VICI Properties Earnings Call Transcripts
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, including the addition of Clairvest as a tenant. Updated 2025 guidance projects 4.6% AFFO per share growth, with Las Vegas and experiential assets remaining key focus areas.
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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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Raised 2025 AFFO guidance following strong Q1 results, with AFFO per share up 4.3% year-over-year. Closed a $510 million loan with Red Rock Resorts for a tribal casino, strengthened liquidity, and maintained a focus on dividend growth and risk management.
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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Q3 2024 saw $230M in capital deployment, 4.9% AFFO per share growth, and strong liquidity. Las Vegas and regional assets drive growth, while disciplined underwriting and capital allocation support resilience 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.