VICI Properties Q2 Profit Down, AFFO Rises

VICI Properties

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(RTTNews) - VICI Properties Inc. (VICI) on Wednesday reported a drop in net income for the second quarter, but revenues and adjusted funds from operations increased. The real estate investment trust updated its full-year 2026 AFFO guidance.

Net income attributable to common stockholders was $526.5 million for the quarter or $0.48 per share, compared to $865.1 million or $0.82 per share last year.

FFO attributable to common stockholders was $526.5 million for the quarter or $0.48 per share, compared to $865.1 million or $0.82 per share last year. The year-over-year decrease in FFO was driven, on an absolute basis, by the $413.1 million aggregate change in the CECL allowance for the quarter ended June 30, 2026, compared to the quarter ended June 30, 2025.

AFFO attributable to common stockholders was $679.6 million for the quarter, an increase of 7.8% compared to $630.2 million for the quarter ended June 30, 2025. AFFO per share was $0.62 for the quarter, an increase of 4.6% compared to $0.60 for the quarter ended June 30, 2025.

Second-quarter revenue increased 5.7% to $1.06 billion from $1.00 billion a year earlier.

For full-year 2026, VICI updated its AFFO guidance to $2.675 billion-$2.695 billion, or $2.45-$2.47 per share, compared with its prior outlook of $2.665 billion-$2.695 billion, or $2.44-$2.47 per share.