\nVICI Properties Inc. (NYSE: VICI) (\u201cVICI Properties\u201d, “VICI” or the \u201cCompany\u201d), an experiential real estate investment trust, today reported results for the quarter ended March 31, 2026. All per share amounts included herein are on a per diluted common share basis unless otherwise stated.<\/p>\n
First Quarter 2026 Financial and Operating Highlights<\/b><\/p>\n CEO Comments<\/b><\/p>\n \nEdward Pitoniak, Chief Executive Officer of VICI Properties, said, “In the first quarter of 2026, we grew our quarterly revenue by 3.5% and our AFFO per share by approximately 4.5% year-over-year, reflecting the continued compounding of our business model. This quarter demonstrated what we believe to be one of VICI’s most durable competitive advantages: the ability to grow through deepening relationships with our existing partners. Our expansion of the One Beverly Hills mezzanine loan to $1.5 billion alongside Cain and Eldridge and our pending acquisition of casino real estate in Alberta in connection with PURE’s acquisition of Gamehost each represent second and third chapters in partnerships that began with a single investment. As we look ahead to the expected closings of our Golden Entertainment and Gamehost transactions, we remain confident that VICI’s partner-driven model will continue to generate attractive, sustained growth for our shareholders.”<\/p>\n First Quarter 2026 Financial Results<\/b><\/p>\n Total Revenues<\/i><\/p>\n \nTotal revenues were $1.0 billion for the quarter, an increase of 3.5% compared to $984.2 million for the quarter ended March 31, 2025. Total revenues for the quarter included $130.0 million of non-cash leasing and financing adjustments and $18.9 million of other income.<\/p>\n Net Income Attributable to Common Stockholders<\/i><\/p>\n \nNet income attributable to common stockholders was $872.4 million for the quarter, or $0.82 per share, compared to $543.6 million, or $0.51 per share, for the quarter ended March 31, 2025. The year-over-year increase in net income was driven, on an absolute basis, by the $305.7 million aggregate change in the CECL allowance for the quarter ended March 31, 2026 compared to the quarter ended March 31, 2025.<\/p>\n Funds from Operations (\u201cFFO\u201d)<\/i><\/p>\n \nFFO attributable to common stockholders was $872.4 million for the quarter, or $0.82 per share, compared to $543.6 million, or $0.51 per share, for the quarter ended March 31, 2025. The year-over-year increase in FFO was driven, on an absolute basis, by the $305.7 million aggregate change in the CECL allowance for the quarter ended March 31, 2026 compared to the quarter ended March 31, 2025.<\/p>\n Adjusted Funds from Operations (\u201cAFFO\u201d)<\/i><\/p>\n \nAFFO attributable to common stockholders was $650.9 million for the quarter, an increase of 5.7% compared to $616.0 million for the quarter ended March 31, 2025. AFFO per share was $0.61 for the quarter, an increase of 4.5% compared to $0.58 for the quarter ended March 31, 2025.<\/p>\n First Quarter 2026 and Subsequent Investment Activity<\/b><\/p>\n Investment Activity<\/i><\/p>\n \nOn March 23, 2026, VICI announced that it expanded its long-term strategic relationship with Cain and Eldridge Industries by providing a $1.5 billion mezzanine loan (the \u201cOBH Mezzanine Loan\u201d) behind a $2.8 billion senior loan commitment led by J.P. Morgan as part of the construction financing for One Beverly Hills. The OBH Mezzanine Loan represents a $1.05 billion incremental commitment beyond VICI\u2019s existing $450.0 million investment in the project and is the culmination of the first expression of VICI\u2019s previously announced long-term strategic relationship with Cain and Eldridge Industries. Construction on the One Beverly Hills development commenced in 2024, with vertical works beginning in the fall of 2025 and phased delivery scheduled to commence in 2028. The OBH Mezzanine Loan has an initial term of 4 years with one 12-month extension option, subject to certain conditions, and will be deployed over the course of the initial term. Upon the closing of the transaction, VICI deployed an initial funding of $650.0 million. VICI has funded and intends to continue to fund the investment with cash on hand.<\/p>\n \nIn connection with this increase in VICI\u2019s participation in the financing of the One Beverly Hills development, Cain, Eldridge Industries, and VICI have agreed in principle pursuant to a non-binding letter of intent to further their strategic relationship that was first announced in February 2025. The letter of intent expresses Cain, Eldridge Industries, and VICI\u2019s shared intention to expand their strategic relationship into an Experiential Cross-Capital Venture whereby the three companies will, when suitable, work together to identify, pursue, and potentially participate in the funding of each other\u2019s experiential investment activities in various structures. Accordingly, it is the intention of Cain, Eldridge Industries, and VICI that, upon maturity of the OBH Mezzanine Loan, the companies will seek opportunities to deploy VICI\u2019s returned capital into new experiential investments that meet each company\u2019s investment criteria. Additionally, VICI may from time to time and at its sole election present to Cain and Eldridge Industries experiential investment opportunities in which Cain and\/or Eldridge Industries may participate.<\/p>\n \nOn March 30, 2026, VICI announced the CAD$200.6 million \/ USD$144.4 million (based on the exchange rate at the time of announcement) pending acquisition (the \u201cGamehost Real Estate Transaction\u201d) of the real estate assets of Deerfoot Inn & Casino, Great Northern Casino and two limited-service hotels that are adjacent to Great Northern Casino (collectively, the \u201cGamehost Portfolio\u201d) located in Alberta, Canada, in connection with Pure Casino Entertainment Limited Partnership\u2019s (\u201cPURE\u201d) pending take-private acquisition of Gamehost Inc. (GH.TO) (\u201cGamehost\u201d). Simultaneous with the closing of the Gamehost Real Estate Transaction, the Gamehost Portfolio will be added to the existing triple-net master lease agreement between VICI Properties and PURE (the \u201cPURE Master Lease\u201d) and annual rent will increase by CAD$16.1 million \/ USD$11.6 million (based on the exchange rate at the time of announcement) representing an acquisition capitalization rate of 8.0%. The Gamehost Portfolio rent will escalate at 1.0% on February 1 following the first full 12 months post-closing (in line with the timing of the PURE Master Lease escalation), and escalation will conform to the PURE Master Lease thereafter at the greater of 1.5% or the change in Canadian CPI (capped at 2.5%). Additionally, the term of the PURE Master Lease will be extended such that, upon closing of the Gamehost Real Estate Transaction, the PURE Master Lease will have a full 25-years remaining in the initial lease term, with four 5-year tenant renewal options. The tenants\u2019 obligations under the PURE Master Lease will continue to be guaranteed by Indigenous Gaming Partners, Inc.<\/p>\n \nSubsequent to quarter-end, on April 21, 2026, VICI announced that, in connection with the closing of MGM Resorts International’s (NYSE: MGM) (“MGM Resorts”) sale of the operations of MGM Northfield Park (“Northfield Park”) located in Northfield, OH, to an affiliate of funds managed by Clairvest Group Inc. (TSX: CVG) (“Clairvest”), VICI has entered into a new separate triple-net lease with an affiliate of Clairvest with respect to the real property of Northfield Park and also entered into an amendment to the master lease between VICI Properties and MGM Resorts to reflect such sale.<\/p>\n \nSubsequent to quarter-end, on April 23, 2026, VICI announced that all gaming regulatory and shareholder approvals had been met for the previously announced $1.16 billion acquisition of 100% of the land, real property and improvements of seven casino properties from Golden Entertainment, Inc. (NASDAQ: GDEN) (“Golden Entertainment”), and the parties expect to close the transaction on or around April 30, 2026, subject to the satisfaction of remaining customary closing conditions. Upon closing, VICI will enter into a triple-net master lease (the “Golden Entertainment Master Lease”) with a newly formed entity that is owned and controlled by Blake L. Sartini, chairman and chief executive officer of Golden Entertainment, which entity will have acquired the operating business of Golden Entertainment (“Golden OpCo”). The Golden Entertainment Master Lease will have an initial total annual rent of $87.0 million, representing an acquisition cap rate of 7.5%, and an initial term of 30 years, with four 5-year tenant renewal options. Rent under the Golden Entertainment Master Lease will escalate annually at 2.0% beginning in Lease Year 3. The obligations of Golden OpCo under the Golden Entertainment Master Lease will be guaranteed by a holding company that is owned and controlled by Mr. Sartini and owns all of the gaming and operating assets of Golden Entertainment, with additional credit support provided by financial covenants within the lease.<\/p>\n \nPursuant to the Golden Entertainment master transaction agreement, upon closing, Golden Entertainment shareholders will receive approximately 24.3 million shares of newly issued VICI stock in exchange for the outstanding shares of Golden Entertainment stock, which represents an agreed-upon exchange ratio of 0.902 per share of Golden Entertainment\u2019s common stock based on VICI\u2019s 10-day volume weighted average price as of November 5, 2025, as well as cash consideration that is payable by an affiliate of the Golden OpCo. In connection with the closing of the transaction, VICI will assume and immediately retire Golden Entertainment\u2019s outstanding $426 million of debt using a combination of cash on hand and net proceeds from the settlement of outstanding forward sale agreements.<\/p>\n First Quarter 2026 and Subsequent Capital Markets Activity<\/b><\/p>\n \nDuring the three months ended March 31, 2026, the Company entered into forward-starting interest rate swap agreements with an aggregate notional amount of $450.0 million, and subsequent to quarter-end, the Company entered into forward-starting interest rate swap agreements with an aggregate notional amount of $50.0 million, intended to reduce the variability in future cash flows for a forecasted issuance of long-term debt.<\/p>\n \nSubsequent to quarter end, on April 29, 2026, the Company physically settled the remaining 7,750,000 shares under its outstanding forward sale agreement in exchange for total net settlement proceeds of approximately $242.1 million.<\/p>\n \nThe following table details the issuance of outstanding shares of common stock, including restricted common stock:<\/p>\n\n
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