Group 1 - The article discusses the investment strategy focused on identifying undervalued Real Estate Investment Trusts (REITs) during market downturns, particularly in the context of the COVID-19 pandemic [1] - The investment approach emphasizes long-term horizons and contrarian strategies to uncover deep-value opportunities [1] - A specific target for VICI Properties is mentioned, with a desired dividend yield of approximately 6.5%, translating to a share price of around $26.50 based on current annualized dividends [3]

Core Viewpoint - Investing in high-yield dividend stocks, specifically EPR Properties and Vici Properties, can generate significant passive income through their stable and growing dividend payouts Group 1: EPR Properties - EPR Properties is a REIT focused on experiential real estate, owning a diversified portfolio that includes movie theaters, health and fitness properties, and entertainment spaces [2] - The company leases properties under long-term, triple net leases, providing stable cash flow as tenants cover all operating costs [3] - EPR expects to generate $5 to $5.16 per share of funds from operations (FFO) this year, covering its monthly dividend payment of $0.295 per share, or $3.54 annually [5] - The company invested $86.3 million in new properties in the first half of the year and plans to invest $200 million to $300 million in new properties this year [6][7] - EPR raised its dividend payout by 3.5% earlier this year, indicating growth potential [7] Group 2: Vici Properties - Vici Properties is another REIT that invests in experiential real estate, focusing on gaming, hospitality, and entertainment destinations, including iconic casinos on the Las Vegas Strip [8] - The company leases properties under long-term NNN contracts, with a weighted average remaining term of over 40 years, and 42% of leases are linked to inflation [9] - Vici currently pays $0.4325 per share quarterly in dividends, totaling $1.73 annually, with expected adjusted FFO of $2.35 to $2.37 per share this year [10] - The company has secured significant new investments, including a loan of up to $510 million for a casino development and a $450 million mezzanine loan for a luxury development [11] - Vici has raised its dividend for seven consecutive years, with a compound annual growth rate of 7.4%, outperforming the average of other REITs [12] Group 3: Investment Opportunity - Both EPR Properties and Vici Properties offer diversified and growing portfolios of experiential real estate, providing rising rental income streams to support dividends and further investments [13]

Financial Data and Key Metrics Changes - AFFO per share for the quarter was $0.60, an increase of 4.9% compared to $0.57 for the same quarter in 2024 [22] - The midpoint of the revised 2025 guidance now calls for 4.4% growth in AFFO per share versus 2024 [10][23] - Total debt is $17.1 billion with a net debt to annualized second quarter adjusted EBITDA of approximately 5.1 times, within the target leverage range of 5 to 5.5 times [21] Business Line Data and Key Metrics Changes - VICI's same store NOI growth rate is over five times higher than the average projected rate for net lease REITs [11] - The company is generating earnings growth through a combination of same store earnings growth and new store external growth [10] Market Data and Key Metrics Changes - Las Vegas has experienced a period of normalization after years of record-breaking growth, with higher-end properties still running at over 90% occupancy levels [17] - The lower-end consumer has declined recently, prompting operators to adjust strategies to attract budget-conscious visitors [17] Company Strategy and Development Direction - The company emphasizes the importance of dividends in creating value for shareholders, focusing on total return through dividend return and earnings growth [7][8] - VICI is cultivating relationships with best-in-class operating partners and diversifying investments beyond gaming, including theme parks and youth sports [15][98] Management's Comments on Operating Environment and Future Outlook - Management remains confident in Las Vegas's long-term trajectory despite recent declines in visitation and gaming revenue [17] - The company believes its rental income is insulated from cyclical fluctuations due to long-term leases with corporate guarantees [18] Other Important Information - The company raised its AFFO guidance for 2025, now expecting between $2.5 billion and $2.52 billion, or between $2.35 and $2.37 per diluted common share [23] - VICI's capital markets independence allows it to generate earnings growth without significant reliance on external funding [12] Q&A Session Summary Question: What drove the decision to increase your mezzanine loan investment on the 1 Beverly Hills by $150 million? - The increase is part of a larger financing effort for a $6 billion project, with expectations of further commitments as construction financing progresses [26] Question: Are you seeing or expecting any fee simple opportunities from these relationships? - There is potential for fee simple opportunities, particularly with partners like Kane and Eldridge, as they expand their investments [28] Question: How have deal discussions been for sale-leaseback or other loans recently? - There have been no significant changes in deal discussions, with continued activity across various sectors [32] Question: What are your views on iGaming proliferation? - The company monitors iGaming developments closely, as it is important for many tenants and their overall credit [36] Question: Are there good opportunities for debt investments? - There appears to be more credit opportunities than real estate transaction opportunities currently [42] Question: How do you feel about the regional gaming markets? - The company remains excited about the gaming industry overall, with positive trends in regional markets [48] Question: What are your thoughts on the Caesars Forum Convention Center call option? - The company is assessing the opportunity and has time to evaluate its options regarding the asset [90] Question: How are you seeing the performance of Canadian properties amid declining visitation to Las Vegas? - Performance of Canadian assets has been strong, with indications that more Canadians are visiting local properties [72]

Financial Data and Key Metrics Changes - AFFO per share for the quarter was $0.60, an increase of 4.9% compared to $0.57 for the quarter ended June 30, 2024 [21] - The midpoint of the revised 2025 guidance now calls for 4.4% growth in AFFO per share versus 2024 [9][23] - Total debt is $17.1 billion with a net debt to annualized second quarter adjusted EBITDA of approximately 5.1 times, well within the target leverage range of five to 5.5 times [20] Business Line Data and Key Metrics Changes - VICI's same store NOI growth rate is over five times higher than the average projected rate for net lease REITs [10] - The company is generating earnings growth through a combination of same store earnings growth and new store external growth [9] Market Data and Key Metrics Changes - Las Vegas has experienced a period of normalization after years of record-breaking growth, with higher-end properties still running at over 90% occupancy levels [16] - The lower-end consumer has declined recently, prompting operators of lower-tier properties to adjust strategies to attract budget-conscious visitors [16] Company Strategy and Development Direction - The company emphasizes the importance of dividends in creating value for shareholders, focusing on total return through dividend return and earnings growth [5][6] - VICI is cultivating relationships with best-in-class operating partners and diversifying its portfolio beyond gaming [13][101] - The company is committed to capital markets independence and disciplined cost management to defend dividends and grow earnings [11] Management's Comments on Operating Environment and Future Outlook - Management remains confident in Las Vegas's long-term trajectory despite recent declines in visitation and gross gaming revenue [15] - The company believes that the current moderation in Las Vegas is temporary and that long-term investments will continue to drive growth [18] - Management is optimistic about the potential for new generations of visitors and ongoing capital investments in Las Vegas [18] Other Important Information - The company raised its AFFO guidance for 2025, now expecting between $2.5 billion and $2.52 billion, or between $2.35 and $2.37 per diluted common share [22][23] - VICI has approximately $2.9 billion in total liquidity, allowing for continued investment opportunities [20] Q&A Session Summary Question: What drove the decision to increase your mezzanine loan investment on the 1 Beverly Hills by $150 million? - The increase is part of a larger financing effort for a $6 billion project, with expectations for further commitments as construction financing progresses [26][27] Question: Are you seeing or expecting any fee simple opportunities from these relationships? - There is potential for fee simple opportunities, particularly with partners like Kane and Eldridge, who have diverse investments [28] Question: How have deal discussions been for sale leaseback or other loans recently? - There have been no significant changes in deal discussions, with continued interest across various sectors [31][34] Question: What are your views on iGaming proliferation? - The company monitors iGaming developments closely, recognizing its importance to many tenants' overall credit [35][38] Question: Are there good opportunities for debt investments? - The company is focused on capital allocation and is seeing more credit opportunities than real estate transaction opportunities [42] Question: What are your thoughts on the Caesars Forum Convention Center call option? - The company is assessing the opportunity and has time to evaluate its options regarding the asset [92][94] Question: Which regional markets are you most interested in? - Las Vegas remains the top regional market, with interest in Reno and emerging markets like Virginia [114][115]

Financial Performance - Net income attributable to common stockholders for the three months ended June 30, 2025, was $865079 thousand, or $082 per basic and diluted share[16, 21] - Adjusted Funds From Operations (AFFO) for the three months ended June 30, 2025, was $630178 thousand, or $060 per basic and diluted share[23] - Adjusted EBITDA attributable to common stockholders for the three months ended June 30, 2025, was $822239 thousand[16, 23] - The company is raising AFFO guidance for the full year 2025 to between $2500 million and $2520 million, or between $235 and $237 per diluted common share[31, 32] Portfolio and Lease Agreements - VICI Properties owns 93 experiential assets, including 54 gaming properties and 39 other experiential properties across the United States and Canada[12] - The portfolio features approximately 127 million square feet and approximately 60300 hotel rooms[12] - The weighted average lease term is 402 years as of June 30, 2025[16] - Annualized contractual rent from MGM Master Lease is $7747 million[29] - Total annualized contractual rent and income from loans and securities is $33752 million[29] Capital Structure and Credit Metrics - Total debt as of June 30, 2025, was $17273519 thousand[16, 34] - Equity market capitalization was $34874190 thousand, with a share price of $3260[16, 34] - LQA Net Leverage Ratio was 52x[16, 35]

Core Insights - VICI Properties reported second-quarter adjusted funds from operations (AFFO) per share of 60 cents, matching the Zacks Consensus Estimate and reflecting a 5% increase year-over-year [1][10] - Total revenues reached $1.0 billion, exceeding the Zacks Consensus Estimate of $996.1 million, with a year-over-year growth of 4.6% [2][10] - The company raised its AFFO per share outlook for 2025 to a range of $2.35-$2.37, above the previous guidance of $2.33-$2.36 [8] Revenue Breakdown - Income from sales-type leases was $530.3 million, a 3.5% increase from the prior year [3] - Income from lease financing receivables, loans, and securities amounted to $440.3 million, rising 6.4% year-over-year [3] - Other income for the quarter was $19.5 million, up 1.1% from the previous year, while golf revenues declined 4.2% to $11.2 million [3] Expenses and Commitments - Quarterly interest expenses increased by 3.9% year-over-year to $213.8 million [4][10] - The company committed approximately $510 million to a delayed draw term loan facility for the North Fork Mono Casino & Resort development [4] - An additional commitment of $150 million was made into a mezzanine loan for the development of One Beverly Hills [5] Balance Sheet Position - As of June 30, 2025, VICI Properties had cash and cash equivalents of $233.0 million, down from $334.3 million at the end of Q1 2025 [6] - Total liquidity stood at $3.0 billion, including cash, estimated net proceeds from forward sale agreements, and availability under its revolving credit facility [6] - Total debt increased to approximately $17.3 billion, up from $17.2 billion in the previous quarter [7]

Core Insights - VICI Properties Inc. reported revenue of $1 billion for the quarter ended June 2025, reflecting a 4.6% increase year-over-year, while EPS decreased to $0.60 from $0.71 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $996.07 million by 0.53%, but the company did not deliver an EPS surprise as the consensus EPS estimate was also $0.60 [1] Revenue Breakdown - Other income was reported at $19.54 million, slightly above the average estimate of $19.5 million, marking a year-over-year increase of 1.1% [4] - Golf revenues totaled $11.19 million, below the estimated $11.52 million, representing a 4% decline compared to the previous year [4] - Income from sales-type leases was $530.35 million, slightly below the average estimate of $530.83 million, with a year-over-year increase of 3.5% [4] - Income from lease financing receivables, loans, and securities reached $440.26 million, surpassing the estimated $436.44 million, showing a 6.4% increase year-over-year [4] Stock Performance - VICI Properties' shares returned -0.3% over the past month, contrasting with the Zacks S&P 500 composite's increase of 3.4% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Group 1 - VICI Properties Inc. reported quarterly funds from operations (FFO) of $0.6 per share, matching the Zacks Consensus Estimate, and showing an increase from $0.57 per share a year ago [1] - The company posted revenues of $1 billion for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 0.53%, compared to $957 million in the same quarter last year [2] - VICI Properties shares have increased approximately 12.5% since the beginning of the year, outperforming the S&P 500's gain of 8.3% [3] Group 2 - The current consensus FFO estimate for the upcoming quarter is $0.60 on revenues of $997.1 million, and for the current fiscal year, it is $2.38 on revenues of $3.99 billion [7] - The REIT and Equity Trust - Other industry, to which VICI Properties belongs, is currently ranked in the top 34% of over 250 Zacks industries, indicating a favorable outlook [8]

```markdown [Explanatory Note](index=3&type=section&id=Explanatory%20Note) [Explanatory Note](index=3&type=section&id=Explanatory%20Note) This report combines the quarterly filings for VICI Properties Inc., a Real Estate Investment Trust (REIT), and its operating partnership, VICI Properties L.P., providing a holistic view as management operates them as a single enterprise - This is a combined quarterly report for VICI Properties Inc. (a REIT) and VICI Properties L.P. (the operating partnership)[7](index=7&type=chunk) - VICI Properties Inc. is the sole owner of the general partner of VICI L.P. and owns approximately **98.9%** of the operating partnership units (VICI OP Units) as of June 30, 2025[9](index=9&type=chunk) - The primary differences in the consolidated financial statements between VICI Inc. and VICI L.P. are in cash and cash equivalents, stockholders' equity/partners' capital, non-controlling interests, and golf operations[17](index=17&type=chunk) [PART I. FINANCIAL INFORMATION](index=7&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for both VICI Properties Inc. and VICI Properties L.P. for the three and six months ended June 30, 2025, including balance sheets, statements of operations, and cash flows, followed by detailed notes [Financial Statements of VICI Properties Inc. (Unaudited)](index=7&type=section&id=Financial%20Statements%20of%20VICI%20Properties%20Inc.%20(Unaudited)) For the six months ended June 30, 2025, VICI Properties Inc. reported total revenues of **$1.99 billion** and net income attributable to common stockholders of **$1.41 billion**, or **$1.33** per diluted share, with total assets at **$46.05 billion** and total debt of **$16.92 billion** VICI Properties Inc. - Key Financials (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenues | $1,001.3M | $957.0M | | Net Income Attributable to Common Stockholders | $865.1M | $741.3M | | Diluted EPS | $0.82 | $0.71 | VICI Properties Inc. - Key Financials (Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenues | $1,985.5M | $1,908.5M | | Net Income Attributable to Common Stockholders | $1,408.7M | $1,331.3M | | Diluted EPS | $1.33 | $1.28 | VICI Properties Inc. - Balance Sheet Summary | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Assets | $46,054.0M | $45,368.9M | | Debt, net | $16,922.3M | $16,732.9M | | Total Stockholders' Equity | $27,444.1M | $26,951.8M | [Financial Statements of VICI Properties L.P. (Unaudited)](index=13&type=section&id=Financial%20Statements%20of%20VICI%20Properties%20L.P.%20(Unaudited)) For the six months ended June 30, 2025, VICI Properties L.P. reported total revenues of **$1.96 billion** and net income attributable to partners of **$1.42 billion**, with total assets of **$45.97 billion** VICI Properties L.P. - Key Financials (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenues | $990.1M | $945.3M | | Net Income Attributable to Partners | $871.9M | $746.2M | | Diluted EPU | $0.82 | $0.71 | VICI Properties L.P. - Balance Sheet Summary | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Assets | $45,967.5M | $45,285.8M | | Debt, net | $16,922.3M | $16,732.9M | | Total Partners' Capital | $27,372.4M | $26,884.9M | [Notes to Consolidated Financial Statements](index=19&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, significant activities including new debt investments and a **$2.5 billion** credit facility, and the company's business of owning **93** experiential assets with significant tenant concentration - The company owns **93** experiential assets, including **54** gaming properties and **39** other properties, leased to leading brands under long-term triple-net leases[53](index=53&type=chunk) - Significant tenant concentration exists with MGM and Caesars, who represented **38%** and **36%** of lease revenues, respectively, for the first six months of 2025, with Las Vegas Strip properties generating **49%** of lease revenues[95](index=95&type=chunk)[96](index=96&type=chunk) - In H1 2025, the company made new real estate debt investments, including a **$450 million** mezzanine loan for the One Beverly Hills development and a commitment of up to **$510 million** for the North Fork Casino & Resort development[102](index=102&type=chunk)[103](index=103&type=chunk)[105](index=105&type=chunk) Allowance for Credit Losses (CECL) | Category | Amortized Cost (Jun 30, 2025) | Allowance (Jun 30, 2025) | | :--- | :--- | :--- | | Investments in leases – sales-type | $24,504.5M | $(817.6)M | | Investments in leases – financing receivables | $19,329.2M | $(751.6)M | | Investments in loans and securities | $2,409.8M | $(40.8)M | | **Total (selected)** | **$46,243.5M** | **$(1,610.0)M** | - In February 2025, the company entered into a new **$2.5 billion** revolving credit facility maturing in 2029, replacing its previous facility, and in April 2025, it issued **$1.3 billion** in senior unsecured notes to redeem debt maturing in 2025[145](index=145&type=chunk)[151](index=151&type=chunk) - Dividends declared increased to **$0.4325** per share for Q1 and Q2 2025, up from **$0.4150** per share in the corresponding quarters of 2024[187](index=187&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=47&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's performance, highlighting revenue growth driven by rent escalations and new investments, with Q2 2025 total revenues rising to **$1.0 billion** and net income increasing to **$865.1 million**, maintaining strong liquidity of over **$3.0 billion** Q2 2025 vs Q2 2024 Operating Results | Metric (in thousands) | Q2 2025 | Q2 2024 | Variance | | :--- | :--- | :--- | :--- | | Total Revenues | $1,001,334 | $957,003 | $44,331 | | Change in allowance for credit losses | $(142,001) | $(43,000) | $(99,001) | | Net income attributable to common stockholders | $865,079 | $741,302 | $123,777 | - Revenue growth in 2025 was primarily driven by incremental rent from the Venetian Capital Investment and annual rent escalators from other lease agreements[217](index=217&type=chunk) Non-GAAP Financial Measures (Q2 2025 vs Q2 2024) | Metric (in thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | FFO attributable to common stockholders | $865,079 | $741,302 | | AFFO attributable to common stockholders | $630,178 | $592,425 | | Adjusted EBITDA attributable to common stockholders | $822,239 | $775,873 | - As of June 30, 2025, the company had total liquidity of approximately **$3.0 billion**, including **$233 million** in cash, **$2.18 billion** in revolver capacity, and **$621.5 million** available from forward sale agreements[237](index=237&type=chunk) - The company has total contractual commitments of **$23.9 billion**, with no long-term debt maturing in the next twelve months[246](index=246&type=chunk)[244](index=244&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=61&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are interest rate, capital markets, and foreign currency risk, with interest rate risk largely mitigated by **98.1%** fixed-rate debt and foreign currency risk managed through natural hedges - As of June 30, 2025, **98.1%** of the company's **$17.3 billion** in debt is fixed-rate, significantly limiting exposure to interest rate fluctuations[263](index=263&type=chunk) - A **1%** change in interest rates on the variable-rate portion of debt would impact annual cash interest expense by approximately **$3.2 million**[263](index=263&type=chunk) - Foreign currency risk is primarily managed by borrowing in the currencies in which the company invests (e.g., CAD, GBP), creating a natural hedge[266](index=266&type=chunk) [Controls and Procedures](index=62&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures for both VICI Properties Inc. and VICI Properties L.P. were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures for both VICI Properties Inc. and VICI Properties L.P. were effective as of June 30, 2025[268](index=268&type=chunk)[271](index=271&type=chunk) - No material changes in internal control over financial reporting occurred during the three months ended June 30, 2025[269](index=269&type=chunk)[272](index=272&type=chunk) [PART II. OTHER INFORMATION](index=63&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=63&type=section&id=Item%201.%20Legal%20Proceedings) The company states that as of June 30, 2025, it is not involved in any litigation that it believes could have a material adverse effect on its business, financial condition, or results of operations - As of June 30, 2025, the company is not subject to any material litigation[170](index=170&type=chunk)[273](index=273&type=chunk) [Risk Factors](index=63&type=section&id=Item%201A.%20Risk%20Factors) This section incorporates by reference the risk factors disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024, confirming no material changes during the six months ended June 30, 2025 - There have been no material changes to the risk factors previously disclosed in the 2024 Annual Report on Form 10-K[274](index=274&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=63&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, VICI Properties Inc. repurchased **1,360** shares of its common stock at an average price of **$31.71** to satisfy tax withholding obligations related to stock award vesting, while VICI Properties L.P. made no repurchases VICI Properties Inc. Equity Repurchases (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | June 1 - June 30, 2025 | 1,360 | $31.71 | | **Total Q2 2025** | **1,360** | **$31.71** | - The repurchased shares were surrendered by employees to satisfy statutory minimum tax obligations on vested stock awards[277](index=277&type=chunk) [Defaults Upon Senior Securities](index=63&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period - None[279](index=279&type=chunk) [Mine Safety Disclosures](index=63&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[280](index=280&type=chunk) [Other Information](index=65&type=section&id=Item%205.%20Other%20Information) The company disclosed that no director or officer adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the second quarter of 2025 - No director or officer of the Company adopted or terminated a Rule 10b5-1 trading arrangement during Q2 2025[281](index=281&type=chunk) [Exhibits](index=65&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including supplemental indentures, lease amendments, and required certifications by the Principal Executive Officer and Principal Financial Officer - Filed exhibits include documents related to recent debt offerings, lease amendments, and officer certifications[282](index=282&type=chunk) ```

[Q2 2025 Performance Overview](index=1&type=section&id=Q2%202025%20Performance%20Overview) VICI reported strong Q2 2025 results with a 4.6% year-over-year revenue increase and a 4.9% rise in AFFO per share, leading to raised full-year 2025 AFFO guidance [CEO Comments and Q2 2025 Highlights](index=1&type=section&id=CEO%20Comments%20and%20Q2%202025%20Highlights) VICI reported strong Q2 2025 results with a 4.6% year-over-year revenue increase and a 4.9% rise in AFFO per share, driven by strategic investments and debt refinancing Q2 2025 Financial Highlights (YoY) | Metric | Q2 2025 | YoY Change | | :--- | :--- | :--- | | Total Revenues | $1.0 billion | +4.6% | | Net Income Attributable to Common Stockholders | $865.1 million | +16.7% | | Net Income per Share | $0.82 | +15.1% | | AFFO Attributable to Common Stockholders | $630.2 million | +6.4% | | AFFO per Share | $0.60 | +4.9% | - Key strategic activities for the quarter included: - A new partnership with Red Rock Resorts to provide up to **$510.0 million** in development funding for the North Fork Mono Casino & Resort - An increased investment of **$150.0 million** in the One Beverly Hills development, bringing the total commitment to **$450.0 million** - Issuance of **$1.3 billion** in senior unsecured notes to refinance existing debt - Raised full-year 2025 AFFO guidance[4](index=4&type=chunk) - The CEO highlighted that the company's performance reflects the efficient flow-through of its business model, driven by contractual rent escalations and investment activity[3](index=3&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) The company demonstrated robust financial growth in Q2 2025, with significant increases in total revenues, net income, and AFFO [Q2 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results) For Q2 2025, total revenues grew 4.6% YoY to $1.0 billion, with net income increasing 16.7% to $865.1 million, and AFFO rising 6.4% to $630.2 million Q2 2025 vs Q2 2024 Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenues | $1.0 billion | $957.0 million | +4.6% | | Net Income Attributable to Common Stockholders | $865.1 million | $741.3 million | +16.7% | | FFO Attributable to Common Stockholders | $865.1 million | $741.3 million | +16.7% | | AFFO Attributable to Common Stockholders | $630.2 million | $592.4 million | +6.4% | [Consolidated Financial Statements](index=10&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements provide a detailed view of the company's financial position and performance, including total assets, revenues, and a reconciliation to non-GAAP measures Consolidated Balance Sheet Summary (As of June 30, 2025) | Category | Amount (in thousands) | | :--- | :--- | | Total Assets | $46,054,023 | | Total Liabilities | $18,609,911 | | Total Stockholders' Equity | $27,444,112 | Consolidated Statement of Operations Summary (Three Months Ended June 30, 2025) | Category | Amount (in thousands) | | :--- | :--- | | Total Revenues | $1,001,334 | | Total Operating Expenses | $(93,110) | | Net Income | $878,368 | | Net Income Attributable to Common Stockholders | $865,079 | Reconciliation of Net Income to AFFO (Three Months Ended June 30, 2025) | Category | Amount (in thousands) | | :--- | :--- | | Net income attributable to common stockholders | $865,079 | | Adjustments (e.g., non-cash items) | $(234,901) | | **AFFO attributable to common stockholders** | **$630,178** | [Business and Capital Activities](index=2&type=section&id=Business%20and%20Capital%20Activities) VICI engaged in significant investment and capital market activities, including new development funding, increased existing investments, and strategic debt refinancing [Investment Activity](index=2&type=section&id=Second%20Quarter%202025%20Investment%20Activity) During the quarter, VICI committed to providing up to $510.0 million in a term loan for the North Fork Mono Casino & Resort and increased its mezzanine loan investment in One Beverly Hills by $150.0 million - Committed up to **$510.0 million** via a delayed draw term loan facility for the development of the North Fork Mono Casino & Resort, managed by affiliates of Red Rock Resorts[9](index=9&type=chunk) - Increased its mezzanine loan investment in the One Beverly Hills development by **$150.0 million**, raising the total commitment to **$450.0 million**[10](index=10&type=chunk)[11](index=11&type=chunk) [Capital Markets Activity](index=3&type=section&id=Second%20Quarter%202025%20and%20Subsequent%20Capital%20Markets%20Activity) In April 2025, VICI issued $1.3 billion in senior unsecured notes to refinance maturing debt and subsequently settled a forward sale agreement for $296.0 million in net proceeds - Issued **$1.3 billion** of senior unsecured notes in April 2025, comprised of **$400.0 million** due 2028 and **$900.0 million** due 2035, to redeem notes maturing in 2025[12](index=12&type=chunk) - Subsequent to quarter-end, the company settled a forward sale agreement for ~**$296.0 million** in net proceeds and repaid **$175.0 million** of the outstanding balance on its revolving credit facility[13](index=13&type=chunk) [Balance Sheet and Liquidity](index=4&type=section&id=Balance%20Sheet%20and%20Liquidity) As of June 30, 2025, VICI maintained strong liquidity of approximately $3.0 billion, with total debt of $17.3 billion and net debt of $17.04 billion - Total liquidity was approximately **$3.0 billion** as of June 30, 2025, consisting of cash, available forward sale proceeds, and revolving credit facility availability[15](index=15&type=chunk) Debt and Liquidity Summary (As of June 30, 2025) | Item | Amount ($ in millions) | | :--- | :--- | | Total Debt Outstanding | $17,273.5 | | Cash and Cash Equivalents | $233.0 | | **Net Debt** | **$17,040.5** | [Shareholder Information and Outlook](index=5&type=section&id=Shareholder%20Information%20and%20Outlook) VICI declared a quarterly cash dividend and raised its full-year 2025 AFFO guidance, reflecting positive future expectations [Dividends](index=5&type=section&id=Dividends) The company declared a regular quarterly cash dividend of $0.4325 per share for Q2 2025, totaling approximately $456.9 million - On June 5, 2025, the company declared a Q2 2025 quarterly cash dividend of **$0.4325 per share**, totaling approximately **$456.9 million**[18](index=18&type=chunk) [Full Year 2025 Guidance](index=5&type=section&id=2025%20Guidance) VICI raised its full-year 2025 Adjusted Funds From Operations (AFFO) guidance to between $2,500 million and $2,520 million, or $2.35 to $2.37 per share Updated Full-Year 2025 Guidance | Metric | Updated Guidance | Prior Guidance | | :--- | :--- | :--- | | Estimated AFFO (in millions) | $2,500 - $2,520 | $2,470 - $2,500 | | Estimated AFFO per diluted share | $2.35 - $2.37 | $2.33 - $2.36 | - The company does not provide guidance for GAAP net income, the most comparable GAAP measure, due to the inability to reliably predict the non-cash change in allowance for credit losses[19](index=19&type=chunk) [Appendix](index=6&type=section&id=Appendix) The appendix provides supplemental company information, including corporate overview, earnings call details, and definitions of non-GAAP financial measures [Company Information and Disclosures](index=6&type=section&id=Company%20Information%20and%20Disclosures) This section provides supplemental information, including details for the upcoming earnings conference call, a corporate overview of VICI's extensive experiential real estate portfolio, and standard forward-looking statement disclaimers - VICI Properties is an S&P 500® experiential REIT owning **93 assets**, including **54 gaming properties** and **39 other experiential properties** across the US and Canada[25](index=25&type=chunk) - An earnings conference call is scheduled for Thursday, July 31, 2025, at 10:00 a.m. Eastern Time[23](index=23&type=chunk) - The press release contains forward-looking statements that involve known and unknown risks and uncertainties, and actual results could differ materially[26](index=26&type=chunk)[27](index=27&type=chunk)[29](index=29&type=chunk) [Non-GAAP Financial Measures](index=8&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like FFO, AFFO, and Adjusted EBITDA to provide a meaningful perspective on its underlying operating performance, with clear definitions provided - FFO is defined consistent with Nareit's definition, excluding items like real estate-related depreciation and amortization and gains/losses from sales of certain real estate assets[31](index=31&type=chunk) - AFFO is calculated by adjusting FFO for non-cash items, including leasing and financing adjustments, stock-based compensation, and transaction costs[32](index=32&type=chunk) - Adjusted EBITDA is calculated by adjusting AFFO for net interest expense, current income tax expense, and certain adjustments attributable to non-controlling interests[33](index=33&type=chunk)