VICI

NEW YORK, September 03, 2026--(BUSINESS WIRE)--VICI Properties Inc. (NYSE: VICI) ("VICI Properties") announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.46 per share of common stock for the period from July 1, 2026 to September 30, 2026, representing an annualized amount of $1.84 per share and a 2.2% increase from the current dividend rate. The dividend will be payable on October 8, 2026 to stockholders of record as of the close of business on September 17, 2026. About VICI Properties VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 103 experiential assets across a geographically diverse portfolio consisting of 63 gaming properties and 40 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features approximately 66,000 hotel rooms and over 700 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading developers and operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Club Med, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words "assumes," "believes," "estimates," "expects," "guidance," "intends," "plans," "projects," "will," and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond VICI’s control and could materially affect actual results, performance, or achievements. Important risk factors that may affect VICI’s business, results of operations and financial position are detailed from time to time in VICI’s filings with the Securities and Exchange Commission. VICI does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law. Press Release Category: Dividends View source version on businesswire.com: https://www.businesswire.com/news/home/20260903376876/en/ Contacts Investor Contacts:[email protected] (646) 949-4631 Or David KieskeEVP, Chief Financial [email protected] Moira McCloskeySVP, Capital [email protected] LinkedIn:www.linkedin.com/company/vici-properties-inc

It has been about a month since the last earnings report for VICI Properties Inc. (VICI). Shares have lost about 2.1% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is VICI Properties due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers. VICI Properties reported second-quarter 2026 AFFO per share of 62 cents, in line with the Zacks Consensus Estimate. The figure increased 4.6% year over year. Total revenues rose 5.7% to $1.06 billion and surpassed the consensus mark of $1.04 billion by 1.57%. The top line benefited from sales-type leases and lease financing receivables, loans and securities. Income from sales-type leases increased 3.6% year over year to $549.2 million. Growth reflected contributions from the new Northfield Park lease and contractual rent escalations across the company’s portfolio. Income from lease financing receivables, loans and securities rose 8.7% year over year to $478.4 million. Within this category, income from loans and securities surged 30.9% to $71.6 million, aided by higher returns from senior secured loans, mezzanine loans and preferred equity investments. VICI Properties acquired the Carambola Beach Resort in St. Croix for $20.3 million and leased it to Club Med under a triple-net lease. The company also committed to providing about $55.2 million for redevelopment through a build-to-suit structure. The resort is expected to reopen in the fourth quarter of 2027. The company also completed the acquisition of two gaming assets and two hotel assets in Alberta, Canada, for C$200.6 million. The properties were added to the PURE Master Lease, increasing annual rent by C$16.1 million. The lease was extended, leaving 25 years in its initial term. VICI Properties ended the second-quarter with $288.1 million in cash and cash equivalents. Total liquidity was approximately $2.5 billion, including about $2.2 billion available under its revolving credit facility. Total debt stood at roughly $17.2 billion, while the last-quarter annualized net leverage ratio was 4.9 times. The company maintained investment-grade credit ratings with stable outlooks from Moody’s, S&P and Fitch. Management now expects full-year 2026 AFFO between $2.675-$2.695 billion compared with the previous range of $2.665-$2.695 billion. The updated range raises the lower end while retaining the upper end. AFFO per share is projected between $2.45 and $2.47, up from the prior lower-end estimate of $2.44. In the past month, investors have witnessed a upward trend in estimates revision. At this time, VICI Properties has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. Charting a somewhat similar path, the stock has a grade of C on the value side, putting it in the middle 20% for value investors. Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, VICI Properties has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report VICI Properties Inc. (VICI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Thursday, July 30, 2026 at 10:00 a.m. ET General Counsel - Samantha Gallagher Chief Executive Officer - Edward Pitoniak President and Chief Operating Officer - John Payne Chief Financial Officer - David Kieske Chief Accounting Officer - Jeremy Waxman Managing Director of Business Development and VICI Experiential Credit Solutions - Gabe Wasserman Senior Vice President of Capital Markets - Moira McCloskey Operator: Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VICI Properties Second Quarter 2026 Earnings Conference Call. At this time, all participants are in listen-only mode. Please note that this conference is being recorded today, July 30, 2026. I will now turn the call over to Samantha Gallagher, General Counsel with VICI Properties. Samantha Gallagher: Thank you, operator, and good morning. Everyone should have access to the company’s second quarter 2026 earnings release and supplemental information. The release and supplemental information can be found in the Investors section of the VICI Properties website at [www.viciproperties.com](http://www.viciproperties.com). Some of our comments today will be forward-looking statements within the meaning of the federal securities laws. Forward-looking statements, which are usually identified by the use of words such as will, believe, expect, should, guidance, intend, outlook, projects, or other similar phrases, are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Therefore, you should exercise caution in interpreting and relying on them. I refer you to the company’s SEC filings for a more detailed discussion of the risks that could impact future operating results and financial condition. During the call, we will discuss certain non-GAAP measures, which we believe can be useful in evaluating the company’s operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available on our website, in our second quarter 2026 earnings release, in our supplemental information, and in our filings with the SEC. For additional information with respect to non-GAAP measures and certain tenants and/or counterparties discussed on this call, please refer to the respective companies’ public filings with the SEC. Hosting the call today are Edward Pitoniak, Chief Executive Officer; John Payne, President and Chief Operating Officer; David Kieske, Chief Financial Officer; Jeremy Waxman, Chief Accounting Officer; Gabe Wasserman, Managing Director of Business Development and VICI Experiential Credit Solutions; and Moira McCloskey, Senior Vice President of Capital Markets. Edward and the team will provide some opening remarks, and then we will open the call to questions. With that, I will turn the call over to Edward. Edward Pitoniak: Thank you, Samantha, and good morning, everyone. And for the analysts on the call, we are especially grateful for your presence today because we know that yesterday after market, you dealt with an absolute flood of earnings releases in your coverage areas. So, again, thank you. In the next few minutes, you will hear from John Payne on our growth outlook and activities and from David Kieske on our financial results, liquidity, and updated 2026 earnings guidance. To start, I would like to spend a moment or two talking about how we think about, talk about, and manage the growth of our business. You have heard us say before, frequently, we grow our business by growing our relationships, by growing new relationships and growing the scale of existing relationships. Today, I would like to take you deeper inside our approach to relationship building, and to do that, I will tell you the story of our new relationship with Club Med, which we announced back in June with the news of our investment in St. Croix, where we have acquired the Carambola Beach Resort. We first began getting to know Club Med in 2025, and it is important to understand how we came to be connected with Club Med. The connection was not direct. In this case, it was not about calling up their global headquarters in Paris nor their North America and Caribbean headquarters in Miami. Though believe me, we do regularly make cold calls on experiential operators. We did not receive a flyer saying there was a Club Med property or a Club Med opportunity for sale. We did not get connected through bankers or brokers. We connected with Club Med through a company that will remain nameless. This is a leisure and hospitality company we have been courting for partnerships since just about the birth of VICI. To date, we have not been able to find the right opportunity with them, though, to be sure, we will not stop trying. We have always worked hard to make our conversations with this unnamed company meaningful and collegial and frequent. In 2025, Club Med asked this unnamed company who they, Club Med, might partner with for financing of the St. Croix opportunity they were pursuing. The unnamed company said to Club Med, “We should connect you with our friends at VICI.” And thus, in 2025, Club Med connected with John Payne and Aaron Furey to get a conversation started. When we commence a conversation with a potential new partner, we are not in sales mode. We are in learning mode. With Club Med, John, Aaron, Matt Perkins, and other members of the VICI team set about seeking to understand Club Med’s needs—financial, strategic, and cultural needs—not only in St. Croix, but into the future that Club Med envisions for itself. This is an approach that takes time, but we believe in this approach that leads to the strongest foundations upon which to grow together. And in this case, St. Croix became the foundation upon which we are building our relationship. When we first announced our new partnership with Club Med and our acquisition of the St. Croix property, the reaction from some was, sort of, a small deal. I will offer a couple of quick thoughts on that take. First of all, the total projected investment of $75 million into one property is pretty meaningful by net lease standards, given that the typical net lease property tends to cost low-single-digit millions. Secondly, and to reemphasize the point, when we make a first investment with a new partner, we are highly focused on the foundation we are building for potential future investment. Two weeks ago, a number of us on the VICI team experienced this strong foundation when we joined our Club Med partners on the North Shore of St. Croix for what Club Med calls its first-stone ceremony. This ceremony celebrated the ecosystem of relationships that Club Med builds before it creates, and in order to create, great experiential resorts. The Club Med team of Global CEO Stéphane Maquaire, North America and Caribbean President and CEO Carolyne Doyon, and North America and Caribbean Senior Vice President of Development Eileen Kett brought together the St. Croix governmental, tourism, and development officials who have been and will continue to be instrumental in supporting the resort redevelopment, both strategically and financially, as well as the contractors who, over the next 18 months or so—excuse me—will restore this resort to the glory originally envisioned by Laurance Rockefeller while making it a distinctly Club Med experience. What I witnessed on St. Croix made me proud of the new partnership we have created with Club Med and excited for what, together, we will contribute to St. Croix’s competitiveness as an experiential destination. What was also clear to me that day in St. Croix is the energy, creativity, and passion that Club Med brings to its growth activities. And with Club Med having a stated goal of growing its portfolio of destinations from 60 to 100 over the next few years, I am hopeful and excited that VICI will find ways to be supportive of and participative in that growth. If we do, it is because we will continue to grow our relationship with Club Med, with that growth relying on our working every day to understand and better serve their needs, which is what we strive to do with every one of our growth partners. And with that, I will turn the call over to John. John Payne: Thanks, Edward. Good morning to everyone. You just heard Edward tell the story of how our Club Med relationship came to be, and I will simply add two things. First, for our business development team, a partnership like this one is the payoff of years of patient relationship building. It is the way we like to grow. Second, the transaction itself marks several firsts for VICI: our first build-to-suit investment and our first property acquisition in the Caribbean. At closing, we funded the $20.3 million acquisition of the Carambola Beach Resort, and we will fund Club Med’s approximately $55 million redevelopment of the resort, which Club Med will operate under its premium Exclusive Collection brand following a targeted opening in the fourth quarter of 2027. As Ed said, we look forward to growing with Club Med for years to come. During the quarter, we also brought several previously announced transactions across the finish line: the closing of our $1.16 billion Golden Entertainment sale-leaseback, the commencement of our new lease with Clairvest at Northfield Park, and the completion of the acquisition of the Gamehost real estate in Alberta for approximately C$200 million alongside our existing partners at PURE. With the completion of these transactions, we have added Clairvest, Golden Entertainment, and Club Med as our 14th, 15th, and 16th tenants, respectively. This tenant growth was achieved by partnering with experienced and tenured operators, from Clairvest’s two decades of investing across 37 gaming assets, to Blake Sartini’s more than 30 years operating in the Nevada gaming landscape, to Club Med’s 75 years of all-inclusive operating experience. And the closing of the Gamehost transaction reflects the other side of that same discipline: our capital continuing to serve the growth of partners already on our roster. Turning to the trends across the portfolio we already own, there is no better place to start than Las Vegas. On a year-to-date basis, Strip gaming revenue is running ahead of last year, with room rates continuing to demonstrate the pricing power of this market. The resilience of Las Vegas continues to be reinforced by the ongoing diversification of demand. We have noted many times how this city has transformed itself into an entertainment epicenter with experiences like Sphere, and there has been massive growth in professional sports with the addition of the Golden Knights, the Raiders, F1, the Aces, and the upcoming relocation of the Oakland A’s. And now the prospect of an NBA franchise stands to extend the trajectory further. Every new demand driver makes Las Vegas that much harder to bet against. Then there is the convention segment, which we have long viewed as an underappreciated mitigant to the cyclicality of leisure demand. And it continues to strengthen. Last month, U.S. News & World Report named Las Vegas the number-one convention city in America, with The Venetian ranked the top conference hotel on the entire list. This is a powerful validation of the convention infrastructure our operators continue to invest in and of the nearly 6 million square feet of conference, convention, and trade show space VICI owns on the Strip. We often say we aim to make VICI bigger only when it makes VICI better. This quarter, we got better: three tenured and experienced tenants added to our roster, a new market in Las Vegas locals, a new geography and partner in the Caribbean, and continued growth with partners we know well. The roster-building, relationship-driven work is what will continue to define VICI in the quarters ahead. Now I will turn the call over to David, who will discuss our financial results and guidance. David? David Kieske: Thanks, John. Touching on the income statement, AFFO per share was $0.62 for the quarter, an increase of 4.6% compared to $0.60 for the quarter ended June 30, 2025. In terms of the balance sheet, our total debt is $17.2 billion, and our net debt to annualized second quarter adjusted EBITDA is approximately 4.9 times, below the low end of our target leverage range of 5.0 to 5.5 times. We have a weighted average interest rate of 4.45%, as adjusted for hedging activity, and a weighted average of 5.5 years to maturity. As of June 30, 2026, we have approximately $2.5 billion in total liquidity, comprising $288 million in cash and $2.2 billion of availability under our revolving credit facility. Turning to guidance, we are updating AFFO guidance for 2026 in absolute dollars as well as on a per-share basis. AFFO for the year ending December 31, 2026, is expected to be between $2.675 billion and $2.695 billion, or between $2.45 and $2.47 per diluted common share. Compared to our prior AFFO-per-share guidance, the updated guidance represents an increase at the low end of the range of $0.01. Based on the midpoint of our raised 2026 guidance, VICI expects to deliver year-over-year AFFO-per-share growth of 3.4%. As a reminder, our guidance does not include the impact on operating results from any pending acquisitions without announced expected closing dates, possible future acquisitions or dispositions and related capital markets activity, or other nonrecurring transactions or items. With that, operator, please open the line for questions. Operator: You may get back in the queue as time allows. Our first question comes from the line of Barry Jonas from Truist. Your question, please. Jeremy: Hi. This is Jeremy on for Barry. Thanks for taking our questions. With Churchill Downs announcing last night that it is looking to sell its regional properties, what are your high-level expectations for regional M&A activity throughout the remainder of the year? And do you see regional valuations market-wide as reasonable at this point? John Payne: This is John. It is good to talk to you. I will talk a little bit about regional gaming right now. I was adding up the years last night. I have been in or around the regional gaming space for 30 years. My colleagues are laughing at me right now. But the business is resilient. I mean, there has been a really amazing rebound here over the past six months or so in the regional markets. It is very exciting to see the innovation that is happening around slot product right now that is helping to drive growth in the regional markets. As it pertains to the—I think you are referring to the Churchill announcement that they are going to be selling their regional gaming portfolio. There are some assets in their portfolio that I am sure we will take a look at that would be a nice addition to our portfolio. I know there are some of our current tenants that are interested in those assets, and we will continue to better understand the opportunities there. Jeremy: Got it. That is very helpful. And then, should we expect to see more build-to-suit structure-type deals similar to Club Med? John Payne: Yeah, Jeremy. It is very common across the net lease universe, and it is something that we are excited about. And I think we continue to offer solutions to our partners, and this is a very attractive solution for those that are in growth mode. Jeremy: Got it. Thank you. Operator: Thank you. And our next question comes from the line of Caitlin Burrows from Goldman Sachs. Your question, please. Caitlin Burrows: Hi. Good morning, everyone. I guess, just—we forgot how to phrase it. But just considering that your two largest tenants are in the news to potentially be bought—we will see what happens with them—but I guess, just considering the time period that we are in right now, I was wondering if you could comment on how your conversations with those tenants today differ from a year or two ago and kind of what is normal course versus what is maybe, I do not know, on hold because their own structure is changing or potentially changing. Edward Pitoniak: Yeah. Hey, Caitlin. Good to hear from you. I would say that our conversations actually have not fundamentally changed with our partners. We are in constant contact with all of our partners around various interactions involving our businesses. And, you know, they are obviously in very intense operational business day by day, hour by hour. And we are always very respectful of that and making sure we do not waste their time. But we continue to have very positive conversations around opportunities that we see together, whether with existing assets or incremental opportunities. And I will turn it over to John here because he can give you an example of an opportunity that we are discussing with a partner despite the fact that partner is also engaged in some very meaningful activities beyond us. John Payne: Yeah. It is good to talk to you this morning. Edward is referring to the opportunity in Las Vegas with the NBA. I think everyone has seen in the news that the NBA is looking to put another team into Las Vegas. There are many people bidding on that team. We own, in conjunction with our partner Caesars, 50 acres of land behind the Horseshoe and Planet Hollywood, and we are working with them—Sean McBurney in particular, who runs Las Vegas—to develop a plan to house the arena that could be built for the new NBA team. So that is just an example of us working with one of our partners. The other thing I will address is, in my opening remarks, I talked about having our 14th, our 15th, and our 16th tenant. We are very different from other triple nets that have hundreds of tenants. We have, as you hear, 16, which then allows us to have deeper and more frequent conversations. So we are constantly talking to our partners about ways we can grow together, how our assets are performing, et cetera. So that is just another example of how we are a little bit different. Caitlin Burrows: Got it. Okay. And then I think you have probably touched upon it briefly in the prepared remarks, but I was wondering if you could talk about some of the trends you are seeing more recently in Las Vegas and maybe how they differ or vary between your specific assets and the market overall. John Payne: Well, we continue to be very excited about the market. As I hinted, it is a place that constantly reinvents itself and not only has ways to make money in gaming, but, as you can hear, it is becoming the number-one entertainment epicenter in the—I will describe it—in the world. Someone can argue with me about that. But it is a place that continues to add different reasons to come and visit. We obviously are well invested there. We have numerous assets there. They all continue to have specific reasons why the consumer segment comes to their property. And we really like what the operators are doing, especially event-driven, and creating these unique events that only can be done in Las Vegas. So we continue to be really excited, and we continue to like how our tenants are operating their businesses and being creative. Edward Pitoniak: You know, I will just build on what John is saying, Caitlin, by pointing out what MGM disclosed yesterday with its Q2 2026 results, and that was 93% occupancy for its Strip assets in the second quarter, which is really an outstanding amount of occupancy given the amount of inventory that MGM has on the Strip. And I think embedded within that was the very meaningful positive outcome it is getting by being promotional and offering all-inclusive packages at Luxor and Excalibur. These are operators that respond to changing conditions, and they respond, I think, as energetically and creatively as any hospitality and leisure operators I have ever known. Caitlin Burrows: Thank you. Operator: Thank you. And our next question comes from the line of Greg McGinniss from Scotiabank. Your question, please. Greg McGinniss: Hey. Good morning. So I believe most of the free cash flow is spoken for this year, with investments to make. But as you look ahead, are you considering share repurchases, or do you think you can find more accretive investments with this capital? David Kieske: Yeah, Greg. It is a question we get asked a lot. You have basically answered the question. I mean, we are putting money out at SOFR plus 525. That is a much more attractive use of our capital. That is just for the one Bear Valley Hills loan, and, you know, our loan book is close to a 9.5% yield. We can find much more attractive uses of that free cash flow, and Club Med is a very attractive return. What we have closed this quarter is a very attractive return. And just, you know, the buyback for a REIT, especially a net lease REIT that is dependent—you know, growth is dependent on deploying capital—is just not something that makes a lot of sense, especially where we are now and with the investment prospects that we have in front of us. Greg McGinniss: Okay. Thanks. And then we have seen the news that there are a lot of cities basically pouring billions of dollars of capital into convention facilities. And I am curious what impact you might think this may have on Las Vegas and also whether this represents an investment opportunity for you. Edward Pitoniak: Yeah, Greg. It is a good question. I do think that the competitive superiority of Las Vegas as a convention destination is so well established that I do not know that anybody is tremendously worried about new convention supply in other American cities. And part of that—a large part of that—has to do with the ecosystem that Las Vegas represents when it comes to appealing to and serving the needs, both convention needs and leisure and hospitality needs, of conventiongoers. The entire ecosystem, including airlift, infrastructure, lodging quality and abundance, entertainment quality and abundance, F&B quality and abundance—there is really no city in America that can come close. And I think that probably also has a lot to do with, unfortunately, the somewhat beat-up condition of full-service lodging inventory across so many American city centers. So, again, I really have very strong conviction around the competitive superiority of Las Vegas as a convention destination. As to the introduction of new supply in other cities, it could be something we would look at, but it would have to be a situation in which we can invest in it accretively, and we would also have to have very high confidence that the destination can be competitive in what is a very competitive marketplace. Greg McGinniss: Great. Thank you. Operator: Thank you. Our next question comes from the line of John DeCree from CBRE. Your question, please. John DeCree: Hi. Good morning, everyone. Thank you for taking my question. I wanted to ask a little bit about kind of the shift to private markets for your tenants. I think, you know, VICI kind of had a unique exposure to public tenants relative to other REIT asset classes. But Edward, John, or David, I am curious if you find private companies that you work with being more willing, open, or flexible to use REIT financing relative to public companies. I think the last couple of years, we have just seen public markets kind of undervalue casino operators. And so, you know, I am curious if the shift we are seeing to private markets is changing the outlook for, you know, M&A and refinancing in the casino space. Edward Pitoniak: Yeah. I think it could, and I will turn it over to John and David in just a moment. John, good to talk to you. You know, it is somewhat understandable, given what I think a lot of operators have felt has been that somewhat lack of love that they have gotten in the public markets over the last few years. And I think a number of them that we talk to—and John can give you more specifics here in a moment—appreciate the fact that in the private markets, they truly can do what they believe are the right things to grow their business over the longer term. And, you know, an example of that is that once they go private, they tend to be not focused on what the earnings are going to be in a given quarter and more focused on, if we make any incremental investments, what the IRR on those investments is going to be. And we have found, for example, that private operators are more responsive to the use of our capital through our Partner Property Growth Fund because, from an IRR point of view, that capital is very, very attractive to them. And I will turn it over to John now, but I think we can confidently say that recent privatizations have left the now-private operators feeling quite good about where they are. John Payne: Yeah. I think from the operations side—you were talking about the financing side—but just from an operations side, being in a private setting, I think, is quite beneficial for this industry. These are very intensive businesses, and there are times—and John, I think you know I am a recovering operator or a former operator—when I knew something needed to be refurbished, but it was going to be detrimental to a quarter or two quarters. And that is really not the way to think about it—to think about these businesses long term and when capital needs to be invested. And although it may disrupt the business for 60 days, 90 days, 100 days, or 120 days, you need to do it for the long term. IT is changing dramatically in this space, and the implementation of new systems and servers can be disruptive to an operation for 30, 60, or 90 days. You need to do it. And in a private setting, you do not really worry about those 30 or 90 days. In a public setting, you might. So I think we are enthusiastic about what we are seeing. We will see how this all plays out over the coming months or years, but that is my take on how it is affecting the operators’ view of their business. John DeCree: Thanks, guys. That, I think, kind of covered my follow-up there as well. So I will hop back in the queue. Appreciate it. Operator: Thank you. And our next question comes from the line of Chris Darling from Green Street. Your question, please. Chris Darling: Thanks. Good morning. Can you provide an update on the sports infrastructure opportunity and any discussions you continue to have with universities? And then, you know, is there anything structural or maybe related to pricing that is top of mind for these institutions? Just anything specific that may have possibly prevented deals from closing to date? John Payne: Yeah. Hey, Chris. It is John, and then I will let any of my colleagues who want to jump in here. Yeah, we have been very active in this space, and I would describe it as really educational. We opened my remarks by talking about being patient and relationship building. I would describe the university space as just that, in that we are explaining that we are long-term investors and how we could help a university, particularly in sports, grow over the coming years. So I do not think it is—you asked if there is a pricing or a cost gap—I would say that is not the reason why we have not announced anything yet. I would say it is a little bit of us. We are at a point where we are trying to understand if this is the right place for us to be. And I think many universities are deciding: Is capital-light VICI the right way to grow their sports business? Gabe Wasserman: Yeah, Chris. It is Gabe here. And just to answer the second half of the question with any kind of structural consideration, a lot of universities want to make sure that debt and other debt-like instruments are not on their balance sheets and impacting their credit ratings. So we have kind of made sure that they understand how flexible VICI’s capital can be, that we are long-term partners, and that we provide a capital solution that works for the university’s needs and also works for VICI. Chris Darling: Okay. Those are all helpful thoughts. That is it for me. Thank you. Operator: Thank you. Our next question comes from the line of David Katz from Jefferies. Your question, please. David Katz: Hi. Good morning, everyone. Thanks for taking my question. I wanted to talk about regional gaming in a broader sense because, you know, what we have seen is operators investing internally, as they are finding some of those to be their best opportunities, and adjusting to some of the dynamics that have been going on across the United States. And, frankly, what we are seeing, including, you know, from your largest regional tenant, is some pretty good numbers. And my question is: Is that a function of, you know, them just dialing in their strategies? Is it a function of internal investments? Or do you think that it is just an external demand moment that we are seeing show up, you know, in those numbers? And specifically as it relates to your tenants, where I am most interested. John Payne: Well, David, I am not sure there has been a person on the phone who has been around gaming longer than myself. I was going to say you, but you have been around a long time—a little less. Okay. So you have watched this. You have watched how resilient these, you know, these local casinos, these regional casinos, are. I tell people this is the people’s country club. And what I have noticed over the past couple of years, as the competition has come, whether that is through iGaming or sports betting, is watching these operators reinvigorate their offerings. I have also watched the manufacturers get even more creative with the products that they have to offer. And I think those combinations are paying off this year, and I think they will pay off in years to come. I think in tougher times and with more competition, the great operators step up and think differently about their business—how they reward, how they incent, how they improve their service. All of that plays into why we are seeing an uptick in what everyone describes as the regional or local market. So I am quite excited about what I am hearing from our operators, and I am quite excited, from a technology standpoint, about what I am seeing myself. Edward Pitoniak: You know, I will just add on to what John says, David, by also pointing out the amount of live entertainment in America now that takes place in regional casinos, both commercial and tribal, to an extent that certainly did not exist 30 or 40 years ago. And I think it is part of the very powerful relevance that regional gaming operators really work hard to achieve in relation to their geographic and demographic markets. And then, finally, I will just say that maybe not on this call, but I would actually love to hear your thoughts on this and what you think are the key drivers of what really appears to be fundamental, foundational strength in regional gaming. David Katz: I am going to ask my follow-up question, and I am going to just very quickly answer yours, which is, you know, I think that there is some dialing in of strategies on value propositions and recognizing, you know, where the competition is coming from and how to beat them. And to that end, you know, we have been able to discuss on this call, in particular, the Caesars regional lease. And I am just wondering if there is any appropriate comment we can make today about whether some of this improvement that we have seen, and the backdrop, given that so much else has changed, alleviate the need to sort of pursue that conversation in the near term. Edward Pitoniak: I would not say it alleviates or eliminates it, but obviously, that is a conversation that will take place at some point as, you know, Caesars continues to develop its new ownership structure in due course. But we will remind everybody that we obviously collect every dollar of rent in the meantime. And, again, I think that, you know, we are very appreciative of the hard work that Caesars has been putting into the regional assets and the kind of results they were able to produce in Q2. Thank you. Operator: Thank you. And our next question comes from the line of Daniel Guglielmo from Capital One Securities. Your question, please. Daniel Guglielmo: Hi, everyone. Thank you for taking my questions. As a follow-up to John’s question about public versus private gaming operators, I think there is an impression out there that maybe private gaming operators are kind of, like, more like a black box for property owners around information, which I do not think is the case. So can you just talk through some of the information that you all use outside of public earnings and SEC filings that keeps you up to date on private operator tenant trends? David Kieske: Yeah, Daniel. You are spot-on. There is more transparency into gaming operators than there is, you know, across the traditional net lease landscape because of the monthly reporting that goes on at the state level. Sometimes it is by region, but oftentimes by asset. And then a lot of these private operators have public debt, and, you know, they report either to the term loan market or to the high-yield market. There are trading desks on the fixed-income side, and often a lot of your colleagues or other folks across research report on those private companies. So there is improved transparency, whether they are public or private, versus the broader triple-net lease space. Samantha Gallagher: Yeah, and this is Samantha. I will just add: We spend a lot of time with each of our private tenants, making sure that we are getting the necessary reporting through our leases. And Gabe is sitting here to my right, and he can talk about the focus on it from an asset management perspective. So we are always meeting with asset management to ask what we need from a reporting perspective so that we are able to get the information that we need to monitor tenants in the same way we would with a public tenant. Gabe Wasserman: Yeah. We get property-level financials from all of our borrowers and tenants. And then, as a group, we sit every quarter and go through every single lease and loan investment in the portfolio. So we have complete visibility into our tenants’ and borrowers’ financial performance, regardless of whether they are a publicly traded tenant or borrower or private. Daniel Guglielmo: Great. That is really helpful. Thank you. And then, as you mentioned in the opening remarks, Club Med was a new tenant this quarter. The property is in the U.S. Virgin Islands, but it is well known as an international brand. As you continue to expand into experiential, have international properties, maybe outside of the U.S. and Canada, become more interesting to you all? Aaron Furey: Yeah. This is Aaron Furey. Daniel, it has been a geography that we have looked at over the last five years, really spending a lot of time mapping and trying to understand the tax and legal structuring, as well as the financing markets that could support investments outside of the U.S. and Canada. St. Croix is a bit of a cheat because it is in the U.S. Virgin Islands, so it still is a U.S. territory, but it is a geography that we continue to look at expanding into. Daniel Guglielmo: Great. Thank you. Operator: Thank you. Our next question comes from the line of Wesley Golladay from Baird. Your question, please. Wesley, your line is open. You might have your phone on mute. All right. Our next question comes from the line of Ronald Kamdem from Morgan Stanley. Your question, please. Jenny: Hey. Good morning. This is Jenny on for Ron. I just want to dig a little bit into the allowance for credit losses. So it seems that the 10-Q note says a tenant issued new senior secured debt at a lower credit rating. Maybe just talk a little bit more about that. Like, is it tenant-specific or macro-driven? Yeah. Just provide some—like, I just want to have a better understanding of that. Thank you. Gabe Wasserman: Yeah. It is Gabe here, and I can answer this one. So, for our CECL allowance, we look at the senior secured credit rating of our tenants and their parent guarantors. To the extent that a parent guarantor does not have senior secured debt, we use a proxy company. So, for one of our private tenants, we had been using a proxy company historically to estimate the credit rating and their credit profile. Last quarter, they actually issued debt privately, and we used that updated credit rating to estimate the CECL allowance. So that is why we saw the big change quarter over quarter. The property is performing well. We have great insight into the property performance, as we just spoke about. We get the monthly financials, and this was just a function of additional information that was out there that we could put into our model. Jenny: That makes sense. As a follow-up on the watch list, is there anyone else who is kind of on your watch list right now, or do you feel pretty good about the rest of your tenants? Gabe Wasserman: Sure. So we actually do not have a watch list. As we discussed, we go through every single lease and loan in our portfolio on a quarterly basis. So we have complete transparency into our borrowers’ and tenants’ performance. That is why it is really important that we get tenant- and borrower-level financials. So our ability to look at every single loan and lease in our portfolio is what we focus on, and not individual investments. Jenny: Got it. Thanks so much. Operator: Thank you. And our next question comes from the line of Todd Thomas from KeyBanc Capital Markets. Your question, please. Todd Thomas: Yeah. Hi. Thanks. I guess, just following up on, you know, the credit profile of the portfolio and the loan. So I was wondering if you could provide some additional detail around the loan modification in the quarter. I think it was $90 million. And can you clarify whether this is separate from the golf course development loan that, I think, last quarter was placed on nonaccrual status? Gabe Wasserman: Sure. So we have a $90 million senior secured loan collateralized by a leisure and hospitality asset. It is about 3% of our loan portfolio. During the quarter, we extended the maturity date and reduced the interest rate on that loan to right-size the yield as the asset continues to ramp. The interest on the loan is being paid monthly in cash. In return, we received additional collateral, and the borrower will be making amortization payments to reduce our loan balance. This is a great example of the active asset management approach that we take with our borrowers and tenants. If there is an issue, we work constructively with them to identify a solution that provides value to both parties. And then, on the second half of your question, this is a separate loan from the loan we disclosed in Q4 2025, which is on nonaccrual status. Todd Thomas: Okay. All right. That is helpful. And then I wanted to follow up on a prior question around Caesars. And, you know, you have previously indicated that, you know, both parties would prefer a resolution to move forward rather than, you know, I think, allowing it to remain a little bit of an ongoing distraction. And I realize gaming operations have improved somewhat, but with the annual rent escalator approaching and CPI still running above the contractual floor, does that create a greater sense of urgency around reaching a broader portfolio solution? Should we think about, you know, resolution occurring over the next several quarters rather than years? Any update around that? Edward Pitoniak: Yeah, Todd. We would not be able to give you any kind of precise timetable. I would not say that is necessarily a major factor. I think the thing to keep in mind is that, in the case of Caesars, they are obviously undergoing a very significant M&A transaction with many, many moving pieces and many stakeholders, including regulatory. So how any conversations will fit into that—which, again, is a fairly prolonged timescale—I believe Caesars recently, or it might have been Fertitta Entertainment, you know, was indicating about a 12-month time frame for completion of that transaction. So there are so many moving pieces. It would be very difficult for anybody to predict with precision a timetable for any conversations that we might have. Todd Thomas: Okay. Thank you. Operator: Thank you. This does conclude the question-and-answer session of today’s program. I would like to hand the program back to Edward for any further remarks. Edward Pitoniak: Well, again, we will just thank everybody for their time today, both from the sell side and the buy side. We realize it is a very, very busy time of year. We wish you a good rest of the summer, and we will see you again in late October. Operator: Thank you, ladies and gentlemen, for your participation in today’s conference. This does conclude the program. You may now disconnect. Good day. Before you buy stock in Vici Properties, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Vici Properties wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,405!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,344,091!* Now, it’s worth noting Stock Advisor’s total average return is 953% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool recommends Vici Properties. The Motley Fool has a disclosure policy. VICI (VICI) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in VICI Properties Inc.? Here are five stocks we like better. VICI’s Q2 AFFO rose 4.6% year over year to $0.62 per share, and the company raised the low end of its 2026 AFFO-per-share guidance to $2.45–$2.47, implying 3.4% growth at the midpoint. The REIT ended the quarter with $17.2 billion of debt, leverage of approximately 4.9 times annualized adjusted EBITDA and $2.5 billion of liquidity, remaining below its target leverage range. VICI expanded into new investment areas through its first Club Med and Caribbean transaction, funding a $20 million resort acquisition and approximately $55 million redevelopment, while continuing to pursue gaming, hospitality and sports-related opportunities. Hunting for High-Yield Bargains? 2 REITs to Consider VICI Properties (NYSE:VICI) reported second-quarter adjusted funds from operations, or AFFO, of $0.62 per share, up 4.6% from $0.60 a year earlier, while raising the low end of its full-year 2026 AFFO-per-share guidance. The experiential real estate investment trust said it now expects 2026 AFFO of $2.675 billion to $2.695 billion, or $2.45 to $2.47 per diluted common share. The updated range increased the low end of prior per-share guidance by $0.01. At the midpoint, the company expects year-over-year AFFO-per-share growth of 3.4%. → Microsoft Just Flipped the AI Spending Narrative Overnight 3 Dividend-Yielding Stocks Too Cheap to Pass Up Chief Financial Officer David Kieske said the company had $17.2 billion of total debt as of June 30 and net debt to annualized second-quarter adjusted EBITDA of about 4.9 times, below its stated target leverage range of 5 times to 5.5 times. VICI reported approximately $2.5 billion of liquidity, consisting of $288 million of cash and $2.2 billion available under its revolving credit facility. VICI highlighted its new partnership with Club Med, which involves the acquisition and redevelopment of the Carambola Beach Resort in St. Croix. The transaction represents VICI’s first build-to-suit investment and its first property acquisition in the Caribbean, President and Chief Operating Officer John Payne said. → 2 Unique Space ETFs That Could Upend the Industry Top 4 High-Yield Dividend Stocks to Add to Your Portfolio At closing, VICI funded the $20 million acquisition of the resort property and will fund Club Med’s approximately $55 million redevelopment. Club Med is expected to operate the site under its premium Exclusive Collection brand, with a targeted opening in the fourth quarter of 2027. Chief Executive Officer Ed Pitoniak said the company views its initial investments with new operators as foundations for potentially broader relationships. He noted that Club Med has stated a goal of expanding its portfolio from 60 to 100 destinations over the next several years. → MarketBeat Week in Review – 07/27- 07/31 “When we make a first investment with a new partner, we are highly focused on the foundation we are building for potential future investment,” Pitoniak said. The company also completed several previously announced transactions during the quarter, including: A $1.16 billion sale-leaseback transaction with Golden Entertainment. The commencement of a new lease with Clairvest at Northfield Park. The acquisition of Gamehost real estate in Alberta for approximately CAD 200 million alongside existing partner PURE. Payne said the transactions added Clairvest, Golden Entertainment and Club Med as VICI’s 14th, 15th and 16th tenants, respectively. Management said Las Vegas Strip gaming revenue was running ahead of the prior year on a year-to-date basis, while room rates continued to demonstrate the market’s pricing power. Payne pointed to demand from entertainment, professional sports, conventions and potential future developments, including the prospect of an NBA franchise. VICI owns nearly 6 million square feet of conference, convention and trade-show space on the Strip, according to Payne. He said Las Vegas’ convention business has continued to strengthen, citing a recent U.S. News & World Report ranking that named Las Vegas the top convention city in the U.S. and The Venetian the highest-ranked conference hotel on its list. During the question-and-answer session, management also discussed a potential arena development on 50 acres of land behind Paris Las Vegas, Horseshoe Las Vegas and Planet Hollywood that VICI owns in conjunction with Caesars Entertainment. Payne said VICI is working with Caesars on a plan that could accommodate an arena for a potential NBA team. Pitoniak added that MGM Resorts International reported 93% occupancy at its Strip properties during the second quarter, and said the company had achieved positive results from promotional all-inclusive packages at Luxor and Excalibur. On regional gaming, Payne described the market as resilient and said there had been “an amazing rebound” over the past six months. He cited innovation in slot products and operators’ efforts to refresh customer offerings, rewards programs, service and entertainment. Payne said VICI expects to review selected assets after Churchill Downs disclosed plans to sell its regional gaming portfolio. He also said some current VICI tenants may be interested in those assets. Asked about potential share repurchases, Kieske said VICI sees more attractive opportunities in property and loan investments. He cited the company’s One Beverly Hills loan, priced at SOFR plus 825 basis points, and said VICI’s loan book carries a yield of nearly 9.5%. “We can find much more attractive uses of that free cash flow,” Kieske said, adding that recently completed investments, including the Club Med transaction, offered attractive returns. Management said the company continues to assess sports infrastructure opportunities involving universities, though no transaction has been announced. Payne said the process has been educational and relationship-driven, while Gabe Wasserman, managing director of business development and VECS, said universities have focused in part on ensuring financing structures do not affect their balance sheets or credit ratings. VICI also addressed monitoring of private tenants. Kieske said gaming operators provide more transparency than many traditional net-lease tenants because of state-level monthly reporting, often at the property or regional level. Wasserman said VICI receives property-level financials from all borrowers and tenants and reviews every lease and loan investment quarterly. Separately, Wasserman said VICI modified a $90 million senior secured loan collateralized by a leisure and hospitality asset during the quarter. The company extended the loan’s maturity and reduced its interest rate to 2% as the asset continues to ramp. In exchange, VICI received additional collateral and will receive borrower amortization payments. Wasserman said the loan is separate from a previously disclosed loan that was placed on non-accrual status in the fourth quarter of 2025. VICI Properties (NYSE: VICI) is a publicly traded real estate investment trust (REIT) that specializes in experiential real estate, with a primary focus on gaming, hospitality and entertainment assets. The company acquires, owns and manages a portfolio of destination properties and leases those assets to operators under long-term agreements, generating rental income and partnering on property development and capital projects. VICI was formed in connection with the restructuring of Caesars Entertainment and has since grown through acquisitions and strategic transactions to expand its footprint in the gaming and leisure sector. The company's portfolio is concentrated in major U.S. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "VICI Properties Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. VICI Properties (VICI) drew investor attention after reporting second quarter 2026 earnings. Revenue reached US$1.06b, above Wall Street estimates, while funds from operations and earnings per share were broadly in line with expectations. See our latest analysis for VICI Properties. At a share price of US$26.31, VICI Properties has seen its short term momentum soften, with the share price return down 7.94% over 90 days and the 1 year total shareholder return down 14.07%, even as earnings and revenue headlines keep the story in focus. If the recent earnings have you reassessing your income and real asset exposure, this can be a good moment to broaden your search with 19 top founder-led companies The recent pullback in VICI Properties, despite revenue brushing past expectations, leaves a clear tension. Has the market already priced in most of the story or is there meaningful value still on the table at US$26.31? The most followed narrative on VICI Properties pegs fair value at $33.46, comfortably above the last close at $26.31, and frames that gap through long term earnings and cash flow expectations. Read the complete narrative. Curious what has to happen for that valuation to make sense. The narrative leans on steady revenue expansion, high margins and a future earnings multiple that stands well below many peers. Result: Fair Value of $33.46 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, VICI Properties still faces meaningful risks related to tenant concentration and potential rent pressure on key leases, which could challenge the valuation assumptions that are based on these factors. Find out about the key risks to this VICI Properties narrative. With mixed signals on VICI Properties and its outlook, this is a useful time to move quickly, review the data, and decide where you stand. To see how the risks and rewards balance out, take a closer look at the 4 key rewards and 1 important warning sign. If you want a broader view of opportunities than VICI Properties alone, this is the moment to scan for stocks with income potential, resilience, and various upside drivers. Target income streams by reviewing companies in the 8 dividend fortresses and see which ones might better match your dividend goals. Search for potential mispricings by checking the 57 high quality undervalued stocks where fundamentals and price can occasionally fall out of sync. Prioritise capital preservation by assessing candidates in the 89 resilient stocks with low risk scores and avoid missing stocks that align more closely with your comfort level. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include VICI. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

VICI Properties Inc. VICI used its second-quarter 2026 earnings call to highlight relationship-driven expansion, new tenant additions and continued capital deployment. Management emphasized a broader experiential real estate strategy while maintaining focus on long-term partnerships. The company raised the low end of its 2026 AFFO outlook after completing several investments, including transactions with Golden Entertainment, Clairvest and Club Med. VICI added three tenants during the second quarter, bringing its roster to 16. President and COO John W. Payne said the additions reflected the company’s focus on experienced operators and relationship-based growth. The company closed its $1.16 billion Golden Entertainment sale-leaseback, began its Northfield Park lease with Clairvest and completed the Gamehost real estate acquisition in Alberta. Management also highlighted Club Med as an important strategic relationship. Payne said the Carambola Beach Resort investment represented VICI’s first build-to-suit investment and first Caribbean property acquisition. VICI Properties reported second-quarter 2026 revenues of $1.06 billion, up 5.7% year over year. AFFO per share increased 4.6% to $0.62, matching the Zacks Consensus Estimate. Revenues exceeded the Zacks Consensus Estimate of $1.04 billion. VICI Properties Inc. price-consensus-eps-surprise-chart | VICI Properties Inc. Quote CEO Edward Pitoniak said the reported quarter demonstrated the company’s strategy of growing by expanding relationships and increasing the scale of existing partnerships. The company updated full-year 2026 AFFO guidance to $2.675-$2.695 billion or $2.45-$2.47 per share. VICI maintained its focus on investing available capital rather than repurchasing shares. CFO David Kieske said the company continues to find attractive opportunities through investments and its loan portfolio. Kieske noted that total debt stood at $17.2 billion, with approximately $2.5 billion of liquidity at quarter's end. Net debt to annualized second-quarter adjusted EBITDA was approximately 4.9x. The company also expanded its use of structured investments, with management noting that build-to-suit transactions can provide attractive solutions for growth-focused partners. VICI Properties highlighted continued strength in Las Vegas, where management said gaming revenues, room rates and convention demand remained supportive. Payne said regional gaming operators have improved offerings through investments, technology and stronger customer experiences. He described regional markets as benefiting from operational improvements and innovation. During the Q&A session, analysts also questioned tenant trends and private-market ownership changes. Management said it continues to receive property-level financial information from tenants and reviews lease and loan investments regularly. VICI said its relationship-driven model remains central to identifying new opportunities. Management pointed to Club Med’s expansion plans and potential future collaboration as an example of building partnerships over time. Analysts asked about possible regional gaming opportunities and Caesars-related developments. Management said it continues discussions with partners while allowing ongoing transactions and operating priorities to develop. The company’s second-quarter actions reflected continued portfolio expansion, while management maintained attention on liquidity, tenant relationships and disciplined investment. VICI carries a Zacks Rank #3 (Hold). The Zacks Rank reflects earnings estimate revisions and is designed to help indicate the potential for stock performance over a one- to three-month period. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. The stock’s Style Scores include Value Score C, Growth Score F, Momentum Score B and VGM Score D. Zacks Style Scores evaluate value, growth and momentum characteristics, with higher grades indicating stronger relative characteristics. The Zacks Rank can change as analysts revise earnings estimates following new company developments and financial results. Style Scores provide additional context alongside the Rank when evaluating stock characteristics. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report VICI Properties Inc. (VICI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management emphasizes a 'learning mode' rather than 'sales mode' approach to new partnerships, prioritizing long-term strategic alignment over immediate transaction volume. The Club Med partnership exemplifies VICI's referral-based growth strategy, where existing, long-courted relationships facilitate introductions to new high-quality operators. The St. Croix acquisition marks a strategic pivot into build-to-suit investments and the Caribbean market, establishing a foundation for Club Med's goal of growing from 60 to 100 destinations. Las Vegas performance is attributed to the ongoing diversification of demand, specifically the city's transformation into a global sports and entertainment epicenter. The convention segment is highlighted as a critical, underappreciated mitigant to leisure demand cyclicality, supported by VICI's ownership of nearly 6 million square feet of Strip meeting space. Regional gaming resilience is driven by innovation in slot products and the sector's role as a 'people's country club' offering essential live entertainment in local markets. Portfolio growth is governed by the principle of making the company 'better' rather than just 'bigger,' focusing on tenured operators with decades of experience. Updated 2026 AFFO guidance assumes a 3.4% year-over-year growth at the midpoint, excluding impact from unannounced acquisitions or capital markets activity. Management identifies the potential NBA franchise expansion in Las Vegas as a significant future demand driver, with active planning underway for an arena on 50 acres of land owned with Caesars. The company intends to prioritize deploying free cash flow into high-yield loan books (averaging 9.5%) and accretive acquisitions rather than share repurchases. Future international expansion remains a focus, with management actively mapping tax, legal, and financing structures for geographies beyond the U.S. and Canada. Strategic interest remains in regional gaming M&A, specifically regarding Churchill Downs' announced sale of regional assets, which may involve VICI's existing tenants. A $90 million senior secured loan was modified to extend maturity and reduce interest rates to 'right-size' the yield during an asset's ramp-up phase, in exchange for additional collateral. The CECL allowance for credit losses saw a significant quarter-over-quarter change due to a private tenant issuing debt, providing a concrete credit rating to replace previous proxy estimates. Management clarified that the modified $90 million loan is distinct from a separate golf course development loan currently on non-accrual status. VICI maintains a leverage ratio of 4.9x, which is currently below the low end of its 5.0x to 5.5x target range, providing additional liquidity for opportunistic growth. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management believes private settings allow operators to focus on long-term IRR and necessary capital improvements without the pressure of quarterly earnings volatility. Private operators have shown increased responsiveness to the Partner Property Growth Fund for refurbishments and IT infrastructure upgrades. Management declined to provide a precise timetable, noting that Caesars is currently managing a complex M&A transaction with a roughly 12-month completion window. VICI continues to collect full rent under the current terms while acknowledging the operational strength Caesars demonstrated in the second quarter. Discussions with universities are currently in an 'educational' phase, focusing on whether VICI's capital-light model is the optimal way to grow sports businesses. A key structural advantage is VICI's ability to provide flexible capital that does not negatively impact a university's balance sheet or credit rating. Management dismissed the 'black box' perception, citing monthly state-level gaming reports and public debt filings as key data sources. VICI receives property-level financials from all borrowers and conducts comprehensive quarterly reviews of every lease and loan in the portfolio.

This article first appeared on GuruFocus. AFFO per share: $0.62 for Q2 2026, an increase of 4.6% compared to $0.60 in Q2 2025. Total Debt: $17.2 billion. Net Debt to Adjusted EBITDA: Approximately 4.9 times, below the target leverage range of 5 to 5.5 times. Weighted Average Interest Rate: 4.45%, as adjusted for hedge activity. Weighted Average Years to Maturity: 5.5 years. Total Liquidity: Approximately $2.5 billion, comprising $288 million in cash and $2.2 billion of availability under the revolving credit facility. 2026 AFFO Guidance: Expected to be between $2.675 billion and $2.695 billion, or between $2.45 and $2.47 per diluted common share. Year-over-Year AFFO per Share Growth: 3.4% based on the midpoint of the raised 2026 guidance. Warning! GuruFocus has detected 3 Warning Sign with VICI. Is VICI fairly valued? Test your thesis with our free DCF calculator. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. VICI Properties Inc (NYSE:VICI) added three new tenants (Clairvest, Golden Entertainment, Club Med) in Q2 2026, expanding its tenant roster to 16 and diversifying its portfolio. The company completed its first build-to-suit investment and first Caribbean property acquisition with Club Med in St. Croix, with a total projected investment of $75 million. Las Vegas Strip gaming revenue is up year-to-date, with strong occupancy (93% for MGM in Q2) and growing convention demand, reinforcing the market's resilience. AFFO per share grew 4.6% year-over-year to $0.62, and 2026 AFFO guidance was raised to $2.45-$2.47 per share, reflecting 3.4% growth at the midpoint. VICI Properties Inc (NYSE:VICI) is actively pursuing growth opportunities, including a potential NBA arena development with Caesars on 50 acres of land in Las Vegas. The company maintains a strong balance sheet with net debt to EBITDA of 4.9x (below target range) and $2.5 billion in total liquidity. Regional gaming trends are improving, driven by operator innovation and new slot technology, benefiting VICI Properties Inc (NYSE:VICI)'s regional tenants. VICI Properties Inc (NYSE:VICI) modified a $90 million senior secured loan during the quarter, extending maturity and reducing the interest rate due to asset ramp-up challenges. The company's two largest tenants (Caesars and MGM) are involved in potential M&A or ownership changes, creating uncertainty around future lease negotiations. A CECL allowance increase was triggered by a private tenant issuing debt with a lower credit rating, impacting the loan portfolio's credit profile. The sports infrastructure opportunity with universities remains in early stages, with no deals closed yet due to ongoing educational and structural discussions. International expansion beyond the US and Canada remains complex, with VICI Properties Inc (NYSE:VICI) still navigating tax, legal, and financing structures for such investments. The Caesars regional lease resolution timeline is uncertain, as it depends on the completion of Caesars' M&A transaction, which may take up to 12 months. Here are the key highlights from the VICI Properties Inc. (NYSE:VICI) Q2 2026 earnings call, focusing on the most significant Q&A exchanges. Q: With Churchill Downs announcing it is looking to sell its regional properties, what are your high-level expectations for regional M&A activity? A: **John Payne (President & COO):** The regional gaming business is resilient and has seen a great rebound over the past six months. There are some assets in the Churchill portfolio that could be a nice addition to our portfolio. We know some of our current tenants are interested in those assets, and we will continue to better understand the opportunities. Q: Considering your two largest tenants are in the news regarding potential buyouts, how have your conversations with them changed? A: **Edward Pitoniak (CEO):** Our conversations haven't fundamentally changed. We are in constant contact with all partners. **John Payne (President & COO):** For example, we are working with Caesars on a plan to develop 50 acres of land behind Paris, Horseshoe, and Planet Hollywood to house a potential new NBA arena in Las Vegas. This shows we are having deep, frequent conversations about growth despite other major activities. Q: Are you considering share repurchases, or do you see more accretive investment opportunities? A: **David Kieske (CFO):** When we are putting money out at SOFR plus 825 (for the Beverly Hills loan) and our loan book yields close to 9.5%, that is a much more attractive use of capital than a buyback. For a net lease REIT, growth is dependent on deploying capital, and given our current investment prospects, a buyback does not make sense. Q: Can you provide an update on the sports infrastructure opportunity with universities? A: **John Payne (President & COO):** We have been very active in this space, but it is an educational process. We are explaining that we are long-term infrastructure investors. **Gabriel Wasserman (Managing Director, V.E.C.S.):** Structurally, we ensure universities understand that our capital is flexible and won't impact their credit rating like debt would. We are at a point where we are deciding if this is the right place for us, and universities are deciding if capital-light VICI is the right way to grow their sports business. Q: Regarding the Caesars regional lease, does the improvement in regional gaming results alleviate the need to pursue that conversation in the near term? A: **Edward Pitoniak (CEO):** I wouldn't say it alleviates or eliminates the need. That conversation will take place at some point as Caesars develops its new ownership structure. However, we collect every dollar of rent in the meantime and are very appreciative of the hard work Caesars has put into the regional assets to produce those Q2 results. Q: Can you talk about the information you use to keep up-to-date on private operator tenant trends, given the perception they are a "black box"? A: **David Kieske (CFO):** There is more transparency than in the traditional net lease landscape due to monthly state-level reporting, often by asset. Many private operators also have public debt and report through the term loan or high-yield markets. **Gabriel Wasserman (Managing Director, V.E.C.S.):** We get property-level financials from all borrowers and tenants and go through every lease and loan investment in the portfolio every quarter. We have complete visibility regardless of whether they are public or private. Q: With the Club Med deal in the US Virgin Islands, have international properties outside the US and Canada become more interesting? A: **Erin Ferreri (SVP of Finance):** It's a geography we have looked at for the last five years, spending time understanding the tax, legal, and financing structures. St. Croix is a bit of a "cheat" because it is a US territory, but it is a geography we continue to look at expanding into. Q: Can you provide more detail on the $90 million loan modification in the quarter? Is it separate from the golf course loan on nonaccrual? A: **John Payne (President & COO):** Yes, this is a separate loan. It is a $90 million senior secured loan (3% of our loan book) collateralized by a leisure and hospitality asset. We extended the maturity and reduced the interest rate to rightsize the yield as the asset ramps. Interest is being paid monthly in cash. In return, we received additional collateral and the borrower will make amortization payments. This is an example of our active asset management approach. Q: With the annual rent escalator approaching and CPI running above the contractual floor, does that create a greater sense of urgency around a broader portfolio solution with Caesars? A: **Edward Pitoniak (CEO):** We cannot give a precise timetable. Caesars is undergoing a very significant M&A transaction with many moving pieces and stakeholders, including regulators. It would be very difficult to predict a timetable for any conversations we might have given the prolonged time scale of that transaction. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. VICI Properties has slipped over the past year, yet its current valuation metrics and broader checks suggest the stock may be pricing in more caution than its fundamentals alone imply. The share price is down 14.1% over the past year, which raises the question of whether recent weakness has pushed VICI Properties into undervalued territory. For a real estate investment trust, steady rental income and contracted cash flows can support valuations. At the same time, interest rate sensitivity and refinancing needs remain a key risk for how the market prices the stock. VICI Properties screens as undervalued on the broader checks, scoring 6 out of 6 on valuation, which points to a company that currently leans cheap on several measures. The issue now is whether VICI Properties is simply out of favor or if the current share price still fairly reflects its long term prospects. Find out why VICI Properties' -14.1% return over the last year is lagging behind its peers. P/E is a useful cross check for VICI Properties because earnings are a key output of its rental contracts and financing structure. On this metric, VICI Properties currently trades at about 9.3x earnings. That sits well below the Specialized REITs industry average of roughly 16.4x and also below the peer group average of about 52.8x. The tailored fair P/E ratio for VICI Properties is estimated at about 31.5x, which reflects what investors might typically pay given its sector, size and risk profile. Against that reference point, the current 9.3x multiple implies a large discount, even after allowing for the usual interest rate and refinancing risks that come with REITs. On a pure P/E basis, VICI Properties stock appears undervalued compared with both its industry and the fair multiple suggested by broader checks. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives pick up where the VICI Properties valuation puzzle leaves off by spelling out what growth, margin or earnings paths would need to hold for the stock to be worth materially more or less than today, and they sit on the Community page. Each one presents VICI Properties' implied fair value as a specific thesis about how the business might play out over time, so you can see how that view holds up as new information arrives. You can add your voice to the VICI Properties story by sharing a Narrative that lays out your number driven view on where its growth, margins and execution go from here. Put your thesis on the record and see how it holds up as new data comes through. Do you think there's more to the story for VICI Properties? Head over to our Community to see what others are saying! VICI Properties currently looks undervalued on market multiples, with its P/E well below both sector peers and the tailored fair ratio. The broader valuation checks also lean supportive, which suggests the market is applying a cautious stance around interest rate and refinancing risks. From here, the key question is whether that discount narrows. That likely depends on how confident investors are that VICI Properties can sustain its rental income and manage its funding needs without a material impact on earnings. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include VICI. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

- Announced Partnership with Club Med on the Acquisition and Redevelopment of Carambola Beach Resort in St. Croix - - Added Clairvest, Golden Entertainment, and Club Med to Diversified Tenant Roster - - Updates Guidance for Full Year 2026 - NEW YORK, July 29, 2026--(BUSINESS WIRE)--VICI Properties Inc. (NYSE: VICI) ("VICI Properties", "VICI" or the "Company"), an experiential real estate investment trust, today reported results for the quarter ended June 30, 2026. All per share amounts included herein are on a per diluted common share basis unless otherwise stated. Second Quarter 2026 Financial and Operating Highlights Total revenues increased 5.7% year-over-year to $1.1 billion Net income attributable to common stockholders decreased 39.1% year-over-year to $526.5 million and, on a per share basis, decreased 41.0% year-over-year to $0.48 due to the impact of the change in the CECL allowance for the quarter ended June 30, 2026 AFFO attributable to common stockholders increased 7.8% year-over-year to $679.6 million and, on a per share basis, increased 4.6% year-over-year to $0.62 Entered into a lease with an affiliate of funds managed by Clairvest in connection with its acquisition of the operations of MGM Northfield Park in Northfield, Ohio, adding VICI’s 14th tenant Closed the previously announced $1.16 billion acquisition of seven Nevada casino properties from Golden Entertainment and entered into a master lease with an entity owned and controlled by Blake L. Sartini, adding VICI’s 15th tenant Announced a build-to-suit transaction with Club Med whereby VICI acquired the Carambola Beach Resort in St. Croix for $20.3 million and leased it back to Club Med pursuant to a triple-net lease, adding VICI’s 16th tenant. As part of the transaction, VICI will fund approximately $55.2 million for redevelopment of the property Completed the acquisition of two gaming assets and two adjacent limited-service hotels in Alberta, Canada, for C$200.6 million (approximately US$141.0 million), in connection with the closing of Pure Casino Entertainment’s take-private acquisition of Gamehost Inc. Ended the quarter with $288.1 million in cash and cash equivalents Updated AFFO guidance for full year 2026 to between $2,675 million and $2,695 million, or between $2.45 and $2.47 per diluted share CEO Comments Edward Pitoniak, Chief Executive Officer of VICI Properties, said, "The second quarter of 2026 was emblematic of VICI’s enduring strategic focus on developing and expanding relationships. With the commencement of our lease with Clairvest at Northfield Park, the closing of our acquisition of the Golden Entertainment casino portfolio, and the acquisition and planned redevelopment of Carambola Beach Resort (St. Croix, US Virgin Islands) with Club Med, we welcomed our 14th, 15th and 16th tenants, respectively. Each one of these new tenants is an experienced operator that broadens and strengthens the diversity of VICI’s rent roll. In the case of Club Med, we are expanding our investment practice categorically and geographically, with a global hospitality brand committed to global growth. We believe that our investment in Club Med St. Croix is an ideal start to our long-term partnership. Furthermore, in the second quarter, we grew our quarterly revenue by 5.7% and our AFFO per share by 4.6% year-over-year, and we remain confident that VICI’s partner-driven model will continue to generate attractive, durable growth for our shareholders." Second Quarter 2026 Financial Results Total Revenues Total revenues were $1.1 billion for the quarter, an increase of 5.7% compared to $1.0 billion for the quarter ended June 30, 2025. Total revenues for the quarter included $139.1 million of non-cash leasing and financing adjustments and $18.9 million of other income. Net Income Attributable to Common Stockholders Net income attributable to common stockholders was $526.5 million for the quarter, or $0.48 per share, compared to $865.1 million, or $0.82 per share, for the quarter ended June 30, 2025. The year-over-year decrease in net income was driven, on an absolute basis, by the $413.1 million aggregate change in the CECL allowance for the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025. Funds from Operations ("FFO") FFO attributable to common stockholders was $526.5 million for the quarter, or $0.48 per share, compared to $865.1 million, or $0.82 per share, for the quarter ended June 30, 2025. The year-over-year decrease in FFO was driven, on an absolute basis, by the $413.1 million aggregate change in the CECL allowance for the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025. Adjusted Funds from Operations ("AFFO") AFFO attributable to common stockholders was $679.6 million for the quarter, an increase of 7.8% compared to $630.2 million for the quarter ended June 30, 2025. AFFO per share was $0.62 for the quarter, an increase of 4.6% compared to $0.60 for the quarter ended June 30, 2025. Second Quarter 2026 Investment Activity Investment Activity On April 21, 2026, VICI entered into a new triple-net lease agreement (the "Northfield Park Lease") with an affiliate of funds managed by Clairvest Group Inc. ("Clairvest") with respect to the real property of MGM Northfield Park, located in Northfield, Ohio ("Northfield Park"), in connection with MGM Resorts International’s (NYSE: MGM) ("MGM") previously announced agreement to sell the operations of Northfield Park to an affiliate of Clairvest. In connection with closing, VICI entered into an amendment to the existing MGM Master Lease in order to account for MGM’s divestiture of the operations of Northfield Park and to reduce the annual base rent under the MGM Master Lease by the initial base rent under the Northfield Park Lease. The Northfield Park Lease had an initial annual base rent of $53.0 million at closing (which increased to $54.0 million following a 2.0% escalation on May 1, 2026) and a 25-year lease term with three 10-year tenant renewal options, with other economic terms substantially similar to the MGM Master Lease, including escalation of 2.0% per annum on May 1st each year (with escalation equal to the greater of 2.0% and the change in CPI (capped at 3.0%) beginning at the same time as the MGM Master Lease in 2032). The Northfield Park Lease is guaranteed by an affiliate of funds managed by Clairvest that owns the operations of Northfield Park, with additional credit support provided by financial covenants within the lease. On April 30, 2026, VICI closed the previously announced $1.16 billion acquisition of 100% of the land, real property and improvements of seven casino properties from Golden Entertainment, Inc. (NASDAQ: GDEN) ("Golden Entertainment"). VICI entered into a triple-net master lease (the "Golden Entertainment Master Lease") with a newly formed entity owned and controlled by Blake L. Sartini, former chairman and chief executive officer of Golden Entertainment, which concurrently acquired the operating business of Golden Entertainment ("Golden OpCo"). The Golden Entertainment Master Lease has an initial total annual rent of $87.0 million, representing an acquisition cap rate of 7.5%, and an initial term of 30 years, with four 5-year tenant renewal options. Rent under the Golden Entertainment Master Lease will escalate annually at 2.0% beginning in Lease Year 3. The obligations of Golden OpCo under the Golden Entertainment Master Lease are guaranteed by a holding company owned and controlled by Mr. Sartini which owns all of the gaming and operating assets of Golden Entertainment, with additional credit support provided by financial covenants within the lease. Upon the closing of this transaction, prior Golden Entertainment shareholders received approximately 24.3 million shares of newly issued VICI common stock in exchange for the outstanding shares of Golden Entertainment stock, which represented an agreed-upon exchange ratio of 0.902 per share of Golden Entertainment’s common stock based on VICI’s 10-day volume weighted average price as of November 5, 2025, as well as cash consideration that was payable by an affiliate of the Golden OpCo. In connection with the closing of the transaction, VICI assumed and immediately retired Golden Entertainment’s outstanding $426.0 million of debt using a combination of cash on hand and net proceeds from the settlement of outstanding forward sale agreements. On June 15, 2026, VICI and Club Med Group ("Club Med") announced a partnership to acquire the Carambola Beach Resort in St. Croix, U.S. Virgin Islands (the "Carambola Resort"). VICI has acquired the Carambola Resort for $20.3 million and leased it to Club Med under a triple-net lease and will fund Club Med's planned $55.2 million redevelopment of the Carambola Resort through a build-to-suit structure. Construction is expected to commence in the summer of 2026 with a targeted reopening in the fourth quarter of 2027. Upon completion, the Carambola Resort will join Club Med's Exclusive Collection, the brand's portfolio of premium all-inclusive resorts. On June 24, 2026, VICI completed the previously announced C$200.6 million (US$141.0 million based on the exchange rate at the time of the transaction closing) acquisition of the real estate assets of Deerfoot Inn & Casino, Great Northern Casino and two limited-service hotels that are adjacent to the Great Northern Casino (collectively, the "Gamehost Portfolio") located in Alberta, Canada, in connection with the closing of Pure Casino Entertainment Limited Partnership’s ("PURE") take-private acquisition of Gamehost Inc.("Gamehost"). VICI funded the acquisition with a combination of cash on hand and through a Canadian dollar-denominated draw on its multicurrency revolving credit facility. Simultaneous with the closing of the acquisition, the Gamehost Portfolio was added to the existing triple-net master lease agreement between VICI and PURE (the "PURE Master Lease") and annual rent increased by C$16.1 million (US$11.3 million based on the exchange rate at the time of the transaction closing). The Gamehost Portfolio rent will escalate at 1.0% on February 1, 2028, and subsequent escalation will conform to the PURE Master Lease thereafter at the greater of 1.5% or the change in Canadian CPI (capped at 2.5%). Additionally, the term of the PURE Master Lease was extended such that the PURE Master Lease has a full 25-years remaining in the initial base lease term, with four 5-year tenant renewal options. The tenants’ obligations under the PURE Master Lease continue to be guaranteed by Indigenous Gaming Partners, Inc. Second Quarter 2026 Capital Markets Activity On April 29, 2026, VICI physically settled the remaining 7,750,000 shares under its outstanding forward sale agreement in exchange for total net settlement proceeds of approximately $242.1 million. On June 23, 2026, VICI drew C$185.0 million on its revolving credit facility to fund a portion of the purchase price of the Gamehost Portfolio acquisition. During the three months ended June 30, 2026, VICI entered into forward-starting interest rate swap agreements with an aggregate notional amount of $150.0 million. As of quarter end, VICI has entered into a total of $600.0 million of forward-starting interest rate swap agreements, intended to reduce the variability in future cash flows for a forecasted issuance of long-term debt. The following table details the issuance of outstanding shares of common stock, including restricted common stock: The following table reconciles the weighted-average shares of common stock outstanding used in the calculation of basic earnings per share to the weighted-average shares of common stock outstanding used in the calculation of diluted earnings per share: Balance Sheet and Liquidity As of June 30, 2026, the Company had approximately $17.2 billion in total debt and approximately $2.5 billion in liquidity, comprised of $288.1 million in cash and cash equivalents and approximately $2.2 billion of availability under its revolving credit facility. The Company’s outstanding indebtedness as of June 30, 2026 was as follows: Dividends On June 4, 2026, the Company declared a regular quarterly cash dividend of $0.45 per share. The Q2 2026 dividend was paid on July 9, 2026 to stockholders of record as of the close of business on June 18, 2026 and totaled in aggregate approximately $495.3 million. 2026 Guidance The Company is updating its AFFO guidance for the full year 2026. In determining AFFO, the Company adjusts for certain items that are otherwise included in determining net income attributable to common stockholders, the most comparable generally accepted accounting principles in the United States ("GAAP") financial measure. In reliance on the exception provided by applicable rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2026 AFFO to GAAP net income because we are unable to predict with reasonable certainty the amount of the change in non-cash allowance for credit losses under ASU No. 2016-13 - Financial Instruments—Credit Losses (Topic 326) ("ASC 326") for a future period. The non-cash change in allowance for credit losses under ASC 326 with respect to a future period is dependent upon future events that are entirely outside of the Company’s control and may not be reliably predicted, including its tenants’ respective financial performance, fluctuations in the trading price of their common stock, credit ratings and outlook (each to the extent applicable), as well as broader macroeconomic performance. Based on past results and, as disclosed in our historical financial results, the impact of these adjustments could be material, individually or in the aggregate, to the Company’s reported GAAP results. For more information, see "Non-GAAP Financial Measures." The Company estimates AFFO for the year ending December 31, 2026 will be between $2,675 million and $2,695 million, or between $2.45 and $2.47 per diluted common share. Guidance does not include the impact on operating results from any pending acquisitions without announced expected closing dates, possible future acquisitions or dispositions, capital markets activity, or other non-recurring transactions. The following is a summary of the Company’s updated full-year 2026 guidance: VICI partnership units held by third parties are reflected as non-controlling interests and the income allocable to them is deducted from net income to arrive at net income attributable to common stockholders and AFFO; accordingly, guidance represents AFFO per share attributable to common stockholders based solely on outstanding shares of VICI common stock. The estimates set forth above reflect management’s view of current and future market conditions, including assumptions with respect to the earnings impact of the events referenced in this release. The estimates set forth above may be subject to fluctuations as a result of several factors and there can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above. Supplemental Information In addition to this release, the Company has furnished Supplemental Financial Information, which is available on our website in the "Investors" section, under the menu heading "Financials". This additional information is being provided as a supplement to the information in this release and our other filings with the SEC. The Company has no obligation to update any of the information provided to conform to actual results or changes in the Company’s portfolio, capital structure or future expectations, except as may be required by applicable law. Conference Call and Webcast The Company will host a conference call and audio webcast on Thursday, July 30, 2026 at 10:00 a.m. Eastern Time (ET). Please visit the VICI Properties website (https://investors.viciproperties.com/news-events/events) to listen to the earnings call via a live webcast. Listeners who wish to participate in the question and answer session may do so via telephone by pre-registering on the Company’s earnings call registration webpage (https://register-conf.media-server.com/register/BI0d4c1813f7fa4085ae557ba8cb179bad). All registrants will receive dial-in information and a PIN allowing them to access the live call. An on-demand replay of the earnings call will be available on the Company’s website (https://investors.viciproperties.com/news-events/events) immediately following the conclusion of the live call for a period of one year. About VICI Properties VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 103 experiential assets across a geographically diverse portfolio consisting of 63 gaming properties and 40 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 130 million square feet and features approximately 66,000 hotel rooms and over 700 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Club Med, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words "anticipates," "assumes," "believes," "estimates," "expects," "guidance," "intends," "plans," "projects," and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance, or achievements, which could differ materially from those set forth in the forward-looking statements and may be affected by a variety of risks. Among those risks, uncertainties and other factors are: the impact of changes in general economic conditions and market developments, including inflation, interest rate changes and volatility, tariffs and trade barriers, supply chain disruptions, changes in consumer spending, consumer confidence levels, unemployment levels, governmental action (including significant layoffs or reductions in force among federal government employees or a prolonged U.S. federal government shutdown), and depressed real estate prices resulting from the severity and duration of any downturn or recession in the U.S. or global economy; our ability to successfully pursue and consummate transactions, including investments in, and acquisitions of, real estate and to obtain debt financing for such investments at attractive interest rates, or at all; risks associated with our pending and completed transactions, including our ability or failure to realize the anticipated benefits thereof; our dependence on our tenants at our properties and their affiliates that serve as guarantors of the lease payments, and the negative consequences any material adverse effect on their respective businesses could have on us; the possibility that any pending or future transactions may not be consummated on the terms or timeframes contemplated, or at all, including our ability to obtain the financing necessary to complete any acquisitions on the terms we expect in a timely manner, or at all, the ability of the parties to satisfy the conditions set forth in the definitive transaction documents, including the receipt of, or delays in obtaining, governmental and regulatory approvals and consents required to consummate such transactions, or other delays or impediments to completing the transactions; the anticipated benefits of certain arrangements with certain tenants in connection with our funding of "same store" capital improvements in exchange for increased rent pursuant to the terms of our agreements with such tenants, which we refer to as the Partner Property Growth Fund strategy; our decision and ability to exercise our purchase rights under our put-call agreements, call agreements, right of first refusal agreements and right of first offer agreements; the credit risk of our tenants and borrowers in connection with the rental and other obligations owed to us under applicable leases, related guarantees, or loan agreements, including risks distinct to our lending activities with respect to development and construction loans for non-stabilized properties; our dependence on the gaming industry, which is characterized by, among other things, a high degree of competition, extensive regulation, and sensitivity to changes in consumer behavior and discretionary spending; our ability to pursue our business and growth strategies may be limited by the requirement that we distribute 90% of our REIT taxable income in order to qualify for taxation as a REIT and that we distribute 100% of our REIT taxable income in order to avoid current entity-level U.S. federal income taxes; the impact of extensive regulation from gaming and other regulatory authorities, including developments relating to the regulation of emerging alternative platforms; the ability of our tenants to obtain and maintain regulatory approvals in connection with the operation of our properties, or the imposition of conditions to such regulatory approvals; the possibility that our tenants may choose not to renew their respective lease agreements following the initial or subsequent terms of the leases; restrictions on our ability to sell our properties subject to the lease agreements; our tenants and any guarantors’ historical results may not be a reliable indicator of their future results; our substantial amount of indebtedness and ability to service, refinance (at attractive interest rates, or at all), and otherwise fulfill our obligations under such indebtedness; our historical financial information may not be reliable indicators of our future results of operations, financial condition and cash flows; the possibility that we identify significant environmental, tax, legal or other issues, including additional costs or liabilities, that materially and adversely impact the value of assets acquired or secured as collateral (or other benefits we expect to receive) in any of our pending and completed transactions; the impact of changes to tax laws and regulations, including U.S. federal income tax laws, state tax laws or global tax laws; the impact of changes in governmental or regulatory actions and initiatives; the possibility of adverse tax consequences as a result of our pending and completed transactions, including pursuant to tax protection agreements to which we are a party; increased volatility in our stock price, including as a result of our pending and completed transactions; our inability to maintain our qualification for taxation as a REIT; the impact of climate change, natural disasters or other severe weather events, war or conflict, geopolitical uncertainty, tariffs and trade barriers, public health conditions, uncertainty or civil unrest, violence or terrorist activities or threats on our properties, or in areas where our properties are located, or globally, and changes in economic conditions or heightened travel security, and any measures instituted in response to these events; the impact of reduced travel demand or increased costs of travel affecting visitation and operating performance at the properties operated by our tenants, particularly in destination markets such as Las Vegas; the loss of the services of key personnel; the inability to attract, retain and motivate employees; the costs and liabilities associated with environmental compliance; failure to establish and maintain an effective system of integrated internal controls; the risks related to us or our tenants not having adequate insurance to cover potential losses; the potential impact on the amount of our cash distributions if we determine to sell or divest any of our properties in the future or are unable to redeploy capital returned from investments at attractive rates, or at all; our ability to continue to make distributions to holders of our common stock or maintain anticipated levels of distributions over time, including our reliance on distributions received from our subsidiaries, including VICI OP, to make such distributions to our stockholders; and competition for transaction opportunities, including from other REITs, investment companies, private equity firms and hedge funds, sovereign funds, lenders, gaming companies and other investors that may have greater resources and access to capital and a lower cost of capital or different investment parameters than us. Although the Company believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. The Company cannot assure you that the assumptions upon which these statements are based will prove to have been correct. Additional important factors that may affect the Company’s business, results of operations and financial position are described from time to time in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q and the Company’s other filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law. Non-GAAP Financial Measures This press release presents Funds From Operations ("FFO"), FFO per share, Adjusted Funds From Operations ("AFFO"), AFFO per share and Adjusted EBITDA, which are not required by, or presented in accordance with, generally accepted accounting principles in the United States ("GAAP"). These are non-GAAP financial measures and should not be construed as alternatives to net income or as an indicator of operating performance (as determined in accordance with GAAP). We believe FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of our business. FFO is a non-GAAP financial measure that is considered a supplemental measure for the real estate industry and a supplement to GAAP measures. Consistent with the definition used by the National Association of Real Estate Investment Trusts (Nareit), we define FFO as our net income (or loss) attributable to common stockholders (computed in accordance with GAAP) excluding (i) gains (or losses) from sales of certain real estate assets, (ii) depreciation and amortization related to real estate, (iii) gains and losses from change in control and (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO is a non-GAAP financial measure that we use as a supplemental operating measure to evaluate our performance. We calculate AFFO by adding or subtracting from FFO non-cash leasing and financing adjustments, non-cash change in allowance for credit losses, non-cash stock-based compensation expense, transaction costs incurred in connection with the acquisition of real estate investments, amortization of debt issuance costs and original issue discount, other non-cash interest expense, capitalized interest on real estate under development, non-real estate depreciation (which is comprised of the depreciation related to our golf course operations), capital expenditures (which are comprised of additions to property, plant and equipment related to our golf course operations), impairment charges related to non-depreciable real estate, gains (or losses) on debt extinguishment and interest rate swap settlements, other gains (or losses), deferred income tax expenses and benefits, other non-recurring non-cash transactions and non-cash adjustments attributable to non-controlling interest with respect to certain of the foregoing. We calculate Adjusted EBITDA by adding or subtracting from AFFO contractual interest expense (including the impact of the forward-starting interest rate swaps and treasury locks) and interest income (collectively, interest expense, net), current income tax expense and adjustments attributable to non-controlling interests. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as measures of liquidity, nor do they measure our ability to fund all of our cash needs, including our ability to make cash distributions to our stockholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP. Reconciliations of net income to FFO, FFO per share, AFFO, AFFO per share and Adjusted EBITDA are included in this release. Press Release Category: Financial Results View source version on businesswire.com: https://www.businesswire.com/news/home/20260729098200/en/ Contacts Investor Contacts: [email protected] (646) 949-4631 Or David KieskeEVP, Chief Financial [email protected] Moira McCloskeySVP, Capital [email protected] LinkedIn: www.linkedin.com/company/vici-properties-inc