Financial Data and Key Metrics Changes - For Q3 2025, the company reported an AFFO per share of $0.60, reflecting a 5.3% increase compared to $0.57 in Q3 2024, demonstrating the company's ability to grow earnings despite market uncertainties [5][19][21] - The company declared a dividend of $0.45 per share, marking a 4% increase from the previous dividend, representing the eighth consecutive annual dividend increase since inception [19] Business Line Data and Key Metrics Changes - The company announced the addition of its 14th tenant, Clairvest, in connection with MGM Resorts International's agreement to sell the operations of MGM Northfield Park, with an initial annual base rent of $53 million [12][13] - The transaction will not change the total amount of rent collected by the company, as the rent under the MGM master lease will decrease by the same amount [13] Market Data and Key Metrics Changes - The company remains optimistic about the casino gaming sector, despite recent challenges in Las Vegas, citing the Venetian Resort's strong performance with record hotel revenues and gaming volumes [14][16] - The convention business in Las Vegas is highlighted as a significant growth area, with convention visitors spending 33% more than average leisure visitors [16][17] Company Strategy and Development Direction - The company emphasizes a disciplined capital allocation strategy focused on long-term growth and risk management, avoiding oversupply and obsolescence risks [10][18] - The management is exploring opportunities in university sports infrastructure, indicating a shift towards diversifying investment beyond traditional gaming assets [32][58] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current market challenges but maintains a long-term view, believing in the resilience of Las Vegas as a premier destination [15][17] - The company is actively monitoring the evolving landscape of gaming and experiential sectors, indicating readiness to adapt to market changes [18][32] Other Important Information - The company has a total debt of $17.1 billion, with a net debt to annualized third-quarter adjusted EBITDA ratio of approximately five times, at the low end of its target leverage range [20] - The updated AFFO guidance for 2025 is projected to be between $2.51 billion and $2.52 billion, or between $2.36 and $2.37 per diluted common share, representing a year-over-year growth of 4.6% [21] Q&A Session Summary Question: How often do lease amendments come up, and how does the company approach those conversations? - The company focuses on understanding challenges and working productively to find solutions, emphasizing a track record of addressing tenant needs [23][24] Question: How might the company approach the situation with Caesars regarding regional assets? - The company plans to apply the same frameworks used in the past, focusing on win-win outcomes for both parties [26][27] Question: What non-gaming conversations is the company having, particularly regarding university-level athletic facilities? - The company is exploring opportunities in university sports infrastructure, indicating a significant interest in this area [30][32] Question: What are the implications of MGM Resorts International's decision to withdraw from the New York City license bidding process? - The company was not surprised by MGM's decision and sees potential opportunities to partner with other bidders in the future [47][49] Question: How has the company's comfort level evolved regarding working with tribes in the tribal lending landscape? - The company maintains active relationships with tribes and is open to future opportunities, emphasizing the importance of strong credit investments [83] Question: What is the company's perspective on the theme park real estate ownership? - The company has studied the theme park landscape and is interested in potential opportunities, although no transactions have been made yet [70][72]

Financial Performance & Portfolio Highlights - Net income attributable to common stockholders was $762040 thousand for the three months ended September 30, 2025[17, 22] - Adjusted EBITDA attributable to common stockholders was $825582 thousand for the three months ended September 30, 2025[17, 24] - The company owns 93 experiential assets, including 54 gaming properties and 39 other experiential properties[12] - The portfolio features approximately 127 million square feet and approximately 60300 hotel rooms[12] - The portfolio has a 400 year weighted average lease term as of September 30, 2025[16] Capital Structure & Credit Metrics - Total debt was $17097906 thousand as of September 30, 2025[17, 35] - The company has a LQA Net Leverage Ratio of 50x as of September 30, 2025[17, 36] - The company's total liquidity was $3104483 thousand, including $2352094 thousand from the Revolving Credit Facility Capacity[35] Future Outlook - The company estimates AFFO for the year ending December 31, 2025, will be between $2510 million and $2520 million, or between $236 and $237 per diluted common share[32]

Key Takeaways VICI Properties' Q3 AFFO per share rose 5.3% to $0.60, topping the consensus estimate of $0.59.Total revenues grew 4.4% year over year to $1.01 billion, surpassing the expected $1.00 billion.VICI lifted its 2025 AFFO outlook to $2.36-$2.37 per share, reflecting steady operating momentum.VICI Properties (VICI) reported third-quarter adjusted funds from operations (AFFO) per share of 60 cents, beating the Zacks Consensus Estimate of 59 cents. Moreover, the figure increased 5.3% from the prior-ye ...

VICI Properties Inc. (VICI) came out with quarterly funds from operations (FFO) of $0.6 per share, beating the Zacks Consensus Estimate of $0.59 per share. This compares to FFO of $0.57 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of +1.69%. A quarter ago, it was expected that this company would post FFO of $0.6 per share when it actually produced FFO of $0.6, delivering no surprise.Over the last four quarters, the company has surp ...

Financial Performance - Total revenues for the three months ended September 30, 2025, were $1.01 billion, a 4.3% increase compared to $964.67 million for the same period in 2024[27]. - Net income attributable to common stockholders for the three months ended September 30, 2025, was $762.04 million, up 3.9% from $732.90 million in the same period last year[27]. - Net income for the nine months ended September 30, 2025, was $2,204,253, compared to $2,097,037 for the same period in 2024, reflecting an increase of approximately 5.2%[32]. - Comprehensive income attributable to common stockholders of $751.13 million for the three months ended September 30, 2025, compared to $726.39 million in the same period last year[27]. - Net income attributable to partners for Q3 2025 was $770.3 million, compared to $741.5 million in Q3 2024, reflecting a 3.9% year-over-year growth[40]. - Basic and diluted net income per Partnership unit for Q3 2025 was $0.71, up from $0.70 in Q3 2024[40]. - Net income for the nine months ended September 30, 2025, was $2,198,582, an increase of 5.2% compared to $2,090,562 in 2024[46]. Assets and Liabilities - Total assets increased to $46.54 billion as of September 30, 2025, up from $45.37 billion at December 31, 2024, representing a growth of 2.6%[24]. - Total liabilities as of September 30, 2025, were $18,422,479, slightly up from $18,400,872 as of December 31, 2024[37]. - Total stockholders' equity reached $28.10 billion as of September 30, 2025, compared to $26.95 billion at December 31, 2024, marking an increase of 4.3%[24]. - Total other assets amounted to $1,041,932,000, a slight increase from $1,030,644,000 as of December 31, 2024[136]. - Total other liabilities as of September 30, 2025, were $1,006,993,000, compared to $1,004,340,000 as of December 31, 2024[137]. Cash Flow and Investments - Cash provided by operating activities for the nine months ended September 30, 2025, was $1,818,047, compared to $1,737,401 for the same period in 2024, representing an increase of approximately 4.6%[32]. - The company reported a net cash used in investing activities of $765,460 for the nine months ended September 30, 2025, compared to $662,606 for the same period in 2024[32]. - Cash, cash equivalents, and restricted cash at the end of the period were $507,503, down from $524,615 at the beginning of the period[34]. - The company experienced a net decrease in cash of $17,112 for the nine months ended September 30, 2025[34]. - Total investments in loans and securities amounted to $786,360, compared to $473,727 in the prior year, representing a substantial increase of 66.1%[46]. Dividends and Stock - The company declared dividends of $0.4500 per common share for the quarter, totaling approximately $480.97 million[29]. - The company declared dividends of $0.4325 per common share, totaling $452,885 for the nine months ended September 30, 2025[32]. - The total outstanding common stock increased from 1,042,702,763 shares on January 1, 2024, to 1,068,808,694 shares by September 30, 2025, reflecting an issuance of 12,101,372 shares from forward sale agreements[189]. - Basic earnings per share (EPS) for the nine months ended September 30, 2025, was $2.05, compared to $1.98 for the same period in 2024, indicating a growth of approximately 3.5%[193]. - The company had approximately 9.0 million shares of common stock available for issuance under the 2017 Stock Incentive Plan as of September 30, 2025[197]. Lease and Rental Income - Total lease revenue for the nine months ended September 30, 2025, was $2.75 billion, compared to $2.69 billion for the same period in 2024, reflecting a year-over-year increase of 2.2%[110]. - Revenue from lease agreements with MGM represented 38% of total lease revenues for the three and nine months ended September 30, 2025 and 2024[96]. - Contractual rent from lease agreements with Caesars represented 36% of total lease revenues for the three and nine months ended September 30, 2025 and 2024[96]. - Properties on the Las Vegas Strip generated approximately 49% of total lease revenues for the three and nine months ended September 30, 2025[97]. - Income from sales-type leases for the three months ended September 30, 2025, was $503.0 million, an increase from $494.6 million in the same period in 2024[110]. Credit Losses and Allowances - The company reported a change in allowance for credit losses of $(20.15) million for the three months ended September 30, 2025, compared to $(31.63) million in the same period last year[27]. - The allowance for credit losses as of September 30, 2025, is $1,612,244,000, representing 3.41% of the total amortized cost of $47,291,029,000[127]. - The company recognized a $20.2 million decrease in the allowance for credit losses during the three months ended September 30, 2025, primarily due to reduced equity market volatility[128]. - The CECL allowance for unfunded commitments was $9,684,000 as of September 30, 2025, slightly up from $9,482,000 as of December 31, 2024[137]. Debt and Financing - The total debt as of September 30, 2025, was $17,097,906,000, with a carrying value of $16,762,660,000[139]. - The company had CAD borrowings of $125,720,000 and GBP borrowings of $22,186,000, both maturing on February 3, 2029[139]. - The outstanding senior unsecured notes include $2.25 billion from November 2019 Notes, $1.75 billion from February 2020 Notes, and $4.50 billion from April 2022 Notes, among others[146]. - The company recorded an unrealized loss of $2,714,000 in other comprehensive income for the three months ended September 30, 2024[163]. - The company has the option to redeem senior unsecured notes at specified prices prior to maturity, subject to certain conditions[148]. Risk Management - The company is exposed to risks in equity and debt capital markets, impacting its ability to raise capital and finance operations[274]. - Foreign currency exchange risk is managed by borrowing in the currencies of foreign investments, providing a natural hedge[275]. - The company actively monitors interest rate risks and may use interest rate swap agreements to mitigate potential impacts[273]. - The company may utilize derivative financial instruments to mitigate foreign currency risk in the future[275]. Corporate Governance - As of September 30, 2025, the company is not subject to any litigation that could materially affect its business or financial condition[172]. - The CEO reviews the consolidated income statement monthly, focusing on revenue and expense changes compared to prior periods[201]. - The company operates as a single reportable segment focused on real estate investment activities, with performance assessed using consolidated net income[200].

Exhibit 99.1 VICI PROPERTIES INC. ANNOUNCES THIRD QUARTER 2025 RESULTS - Announced 14th Tenant - - Updates Guidance for Full Year 2025 - - Announced 8th Consecutive Annual Dividend Increase - NEW YORK, NY – October 30, 2025 – VICI Properties Inc. (NYSE: VICI) ("VICI Properties", "VICI" or the "Company"), an experiential real estate investment trust, today reported results for the quarter ended September 30, 2025. All per share amounts included herein are on a per diluted common share basis unless otherwise ...

The consensus price target for VICI Properties Inc. (NYSE:VICI) has shown a positive trend, indicating a favorable outlook from analysts.Despite a recent 6.6% decline, VICI's stock is now considered oversold, suggesting a potential trend reversal.VICI Properties is expected to report positive Q3 earnings, supported by stable lease revenues and a diversified portfolio.VICI Properties Inc. (NYSE:VICI) is a leading real estate investment trust (REIT) that focuses on experiential properties, such as gaming, hos ...

Core Insights - Seven real estate stocks to watch include American Tower, Opendoor Technologies, Alexandria Real Estate Equities, Welltower, Blackstone, VICI Properties, and AGNC Investment, noted for their high trading volume recently [2] Company Summaries - **American Tower (AMT)**: A leading global REIT with over 224,000 communications sites and a significant presence in U.S. data center facilities [3] - **Opendoor Technologies (OPEN)**: Operates a digital platform for residential real estate transactions, offering services for homeowners to sell directly or list their homes [3] - **Alexandria Real Estate Equities (ARE)**: A life science REIT focused on collaborative life science and advanced technology campuses in key innovation areas [4] - **Welltower (WELL)**: A REIT transforming healthcare infrastructure by investing in seniors housing and health systems to enhance care delivery models [5] - **Blackstone (BX)**: An alternative asset management firm specializing in real estate and private equity, also providing capital markets services [6] - **VICI Properties (VICI)**: An experiential REIT with a portfolio of major gaming and hospitality destinations, including iconic Las Vegas properties [7] - **AGNC Investment (AGNC)**: A REIT investing in agency residential mortgage-backed securities, focusing on government-backed securities [7]

Core Insights - VICI Properties Inc. is expected to report third-quarter 2025 earnings on October 30, with anticipated growth in revenues and adjusted funds from operations (AFFO) per share [1][8] - The company reported an AFFO per share of 60 cents in the last quarter, aligning with the Zacks Consensus Estimate [1] Financial Performance - Over the last four quarters, VICI's AFFO per share exceeded the Zacks Consensus Estimate once and met expectations in the other quarters, with an average surprise of 0.45% [2] - The Zacks Consensus Estimate for quarterly revenues is $1.00 billion, indicating a growth of 3.99% from the previous year's quarter [3] - Income from sales-type leases is estimated at $530.52 million, up from $518.69 million year-over-year [4] - Income from lease financing receivables and loans is projected at $439.41 million, an increase from $419.12 million in the prior year [4] - Revenues from golf operations are expected to reach $8.49 million, up from $7.55 million in the year-ago period [4] - The consensus for other income stands at $19.51 million, slightly up from $19.32 million in the previous year [5] Growth Drivers - VICI's performance is likely supported by strong partnerships with top-tier experiential operators and stable revenue generation from long-term triple-net leases [2][8] - The company has diversified its portfolio beyond gaming, including investments in non-gaming experiential assets like Chelsea Piers and Bowlero, which contributes to revenue growth [3][8] Earnings Predictions - The Zacks Consensus Estimate for quarterly AFFO per share has remained unchanged at 59 cents for over three months, indicating a growth of 3.51% from the year-ago quarter [5] - The current Earnings ESP for VICI Properties is 0.00%, with a Zacks Rank of 2, suggesting a lack of definitive prediction for a surprise in AFFO per share this quarter [6][7]

Core Insights - VICI Properties Inc. closed at $31.21, with a daily increase of +1.13%, outperforming the S&P 500's gain of 1.07% [1] - The company has experienced a monthly decline of 3.08%, which is worse than the Finance sector's loss of 2.19% and the S&P 500's gain of 1.08% [1] Earnings Performance - VICI Properties Inc. is set to release its earnings report on October 30, 2025, with projected earnings per share (EPS) of $0.6, indicating a 5.26% increase year-over-year [2] - Revenue is expected to reach $1 billion, reflecting a 3.99% rise from the same quarter last year [2] Full Year Projections - For the full year, earnings are projected at $2.4 per share and revenue at $4 billion, representing increases of +6.19% and +3.98% respectively from the prior year [3] - Recent analyst estimate revisions suggest a positive outlook for the business [3] Analyst Ratings - The Zacks Rank system rates VICI Properties Inc. at 2 (Buy), with a historical average annual return of +25% for stocks rated 1 since 1988 [5] - The Zacks Consensus EPS estimate has increased by 0.2% in the past month [5] Valuation Metrics - VICI Properties Inc. has a Forward P/E ratio of 12.89, which is higher than the industry average of 11.3 [6] - The company has a PEG ratio of 3.04, compared to the industry average of 2.68, indicating a premium valuation relative to expected earnings growth [7] Industry Context - The REIT and Equity Trust - Other industry, which includes VICI, has a Zacks Industry Rank of 75, placing it in the top 31% of over 250 industries [7][8] - The Zacks Industry Rank indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [8]