VICI Properties Inc. VICI
VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading developers and operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip.
Snapshot
Reported FFO / AFFO / leverage are from the Q1 2026 earnings release (filed 2026-04-29) — 8-K, EX-99.1.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $4.01B | $2.78B | $3.64M | $3.64B | $2.51B |
| 2024 | $3.85B | $2.68B | $4.12M | $3.56B | $2.38B |
| 2023 | $3.61B | $2.51B | $4.30M | $3.37B | $2.18B |
| 2022 | $2.60B | $1.12B | $3.18M | $1.68B | $1.94B |
| 2021 | $1.51B | $1.01B | $3.09M | $1.42B | $896.35M |
| 2020 | $1.23B | $891.67M | $3.73M | $1.21B | $883.64M |
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-06-18 | 2026-06-18 | 2026-07-09 | 2026-06-04 | $0.45 | Quarterly |
| 2026-03-19 | 2026-03-19 | 2026-04-09 | 2026-03-05 | $0.45 | Quarterly |
| 2025-12-17 | 2025-12-17 | 2026-01-08 | 2025-12-04 | $0.45 | Quarterly |
| 2025-09-18 | 2025-09-18 | 2025-10-09 | 2025-09-04 | $0.45 | Quarterly |
| 2025-06-18 | 2025-06-18 | 2025-07-10 | 2025-06-05 | $0.43 | Quarterly |
| 2025-03-20 | 2025-03-20 | 2025-04-03 | 2025-03-06 | $0.43 | Quarterly |
| 2024-12-17 | 2024-12-17 | 2025-01-09 | 2024-12-05 | $0.43 | Quarterly |
| 2024-09-18 | 2024-09-18 | 2024-10-03 | 2024-09-05 | $0.43 | Quarterly |
| 2024-06-18 | 2024-06-18 | 2024-07-03 | 2024-06-07 | $0.41 | Quarterly |
| 2024-03-20 | 2024-03-21 | 2024-04-04 | 2024-03-07 | $0.41 | Quarterly |
| 2023-12-20 | 2023-12-21 | 2024-01-04 | 2023-12-07 | $0.41 | Quarterly |
| 2023-09-20 | 2023-09-21 | 2023-10-05 | 2023-09-07 | $0.41 | Quarterly |
| 2023-06-21 | 2023-06-22 | 2023-07-06 | 2023-06-08 | $0.39 | Quarterly |
| 2023-03-22 | 2023-03-23 | 2023-04-06 | 2023-03-09 | $0.39 | Quarterly |
| 2022-12-21 | 2022-12-22 | 2023-01-05 | 2022-12-08 | $0.39 | Quarterly |
| 2022-09-21 | 2022-09-22 | 2022-10-06 | 2022-09-08 | $0.39 | Quarterly |
| 2022-06-22 | 2022-06-23 | 2022-07-07 | 2022-06-09 | $0.36 | Quarterly |
| 2022-03-23 | 2022-03-24 | 2022-04-07 | 2022-03-10 | $0.36 | Quarterly |
| 2021-12-22 | 2021-12-23 | 2022-01-06 | 2021-12-09 | $0.36 | Quarterly |
| 2021-09-23 | 2021-09-24 | 2021-10-07 | 2021-08-04 | $0.36 | Quarterly |
| 2021-06-23 | 2021-06-24 | 2021-07-08 | 2021-06-10 | $0.33 | Quarterly |
| 2021-03-24 | 2021-03-25 | 2021-04-08 | 2021-03-11 | $0.33 | Quarterly |
| 2020-12-22 | 2020-12-23 | 2021-01-07 | 2020-12-10 | $0.33 | Quarterly |
| 2020-09-29 | 2020-09-30 | 2020-10-08 | 2020-09-10 | $0.33 | Quarterly |
Coverage (payout of operating cash flow): 76.21%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.