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 ...

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]

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 - Vici Properties is a leading real estate investment trust (REIT) specializing in gaming real estate, with a strong portfolio and growth potential despite a challenging interest rate environment [1][3]. Group 1: Company Overview - Vici Properties owns 54 gaming properties, including iconic locations on the Las Vegas Strip such as Caesars Palace, MGM Grand, and The Venetian [1]. - The portfolio includes over 60,000 hotel rooms, 4.2 million square feet of gaming space, 6.7 million square feet of meeting space, and more than 1,000 food, beverage, and retail outlets [2]. Group 2: Business Strategy and Growth Potential - Vici has a solid lease quality, with an average lease term of 41 years and 90% of leases protected from inflation [4]. - The company is expanding into non-gaming experiential real estate, having made its first major non-gaming acquisition in 2023 with Bowlero bowling centers [5]. - Vici has the right of first refusal to acquire additional Las Vegas Strip properties and regional assets from Caesars [6]. Group 3: Financial Performance and Capital Allocation - Vici has a strong track record of adding value through acquisitions, including its purchase of MGM Growth Properties and The Venetian, which has increased per-share funds from operations [7]. - The company has consistently raised its dividend since its IPO, supported by excellent capital allocation [8]. Group 4: Adaptation to Market Conditions - Despite a high-interest environment, Vici has continued to grow by leveraging elevated interest rates to make financing investments [9]. - The company issued debt at a 4.75% interest rate and has financed new property constructions, such as a Margaritaville resort, at higher yields [10][11]. - Vici's financing deals often include the right to acquire the financed properties, creating a growth pipeline for future opportunities [12]. Group 5: Conclusion - Vici Properties boasts a high-quality asset portfolio, a strong balance sheet, and a management team with a proven record of smart capital allocation, positioning it well for future growth and benefiting from potential falling interest rates [13].

Group 1 - The article emphasizes the importance of investing in financially healthy companies with strong balance sheets during times of increased market volatility, as evidenced by the S&P 500 showing a Total Return of -5.75% in the past 30 days [1] - The focus is on constructing investment portfolios that generate additional income through dividends, highlighting the significance of companies with competitive advantages and strong financials that provide attractive Dividend Yield and Dividend Growth [1] - A well-diversified portfolio across various sectors and industries is recommended to minimize volatility and mitigate risk, with an emphasis on incorporating companies with a low Beta Factor to further reduce overall risk [1] Group 2 - The selection process for high dividend yield and dividend growth companies is meticulously curated, prioritizing total return that includes both capital gains and dividends rather than focusing solely on dividends [1] - The investment strategy aims to maximize returns while considering the full spectrum of potential income sources, thereby benefiting from a well-crafted investment portfolio designed to generate extra income through dividends [1]