Inferra AIResearch Tools

Inferra AI / Company / VICI

Vici Properties

VICI · Real Estate

Last earnings Oct 28, 2026

Key results

Total revenuequarter

4.4%

Total revenues increased 4.4% year-over-year to $1.0 billion Net income attributable to common stockholders increased 4.0% year-over-year to $762.0 million and, on a per share basis, increased 2.0% year-over-year to $0.71

SEC original ↗Vici Properties — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Net incomequarter

4.0%

Total revenues increased 4.4% year-over-year to $1.0 billion Net income attributable to common stockholders increased 4.0% year-over-year to $762.0 million and, on a per share basis, increased 2.0% year-over-year to $0.71

SEC original ↗Vici Properties — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Third Quarter 2025 Financial Results Total Revenues Total revenues were $1.0 billion for the quarter, an increase of 4.4% compared to $964.7 million for the quarter ended September 30, 2024.

SEC original ↗Vici Properties — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Total revenues for the quarter included $131.2 million of non-cash leasing and financing adjustments and $19.5 million of other income.

SEC original ↗Vici Properties — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Common Stockholders net incomequarter

$762.0 million

Net Income Attributable to Common Stockholders Net income attributable to common stockholders was $762.0 million for the quarter, or $0.71 per share, compared to $732.9 million, or $0.70 per share, for the quarter ended September 30, 2024.

SEC original ↗Vici Properties — Earnings release (8-K exhibit)EX-99Oct 30, 2025

The year-over-year increase in net income was partially offset by the $11.5 million aggregate change in the CECL allowance from the quarter ended September 30, 2024 to the quarter ended September 30, 2025.

SEC original ↗Vici Properties — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Revenuequarter

2%

28, 2026 Lease Year 6 Annual Escalator 2% in years 2-10 >2% / change in CPI thereafter (capped at 3%) >2% / change in CPI >2% / change in CPI(4) 2% in years 2-15 >2% / change in CPI thereafter (capped at 3%) Coverage Floor None None None None Rent Adjustment None Year 11 & 16: 80% Base / 20% Variable Year 11 & 16: 80% Base / 20% Variable None Variable Rent Adjustment Mechanic None 4% of revenue increase/decrease Year 11: Avg.

SEC original ↗Vici Properties — Presentation / slide deck (8-K exhibit)EX-99Oct 30, 2025

MGM Resorts International Capex Minimum of 1% of net revenues Minimum of 1% of net revenue annually, with rolling three-year minimum (allocated among Caesars Palace and regional properties) Minimum of 1% of net revenue annually (Caesars Palace and Harrah s Las Vegas), with rolling three-year minimum (allocated among Caesars Palace and regional properties) Minimum of 3.5% of net revenues based on 5-year rolling test (subject to minimum 2.5% for each property); 1.5% monthly reserves SUMMARY OF CURRENT LEASE TERMS (1) Additional information on Clairvest s pending acquisition of the operations of MGM Northfield Park and entry into a triple-net lease with VICI can be found on page 23.

SEC original ↗Vici Properties — Presentation / slide deck (8-K exhibit)EX-99Oct 30, 2025

Capex Minimum of 1.5% of net revenues annually (exclusive of gaming equipment) on a rolling three-year basis until December 31, 2029, and a minimum of 2% thereafter Minimum of 1% of net revenues Minimum of 1% of net revenues beginning January 1, 2025, based on a rolling three-year basis Minimum of 1% of net revenues on a rolling three-year basis for each individual facility; 1% of net revenues per fiscal year for the facilities collectively (1) Annual cash rent includes the impact of incremental rent resulting from the capital investment at The Venetian Resort Las Vegas (the Incremental Venetian Rent ) that VICI announced on May 1, 2024.

SEC original ↗Vici Properties — Presentation / slide deck (8-K exhibit)EX-99Oct 30, 2025

AI analysis

Q3 2025 · reported Oct 30, 2025

Based on: Earnings release + Q3 2025 deck + parent 8-K + 10-Q — transcript not held

Common Stockholders net income · Q3 2025
$762.0M
EX-99 · Oct 30, 2025

Headline figures

MetricQ3 2025Prior qtrYear ago
Total revenue4.4%——
Net income4.0%——
Common Stockholders net income$762.0 million——
Revenue2%——

EX-99 · Oct 30, 2025

Guidance · company-stated

Direction: Raised

Company outlook — Raised

“ANNOUNCES THIRD QUARTER 2025 RESULTS - Announced 14th Tenant - - Updates Guidance for Full Year 2025 - - Announced 8th Consecutive Annual Dividend Increase - NEW YORK, NY October 30, 2025 VICI Properties Inc.”

Classified from the release's primary full-year outlook statement.

Next earningsNo verified date on fileNo date is estimated or imported

Capital allocation

Dividend$0.45

ANNOUNCES THIRD QUARTER 2025 RESULTS - Announced 14th Tenant - - Updates Guidance for Full Year 2025 - - Announced 8th Consecutive Annual Dividend Increase - NEW YORK, NY October 30, 2025 VICI Properties Inc.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

ANNOUNCES THIRD QUARTER 2025 RESULTS - Announced 14th Tenant - - Updates Guidance for Full Year 2025 - - Announced 8th Consecutive Annual Dividend Increase - NEW YORK, NY October 30, 2025 VICI Properties Inc

Based on: Earnings release + Q3 2025 deck + parent 8-K + 10-Q — transcript not held

Guidance & outlook

Direction: Raised

Company outlook — Raised (“Increase”)
“ANNOUNCES THIRD QUARTER 2025 RESULTS - Announced 14th Tenant - - Updates Guidance for Full Year 2025 - - Announced 8th Consecutive Annual Dividend Increase - NEW YORK, NY October 30, 2025 VICI Properties Inc.”

Classified from the release's primary full-year outlook statement.

Capital allocation

ANNOUNCES THIRD QUARTER 2025 RESULTS - Announced 14th Tenant - - Updates Guidance for Full Year 2025 - - Announced 8th Consecutive Annual Dividend Increase - NEW YORK, NY October 30, 2025 VICI Properties Inc.

SEC original ↗Vici Properties — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Upon closing, the Northfield Park Lease will begin a new 25-year lease term with three 10-year tenant renewal options, with other economic terms substantially similar to the MGM Master Lease, including escalation of 2.0% per annum (with escalation equal to the greater of 2.0% and the change in CPI (capped at 3.0%) beginning at the same time as the MGM Master Lease in 2032) and a minimum capital expenditure requirement equal to 1.0% of annual net revenue.

SEC original ↗Vici Properties — Earnings release (8-K exhibit)EX-99Oct 30, 2025

On July 2, 2025, the Company repaid $175.0 million of the outstanding USD balance on its revolving credit facility.

SEC original ↗Vici Properties — Earnings release (8-K exhibit)EX-99Oct 30, 2025

The Company's revolving credit facility includes the option to (i) increase the revolving loan commitments by up to $1.0 billion, and (ii) add one or more tranches of term loans of up to $2.0 billion in the aggregate, in each case, to the extent that any one or more lenders (from the syndicate or otherwise) agree to provide such additional credit extensions.

SEC original ↗Vici Properties — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Dividends On September 4, 2025, the Company declared a regular quarterly cash dividend of $0.45 per share, representing a 4.0% increase from the prior dividend amount.

SEC original ↗Vici Properties — Earnings release (8-K exhibit)EX-99Oct 30, 2025

The Q3 2025 dividend was paid on October 9, 2025 to stockholders of record as of the close of business on September 18, 2025 and totaled in aggregate approximately $481.0 million.

SEC original ↗Vici Properties — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Strategy & priorities

In the last twelve months, we have grown our aggregate AFFO by 7.4% while only growing our share count by 2.1%, highlighting the efficiency of our business model and the merit of our disciplined capital allocation strategy.

SEC original ↗Vici Properties — Earnings release (8-K exhibit)EX-99Oct 30, 2025

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.

SEC original ↗Vici Properties — Earnings release (8-K exhibit)EX-99Oct 30, 2025

This documentation includes the identification of the hedging instruments and the hedged items, our risk management objectives, strategy for undertaking the hedge transaction, and our evaluation of the effectiveness of the hedged transaction.

SEC original ↗Vici Properties — 10-Q Quarterly report10-QOct 28, 2026

Risks & headwinds

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.

SEC original ↗Vici Properties — Earnings release (8-K exhibit)EX-99Oct 30, 2025

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.

SEC original ↗Vici Properties — Earnings release (8-K exhibit)EX-99Oct 30, 2025

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.

SEC original ↗Vici Properties — Presentation / slide deck (8-K exhibit)EX-99Oct 30, 2025

The industry in which the Company operates is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the "Risk Factors" section of the Company's public filings with the SEC.

SEC original ↗Vici Properties — Presentation / slide deck (8-K exhibit)EX-99Oct 30, 2025

Legal Proceedings 63 Item 1A.

SEC original ↗Vici Properties — 10-Q Quarterly report10-QOct 28, 2026

Documents

Earnings deck slides

0 decks with slide view

Vici Properties — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Vici Properties — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Vici Properties — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Vici Properties — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Vici Properties — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Vici Properties — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Vici Properties — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Vici Properties — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Vici Properties — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Vici Properties — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Vici Properties — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Vici Properties — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Vici Properties — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Vici Properties — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

KE Holdings (BEKE) Real EstateInvitation Homes (INVH) Real EstateEquinix (EQIX) Real EstateAlexandria Real Estate Equities (ARE) Real EstateIron Mountain (IRM) Real EstateMid-America Apartment Communities (MAA) Real EstateVivmark Residential (VMRK) Real EstateWelltower (WELL) Real Estate

Filings

65 documents

Earnings releases

29 documents

Presentations

14 documents

Transcripts

0 documents

No transcripts for Vici Properties are held in this edition of the library.

Mentioned by

1 company

Other tracked companies whose held documents mention Vici Properties by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.