VICI PROPERTIES INC. Q1 FY2025 earnings call

• Ed Pitoniak emphasized anchoring to maintaining and growing dividends, highlighting their importance over the long term. - John Payne discussed the new relationship with Red Rock Resorts, including the North Fork Mono Casino and Resort project details (location, development timeline, Red Rock's expertise), and the relationship-based approach, focusing on Las Vegas's demand drivers. - David Kieske talked about capital markets activity, successful refinancing, strong liquidity position, AFFO per share results ($0.58 for Q1, up 4.3% from prior year), and the efficient triple net model with high margins and low G&A as a percentage of total revenues.

No detailed financial performance for product segments in terms of absolute terms and revenue contribution % provided in the transcript.

• Raised AFFO guidance for 2025: AFFO for the year ending December 31, 2025 is expected to be between $2.47 billion - $2.5 billion, or between $2.33 - $2.36 per diluted common share, up from prior guidance. - Midpoint of increased guidance implies 3.8% year-over-year AFFO per share growth. - Guidance does not include impact from unclosed transactions, interest income from loans without final draw structures, possible future acquisitions/dispositions, etc.

• Volatility in equity and credit markets could cause actual results to differ materially from expectations. - Tribal lending and sale-leaseback complexities regarding collateral and operating rights on tribal land. - Uncertainty around macroeconomic conditions affecting construction budgets and pipeline opportunities for growth activities.

Q: Focus on the new deal with Red Rock Resorts, including property draw and collateral.

A: John Payne and David Kieske discussed Red Rock's expertise, the location's large catchment area, and the collateral structure involving the building and future cash flows from gaming activities.

Q: View on tribal sale-leasebacks.

A: Ed Pitoniak mentioned ongoing learning phase and complexities around owning property on tribal land and operating gaming, as well as challenges with collateral in case of default.

Q: Pipeline in macro volatility.

A: Ed and John talked about the relationship-based approach, ongoing engagement with operators, and continuing to spend time with operators to identify accretive opportunities.

Q: Details on Red Rock's development funding and future opportunities.

A: John and David discussed Red Rock's track record, the syndicate of lenders, and potential future opportunities with Red Rock if it grows its business.

Q: Expectations for Century Casino lease and Caesars conversations.

A: Ed and John talked about ongoing communication with operators, including Century Casino, and positive investment trends from Caesars in their assets.

Q: Red Rock arrangement capital structure and risk profile.

A: David Kieske and Ed discussed the loan details, blended yield, and the risk appetite based on specific, relationship-driven underwriting.

Q: Appetite for construction lending.

A: Ed emphasized a specific, relationship-driven approach, focusing on establishing relationships with operators rather than a general strategy for construction funding.

Q: Vegas trend and risk management.

A: Ed and Gabe discussed Vegas's strong performance and the rigorous risk management process with quarterly meetings to monitor tenant and borrower performance.

Q: Caesars Forum Convention Center and New York gaming license.

A: Ed talked about evaluating opportunities like the Caesars Forum Convention Center and monitoring New York gaming developments, including momentum in RFP processes.