Company Overview and Reporting Details
VICI Properties Inc. (NYSE: VICI), an experiential real estate investment trust specializing in gaming, hospitality, and entertainment destinations, reported its financial results for the fourth quarter and full year ended December 31, 2025. The company continues to focus on long-term strategic partnerships, disciplined capital allocation, and consistent dividend growth. Unless otherwise noted, all per-share figures are presented on a diluted share basis.
The 2025 results reflect steady revenue growth, strong adjusted funds from operations (AFFO) expansion, and continued portfolio optimization through acquisitions, lease restructurings, and new tenant relationships. Despite certain accounting impacts related to CECL (Current Expected Credit Loss) allowances, VICI delivered resilient operating performance throughout the year.
Fourth Quarter 2025 Financial Performance
During the fourth quarter of 2025, VICI generated total revenues of $1.0 billion, representing a 3.8% increase compared to the same quarter in 2024. This growth was driven primarily by contractual rent escalations, new investments, and incremental contributions from previously completed transactions.
Net income attributable to common stockholders for the quarter totaled $604.8 million, reflecting a 1.6% year-over-year decrease. On a per share basis, net income declined 2.8% to $0.57. The decrease was largely attributable to the impact of changes in the CECL allowance during the quarter, which affected reported earnings but did not materially impact underlying cash flow performance.
Adjusted Funds From Operations (AFFO), a key performance metric for REITs that reflects recurring cash-generating capacity, increased 6.8% year-over-year to $642.5 million. On a per share basis, AFFO rose 5.6% to $0.60, demonstrating continued operational strength and disciplined cost management. Weighted average shares outstanding increased 1.2% compared to the prior-year quarter, reflecting modest capital market activity.
Liquidity and Capital Position
VICI ended the year with a strong liquidity profile. As of December 31, 2025, the company held $563.5 million in cash and cash equivalents, along with $44.5 million in short-term investments. In addition, the company had approximately $243.3 million of estimated available forward sale equity proceeds, providing further financial flexibility.
This liquidity position supports VICI’s acquisition pipeline, development partnerships, and capital commitments, while maintaining balance sheet strength. The company continues to prioritize investment-grade credit metrics and long-term capital efficiency.
Strategic Acquisitions and Lease Transactions in Q4
During the fourth quarter, VICI announced an agreement to acquire 100% of the land, real property, and improvements of seven casino properties located in Nevada from Golden Entertainment for $1.16 billion. This transaction expands the company’s footprint in a key gaming market and adds a respected operator to its tenant roster.
In addition, VICI announced an agreement to enter into a lease with an affiliate of funds managed by Clairvest in connection with the pending sale of operations at MGM Northfield Park in Northfield, Ohio. This transaction marks the addition of a new tenant relationship and reflects VICI’s continued diversification of its tenant base.
The company also streamlined its lease structure with PENN Entertainment by combining the Greektown Lease and the Margaritaville Lease into a single master lease. Importantly, this restructuring did not alter the aggregate rent collected by VICI, but it simplified the contractual framework and strengthened portfolio efficiency.
Full Year 2025 Financial Performance
For the full year 2025, VICI reported total revenues of $4.0 billion, representing a 4.1% increase compared to 2024. Revenue growth was driven by new investments, contractual escalators, and consistent rent collection across the portfolio.
Net income attributable to common stockholders increased 3.6% year-over-year to $2.8 billion. On a per share basis, net income rose 2.1% to $2.61. While earnings growth was partially offset by CECL allowance adjustments for the year ended December 31, 2025, underlying operating performance remained solid.
AFFO attributable to common stockholders increased 6.6% year-over-year to $2.5 billion. On a per share basis, AFFO grew 5.1% to $2.38, underscoring VICI’s ability to deliver consistent cash flow growth even amid evolving macroeconomic conditions.
Capital Deployment and Investment Activity
Throughout 2025, VICI demonstrated active capital deployment. The company announced approximately $2.1 billion in capital commitments at a weighted average initial yield of 8.9%. Notably, capital was deployed in every month of the year, reflecting management’s disciplined yet opportunistic investment approach.
These commitments included development partnerships, sale-leaseback transactions, and structured financing arrangements with leading gaming and experiential operators. The focus remains on long-duration assets with strong underlying real estate value and high-quality counterparties.
Dividend Growth and Shareholder Returns
In the third quarter of 2025, VICI increased its annualized cash dividend by 4.0%. This marked the company’s eighth consecutive annual dividend increase since its initial public offering in 2018. The consistent dividend growth highlights VICI’s stable cash flow generation and commitment to delivering long-term value to shareholders.
Dividend sustainability is supported by growing AFFO, contractual rent escalators, and a diversified tenant base operating under long-term triple-net lease structures.
CEO Commentary on Strategic Partnerships
Edward Pitoniak, Chief Executive Officer of VICI Properties, emphasized the company’s focus on strategic partnerships as a core growth driver. He noted that 2025 was marked by several transformative relationships that position the company for sustained long-term expansion.
In February 2025, VICI established a long-term strategic relationship with Cain and Eldridge Industries through a $450.0 million investment in the One Beverly Hills development project. This partnership expanded VICI’s exposure to high-profile experiential real estate assets beyond traditional gaming properties.
In May, the company initiated its first partnership with Red Rock Resorts, providing $510.0 million in delayed draw term loans to support the development of North Fork Mono Casino & Resort in Madera, California. This transaction further diversified VICI’s operator relationships and geographic exposure.
In October, VICI welcomed Clairvest as its future 14th tenant following the announcement of Clairvest’s pending acquisition of operations at MGM Northfield Park. This addition strengthens VICI’s tenant base with a new institutional partner.
In November, the company announced a $1.16 billion sale-leaseback transaction involving seven casino properties in Nevada with Golden Entertainment and Blake Sartini. Upon closing, this transaction is expected to add VICI’s 15th tenant, further broadening its operator roster.
According to Pitoniak, each of these partnerships — including Cain and Eldridge, Red Rock Resorts, Clairvest, and Golden — represents a meaningful addition to VICI’s network of relationships. He reiterated that the company’s long-term success has been built on cultivating strategic partnerships, and the transactions completed in 2025 reflect that enduring strategic philosophy.
Outlook and Strategic Positioning
VICI Properties enters 2026 with a strengthened portfolio, expanded tenant base, strong liquidity, and a robust pipeline of capital commitments. The company’s diversified experiential real estate platform, disciplined underwriting standards, and consistent dividend growth strategy position it well for continued expansion.
With a focus on long-term triple-net leases, high-quality operators, and attractive risk-adjusted returns, VICI continues to execute on its strategy of generating stable, growing cash flows while maintaining financial flexibility and balance sheet strength.
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