VICI Properties nudges up 2025 AFFO guidance after slight Q3 beat

[Las Vegas Strip]
RandyAndy101

VICI Properties (VICI [https://seekingalpha.com/symbol/VICI]) posted slightly better-than-expected Q3 earnings on Thursday as revenue grew 4.4% Y/Y and earnings benefited from lower allowance for credit losses.

The REIT that invests in casino and entertainment properties now expects full-year adjusted FFO per share of $2.36-$2.37 [https://seekingalpha.com/pr/20287455-vici-properties-inc-announces-third-quarter-2025-results], vs. the Visible Alpha consensus of $2.37 and its previous guidance of $2.35-$2.37.

Q3 adjusted FFO per share of $0.60, topping the $0.59 Visible Alpha consensus, was flat with $0.60 in Q2 and $0.57 in last year’s Q3.

Total revenue of $1.01B, beating the $1.00B consensus, increased from $1.00B in the prior quarter and $964.7M in the year-ago period.

Income from lease financing receivables, loans, and securities rose to $448.0M from $440.3M in Q2 and $419.1M in Q3 2024.

"In the third quarter of 2025, the compounding nature of our business continued to demonstrate its merit with 4.4% year-over-year revenue growth and 5.3% year-over-year growth in AFFO per share, supporting our 8th consecutive annual dividend increase of $0.0175 per share, representing a 4.0% year-over-year increase," said CEO Edward Pitoniak.

Vici Properties (VICI [https://seekingalpha.com/symbol/VICI]) stock rose 0.4% in after-hours trading.

Total operating expenses of $23.4M compared with a benefit of $93.1M in the prior quarter due to a $142M change in its allowance for credit losses, and expenses of $13.1M in the year-ago quarter. The current quarter included a $20.2M benefit from a change in allowance for credit losses.

Adjusted EBITDA of $825.6M climbed from $822.2M in Q2 and $778.0M in last year’s Q3.

Conference call [https://investors.viciproperties.com/events-and-presentations/default.aspx]on Oct. 31 at 10:00 AM ET.

MORE ON VICI PROPERTIES

* VICI Properties: REIT Investors Should Buy While The Market Looks Away [https://seekingalpha.com/article/4828388-vici-properties-reit-investors-should-buy-while-market-looks-away]
* VICI Properties Has It All: Growth, Dividend Growth, And Value [https://seekingalpha.com/article/4828213-vici-properties-has-it-all-growth-dividend-growth-and-value]
* VICI Properties: The Best REIT For Long-Term Investors (Rating Upgrade) [https://seekingalpha.com/article/4828153-vici-properties-best-reit-for-long-term-investors-upgrade]
* VICI Properties FFO of $0.71 misses by $0.01, revenue of $1B in-line [https://seekingalpha.com/news/4511765-vici-properties-ffo-of-0_71-misses-by-0_01-revenue-of-1b-in-line]