VICI PROPERTIES INC.

Listed Company

VICICIK 0001705696NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$4.01B

Net Income

$2.78B

Total Assets

$46.72B

Equity

$27.80B

Shares Out

1.07B

Op. Cash Flow

$2.51B

Business

VICI PROPERTIES INC. is a REIT that primarily owns and acquires gaming, hospitality, wellness, entertainment and leisure real estate subject to long-term triple-net leases. It leases experiential assets to leading operators, originates real estate and financing partnerships, and holds real estate debt investments, undeveloped land and championship golf courses. Its key business segments include a gaming portfolio, other experiential properties, real estate debt investments and a taxable REIT golf course subsidiary. Properties are located across urban, destination and drive-to markets in the United States and Canada and are distributed through long-term lease arrangements with national and regional operators.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Income from sales-type leases	2,125	2,068	1,980	1,464	1,168
Income from lease financing receivables, loans and securities	1,763	1,663	1,520	1,041	283
Other income	77	77	73	60	28
Golf revenues	40	40	39	36	31
Total revenues	4,006	3,849	3,612	2,601	1,510
General and administrative	65	69	60	48	33
Depreciation	4	4	4	3	3
Other expenses	77	77	73	60	28
Golf expenses	27	27	27	23	21
Change in allowance for credit losses	178	127	103	834	−20
Transaction and acquisition expenses	8	5	8	23	10
Total expenses	359	309	275	991	76
Interest expense	−844	−826	−818	−540	—
Interest income	14	16	24	10	120,000
Other gains	3	581,000	4	0	0
Income from unconsolidated affiliate	0	0	1	60	0
Income before income taxes	2,821	2,731	2,548	1,139	1,026
(Provision for) benefit from income taxes	−2	−10	6	−3	−3
Net income	2,819	2,721	2,555	1,136	1,023
Less: Net income attributable to non-controlling interests	−43	−42	−41	−19	−9
Net income attributable to common stockholders	2,775	2,679	2,514	1,118	1,014
Basic (in dollars per share)	2.61	2.56	2.48	1.27	1.8
Diluted (in dollars per share)	2.61	2.56	2.47	1.27	1.76
Basic (in shares)	1,062	1,047	1,015	878	564
Diluted (in shares)	1,063	1,048	1,016	880	577
Reclassification of derivative gain to Interest expense	−26	−25	−24	−16	64
Unrealized (loss) gain on cash flow hedges	−6	27	−10	201	29
Foreign currency translation adjustments	8	−12	2	0	0
Comprehensive income	2,795	2,712	2,523	1,321	1,117
Comprehensive income attributable to non-controlling interests	−43	−42	−41	−18	−9
Comprehensive income attributable to common stockholders	2,752	2,670	2,482	1,302	1,107

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investments in leases - sales-type, net	23,707	23,581	23,016	17,172	13,137
Land	148	151	151	154	154
Cash and cash equivalents	563	525	523	209	740
Short-term investments	45	0	0	217	0
Other assets	1,039	1,031	1,015	936	425
Total assets	46,724	45,369	44,060	37,576	17,597
Debt, net	16,773	16,733	16,724	13,740	4,695
Accrued expenses and deferred revenue	239	218	227	213	114
Dividends and distributions payable	486	462	438	380	226
Other liabilities	1,003	1,004	1,013	952	376
Total liabilities	18,502	18,417	18,402	15,286	5,410
Commitments and contingent liabilities (Note 10)	—	—	—	—	—
Common stock, $0.01 par value, 1,350,000,000 shares authorized and 1,068,811,371 and 1,056,366,685 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	11	11	10	10	6
Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at December 31, 2025 and 2024	0	0	0	0	0
Additional paid-in capital	24,899	24,515	24,126	21,645	11,755
Accumulated other comprehensive income	121	145	154	185	884,000
Retained earnings	2,767	1,867	966	93	346
Total VICI stockholders equity	27,798	26,538	25,256	21,934	12,108
Non-controlling interests	425	414	402	356	79
Total stockholders equity	28,223	26,952	25,658	22,290	12,187
Total liabilities and stockholders equity	46,724	45,369	44,060	37,576	17,597

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Non-cash leasing and financing adjustments	−524	−538	−515	−338	−120
Stock-based compensation	16	18	16	13	9
Amortization of debt issuance costs and original issue discount	47	47	46	32	71
Deferred income taxes	−2	5	−10	0	0
Payment-in-kind interest	−38	0	0	—	—
Net proceeds from settlement of derivatives	2	10	0	201	—
Distributions from unconsolidated affiliate	0	0	3	65	0
Other assets	−441,000	3	5	−6	830,000
Accrued expenses and deferred revenue	13	−13	−12	52	−88
Other liabilities	−2	−2	−7	−142,000	—
Net cash provided by operating activities	2,510	2,381	2,181	1,943	896
Investments in leases - sales-type	0	−412	−241	−4,018	0
Investments in leases - financing receivables	0	−248,000	−1,132	−297	−6
Investments in loans and securities	−887	−579	−959	−194	−34
Principal repayments of loans and securities and receipts of deferred fees	27	81	482	6	70
Net cash paid in connection with the MGM Grand/Mandalay Bay JV Interest Acquisition	0	0	−1,267	−4,575	0
Capitalized transaction costs	−5	−6	−1	−8	−21
Investments in short-term investments	−44	−30	0	−307	0
Maturities of short-term investments	0	30	217	89	20
Proceeds from sale of real estate	6	963,000	6	0	13
Acquisition of property and equipment	−1	−8	−4	−2	−3
Net cash used in investing activities	−905	−923	−2,899	−9,304	41
Proceeds from offering of common stock, net	375	379	2,480	3,219	2,386
Proceeds from Revolving Credit Facility	426	82	419	600	0
Repayment of Revolving Credit Facility	−440	−94	−250	−600	0
Proceeds from senior unsecured notes offerings	1,284	1,771	0	5,000	0
Redemption of senior unsecured notes	−1,300	−1,800	0	0	—
Debt issuance costs	−19	−5	−105,000	−146	−31
Repurchase of stock for tax withholding	−7	−5	−5	−6	−2
Distributions to non-controlling interests	−32	−31	−29	—	—
Dividends paid	−1,853	−1,753	−1,584	−1,219	−759
Net cash (used in) provided by financing activities	−1,567	−1,457	1,032	6,830	−514
Effect of exchange rate changes on cash, cash equivalents and restricted cash	160,000	445,000	−63,000	0	0
Net increase in cash, cash equivalents and restricted cash	39	2	314	−531	424
Cash paid for interest	779	781	763	467	323
Cash paid for income taxes	7	3	5	—	—
Dividends and distributions declared, not paid	486	462	439	380	226
Issuance of stock-based compensation subject to repurchase for tax withholding	19	18	11	0	—
Accrued capitalized transaction costs	3	2	2	3	—
Debt issuance costs payable	5,000	476,000	45,000	0	43
Non-cash change in Investments in leases - financing receivables	283	283	277	189	21
Obtaining right-of-use assets in exchange for lease liabilities	0	16	82	542	0

Filings

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