VICI
VICI Properties Inc.28.31
-0.29-1.01%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Caesars talks, sports pipeline surface
Q&A shed light on ongoing Caesars master lease talks, positioned as portfolio diversification to cut exposure further from high 30s percent of rent roll, with no timeline but win-win intent. Management downplayed a de minimis golf development loan nonaccrual, confirming no 2026 guidance impact since no income baked in. Pipeline color emerged on sports infrastructure—50-70 universities approached for nine-figure needs—and live entertainment venues with 25-50 year horizons matching casinos. Penn leases simplified by axing percentage rent volatility for cleaner escalators, no current rent hit. Sports pursuits accelerate. Investors watch Caesars progress, sports deals.
Key Stats
Market Cap
30.26BP/E (TTM)
10.76Basic EPS (TTM)
2.63Dividend Yield
0.06%Recent Filings
8-K
Q3 AFFO beats, dividend rises
VICI Properties posted Q3 revenues up 4.4% to $1.0B and AFFO up 7.4% to $637.6M ($0.60/share), driving its 8th straight dividend hike to $0.45/share. Updated 2025 AFFO guide narrows to $2.51B-$2.52B ($2.36-$2.37/share). Post-quarter, agreed to new 25-year Clairvest lease at $53M initial rent for MGM Northfield Park, adding a 14th tenant while pending regulatory nods.
10-Q
Q3 FY2025 results
VICI Properties posted solid Q3 results with total revenues up 4.4% y/y to $1,007.5M, fueled by stronger lease income and loan interest; diluted EPS held steady at $0.71, matching last year amid stable shares. Contractual leasing revenue climbed 2.9% y/y to $787.5M on escalators and Venetian capital investments, while loans drove gains but credit allowance swung favorably by $20.2M. Operating cash flow hit $1.8B YTD (derived), topping last year, with $508M cash bolstering $2.4B revolver capacity. Debt stayed flat at $16.8B net; refinancings extended maturities. Tenant concentration weighs heavy.
8-K
VICI lifts Q2 AFFO, guidance
VICI Properties posted Q2 revenues up 4.6% to $1.0B and AFFO up 6.4% to $630.2M, fueled by rent escalations. Key moves: $510M term loan commitment for North Fork Mono Casino with Red Rock affiliates and $150M boost to One Beverly Hills mezzanine loan, now $450M total. Raised 2025 AFFO guidance to $2.50B-$2.52B. Debt refinanced smoothly.
10-Q
Q2 FY2025 results
VICI Properties posted solid Q2 revenue of $1,001.3M, up 4.6% y/y from $957.0M (derived), fueled by escalators on Caesars leases and Venetian capital investments, while income from loans and securities climbed 64.2% y/y to $440.3M on $960M fresh commitments like One Beverly Hills mezzanine and North Fork casino loans. A $142M CECL allowance reversal—thanks to tenant equity gains and brighter macro forecasts—lifted net income to $878.4M, or $0.82 diluted EPS, matching shares outstanding. Operating cash flow hit $1.23B YTD, topping last year's $1.16B, yet cash dipped to $233M amid investments; debt stayed steady at $16.9B net with $2.2B revolver room. New $2.5B facility to 2029 adds flexibility. Tenant concentration lingers.
10-Q
Q1 FY2025 results
VICI Properties posted total revenues of $984.2M for Q1 ended March 31, 2025, up 3.4% y/y from $951.5M, with lease income climbing 2.1% y/y to $912.5M on escalators and Venetian capital funding bumps, while loan income jumped 50% y/y to $42.5M after $385M fundings including a $300M One Beverly Hills mezzanine. Net income fell 9.2% y/y to $552.3M ($0.51 diluted EPS, down 10.5% y/y) as CECL allowance swelled $80M y/y to $187M from tenant equity dips and macro shifts. Operating cash flow hit $591.9M, up 8.8% y/y; FCF not disclosed in the 10-Q. Cash sits at $334M with $2.3B revolver room and $17B debt (4.4% rate); refinanced 2025 maturities post-quarter. Tenant concentration risks loom large.
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