Financial Performance & Portfolio Highlights - Net income attributable to common stockholders was $762040 thousand for the three months ended September 30, 2025[17, 22] - Adjusted EBITDA attributable to common stockholders was $825582 thousand for the three months ended September 30, 2025[17, 24] - The company owns 93 experiential assets, including 54 gaming properties and 39 other experiential properties[12] - The portfolio features approximately 127 million square feet and approximately 60300 hotel rooms[12] - The portfolio has a 400 year weighted average lease term as of September 30, 2025[16] Capital Structure & Credit Metrics - Total debt was $17097906 thousand as of September 30, 2025[17, 35] - The company has a LQA Net Leverage Ratio of 50x as of September 30, 2025[17, 36] - The company's total liquidity was $3104483 thousand, including $2352094 thousand from the Revolving Credit Facility Capacity[35] Future Outlook - The company estimates AFFO for the year ending December 31, 2025, will be between $2510 million and $2520 million, or between $236 and $237 per diluted common share[32]

Core Insights - VICI Properties reported third-quarter adjusted funds from operations (AFFO) per share of 60 cents, exceeding the Zacks Consensus Estimate of 59 cents, and reflecting a 5.3% increase from the prior-year quarter [1][9] - The company generated total revenues of $1.01 billion, surpassing the Zacks Consensus Estimate of $1.00 billion, with a year-over-year growth of 4.4% [2][9] - VICI Properties raised its 2025 AFFO per share outlook to a range of $2.36-$2.37, above the previous guidance of $2.35-$2.36, aligning with the Zacks Consensus Estimate [7][9] Revenue Breakdown - Income from sales-type leases was $531.8 million, a 2.5% increase year-over-year [3] - Income from lease financing receivables, loans, and securities rose to $448 million, marking a 6.9% year-over-year increase [3] - Other income for the quarter was $19.5 million, up 1.2% from the previous year, while golf revenues increased by 8.5% to $8.2 million [3] Financial Position - As of September 30, 2025, VICI Properties had cash and cash equivalents of $507.5 million, up from $233 million as of June 30, 2025 [5] - The company's total liquidity stood at $3.1 billion, which includes cash, estimated net proceeds from forward sale agreements, and availability under its revolving credit facility [5] - Total debt decreased to approximately $17.1 billion from $17.3 billion in the previous quarter [6] Strategic Developments - VICI Properties entered into a new agreement with Clairvest Group for the Northfield Park property in Northfield, OH, previously owned by MGM Resorts International [4]

Core Insights - VICI Properties Inc. reported quarterly funds from operations (FFO) of $0.6 per share, exceeding the Zacks Consensus Estimate of $0.59 per share, and showing an increase from $0.57 per share a year ago, resulting in an FFO surprise of +1.69% [1] - The company achieved revenues of $1.01 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.43%, and up from $964.67 million year-over-year [2] - VICI Properties has underperformed the market with a 1.7% increase in shares since the beginning of the year, compared to the S&P 500's gain of 17.2% [3] Financial Performance - Over the last four quarters, VICI Properties has surpassed consensus FFO estimates only once, but has topped consensus revenue estimates three times [2] - The current consensus FFO estimate for the upcoming quarter is $0.60 on revenues of $1.01 billion, and for the current fiscal year, it is $2.37 on revenues of $4 billion [7] Market Outlook - The sustainability of VICI Properties' stock price movement will largely depend on management's commentary during the earnings call [3] - The estimate revisions trend for VICI Properties was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] - The REIT and Equity Trust - Other industry is currently in the top 34% of Zacks industries, suggesting a positive outlook for stocks within this sector [8]

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 - 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 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].