VICI PROPERTIES INC.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
VICI$24.99-0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows F -
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net income | $2,818,544 | $2,721,242 | $2,554,622 |
| Adjustments to reconcile net income to cash flows provided by operating activities: | |||
| Non-cash leasing and financing adjustments | (523,920) | (537,708) | (515,488) |
| Stock-based compensation | 16,195 | 17,511 | 15,536 |
| Depreciation | 3,637 | 4,125 | 4,298 |
| Other gains | (2,658) | (581) | (4,456) |
| Amortization of debt issuance costs and original issue discount | 46,831 | 46,668 | 46,123 |
| Change in allowance for credit losses | 177,887 | 126,720 | 102,824 |
| Deferred income taxes | (1,743) | 5,439 | (10,426) |
| Payment-in-kind interest | (37,547) | — | — |
| Net proceeds from settlement of derivatives | 1,767 | 9,602 | — |
| Income from unconsolidated affiliate | — | — | (1,280) |
| Distributions from unconsolidated affiliate | — | — | 3,273 |
| Change in operating assets and liabilities: | |||
| Other assets | (441) | 3,428 | 5,124 |
| Accrued expenses and deferred revenue | 12,986 | (13,443) | (11,645) |
| Other liabilities | (1,547) | (1,505) | (7,496) |
| Net cash provided by operating activities | 2,509,991 | 2,381,498 | 2,181,009 |
| Cash flows from investing activities | |||
| Investments in leases - sales-type | — | (411,800) | (241,139) |
| Investments in leases - financing receivables | — | (248) | (1,131,996) |
| Investments in loans and securities | (887,246) | (579,057) | (959,135) |
| Principal repayments of loans and securities and receipts of deferred fees | 27,489 | 80,750 | 482,006 |
| Net cash paid in connection with the MGM Grand/Mandalay Bay JV Interest Acquisition | — | — | (1,266,905) |
| Capitalized transaction costs | (4,692) | (5,863) | (1,468) |
| Investments in short-term investments | (44,484) | (29,579) | — |
| Maturities of short-term investments | — | 29,579 | 217,342 |
| Proceeds from sale of real estate | 5,502 | 963 | 6,235 |
| Acquisition of property and equipment | (1,335) | (7,526) | (4,035) |
| Net cash used in investing activities | (904,766) | (922,781) | (2,899,095) |
F - 11
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from financing activities | |||
| Proceeds from offering of common stock, net | 375,349 | 378,687 | 2,480,105 |
| Proceeds from Revolving Credit Facility | 426,024 | 82,200 | 419,148 |
| Repayment of Revolving Credit Facility | (439,942) | (94,306) | (250,000) |
| Proceeds from senior unsecured notes offerings | 1,284,437 | 1,771,168 | — |
| Redemption of senior unsecured notes | (1,300,000) | (1,800,000) | — |
| Debt issuance costs | (19,481) | (5,303) | (105) |
| Repurchase of stock for tax withholding | (7,232) | (5,341) | (4,966) |
| Distributions to non-controlling interests | (32,209) | (31,235) | (28,552) |
| Dividends paid | (1,853,467) | (1,752,991) | (1,583,840) |
| Net cash (used in) provided by financing activities | (1,566,521) | (1,457,121) | 1,031,790 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 160 | 445 | (63) |
| Net increase in cash, cash equivalents and restricted cash | 38,864 | 2,041 | 313,641 |
| Cash, cash equivalents and restricted cash, beginning of period | 524,615 | 522,574 | 208,933 |
| Cash, cash equivalents and restricted cash, end of period | $563,479 | $524,615 | $522,574 |
| Supplemental cash flow information: | |||
| Cash paid for interest | $778,793 | $781,401 | $762,610 |
| Cash paid for income taxes | 7,337 | 3,338 | 4,915 |
| Supplemental non-cash investing and financing activity: | |||
| Dividends and distributions declared, not paid | $486,469 | $462,170 | $439,486 |
| Issuance of stock-based compensation subject to repurchase for tax withholding | 18,613 | 17,576 | 11,443 |
| Accrued capitalized transaction costs | 3,491 | 1,600 | 2,311 |
| Debt issuance costs payable | 5 | 476 | 45 |
| Non-cash change in Investments in leases - financing receivables | 282,989 | 283,406 | 276,929 |
| Obtaining right-of-use assets in exchange for lease liabilities | — | 15,523 | 82,099 |
F - 12
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