VICI PROPERTIES INC.

VICI 10-Q · Q3 2025

VICI Q3 2025 request

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Income Statement

Income Statement
Metric Q3 2025 Q3 2024 YoY
Sales Type Lease Interest Income 531,765 518,691 +2.5%
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VICI Properties LP 531,765 518,691 +2.5%
Show Rent Type [Axis] breakouts
Contingent Rent 28,725 24,050 +19.4%
Fixed Rent 503,040 494,641 +1.7%
Interest And Dividend Income Operating 447,986 419,115 +6.9%
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VICI Properties LP 447,986 419,115 +6.9%
Other Income 19,547 19,315 +1.2%
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VICI Properties LP 19,547 19,315 +1.2%
Revenue 1,007,488 964,669 +4.4%
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VICI Properties LP 999,298 957,121 +4.4%
General & Administrative 16,344 16,458 -0.7%
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VICI Properties LP 16,284 16,366 -0.5%
Depreciation 937 1,008 -7.0%
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VICI Properties LP 131 125 +4.8%
Other Expenses 19,547 19,315 +1.2%
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VICI Properties LP 19,547 19,315 +1.2%
Financing Receivable Excluding Accrued Interest Net Investment In Lease And Loans Credit Loss Expense Reversal -20,153 -31,626 +36.3%
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VICI Properties LP -20,153 -31,626 +36.3%
Transaction And Acquisition Expense 9 1,164 -99.2%
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VICI Properties LP 9 1,164 -99.2%
Operating Costs And Expenses Net Of Adjustments 23,449 13,143 +78.4%
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VICI Properties LP 15,818 5,344 +196.0%
Interest Expense -210,333 -207,317 -1.5%
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VICI Properties LP -210,333 -207,317 -1.5%
Interest Income 3,881 2,797 +38.8%
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VICI Properties LP 3,777 2,624 +43.9%
Other Nonoperating Gains Losses -82 -64 -28.1%
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VICI Properties LP -82 -64 -28.1%
Income Before Taxes 777,505 746,942 +4.1%
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VICI Properties LP 776,842 747,020 +4.0%
Income Tax Expense (Benefit) -3,885 -2,461 -57.9%
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VICI Properties LP -3,736 -2,480 -50.6%
Net Income 773,620 744,481 +3.9%
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Noncontrolling Interest 11,580 11,583 -0.0%
Parent 762,040 732,898 +4.0%
Retained Earnings 762,040 732,898 +4.0%
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VICI Properties LP 773,106 744,540 +3.8%
Net Income Loss Attributable To Noncontrolling Interest -11,580 -11,583 0.0%
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VICI Properties LP -2,825 -3,021 +6.5%
Net Income Loss Attributable To Partners (Q)
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VICI Properties LP 770,281 741,519 +3.9%
EPS (Basic) 0.71 0.7 +1.4%
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VICI Properties LP 0.71 0.7 +1.4%
EPS (Diluted) 0.71 0.7 +1.4%
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VICI Properties LP 0.71 0.7 +1.4%
Wtd Avg Shares (Basic) 1,067,253,644 1,046,626,838 +2.0%
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VICI Properties LP 1,079,485,017 1,058,858,211 +1.9%
Wtd Avg Shares (Diluted) 1,068,369,218 1,048,338,348 +1.9%
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VICI Properties LP 1,080,600,591 1,060,569,721 +1.9%
Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease After Adjustments And Tax Parent (Q)
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VICI Properties LP -6,389 -6,100 -4.7%
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent (Q)
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VICI Properties LP -4,652 2,258 -306.0%
Comprehensive Income 751,131 726,392 +3.4%
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VICI Properties LP 759,240 734,963 +3.3%
Income From Golf Operations 8,190 7,548 +8.5%
Cost of Revenue 6,765 6,824 -0.9%
Net Income 762,040 732,898 +4.0%
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VICI Properties LP 770,281 741,519 +3.9%
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax -6,389 -6,100 -4.7%
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Accumulated Other Comprehensive Income -6,317 -6,030 -4.8%
Noncontrolling Interest -72 -70 -2.9%
Parent -6,317 -6,030 -4.8%
Show Derivative Risk breakouts
Forward-starting interest rate swap -6,389 -6,100 -4.7%
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VICI Properties LP -6,389 -6,100 -4.7%
VICI Properties LP · Accumulated Other Comprehensive Income -6,389 -6,100 -4.7%
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax -4,652 2,258 -306.0%
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Accumulated Other Comprehensive Income -4,592 2,205 -308.3%
Noncontrolling Interest -60 53 -213.2%
Parent -4,592 2,205 -308.3%
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VICI Properties LP -4,652 2,258 -306.0%
VICI Properties LP · Accumulated Other Comprehensive Income -4,652 2,258 -306.0%
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts
Net Investment Hedging 3.3 -2.4 +237.5%
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest 762,579 737,925 +3.3%
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest -11,448 -11,533 +0.7%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 507,503 355,667 +42.7%
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VICI Properties LP 497,172 348,651 +42.6%
Non-Current Assets
Total Assets 46,535,840 44,918,106 +3.6%
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VICI Properties LP 46,447,442 44,832,444 +3.6%
Property, Plant & Equipment 68,706 70,255 -2.2%
Deferred Tax Assets 5,009 5,268 -4.9%
Other Assets
Other Assets 1,041,932 1,021,195 +2.0%
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VICI Properties LP 963,865 942,549 +2.3%
Non-Current Liabilities
Long-Term Debt 16,762,660 16,743,584 +0.1%
Show Debt Instrument breakouts
3.750% Notes · Unsecured Debt 747,695 746,024 +0.2%
3.875% Notes · Unsecured Debt 711,083 699,937 +1.6%
4.125% Notes · Unsecured Debt 992,728 991,239 +0.2%
4.250% Notes · Unsecured Debt 1,246,671 1,243,819 +0.2%
4.500% Notes · Unsecured Debt 495,325 490,274 +1.0%
4.500% Notes · Unsecured Debt 344,119 341,581 +0.7%
4.625% Notes · Unsecured Debt 993,332 991,732 +0.2%
4.750% Notes · Unsecured Debt 1,244,001 1,241,481 +0.2%
4.750% Notes · Unsecured Debt 396,683
4.950% Notes · Unsecured Debt 992,381 990,646 +0.2%
5.125% Notes · Unsecured Debt 1,486,407 1,484,366 +0.1%
5.125% Notes · Unsecured Debt 741,481
5.625% Notes · Unsecured Debt 736,718 736,224 +0.1%
5.625% Notes · Unsecured Debt 885,018
5.750% Notes · Unsecured Debt 752,932 755,140 -0.3%
5.750% Notes · Unsecured Debt 541,713 540,671 +0.2%
6.125% Notes · Unsecured Debt 485,774 485,350 +0.1%
MGM Grand/Mandalay Bay CMBS Debt · Unsecured Debt 2,820,693
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VICI Properties LP 16,762,660 16,743,584 +0.1%
Show Currency breakouts
CAD · Revolving Credit Facility 125,720 148,310 -15.2%
GBP · Revolving Credit Facility 22,186 19,394 +14.4%
Accrued Liabilities Current And Noncurrent 182,651 194,201 -5.9%
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VICI Properties LP 180,401 190,764 -5.4%
Dividends Payable Current And Noncurrent 486,258 457,977 +6.2%
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VICI Properties LP 486,258 457,977 +6.2%
Total Liabilities 18,438,562 18,395,034 +0.2%
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VICI Properties LP 18,422,479 18,376,997 +0.2%
Deferred Tax Liabilities 5,962 4,575 +30.3%
Other Liabilities
Net Investment In Lease Excluding Accrued Interest After Allowance For Credit Loss 23,763,616 23,429,732 +1.4%
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VICI Properties LP 23,763,616 23,429,732 +1.4%
Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss (Q)
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VICI Properties LP · Finance Receivables 18,640,073
VICI Properties LP · Investments in loans and securities, net 2,432,999
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Finance Receivables 18,640,073
Investments in loans and securities, net 2,432,999 1,550,680 +56.9%
Loans Receivable 2,432,999
Loans Receivable · Mezzanine Loans and Preferred Equity 1,378,090
Loans Receivable · Senior Loans 973,550
Other Liabilities 1,006,993 999,272 +0.8%
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VICI Properties LP 993,160 984,672 +0.9%
Stockholders' Equity
Common Stock 10,688 10,472 +2.1%
Additional Paid-In Capital 24,894,452 24,247,840 +2.7%
Retained Earnings 2,643,251 1,711,277 +54.5%
Total Stockholders' Equity 27,673,589 26,111,294 +6.0%
Minority Interest 423,689 411,778 +2.9%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 28,097,278 26,523,072 +5.9%
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Accumulated Other Comprehensive Income 125,198 141,705 -11.6%
Additional Paid In Capital 24,894,452 24,247,840 +2.7%
Common Stock 10,688 10,472 +2.1%
Noncontrolling Interest 423,689 411,778 +2.9%
Parent 27,673,589 26,111,294 +6.0%
Retained Earnings 2,643,251 1,711,277 +54.5%
Limited Partners Capital Account (Q)
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VICI Properties LP 27,794,086 26,208,082 +6.1%
Accumulated Other Comprehensive Income 125,198 141,705 -11.6%
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VICI Properties LP 124,304 141,029 -11.9%
Partners Capital (Q)
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VICI Properties LP 27,918,390 26,349,111 +6.0%
Partners Capital Attributable To Noncontrolling Interest (Q)
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VICI Properties LP 106,573 106,336 +0.2%
Partners Capital Including Portion Attributable To Noncontrolling Interest (Q)
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VICI Properties LP 28,024,963 26,455,447 +5.9%
VICI Properties LP · Accumulated Other Comprehensive Income 124,304 141,029 -11.9%
VICI Properties LP · Limited Partner 27,794,086 26,208,082 +6.1%
VICI Properties LP · Noncontrolling Interest 106,573 106,336 +0.2%
Total Liabilities & Equity 46,535,840 44,918,106 +3.6%
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VICI Properties LP 46,447,442 44,832,444 +3.6%
Land Available For Development 149,717 150,727 -0.7%
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VICI Properties LP 149,717 150,727 -0.7%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Non Cash Leasing And Financing Adjustments -393,076 -402,839 +2.4%
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VICI Properties LP -393,076 -402,839 +2.4%
Stock-Based Compensation 11,758 12,973 -9.4%
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VICI Properties LP 11,758 12,973 -9.4%
Amortization Of Financing Costs And Discounts 35,791 34,175 +4.7%
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VICI Properties LP 35,791 34,175 +4.7%
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 2,848 4,234 -32.7%
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VICI Properties LP 2,541 4,165 -39.0%
Interest Income Paid In Kind -23,831
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VICI Properties LP -23,831
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Investments in loans and securities, net -23,831
Increase Decrease In Other Current Assets -8,601 -5,910 -45.5%
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VICI Properties LP -7,822 -5,514 -41.9%
Increase Decrease In Accrued Liabilities -39,261 -39,573 +0.8%
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VICI Properties LP -41,601 -40,464 -2.8%
Increase Decrease In Other Deferred Liability -286 -178 -60.7%
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VICI Properties LP -48 28 -271.4%
Net Cash from Operations 1,818,047 1,737,401 +4.6%
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VICI Properties LP 1,808,462 1,728,005 +4.7%
Investing Activities
Payments To Acquire Loans Receivable -786,360 -473,727 -66.0%
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VICI Properties LP -786,360 -473,727 -66.0%
Proceeds From Sale And Collection Of Mortgage Notes Receivable 20,296 80,750 -74.9%
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VICI Properties LP 20,296 80,750 -74.9%
Payments Of Capitalized Transaction Costs -325 -2,091 +84.5%
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VICI Properties LP -325 -2,091 +84.5%
Proceeds From Sale Of Real Estate Heldforinvestment 1,962 952 +106.1%
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VICI Properties LP 1,962 952 +106.1%
Payments To Acquire Other Property Plant And Equipment -1,033 -6,442 +84.0%
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VICI Properties LP -95 -4,507 +97.9%
Net Cash from Investing -765,460 -662,606 -15.5%
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VICI Properties LP -764,522 -660,671 -15.7%
Non Cash Distributions Declared Not Paid (YTD)
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VICI Properties LP 486,468 458,192 +6.2%
Accrued Capitalized Transaction Costs 1,859 6,448 -71.2%
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VICI Properties LP 1,859 6,448 -71.2%
Noncash Change In Investment Leases Investing Activities 211,903 212,400 -0.2%
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VICI Properties LP 211,903 212,400 -0.2%
Non Cash Dividends Declared Not Paid 486,468 458,192 +6.2%
Share Based Payment Arrangement Awards Issued Subject To Repurchase For Tax Withholding 18,527 17,576 +5.4%
Financing Activities
Proceeds From Contributions From Parent (YTD)
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VICI Properties LP 438,943 166,405 +163.8%
Payments Of Capital Distribution (YTD)
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VICI Properties LP -1,386,158 -1,315,405 -5.4%
Proceeds From Lines Of Credit 426,024 82,200 +418.3%
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VICI Properties LP 426,024 82,200 +418.3%
Repayments Of Lines Of Credit -432,689 -85,881 -403.8%
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VICI Properties LP -432,689 -85,881 -403.8%
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 -3,288 -490.1%
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VICI Properties LP -19,401 -3,288 -490.1%
Tax Withholding for Share Compensation -7,232 -5,341 -35.4%
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VICI Properties LP -7,232 -5,341 -35.4%
Distributions To Non Controlling Interests -23,970 -23,245 -3.1%
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VICI Properties LP -8,100 -8,015 -1.1%
Net Cash from Financing -1,070,208 -1,242,227 +13.8%
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VICI Properties LP -1,004,176 -1,190,792 +15.7%
Proceeds From Issuance Of Common Stock 375,350 115,112 +226.1%
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August 2025 ATM Forward Sale Agreement · ATM Stock Offering Program 79,761
July 2025 ATM Forward Sale Agreement · ATM Stock Offering Program 295,966
Payments Of Dividends -1,372,727 -1,300,317 -5.6%
Supplemental
Interest Paid 620,778 595,391 +4.3%
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VICI Properties LP 620,778 595,391 +4.3%
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 509 525 -3.0%
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VICI Properties LP 509 525 -3.0%
Net Change in Cash -17,112 -166,907 +89.7%
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VICI Properties LP 40,273 -122,933 +132.8%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 507,503 355,667 +42.7%
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VICI Properties LP 497,172 348,651 +42.6%

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

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