VICI Properties Posts 6.8% Q4 AFFO Growth, Sets $2.59B–$2.625B Guidance
VICI Properties reported Q4 AFFO of $642.5 million, up 6.8% year-over-year, and full-year AFFO of $2.5 billion, a 6.6% gain, while initiating 2026 AFFO guidance of $2.59–2.625 billion ($2.42–$2.45 per share). The company held $3.2 billion liquidity against $17.1 billion debt at a 5x net debt/EBITDA ratio.
1. Q4 and Full-Year AFFO Results
VICI Properties delivered fourth-quarter AFFO of $642.5 million, marking a 6.8% year-over-year increase, and full-year 2025 AFFO of $2.5 billion, up 6.6%, with AFFO per share rising to $0.60 for the quarter and $2.38 for the year.
2. 2026 AFFO Guidance
Management initiated 2026 AFFO guidance of $2.59–2.625 billion, or $2.42–$2.45 per diluted share, excluding unclosed transactions and non-recurring items, reflecting expected growth in tenant performance and portfolio expansion.
3. Balance Sheet and Debt Metrics
As of December 31, VICI had $17.1 billion total debt with net debt to annualized Q4 adjusted EBITDA of about 5x, $3.2 billion of liquidity including $608 million cash, and a 4.46% weighted average interest rate, with key maturities planned for refinancing in 2026.
4. 2025 Capital Deployment and Yields
In 2025, VICI closed or committed approximately $2.1 billion of capital at a weighted average initial yield of 8.9%, including a $1.16 billion sale-leaseback with Golden Entertainment, a $450 million mezzanine loan for One Beverly Hills, and a $510 million delayed-draw term loan with Red Rock Resorts.