VICI Properties
VICINYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $24.80 Prior regular-session close from the quote source.
- $24.72–$24.99 Regular-session low and high so far today.
- 4.8M Regular-session shares traded · Nov 13, 3:22 PM ET.
- Feb 24 projected Projected for 2027-02-24 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $22.43–$30.60 52-week trading low and high returned by the quote source.
Understand the Business
- VICI owns gaming, hospitality and other experiential real estate and leases it to operators. Its triple-net leases generally put operating expenses, property taxes, insurance and maintenance on tenants; VICI is not the casino operator.↗
- VICI also supplies senior and mezzanine financing for experiential properties. Loan income adds another earnings source, but development completion, collateral value and borrower repayment remain separate risks from collecting rent.↗
Why this business is different
- Long leases and contractual escalators provide visibility rather than guaranteed collections. Caesars and MGM remain its two largest tenants, while new operators broaden the roster without eliminating exposure to gaming and hospitality demand.↗↗
- Many leases are accounted for as financing investments. Reported revenue includes non-cash adjustments, and AFFO removes specified accounting items; neither total revenue nor AFFO is identical to cash collected after new investments.↗↗
What could matter next
Why the Stock Moved
- February 2026: Initial outlook implied slower per-share growth: Initial guidance implied a slower earnings pace before future deals. The $2.42–$2.45 midpoint implied roughly 2.3% growth from $2.38, limiting extrapolation of the previous pace, although the outlook excluded pending acquisitions.↗
- December 2024: Replacement debt carried a higher coupon: New funding increased the contractual coupon burden. VICI issued $750 million at 5.125% to replace 3.500% notes, raising coupon expense despite extending maturity to 2031; hedging also affects all-in cost.↗
The core investment thesis
Own VICI if contractual rent growth and new investments keep raising cash earnings per share after higher funding costs, tenant credit risk and development-loan commitments.
VICI price history
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Investment thesis
What must happen next
Long leases must keep producing collectible cash as operator exposure changes.HoldingMateriality: High
The July 29, 2026 filing identified Caesars and MGM as the two most significant tenants despite the addition of new operators. Northfield Park’s initial $53 million rent was carved out of the MGM master lease, not an incremental $53 million gain. Its May escalation lifted annual rent to $54 million. Triple-net terms shift costs to tenants but do not eliminate tenant credit risk.
Watch: Watch tenant financial health, contractual rent and lease changes; a larger tenant count alone does not establish safer collections.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The filing identifies significant tenants, lease obligations and the Northfield rent offset.
Open source ↗The release describes the new lease and its initial escalation.
Open source ↗Completed property investments must earn enough incremental rent to justify the cash and shares committed.StrengtheningMateriality: High
July 29, 2026: VICI reported closing the $1.16 billion Golden portfolio acquisition with $87 million of initial annual rent and the Gamehost portfolio purchase for C$200.6 million. Golden added about 24.3 million shares and required retirement of $426 million of assumed debt. Gamehost added C$16.1 million of annual rent, with part of the purchase funded by revolver borrowing. Those are financed additions, not organic growth.
Watch: Watch cash rent earned against funding costs and the diluted share count; headline acquisition yields alone do not prove accretion.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The release specifies completed transactions, lease rents, shares issued and debt or cash funding.
Open source ↗The credit portfolio must convert contractual income into repayments without expanding concessions or losses.WeakeningMateriality: High
The July 29 filing disclosed an $80.7 million loan on non-accrual and a separate $90 million loan modified after operational challenges. The modified loan was performing under its new terms, with extra collateral and amortization, but a lower current interest rate and longer maturity. The $1.5 billion One Beverly Hills mezzanine commitment is subordinate to a $2.8 billion senior commitment and will be funded over time.
Watch: Watch collections, restructurings, funding obligations and collateral; adjusted earnings cannot make borrower distress immaterial.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The credit note distinguishes the non-accrual loan, performing modified loan and staged mezzanine commitment.
Open source ↗Rent growth must absorb the cost of replacing lower-coupon debt.WeakeningMateriality: High
August 14, 2026: VICI completed $900 million of 5.400% notes due 2031 and $850 million of 5.750% notes due 2036. The September 8 presentation confirmed that proceeds repaid the lower-coupon 2026 debt, leaving no maturities that year. Refinancing extended duration but replaced 4.500% and 4.250% coupons; hedging and issuance costs also affect the all-in expense.
Watch: Watch realized interest expense and the next maturities; refinancing costs that outpace rental growth would compress the cash spread.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The completed offering disclosure separates issued debt from intended redemptions and lists old and new coupons.
Open source ↗The September deck confirms repayment of 2026 maturities with the August offering proceeds.
Open source ↗Recurring collections must support distributions while leaving realistic funding for investment commitments.HoldingMateriality: High
The July 29 filing reported first-half operating cash of $1.360 billion versus $1.232 billion, including a $51.1 million receipt of previously accrued payment-in-kind interest. Cash dividends were $962.3 million, while net investing outflow was $1.026 billion. The interest receipt helped this period’s cash conversion and should not be annualized; June-end $288.1 million cash is distinct from undrawn borrowing capacity.
Watch: Watch cash excluding unusual collection timing, dividends and remaining commitments; external funding still matters even when distributions are covered.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The cash-flow statement and discussion identify the payment-in-kind collection, distributions and investing flows.
Open source ↗The liquidity disclosure separates cash from revolver availability.
Open source ↗Adjusted earnings growth must reach each share without concealing meaningful credit deterioration.StrengtheningMateriality: High
July 29, 2026: Q2 AFFO per share increased 4.6% to $0.62, while GAAP net income per share fell 41.0% to $0.48. The GAAP decline reflected a large credit-allowance swing, which AFFO removes. Updated annual AFFO guidance of $2.45–$2.47 raised the prior low end by one cent, not the high end; guidance excludes specified unannounced or uncertain transactions.
Watch: Watch diluted AFFO, cash collections and credit losses together; adjusted growth alone is insufficient if asset recoverability weakens.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The release reconciles GAAP and AFFO results and compares current and prior guidance ranges.
Open source ↗
Full investment case & evidence
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Original research
Long leases must keep producing collectible cash as operator exposure changes. Northfield Park’s initial $53 million rent was carved out of the MGM master lease, not an incremental $53 million gain. Its May escalation lifted annual rent to $54 million. Triple-net terms shift costs to tenants but do not eliminate tenant credit risk.
Completed property investments must earn enough incremental rent to justify the cash and shares committed. Golden added about 24.3 million shares and required retirement of $426 million of assumed debt. Gamehost added C$16.1 million of annual rent, with part of the purchase funded by revolver borrowing. Those are financed additions, not organic growth.
The credit portfolio must convert contractual income into repayments without expanding concessions or losses. The modified loan was performing under its new terms, with extra collateral and amortization, but a lower current interest rate and longer maturity. The $1.5 billion One Beverly Hills mezzanine commitment is subordinate to a $2.8 billion senior commitment and will be funded over time.
Rent growth must absorb the cost of replacing lower-coupon debt. The September 8 presentation confirmed that proceeds repaid the lower-coupon 2026 debt, leaving no maturities that year. Refinancing extended duration but replaced 4.500% and 4.250% coupons; hedging and issuance costs also affect the all-in expense.
Recurring collections must support distributions while leaving realistic funding for investment commitments. Cash dividends were $962.3 million, while net investing outflow was $1.026 billion. The interest receipt helped this period’s cash conversion and should not be annualized; June-end $288.1 million cash is distinct from undrawn borrowing capacity.
Adjusted earnings growth must reach each share without concealing meaningful credit deterioration. The GAAP decline reflected a large credit-allowance swing, which AFFO removes. Updated annual AFFO guidance of $2.45–$2.47 raised the prior low end by one cent, not the high end; guidance excludes specified unannounced or uncertain transactions.
All standing thesis claims
Original report summary
contractual rent growth and new investments keep raising cash earnings per share after higher funding costs, tenant credit risk and development-loan commitments.
Since this case
What has happened since Sep 29, 2026
The case above was written from evidence through Sep 29, 2026 and stays as written. This part is read from SEC filings and closing prices each time the page is built, so it moves as new reports are filed.
- Results
- Q3 2026, the quarter to Sep 30, 2026, reported Oct 28, 2026 (8-K ↗): revenue $1.07B, up 5.8% on the same quarter a year earlier; net income $342.5M. Over the 12 months to Sep 30, 2026: revenue $4.16B, net income $2.35B (56.5% of revenue).
- Share price
- +7.0% since Sep 29, 2026, from $23.20 to $24.82 on Nov 12, 2026. The stock alone, not measured against other companies.
- Filings
- 2 8-K filings since Sep 29, 2026:
- Insiders
- 7 Form 4 transactions since Sep 29, 2026, none of them an open-market purchase or sale of its common stock.
- Conditions
- None of the conditions the Thesis-Break Engine checks has crossed on VICI Properties since Sep 29, 2026.
Read from SEC filings and closing prices through Nov 13, 2026. A filing made today can take up to about four hours to appear here.
Bull case and bear case
Bull case and bear case for VICI Properties Inc.
Where the evidence on VICI Properties disagrees: Mixed on the latest evidence (Sep 29, 2026). Of its 6 thesis points, 2 strengthening, 2 holding and 2 weakening.
Bull case: what the evidence supports
Long leases must keep producing collectible cash as operator exposure changes.
Completed property investments must earn enough incremental rent to justify the cash and shares committed.
Recurring collections must support distributions while leaving realistic funding for investment commitments.
Adjusted earnings growth must reach each share without concealing meaningful credit deterioration.
Bear case: what the evidence questions
The credit portfolio must convert contractual income into repayments without expanding concessions or losses.
Rent growth must absorb the cost of replacing lower-coupon debt.
Company research
Research on VICI Properties
- Reporting · Dividendology Explains VICI Properties Inc. (NYSE: VICI)'s 8% Yield
Dividendology separates rate pressure from tenant headlines. Filings show Caesars Entertainment, Inc. (NASDAQ: CZR) and MGM Resorts International (NYSE: MGM) supplied 71% of first-half contractual rent.
Thesis-Break Engine
Thesis-break watch · VICI Properties
No break has crossed VICI Properties’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedSeptember update confirmed the 2026 maturities were repaid
The issuer confirmed that August’s $1.75 billion offering repaid the 2026 debt, leaving no remaining maturities that year. The new 5.400% and 5.750% coupons extended duration at higher contractual rates.
- SupportiveQ2 growth modestly lifted the annual earnings floor
AFFO per diluted share grew 4.6%. The annual range moved from $2.44–$2.47 to $2.45–$2.47, while credit-allowance changes drove a large GAAP profit decline.
Risks / falsifiers
What could break the thesis
- Watch tenant financial health, contractual rent and lease changes; a larger tenant count alone does not establish safer collections.
- Watch cash rent earned against funding costs and the diluted share count; headline acquisition yields alone do not prove accretion.
- Watch collections, restructurings, funding obligations and collateral; adjusted earnings cannot make borrower distress immaterial.
- Watch realized interest expense and the next maturities; refinancing costs that outpace rental growth would compress the cash spread.
- Watch cash excluding unusual collection timing, dividends and remaining commitments; external funding still matters even when distributions are covered.
- Watch diluted AFFO, cash collections and credit losses together; adjusted growth alone is insufficient if asset recoverability weakens.
VICI news
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Financial statements
VICI income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
VICI: quick answers
- When does VICI Properties (VICI) report earnings next?
- VICI Properties's next results are projected for February 24, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 28, 2026. Earnings calendar
- What is VICI's short interest?
- As of October 30, 2026, 30.0M VICI shares were sold short, 2.73% of its shares outstanding, down 5.5% from the count before. At the stock's average daily volume that is 3.1 days to cover. FINRA publishes the count twice a month. VICI short interest history
- Have members of Congress traded VICI?
- Reports made public in the last 90 days disclose 5 trades in VICI by 2 filers: 1 purchase and 4 sales. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed VICI trade
- Which well-known investors own VICI?
- 1 of the 37 well-known funds tracked here reported VICI shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
VICI in well-known investors’ portfolios
1 of 37 funds reported VICI shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.03% | $6.5M | +833.8% | Q2 2026 |