Research · Sep 3, 2026
[VICI] VICI Properties Thesis 2026: Diversified Tenant Base Anchors Steady AFFO Per Share Growth
VICI Properties FY25 revenue $4.01B (+4%); op income $3.65B (+3%); NI $2.78B (+4%); EPS $2.61. AFFO $2.5B; AFFO/share Q4 +6.8% YoY. 14 operating partners (added Clairvest Q3); new partnerships with Cade + Eldridge Industries + Red Rock Resorts (North Fork Mono Casino) + Golden Entertainment. G&A 1.6% of revenue. Net debt 5.0x EBITDA; total debt $17.1B; liquidity $3.2B. FY26 guide: AFFO $2.59-$2.625B / $2.42-$2.45 per share (+4% midpoint).