VICI(US:VICI)2025-10-30 20:20Financial 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].