VICI PROPERTIES INC. Q4 FY2025 earnings call

Ed Petoniak thanked the Vici team and operating partners. John Payne discussed new partnerships in 2025, including with Cade and Eldridge Industries, Red Rock Resorts, Claire Best, and Golden Entertainment. He also focused on the golden transaction and the Las Vegas locals market. David Kieske talked about financial results: AFFO increased 6.8% year-over-year to $642.5 million for the quarter and 6.6% to $2.5 billion for the full year 2025. GNA was 19.3 million for the quarter and 65.1 million for the year. Balance sheet and liquidity: total debt $17.1 billion, net debt to annualized fourth quarter adjusted EBITDA approximately five times, total liquidity $3.2 billion as of December 31.

VG Properties is initiating AFFO guidance for 2026: between $2.59 billion and $2.625 billion, or between $2.42 and $2.45 per diluted common share. Guidance does not include transactions not closed, interest income from loans without final draw structures, possible future acquisitions/dispositions and related capital markets activity, or other non-recurring transactions/items.

Questions and answers include discussions on updates with Caesars regarding the master lease, color on a senior loan collateralized by a golf development being on non-accrual status, deal environment and pipeline, accounting leadership change and its ramifications, rationale on the Greek town Margaritaville combination lease adjustment, impact of debt investments on relationships, variables driving AFFO guidance range, cap rates for regional vs strip assets, talks with Sphere Entertainment on National Harbor, seizure discussions with Caesars, sports opportunity and sizing, cost of capital and equity source diversification, New York casino development opportunities, replicating the Venetian's success, share repurchases in capital allocation, and coverage in the golden transaction