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VICI Properties' Q1 AFFO Meets Estimates, Revenues Rise Y/Y
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Key Takeaways
VICI reported Q1 2026 AFFO of 61 cents per share, up 5.2% year over year and in line with estimates.
VICI raised 2026 AFFO guidance to $2.44-$2.47 after steady lease-led growth and active capital deployment.
VICI expanded investments with a $1.5B loan and a pending Alberta casino portfolio acquisition.
VICI Properties Inc. (VICI - Free Report) reported first-quarter 2026 adjusted funds from operations (AFFO) per share of 61 cents, in line with the Zacks Consensus Estimate. The figure increased 5.2% from the prior-year quarter. Total revenues came in at $1.02 billion, up 3.5% year over year, but missed the consensus mark by just 0.1%.
The quarter featured steady rent-led growth and active capital deployment. Management also raised its full-year 2026 outlook for AFFO per share, reinforcing confidence in the company’s partner-driven investment strategy.
VICI’s Results Reflect Higher Lease-Led Growth
VICI’s top line benefited from higher income from lease financing receivables, loans and securities, which rose to $452 million from $426.5 million in the year-ago quarter. Income from sales-type leases also increased to $536.7 million from $528.6 million.
Other income edged down to $18.9 million from $19.5 million a year ago. Golf revenues rose to $11 million from $9.6 million, providing a modest offset to the decline in other income.
VICI Gains From Credit Loss Allowance Swing
Profitability in the quarter was heavily influenced by credit loss. The change in allowance for credit losses was a $118.8 million benefit versus a $187 million expense in the prior-year quarter, which meaningfully lifted reported earnings power.
VICI Expands Deals With Partners
VICI continued to deepen relationships with existing and new counterparties. During the quarter, it provided a $1.5 billion mezzanine loan as part of the construction financing for the One Beverly Hills development, with an initial funding of $650 million.
The company also announced a pending acquisition of a Canadian casino portfolio in Alberta for CAD$200.6 million (about US$144.4 million at the time of announcement), with the assets to be added to the existing PURE master lease.
Subsequent to quarter-end, VICI entered into a new lease for MGM Northfield Park with an affiliate of funds managed by Clairvest, adding a new tenant and resetting rent streams around the MGM master lease structure.
VICI Balance Sheet Remains Liquid After Heavy Investing
VICI ended the quarter with $480.2 million in cash and cash equivalents. Liquidity remained substantial, supported by cash, estimated forward sale equity proceeds and revolving credit facility capacity.
Subsequent to quarter-end, VICI physically settled the remaining 7.75 million shares under its forward sale agreement for approximately $242.1 million in net proceeds, adding further flexibility as it pursues announced transactions and future partner-led opportunities.
VICI Raises 2026 AFFO Outlook After Solid Start
VICI raised full-year 2026 AFFO per share guidance to $2.44-$2.47 compared to the prior guided range of $2.42-$2.45. The Zacks Consensus Estimate presently stands at $2.45, within the projected range.
W. P. Carey Inc. (WPC - Free Report) delivered first-quarter 2026 adjusted funds from operations per share of $1.30, topping the Zacks Consensus Estimate by 1.6%. Revenues of $453.02 million also came ahead of the consensus mark of $451.06 million, a 0.4% surprise and rose 11.2% year over year.
WPC’s results reflected the accretive impact of net investment activity and contractual rent escalations across the net-lease portfolio. Contractual same-store rent registered 2.4% growth year over year on a constant-currency basis.
Digital Realty Trust (DLR - Free Report) posted first-quarter 2026 core FFO of $2.04 per share, up 15.3% from $1.77 a year ago. The results beat the Zacks Consensus Estimate of $1.94, delivering a 5.15% earnings surprise.
Total operating revenues were $1.635 billion, up 16.2% from $1.408 billion in the year-ago quarter. Revenues also topped the consensus mark of $1.609 billion by 1.6%, supported by DLR’s strong leasing activity and healthy commencements from a growing backlog.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
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VICI Properties' Q1 AFFO Meets Estimates, Revenues Rise Y/Y
Key Takeaways
VICI Properties Inc. (VICI - Free Report) reported first-quarter 2026 adjusted funds from operations (AFFO) per share of 61 cents, in line with the Zacks Consensus Estimate. The figure increased 5.2% from the prior-year quarter. Total revenues came in at $1.02 billion, up 3.5% year over year, but missed the consensus mark by just 0.1%.
The quarter featured steady rent-led growth and active capital deployment. Management also raised its full-year 2026 outlook for AFFO per share, reinforcing confidence in the company’s partner-driven investment strategy.
VICI’s Results Reflect Higher Lease-Led Growth
VICI’s top line benefited from higher income from lease financing receivables, loans and securities, which rose to $452 million from $426.5 million in the year-ago quarter. Income from sales-type leases also increased to $536.7 million from $528.6 million.
Other income edged down to $18.9 million from $19.5 million a year ago. Golf revenues rose to $11 million from $9.6 million, providing a modest offset to the decline in other income.
VICI Gains From Credit Loss Allowance Swing
Profitability in the quarter was heavily influenced by credit loss. The change in allowance for credit losses was a $118.8 million benefit versus a $187 million expense in the prior-year quarter, which meaningfully lifted reported earnings power.
VICI Expands Deals With Partners
VICI continued to deepen relationships with existing and new counterparties. During the quarter, it provided a $1.5 billion mezzanine loan as part of the construction financing for the One Beverly Hills development, with an initial funding of $650 million.
The company also announced a pending acquisition of a Canadian casino portfolio in Alberta for CAD$200.6 million (about US$144.4 million at the time of announcement), with the assets to be added to the existing PURE master lease.
Subsequent to quarter-end, VICI entered into a new lease for MGM Northfield Park with an affiliate of funds managed by Clairvest, adding a new tenant and resetting rent streams around the MGM master lease structure.
VICI Balance Sheet Remains Liquid After Heavy Investing
VICI ended the quarter with $480.2 million in cash and cash equivalents. Liquidity remained substantial, supported by cash, estimated forward sale equity proceeds and revolving credit facility capacity.
Subsequent to quarter-end, VICI physically settled the remaining 7.75 million shares under its forward sale agreement for approximately $242.1 million in net proceeds, adding further flexibility as it pursues announced transactions and future partner-led opportunities.
VICI Raises 2026 AFFO Outlook After Solid Start
VICI raised full-year 2026 AFFO per share guidance to $2.44-$2.47 compared to the prior guided range of $2.42-$2.45. The Zacks Consensus Estimate presently stands at $2.45, within the projected range.
Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
VICI Properties Inc. Price, Consensus and EPS Surprise
VICI Properties Inc. price-consensus-eps-surprise-chart | VICI Properties Inc. Quote
Performance of Other REITs
W. P. Carey Inc. (WPC - Free Report) delivered first-quarter 2026 adjusted funds from operations per share of $1.30, topping the Zacks Consensus Estimate by 1.6%. Revenues of $453.02 million also came ahead of the consensus mark of $451.06 million, a 0.4% surprise and rose 11.2% year over year.
WPC’s results reflected the accretive impact of net investment activity and contractual rent escalations across the net-lease portfolio. Contractual same-store rent registered 2.4% growth year over year on a constant-currency basis.
Digital Realty Trust (DLR - Free Report) posted first-quarter 2026 core FFO of $2.04 per share, up 15.3% from $1.77 a year ago. The results beat the Zacks Consensus Estimate of $1.94, delivering a 5.15% earnings surprise.
Total operating revenues were $1.635 billion, up 16.2% from $1.408 billion in the year-ago quarter. Revenues also topped the consensus mark of $1.609 billion by 1.6%, supported by DLR’s strong leasing activity and healthy commencements from a growing backlog.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.