VICI Properties' Q4 AFFO Meet Estimates, Revenues Miss, Improve Y/Y

VICI Properties VICI reported fourth-quarter adjusted funds from operations (AFFO) per share of 60 cents, meeting the Zacks Consensus Estimate. Moreover, the figure increased 5.3% from the prior-year quarter.

Results reflect a year-over-year rise in revenues, mainly driven by an increase in income from sales-type leases and lease financing receivables, loans and securities. A dip in other income and golf revenues were spoilsport. The company issued its AFFO per share outlook for 2026.

VICI Properties generated total revenues of $1.01 billion, which missed the Zacks Consensus Estimate of $1.02 billion. The top line rose 3.8% on a year-over-year basis.

For 2025, the company reported an AFFO per share of $2.38, up from $2.26 in the prior year. Moreover, the reported figure outpaced the Zacks Consensus Estimate of $2.37. Total revenues of $4.01 billion improved 4.1% year over year. The metric nearly met the consensus mark.

VICI: Behind the Headlines

In the reported quarter, VICI Properties’ income from sales-type leases was $534.7 million, increasing 1.9% from the year-ago quarter.

Its income from lease financing receivables, loans and securities was $448.8 million, rising 6.7% year over year.

Other income of $18.9 million in the fourth quarter fell 3% from the year-ago quarter. Golf revenues declined 3.2% to $10.8 million.

In the fourth quarter, VICI agreed to acquire 100% of the land, real property and improvements of seven casino properties from Golden Entertainment in Nevada for $1.16 billion.

In the fourth quarter, VICI Properties entered into a lease agreement with Clairvest Group for the MGM Northfield Park property in Northfield, OH. The property under consideration was initially owned by MGM Resorts International, which is being disposed of to an affiliate of funds managed by Clairvest Group.

Balance Sheet Position of VICI

VICI Properties exited the fourth quarter with cash and cash equivalents of $563.5 million, up from $507.5 million as of Sept. 30, 2025.

As of Dec. 31, 2025, VICI Properties’ liquidity totaled $3.2 billion, including cash and cash equivalents, $243.3 million of estimated net proceeds available under its forward sale agreements and approximately $2.4 billion of availability under its revolving credit facility.

The company had approximately $17.1 billion in total debt as of Dec. 31, 2025, unchanged from the previous quarter.

2026 Outlook

VICI Properties expects AFFO per share in the range of $2.42-$2.45. The Zacks Consensus Estimate presently stands at $2.45, at the higher end of the projected range.

Currently, the company carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

VICI Properties Inc. Price, Consensus and EPS Surprise

VICI Properties Inc. price-consensus-eps-surprise-chart | VICI Properties Inc. Quote

Performance of Other REITs

Digital Realty Trust DLR reported fourth-quarter 2025 core FFO per share of $1.86, beating the Zacks Consensus Estimate of $1.83. FFO also increased 7.5% year over year.

Results reflected steady leasing momentum with better rental rates amid rising demand.

W.P. Carey WPC reported fourth-quarter 2025 AFFO per share of $1.27, topping the Zacks Consensus Estimate of $1.26. The figure improved 5% from the year-ago quarter.

Results highlighted higher revenues, aided by strong investment activity and improved rents.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

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