Key Highlights

  • Total revenues rose 5.8% to USD 1.07 billion, led by new leases and higher loan income.
  • Diluted EPS fell 56% to USD 0.31 from USD 0.71 after a USD 458.0 million credit loss allowance charge.
  • AFFO per share increased to USD 0.62 from USD 0.60, with AFFO of USD 685.2 million for the quarter.
  • The board authorized a share repurchase program of up to USD 2.0 billion after quarter end.

VICI Properties Inc. (NYSE:VICI) reported third-quarter 2026 total revenues of USD 1.07 billion, up 5.8% from USD 1.01 billion a year earlier and slightly above a consensus estimate of USD 1.06 billion. GAAP diluted earnings per share were USD 0.31, below a consensus estimate of USD 0.72 and down from USD 0.71 in the prior-year quarter. Net income attributable to common stockholders was USD 342.5 million, compared with USD 762.0 million.

The earnings decline came from the change in allowance for credit losses, a non-cash charge of USD 458.0 million compared with a USD 20.2 million benefit a year ago. On the non-GAAP measure that adds back that item, AFFO attributable to common stockholders rose 7.5% to USD 685.2 million, or USD 0.62 per share.

Revenue Drivers and Credit Allowance

Leasing revenue increased USD 41.5 million to USD 960.3 million, driven mainly by the Golden Entertainment master lease added in April 2026, the Gamehost portfolio added to the PURE master lease in June, and annual rent escalators. Income from loans and securities rose USD 18.2 million to USD 79.1 million on newly originated and funded debt investments. Interest expense was USD 215.0 million, up USD 4.7 million.

The company attributed the allowance charge to several items. These included a higher long-term probability of default estimate for Caesars following a credit rating agency downgrade of its senior secured debt, revised estimates on the Caesars Regional Master Lease and the Joliet Lease, initial allowances on the Golden and Gamehost acquisitions and new debt investments, and a higher estimate for one other tenant. Adjusted EBITDA attributable to common stockholders was USD 879.8 million, up from USD 825.6 million.

Capital Activity and Balance Sheet

On August 14, the operating partnership issued USD 900.0 million of 5.400% senior notes due 2031 and USD 850.0 million of 5.750% senior notes due 2036. Proceeds redeemed USD 480.5 million of 4.500% exchange notes, USD 1.25 billion of 4.250% notes and USD 19.5 million of 4.500% MGP OP notes, all due in 2026. The company also settled forward-starting swaps and treasury locks for net proceeds of USD 20.0 million.

At September 30, cash and equivalents were USD 270.3 million and revolver capacity was USD 2.23 billion, for total liquidity of USD 2.50 billion. Debt obligations totaled USD 17.2 billion, including USD 750.0 million maturing on February 1, 2027 and USD 750.0 million on February 15, 2027. The quarterly dividend declared in September was USD 0.46 per share, up from USD 0.45 earlier in the year. The portfolio comprises 103 experiential assets, all leased, with a weighted average lease term of about 39.4 years. The filing gave no numerical earnings guidance.

Disclosures to Follow

Four data points frame what comes next. The first is credit allowance, where the USD 458.0 million quarterly charge followed a rating downgrade of Caesars' senior secured debt. The second is refinancing, with USD 1.5 billion of notes maturing in February 2027. The third is the pipeline: the Century Canada severance lease carries initial annual base rent of CAD 10.7 million and is scheduled to close in the fourth quarter of 2026 or the first quarter of 2027, while the One Beverly Hills mezzanine loan has USD 1.5 billion committed after an initial funding of USD 650.0 million. The fourth is the new USD 2.0 billion repurchase program, which runs through September 30, 2029, against a USD 0.46 dividend and AFFO per share of USD 0.62.