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Jun 30, 2025
VICI Properties Q2 2025 Earnings Report
VICI Properties reported strong Q2 2025 results with revenue and net income increasing year-over-year.
Key Takeaways
VICI Properties delivered solid Q2 2025 performance, driven by increases in leasing income and strategic investment expansions. Net income rose due to favorable credit loss adjustments.
Total revenue reached $1 billion, up from $957 million in Q2 2024.
Net income grew to $865.1 million, a 16.7% increase from the prior year.
Adjusted FFO per share rose to $0.60, reflecting efficient rent escalations.
VICI committed an additional $150 million to the One Beverly Hills project.
Revenue by Segment
Forward Guidance
VICI raised its full-year 2025 AFFO guidance, reflecting confidence in growth and performance.
Positive Outlook
- AFFO guidance increased to $2.5–2.52 billion for 2025
- Per-share AFFO guidance raised to $2.35–$2.37
- Strong investment pipeline with new commitments
- Ongoing rent escalations contribute to stable cash flow
- Enhanced liquidity with over $3 billion in resources
Challenges Ahead
- Guidance excludes potential future acquisitions or capital activities
- Exposure to tenant financial performance and credit health
- Macroeconomic conditions could impact leasing income
- Uncertainty from non-cash CECL allowance changes
- Interest rate environment remains a headwind for refinancing
Historical Earnings Impact
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Avg. Return Before/After Earnings
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