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 ...

Core Insights - VICI Properties Inc. is a leading REIT focusing on experiential properties, including gaming, hospitality, and entertainment venues, with a diverse portfolio that allows it to capitalize on the tourism and entertainment sectors [1] Price Target and Market Outlook - The consensus price target for VICI Properties' stock has shown a positive trend, with the average price target increasing from $36.67 to $37, indicating a favorable outlook from analysts [2] - Analyst Richard Anderson from Wedbush has set a price target of $33, reflecting confidence in the stock's potential despite short-term challenges in the tourism sector [5] Stock Performance and Analyst Sentiment - VICI's stock has experienced a 6.6% decline over the past four weeks but is now considered oversold, suggesting a potential trend reversal [3][6] - Analysts have revised earnings estimates upwards, indicating optimism for a turnaround in VICI's performance [3] Earnings Expectations and Financial Health - VICI Properties is expected to report positive Q3 earnings, driven by stable lease revenues and a diversified portfolio [4][6] - The company has a robust debt profile and over $600 million in retained cash flow, providing flexibility for growth [4]

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]

Core Insights - VICI Properties Inc. has entered into a new agreement with Clairvest Group for the Northfield Park property in Ohio, previously owned by MGM Resorts International [1] - The lease for Northfield Park will have an initial annual base rent of $53 million, increasing to $54 million with a 2% escalation if closing occurs after May 1, 2026 [2] - The MGM master lease will be amended to reflect the divestiture, resulting in a reduction in annual base rent [3] Lease Details - The new lease will commence a 25-year term with three 10-year renewal options, maintaining other terms [2] - The transaction is expected to be completed in the first half of 2026, pending customary closing conditions and regulatory approvals [3] Clairvest Group's Role - Clairvest is a leader in the gaming industry with ownership interests in 36 assets, enhancing Northfield Park's competitiveness in Ohio gaming [4] - The partnership with Clairvest is expected to bolster VICI's revenue stability amid economic uncertainty [5] VICI Properties Overview - VICI Properties has a diversified portfolio of gaming, hospitality, and entertainment destinations across 26 states in the U.S. and one Canadian province [6] - The company is expanding beyond gaming by investing in non-gaming experiential assets, such as Chelsea Piers and Lucky Strike Entertainment, to reduce exposure to gaming-specific volatility [7] Agreement Impact - The agreement with Clairvest modifies the MGM lease through the Northfield Park divestiture, ensuring stable base rent and extended renewal options for VICI [9]

Core Insights - VICI Properties Inc. is a real estate investment trust focusing on single-tenant, triple-net leased properties in gaming, hospitality, and entertainment sectors [1] Financial Performance - The company is set to report Q3 2025 earnings on October 30, with analysts expecting EPS of $0.65, an increase from $0.57 in the same period last year [2] - Quarterly revenue is projected to reach $1 billion, up from $964.67 million year-over-year [2] - In Q2 2025, VICI Properties reported FFO of $0.60, exceeding the consensus estimate of $0.59, with revenues also at $1 billion, surpassing the consensus of $990.54 million [3] Growth Metrics - The company experienced a 4.6% increase in quarterly revenue and nearly a 5% rise in quarterly AFFO per share year-over-year, attributed to effective business model flow-through and internal growth from contractual rent escalations [4] - For the full year 2025, VICI expects AFFO per diluted share to be between $2.35 and $2.37 [4] Dividend Information - VICI Properties has a dividend yield of 5.75%, having paid $1.80 per share in dividends over the last 12 months [2] - To generate an income of $100 per month from dividends, an investment of approximately $20,870 is required, based on the current dividend yield [6]

Core Viewpoint - VICI Properties Inc. has entered into agreements related to MGM Northfield Park, which includes a new lease with Clairvest Group and an amendment to the existing MGM Master Lease, reflecting VICI's strategy to expand its tenant base and maintain strong partnerships in the gaming sector [1][3][4]. Summary by Sections Transaction Details - VICI Properties will lease the real property of MGM Northfield Park to an affiliate of Clairvest, with an initial annual base rent of $53 million, increasing to $54 million if the closing occurs after May 1, 2026, due to a 2% annual escalation clause [3][4]. - The new lease will have a 25-year term with three 10-year renewal options, and will include similar terms to the MGM Master Lease, such as a 2% annual escalation and a minimum capital expenditure requirement of 1% of annual net revenue [3][4]. Company Background - VICI Properties is an S&P 500 experiential real estate investment trust that owns a diverse portfolio of gaming and entertainment properties, including iconic locations like Caesars Palace and MGM Grand [6][7]. - The company currently owns 93 experiential assets across the U.S. and Canada, comprising approximately 127 million square feet and featuring around 60,300 hotel rooms and over 500 dining and entertainment venues [7]. Clairvest Group - Clairvest is a leading private equity management firm with a strong track record in the gaming sector, having owned interests in 36 gaming assets over the past two decades [2][8]. - The firm aims to partner with entrepreneurs to build strategically significant businesses and manages over $4.6 billion in capital [8].

Core Insights - VICI Properties Inc. is valued at a market cap of $33 billion and is a leading experiential real estate investment trust, owning major properties like Caesars Palace Las Vegas and MGM Grand [1] - The company is set to announce its fiscal Q3 earnings for 2025 on October 30, 2023, with analysts expecting an FFO of $0.60 per share, reflecting a 5.3% increase from the previous year [2] Financial Performance - For fiscal 2025, VICI is projected to report an FFO of $2.37 per share, which is a 4.9% increase from $2.26 per share in fiscal 2024, with further growth expected to $2.49 per share in fiscal 2026 [3] - In Q2, VICI reported quarterly revenue of $1 billion, marking a 4.6% year-over-year increase and slightly exceeding consensus estimates, driven by higher income from sales-type leases and lease financing [5] - The company's AFFO for Q2 was $0.60 per share, up 5.3% from the same period last year, aligning with analyst expectations [6] Market Performance - Over the past 52 weeks, VICI's shares have decreased by 5%, underperforming the S&P 500 Index's 14.4% increase but outperforming the Real Estate Select Sector SPDR Fund's 5.8% decline [4] - Wall Street analysts maintain a "Strong Buy" rating for VICI, with 18 out of 23 analysts recommending "Strong Buy," one suggesting "Moderate Buy," and four advising "Hold," indicating a mean price target of $36.86, which suggests a 19.2% potential upside [7]