VICI PROPERTIES INC. Q1 FY2026 earnings call

Ed begins by emphasizing Vici's business of sourcing, allocating, and stewarding capital in experiential real estate. John then discusses Vici's active first quarter with ~$1.2 billion in new capital commitments, including a $1.5 billion mezzanine loan for the one Beverly Hills project, an international gaming real estate acquisition, a new lease agreement, and the upcoming $1.16 billion acquisition. David highlights Vici's AFFO per share growth, free cash flow, ASFO payout ratio, strong balance sheet, and raises 2026 AFFO guidance.

Vici is raising AFFO guidance for 2026. AFFO for the year ending December 31, 2026 is expected to be between $2.665 billion and $2.695 billion, or between $2.44 and $2.47 per diluted common share. Guidance does not include impact from pending acquisitions without announced closing dates, possible future acquisitions/dispositions, and related capital markets activity or non-recurring transactions/items.

Questions and answers include topics like loan book mix, pipeline, Venetian Partner Property Growth Fund, forward interest rate swaps, Caesars regional leases, Kane-Eldridge partnership, international financing, Century Casinos, CPI linked leases, New York and Atlantic City casinos, experiential sectors, Kane and Eldridge agreement binding, private capital sourcing, and acquisition capacity