VICI Properties (VICI) Q1 2026 earnings summary

Executive summary

• Owns 93 experiential assets, including 61 gaming and 39 other properties across the US and Canada, all 100% leased with a weighted average lease term of up to 39.7 years as of May 1, 2026.

• Portfolio includes iconic Las Vegas Strip properties, partnerships with up to 15 tenants, and 77% of rent from publicly traded tenants.

• Achieved over $1.2 billion in new capital commitments in Q1 2026, marking the first time with over $1 billion in new commitments for two consecutive quarters.

• Expanded strategic relationships, including a $1.5 billion mezzanine loan for One Beverly Hills and a $144 million acquisition in Alberta, Canada.

• Closed or announced major acquisitions, including Northfield Park and the $1.16 billion Golden transaction, entering the Las Vegas locals market and expanding tenant diversification.

Financial highlights

• Q1 2026 total revenues reached $1.02 billion, up from $984.2 million in Q1 2025, driven by rent escalators and new loan income.

• Net income attributable to common stockholders was $872.4 million, up from $543.6 million year-over-year.

• AFFO per share grew 5.7% year-over-year to $0.61, with AFFO at $650.9 million.

• Adjusted EBITDA for Q1 2026 was $838.2 million, up from $802.1 million in Q1 2025.

• Total liquidity as of March 31, 2026, was $3.1 billion, including $480.2 million in cash and $2.4 billion in revolver availability.

Outlook and guidance

• Raised full-year 2026 AFFO guidance to $2,665–$2,695 million, or $2.44–$2.47 per diluted share.

• Guidance excludes impacts from pending or future acquisitions/dispositions without announced closing dates.

• Sufficient liquidity to meet all contractual obligations and funding requirements for the next 12 months and beyond.

• Dividend growth remains a priority, with an 8-year CAGR of 7% since 2018.

• Management expects continued growth based on current and future market conditions.