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VICI Properties Manages Debt: Is Its Balance Sheet Ready to Grow?
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Key Takeaways
VICI Properties' net debt-to-annualized adjusted EBITDA was 4.9x at June-end, below its 5-5.5x target.
VICI refinanced 2026 maturities with $1.75B in August notes, leaving no debt due for the rest of the year.
VICI had $2.5B in June-end liquidity after closing its $1.16B Golden Entertainment and $141M Gamehost deals.
VICI Properties (VICI - Free Report) is expanding its gaming and experiential portfolio through acquisitions and long-term leases while keeping leverage manageable. As of June 30, 2026, total debt was $17.2 billion, while net debt stood at $16.9 billion. Its net debt-to-annualized adjusted EBITDA ratio was 4.9 times, below management’s long-term target of 5-5.5 times.
Liquidity provides another cushion. VICI ended the second quarter of 2026 with approximately $2.5 billion in available liquidity, including $288.1 million in cash and $2.2 billion in unused revolving credit capacity. The REIT also maintains investment-grade ratings of BBB- from S&P and Fitch, and Baa3 from Moody’s, supporting its access to unsecured debt markets.
VICI refinanced near-term obligations in August 2026. It issued $1.75 billion of senior unsecured notes, including $900 million of 5.4% due 2031 and $850 million of 5.75% due 2036. Proceeds were used to retire senior notes maturing in 2026, leaving no remaining debt maturities for the rest of the year.
The debt structure helps limit interest-rate risk. As of Sept. 8, 2026, 99% of outstanding debt had fixed rates, while 83% was unsecured, with a weighted-average maturity of 6.1 years. VICI also had $600 million in forward-starting interest-rate swaps at June-end to reduce uncertainty around borrowing costs associated with planned long-term debt issuance.
Meanwhile, the company continues to deploy capital. During the second quarter of 2026, VICI closed its $1.16 billion Golden Entertainment casino acquisition and its C$200.6 million (approximately US$141 million) Gamehost Portfolio acquisition in Alberta, Canada. It drew C$185 million from its revolving credit facility to help fund the latter transaction.
How Are GLPI and EPR Strengthening Its Financial Flexibility
Gaming and Leisure Properties (GLPI - Free Report) has strengthened its financial flexibility through equity issuance and refinancing. Stable contractual rent collections and rising earnings support its capacity to fund its acquisitions and development pipeline without excessive borrowing. As of June 30, 2026, net debt to adjusted EBITDA stood at 4.8 times.
EPR Properties (EPR - Free Report) , an experiential REIT focused on entertainment and recreation assets, is enhancing its financial flexibility through refinancing and extended debt maturities. Its diversified portfolio and recurring rental income support debt servicing and future investments. As of June 30, 2026, pro forma net debt to annualized adjusted EBITDAre stood at 5.1 times.
VICI’s Price Performance, Valuation and Estimates
Shares of VICI Properties have decreased 12.8% in the past three months, underperforming the broader industry and the S&P 500 Index.
Image Source: Zacks Investment Research
From a valuation standpoint, VICI trades at a forward price-to-earnings ratio of 9.21X, well below the industry’s 15.30X. It carries a Value Score of B.
Image Source: Zacks Investment Research
VICI’s estimates have increased a cent over the past month. The Zacks Consensus Estimate for full-year 2026 funds from operations (FFO) is pegged at $2.47 per share.
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VICI Properties Manages Debt: Is Its Balance Sheet Ready to Grow?
Key Takeaways
VICI Properties (VICI - Free Report) is expanding its gaming and experiential portfolio through acquisitions and long-term leases while keeping leverage manageable. As of June 30, 2026, total debt was $17.2 billion, while net debt stood at $16.9 billion. Its net debt-to-annualized adjusted EBITDA ratio was 4.9 times, below management’s long-term target of 5-5.5 times.
Liquidity provides another cushion. VICI ended the second quarter of 2026 with approximately $2.5 billion in available liquidity, including $288.1 million in cash and $2.2 billion in unused revolving credit capacity. The REIT also maintains investment-grade ratings of BBB- from S&P and Fitch, and Baa3 from Moody’s, supporting its access to unsecured debt markets.
VICI refinanced near-term obligations in August 2026. It issued $1.75 billion of senior unsecured notes, including $900 million of 5.4% due 2031 and $850 million of 5.75% due 2036. Proceeds were used to retire senior notes maturing in 2026, leaving no remaining debt maturities for the rest of the year.
The debt structure helps limit interest-rate risk. As of Sept. 8, 2026, 99% of outstanding debt had fixed rates, while 83% was unsecured, with a weighted-average maturity of 6.1 years. VICI also had $600 million in forward-starting interest-rate swaps at June-end to reduce uncertainty around borrowing costs associated with planned long-term debt issuance.
Meanwhile, the company continues to deploy capital. During the second quarter of 2026, VICI closed its $1.16 billion Golden Entertainment casino acquisition and its C$200.6 million (approximately US$141 million) Gamehost Portfolio acquisition in Alberta, Canada. It drew C$185 million from its revolving credit facility to help fund the latter transaction.
How Are GLPI and EPR Strengthening Its Financial Flexibility
Gaming and Leisure Properties (GLPI - Free Report) has strengthened its financial flexibility through equity issuance and refinancing. Stable contractual rent collections and rising earnings support its capacity to fund its acquisitions and development pipeline without excessive borrowing. As of June 30, 2026, net debt to adjusted EBITDA stood at 4.8 times.
EPR Properties (EPR - Free Report) , an experiential REIT focused on entertainment and recreation assets, is enhancing its financial flexibility through refinancing and extended debt maturities. Its diversified portfolio and recurring rental income support debt servicing and future investments. As of June 30, 2026, pro forma net debt to annualized adjusted EBITDAre stood at 5.1 times.
VICI’s Price Performance, Valuation and Estimates
Shares of VICI Properties have decreased 12.8% in the past three months, underperforming the broader industry and the S&P 500 Index.
Image Source: Zacks Investment Research
From a valuation standpoint, VICI trades at a forward price-to-earnings ratio of 9.21X, well below the industry’s 15.30X. It carries a Value Score of B.
Image Source: Zacks Investment Research
VICI’s estimates have increased a cent over the past month. The Zacks Consensus Estimate for full-year 2026 funds from operations (FFO) is pegged at $2.47 per share.
Image Source: Zacks Investment Research
VICI stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.