VICI Properties (VICI) Q2 2026 earnings summary

Executive summary

• Owns 103 experiential assets, including 63 gaming and 40 other properties across the US, Canada, and the Caribbean, all 100% leased with a weighted average lease term of 39.6 years as of June 30, 2026.

• Closed major transactions: $1.16 billion Golden Entertainment sale-leaseback, Gamehost Real Estate acquisition in Alberta for CAD 200 million, and Club Med St. Croix build-to-suit, expanding the tenant roster to 16 with new relationships including Club Med, Clairvest, and Golden Entertainment.

• Provided a $1.5 billion mezzanine loan for One Beverly Hills, enhancing exposure to luxury experiential real estate.

• Las Vegas assets continue to outperform, with Strip gaming revenue and room rates ahead of last year, and the city recognized as the top convention destination in the U.S.

• Revenue grew 5.7% year-over-year to $1.1 billion for Q2 2026, driven by portfolio expansion and new tenant relationships.

Financial highlights

• Q2 2026 total revenues: $1.1 billion, up from $1.0 billion in Q2 2025; net income attributable to common stockholders: $526.5 million ($0.48/share); AFFO: $679.6 million ($0.62/share), up from $630.2 million ($0.60/share) in Q2 2025; Adjusted EBITDA: $869.5 million.

• Annualized dividend per share remained $1.80, with a dividend yield of 6.8% at period end; dividends declared: $0.45 per share for each of Q1 and Q2 2026.

• Ended quarter with $288.1 million in cash and $2.5 billion in liquidity, including $2.2 billion in revolver availability.

• Weighted average interest rate on debt: 4.45%, with 5.5 years to maturity; total debt outstanding: $17.22 billion.

• Net debt to annualized adjusted EBITDA at 4.9x, below the 5x–5.5x target range; investment grade credit ratings from Moody’s, S&P, and Fitch, all with stable outlooks.

Outlook and guidance

• Updated 2026 AFFO guidance to $2.675–$2.695 billion, or $2.45–$2.47 per diluted share, representing a $0.01 increase at the low end and 3.4% year-over-year growth at the midpoint.

• Guidance excludes impacts from pending or future acquisitions, dispositions, or capital markets activity.

• Management expects continued growth from recent acquisitions, annual rent escalators, and new loan investments.