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Sep 30, 2025
VICI Properties Q3 2025 Earnings Report
VICI Properties reported steady growth with higher AFFO and its 8th consecutive annual dividend increase.
Key Takeaways
VICI Properties delivered solid Q3 results with revenue and AFFO growth, maintained strong liquidity, and continued expanding its portfolio with the addition of a new tenant.
Total revenue rose 4.4% YoY to $1.007 billion.
Net income increased to $762 million.
AFFO per share grew 5.3% YoY to $0.60.
Announced 8th consecutive annual dividend increase to $0.45 per share.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
VICI expects full-year 2025 AFFO between $2.51B and $2.52B or $2.36–$2.37 per share, reflecting continued growth and tenant diversification.
Positive Outlook
- AFFO guidance raised to $2.51–$2.52B.
- AFFO per share expected between $2.36 and $2.37.
- Strong liquidity of $3.1B including $2.4B revolving facility availability.
- Clairvest added as new tenant post-quarter.
- Dividend growth backed by strong AFFO expansion.
Challenges Ahead
- AFFO guidance does not include future M&A impacts.
- Exposure to tenant-specific financial performance risks.
- Changes in CECL accounting can materially impact net income.
- High leverage with over $17B in total debt.
- Potential macroeconomic volatility may affect tenant health.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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