Core Viewpoint - Vici Properties has demonstrated superior growth compared to its peers, with a 7% compound annual growth rate in dividend payments since its inception, significantly outpacing the 2% average of other triple net REITs [1] Group 1: Growth Strategy - The company's focus on strategic partnerships is a crucial driver of its above-average growth, enabling portfolio expansion and increased cash flow [2] - Vici Properties invests in experiential real estate sectors such as gaming, hospitality, and entertainment, positioning itself as a partner rather than just a landlord [3] - Long-standing partnerships with major operators, including Caesars Entertainment and MGM Resorts, enhance revenue generation through steady rental income [4][5] Group 2: Capital Support and Investment Opportunities - Vici Properties provides additional capital to tenants for expansion through various means, including sale-leaseback transactions and loans, creating mutually beneficial partnerships [6] - The company has supported Great Wolf Lodge with over $720 million in capital since 2021 and provided $700 million for renovations at The Venetian Las Vegas, leading to increased rental income [7] Group 3: New Partnerships and Growth Projections - Vici Properties is actively seeking new partnerships, having established two significant relationships this year that will drive future growth [8] - The partnership with Cain International involves a $300 million mezzanine loan for the development of One Beverly Hills, a luxury mixed-use project [9] - A collaboration with Red Rock Resorts includes up to $510 million in funding for a tribal casino in California, marking Red Rock's first partnership with a REIT [10] Group 4: Financial Outlook - The company's success in forming new partnerships has led to an increase in its guidance for adjusted funds from operations (FFO), now projected to be between $2.33 and $2.36 per share, reflecting a 4.4% growth at the high end [11][12] - With a 5.5% yielding dividend, the total return could approach 10% if stock prices align with earnings growth, supporting continued dividend increases [12] Group 5: Overall Strategy Effectiveness - Vici Properties' strategy of partnering with leading operators continues to yield rising rental income and new investment opportunities, enhancing portfolio growth and shareholder value [13]

Core Viewpoint - VICI Properties reported a first-quarter adjusted funds from operations (AFFO) per share of 58 cents, consistent with estimates, and a 3.6% increase year-over-year, driven by revenue growth from sales-type leases and lease financing, despite higher interest expenses [1][2] Financial Performance - Total revenues for VICI Properties reached $984.2 million, slightly below the consensus estimate of $985.6 million, marking a 3.4% year-over-year increase [2] - Income from sales-type leases was $528.6 million, up 3.1% from the previous year, while income from lease financing receivables, loans, and securities rose 4.2% to $426.5 million [3] - Other income increased by 1% to $19.5 million, although golf revenues fell by 4.8% to $9.6 million [3] - Quarterly interest expenses rose 2.1% year-over-year to $209.3 million [3] Balance Sheet Position - As of March 31, 2024, VICI Properties had cash and cash equivalents of $334.3 million, down from $524.6 million at the end of 2024 [5] - Total liquidity was reported at $3.2 billion, which includes cash, estimated net proceeds from forward sale agreements, and availability under a revolving credit facility [5] - Total debt increased to approximately $17.2 billion, up from $17.1 billion in the previous quarter [6] 2025 Outlook - The company raised its AFFO per share guidance for 2025 to a range of $2.33-$2.36, above the previous guidance of $2.32-$2.35, aligning with the current consensus estimate [7]

Financial Data and Key Metrics Changes - The company reported an AFFO per share of $0.58 for Q1 2025, representing a 4.3% increase compared to $0.56 for Q1 2024 [23] - The net debt to annualized first quarter adjusted EBITDA is approximately 5.3 times, within the target leverage range of 5 to 5.5 [21] - The company raised its AFFO guidance for 2025 to between $2.47 billion and $2.50 billion, or between $2.33 and $2.36 per diluted common share, indicating a year-over-year growth of 3.8% [24] Business Line Data and Key Metrics Changes - The company successfully addressed all 2025 maturities, with no debt maturing until September 2026 [20] - A bond offering was priced, issuing $400 million of three-year notes at a coupon of 4.75% and $900 million of ten-year notes at a coupon of 5.625% [20] Market Data and Key Metrics Changes - The company continues to believe in the resilience of Las Vegas, citing strong demand drivers and significant events that attract visitors [17] - Las Vegas hosted major events, such as WWE's WrestleMania, which drew nearly 125,000 fans, indicating robust market activity [17] Company Strategy and Development Direction - The company emphasizes maintaining and growing cash income distributed to stockholders in the form of dividends, which is a key focus for REIT investors [8] - A new partnership with Red Rock Resorts was established for the development of a casino on tribal land, showcasing the company's strategy of building long-term investment partnerships [14][15] Management's Comments on Operating Environment and Future Outlook - Management noted that the current macroeconomic volatility affects growth ambitions and M&A activity, but they remain focused on building relationships and investment pipelines [46] - The company is optimistic about the future of tribal gaming in California, viewing it as a growing opportunity for capital investment [78] Other Important Information - The company has approximately $3.2 billion in total liquidity, which includes cash and availability under its revolving credit facility [21] - The company maintains a low G&A ratio of 1.5% of total revenues, one of the lowest in the REIT sector [24] Q&A Session Summary Question: Can you provide more details on the new deal with Red Rock Resorts? - Management expressed confidence in the partnership, highlighting Red Rock's extensive experience and the favorable location of the new casino project [30][32] Question: How does the collateral work for the casino on tribal land? - The borrower is the tribe, with Red Rock providing a completion guarantee, and the collateral is primarily the building itself [66][69] Question: What is the company's view on tribal sale leasebacks? - Management indicated that tribal sale leasebacks remain complex, and they are still in a learning phase regarding the nuances of such deals [36] Question: Are tariffs impacting construction budgets for partners? - Management acknowledged general conditions in construction but expressed confidence in their partners' ability to manage these challenges [40][42] Question: What is the current pipeline of opportunities amid macro volatility? - Management noted that while volatility affects growth ambitions, they continue to engage with operators to explore potential opportunities [46][48] Question: How is the risk management process structured? - The company has a rigorous risk management process in place, meeting quarterly to review tenant performance and loan investments [108]

Financial Data and Key Metrics Changes - The company reported an AFFO per share of $0.58 for Q1 2025, representing a 4.3% increase from $0.56 in Q1 2024 [20] - The net debt to annualized first quarter adjusted EBITDA is approximately 5.3 times, within the target leverage range of 5 to 5.5 [19] - The company raised its AFFO guidance for 2025 to between $2.47 billion and $2.50 billion, or between $2.33 and $2.36 per diluted common share, indicating a year-over-year growth of 3.8% [21][22] Business Line Data and Key Metrics Changes - The company successfully closed a $510 million delayed draw term loan facility for the development of the North Fork Mono Casino and Resort in partnership with Red Rock Resorts [12] - The casino is expected to feature 2,400 slot machines and 40 table games, indicating a significant investment in the gaming sector [12] Market Data and Key Metrics Changes - Las Vegas continues to show strong demand, with events like WWE's WrestleMania drawing nearly 125,000 fans, highlighting the city's appeal [15] - The company believes that Las Vegas may benefit from a domestic trade-down effect if Americans forgo international travel, as only 12% of Las Vegas visitation in 2024 was from international travelers [15] Company Strategy and Development Direction - The company emphasizes maintaining and growing cash income distributed to stockholders in the form of dividends, which is a key focus for REIT investors [5] - The partnership with Red Rock Resorts represents a strategic move into tribal land investments, showcasing the company's ability to identify high-quality opportunities in the gaming sector [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of property performance during periods of market volatility, focusing on strong relationships with tenants [16] - The management team highlighted the importance of dividends in total returns, especially in the current economic environment [10] Other Important Information - The company has approximately $3.2 billion in total liquidity, which includes $334 million in cash and $2.3 billion of availability under its revolving credit facility [19] - The company has a weighted average interest rate of 4.47% and a weighted average maturity of 6.7 years, reflecting proactive risk management [19] Q&A Session Summary Question: Can you provide more details on the new property deal and its market draw? - Management highlighted the large catchment area for the North Fork project, emphasizing the operator's experience and the potential to attract new customers [26][30] Question: Has the view on tribal sale leasebacks changed? - Management acknowledged the complexities of tribal sale leasebacks but expressed confidence in the current deal due to the operator's experience [34][35] Question: Are tariffs impacting construction budgets or timelines? - Management noted that experienced development partners are managing tariff-related challenges effectively [38][39] Question: What is the current pipeline outlook amid macro volatility? - Management indicated that while volatility affects growth ambitions, they continue to engage with operators to explore opportunities [44][46] Question: Can you elaborate on the capital structure of the Red Rock deal? - The total facility for the project is $725 million, with a blended yield around 7%, reflecting a strong partnership with Red Rock [84][85] Question: Is there an appetite for more construction lending? - Management clarified that while there is no general strategy for construction lending, they are open to opportunities that align with their relationship-based approach [92][93]

For the quarter ended March 2025, VICI Properties Inc. (VICI) reported revenue of $984.2 million, up 3.4% over the same period last year. EPS came in at $0.58, compared to $0.57 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $985.56 million, representing a surprise of -0.14%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.58.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Str ...

Group 1: Financial Performance - VICI Properties Inc. reported quarterly funds from operations (FFO) of $0.58 per share, matching the Zacks Consensus Estimate and showing an increase from $0.56 per share a year ago [1] - The company posted revenues of $984.2 million for the quarter ended March 2025, slightly missing the Zacks Consensus Estimate by 0.14%, but up from $951.48 million year-over-year [2] - The current consensus FFO estimate for the upcoming quarter is $0.58 on revenues of $995.74 million, and for the current fiscal year, it is $2.33 on revenues of $3.99 billion [7] Group 2: Market Performance and Outlook - VICI Properties shares have increased approximately 10.4% since the beginning of the year, contrasting with a decline of -5.5% in the S&P 500 [3] - The estimate revisions trend for VICI Properties is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] - The outlook for the REIT and Equity Trust - Other industry is currently in the bottom 36% of Zacks industries, which may impact stock performance [8]

Explanatory Note [Combined Reporting Structure](index=3&type=section&id=Combined%20Reporting%20Structure) This report combines quarterly filings for VICI Properties Inc. and VICI Properties L.P., reflecting their single enterprise operation - This Form 10-Q combines reports for **VICI Properties Inc. (VICI)** and **VICI Properties L.P. (VICI LP)**[7](index=7&type=chunk) - VICI, a REIT, is the sole general partner of VICI LP, indirectly owning approximately **98.9% of VICI OP** as of March 31, 2025[9](index=9&type=chunk) - The combined reporting streamlines presentation, reflecting management's view of the business as a single enterprise[12](index=12&type=chunk)[14](index=14&type=chunk) - Key financial statement differences between VICI and VICI LP as of March 31, 2025, include cash, equity/capital, non-controlling interests, and golf operations[17](index=17&type=chunk) PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) Unaudited consolidated financial statements for VICI Properties Inc. and L.P. for Q1 2025 and 2024 are presented [Financial Statements of VICI Properties Inc.](index=7&type=section&id=Financial%20Statements%20of%20VICI%20Properties%20Inc.) VICI Properties Inc. reported Q1 2025 revenues of **$984.2 million** and net income of **$543.6 million** VICI Properties Inc. - Key Financial Highlights (Q1 2025 vs Q1 2024, in Millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Total Revenues** | $984.2 | $951.5 | | **Net Income to Common Stockholders** | $543.6 | $590.0 | | **Diluted EPS** | $0.51 | $0.57 | VICI Properties Inc. - Balance Sheet Summary (in Millions) | Metric | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | $45,526.1 | $45,368.9 | | **Total Liabilities** | $18,503.4 | $18,417.1 | | **Total Stockholders' Equity** | $27,022.7 | $26,951.8 | - Net cash provided by operating activities increased to **$591.9 million** in Q1 2025 from **$543.7 million** in Q1 2024[31](index=31&type=chunk) - Net cash used in investing activities significantly increased to **$385.6 million** in Q1 2025 from **$109.2 million** in Q1 2024, driven by higher investments in loans and securities[31](index=31&type=chunk) [Financial Statements of VICI Properties L.P.](index=12&type=section&id=Financial%20Statements%20of%20VICI%20Properties%20L.P.) VICI Properties L.P. reported Q1 2025 revenues of **$974.6 million** and net income of **$547.8 million** VICI Properties L.P. - Key Financial Highlights (Q1 2025 vs Q1 2024, in Millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Total Revenues** | $974.6 | $941.4 | | **Net Income to Partners** | $547.8 | $594.1 | | **Diluted EPU** | $0.51 | $0.56 | VICI Properties L.P. - Balance Sheet Summary (in Millions) | Metric | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | $45,442.2 | $45,285.8 | | **Total Liabilities** | $18,488.2 | $18,400.9 | | **Total Partners' Capital** | $26,953.9 | $26,884.9 | [Notes to Consolidated Financial Statements](index=17&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail business, accounting policies, real estate portfolio, and debt, including **93 experiential assets** - The company's portfolio comprises **93 experiential assets**, including **54 gaming properties**, under long-term triple-net leases[51](index=51&type=chunk) - The total allowance for credit losses (CECL) increased to **$1,774.0 million** as of March 31, 2025, from **$1,585.4 million** at year-end 2024[121](index=121&type=chunk) - Total debt outstanding was approximately **$17.2 billion** as of March 31, 2025, with **$1.3 billion** in new senior notes issued post-quarter to redeem 2025 maturities[132](index=132&type=chunk)[138](index=138&type=chunk)[140](index=140&type=chunk) - Revenue from **MGM** and **Caesars** represented **38%** and **36%** of Q1 2025 lease revenues, respectively, highlighting tenant concentration[93](index=93&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 financial performance, noting revenue growth and net income decline due to increased credit loss allowance - In Q1 2025, the company acquired a **$300.0 million** interest in a mezzanine loan for the One Beverly Hills development[205](index=205&type=chunk) - The company secured a new **$2.5 billion** revolving credit facility maturing in 2029 and issued **$1.3 billion** in senior notes post-quarter to refinance 2025 debt[207](index=207&type=chunk) Q1 2025 vs Q1 2024 Results of Operations (in Thousands) | Metric | Q1 2025 | Q1 2024 | Variance | | :--- | :--- | :--- | :--- | | **Total Revenues** | $984,204 | $951,481 | $32,723 | | **Change in allowance for credit losses** | $186,957 | $106,918 | $80,039 | | **Net Income** | $552,265 | $599,803 | ($47,538) | - As of March 31, 2025, total liquidity was approximately **$3.2 billion**, including cash, revolver capacity, and forward sale agreement proceeds[232](index=232&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks, primarily interest rate and foreign currency, with **98.6%** of its debt fixed-rate - As of March 31, 2025, **98.6%** of the company's **$17.2 billion** debt was fixed-rate, mitigating interest rate volatility[257](index=257&type=chunk) - A **1%** change in interest rates on variable-rate borrowings would impact annual cash interest expense by approximately **$2.5 million**[257](index=257&type=chunk) - Foreign currency risk is managed via a natural hedge strategy, borrowing in the same currencies as foreign investments (CAD and GBP)[260](index=260&type=chunk) [Controls and Procedures](index=56&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2025, with no material internal control changes - Management of both VICI Properties Inc. and VICI Properties L.P. concluded their disclosure controls and procedures were effective as of the report period end[263](index=263&type=chunk)[266](index=266&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter[264](index=264&type=chunk)[267](index=267&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings) As of March 31, 2025, the company is not subject to any material litigation expected to adversely affect its business - As of March 31, 2025, the company is not involved in any litigation expected to materially adversely affect its business[165](index=165&type=chunk)[268](index=268&type=chunk) [Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported during the quarter - No material changes to the company's risk factors occurred during the three months ended March 31, 2025[269](index=269&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=58&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) VICI Properties Inc. repurchased **233,942** shares in Q1 2025 at **$30.67** per share for employee tax obligations VICI Properties Inc. Share Repurchases Q1 2025 | Period | Total Shares Purchased | Average Price Paid per Share ($) | | :--- | :--- | :--- | | Feb 1 - Feb 28, 2025 | 233,942 | $30.67 | | **Total** | **233,942** | **$30.67** | - Repurchased shares were surrendered by employees to satisfy minimum tax withholding obligations upon stock award vesting[272](index=272&type=chunk) [Other Information](index=60&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated Rule 10b5-1 trading arrangements in Q1 2025 - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during Q1 2025[276](index=276&type=chunk) [Exhibits](index=61&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including debt indentures, credit agreements, and officer certifications - Key exhibits include the Fourth Supplemental Indenture for April 2025 notes and the Credit Agreement for the new Revolving Credit Facility dated February 3, 2025[278](index=278&type=chunk)

Exhibit 99.1 VICI PROPERTIES INC. ANNOUNCES FIRST QUARTER 2025 RESULTS - Entered Agreement to Provide up to $510.0 Million for Development of Tribal Casino to be Managed by Red Rock Resorts - - Completed $1.3 Billion Investment Grade Senior Notes Of ering - - Raises Guidance for Full Year 2025 - NEW YORK, NY – April 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 March 31, 20 ...

Group 1: Realty Income - Realty Income is characterized as a reliable dividend stock with a focus on single-tenant properties under net leases, with 75% of its rents coming from retail assets [2] - The company has a diversified portfolio of over 15,600 properties across the U.S. and Europe, contributing to its stability [2] - Realty Income has increased its dividend annually for three decades, offering a yield of 5.6%, which is above the REIT average [3][5] Group 2: Vici Properties - Vici Properties owns casino properties rather than operating them, which positions it to benefit from the necessity of rent payments by casino operators [4] - The company has demonstrated resilience during economic downturns, including the pandemic, by increasing its dividend despite casino closures [4] - Vici Properties has an average annual dividend growth rate of around 7%, with a current yield of 5.4% [5] Group 3: Rexford Industrial - Rexford Industrial focuses exclusively on warehouse properties in Southern California, a significant market with supply constraints [6][7] - The company has a historically high yield of 5.2%, presenting an opportunity for long-term investors despite geopolitical concerns [6] - Rexford has achieved over a decade of dividend growth, with an annualized growth rate exceeding 10% [8] Group 4: Investment Considerations - For conservative investors, Realty Income is likely the preferred choice due to its stability [10] - Investors seeking higher dividend growth may favor Vici Properties, while those willing to take on more risk might consider Rexford Industrial for its rapid dividend expansion [10] - All three companies offer above-industry-average yields and are supported by strong business fundamentals [10]

Core Viewpoint - VICI Properties Inc. is expected to report quarterly earnings of $0.58 per share, reflecting a 3.6% increase year-over-year, with revenues forecasted at $985.56 million, also a 3.6% increase compared to the same period last year [1] Earnings Estimates - Over the last 30 days, the consensus EPS estimate has been revised downward by 0.1%, indicating a collective reassessment by analysts [2] - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock price performance [3] Revenue Forecasts - Analysts predict 'Revenues- Golf revenues' will reach $10.60 million, a 5% increase from the prior-year quarter [5] - 'Revenues- Other income' is estimated at $19.29 million, reflecting a slight decrease of 0.1% year-over-year [6] - 'Revenues- Income from lease financing receivables and loans' is expected to be $425.25 million, indicating a 3.9% increase from the previous year [7] - 'Revenues- Income from sales-type leases' is forecasted to reach $530.04 million, representing a 3.4% increase compared to the prior-year quarter [8] Market Performance - Shares of VICI Properties have increased by 0.7% over the past month, contrasting with a -4.3% change in the Zacks S&P 500 composite, suggesting a potential outperformance in the near future [8]