VICI Properties Announces Q3 AFFO of 60c, Exceeding Consensus Estimate of 59c
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 30 2025
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Should l Buy VICI?
Q3 Revenue Performance: VICI Properties reported Q3 revenue of $1.0 billion, matching consensus expectations, with a year-over-year revenue growth of 4.4%.
Dividend Increase: The company announced its 8th consecutive annual dividend increase of $0.0175 per share, reflecting a 4.0% year-over-year increase.
AFFO Growth: VICI Properties achieved a 5.3% year-over-year growth in AFFO per share and a 7.4% increase in aggregate AFFO over the last twelve months, with a minimal share count growth of 2.1%.
New Tenant Addition: After the quarter-end, VICI welcomed Clairvest as its 14th tenant, who will manage MGM Northfield Park, enhancing the company's tenant diversification in the gaming sector.
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Analyst Views on VICI
Wall Street analysts forecast VICI stock price to rise
12 Analyst Rating
7 Buy
5 Hold
0 Sell
Moderate Buy
Current: 30.220
Low
30.00
Averages
33.70
High
38.00
Current: 30.220
Low
30.00
Averages
33.70
High
38.00
About VICI
VICI Properties Inc. is a real estate investment trust (REIT). The Company is engaged in the business of owning and acquiring gaming, hospitality, wellness, entertainment and leisure destinations, subject to long-term triple net leases. The Company own 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas (the Venetian Resort). The portfolio comprises over 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by gaming, leisure and hospitality operators under long-term, triple-net lease agreements. The Company also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
VICI Properties Q4 Earnings Preview Amid Tenant Concentration Concerns
- Earnings Preview: VICI Properties is set to report its Q4 2025 results on February 25, with consensus estimates projecting adjusted funds from operations (AFFO) per share at $0.60, reflecting a 5.3% year-over-year growth, indicating the company's stable cash flow structure.
- Dividend Increase: The company has raised its quarterly dividend to $0.45 per share, marking the eighth consecutive year of increases since its 2018 IPO, which underscores its strong cash flow and commitment to shareholder returns.
- Lease Concentration Risk: The Caesars Regional Master Lease accounts for 25% of VICI's net operating income, and management is in ongoing discussions with Caesars to ensure long-term alignment, despite market uncertainties regarding potential adjustments to the lease.
- Financial Position: As of the latest quarter, VICI reported approximately $3.1 billion in available liquidity and a net leverage ratio near 5.0 times, aligning with its long-term target range, which reflects a solid financial health and investment-grade credit ratings.
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- Investor Sentiment: The rebound indicates a shift in investor sentiment following a period of decline.
- Economic Indicators: The recovery may be influenced by various economic indicators that are being closely monitored by analysts.
- Future Outlook: Analysts are assessing whether this trend will continue or if further volatility is expected in the market.
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Vici Properties: A Stable High-Yield Dividend Stock
- Strong Profitability: Vici Properties reported $2.8 billion in revenue for the first nine months of 2025, a 4% increase year-over-year, while operating expenses fell by 2.8% to $159 million, demonstrating robust profitability in the casino and hospitality markets, thereby solidifying its position as a high-yield stock.
- Significant Dividend Growth: The company announced a quarterly cash dividend of $0.45 per share in Q3 2025, marking a 40% year-over-year increase, which not only far exceeds the average dividend yield of the S&P 500 but also reflects its ongoing ability to grow dividends, attracting more investor interest.
- Low Risk, High Return: As a REIT, Vici Properties is required to distribute 90% of its taxable income as dividends, with a payout ratio of 66.44% indicating ample room for further dividend increases, and its consistent growth over the past seven years showcases strong financial health.
- Market Competitive Advantage: Compared to competitor Gaming and Leisure Properties, Vici's funds from operations reached $732 million in the latest reported quarter, highlighting its leadership position in the market and enhancing its attractiveness as an investment target.
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Vici Properties Offers Over 6% Dividend Yield with Strong Growth
- Dividend Yield Advantage: Vici Properties boasts a dividend yield exceeding 6% with a payout ratio of only 66.44%, indicating a strong capacity for ongoing dividend growth and the potential for increased shareholder returns in the future.
- Strong Profitability: As of Q3 2025, Vici reported revenues of $2.8 billion, a 4% increase year-over-year, while total operating expenses fell by 2.8%, demonstrating the company's excellent cost control and further solidifying its market position.
- Stable Growth Trajectory: Vici Properties has consistently raised its dividend for the past seven years, with the latest quarterly cash dividend announced at $0.45 per share, reflecting a 40% year-over-year increase, showcasing the company's commitment to shareholder returns.
- Market Competitiveness: Compared to competitor Gaming and Leisure Properties, Vici's funds from operations stand at $732 million, highlighting its strong competitive edge in the gambling-focused REIT sector, which further attracts investor interest.
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VICI Properties Set to Announce Q4 Earnings with Positive Growth Outlook
- Earnings Forecast: VICI Properties is set to announce its fourth-quarter earnings on February 25, expecting an EPS of $0.70 and revenue of $1.01 billion, indicating stable performance in the market.
- AFFO Guidance Upgrade: CFO David Kieske raised the AFFO guidance for 2025 to between $2.51 billion and $2.52 billion, with per-share AFFO expected between $2.36 and $2.37, reflecting the company's confidence in future growth.
- Analyst Ratings Positive: Seeking Alpha analyst Scott Kaufman rated VICI a Buy, citing its fortress-like exposure through iconic Las Vegas assets and long-term CPI-linked leases, projecting a 3.9% annual AFFO/share growth through 2028.
- Stock Performance: Despite a nearly 5.7% decline in stock price over the past year, VICI maintains a market capitalization of approximately $32.30 billion and receives Buy ratings from Wall Street and Seeking Alpha, demonstrating investor confidence in its stable income potential.
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- Earnings Reporting Schedule: This week features earnings reports from the world's largest publicly traded companies across energy, retail, and tech sectors, with investors keenly observing performance and market reactions.
- JOBY Stock Movement: JOBY stock is experiencing volatility, and investor sentiment remains cautious ahead of upcoming earnings, particularly given the broader market context.
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VICI Properties Q4 Earnings Preview Amid Tenant Concentration Concerns
- Earnings Preview: VICI Properties is set to report its Q4 2025 results on February 25, with consensus estimates projecting adjusted funds from operations (AFFO) per share at $0.60, reflecting a 5.3% year-over-year growth, indicating the company's stable cash flow structure.
- Dividend Increase: The company has raised its quarterly dividend to $0.45 per share, marking the eighth consecutive year of increases since its 2018 IPO, which underscores its strong cash flow and commitment to shareholder returns.
- Lease Concentration Risk: The Caesars Regional Master Lease accounts for 25% of VICI's net operating income, and management is in ongoing discussions with Caesars to ensure long-term alignment, despite market uncertainties regarding potential adjustments to the lease.
- Financial Position: As of the latest quarter, VICI reported approximately $3.1 billion in available liquidity and a net leverage ratio near 5.0 times, aligning with its long-term target range, which reflects a solid financial health and investment-grade credit ratings.
See More
Analysis and Outlook: Exploring Claude Nine
- Market Recovery: Stocks made a significant recovery on Tuesday, nearly offsetting the losses experienced on Monday.
- Investor Sentiment: The rebound indicates a shift in investor sentiment following a period of decline.
- Economic Indicators: The recovery may be influenced by various economic indicators that are being closely monitored by analysts.
- Future Outlook: Analysts are assessing whether this trend will continue or if further volatility is expected in the market.
See More
Vici Properties: A Stable High-Yield Dividend Stock
- Strong Profitability: Vici Properties reported $2.8 billion in revenue for the first nine months of 2025, a 4% increase year-over-year, while operating expenses fell by 2.8% to $159 million, demonstrating robust profitability in the casino and hospitality markets, thereby solidifying its position as a high-yield stock.
- Significant Dividend Growth: The company announced a quarterly cash dividend of $0.45 per share in Q3 2025, marking a 40% year-over-year increase, which not only far exceeds the average dividend yield of the S&P 500 but also reflects its ongoing ability to grow dividends, attracting more investor interest.
- Low Risk, High Return: As a REIT, Vici Properties is required to distribute 90% of its taxable income as dividends, with a payout ratio of 66.44% indicating ample room for further dividend increases, and its consistent growth over the past seven years showcases strong financial health.
- Market Competitive Advantage: Compared to competitor Gaming and Leisure Properties, Vici's funds from operations reached $732 million in the latest reported quarter, highlighting its leadership position in the market and enhancing its attractiveness as an investment target.
See More
Vici Properties Offers Over 6% Dividend Yield with Strong Growth
- Dividend Yield Advantage: Vici Properties boasts a dividend yield exceeding 6% with a payout ratio of only 66.44%, indicating a strong capacity for ongoing dividend growth and the potential for increased shareholder returns in the future.
- Strong Profitability: As of Q3 2025, Vici reported revenues of $2.8 billion, a 4% increase year-over-year, while total operating expenses fell by 2.8%, demonstrating the company's excellent cost control and further solidifying its market position.
- Stable Growth Trajectory: Vici Properties has consistently raised its dividend for the past seven years, with the latest quarterly cash dividend announced at $0.45 per share, reflecting a 40% year-over-year increase, showcasing the company's commitment to shareholder returns.
- Market Competitiveness: Compared to competitor Gaming and Leisure Properties, Vici's funds from operations stand at $732 million, highlighting its strong competitive edge in the gambling-focused REIT sector, which further attracts investor interest.
See More
VICI Properties Set to Announce Q4 Earnings with Positive Growth Outlook
- Earnings Forecast: VICI Properties is set to announce its fourth-quarter earnings on February 25, expecting an EPS of $0.70 and revenue of $1.01 billion, indicating stable performance in the market.
- AFFO Guidance Upgrade: CFO David Kieske raised the AFFO guidance for 2025 to between $2.51 billion and $2.52 billion, with per-share AFFO expected between $2.36 and $2.37, reflecting the company's confidence in future growth.
- Analyst Ratings Positive: Seeking Alpha analyst Scott Kaufman rated VICI a Buy, citing its fortress-like exposure through iconic Las Vegas assets and long-term CPI-linked leases, projecting a 3.9% annual AFFO/share growth through 2028.
- Stock Performance: Despite a nearly 5.7% decline in stock price over the past year, VICI maintains a market capitalization of approximately $32.30 billion and receives Buy ratings from Wall Street and Seeking Alpha, demonstrating investor confidence in its stable income potential.
See More
Earnings Reports Week for Major Companies
- Earnings Reporting Schedule: This week features earnings reports from the world's largest publicly traded companies across energy, retail, and tech sectors, with investors keenly observing performance and market reactions.
- JOBY Stock Movement: JOBY stock is experiencing volatility, and investor sentiment remains cautious ahead of upcoming earnings, particularly given the broader market context.
- Lucid Group Expectations: Lucid Group is set to report after Tuesday's close, with analysts forecasting a quarterly loss of $2.64 per share on revenue of approximately $473 million, focusing on gross margin and cash runway.
- AI Infrastructure Spending: Analysts anticipate a tech company's fourth-quarter revenue of around $65.6 billion and adjusted EPS of $1.52, with the market keenly awaiting Q1 guidance and CEO insights on AI infrastructure spending.
See More
