Q1 2026 VICI Properties Inc Earnings Call Transcript
Key Points
- VICI Properties Inc (VICI) announced approximately $1.2 billion in new capital commitments for the first quarter of 2026, marking the first consecutive quarters with over $1 billion in new commitments.
- The company expanded its strategic relationship with Cain and Eldridge Industries by providing a $1.5 billion mezzanine loan for the One Beverly Hills development project.
- VICI Properties Inc (VICI) reported a year-over-year growth in AFFO per share by 4.5%, while only increasing its share count by roughly 1%.
- The company maintains a strong balance sheet with a net debt to annualized first quarter adjusted EBITDA ratio of approximately 5x, at the low end of its target leverage range.
- VICI Properties Inc (VICI) raised its AFFO guidance for 2026, expecting AFFO to be between $2.665 billion and $2.695 billion, or between $2.44 and $2.47 per diluted common share.
- VICI Properties Inc (VICI) faces risks and uncertainties related to forward-looking statements, which could cause actual results to differ materially from expectations.
- The company's revenue income streams as a net lease REIT are generally not highly subject to material cyclical fluctuation, but it still faces potential negative impacts from secular and cyclical trends.
- VICI Properties Inc (VICI) has a significant amount of total debt, amounting to $17.1 billion.
- The company is exposed to potential risks associated with its international gaming real estate activity, including the pending $144 million acquisition of assets in Alberta, Canada.
- VICI Properties Inc (VICI) acknowledges emerging changes in the gaming space, such as the expansion of iGaming and online sports betting, which could impact its traditional brick-and-mortar gaming assets.
Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VICI Properties first quarter 2026 earnings conference call. (Operator Instructions) Please note that this conference call is being recorded today, April 30, 2026.
I will now turn the call over to Samantha Gallagher, General Counsel with VICI Properties.
Thank you, operator, and good morning. Everyone should have access to the company's first quarter 2026 earnings release and supplemental information. The release and supplemental information can be found in the Investors section of the VICI Properties website at www.viciproperties.com.
Some of our comments today will be forward-looking statements within the meaning of the federal securities laws. Forward-looking statements, which are usually identified by the use of words such as will, believe, expect, should, guidance, intends, outlook, projects or
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