VICI Properties Inc. (VICI) Earnings Call Transcripts

VICI Properties Inc.'s Latest Earnings Call - Q3 FY2026

In the third quarter of 2026, VICI Properties reported revenue growth of 5.8% year-over-year, reaching $XXX million, and an AFFO per share increase of 4.3% to $0.62. The company raised its AFFO guidance for the fiscal year 2026 to a range of $2.695 billion to $2.705 billion, or $2.47 to $2.48 per share, reflecting confidence in its operational stability despite external market pressures. Management acknowledged ongoing challenges in the net lease REIT sector due to interest rate concerns but emphasized their commitment to maintaining a conservative capital structure and exploring share buybacks if conditions permit.

Reported metrics

Guidance from management

VICI raised its AFFO guidance for 2026 to a range of $2.695 billion to $2.705 billion, or $2.47 to $2.48 per diluted common share, indicating a positive outlook for the year ahead.

What management said

Yes, Tony, it's a great question. I mean this past quarter, the Hard Rock Ottawa notes, we sold those back to Hard Rock at par. So yes, everything is liquid in there. For the most part, sometimes it comes at a price. It is not our first choice. Obviously, the yield on that loan book is very attractive, but it is an option that we have and a tool that we have in our toolkit.

And Tony, I will just add -- I'm glad you asked that question, Tony, because I will just add in that we've often had the question over the last few years. What if that money comes back to you and the redeployment of it is not as high yielding as the loan might have been given both the state of the credit markets, I think that risk is lower. But again, at our current stock price and current AFFO yield, share buybacks ...

What analysts pressed on

Analysts expressed concerns about the company's ability to navigate the current interest rate environment and its impact on net lease REITs. There were also inquiries regarding the urgency of resolving issues related to the Caesars regional lease and how it might affect future cash flows.

Main topics on the call

• Revenue Growth — VICI reported a revenue increase of 5.8% in Q3 2026, demonstrating resilience in its portfolio amidst a challenging market. Management stated, "we grew our revenues 5.8% in Q3 and our AFFO per share by 4.3%."
• AFFO Guidance Increase — The company raised its AFFO guidance for 2026, now expecting between $2.695 billion and $2.705 billion. David Kieske noted, "the update represents an increase at the low end of the range by $0.02 and an increase at the h...
• Stock Buyback Authorization — VICI announced a stock buyback program of up to $2 billion, indicating a strategic approach to capital allocation. Management emphasized that they will consider buybacks if it is the best use of capital, stating, "we hav...
• Diversification of Tenant Roster — The company added four new tenants in 2026, enhancing the diversity of its income streams. John Payne mentioned, "we will have added 4 new tenants this year, Clairvest, Golden Entertainment, Club Med and High Field."

Read the full VICI Properties Inc. transcript (Q3 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 34 VICI Properties Inc. earnings call transcripts on record, spanning February 20, 2020 to October 29, 2026. Based on this history, VICI Properties Inc. reports quarterly. The most recent call on file is dated October 29, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

VICI

Exchange

NYSE

Country

US

Sector

Real Estate

Industry

Specialized REITs

Calls on record

34

First call

February 20, 2020

Most recent

October 29, 2026

Reporting cadence

quarterly