VICI PROPERTIES INC. ANNOUNCES THIRD QUARTER 2026 RESULTS
- Announced Agreement to Add Highfield Investment Group to VICI's Tenant Roster -
– VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, “VICI” or the “Company”), an experiential real estate investment trust, today reported results for the quarter ended September 30, 2026. All per share amounts included herein are on a per diluted common share basis unless otherwise stated.
• Net income attributable to common stockholders decreased 55.1% year-over-year to $342.5 million and, on a per share basis, decreased 56.4% year-over-year to $0.31 due to the impact of the change in the CECL allowance for the quarter ended September 30, 2026
• AFFO attributable to common stockholders increased 7.5% year-over-year to $685.2 million and, on a per share basis, increased 4.3% year-over-year to $0.62
• Declared a quarterly cash dividend of $0.46 per share, representing a 2.2% year-over-year increase
• Issued $1.75 billion of investment grade senior notes to refinance 2026 maturities
• Announced an agreement to enter into a new triple-net master lease with Highfield Investment Group, in connection with Century Casinos' agreement to sell the operations of Century Mile Racetrack and Century Downs Racetrack, located in Alberta, Canada, to Highfield, adding to VICI's tenant roster upon closing
• Raised AFFO guidance for full year 2026 to between $2,695 million and $2,705 million, or between $2.47 and $2.48 per diluted share
• Subsequent to quarter-end, our Board of Directors authorized a share repurchase program for up to $2.0 billion in shares
Edward Pitoniak, Chief Executive Officer of VICI Properties, said, “In the third quarter of 2026, we grew our quarterly revenue by 5.8% and our AFFO per share by 4.3% year-over-year, once again demonstrating the flow-through efficiency of our business model, and we were pleased to announce our 9th consecutive annual dividend increase since our IPO almost nine years ago. Our commitment to situational readiness positioned us to refinance all of our remaining 2026 maturities through a $1.75 billion investment grade notes offering in August at an adjusted weighted average interest rate of 5.42%. In September, we announced our agreement to enter into a new lease with Highfield Investment Group, and we look forward to welcoming Highfield to our tenant roster upon closing, further diversifying our tenant base and further strengthening our presence in the dynamic region of Alberta. At VICI, we are always working to strengthen our portfolio while keeping our balance sheet ready to grow alongside new and existing partners. We believe that discipline will enable us to keep compounding value for our stockholders for years to come.”
Total revenues were $1.1 billion for the quarter, an increase of 5.8% compared to $1.0 billion for the quarter ended September 30, 2025. Total revenues for the quarter included $132.0 million of non-cash leasing and financing adjustments and $19.0 million of other income.
Net income attributable to common stockholders was $342.5 million for the quarter, or $0.31 per share, compared to $762.0 million, or $0.71 per share, for the quarter ended September 30, 2025. The year-over-year decrease in net income was driven, on an absolute basis, by the $478.2 million aggregate change in the CECL allowance for the quarter ended September 30, 2026 compared to the quarter ended September 30, 2025.
FFO attributable to common stockholders was $342.5 million for the quarter, or $0.31 per share, compared to $762.0 million, or $0.71 per share, for the quarter ended September 30, 2025. The year-over-year decrease in FFO was driven, on an absolute basis, by the $478.2 million aggregate change in the CECL allowance for the quarter ended September 30, 2026 compared to the quarter ended September 30, 2025.
AFFO attributable to common stockholders was $685.2 million for the quarter, an increase of 7.5% compared to $637.6 million for the quarter ended September 30, 2025. AFFO per share was $0.62 for the quarter, an increase of 4.3% compared to $0.60 for the quarter ended September 30, 2025.
Third Quarter 2026 Investment and Portfolio Activity Investment and Portfolio Activity On September 28, 2026, VICI announced, in connection with Century Casinos, Inc.’s (NASDAQ: CNTY) (“Century Casinos”) agreement to sell the operations of Century Mile Racetrack and Century Downs Racetrack (together, the “Century Canada Racinos”), located in Alberta, Canada, to a subsidiary of Highfield Investment Group, Inc. (“Highfield”), its agreement to enter into a new separate triple-net master lease with a subsidiary of Highfield with respect to the real property of the Century Canada Racinos (the “Highfield Master Lease”) and to amend the Master Lease between VICI and Century Casinos (the “Century Master Lease”).
The Highfield Master Lease will have an initial annual base rent of C$10.7 million (approximately US$7.5 million as of the day prior to the announcement) and, if closing occurs after January 1, 2027, such base rent shall escalate as provided for in the Century Master Lease on such date. Upon closing, the Highfield Master Lease will begin a new 20-year initial lease term with four 5-year tenant renewal options. The other economic terms of the Highfield Master Lease will be substantially similar to the terms for the Century Canada Racinos under the Century Master Lease, including escalation equal to the greater of 1.25% and the change in Canadian CPI (capped at 2.50%) and a minimum capital expenditure requirement equal to 1.0% of annual net revenue at each property. The Highfield Master Lease will be guaranteed by Highfield Investment Group, Inc. 2 Upon closing, the Century Master Lease will be amended to account for Century Casinos' divestiture of the operations of the Century Canada Racinos, which will result in a corresponding reduction of the annual base rent under the Century Master Lease by C$10.7 million (approximately US$7.5 million as of the day prior to the announcement) with adjustments to reflect the escalated rent if the transaction closing occurs after January 1, 2027. There will be no change to the aggregate rent collected by VICI. The transaction is subject to customary closing conditions and regulatory approvals and is expected to be completed in the fourth quarter of 2026 or the first quarter of 2027.
On August 5, 2026, VICI priced the offering of $1.75 billion aggregate principal amount of senior unsecured notes (the “August 2026 Notes”). On August 14, 2026, VICI issued the August 2026 Notes comprised of (i) $900.0 million aggregate principal amount of 5.400% Senior Notes due 2031, which mature on October 15, 2031, and (ii) $850.0 million aggregate principal amount of 5.750% Senior Notes due 2036, which mature on October 15, 2036. The weighted average interest rate for the August 2026 Notes is 5.570%, and the adjusted weighted average interest rate, after taking into account the impact of forward-starting interest rate swaps and treasury locks, is 5.422%. The net proceeds of the August 2026 Notes were used to redeem the then-outstanding (i) $480.5 million aggregate principal amount of 4.500% Exchange Notes due 2026, (ii) $1,250.0 million aggregate principal amount of 4.250% November 2019 Notes due 2026, and (iii) $19.5 million aggregate principal amount of 4.500% MGP OP Notes due 2026.
During the nine months ended September 30, 2026, VICI entered into a combination of forward-starting interest rate swap agreements and treasury locks with an aggregate notional amount of $1.1 billion. In connection with the August 2026 Notes offering, VICI settled the outstanding forward-starting interest rate swaps and treasury locks for total proceeds of $20.0 million. Since the forward- starting swaps and treasury locks were hedging the interest rate risk on the anticipated issuance of the August 2026 Notes, the unrealized gain, which was recorded in Accumulated other comprehensive income on VICI's consolidated balance sheets, will be amortized over the term of the respective derivative instruments as a reduction in interest expense.
Subsequent to quarter-end, on October 27, 2026, VICI’s Board of Directors authorized a share repurchase program for up to $2.0 billion in shares of the Company’s common stock, which will expire on September 30, 2029. Repurchases under the share repurchase program may be made from time to time at management’s discretion through open market purchases, privately negotiated transactions, Rule 10b5-1 plans or other methods, in each case in accordance with applicable securities laws. The share repurchase program does not obligate VICI to repurchase any particular amount of common stock and may be suspended or discontinued at any time. The following table details the issuance of outstanding shares of common stock, including restricted common stock:
Nine Months Ended September 30, Common Stock 2026 2025 Outstanding Beginning Balance January 1,068,811,371 1,056,366,685 1, Issuance of common stock in connection 24,296,255 — with the Golden Entertainment Transaction Issuance of common stock upon physical 7,750,000 12,101,372 settlement of forward sale agreements Issuance of restricted and unrestricted common stock 225,498 340,637 under the stock incentive program, net of forfeitures Ending Balance 1,101,083,124 1,068,808,694 September 30,
3 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:
As of September 30, 2026, the Company had approximately $17.2 billion in total debt and approximately $2.5 billion in liquidity, comprised of $270.3 million in cash and cash equivalents and approximately $2.2 billion of availability under its revolving credit facility.
On September 3, 2026, the Company declared a regular quarterly cash dividend of $0.46 per share, representing a 2.2% year-over-year increase. The Q3 2026 dividend was paid on October 8, 2026 to stockholders of record as of the close of business on September 17, 2026 and totaled in aggregate approximately $506.3 million.
The Company is raising 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 United States (“GAAP”) financial measure. In reliance on the exception provided by applicable rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2026 AFFO to GAAP net income because we are unable to predict with reasonable certainty the amount of the change in non-cash allowance for credit losses under ASU No. 2016-13 - Financial Instruments—Credit Losses (Topic 326) (“ASC 326”) for a future period. The non- cash change in allowance for credit losses under ASC 326 with respect to a future period is dependent upon future events that are entirely outside of the Company’s control and may not be reliably predicted, including its tenants’ respective financial performance, fluctuations in the trading price of their common stock, credit ratings and outlook (each to the extent applicable), as well as broader macroeconomic performance. Based on past results and, as disclosed in our historical financial results, the impact of these adjustments could be material, individually or in the aggregate, to the Company’s reported GAAP results. For more information, see “Non-GAAP Financial Measures.”
The Company estimates AFFO for the year ending December 31, 2026 will be between $2,695 million and $2,705 million, or between $2.47 and $2.48 per diluted common share. Guidance does not include the impact on operating results from any pending acquisitions without announced expected closing dates, possible future acquisitions or dispositions, capital markets activity, or other non-recurring transactions.
For the Year Ending December Updated Guidance Prior Guidance 31, 2026: Low High Low High ────────────────────────────────────────────────────────────────────────────── Estimated Adjusted Funds From Operations $2,695 $2,705 $2,675 $2,695 (AFFO)(in millions) Estimated Adjusted Funds From Operations $2.47 $2.48 $2.45 $2.47 (AFFO) per diluted share Estimated Weighted Average Share Count 1,090.2 1,090.2 1,090.3 1,090.3 for the Year(in millions)
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. 5
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.
The Company will host a conference call and audio webcast on Thursday, October 29, 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/BI4ddda18555004fa48ace389ea769214e) . 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.
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 .
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, and expectations relating to, 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 6 confidence levels, unemployment levels, governmental action, 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 90% of our REIT taxable income in order to qualify for taxation as a REIT and that we distribute 100% of our REIT taxable income in order to avoid current entity-level U.S. federal income taxes; the impact of extensive regulation from gaming and other regulatory authorities, including developments relating to the regulation of emerging alternative platforms; the ability of our tenants to obtain and maintain regulatory approvals in connection with the operation of our properties, or the imposition of conditions to such regulatory approvals; the possibility that our tenants may choose not to renew their respective lease agreements following the initial or subsequent terms of the leases; restrictions on our ability to sell our properties subject to the lease agreements; our tenants and any guarantors’ historical results may not be a reliable indicator of their future results; our substantial amount of indebtedness and ability to service, refinance (at attractive interest rates, or at all), and otherwise fulfill our obligations under such indebtedness; our historical financial information may not be reliable indicators of our future results of operations, financial condition and cash flows; the possibility that we identify significant environmental, tax, legal or other issues, including additional costs or liabilities, that materially and adversely impact the value of assets acquired or secured as collateral (or other benefits we expect to receive) in any of our pending and completed transactions; the impact of changes to tax laws and regulations, including U.S. federal income tax laws, state tax laws or global tax laws; the impact of changes in governmental or regulatory actions and initiatives; the possibility of adverse tax consequences as a result of our pending and completed transactions, including pursuant to tax protection agreements to which we are a party; increased volatility in our stock price, including as a result of our pending and completed transactions; our inability to maintain our qualification for taxation as a REIT; the impact of climate change, natural disasters or other severe weather events, war or conflict, geopolitical uncertainty, tariffs and trade barriers, public health conditions, uncertainty or civil unrest, violence or terrorist activities or threats on our properties, or in areas where our properties are located, or globally, and changes in economic conditions or heightened travel security, and any measures instituted in response to these events; the impact of reduced travel demand or increased costs of travel affecting visitation and operating performance at the properties operated by our tenants, particularly in destination markets such as Las Vegas; the loss of the services of key personnel; the inability to attract, retain and motivate employees; the costs and liabilities 7 associated with environmental compliance; failure to establish and maintain an effective system of integrated internal controls; the risks related to us or our tenants not having adequate insurance to cover potential losses; the potential impact on the amount of our cash distributions if we determine to sell or divest any of our properties in the future or are unable to redeploy capital returned from investments at attractive rates, or at all; our ability to continue to make distributions to holders of our common stock or maintain anticipated levels of distributions over time, including our reliance on distributions received from our subsidiaries, including VICI OP, to make such distributions to our stockholders; and competition for transaction opportunities, including from other REITs, investment companies, private equity firms and hedge funds, sovereign funds, lenders, gaming companies and other investors that may have greater resources and access to capital and a lower cost of capital or different investment parameters than us.
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.
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 8 interest rate swap settlements, other gains (or losses), deferred income tax provision (or benefit), 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. 9
________________________________________ Note: As of September 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 $1,282.4 million, $884.9 million, $159.0 million and $29.7 million, respectively, and $919.2 million, $769.9 million, $56.4 million and $23.9 million, respectively. 10
Reconciliation of Net Income to FFO, FFO per Share, AFFO, AFFO per Share and Adjusted EBITDA
(1) Represents non-cash foreign currency remeasurement adjustment and gain on sale of certain land parcels. 12
(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. 13 Investor Contacts:
Full text with the tables
Exhibit 99.1
VICI PROPERTIES INC. ANNOUNCES THIRD QUARTER 2026 RESULTS
- Announced Agreement to Add Highfield Investment Group to VICI's Tenant Roster
-
- Completed $1.75 Billion Investment Grade Senior Notes Offering -
- Increased Annual Dividend for 9th Consecutive Year -
- Raised Guidance for Full Year 2026 -
NEW YORK, NY – October 28, 2026
– VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, “VICI” or the
“Company”), an experiential real estate investment trust, today reported results
for the quarter ended September 30, 2026. All per share amounts included herein
are on a per diluted common share basis unless otherwise stated.
Third Quarter 2026 Financial and Operating Highlights
• Total revenues increased 5.8% year-over-year to $1.1 billion
• Net income attributable to common stockholders decreased 55.1% year-over-year
to $342.5 million and, on a per share basis, decreased 56.4% year-over-year to
$0.31 due to the impact of the change in the CECL allowance for the quarter
ended September 30, 2026
• AFFO attributable to common stockholders increased 7.5% year-over-year to
$685.2 million and, on a per share basis, increased 4.3% year-over-year to $0.62
• Declared a quarterly cash dividend of $0.46 per share, representing a 2.2%
year-over-year increase
• Issued $1.75 billion of investment grade senior notes to refinance 2026
maturities
• Announced an agreement to enter into a new triple-net master lease with
Highfield Investment Group, in connection with Century Casinos' agreement to
sell the operations of Century Mile Racetrack and Century Downs Racetrack,
located in Alberta, Canada, to Highfield, adding to VICI's tenant roster upon
closing
• Ended the quarter with $270.3 million in cash and cash equivalents
• Raised AFFO guidance for full year 2026 to between $2,695 million and $2,705
million, or between $2.47 and $2.48 per diluted share
• Subsequent to quarter-end, our Board of Directors authorized a share
repurchase program for up to $2.0 billion in shares
CEO Comments
Edward Pitoniak, Chief Executive Officer of VICI Properties, said, “In the third
quarter of 2026, we grew our quarterly revenue by 5.8% and our AFFO per share by
4.3% year-over-year, once again demonstrating the flow-through efficiency of our
business model, and we were pleased to announce our 9th consecutive annual
dividend increase since our IPO almost nine years ago. Our commitment to
situational readiness positioned us to refinance all of our remaining 2026
maturities through a $1.75 billion investment grade notes offering in August at
an adjusted weighted average interest rate of 5.42%. In September, we announced
our agreement to enter into a new lease with Highfield Investment Group, and we
look forward to welcoming Highfield to our tenant roster upon closing, further
diversifying our tenant base and further strengthening our presence in the
dynamic region of Alberta. At VICI, we are always working to strengthen our
portfolio while keeping our balance sheet ready to grow alongside new and
existing partners. We believe that discipline will enable us to keep compounding
value for our stockholders for years to come.”
Third Quarter 2026 Financial Results
Total Revenues
Total revenues were $1.1 billion for the quarter, an increase of 5.8% compared
to $1.0 billion for the quarter ended September 30, 2025. Total revenues for the
quarter included $132.0 million of non-cash leasing and financing adjustments
and $19.0 million of other income.
Net Income Attributable to Common Stockholders
Net income attributable to common stockholders was $342.5 million for the
quarter, or $0.31 per share, compared to $762.0 million, or $0.71 per share, for
the quarter ended September 30, 2025. The year-over-year decrease in net income
was driven, on an absolute basis, by the $478.2 million aggregate change in the
CECL allowance for the quarter ended September 30, 2026 compared to the quarter
ended September 30, 2025.
Funds from Operations (“FFO”)
FFO attributable to common stockholders was $342.5 million for the quarter, or
$0.31 per share, compared to $762.0 million, or $0.71 per share, for the quarter
ended September 30, 2025. The year-over-year decrease in FFO was driven, on an
absolute basis, by the $478.2 million aggregate change in the CECL allowance for
the quarter ended September 30, 2026 compared to the quarter ended September 30,
2025.
Adjusted Funds from Operations (“AFFO”)
AFFO attributable to common stockholders was $685.2 million for the quarter, an
increase of 7.5% compared to $637.6 million for the quarter ended September 30,
2025. AFFO per share was $0.62 for the quarter, an increase of 4.3% compared to
$0.60 for the quarter ended September 30, 2025.
Third Quarter 2026 Investment and Portfolio Activity
Investment and Portfolio Activity
On September 28, 2026, VICI announced, in connection with Century Casinos,
Inc.’s (NASDAQ: CNTY) (“Century Casinos”) agreement to sell the operations of
Century Mile Racetrack and Century Downs Racetrack (together, the “Century
Canada Racinos”), located in Alberta, Canada, to a subsidiary of Highfield
Investment Group, Inc. (“Highfield”), its agreement to enter into a new separate
triple-net master lease with a subsidiary of Highfield with respect to the real
property of the Century Canada Racinos (the “Highfield Master Lease”) and to
amend the Master Lease between VICI and Century Casinos (the “Century Master
Lease”).
The Highfield Master Lease will have an initial annual base rent of C$10.7
million (approximately US$7.5 million as of the day prior to the announcement)
and, if closing occurs after January 1, 2027, such base rent shall escalate as
provided for in the Century Master Lease on such date. Upon closing, the
Highfield Master Lease will begin a new 20-year initial lease term with four
5-year tenant renewal options. The other economic terms of the Highfield Master
Lease will be substantially similar to the terms for the Century Canada Racinos
under the Century Master Lease, including escalation equal to the greater of
1.25% and the change in Canadian CPI (capped at 2.50%) and a minimum capital
expenditure requirement equal to 1.0% of annual net revenue at each property.
The Highfield Master Lease will be guaranteed by Highfield Investment Group,
Inc.
2
Upon closing, the Century Master Lease will be amended to account for Century
Casinos' divestiture of the operations of the Century Canada Racinos, which will
result in a corresponding reduction of the annual base rent under the Century
Master Lease by C$10.7 million (approximately US$7.5 million as of the day prior
to the announcement) with adjustments to reflect the escalated rent if the
transaction closing occurs after January 1, 2027. There will be no change to the
aggregate rent collected by VICI. The transaction is subject to customary
closing conditions and regulatory approvals and is expected to be completed in
the fourth quarter of 2026 or the first quarter of 2027.
Third Quarter 2026 and Subsequent Capital Markets Activity
On August 5, 2026, VICI priced the offering of $1.75 billion aggregate principal
amount of senior unsecured notes (the “August 2026 Notes”). On August 14, 2026,
VICI issued the August 2026 Notes comprised of (i) $900.0 million aggregate
principal amount of 5.400% Senior Notes due 2031, which mature on October 15,
2031, and (ii) $850.0 million aggregate principal amount of 5.750% Senior Notes
due 2036, which mature on October 15, 2036. The weighted average interest rate
for the August 2026 Notes is 5.570%, and the adjusted weighted average interest
rate, after taking into account the impact of forward-starting interest rate
swaps and treasury locks, is 5.422%. The net proceeds of the August 2026 Notes
were used to redeem the then-outstanding (i) $480.5 million aggregate principal
amount of 4.500% Exchange Notes due 2026, (ii) $1,250.0 million aggregate
principal amount of 4.250% November 2019 Notes due 2026, and (iii) $19.5 million
aggregate principal amount of 4.500% MGP OP Notes due 2026.
During the nine months ended September 30, 2026, VICI entered into a combination
of forward-starting interest rate swap agreements and treasury locks with an
aggregate notional amount of $1.1 billion. In connection with the August 2026
Notes offering, VICI settled the outstanding forward-starting interest rate
swaps and treasury locks for total proceeds of $20.0 million. Since the forward-
starting swaps and treasury locks were hedging the interest rate risk on the
anticipated issuance of the August 2026 Notes, the unrealized gain, which was
recorded in Accumulated other comprehensive income on VICI's consolidated
balance sheets, will be amortized over the term of the respective derivative
instruments as a reduction in interest expense.
Subsequent to quarter-end, on October 27, 2026, VICI’s Board of Directors
authorized a share repurchase program for up to $2.0 billion in shares of the
Company’s common stock, which will expire on September 30, 2029. Repurchases
under the share repurchase program may be made from time to time at management’s
discretion through open market purchases, privately negotiated transactions,
Rule 10b5-1 plans or other methods, in each case in accordance with applicable
securities laws. The share repurchase program does not obligate VICI to
repurchase any particular amount of common stock and may be suspended or
discontinued at any time.
The following table details the issuance of outstanding shares of common stock,
including restricted common stock:
Nine Months Ended
September 30,
Common Stock 2026 2025
Outstanding
Beginning
Balance January 1,068,811,371 1,056,366,685
1,
Issuance of
common stock in
connection 24,296,255 —
with the Golden
Entertainment
Transaction
Issuance of
common stock
upon physical 7,750,000 12,101,372
settlement of
forward sale
agreements
Issuance of
restricted and
unrestricted
common stock 225,498 340,637
under the stock
incentive
program, net of
forfeitures
Ending Balance 1,101,083,124 1,068,808,694
September 30,
3
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 Nine
Months Months
Ended Ended
Septem… Septe…
30, 30,
(In 2026 2025 2026 2025
thou…
Dete…
of
shar…
Weig…
shar…
of 1,100… 1,067,… 1,086,… 1,059…
comm…
stock
outs…
Assu…
conv…
of 65 779 78 613
rest…
stock
Assu…
sett…
of — 337 — 248
forw…
sale
agre…
Dilu…
weig…
shar…
of 1,100… 1,068,… 1,086,… 1,060…
comm…
stock
outs…
Balance Sheet and Liquidity
As of September 30, 2026, the Company had approximately $17.2 billion in total
debt and approximately $2.5 billion in liquidity, comprised of $270.3 million in
cash and cash equivalents and approximately $2.2 billion of availability under
its revolving credit facility.
The Company’s outstanding indebtedness as of September 30, 2026 was as follows:
($ in millions USD) September 30, 2026
──────────────────────────────────────────────────────────────────
Revolving Credit Facility
USD Borrowings $ —
CAD Borrowings(1) 245.9
GBP Borrowings(1) 21.9
5.750% Notes Due 2027 750.0
3.750% Notes Due 2027 750.0
4.500% Notes Due 2028 350.0
4.750% Notes Due 2028 1,250.0
4.750% Notes Due 2028 400.0
3.875% Notes Due 2029 750.0
4.625% Notes Due 2029 1,000.0
4.950% Notes Due 2030 1,000.0
4.125% Notes Due 2030 1,000.0
5.400% Notes Due 2031 900.0
5.125% Notes Due 2031 750.0
5.125% Notes Due 2032 1,500.0
5.750% Notes Due 2034 550.0
5.625% Notes Due 2035 900.0
5.750% Notes Due 2036 850.0
5.625% Notes Due 2052 750.0
6.125% Notes Due 2054 500.0
Total Unsecured Debt Outstanding $ 14,217.8
CMBS Debt Due 2032 $ 3,000.0
Total Debt Outstanding $ 17,217.8
Cash and Cash Equivalents $ 270.3
Net Debt $ 16,947.5
___________________
(1) Based on applicable exchange rates as of September 30, 2026.
4
Dividends
On September 3, 2026, the Company declared a regular quarterly cash dividend of
$0.46 per share, representing a 2.2% year-over-year increase. The Q3 2026
dividend was paid on October 8, 2026 to stockholders of record as of the close
of business on September 17, 2026 and totaled in aggregate approximately $506.3
million.
2026 Guidance
The Company is raising 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 United States (“GAAP”) financial
measure. In reliance on the exception provided by applicable rules, the Company
does not provide guidance for GAAP net income, the most comparable GAAP
financial measure, or a reconciliation of 2026 AFFO to GAAP net income because
we are unable to predict with reasonable certainty the amount of the change in
non-cash allowance for credit losses under ASU No. 2016-13 - Financial
Instruments—Credit Losses (Topic 326) (“ASC 326”) for a future period. The non-
cash change in allowance for credit losses under ASC 326 with respect to a
future period is dependent upon future events that are entirely outside of the
Company’s control and may not be reliably predicted, including its tenants’
respective financial performance, fluctuations in the trading price of their
common stock, credit ratings and outlook (each to the extent applicable), as
well as broader macroeconomic performance. Based on past results and, as
disclosed in our historical financial results, the impact of these adjustments
could be material, individually or in the aggregate, to the Company’s reported
GAAP results. For more information, see “Non-GAAP Financial Measures.”
The Company estimates AFFO for the year ending December 31, 2026 will be between
$2,695 million and $2,705 million, or between $2.47 and $2.48 per diluted common
share. Guidance does not include the impact on operating results from any
pending acquisitions without announced expected closing dates, possible future
acquisitions or dispositions, capital markets activity, or other non-recurring
transactions.
The following is a summary of the Company’s raised full-year 2026 guidance:
For the Year
Ending December Updated Guidance Prior Guidance
31, 2026: Low High Low High
──────────────────────────────────────────────────────────────────────────────
Estimated
Adjusted Funds
From Operations $2,695 $2,705 $2,675 $2,695
(AFFO)(in
millions)
Estimated
Adjusted Funds
From Operations $2.47 $2.48 $2.45 $2.47
(AFFO) per
diluted share
Estimated
Weighted Average
Share Count 1,090.2 1,090.2 1,090.3 1,090.3
for the Year(in
millions)
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.
5
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, October
29, 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/BI4ddda18555004fa48ace389ea769214e) . 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, and expectations relating
to, 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
6
confidence levels, unemployment levels, governmental action, 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 90% of our REIT taxable income in
order to qualify for taxation as a REIT and that we distribute 100% of our REIT
taxable income in order to avoid current entity-level U.S. federal income taxes;
the impact of extensive regulation from gaming and other regulatory authorities,
including developments relating to the regulation of emerging alternative
platforms; the ability of our tenants to obtain and maintain regulatory
approvals in connection with the operation of our properties, or the imposition
of conditions to such regulatory approvals; the possibility that our tenants may
choose not to renew their respective lease agreements following the initial or
subsequent terms of the leases; restrictions on our ability to sell our
properties subject to the lease agreements; our tenants and any guarantors’
historical results may not be a reliable indicator of their future results; our
substantial amount of indebtedness and ability to service, refinance (at
attractive interest rates, or at all), and otherwise fulfill our obligations
under such indebtedness; our historical financial information may not be
reliable indicators of our future results of operations, financial condition and
cash flows; the possibility that we identify significant environmental, tax,
legal or other issues, including additional costs or liabilities, that
materially and adversely impact the value of assets acquired or secured as
collateral (or other benefits we expect to receive) in any of our pending and
completed transactions; the impact of changes to tax laws and regulations,
including U.S. federal income tax laws, state tax laws or global tax laws; the
impact of changes in governmental or regulatory actions and initiatives; the
possibility of adverse tax consequences as a result of our pending and completed
transactions, including pursuant to tax protection agreements to which we are a
party; increased volatility in our stock price, including as a result of our
pending and completed transactions; our inability to maintain our qualification
for taxation as a REIT; the impact of climate change, natural disasters or other
severe weather events, war or conflict, geopolitical uncertainty, tariffs and
trade barriers, public health conditions, uncertainty or civil unrest, violence
or terrorist activities or threats on our properties, or in areas where our
properties are located, or globally, and changes in economic conditions or
heightened travel security, and any measures instituted in response to these
events; the impact of reduced travel demand or increased costs of travel
affecting visitation and operating performance at the properties operated by our
tenants, particularly in destination markets such as Las Vegas; the loss of the
services of key personnel; the inability to attract, retain and motivate
employees; the costs and liabilities
7
associated with environmental compliance; failure to establish and maintain an
effective system of integrated internal controls; the risks related to us or our
tenants not having adequate insurance to cover potential losses; the potential
impact on the amount of our cash distributions if we determine to sell or divest
any of our properties in the future or are unable to redeploy capital returned
from investments at attractive rates, or at all; our ability to continue to make
distributions to holders of our common stock or maintain anticipated levels of
distributions over time, including our reliance on distributions received from
our subsidiaries, including VICI OP, to make such distributions to our
stockholders; and competition for transaction opportunities, including from
other REITs, investment companies, private equity firms and hedge funds,
sovereign funds, lenders, gaming companies and other investors that may have
greater resources and access to capital and a lower cost of capital or different
investment parameters than us.
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
8
interest rate swap settlements, other gains (or losses), deferred income tax
provision (or benefit), 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.
9
VICI Properties Inc.
Consolidated Balance Sheets
(In thousands)
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
Assets
Real estate portfolio:
Investments in leases - $ 24,370,572 $ 23,706,563
sales-type, net
Investments in leases -
financing 19,235,774 18,697,133
receivables, net
Investments in loans and 2,984,010 2,525,457
securities, net
Real estate under 25,499 —
development
Land 148,002 148,002
Cash and cash equivalents 270,321 563,479
Short-term investments — 44,484
Other assets 1,030,126 1,039,050
Total assets $ 48,064,304 $ 46,724,168
Liabilities
Debt, net $ 16,916,934 $ 16,773,241
Accrued expenses and 178,249 238,715
deferred revenue
Dividends and distributions 511,884 486,259
payable
Other liabilities 1,017,579 1,003,366
Total liabilities 18,624,646 18,501,581
Stockholders’ equity
Common stock 11,011 10,688
Preferred stock — —
Additional paid-in capital 25,859,760 24,898,868
Accumulated other 115,455 121,031
comprehensive income
Retained earnings 3,025,489 2,767,053
Total VICI stockholders’ 29,011,715 27,797,640
equity
Non-controlling interests 427,943 424,947
Total stockholders’ equity 29,439,658 28,222,587
Total liabilities and
stockholders’ $ 48,064,304 $ 46,724,168
equity
________________________________________
Note: As of September 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 $1,282.4 million, $884.9 million, $159.0 million
and $29.7 million, respectively, and $919.2 million, $769.9 million, $56.4
million and $23.9 million, respectively.
10
VICI Properties Inc.
Consolidated Statements of Operations
(In thousands, except share and per share data)
Three Nine
Months Months
Ended Ended
Septem… Septe…
30, 30,
Reve… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Inco…
from $ 556,7… $ 531,765 $ 1,642,… $ 1,590…
sale…
leas…
Inco…
from
lease
fina… 482,6… 447,986 1,412,… 1,314…
rece…
loans
and
secu…
Other 18,969 19,547 56,783 58,596
inco…
Golf 7,124 8,190 30,069 28,987
reve…
Total 1,065… 1,007,… 3,142,… 2,993…
reve…
Expe…
Gene…
and 17,479 16,344 48,884 45,765
admi…
Depr… 876 937 2,841 2,674
Other 18,969 19,547 56,783 58,596
expe…
Golf 6,858 6,765 20,722 19,736
expe…
Chan…
in
allo… 458,0… -20,153 610,314 24,803
for
cred…
loss…
Tran…
and 194 9 2,176 7,488
acqu…
expe…
Total 502,4… 23,449 741,720 159,0…
expe…
Inte… -214,… -210,3… -634,2… -633,…
expe…
Inte… 1,564 3,881 8,285 9,871
inco…
Other
(los… -229 -82 -595 792
gains
Inco…
befo… 349,4… 777,505 1,774,… 2,211…
inco…
taxes
Prov…
for -2,579 -3,885 -6,092 -6,993
inco…
taxes
Net 346,8… 773,620 1,768,… 2,204…
inco…
Less:
Net
inco…
attr… -4,317 -11,580 -26,671 -33,5…
to
non-…
inte…
Net
inco…
attr… $ 342,5… $ 762,040 $ 1,741,… $ 2,170…
to
comm…
stoc…
Net
inco…
per
comm…
share
Basic $ 0.31 $ 0.71 $ 1.60 $ 2.05
Dilu… $ 0.31 $ 0.71 $ 1.60 $ 2.05
Weig…
aver…
numb…
of
shar…
of
comm…
stock
outs…
Basic 1,100… 1,067,… 1,086,… 1,059…
Dilu… 1,100… 1,068,… 1,086,… 1,060…
11
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 Nine
Months Months
Ended Ended
Septem… Septem…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
income
attri… $ 342,534 $ 762,040 $ 1,741,… $ 2,170,7…
to
common
stock…
Real
estate — — — —
depre…
FFO
attri…
to 342,534 762,040 1,741,… 2,170,7…
common
stock…
Non-c…
leasi…
and -131,9… -131,171 -401,1… -393,240
finan…
adjus…
Non-c…
change
in
allow… 458,030 -20,153 610,314 24,803
for
credit
losses
Non-c…
stock… 4,895 4,415 13,629 11,758
compe…
Trans…
and 194 9 2,176 7,488
acqui…
expen…
Amort…
of
debt
issua…
costs 18,070 17,395 52,759 54,909
and
origi…
issue
disco…
Capit…
inter…
on
real -283 — -339 —
estate
under
devel…
Other 743 806 2,445 2,284
depre…
Capit… -2,660 -189 -3,420 -939
expen…
Other
losses 229 82 595 -792
(gain…
Defer…
income 1,476 2,776 1,486 2,848
tax
provi…
Non-c…
adjus…
attri… -6,070 1,559 -4,212 3,884
to
non-c…
inter…
AFFO
attri…
to 685,205 637,569 2,015,… 1,883,7…
common
stock…
Inter…
expen… 195,632 189,057 573,567 568,601
net
Curre…
income 1,103 1,109 4,606 4,145
tax
expen…
Adjus…
attri…
to -2,162 -2,153 -6,415 -6,518
non-c…
inter…
Adjus…
EBITDA
attri… $ 879,778 $ 825,582 $ 2,587,… $ 2,449,9…
to
common
stock…
Net
income
per
common
share
Basic $ 0.31 $ 0.71 $ 1.60 $ 2.05
Dilut… $ 0.31 $ 0.71 $ 1.60 $ 2.05
FFO
per
common
share
Basic $ 0.31 $ 0.71 $ 1.60 $ 2.05
Dilut… $ 0.31 $ 0.71 $ 1.60 $ 2.05
AFFO
per
common
share
Basic $ 0.62 $ 0.60 $ 1.86 $ 1.78
Dilut… $ 0.62 $ 0.60 $ 1.86 $ 1.78
Weigh…
avera…
number
of
shares
of
common
stock
outst…
Basic 1,100,… 1,067,2… 1,086,… 1,059,8…
Dilut… 1,100,… 1,068,3… 1,086,… 1,060,7…
________________________
(1) Represents non-cash foreign currency remeasurement adjustment and gain on
sale of certain land parcels.
12
VICI Properties Inc.
Revenue Breakdown
(In thousands)
Three Nine
Cont… Months Months
inco… Ended Ended
from Septem… Septe…
sale… 30, 30,
leas… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Caes…
Regi…
Mast…
Lease
(exc…
Harr…
NOLA, $ 140,5… $ 137,689 $ 421,602 $ 413,0…
AC,
and
Laug…
&
Joli…
Lease
Caes…
Las
Vegas 126,4… 123,855 379,257 371,5…
Mast…
Lease
MGM
Gran… 82,210 80,598 245,555 240,7…
Bay
Lease
The
Vene…
Reso… 77,175 75,545 230,439 225,3…
Las
Vegas
Lease
PENN
Mast… 20,379 20,178 60,800 60,088
Leas…
Clai…
Nort… 13,504 — 23,978 —
Park
Lease
Cent…
Mast…
Lease
(exc… 12,677 12,321 38,031 36,963
Cent…
Cana…
Port…
Hard
Rock 12,192 11,864 36,576 35,592
Cinc…
Lease
EBCI
Sout… 8,730 8,538 25,978 25,530
Indi…
Lease
PURE
Mast… 2,867 — 3,089 —
Leas…
Inco…
from
sale… 60,062 61,177 177,363 181,8…
leas…
non-…
adju…
Inco…
from 556,7… 531,765 1,642,… 1,590…
sale…
leas…
Cont…
inco…
from
lease
fina…
rece…
MGM
Mast… 184,0… 193,671 563,488 575,9…
Lease
Harr…
NOLA,
AC, 44,603 43,683 133,809 131,0…
and
Laug…
Hard
Rock 23,877 23,409 71,631 70,227
Mira…
Lease
Gold…
Ente… 21,750 — 36,250 —
Mast…
Lease
JACK
Ente… 18,490 18,039 55,320 54,028
Mast…
Lease
CNE
Gold 10,824 10,612 32,190 31,559
Stri…
Lease
Lucky
Stri… 8,300 8,098 24,900 24,294
Mast…
Lease
Foun…
Mast… 6,354 6,184 19,062 18,552
Lease
Chel…
Piers 6,075 6,000 18,225 18,000
Lease
PURE
Mast… 4,073 4,047 12,317 11,946
Lease
Cent…
Cana… 3,217 3,197 9,751 9,447
Port…
Inco…
from
lease
fina… 71,902 70,070 223,846 211,5…
rece…
non-…
adju…
Inco…
from
lease 403,5… 387,010 1,200,… 1,156…
fina…
rece…
Cont…
inte…
inco…
Seni…
secu… 3,900 2,398 8,836 7,218
notes
Seni…
secu… 27,558 22,907 76,575 59,211
loans
Mezz…
loans
& 47,866 35,887 127,368 92,251
pref…
equi…
Inco…
from
loans -186 -216 -578 -512
non-…
adju…
Inco…
from
loans 79,138 60,976 212,201 158,1…
and
secu…
Inco…
from
lease
fina… 482,6… 447,986 1,412,… 1,314…
rece…
loans
and
secu…
Other 18,969 19,547 56,783 58,596
inco…
Golf 7,124 8,190 30,069 28,987
reve…
Total $ 1,065… $ 1,007,… $ 3,142,… $ 2,993…
reve…
____________________
(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.
13
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
Press Release Category: Financial Results
14