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VICI Properties 8-K Report, Financial Results (Jul 29, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed July 29, 2026
Period End
July 29, 2026
Security
VICI
In the record · 2017–202610-K1010-Q288-K161

VICI filed 10 annual reports (10-K), 28 quarterly reports (10-Q) and 161 current reports (8-K) between 2017 and 2026.

  1. Leadership change8-K · Aug ’18Aug ’18
  2. Deal closed8-K · Jul ’20Jul ’20
  3. Material agreement8-K · Jan ’23Jan ’23
  4. Material agreement8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 8-K filed July 29, 2026. Cited figures are marked; the original filing is the authoritative source.

VICI Properties Inc. reported second-quarter 2026 results on July 29, 2026, with total revenues of $1,058.5 milliona, up 5.7% year-over-year from $1,001.3 million.

Net income attributable to common stockholders fell to $526.5 millionb, or $0.48 per diluted share, from $865.1 million, or $0.82, a year earlier. The filing attributes the decline to a $271.1 million non-cash change in the allowance for credit losses (CECL) in the quarter, compared with a $142.0 million reversal in the prior-year quarter. AFFO attributable to common stockholders rose 7.8% to $679.6 million, and AFFO per diluted share rose 4.6% to $0.62.

The quarter was marked by several acquisitions and new tenants. VICI closed the $1.16 billionc acquisition of seven Nevada casino properties from Golden Entertainment, with an initial annual rent of $87.0 million under a master lease with an entity controlled by Blake L. Sartini.

It also added Clairvest (Northfield Park, initial annual base rent of $53.0 milliond), Club Med (Carambola Beach Resort in St. Croix, acquired for $20.3 million with approximately $55.2 million of planned redevelopment funding), and completed the C$200.6 million Gamehost Portfolio acquisition in Alberta. The company now reports 16 tenants, and as of June 30, 2026 it had total debt of $17.2 billion, cash of $288.1 million and about $2.5 billion of liquidity. VICI raised full-year 2026 AFFO guidance to $2,675 million to $2,695 million, or $2.45 to $2.47 per diluted share, from prior guidance of $2,665 million to $2,695 million, or $2.44 to $2.47.

The company declared a regular quarterly dividend of $0.45 per share, paid July 9, 2026. The company states that GAAP net income cannot be reliably forecast because of the future non-cash credit loss allowance changes, so investors should weigh the CECL-driven volatility in reported earnings against the steadier AFFO measure.

02—Key points

Key Highlights

  1. Net income attributable to common stockholders was $526.5 million ($0.48 per diluted share), down from $865.1 million ($0.82) a year earlier, driven by a $271.1 million non-cash CECL allowance change in the quarter.
  2. AFFO attributable to common stockholders rose 7.8% year-over-year to $679.6 million; AFFO per diluted share rose 4.6% to $0.62.
  3. Total revenues increased 5.7% to $1,058.5 million, including $139.1 million of non-cash leasing and financing adjustments.
  4. Closed the $1.16 billion Golden Entertainment casino acquisition (seven Nevada properties, $87.0 million initial annual rent, 7.5% cap rate) and added Clairvest as a tenant for Northfield Park.
  5. Announced the Club Med build-to-suit at Carambola Beach Resort (St. Croix): $20.3 million acquisition plus approximately $55.2 million of redevelopment funding; VICI's 16th tenant.
  6. Raised the low end of full-year 2026 AFFO guidance to $2,675 million–$2,695 million ($2.45–$2.47 per diluted share), from $2,665 million–$2,695 million.
  7. Total debt of $17.2 billion, net debt of $16.9 billion, and liquidity of about $2.5 billion at June 30, 2026.

03—Questions

Frequently Asked Questions

  1. Why did reported net income fall so sharply when revenue and AFFO grew?

    The filing attributes the decline to a $271.1 million non-cash change in the allowance for credit losses under CECL in Q2 2026, compared with a $142.0 million reversal in Q2 2025. Because this item is non-cash and tied to tenant credit assessments, the company excludes it from AFFO, which increased 7.8%.

  2. What did VICI change in its 2026 guidance?

    The low end of the AFFO guidance range was raised to $2,675 million from $2,665 million, while the high end stayed at $2,695 million. Per diluted share, AFFO guidance is now $2.45 to $2.47, versus $2.44 to $2.47 previously. The company said it cannot predict the future CECL allowance change, so it does not provide GAAP net income guidance.

  3. What new tenants and acquisitions did VICI add in the second quarter?

    VICI added three tenants: Clairvest (Northfield Park, $53.0 million initial annual base rent, later increased to $54.0 million), Golden Entertainment's casino portfolio (Blake L. Sartini's entity, $87.0 million initial annual rent), and Club Med (Carambola Beach Resort, $20.3 million acquisition). It also closed the Gamehost Portfolio in Alberta, which added C$16.1 million of annual rent to the existing PURE Master Lease.

  4. How is VICI's balance sheet and liquidity position?

    As of June 30, 2026, VICI reported approximately $17.2 billion of total debt, $288.1 million of cash and cash equivalents, and approximately $2.5 billion of liquidity, including about $2.2 billion available under its revolving credit facility. Net debt was $16.9 billion, and the company's investment-grade ratings were Baa3 (Moody's) and BBB- (S&P and Fitch), each with a stable outlook, according to the supplemental data.

  5. What is the dividend and how much did shareholders receive?

    VICI declared a regular quarterly cash dividend of $0.45 per share on June 4, 2026. It was paid July 9, 2026, to holders of record on June 18, 2026, totaling approximately $495.3 million in aggregate.

04—Continue

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