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.

• 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.

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

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

Financial highlights

• Q1 2025 total revenues were $984.2 million, up from $951.5 million in Q1 2024.

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

• 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.

• G&A expense was $14.9 million, only 1.5% of total revenues.

• 79% of rent comes from publicly traded tenants; 100% occupancy maintained.

Outlook and guidance

• Raised 2025 AFFO guidance to $2,470–$2,500 million, or $2.33–$2.36 per diluted share, reflecting management's positive outlook.

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

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

• 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.