VICI Properties Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw over $1.2B in new capital commitments, AFFO per share up 4.5% year-over-year, and raised 2026 AFFO guidance. Strategic investments and diversification continued, with strong liquidity and a focus on experiential real estate trends.
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The meeting covered board elections, auditor ratification, and executive compensation approval. All proposals passed, with directors re-elected, Deloitte confirmed as auditor, and compensation approved. Stockholder questions on auditor selection were addressed.
Fiscal Year 2025
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AFFO grew 6.6% year-over-year to $2.5B in 2025, with strong per-share growth and a robust pipeline of $2.1B in new capital commitments. 2026 AFFO guidance is $2.59B–$2.625B, with continued focus on portfolio diversification, disciplined capital allocation, and new experiential investments.
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AFFO per share rose 5.3% year-over-year in Q3 2025, driven by disciplined capital allocation and portfolio growth. Updated 2025 guidance implies 4.6% AFFO per share growth, with strong performance in Las Vegas and ongoing diversification through new tenants and experiential investments.
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AFFO per share rose 4.9% year-over-year to $0.60, with 2025 guidance raised to $2.35–$2.37 per share, reflecting 4.4% growth. Strategic investments and disciplined capital allocation support strong margins and liquidity, while Las Vegas and regional markets remain resilient.
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Dividend growth and total return remain central, with Q1 AFFO per share up 4.3% year-over-year and 2025 guidance raised. Liquidity is strong, all 2025 maturities addressed, and new growth includes a $510M loan for a tribal casino with Red Rock Resorts.
Fiscal Year 2024
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AFFO per share grew 5.1% year-over-year in 2024, with strong margins and robust liquidity. New partnerships and operator reinvestment signal continued growth, while 2025 guidance projects 3.3% AFFO per share growth.
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AFFO per share rose 4.9% year-over-year to $0.57, with $230 million deployed in Q3 and strong liquidity of $2.9 billion. Las Vegas assets remain robust, while regional and experiential segments are managed with disciplined underwriting amid market volatility.
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Q2 2024 saw $950M in new experiential investments and a raised AFFO guidance, with strong Las Vegas performance and a disciplined capital allocation strategy. AFFO per share grew 5.9% year-over-year, and liquidity remains robust at $3.2B.