VICI PROPERTIES INC.
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 28, 2026
Contents
Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025
| September 30, 2026 | December 31, 2025 | |
|---|---|---|
| Assets | ||
| Real estate portfolio: | ||
| Investments in leases - sales-type, net | $24,370,572 | $23,706,563 |
| Investments in leases - financing receivables, net | 19,235,774 | 18,697,133 |
| Investments in loans and securities, net | 2,984,010 | 2,525,457 |
| Real estate under development | 25,499 | — |
| Land | 148,002 | 148,002 |
| Cash and cash equivalents | 270,321 | 563,479 |
| Short-term investments | — | 44,484 |
| Other assets | 1,030,126 | 1,039,050 |
| Total assets | $48,064,304 | $46,724,168 |
| Liabilities | ||
| Debt, net | $16,916,934 | $16,773,241 |
| Accrued expenses and deferred revenue | 178,249 | 238,715 |
| Dividends and distributions payable | 511,884 | 486,259 |
| Other liabilities | 1,017,579 | 1,003,366 |
| Total liabilities | 18,624,646 | 18,501,581 |
| Commitments and contingent liabilities (Note 10) | ||
| Stockholders’ equity | ||
| Common stock, $0.01 par value, 1,350,000,000 shares authorized and 1,101,083,124 and 1,068,811,371 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 11,011 | 10,688 |
| Preferred stock, $0.01 par value, 50,000,000 shares authorized and no shares outstanding at September 30, 2026 and December 31, 2025 | — | — |
| Additional paid-in capital | 25,859,760 | 24,898,868 |
| Accumulated other comprehensive income | 115,455 | 121,031 |
| Retained earnings | 3,025,489 | 2,767,053 |
| Total VICI stockholders’ equity | 29,011,715 | 27,797,640 |
| Non-controlling interests | 427,943 | 424,947 |
| Total stockholders’ equity | 29,439,658 | 28,222,587 |
| Total liabilities and stockholders’ equity | $48,064,304 | $46,724,168 |
Note: As of September 30, 2026 and December 31, 2025, our Investments in leases - sales-type, Investments in leases - financing receivables, Investments in loans and securities, and Other assets (sales-type sub-leases) are net of allowance for credit losses of $1,282.4 million, $884.9 million, $159.0 million and $29.7 million, respectively, and $919.2 million, $769.9 million, $56.4 million and $23.9 million, respectively. Refer to Note 5 - Allowance for Credit Losses for further details.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Revenues | ||||
| Income from sales-type leases | $556,749 | $531,765 | $1,642,668 | $1,590,717 |
| Income from lease financing receivables, loans and securities | 482,642 | 447,986 | 1,412,990 | 1,314,726 |
| Other income | 18,969 | 19,547 | 56,783 | 58,596 |
| Golf revenues | 7,124 | 8,190 | 30,069 | 28,987 |
| Total revenues | 1,065,484 | 1,007,488 | 3,142,510 | 2,993,026 |
| Expenses | ||||
| General and administrative | 17,479 | 16,344 | 48,884 | 45,765 |
| Depreciation | 876 | 937 | 2,841 | 2,674 |
| Other expenses | 18,969 | 19,547 | 56,783 | 58,596 |
| Golf expenses | 6,858 | 6,765 | 20,722 | 19,736 |
| Change in allowance for credit losses | 458,030 | (20,153) | 610,314 | 24,803 |
| Transaction and acquisition expenses | 194 | 9 | 2,176 | 7,488 |
| Total expenses | 502,406 | 23,449 | 741,720 | 159,062 |
| Interest expense | (214,983) | (210,333) | (634,272) | (633,381) |
| Interest income | 1,564 | 3,881 | 8,285 | 9,871 |
| Other (losses) gains | (229) | (82) | (595) | 792 |
| Income before income taxes | 349,430 | 777,505 | 1,774,208 | 2,211,246 |
| Provision for income taxes | (2,579) | (3,885) | (6,092) | (6,993) |
| Net income | 346,851 | 773,620 | 1,768,116 | 2,204,253 |
| Less: Net income attributable to non-controlling interests | (4,317) | (11,580) | (26,671) | (33,527) |
| Net income attributable to common stockholders | $342,534 | $762,040 | $1,741,445 | $2,170,726 |
| Net income per common share | ||||
| Basic | $0.31 | $0.71 | $1.60 | $2.05 |
| Diluted | $0.31 | $0.71 | $1.60 | $2.05 |
| Weighted average number of shares of common stock outstanding | ||||
| Basic | 1,100,560,183 | 1,067,253,644 | 1,086,503,368 | 1,059,870,808 |
| Diluted | 1,100,625,472 | 1,068,369,218 | 1,086,581,026 | 1,060,732,039 |
| Other comprehensive income | ||||
| Net income | $346,851 | $773,620 | $1,768,116 | $2,204,253 |
| Reclassification of derivative gain to Interest expense | (6,640) | (6,389) | (19,418) | (19,120) |
| Unrealized gain (loss) on cash flow hedges | 7,081 | — | 19,959 | (5,949) |
| Foreign currency translation adjustments | (398) | (4,652) | (6,178) | 5,474 |
| Comprehensive income | 346,894 | 762,579 | 1,762,479 | 2,184,658 |
| Comprehensive income attributable to non-controlling interests | (4,317) | (11,448) | (26,610) | (33,308) |
| Comprehensive income attributable to common stockholders | $342,577 | $751,131 | $1,735,869 | $2,151,350 |
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