Every material Form 8-K Vici Properties has filed with the SEC since December 10, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
VICI Properties reported third-quarter 2026 revenue up 5.8% to $1.1 billion and AFFO up 7.5% to $685.2 million, and raised its full-year 2026 AFFO guidance. GAAP net income fell 55.1%, which the company attributes to a $478.2 million year-over-year change in its CECL credit loss allowance, a non-cash item. Shareholders see stronger operating cash-based earnings alongside a sharp drop in reported net income.
Net income attributable to common stockholders was $342.5 million, or $0.31 per share, down from $762.0 million, or $0.71 per share, a year earlier, driven by a $478.2 million change in the CECL allowance.
AFFO attributable to common stockholders rose 7.5% to $685.2 million, or $0.62 per share, from $0.60 a year earlier.
Full-year 2026 AFFO guidance was raised to $2,695 million to $2,705 million, or $2.47 to $2.48 per diluted share, from $2.45 to $2.47.
The board declared a $0.46 quarterly dividend, up 2.2%, and on October 27, 2026 authorized a share repurchase program of up to $2.0 billion.
VICI Properties announced that John M. Sullivan, former President and CEO of Cadillac Fairview, has been appointed an independent director, subject to regulatory approvals. His appointment is expected to increase the board to eight directors, and he will serve on the Compensation and Nominating and Governance committees.
Appointment is subject to receipt of all applicable regulatory approvals; announced September 8, 2026
Expected to increase the Board size to eight directors
Sullivan led Cadillac Fairview as President and CEO from January 2011 until his retirement in October 2023
Sullivan will serve on the Compensation Committee and Nominating and Governance Committee
VICI Properties L.P., the operating partnership of VICI Properties Inc., completed sales of $900 million of 5.400% notes due 2031 and $850 million of 5.750% notes due 2036 on August 14, 2026. It plans to use the proceeds to repay existing senior notes maturing in 2026, including $1.25 billion of 4.250% notes due December 2026 and $480.5 million of 4.500% notes due September 2026, which the filing says it expects to redeem on August 17, 2026.
$900 million of 5.400% notes due October 15, 2031, issued at 99.966% of par value
$850 million of 5.750% notes due October 15, 2036, issued at 98.375% of par value
Proceeds intended to repay $1.25 billion of 4.250% notes due December 2026 and $480.5 million of 4.500% notes due September 2026, with redemption expected August 17, 2026
The notes are unsecured, are not guaranteed by VICI Properties Inc., and pay interest semi-annually starting April 15, 2027
VICI Properties' operating partnership agreed to sell $900 million of 5.400% notes due 2031 and $850 million of 5.750% notes due 2036, with closing expected August 14, 2026. The company estimates net proceeds of about $1,720.0 million, which it plans to use mainly to repay several 2026 maturities, including $1.25 billion of 4.250% notes due December 2026.
Offering totals $1.75 billion: $900 million of 5.400% notes due October 15, 2031 issued at 99.966% of par and $850 million of 5.750% notes due October 15, 2036 issued at 98.375% of par
Estimated net proceeds of about $1,720.0 million, with closing expected August 14, 2026
Proceeds earmarked to repay $480.5 million of 4.500% notes due 2026, $19.5 million of 4.500% MGP notes due 2026 and $1.25 billion of 4.250% notes due December 2026, with any remainder for general corporate purposes
VICI Properties reported second-quarter 2026 results, with revenue up 5.7% to $1.1 billion and AFFO up 7.8% to $679.6 million. GAAP net income attributable to common stockholders fell 39.1%, mainly because of a $413.1 million year-over-year swing in the CECL allowance, and the company raised the low end of its full-year 2026 AFFO guidance.
Total revenues were $1.1 billion, up 5.7% from $1.0 billion a year earlier.
Net income attributable to common stockholders was $526.5 million, or $0.48 per share, versus $865.1 million, or $0.82 per share, in Q2 2025, driven by a $413.1 million change in the CECL allowance.
AFFO attributable to common stockholders was $679.6 million, or $0.62 per share, up 7.8% and 4.6% respectively.
Full-year 2026 AFFO guidance is now $2,675 million to $2,695 million ($2.45 to $2.47 per diluted share), up from $2,665 million to $2,695 million ($2.44 to $2.47).
VICI Properties reported first-quarter 2026 total revenues of $1.0 billion, up 3.5% from a year earlier, and AFFO attributable to common stockholders of $650.9 million, up 5.7%. The company raised its full-year 2026 AFFO guidance to $2.44 to $2.47 per diluted share, from $2.42 to $2.45, and said it expects the Golden Entertainment acquisition to close on or around April 30, 2026. Reported net income rose 60.5% to $872.4 million, mainly because of a $305.7 million year-over-year change in a non-cash credit loss allowance.
Total revenues were $1.0 billion, up 3.5% from $984.2 million in the first quarter of 2025.
AFFO was $650.9 million, or $0.61 per share, up 5.7% and 4.5% respectively from a year earlier.
Net income attributable to common stockholders was $872.4 million, or $0.82 per share, versus $543.6 million, or $0.51 per share, a year earlier.
Full-year 2026 AFFO guidance was raised to $2,665 million to $2,695 million, from $2,590 million to $2,625 million.
VICI Properties reported fourth-quarter and full-year 2025 results and gave preliminary 2026 AFFO guidance. Revenue and AFFO grew, but fourth-quarter net income per share fell 2.8%, mainly because of a $58.7 million year-over-year change in the CECL allowance.
Q4 2025 total revenues rose 3.8% to $1.0 billion; Q4 AFFO rose 6.8% to $642.5 million, or $0.60 per share
Q4 net income attributable to common stockholders fell 1.6% to $604.8 million, or $0.57 per share, versus $0.58 a year earlier
Full-year 2025 AFFO per share rose 5.1% to $2.38; full-year revenue rose 4.1% to $4.0 billion
2026 AFFO guidance is $2,590 million to $2,625 million, or $2.42 to $2.45 per diluted share
VICI Properties reported third-quarter 2025 results with total revenues up 4.4% year-over-year to $1.0 billion and AFFO attributable to common stockholders up 7.4% to $637.6 million. The company raised the low end of its full-year 2025 AFFO guidance to between $2,510 million and $2,520 million, or $2.36 to $2.37 per diluted share, and announced a lease agreement for MGM Northfield Park with an affiliate of Clairvest.
Net income attributable to common stockholders rose 4.0% to $762.0 million, or $0.71 per share, though a $11.5 million change in the CECL allowance partly offset the increase.
AFFO per share rose 5.3% to $0.60 for the quarter, and the quarterly dividend was set at $0.45 per share, a 4.0% increase.
Full-year 2025 AFFO guidance was updated to $2,510 million to $2,520 million, compared with prior guidance of $2,500 million to $2,520 million.
The Northfield Park lease carries an initial annual base rent of $53.0 million, or $54.0 million if closing occurs on or after May 1, 2026, and is expected to close in the first half of 2026.
VICI Properties reported second-quarter 2025 results on July 30, 2025, with revenue up 4.6% year over year to $1.0 billion and AFFO up 6.4% to $630.2 million. The company raised its full-year 2025 AFFO guidance to $2,500 million to $2,520 million, or $2.35 to $2.37 per diluted share, from $2,470 million to $2,500 million, or $2.33 to $2.36 per share, previously. Net income rose 16.7% to $865.1 million, but the company said the increase was driven largely by a $99.0 million change in the non-cash CECL allowance.
Second-quarter revenue was $1.0 billion, up 4.6% from $957.0 million a year earlier.
AFFO was $630.2 million, or $0.60 per share, up 4.9% per share from $0.57.
Net income was $865.1 million, or $0.82 per share, driven by a $99.0 million change in the CECL allowance.
Full-year 2025 AFFO per share guidance was raised to $2.35 to $2.37 from $2.33 to $2.36.
VICI Properties reported first quarter 2025 total revenue up 3.4% year over year to $984.2 million, while net income attributable to common stockholders fell 7.9% to $543.6 million, or $0.51 per diluted share, mainly due to a $80.0 million change in the CECL allowance. The company raised its full-year 2025 AFFO guidance, which points to higher cash earnings for shareholders.
Net income attributable to common stockholders fell 7.9% to $543.6 million ($0.51 per diluted share), versus $590.0 million ($0.57) a year earlier, driven by a $80.0 million change in the CECL allowance.
AFFO attributable to common stockholders rose 5.6% to $616.0 million, or $0.58 per share, up 4.3%.
Full-year 2025 AFFO guidance raised to $2,470 million to $2,500 million ($2.33 to $2.36 per diluted share), from $2,455 million to $2,485 million ($2.32 to $2.35).
After quarter-end, the company committed up to $510.0 million for the North Fork Mono Casino & Resort and issued $1.3 billion of senior notes on April 7, 2025.
VICI Properties L.P., the company's operating partnership, completed a $1.3 billion offering of unsecured notes due 2028 and 2035 on April 7, 2025. The company said it plans to use the net proceeds to repay about $1.3 billion of notes maturing in May and June 2025 and a small remaining amount due in 2025.
$400 million of 4.750% notes due April 1, 2028, issued at 99.729% of par
$900 million of 5.625% notes due April 1, 2035, issued at 99.219% of par
Proceeds planned to repay $500.0 million 4.375% notes (redeemed April 8, 2025), $799.4 million 4.625% notes (redeemed April 8, 2025), and $0.6 million 4.625% notes (redeemed April 26, 2025)
VICI Properties' operating partnership agreed on March 26, 2025 to issue $400 million of 4.750% notes due 2028 and $900 million of 5.625% notes due 2035, with estimated net proceeds of about $1,280.7 million. The company plans to use the proceeds mainly to repay $1.3 billion of notes maturing in 2025, with any remainder for general corporate purposes, and the offering is expected to close on April 7, 2025.
2028 notes: $400 million at 4.750% coupon, issued at 99.729% of par, maturing April 1, 2028
2035 notes: $900 million at 5.625% coupon, issued at 99.219% of par, maturing April 1, 2035
Proceeds will repay $500.0 million of 4.375% notes due 2025, $799.4 million of 4.625% notes due 2025, and $0.6 million of 2025 MGP notes
Closing is expected April 7, 2025, subject to customary conditions
VICI Properties reported fourth-quarter 2024 results on February 20, 2025, with total revenues up 4.7% year over year to $976.1 million and AFFO up 5.4% to $601.3 million. Net income attributable to common stockholders fell 17.8% to $614.6 million, or $0.58 per diluted share, mainly due to a $157.7 million year-over-year change in the CECL allowance. The company also gave preliminary 2025 AFFO guidance of $2,455 million to $2,485 million, or $2.32 to $2.35 per diluted share.
Q4 2024 AFFO was $601.3 million, up 5.4%, or $0.57 per share, up 3.6%
Full-year 2024 AFFO was $2,370.8 million, up 8.4%, or $2.26 per share, up 5.1%
2025 AFFO guidance is $2,455 million to $2,485 million, or $2.32 to $2.35 per diluted share
Moody's upgraded the issuer credit rating to Baa3 from Ba1, with a stable outlook
VICI Properties L.P., a wholly owned subsidiary of VICI Properties Inc., entered into a new $2.5 billion senior revolving credit facility on February 3, 2025, replacing its existing facility that was due to mature March 31, 2026. The new facility extends the maturity to February 3, 2029, and borrowings under it were used to repay the existing facility. For shareholders, the filing shows a longer maturity runway and a larger potential commitment, with terms including interest margins, financial maintenance covenants and an option to increase commitments by up to $1.0 billion.
New $2.5 billion senior revolving credit facility with Wells Fargo Bank, N.A. as administrative agent, maturing February 3, 2029
Replaces existing $2.5 billion facility with JPMorgan Chase Bank, N.A. that was scheduled to mature March 31, 2026
About $147.5 million advanced under the new facility as of the effective date, used to repay existing obligations
Option to increase revolving commitments by up to $1.0 billion, for a total of $3.5 billion
VICI Properties L.P., the company's operating partnership, completed a $750 million offering of 5.125% notes due November 15, 2031, issued at 99.643% of par. The proceeds are intended to repay $750 million of 3.500% senior notes due February 15, 2025, which are expected to be redeemed on December 20, 2024, refinancing that debt into longer-dated notes.
Notes: $750 million aggregate principal, 5.125% coupon, issued at 99.643% of par, maturing November 15, 2031
Proceeds intended to redeem $750 million of 3.500% notes due February 15, 2025 on December 20, 2024 at 100% of principal plus accrued interest
Notes are unsecured obligations of VICI Properties L.P., not guaranteed by VICI Properties Inc., and interest is payable May 15 and November 15 each year starting May 15, 2025
VICI Properties' operating partnership agreed to sell $750 million of 5.125% senior notes due 2031, priced at 99.643% of par, with closing expected December 19, 2024. The company plans to use the estimated $740.1 million in net proceeds mainly to repay its $750.0 million of 3.500% senior notes due 2025, with any remainder for general corporate purposes.
Notes: $750 million aggregate principal, 5.125% coupon, maturing November 15, 2031
Issue price 99.643% of par; estimated net proceeds of about $740.1 million
Proceeds earmarked to repay $750.0 million of 3.500% senior notes due 2025
Offering expected to close December 19, 2024, subject to customary closing conditions
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