VICI PROPERTIES INC. (VICI)

VICI Properties is a Maryland corporation that owns and acquires gaming, hospitality, wellness, entertainment and leisure destinations subject to long-term triple net leases. It operates as a real estate investment trust (REIT) for U.S. federal income tax purposes and conducts its real property business through VICI OP and its golf course business through a taxable REIT subsidiary, VICI Golf LLC. Since its formation in October 2017 it has announced approximately $39.1 billion of investments, and it was added to the S&P 500 Index in June 2022. It reported over $4.0 billion in revenues in 2025.

As of December 31, 2025, the company owned 93 experiential assets: 54 gaming properties and 39 other experiential properties in the United States and Canada. These include Caesars Palace Las Vegas, MGM Grand and the Venetian Resort. The other experiential assets include 38 bowling entertainment centers leased to Lucky Strike Entertainment and Chelsea Piers in New York. The portfolio covers about 127 million square feet in twenty-six states and Canada, with roughly 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. The company also has real estate and financing partnerships with experiential operators such as Cabot, Cain, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike, including real estate debt investments that may convert to ownership or lead to further investments outside gaming. It owns about 33 acres of undeveloped or underdeveloped land on and next to the Las Vegas Strip leased to Caesars, and four championship golf courses. Pending acquisitions include seven Golden Entertainment properties in Nevada under a Golden Master Lease.

Its customers are the operators that lease its properties, including Caesars, MGM, PENN Entertainment, Century Casinos, Hard Rock, Apollo-managed funds (Venetian), JACK, Foundation Gaming & Entertainment, Cherokee Nation Businesses, the Eastern Band of Cherokee Indians, Indigenous Gaming Partners, Lucky Strike and Chelsea Piers. The properties are in urban, destination and drive-to markets. As of December 31, 2025, they were 100% leased with a weighted average lease term, including extension options, of about 39.6 years, and 79% of rent came from SEC-reporting operators. The company has reported 100% rent collection since formation.

Substantially all revenue is rent under triple-net leases, in which tenants control operations and bear all costs, including property taxes, insurance, maintenance and capital expenditures. Initial lease terms run 15 to 32 years, with tenant renewal options of 5 to 30 years. All leases have annual base rent escalators, either fixed (1% to 2%) or CPI-linked, subject to caps. Of 17 leases, 15 have CPI-linked escalation for some period, and 42% of 2025 rent and 90% of long-term rent is CPI-linked. The company holds investment-grade ratings from all three major credit rating agencies. When exploring new sectors, it looks for low cyclicality, place-based experiences, durability, favorable supply and demand balance, and strong operating economics.