$VICI

VICI PROPERTIES INC.

CIK:0001705696|SEC Filings

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Income from sales-type leases	$ 549,202	$ 530,348	$ 1,085,919	$ 1,058,952
Income from lease financing receivables, loans and securities	478,395	440,260	930,348	866,740
Other income	18,915	19,536	37,814	39,049
Golf revenues	11,993	11,190	22,945	20,797
Total revenues	1,058,505	1,001,334	2,077,026	1,985,538
Expenses
General and administrative	15,429	14,561	31,405	29,421
Depreciation	998	741	1,965	1,737
Other expenses	18,915	19,536	37,814	39,049
Golf expenses	7,395	6,619	13,864	12,971
Change in allowance for credit losses	271,059	(142,001)	152,284	44,956
Transaction and acquisition expenses	1,815	7,434	1,982	7,479
Total expenses	315,611	(93,110)	239,314	135,613
Interest expense	(209,927)	(213,797)	(419,289)	(423,048)
Interest income	2,228	2,293	6,721	5,990
Other (losses) gains	(345)	992	(366)	874
Income before income taxes	534,850	883,932	1,424,778	1,433,741
Benefit from (provision for) income taxes	461	(5,564)	(3,513)	(3,108)
Net income	535,311	878,368	1,421,265	1,430,633
Less: Net income attributable to non-controlling interests	(8,790)	(13,289)	(22,354)	(21,947)
Net income attributable to common stockholders	$ 526,521	$ 865,079	$ 1,398,911	$ 1,408,686
Net income per common share
Basic (in dollars per share)	$ 0.48	$ 0.82	$ 1.30	$ 1.33
Diluted (in dollars per share)	$ 0.48	$ 0.82	$ 1.30	$ 1.33
Weighted average number of shares of common stock outstanding
Basic (in shares)	1,090,197,080	1,056,222,836	1,079,358,468	1,056,118,206
Diluted (in shares)	1,090,236,611	1,057,270,580	1,079,442,313	1,056,852,269
Other comprehensive income
Net income	$ 535,311	$ 878,368	$ 1,421,265	$ 1,430,633
Reclassification of derivative gain to Interest expense	(6,389)	(6,386)	(12,778)	(12,731)
Unrealized gain (loss) on cash flow hedges	6,188	0	12,878	(5,949)
Foreign currency translation adjustments	(3,275)	10,091	(5,780)	10,126
Comprehensive income	531,835	882,073	1,415,585	1,422,079
Comprehensive income attributable to non-controlling interests	(8,754)	(13,339)	(22,293)	(21,860)
Comprehensive income attributable to common stockholders	$ 523,081	$ 868,734	$ 1,393,292	$ 1,400,219

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 1,421,265	$ 1,430,633
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash leasing and financing adjustments	(271,774)	(261,971)
Stock-based compensation	8,734	7,343
Depreciation	1,965	1,737
Other losses (gains)	366	(874)
Amortization of debt issuance costs and original issue discount	21,912	24,784
Change in allowance for credit losses	152,284	44,956
Deferred income taxes	10	72
Payment-in-kind interest	(13,543)	(10,747)
Receipt of payment-in-kind interest	51,089	0
Net proceeds from settlement of derivatives	0	1,767
Change in operating assets and liabilities:
Other assets	4,546	(6,247)
Accrued expenses and deferred revenue	(13,458)	2,610
Other liabilities	(3,354)	(2,305)
Net cash provided by operating activities	1,360,042	1,231,758
Cash flows from investing activities
Investments in leases - sales-type	(141,717)	0
Investments in leases - financing receivables	(435,035)	0
Investments in loans and securities	(943,227)	(723,944)
Principal repayments of loans and securities and receipts of deferred fees	473,016	7,514
Payments for real estate under development	(22,317)	0
Capitalized transaction costs	(247)	(77)
Maturities of short-term investments	44,484	0
Acquisition of property and equipment	(794)	(828)
Proceeds from sale of real estate	0	1,992
Net cash used in investing activities	(1,025,837)	(715,343)
Cash flows from financing activities
Proceeds from offering of common stock, net	241,779	0
Proceeds from Revolving Credit Facility	280,185	423,356
Repayment of Revolving Credit Facility	(150,000)	(257,690)
Proceeds from senior unsecured notes offerings	0	1,284,437
Redemption of senior unsecured notes	0	(1,300,000)
Debt issuance costs	(120)	(19,401)
Repurchase of stock for tax withholding	(2,298)	(7,221)
Distributions to non-controlling interests	(16,509)	(15,981)
Dividends paid	(962,298)	(915,912)
Net cash used in financing activities	(609,261)	(808,412)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(360)	365
Net decrease in cash, cash equivalents and restricted cash	(275,416)	(291,632)
Cash, cash equivalents and restricted cash, beginning of period	563,479	524,615
Cash, cash equivalents and restricted cash, end of period	288,063	232,983
Supplemental cash flow information:
Cash paid for interest	397,661	381,773
Cash paid for capitalized interest	56	0
Cash paid for income taxes	3,963	3,311
Supplemental non-cash investing and financing activity:
Dividends and distributions declared, not paid	500,988	462,315
Accrued capitalized transaction costs	582	520
Non-cash change in Investments in leases - financing receivables	152,244	141,695
Reclassification from Investment in leases - financing receivables to Investment in leases - sales-type	$ 706,115	$ 0

VICI PROPERTIES INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)

Jun. 30, 2026

Dec. 31, 2025

Real estate portfolio:

Investments in leases - sales-type, net

^[1]

$ 24,577,355,000

$ 23,706,563,000

Real estate under development

23,272,000

Land

148,002,000

Cash and cash equivalents

288,063,000

563,479,000

Short-term investments

44,484,000

Other assets

^[1]

1,037,160,000

1,039,050,000

Total assets

48,271,220,000

46,724,168,000

Liabilities

Debt, net

16,931,155,000

16,773,241,000

Accrued expenses and deferred revenue

220,415,000

238,715,000

Dividends and distributions payable

500,755,000

486,259,000

Other liabilities

1,016,184,000

1,003,366,000

Total liabilities

18,668,509,000

18,501,581,000

Commitments and contingent liabilities (Note 10)

Stockholders’ equity

Common stock, $0.01 par value, 1,350,000,000 shares authorized and 1,101,074,906 and 1,068,811,371 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

11,011,000

10,688,000

Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at June 30, 2026 and December 31, 2025

Additional paid-in capital

25,854,906,000

24,898,868,000

Accumulated other comprehensive income

115,412,000

121,031,000

Retained earnings

3,189,420,000

2,767,053,000

Total VICI stockholders’ equity

29,170,749,000

27,797,640,000

Non-controlling interests

431,962,000

424,947,000

Total stockholders’ equity

29,602,711,000

28,222,587,000

Total liabilities and partners’ capital

48,271,220,000

46,724,168,000

Investments in leases - financing receivables, net

Real estate portfolio:

Investments in leases - financing receivables, net

^[1]

19,280,057,000

18,697,133,000

Investments in loans and securities, net

Real estate portfolio:

Investments in leases - financing receivables, net

^[1]

$ 2,917,311,000

$ 2,525,457,000

[1]

As of June 30, 2026 and December 31, 2025, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities, and Other assets (sales-type sub-leases) are net of allowance for credit losses of $1,014.8 million, $769.0 million, $92.1 million and $27.0 million, respectively, and $919.2 million, $769.9 million, $56.4 million and $23.9 million, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.