VICI Properties Raises Full-Year Guidance Amid Mixed Q2 Results

VICI Properties has raised its full-year guidance for adjusted funds from operations after posting mixed Q2 results. The company cited the strength of internal growth from contractual rent escalations and investment activity as supporting its earnings growth. VICI Properties is a real estate investment trust that owns and operates a portfolio of properties across the United States.

Title: VICI Properties Raises Full-Year AFFO Guidance After Mixed Q2 Results

VICI Properties Inc. (NYSE: VICI) has announced its second-quarter 2025 results, revealing a 4.6% increase in total revenues to $1.0 billion. The company reported a 16.7% year-over-year increase in net income attributable to common stockholders, reaching $865.1 million, with a per share increase of 15.1% to $0.82. Adjusted funds from operations (AFFO) attributable to common stockholders grew by 6.4% to $630.2 million, or $0.60 per share [1].

The company's strong performance was driven by contractual rent escalations and strategic investments. VICI Properties entered into an agreement to provide up to $510.0 million of development funds for the North Fork Mono Casino & Resort near Madera, California, which will be developed and managed by Red Rock Resorts. Additionally, the company increased its investment into a mezzanine loan related to the development of One Beverly Hills by $150.0 million, totaling $450.0 million [1].

VICI Properties also issued $1.3 billion of investment grade senior unsecured notes to refinance existing debt approaching maturity, demonstrating its commitment to maintaining financial health. The company ended the quarter with $233.0 million in cash and cash equivalents and $621.5 million of estimated forward sale equity proceeds [1].

In response to the second-quarter results, VICI Properties has raised its full-year AFFO guidance to between $2,500 million and $2,520 million, or between $2.35 and $2.37 per diluted share. Edward Pitoniak, Chief Executive Officer of VICI Properties, stated, "The strength of our internal growth from contractual rent escalations coupled with investment activity across new and existing partnerships continues to support our earnings growth" [1].

The company's strategic partnerships and investments are poised to drive future growth, with the North Fork Mono Casino & Resort and One Beverly Hills projects expected to contribute significantly to the company's portfolio. Despite the mixed second-quarter results, VICI Properties' financial outlook remains positive, with the company well-positioned to capitalize on future opportunities in the experiential real estate market.

References:
[1] https://www.businesswire.com/news/home/20250730336842/en/VICI-Properties-Inc.-Announces-Second-Quarter-2025-Results