VICI Properties Q2 2026: AFFO Climbs 7.8% to $0.62 Per Share, Full-Year Guidance Low End Raised
VICI is trading near its 52-week low of $25.815 (4.3% above the low).
Summary
VICI Properties posted Q2 2026 AFFO of $0.62 per share, up 4.6% year-over-year, and raised the low end of its full-year AFFO guidance. Net income dropped 39% due to a non-cash credit loss provision, but cash flows remain strong, supporting the $1.80 annual dividend.
Key Events · Earnings and Guidance · VICI
-
AFFO Growth Outpaces Net Income Decline
AFFO attributable to common stockholders rose 7.8% to $679.6M, or $0.62 per share, while net income fell 39.1% to $526.5M due to a $271M non-cash CECL provision. The provision reflects accounting estimates, not cash losses.
-
Full-Year Guidance Raised at Low End
Management increased the low end of 2026 AFFO guidance by $10M to $2,675M-$2,695M ($2.45-$2.47 per share), reflecting confidence in recent acquisitions and organic rent growth.
-
Three New Tenants Added in Q2
VICI added Clairvest (Northfield Park, $54M annual rent), Golden Entertainment (seven Nevada casinos, $87M annual rent), and Club Med (Carambola Beach Resort, $75.5M total investment) to its tenant roster, bringing the total to 16 tenants.
-
Balance Sheet and Liquidity Remain Strong
Ended Q2 with $288M cash, $2.2B revolver availability, and $17.2B total debt. Net leverage ratio of 4.9x and 98.4% fixed-rate debt provide stability. The quarterly dividend of $0.45 per share ($1.80 annualized) is well-covered by AFFO.
Analysis · VICI · Real Estate & Construction
A solid quarter for VICI Properties saw AFFO per share rise 4.6% year-over-year to $0.62, fueled by recent acquisitions and rent escalations. While net income fell 39% on a non-cash $271M CECL provision, that accounting charge has no impact on cash flow or the dividend. The addition of three new tenants expands the rent roll and diversification. Raising the low end of full-year AFFO guidance by $10M signals management's confidence in the growth pipeline. Trading near its 52-week low, the stock offers a 6.8% dividend yield, which may attract income investors despite the headline net income decline.
At the time of this filing, VICI was trading at $26.92 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $29B. The 52-week trading range was $25.82 to $34.01. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.