VICI Properties Inc. reported fourth‑quarter 2025 revenue of $1.01 billion, up 3.8% from $976.1 million a year earlier, but falling short of the consensus estimate of $1.01‑$1.02 billion. The miss reflects a modest decline in demand for its core casino‑hotel properties, offset by incremental rent escalators in newer leases.
Net income attributable to common shareholders was $604.8 million, or $0.57 per share, a decline from the prior year’s $614.6 million ($0.58 per share). The earnings per share fell short of the consensus estimate of $0.70, indicating that higher operating costs and a weaker revenue mix weighed on profitability.
Adjusted funds from operations rose 6.8% to $642.5 million, or $0.60 per share, driven by rent escalators and new capital commitments that increased the company’s cash‑flow generation from its triple‑net portfolio.
For 2026, VICI guided adjusted funds from operations of $2.59‑$2.625 billion, or $2.42‑$2.45 per diluted share, a level below analysts’ expectations of $2.45 per share. The guidance signals management’s cautious outlook amid a softer Las Vegas Strip market and the need to balance growth with debt management.
Strategic transactions in 2025, including a $1.16 billion sale‑leaseback with Golden Entertainment and a $510 million loan agreement with Red Rock Resorts, broadened the tenant base and added liquidity. The company ended 2025 with $3.2 billion in total liquidity and $17.1 billion in debt, and it increased its quarterly dividend by 4.0% to $0.45 per share, marking the eighth consecutive annual increase.
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