VICI Properties Inc.
VICIFinancial Snapshot
ticker: VICI step: 04 generated: 2026-05-12 source: quick-research
VICI Properties Inc. (VICI) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Total Revenue | ~$2.90B | $3.61B | $3.85B | +6.6% |
| AFFO (total) | ~$1.95B | ~$2.27B | ~$2.38B | +4.9% |
| AFFO per share | ~$1.92 | $2.15 | $2.26 | +5.1% |
FY2022 revenue reflects partial-year MGM Growth Properties contribution (acquired April 2022). FY2023 AFFO/share +11.8% YoY (acquisition-driven). FY2024 +5.1%. Q1 2025 AFFO/share +4.3% YoY; management raised FY2025 AFFO guidance to $2.47–$2.50/share (up from $2.32–$2.35 initial guidance). Leasing revenue $3.6B (+5%) + loan income $134M (+71%) in FY2024.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Total Revenue (FY2025E) | ~$4.0B+ |
| AFFO per share (FY2025 raised guidance) | $2.47–$2.50 |
| Portfolio (93 assets) | ~$34B total estimated value |
| Annualized Rent (FY2025) | ~$4.0B |
| Net Debt | ~$16–17B |
| Net Debt / EBITDA | ~5.5x |
| Dividend Yield | ~6.4% |
| Weighted Avg Remaining Lease Term | 40+ years |
VICI is asset-light (~175 employees), with G&A at ~2% of revenues. Triple-net leases eliminate all property-level costs. Dividend is well-covered at ~75% AFFO payout ratio, with consistent annual increases. AFFO not paid as dividends funds acquisitions and debt service.
Key Ratios (approximate)
- P/AFFO: ~12x | Dividend Yield: ~6.4%
- AFFO/share Growth (FY2024): +5.1% | FY2025E: +9–11% (raised guidance)
- Tenant Concentration: MGM + Caesars ~74% of income
- Weighted Avg Remaining Lease Term: 40+ years
Growth Profile
VICI grows AFFO/share via: (1) annual lease escalators (CPI-linked or fixed 1–2%); (2) acquisitions at accretive cap rates; (3) sale-leaseback financing for operators. Recent acquisitions: $1.16B Golden Entertainment sale-leaseback (Q4 2025, 7 properties) and ongoing experiential diversification. Management targets 4–6% AFFO/share growth long-term with the 40-year lease term providing exceptional income predictability.
Forward Estimates
- FY2025 AFFO/share: $2.47–$2.50 (raised management guidance; +9–11% vs. FY2024)
- FY2026 AFFO/share: ~$2.55–$2.65 (consensus; ~4–6% growth)
- Dividend: consistent annual increases; current yield ~6.4%
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $VICI.