VICI PROPERTIES INC.

VICI 10-Q · Q2 2025

VICI Q2 2025 request

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Income Statement

Income Statement
Metric Q2 2025 Q2 2024 YoY
Sales Type Lease Interest Income 530,348 512,289 +3.5%
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VICI Properties LP 530,348 512,289 +3.5%
Show Rent Type [Axis] breakouts
Contingent Rent 28,544 25,754 +10.8%
Fixed Rent 501,804 486,535 +3.1%
Interest And Dividend Income Operating 440,260 413,735 +6.4%
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VICI Properties LP 440,260 413,735 +6.4%
Other Income 19,536 19,323 +1.1%
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VICI Properties LP 19,536 19,323 +1.1%
Revenue 1,001,334 957,003 +4.6%
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VICI Properties LP 990,144 945,347 +4.7%
General & Administrative 14,561 15,768 -7.7%
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VICI Properties LP 14,525 15,732 -7.7%
Depreciation 741 992 -25.3%
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VICI Properties LP 130 157 -17.2%
Other Expenses 19,536 19,323 +1.1%
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VICI Properties LP 19,536 19,323 +1.1%
Financing Receivable Excluding Accrued Interest Net Investment In Lease And Loans Credit Loss Expense Reversal -142,001 -43,000 -230.2%
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VICI Properties LP -142,001 -43,000 -230.2%
Transaction And Acquisition Expense 7,434 259 +2770.3%
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VICI Properties LP 7,434 259 +2770.3%
Operating Costs And Expenses Net Of Adjustments -93,110 155 -60171.0%
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VICI Properties LP -100,376 -7,529 -1233.2%
Interest Expense -213,797 -205,777 -3.9%
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VICI Properties LP -213,797 -205,777 -3.9%
Interest Income 2,293 3,926 -41.6%
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VICI Properties LP 2,227 3,235 -31.2%
Other Nonoperating Gains Losses 992 990 +0.2%
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VICI Properties LP 992 990 +0.2%
Income Before Taxes 883,932 755,987 +16.9%
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VICI Properties LP 879,942 751,324 +17.1%
Income Tax Expense (Benefit) -5,564 -3,234 -72.0%
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VICI Properties LP -4,683 -2,342 -100.0%
Net Income 878,368 752,753 +16.7%
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Noncontrolling Interest 13,289 11,451 +16.1%
Parent 865,079 741,302 +16.7%
Retained Earnings 865,079 741,302 +16.7%
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VICI Properties LP 875,259 748,982 +16.9%
Net Income Loss Attributable To Noncontrolling Interest -13,289 -11,451 -16.1%
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VICI Properties LP -3,343 -2,803 -19.3%
Net Income Loss Attributable To Partners (Q)
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VICI Properties LP 871,916 746,179 +16.9%
EPS (Basic) 0.82 0.71 +15.5%
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VICI Properties LP 0.82 0.71 +15.5%
EPS (Diluted) 0.82 0.71 +15.5%
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VICI Properties LP 0.82 0.71 +15.5%
Wtd Avg Shares (Basic) 1,056,222,836 1,042,650,713 +1.3%
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VICI Properties LP 1,068,454,209 1,054,882,086 +1.3%
Wtd Avg Shares (Diluted) 1,057,270,580 1,042,959,627 +1.4%
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VICI Properties LP 1,069,501,953 1,055,191,000 +1.4%
Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease After Adjustments And Tax Parent (Q)
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VICI Properties LP -6,386 -6,384 -0.0%
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent (Q)
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VICI Properties LP 10,091 -2,173 +564.4%
Comprehensive Income 868,734 732,873 +18.5%
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VICI Properties LP 875,621 737,622 +18.7%
Income From Golf Operations 11,190 11,656 -4.0%
Cost of Revenue 6,619 6,813 -2.8%
Net Income 865,079 741,302 +16.7%
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VICI Properties LP 871,916 746,179 +16.9%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax -6,386 -6,384 -0.0%
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Accumulated Other Comprehensive Income -6,313 -6,316 0.0%
Noncontrolling Interest -73 -68 -7.4%
Parent -6,313 -6,316 0.0%
Show Derivative Risk breakouts
Forward-starting interest rate swap -6,386 -6,384 -0.0%
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VICI Properties LP -6,386 -6,384 -0.0%
VICI Properties LP · Accumulated Other Comprehensive Income -6,386 -6,384 -0.0%
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax 10,091 -2,173 +564.4%
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Accumulated Other Comprehensive Income 9,968 -2,113 +571.7%
Noncontrolling Interest 123 -60 +305.0%
Parent 9,968 -2,113 +571.7%
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VICI Properties LP 10,091 -2,173 +564.4%
VICI Properties LP · Accumulated Other Comprehensive Income 10,091 -2,173 +564.4%
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts
Net Investment Hedging -8.4 1.2 -800.0%
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest 882,073 744,196 +18.5%
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest -13,339 -11,323 -17.8%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents 232,983 347,160 -32.9%
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VICI Properties LP 225,190 291,128 -22.6%
Non-Current Assets
Total Assets 46,054,023 44,511,250 +3.5%
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VICI Properties LP 45,967,465 44,376,270 +3.6%
Property, Plant & Equipment 69,438 69,914 -0.7%
Deferred Tax Assets 5,925 7,033 -15.8%
Other Assets
Other Assets 1,037,694 1,024,718 +1.3%
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VICI Properties LP 958,929 945,770 +1.4%
Non-Current Liabilities
Long-Term Debt 16,922,273 16,727,361 +1.2%
Show Debt Instrument breakouts
3.750% Notes · Unsecured Debt 747,276 745,604 +0.2%
3.875% Notes · Unsecured Debt 708,280 697,178 +1.6%
4.125% Notes · Unsecured Debt 992,355 990,866 +0.2%
4.250% Notes · Unsecured Debt 1,245,958 1,243,106 +0.2%
4.500% Notes · Unsecured Debt 494,057 489,020 +1.0%
4.500% Notes · Unsecured Debt 343,483 340,950 +0.7%
4.625% Notes · Unsecured Debt 992,932 991,332 +0.2%
4.750% Notes · Unsecured Debt 1,243,370 1,240,851 +0.2%
4.750% Notes · Unsecured Debt 396,352
4.950% Notes · Unsecured Debt 991,947 990,213 +0.2%
5.125% Notes · Unsecured Debt 1,485,897 1,483,855 +0.1%
5.125% Notes · Unsecured Debt 741,133
5.625% Notes · Unsecured Debt 736,595 736,101 +0.1%
5.625% Notes · Unsecured Debt 884,626
5.750% Notes · Unsecured Debt 753,484 755,693 -0.3%
5.750% Notes · Unsecured Debt 541,471 540,698 +0.1%
6.125% Notes · Unsecured Debt 485,651 485,341 +0.1%
MGM Grand/Mandalay Bay CMBS Debt · Unsecured Debt 2,813,887
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VICI Properties LP 16,922,273 16,727,361 +1.2%
Show Currency breakouts
CAD · Revolving Credit Facility 128,608 157,595 -18.4%
GBP · Revolving Credit Facility 19,911 11,380 +75.0%
USD · Revolving Credit Facility 175,000
Accrued Liabilities Current And Noncurrent 219,814 215,689 +1.9%
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VICI Properties LP 218,839 214,175 +2.2%
Dividends Payable Current And Noncurrent 462,113 437,785 +5.6%
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VICI Properties LP 462,113 437,785 +5.6%
Total Liabilities 18,609,911 18,384,937 +1.2%
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VICI Properties LP 18,595,100 18,368,853 +1.2%
Deferred Tax Liabilities 4,041 4,473 -9.7%
Other Liabilities
Net Investment In Lease Excluding Accrued Interest After Allowance For Credit Loss 23,686,926
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VICI Properties LP 23,686,926
Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss (Q)
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VICI Properties LP · Finance Receivables 18,577,584
VICI Properties LP · Investments in loans and securities, net 2,369,049
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Finance Receivables 18,577,584
Investments in loans and securities, net 2,369,049 1,461,198 +62.1%
Loans Receivable 2,369,049
Loans Receivable · Mezzanine Loans and Preferred Equity 1,356,605
Loans Receivable · Senior Loans 930,756
Other Liabilities 1,005,711 1,004,102 +0.2%
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VICI Properties LP 991,875 989,532 +0.2%
Stockholders' Equity
Common Stock 10,567 10,432 +1.3%
Additional Paid-In Capital 24,515,601 24,128,989 +1.6%
Retained Earnings 2,362,176 1,431,264 +65.0%
Total Stockholders' Equity 27,024,451 25,718,896 +5.1%
Minority Interest 419,661 407,417 +3.0%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 27,444,112 26,126,313 +5.0%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 136,107 148,211 -8.2%
Additional Paid In Capital 24,515,601 24,128,989 +1.6%
Common Stock 10,567 10,432 +1.3%
Noncontrolling Interest 419,661 407,417 +3.0%
Parent 27,024,451 25,718,896 +5.1%
Retained Earnings 2,362,176 1,431,264 +65.0%
Limited Partners Capital Account (Q)
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VICI Properties LP 27,130,572 25,753,822 +5.3%
Accumulated Other Comprehensive Income 136,107 148,211 -8.2%
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VICI Properties LP 135,345 147,585 -8.3%
Partners Capital (Q)
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VICI Properties LP 27,265,917 25,901,407 +5.3%
Partners Capital Attributable To Noncontrolling Interest (Q)
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VICI Properties LP 106,448 106,010 +0.4%
Partners Capital Including Portion Attributable To Noncontrolling Interest (Q)
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VICI Properties LP 27,372,365 26,007,417 +5.2%
VICI Properties LP · Accumulated Other Comprehensive Income 135,345 147,585 -8.3%
VICI Properties LP · Limited Partner 27,130,572 25,753,822 +5.3%
VICI Properties LP · Noncontrolling Interest 106,448 106,010 +0.4%
Total Liabilities & Equity 46,054,023 44,511,250 +3.5%
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VICI Properties LP 45,967,465 44,376,270 +3.6%
Land Available For Development 149,787 150,727 -0.6%
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VICI Properties LP 149,787 150,727 -0.6%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Non Cash Leasing And Financing Adjustments -261,971 -266,949 +1.9%
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VICI Properties LP -261,971 -266,949 +1.9%
Stock-Based Compensation 7,343 8,372 -12.3%
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VICI Properties LP 7,343 8,372 -12.3%
Amortization Of Financing Costs And Discounts 24,784 21,595 +14.8%
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VICI Properties LP 24,784 21,595 +14.8%
Net Proceeds From Derivative Instrument Operating Activities 1,767 2,827 -37.5%
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VICI Properties LP 1,767 2,827 -37.5%
Deferred Income Taxes And Tax Credits 72 2,289 -96.9%
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VICI Properties LP -158 2,321 -106.8%
Interest Income Paid In Kind -10,747
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VICI Properties LP -10,747
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Investments in loans and securities, net -10,747
Increase Decrease In Other Current Assets -6,247 -20,005 +68.8%
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VICI Properties LP -5,387 -19,218 +72.0%
Increase Decrease In Accrued Liabilities 2,610 -10,670 +124.5%
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VICI Properties LP 2,129 -9,644 +122.1%
Increase Decrease In Other Deferred Liability -2,305 3,125 -173.8%
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VICI Properties LP -2,147 3,262 -165.8%
Net Cash from Operations 1,231,758 1,158,349 +6.3%
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VICI Properties LP 1,225,430 1,152,117 +6.4%
Investing Activities
Payments To Acquire Loans Receivable -723,944 -387,287 -86.9%
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VICI Properties LP -723,944 -387,287 -86.9%
Proceeds From Sale And Collection Of Mortgage Notes Receivable 7,514 80,600 -90.7%
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VICI Properties LP 7,514 80,600 -90.7%
Payments Of Capitalized Transaction Costs -77 -75 -2.7%
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VICI Properties LP -77 -75 -2.7%
Proceeds From Sale Of Real Estate Heldforinvestment 1,992 952 +109.2%
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VICI Properties LP 1,992 952 +109.2%
Payments To Acquire Other Property Plant And Equipment -828 -5,076 +83.7%
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VICI Properties LP -79 -4,033 +98.0%
Net Cash from Investing -715,343 -421,034 -69.9%
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VICI Properties LP -714,594 -419,991 -70.1%
Non Cash Distributions Declared Not Paid (YTD)
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VICI Properties LP 462,315 437,992 +5.6%
Accrued Capitalized Transaction Costs 520 3,699 -85.9%
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VICI Properties LP 520 3,699 -85.9%
Noncash Change In Investment Leases Investing Activities 141,695 141,965 -0.2%
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VICI Properties LP 141,695 141,965 -0.2%
Non Cash Dividends Declared Not Paid 462,315 437,992 +5.6%
Share Based Payment Arrangement Awards Issued Subject To Repurchase For Tax Withholding 18,502 17,551 +5.4%
Financing Activities
Proceeds From Contributions From Parent (YTD)
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VICI Properties LP 63,216
Payments Of Capital Distribution (YTD)
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VICI Properties LP -924,205 -877,628 -5.3%
Proceeds From Lines Of Credit 423,356
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VICI Properties LP 423,356
Repayments Of Lines Of Credit -257,690
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VICI Properties LP -257,690
Proceeds From Issuance Of Unsecured Debt 1,284,437 1,028,533 +24.9%
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VICI Properties LP 1,284,437 1,028,533 +24.9%
Repayments Of Unsecured Debt -1,300,000 -1,050,000 -23.8%
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VICI Properties LP -1,300,000 -1,050,000 -23.8%
Debt Issuance Costs -19,401 -3,039 -538.4%
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VICI Properties LP -19,401 -3,039 -538.4%
Tax Withholding for Share Compensation -7,221 -5,332 -35.4%
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VICI Properties LP -7,221 -5,332 -35.4%
Distributions To Non Controlling Interests -15,981 -15,475 -3.3%
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VICI Properties LP -5,402 -5,323 -1.5%
Net Cash from Financing -808,412 -912,936 +11.4%
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VICI Properties LP -742,910 -912,789 +18.6%
Payments Of Dividends -915,912 -867,623 -5.6%
Supplemental
Interest Paid 381,773 381,316 +0.1%
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VICI Properties LP 381,773 381,316 +0.1%
Income Taxes Paid 3,311 3,338 -0.8%
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VICI Properties LP 1,188 1,312 -9.5%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 365 207 +76.3%
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VICI Properties LP 365 207 +76.3%
Net Change in Cash -291,632 -175,414 -66.3%
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VICI Properties LP -231,709 -180,456 -28.4%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 232,983 347,160 -32.9%
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VICI Properties LP 225,190 291,128 -22.6%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

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