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]

Core Viewpoint - Investing in dividend stocks, particularly real estate investment trusts (REITs), can provide a lucrative and steadily rising income stream, turning idle cash into passive income. Group 1: Dividend Stocks Overview - Four Corners Property Trust, VICI Properties, and NNN REIT are highlighted as strong income options with dividend yields of 5% or more, significantly higher than the S&P 500's average yield of less than 1.5% [2] - These REITs focus on properties secured by long-term net leases, generating stable rental income that supports attractive dividends [12] Group 2: Four Corners Property Trust - Four Corners Property Trust owns approximately 1,200 properties leased to 163 brands, with a significant portion of its rent coming from restaurants [4] - The REIT's dividend yield is around 5%, supported by stable rental income from long-term leases averaging 7.3 years remaining [3] - The company has increased its dividend by 2.9% recently and has raised it by over 45% since its spin-off from Darden in 2015 [5] Group 3: VICI Properties - VICI Properties specializes in experiential real estate, such as casinos, with long-term triple-net leases averaging 41 years remaining, providing stable cash flow [6] - A growing percentage of VICI's net leases are linked to inflation, expected to rise from 42% this year to 90% by 2035, ensuring steady rental income growth [7] - The REIT has consistently raised its dividend for seven consecutive years, with a compound annual growth rate of 7% [8] Group 4: NNN REIT - NNN REIT focuses on single-tenant retail properties, with a dividend yield of 5.7%, supported by long-term NNN leases averaging 10 years remaining [9] - The REIT has a strong track record, having increased its dividend for 35 consecutive years, ranking it among the top in the REIT sector [11] - Approximately 73% of NNN REIT's investment volume since 2007 has come from existing tenant relationships, enhancing its acquisition strategy [10]

VICI Properties Inc. (VICI) is slated to report first-quarter 2025 earnings results on April 30, after the closing bell. Its quarterly results are expected to exhibit growth in revenues and adjusted funds from operations (AFFO) per share.In the last reported quarter, this New York-based experiential REIT, which owns the portfolios of market-leading gaming, hospitality and entertainment destinations, reported an AFFO per share of 57 cents, in line with the Zacks Consensus Estimate.Over the preceding four qua ...

Core Viewpoint - The article emphasizes the importance of focusing on dividend income rather than stock price volatility, especially in the current uncertain economic environment. It highlights three specific stocks that offer reliable dividends. Group 1: TD Bank - TD Bank's shares are nearly 30% below their 2022 highs, placing it in a bear market, which has resulted in a historically high yield of around 5% [2][3] - Despite regulatory challenges due to money laundering issues in its U.S. business, TD Bank's core Canadian operations remain strong, allowing it to sustain and grow its dividend, which was recently raised by 3% [3] - The bank's ability to provide a reliable and growing dividend makes it a low-risk investment opportunity for conservative investors [3] Group 2: Vici Properties - Vici Properties is a net lease REIT primarily investing in casinos, which is perceived as risky; however, it does not operate the casinos and will continue to receive rent payments regardless of the economic conditions [4][5] - The REIT has consistently increased its dividend since its IPO, with a current yield of 5.3%, supported by long-term leases that include inflation-based rent hikes [5] - Vici's business model is designed to maintain dividends even during economic downturns, making it a stable investment option [5] Group 3: Enbridge - Enbridge is a North American midstream company with reliable cash flows from transporting oil and natural gas, allowing it to increase its dividend annually for 30 consecutive years [6][7] - The company is diversifying its operations, with 25% of its business focused on regulated natural gas utilities and clean energy, positioning it for long-term sustainability [7] - Enbridge offers a dividend yield of 5.7%, appealing to investors looking for both current income and long-term growth potential [6][7]