92	1.04	0.98	0.95	0.98	1.08	1.04	1.31
INVH Dec	1.14	1.12	1.03	0.94	0.82	0.75	0.84	0.84	0.88
SBAC Dec	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
ARE Dec	0.80	0.75	0.76	0.65	0.54	0.54	0.61	0.68	0.80
Peer median	0.66	0.75	0.76	0.65	0.80	0.72	0.84	0.68	0.84

EPS (diluted), FY2017 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
VICI Dec	-	$1.43	$1.24	$1.75	$1.76	$1.27	$2.47	$2.56	$2.61
CCI Dec	$0.80	$1.23	$1.79	$2.35	$2.53	$3.86	$3.46	−$8.98	$1.01
CSGP Dec	$0.37	$0.65	$0.86	$0.59	$0.74	$0.93	$0.92	$0.34	$0.02
BXP Dec	$2.93	$3.70	$3.30	$5.54	$3.17	$5.40	$1.21	$0.09	$1.74
EXR Dec	$3.76	$3.27	$3.24	$3.71	$6.19	$6.41	$4.74	$4.03	$4.59
PSA Dec	$6.73	$8.54	$7.29	$6.29	$9.87	$23.50	$11.06	$10.64	$9.01
DOC Dec	$0.88	$2.24	$0.09	$0.77	$0.93	$0.92	$0.56	$0.36	$0.10
INVH Dec	-	−$0.01	$0.27	$0.35	$0.45	$0.63	$0.85	$0.74	$0.96
SBAC Dec	$0.86	$0.41	$1.28	$0.21	$2.14	$4.22	$4.61	$6.94	$9.80
ARE Dec	$1.58	$3.52	$3.12	$6.01	$3.82	$3.18	$0.54	$1.80	−$8.44
Peer median	$1.23	$2.24	$1.79	$2.35	$2.53	$3.86	$1.21	$0.74	$1.01

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out VICI and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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