UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From ________ to _________ Commission file number: 000-55791 (VICI Properties Inc.) Commission file number: 333-264352-01 (VICI Properties L.P.) _______________________ ...

Exhibit 99.1 VICI PROPERTIES INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS - Announced Over $2 Billion in Capital Commitments in 2025 at a Weighted Average 8.9% Initial Yield - - Establishes Guidance for Full Year 2026 - NEW YORK, NY – February 25, 2026 – VICI Properties Inc. (NYSE: VICI) ("VICI Properties", "VICI" or the "Company"), an experiential real estate investment trust, today reported results for the quarter and year ended December 31, 2025. All per share amounts included herein are on a ...

Key Takeaways VICI is set to post Q4 revenue growth of 4.08% and a 5.26% rise in AFFO per share.VICI's triple-net leases with CPI-linked escalations support stable, inflation-backed cash flows.VICI's income from sales-type leases and lease financing receivables is projected to rise year over year.VICI Properties Inc. (VICI) is slated to report fourth-quarter 2025 earnings results on Feb. 25, after the closing bell. Its quarterly results are expected to exhibit growth in revenues and adjusted funds from oper ...

Core Insights - The article emphasizes the importance of identifying high-quality dividend-growing and undervalued investment opportunities to achieve strong total returns through cash dividends and capital gains [1]. Group 1: Analyst Background - Scott Kaufman, known as Treading Softly, has over a decade of experience in the financial sector and serves as the lead analyst for Dividend Kings [1]. - The focus of the analysis is on providing actionable insights into investments that yield robust returns [1]. Group 2: Team and Disclosure - The article mentions that Kody's Dividends, Justin Law, and Rachel Kaufman are part of the Dividend Kings team, contributing to the analysis [2]. - The analyst has disclosed a beneficial long position in shares of REXR, O, and VICI, indicating a vested interest in these stocks [2].

分组1 - VICI Properties Inc. (VICI) shares increased by 1.91% to $29.86, outperforming the S&P 500's daily gain of 0.1% [1] - Over the past month, VICI's shares have gained 1.1%, while the Finance sector and S&P 500 have lost 1.62% and 1.43% respectively [1] 分组2 - VICI is set to release its earnings on February 25, 2026, with projected earnings per share (EPS) of $0.6, a 5.26% increase from the same quarter last year [2] - The consensus estimate for quarterly revenue is $1.02 billion, reflecting a 4.08% increase from the previous year [2] 分组3 - Full-year Zacks Consensus Estimates for VICI indicate earnings of $2.37 per share and revenue of $4.01 billion, representing year-over-year changes of +4.87% and +4.16% respectively [3] - Recent changes to analyst estimates for VICI reflect optimism about the business and profitability [3] 分组4 - The Zacks Rank system, which assesses estimate changes, currently ranks VICI Properties Inc. at 4 (Sell) [5] - Over the past month, there has been no change in the Zacks Consensus EPS estimate for VICI [5] 分组5 - VICI Properties Inc. has a Forward P/E ratio of 11.98, which is in line with its industry's Forward P/E [6] - The PEG ratio for VICI is currently 2.91, compared to the industry average of 2.59 [6] 分组6 - The REIT and Equity Trust - Other industry, which includes VICI, has a Zacks Industry Rank of 173, placing it in the bottom 30% of over 250 industries [7] - Research indicates that top-rated industries outperform the bottom half by a factor of 2 to 1 [7]

Investment Strategy - The company aims to invest in firms with ideal qualitative attributes, purchasing them at attractive prices based on fundamentals and holding them indefinitely [1] - The investment approach focuses on maintaining a concentrated portfolio to avoid underperforming assets while maximizing exposure to high-potential winners [1] Research and Analysis - The company plans to publish articles on selected companies approximately three times a week, including extensive quarterly follow-ups and ongoing updates [1] - There is a tendency to rate high-quality companies as 'Hold' when their growth potential does not meet the company's threshold or if the downside risk is deemed too high [1]

Core Viewpoint - VICI Properties Inc is positioned at the edge of investment-grade ratings, with three major credit agencies providing consistent ratings of BBB- and Baa3, indicating a consensus on its financial stability but also highlighting the risks associated with its tenant concentration [2][3][4]. Financial Performance - VICI's Q3 2025 AFFO was $0.60 per share, reflecting a 5.3% year-over-year increase, with management raising the full-year 2025 guidance to $2.36–$2.37 per share from an initial range of $2.32–$2.35 [7]. - The quarterly dividend is $0.45, marking the eighth consecutive annual increase since the company's IPO in 2018, with a forward yield of approximately 6.3% [7]. - The payout ratio is around 76% of guided AFFO, indicating limited room for absorbing financial surprises [7]. Debt and Leverage - VICI's net leverage stands at approximately 5.0x debt-to-adjusted-EBITDA, which is at the low end of its target range of 5.0x–5.5x [9]. - Total debt at year-end 2024 was $17.1 billion, with 98.1% at fixed rates and a weighted average maturity of 6.5 years [9]. Tenant Concentration - Approximately 74% of VICI's contractual rent comes from two tenants: Caesars Entertainment (39%) and MGM Resorts (35%) [5]. - VICI has a total of 14 tenants across 93 properties, with 100% occupancy and a weighted average remaining lease term exceeding 40 years, but the concentration of revenue from Caesars and MGM is a concern for credit agencies [5][6]. Rating Agency Insights - All three credit agencies have stable outlooks for VICI, but a downgrade from any agency would jeopardize its investment-grade status [4]. - The recent upgrade from Moody's to Baa3 was attributed to VICI meeting the minimum threshold for investment-grade classification, rather than a change in its business model [3]. Future Considerations - The pace of tenant diversification is critical, as VICI added Clairvest as a 14th tenant and announced a $1.16 billion sale-leaseback with Golden Entertainment, but Caesars and MGM still dominate the rent roll [12]. - A temporary operational issue with either Caesars or MGM could significantly impact VICI's financial stability due to high rent concentration [13]. - For a potential upgrade, VICI would need to reduce the concentration of rent from Caesars and MGM below 65% while maintaining low leverage [13].

Group 1 - VICI Properties Inc. is recognized as one of the 13 best extremely profitable stocks to invest in currently [1] - The consensus price target for VICI is $35.00, indicating a potential upside of 24.64%, with 80% of analysts maintaining a bullish outlook [3] - Recent analyst updates include a downgrade from 'Outperform' to 'Sector Perform' by Scotiabank, with a revised price target of $30 [3] Group 2 - Cantor Fitzgerald reduced its price target from $35 to $33 while keeping an 'Overweight' rating, citing stable fundamentals and a well-covered dividend yield of nearly 4% [4] - Barclays also lowered its price target from $37 to $33, reiterating an 'Overweight' rating, reflecting tenant-related risks [5] - VICI Properties operates as a gaming-focused real estate investment trust, generating consistent rental income from casino, hospitality, and entertainment properties across the U.S. [6]

Group 1 - Simon Property Group, Inc. (NYSE:SPG) is recognized as a leading real estate investment trust (REIT) that specializes in owning, developing, and managing shopping, dining, entertainment, and mixed-use destinations, including malls and outlets [2] - Jim Cramer highlighted Simon Property Group as one of the best mall operators, indicating a positive outlook on the company's management and operational capabilities [1] - The discussion included a recommendation to diversify holdings by replacing VICI, another REIT, with Johnson & Johnson to enhance the portfolio's exposure to the healthcare sector [1] Group 2 - There is a belief that certain AI stocks may present greater upside potential compared to SPG, suggesting a competitive landscape for investment opportunities [3] - The article hints at the potential benefits of AI stocks from economic trends such as Trump-era tariffs and onshoring, indicating a shift in investment focus [3]

Core Viewpoint - VICI Properties Inc. has experienced a decline in its stock price due to concerns regarding rent payments from its largest tenant, Caesars Entertainment [1] Group 1: Company Performance - The stock price of VICI Properties Inc. has seen a sustained dip, attributed to raised analyst concerns about the rent paid by Caesars Entertainment, which is its largest tenant [1] Group 2: Market Dynamics - The equity market is characterized by daily price fluctuations that can lead to significant wealth creation or destruction over the long term [1] - Pacifica Yield is focused on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]