VICI Properties Inc. reported third‑quarter 2025 results, showing revenue of $1.0 billion, up 4.4% year‑over‑year from $964.7 million in Q3 2024. Net income attributable to common shareholders was $762 million, or $0.71 per diluted share, compared with $0.70 per share in the prior year. Funds from operations matched net income at $762 million, while adjusted funds from operations rose to $637.6 million, or $0.60 per share, a 5.3% increase from $0.57 per share in Q3 2024.
The company updated its full‑year 2025 guidance, now projecting adjusted funds from operations between $2.51 billion and $2.52 billion, or $2.36 to $2.37 per diluted share. Previously, VICI had guided AFFO for 2025 at $2.48 billion to $2.49 billion, indicating a modest upward revision.
VICI increased its quarterly dividend to $0.45 per share, a 4% year‑over‑year rise, marking the eighth consecutive annual dividend increase. The dividend is supported by the company’s strong cash‑flow generation and high‑margin, stable‑cash‑flow model.
The company also entered into a new triple‑net lease with an affiliate of Clairvest for the real property of MGM Northfield Park, Ohio. The lease, which follows MGM Resorts’ sale of the park’s operations to Clairvest for $1.2 billion, carries an initial annual base rent of $53 million and a 25‑year term with three 10‑year renewal options. This adds a 14th tenant to VICI’s portfolio and expands its presence in the Midwest.
The Q3 results reflect continued growth from lease escalations and strategic tenant additions, with the MGM Northfield Park lease contributing significantly to the revenue increase. The company’s guidance and dividend increase signal confidence in its long‑term earnings trajectory.
The updated guidance and dividend increase reinforce VICI’s high‑margin, stable‑cash‑flow model and provide investors with a clearer view of future performance.
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