VICI Properties (VICI) Q1 2025 earnings summary

Executive summary

• Owns 93 experiential assets, including 54 gaming and 39 other properties, with 100% occupancy and a 40.4-year weighted average lease term as of March 31, 2025.

• Portfolio includes iconic Las Vegas properties and partnerships with leading operators in gaming, hospitality, and leisure, with diversified revenue streams and a focus on sustaining and growing cash income distributed as dividends.

• Net income attributable to common stockholders for Q1 2025 was $543.6 million, or $0.51 per share, down from $590.0 million in Q1 2024, mainly due to a higher CECL allowance.

• Recent investments include a $510 million North Fork loan facility with Red Rock Resorts and a $300 million One Beverly Hills mezzanine loan.

• Raised full-year 2025 AFFO guidance to $2,470–$2,500 million, or $2.33–$2.36 per diluted share.

Financial highlights

• Q1 2025 total revenues were $984.2 million, up from $951.5 million year-over-year.

• AFFO per share for Q1 2025 was $0.58, up 4.3% year-over-year from $0.56, with total AFFO at $616.0 million, up 5.6%.

• Adjusted EBITDA was $802.1 million, up from $765.3 million year-over-year.

• G&A expenses were $14.9 million, only 1.5% of total revenues, among the lowest in the REIT sector.

• Annualized dividend per share was $1.73, with a dividend yield of 5.3% at period end; Q1 2025 dividend declared at $0.4325 per share.

Outlook and guidance

• 2025 AFFO guidance raised to $2,470–$2,500 million, or $2.33–$2.36 per diluted share, reflecting management's positive outlook and a penny increase at both ends of the range.

• Guidance excludes impacts from future acquisitions, dispositions, unclosed transactions, undrawn loans, and non-recurring transactions.

• Midpoint of guidance implies 3.8% year-over-year AFFO per share growth.

• Estimated weighted average common share count at year end: 1,058.6 million.

• Management expects continued reliable long-term revenue streams due to long-term triple-net leases and strong tenant relationships.