VICI PROPERTIES INC.VICI
VICI PROPERTIES INC. Debt Disclosure
Debt
The following tables detail our debt obligations as of December 31, 2025 and 2024:
| ($ In thousands) | December 31, 2025 | |||||||||||||||||||||||||
| Description of Debt | Maturity | Interest Rate | Principal Amount | Carrying Value (1) | ||||||||||||||||||||||
| Revolving Credit Facility | ||||||||||||||||||||||||||
USD Borrowings (2) | February 3, 2029 | SOFR + 0.85% | $ | — | $ | — | ||||||||||||||||||||
CAD Borrowings (2) | February 3, 2029 | CORRA + 0.85% | 120,219 | 120,219 | ||||||||||||||||||||||
GBP Borrowings (2) | February 3, 2029 | SONIA + 0.85% | 22,234 | 22,234 | ||||||||||||||||||||||
| MGM Grand/Mandalay Bay CMBS Debt | March 5, 2032 | 3.558% | 3,000,000 | 2,827,515 | ||||||||||||||||||||||
| 2026 Maturities | ||||||||||||||||||||||||||
4.500% Notes | September 1, 2026 | 4.500% | 500,000 | 496,596 | ||||||||||||||||||||||
4.250% Notes | December 1, 2026 | 4.250% | 1,250,000 | 1,247,385 | ||||||||||||||||||||||
| 2027 Maturities | ||||||||||||||||||||||||||
5.750% Notes | February 1, 2027 | 5.750% | 750,000 | 752,382 | ||||||||||||||||||||||
3.750% Notes | February 15, 2027 | 3.750% | 750,000 | 748,114 | ||||||||||||||||||||||
| 2028 Maturities | ||||||||||||||||||||||||||
4.500% Notes | January 15, 2028 | 4.500% | 350,000 | 344,756 | ||||||||||||||||||||||
4.750% Notes | February 15, 2028 | 4.516% (3) | 1,250,000 | 1,244,632 | ||||||||||||||||||||||
4.750% Notes | April 1, 2028 | 4.750% | 400,000 | 397,012 | ||||||||||||||||||||||
| 2029 Maturities | ||||||||||||||||||||||||||
3.875% Notes | February 15, 2029 | 3.875% | 750,000 | 713,898 | ||||||||||||||||||||||
4.625% Notes | December 1, 2029 | 4.625% | 1,000,000 | 993,732 | ||||||||||||||||||||||
| 2030 Maturities | ||||||||||||||||||||||||||
4.950% Notes | February 15, 2030 | 4.541% (3) | 1,000,000 | 992,815 | ||||||||||||||||||||||
4.125% Notes | August 15, 2030 | 4.125% | 1,000,000 | 993,101 | ||||||||||||||||||||||
| 2031 Maturities | ||||||||||||||||||||||||||
5.125% Notes | November 15, 2031 | 4.969% (3) | 750,000 | 741,828 | ||||||||||||||||||||||
| 2032 Maturities | ||||||||||||||||||||||||||
5.125% Notes | May 15, 2032 | 3.980% (3) | 1,500,000 | 1,486,918 | ||||||||||||||||||||||
| 2034 Maturities | ||||||||||||||||||||||||||
5.750% Notes | April 1, 2034 | 5.689% (3) | 550,000 | 541,956 | ||||||||||||||||||||||
| 2035 Maturities | ||||||||||||||||||||||||||
5.625% Notes | April 1, 2035 | 5.601% (3) | 900,000 | 885,409 | ||||||||||||||||||||||
| 2052 Maturities | ||||||||||||||||||||||||||
5.625% Notes | May 15, 2052 | 5.625% | 750,000 | 736,842 | ||||||||||||||||||||||
| 2054 Maturities | ||||||||||||||||||||||||||
6.125% Notes | April 1, 2054 | 6.125% | 500,000 | 485,897 | ||||||||||||||||||||||
| Total Debt | 4.464% (4) | $ | 17,092,453 | $ | 16,773,241 | |||||||||||||||||||||
| ($ In thousands) | December 31, 2024 | |||||||||||||||||||||||||
| Description of Debt | Maturity | Interest Rate | Principal Amount | Carrying Value (1) | ||||||||||||||||||||||
| 2022 Revolving Credit Facility | ||||||||||||||||||||||||||
USD Borrowings (2) | March 31, 2026 | SOFR + 0.85% | $ | — | $ | — | ||||||||||||||||||||
CAD Borrowings (2) | March 31, 2026 | CORRA + 0.85% | 130,698 | 130,698 | ||||||||||||||||||||||
GBP Borrowings (2) | March 31, 2026 | SONIA + 0.85% | 18,148 | 18,148 | ||||||||||||||||||||||
| MGM Grand/Mandalay Bay CMBS Debt | March 5, 2032 | 3.558% | 3,000,000 | 2,800,544 | ||||||||||||||||||||||
| 2025 Maturities | ||||||||||||||||||||||||||
4.375% Notes | May 15, 2025 | 4.375% | 500,000 | 499,419 | ||||||||||||||||||||||
4.625% Notes | June 15, 2025 | 4.625% | 800,000 | 797,059 | ||||||||||||||||||||||
| 2026 Maturities | ||||||||||||||||||||||||||
4.500% Notes | September 1, 2026 | 4.500% | 500,000 | 491,532 | ||||||||||||||||||||||
4.250% Notes | December 1, 2026 | 4.250% | 1,250,000 | 1,244,469 | ||||||||||||||||||||||
| 2027 Maturities | ||||||||||||||||||||||||||
5.750% Notes | February 1, 2027 | 5.750% | 750,000 | 754,588 | ||||||||||||||||||||||
3.750% Notes | February 15, 2027 | 3.750% | 750,000 | 746,438 | ||||||||||||||||||||||
| 2028 Maturities | ||||||||||||||||||||||||||
4.500% Notes | January 15, 2028 | 4.500% | 350,000 | 342,214 | ||||||||||||||||||||||
4.750% Notes | February 15, 2028 | 4.516% (3) | 1,250,000 | 1,242,110 | ||||||||||||||||||||||
| 2029 Maturities | ||||||||||||||||||||||||||
3.875% Notes | February 15, 2029 | 3.875% | 750,000 | 702,707 | ||||||||||||||||||||||
4.625% Notes | December 1, 2029 | 4.625% | 1,000,000 | 992,132 | ||||||||||||||||||||||
| 2030 Maturities | ||||||||||||||||||||||||||
4.950% Notes | February 15, 2030 | 4.541% (3) | 1,000,000 | 991,080 | ||||||||||||||||||||||
4.125% Notes | August 15, 2030 | 4.125% | 1,000,000 | 991,609 | ||||||||||||||||||||||
| 2031 Maturities | ||||||||||||||||||||||||||
5.125% Notes | November 15, 2031 | 4.969% (3) | 750,000 | 740,527 | ||||||||||||||||||||||
| 2032 Maturities | ||||||||||||||||||||||||||
5.125% Notes | May 15, 2032 | 3.980% (3) | 1,500,000 | 1,484,876 | ||||||||||||||||||||||
| 2034 Maturities | ||||||||||||||||||||||||||
5.750% Notes | April 1, 2034 | 5.689% (3) | 550,000 | 540,986 | ||||||||||||||||||||||
| 2052 Maturities | ||||||||||||||||||||||||||
5.625% Notes | May 15, 2052 | 5.625% | 750,000 | 736,348 | ||||||||||||||||||||||
| 2054 Maturities | ||||||||||||||||||||||||||
6.125% Notes | April 1, 2054 | 6.125% | 500,000 | 485,405 | ||||||||||||||||||||||
| Total Debt | 4.413% (4) | $ | 17,098,846 | $ | 16,732,889 | |||||||||||||||||||||
____________________
(1)Carrying value is net of unamortized original issue discount and unamortized debt issuance costs incurred in conjunction with debt.
(2)Borrowings under the Revolving Credit Facility bear interest at a rate based on a credit rating-based pricing grid with a range of 0.70% to 1.40% margin plus SOFR (or Canadian Overnight Repo Rate Average (“CORRA”) or Sterling Overnight Index Average (“SONIA”), as applicable), depending on our credit ratings and total leverage ratio. Additionally, the commitment fees under the Revolving Credit Facility are calculated on a credit rating-based pricing grid with a range of 0.10% to 0.30%, depending on our credit ratings and total leverage ratio. For the year ended December 31, 2025, the weighted average commitment fees for the Revolving Credit Facility was 0.20%.
(3)Interest rates represent the contractual interest rates adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives). The contractual interest rates on the April 2022 Notes (as defined below) maturing 2028, 2030 and 2032 are 4.750%, 4.950% and 5.125%, respectively, the contractual interest rate on the March 2024 Notes (as defined below) maturing 2034 is 5.750%, the contractual interest rates on the December 2024 Notes (as defined below) maturing 2031 is 5.125%, and the contractual interest rate on the April 2025 Notes (as defined below) maturing 2035 is 5.625%.
(4)The interest rate represents the weighted average interest rates of the Senior Unsecured Notes adjusted to account for the impact of the forward-starting interest rate swaps and treasury locks (as further described in Note 8 - Derivatives), as applicable. The contractual weighted average interest rate as of December 31, 2025, which excludes the impact of the forward-starting interest rate swaps and treasury locks, was 4.62%.
The following table is a schedule of future minimum payments of our debt obligations as of December 31, 2025:
| (In thousands) | Future Minimum Payments | ||||
| 2026 | $ | 1,750,000 | |||
| 2027 | 1,500,000 | ||||
| 2028 | 2,000,000 | ||||
| 2029 | 1,892,453 | ||||
| 2030 | 2,000,000 | ||||
| Thereafter | 7,950,000 | ||||
| Total minimum repayments | $ | 17,092,453 | |||
Senior Unsecured Notes
Our outstanding senior unsecured notes consist of (i) $2.25 billion aggregate principal amount of Senior Notes issued on November 26, 2019 (the “November 2019 Notes”), (ii) $1.75 billion aggregate principal amount of Senior Notes issued on February 5, 2020 (the “February 2020 Notes”), (iii) $4.5 billion aggregate principal amount of Senior Notes issued on April 29, 2022 (the “April 2022 Notes”), (iv) approximately $2.3 billion aggregate principal amount of Senior Notes issued on April 29, 2022, in each case issued by VICI LP and VICI Note Co. Inc. (the “Exchange Notes”), (v) approximately $63.6 million aggregate principal amount of Senior Notes, which were originally issued by MGM Growth Properties Operating Partnership LP and a co-issuer (the “MGP OP Notes”) and remain outstanding following the issuance of the Exchange Notes pursuant to the exchange offer and consent solicitation for the then-outstanding MGP OP Notes, which settled in connection with the completion of our acquisition of MGP on April 29, 2022, (vi) $1.05 billion aggregate principal amount of Senior Notes issued on March 18, 2024 (the “March 2024 Notes”), (vii) $750.0 million aggregate principal of Senior Notes issued on December 19, 2024, (the “December 2024 Notes”), and (viii) $1.3 billion aggregate principal amount of Senior Notes issued on April 7, 2025 (the “April 2025 Notes”). The outstanding November 2019 Notes, February 2020 Notes, April 2022 Notes, Exchange Notes, MGP OP Notes, March 2024 Notes, December 2024 Notes and April 2025 Notes are collectively referred to as the “Senior Unsecured Notes”.
On April 7, 2025, VICI LP issued the April 2025 Notes comprised of (i) $400.0 million aggregate principal amount of 4.750% Senior Notes due 2028, which mature on April 1, 2028, and (ii) $900.0 million aggregate principal amount of 5.625% Senior Notes due 2035, which mature on April 1, 2035, in each case under a supplemental indenture dated as of April, 7, 2025, between VICI LP and the trustee. We used the net proceeds of the April 2025 Notes to redeem our then-outstanding (i) $799.4 million in aggregate principal amount of the 4.625% Exchange Notes due 2025, (ii) $500.0 million in aggregate principal amount of the 4.375% April 2022 Notes due 2025, and (iii) $0.6 million in aggregate principal amount of the 4.625% MGP OP Notes due 2025.
Subject to the terms and conditions of the applicable indentures (including supplemental indentures, collectively “indentures”), each series of Senior Unsecured Notes is redeemable at our option, in whole or in part, at any time for a specified period prior to the maturity date of such series at the redemption prices set forth in the applicable indenture. In addition, we may redeem some or all of such notes prior to such respective dates at a price equal to 100% of the principal amount thereof plus a “make-whole” premium or on such other terms as specified in the applicable indenture.
Guarantee and Financial Covenants
None of the Senior Unsecured Notes are guaranteed by any subsidiaries of VICI LP. The Exchange Notes, the MGP OP Notes, the April 2022 Notes, the March 2024 Notes, the December 2024 Notes and the April 2025 Notes benefit from a pledge of the limited partnership interests of VICI LP directly owned by VICI OP (the “Limited Equity Pledge”). The Limited Equity Pledge has also been granted in favor of (i) the administrative agent and the lenders under the Credit Agreement (as defined below), and (ii) the trustee under the indentures governing, and the holders of, the November 2019 Notes and the February 2020 Notes.
Pursuant to the terms of the respective indentures, in the event that the November 2019 Notes, February 2020 Notes and Exchange Notes (i) are rated investment grade by at least two of S&P, Moody’s and Fitch and (ii) no default or event of default has occurred and is continuing under the respective indentures, VICI LP and its restricted subsidiaries will no longer be subject to certain of the restrictive covenants under such indentures. On April 18, 2022, the November 2019 Notes, February 2020 Notes and Exchange Notes were rated investment grade by each of S&P and Fitch and VICI LP notified the trustee of such Suspension Date (as defined in the indentures). Accordingly, VICI LP and its restricted subsidiaries are no longer subject to
certain of the restrictive covenants under such indentures, but are subject to a maintenance covenant requiring VICI LP and its restricted subsidiaries to maintain a certain total unencumbered assets to unsecured debt ratio. In the event that the November 2019 Notes, February 2020 Notes and Exchange Notes are no longer rated investment grade by at least two of S&P, Moody’s and Fitch, then VICI LP and its restricted subsidiaries will again be subject to all of the covenants of the respective indentures, as applicable, but will no longer be subject to the maintenance covenant.
The indentures governing each of the April 2022 Notes, March 2024 Notes, December 2024 Notes and April 2025 Notes contains certain covenants that limit the ability of VICI LP and its subsidiaries to incur secured and unsecured indebtedness and limit VICI LP’s ability to consummate a merger, consolidation or sale of all or substantially all of its assets. In addition, VICI LP is required to maintain total unencumbered assets of at least 150% of total unsecured indebtedness. These covenants are subject to a number of important exceptions and qualifications.
Unsecured Credit Facilities
On February 3, 2025, we entered into a credit agreement by and among VICI LP, the lenders party thereto, and Wells Fargo Bank, N.A., as administrative agent, as amended from time to time (the “Credit Agreement”), providing for a revolving credit facility in the amount of $2.5 billion scheduled to mature on February 3, 2029 (the “Revolving Credit Facility”). Concurrently with entry into the Credit Agreement and Revolving Credit Facility, we terminated the credit agreement dated February 8, 2022 by and among VICI LP, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, as amended from time to time (the “2022 Credit Agreement”) and the existing revolving credit facility in the amount of $2.5 billion scheduled to mature on March 31, 2026 (the “2022 Revolving Credit Facility”). In connection with the termination of the 2022 Revolving Credit Facility, all outstanding balances thereunder were repaid and reborrowed under the Revolving Credit Facility.
The Revolving Credit Facility includes two six-month maturity extension options (or one twelve-month extension option), the exercise of which in each case is subject to customary conditions and the payment of an extension fee of (i) 0.0625% on the extended commitments, in the case of each six-month extension of the Revolving Credit Facility, and (ii) 0.125% on the extended commitments, in the case of a twelve-month extension of the Revolving Credit Facility. The Revolving Credit Facility includes the option (i) to increase the revolving loan commitments by up to $1.0 billion and (ii) to add one or more tranches of term loans of up to $2.0 billion in the aggregate, in each case, to the extent that any one or more lenders (from the syndicate or otherwise) agree to provide such additional credit extensions.
Borrowings under the Revolving Credit Facility will bear interest, at VICI LP’s option, for U.S. Dollar borrowings at either (i) a rate based on SOFR plus a margin ranging from 0.70% to 1.40%, or (ii) a base rate plus a margin ranging from 0.00% to 0.40%, in each case, with the actual margin determined according to VICI LP’s debt ratings and total leverage ratio. The base rate is the highest of (i) the prime rate of interest last quoted by the Wall Street Journal in the U.S. then in effect, (ii) the NYFRB rate from time to time plus 0.5% and (iii) the SOFR rate for a one-month interest period plus 1.0%, subject to a floor of 1.0%. In addition to U.S. Dollar borrowings, borrowings under the Revolving Credit Facility are also available in certain specific foreign currencies, bearing interest based on rates customary for such foreign currencies and subject to the same applicable margins for U.S. Dollar borrowings. In addition, the Revolving Credit Facility requires the payment of a facility fee ranging from 0.10% to 0.30% (depending on VICI LP’s debt ratings and total leverage ratio) of total commitments. The Revolving Credit Facility may be voluntarily prepaid in full or in part at any time, subject to customary breakage costs, if applicable.
The Credit Agreement contains customary representations and warranties and affirmative, negative and financial covenants. Such covenants include restrictions on mergers, affiliate transactions, and asset sales as well as certain financial maintenance covenants. The Credit Agreement also includes customary events of default, the occurrence of which, following any applicable grace period, would permit the lenders to, among other things, declare the principal, accrued interest and other obligations of VICI LP under the Credit Agreement to be immediately due and payable. The Credit Agreement is consistent with certain tax-related requirements related to security for our debt.
As of December 31, 2025, we had C$165.0 million and £16.5 million outstanding on the Revolving Credit Facility in connection with the funding of a portion of our Canadian investments and our United Kingdom investments, respectively.
MGM Grand/Mandalay Bay CMBS Debt
On January 9, 2023, as a result of our acquisition of the remaining 49.9% interest in the MGM Grand/Mandalay Bay JV, we consolidated the assets and liabilities of the MGM Grand/Mandalay Bay JV, which includes the $3.0 billion in principal amount of outstanding CMBS debt (the “MGM Grand/ Mandalay Bay CMBS Debt”). The MGM Grand/Mandalay Bay CMBS Debt
was originally incurred on February 14, 2020 pursuant to a loan agreement (as amended from time to time, the “MGM Grand/Mandalay Bay CMBS Loan Agreement”), and is secured primarily by mortgages on certain affiliates of the MGM Grand/Mandalay Bay JV’s fee interest in the real estate assets related to the MGM Grand Las Vegas and the Mandalay Bay Resort and Casino. The MGM Grand/Mandalay Bay CMBS Debt matures in March 2032 and bears interest at 3.558% per annum until March 2030 at which time the rate can change in accordance with the terms of the MGM Grand Mandalay Bay CMBS Loan Agreement until maturity. The MGM Grand/Mandalay Bay CMBS Loan Agreement contains certain customary affirmative and negative covenants and events of default, including, among other things, restrictions on the ability of the MGM Grand/Mandalay Bay JV and certain of its affiliates to incur additional debt and transfer, pledge or assign certain equity interests or its assets, and covenants requiring certain affiliates of the MGM Grand/Mandalay Bay JV to exist as “special purpose entities,” maintain certain ongoing reserve funds and comply with other customary obligations for commercial mortgage-backed securities loan financings.
Financial Covenants
As described above, our debt obligations are subject to certain customary financial and protective covenants that restrict VICI LP, VICI PropCo and its subsidiaries’ ability to incur additional debt, sell certain assets and restrict certain payments, among other things. These covenants are subject to a number of exceptions and qualifications, including the ability to make restricted payments to maintain our REIT status. At December 31, 2025, we are in compliance with all financial covenants under our debt obligations.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2017 | Mar 28, 2018 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.