Did VICI change its 2025 guidance?

Yes. The company raised the low end of its full-year AFFO guidance to $2,510 million from $2,500 million, keeping the high end at $2,520 million. Per diluted share guidance is now $2.36 to $2.37, versus a prior $2.35 to $2.37. The filing states that guidance excludes pending or possible future acquisitions, dispositions, capital markets activity, and other non-recurring transactions.

What is the Northfield Park transaction?

Following MGM Resorts' agreement to sell the operations of MGM Northfield Park to an affiliate of funds managed by Clairvest Group, VICI agreed to enter into a 25-year triple-net lease for the real property, with three 10-year renewal options. Initial annual base rent is $53.0 million, or $54.0 million if closing occurs on or after May 1, 2026. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first half of 2026. The Master Lease with MGM Resorts will be amended to reflect the divestiture.

What is VICI's dividend and capital position?

The company declared a quarterly dividend of $0.45 per share, a 4.0% increase, and the Q3 2025 dividend totaled approximately $481.0 million. As of September 30, 2025, VICI had $17.1 billion of total debt, $507.5 million of cash and cash equivalents, and approximately $3.1 billion of liquidity. During the quarter, it physically settled forward sale agreements for approximately $296.0 million and $79.8 million of net proceeds and repaid $175.0 million on its revolving credit facility.

VICI 8-K: Earnings & Results & Regulation FD

Q: How did VICI perform in the third quarter of 2025?

Total revenues were $1,007.5 million, up 4.4% from $964.7 million. Net income attributable to common stockholders was $762.0 million, or $0.71 per diluted share, compared with $0.70 a year earlier. AFFO attributable to common stockholders was $637.6 million, up 7.4%, or $0.60 per diluted share, up 5.3%.

01—Abstract

Summary

Summary of the 8-K filed October 30, 2025. Cited figures are marked; the original filing is the authoritative source.

VICI Properties Inc. and VICI Properties L.P. furnished a Form 8-K on October 30, 2025 announcing third-quarter 2025 results for the three and nine months ended September 30, 2025, along with a supplemental financial and operating data package.

Total revenues for the quarter were $1,007.5 million^a, up 4.4% year-over-year from $964.7 million. Net income attributable to common stockholders was $762.0 million, or $0.71 per diluted share, compared with $732.9 million, or $0.70, a year earlier; the filing notes that a $11.5 million aggregate change in the CECL allowance partially offset the year-over-year increase. AFFO attributable to common stockholders rose 7.4% to $637.6 million, and AFFO per diluted share rose 5.3% to $0.60.

The company updated its full-year 2025 AFFO guidance to $2,510 million to $2,520 million^b, or $2.36 to $2.37 per diluted share, up from a prior range of $2,500 million to $2,520 million and $2.35 to $2.37. Subsequent to quarter-end, VICI agreed to enter into a 25-year triple-net lease with an affiliate of Clairvest for the real property of MGM Northfield Park, with initial annual base rent of $53.0 million ($54.0 million if closing occurs on or after May 1, 2026); closing is expected in the first half of 2026. The company also declared a quarterly dividend of $0.45 per share, a 4.0% increase, and reported $3.1 billion of liquidity and $17.1 billion of total debt as of September 30, 2025.

02—Key points

Key Highlights

Total revenues rose 4.4% year-over-year to $1,007.5 million for the quarter ended September 30, 2025.
Net income attributable to common stockholders was $762.0 million ($0.71 per diluted share), versus $732.9 million ($0.70) a year earlier, partly offset by an $11.5 million aggregate change in the CECL allowance.
AFFO attributable to common stockholders increased 7.4% to $637.6 million, and AFFO per diluted share increased 5.3% to $0.60.
Full-year 2025 AFFO guidance was updated to $2,510 million to $2,520 million, or $2.36 to $2.37 per diluted share.
Announced a new triple-net lease with an affiliate of Clairvest for MGM Northfield Park, with initial annual base rent of $53.0 million, expected to close in the first half of 2026; this makes Clairvest the company's 14th tenant.
Declared a quarterly cash dividend of $0.45 per share, a 4.0% year-over-year increase, marking the 8th consecutive annual dividend increase.
As of September 30, 2025, total debt was $17.1 billion, cash was $507.5 million, and total liquidity was approximately $3.1 billion.

03—Questions

Frequently Asked Questions

How did VICI perform in the third quarter of 2025?
Total revenues were $1,007.5 million, up 4.4% from $964.7 million. Net income attributable to common stockholders was $762.0 million, or $0.71 per diluted share, compared with $0.70 a year earlier. AFFO attributable to common stockholders was $637.6 million, up 7.4%, or $0.60 per diluted share, up 5.3%.
Did VICI change its 2025 guidance?
Yes. The company raised the low end of its full-year AFFO guidance to $2,510 million from $2,500 million, keeping the high end at $2,520 million. Per diluted share guidance is now $2.36 to $2.37, versus a prior $2.35 to $2.37. The filing states that guidance excludes pending or possible future acquisitions, dispositions, capital markets activity, and other non-recurring transactions.
What is the Northfield Park transaction?
Following MGM Resorts' agreement to sell the operations of MGM Northfield Park to an affiliate of funds managed by Clairvest Group, VICI agreed to enter into a 25-year triple-net lease for the real property, with three 10-year renewal options. Initial annual base rent is $53.0 million, or $54.0 million if closing occurs on or after May 1, 2026. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first half of 2026. The Master Lease with MGM Resorts will be amended to reflect the divestiture.
What is VICI's dividend and capital position?
The company declared a quarterly dividend of $0.45 per share, a 4.0% increase, and the Q3 2025 dividend totaled approximately $481.0 million. As of September 30, 2025, VICI had $17.1 billion of total debt, $507.5 million of cash and cash equivalents, and approximately $3.1 billion of liquidity. During the quarter, it physically settled forward sale agreements for approximately $296.0 million and $79.8 million of net proceeds and repaid $175.0 million on its revolving credit facility.

04—Continue

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