VICI raises 2026 AFFO forecast as Q3 AFFO rises 7.5%

VICI Properties Inc. (VICI) raised its 2026 AFFO forecast on Oct. 28, when it reported results for the quarter ended Sept. 30. Third-quarter revenue of $1.07 billion was below the $1.08 billion consensus estimate compiled by Finnhub.

Shares rose 1.7% in after-hours trading as of 5:22 p.m. ET, from a regular-session close of $23.54.

VICI Properties Inc. is an S&P 500 experiential real estate investment trust with 103 experiential assets across the United States and Canada, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas.

Here's how the company did:

• Total revenue: $1,065.5 million vs. $1,007.5 million a year earlier
• Net income attributable to common stockholders: $342.5 million vs. $762.0 million a year earlier
• Diluted EPS, GAAP: 31 cents vs. 71 cents a year earlier
• AFFO per diluted share: 62 cents vs. 60 cents a year earlier

Total revenue rose 5.8% from a year earlier. Revenue has risen in each of the last three quarters, from $1.01 billion in the third quarter of 2025 to $1.06 billion in the second quarter of 2026, according to its SEC filings.

The company said the decline in net income was driven, on an absolute basis, by the $478.2 million aggregate change in the allowance for credit losses compared with the prior-year quarter. AFFO attributable to common stockholders rose 7.5% to $685.2 million.

2026 guidance

The company raised its 2026 AFFO guidance to $2,695 million to $2,705 million, or $2.47 to $2.48 per diluted common share. The prior range was $2,675 million to $2,695 million, or $2.45 to $2.47 per diluted share, which it gave on July 29.

Guidance does not include pending acquisitions without announced expected closing dates, possible future acquisitions or dispositions, capital markets activity, or other non-recurring transactions. The company said it does not provide GAAP net income guidance because it cannot predict with reasonable certainty the change in its non-cash allowance for credit losses.

CEO Edward Pitoniak said the company grew quarterly revenue by 5.8% and AFFO per share by 4.3% year-over-year, “once again demonstrating the flow-through efficiency of our business model.”

Dividend and share repurchase

The board declared a regular quarterly cash dividend of $0.46 per share on Sept. 3, a 2.2% increase from a year earlier. The company said it was the ninth consecutive annual dividend increase. The dividend was paid on Oct. 8, totaling approximately $506.3 million.

On Oct. 27, the board authorized a share repurchase program of up to $2.0 billion of common stock, which expires on Sept. 30, 2029. The company said repurchases may be made at management’s discretion and that the program does not obligate it to buy any particular amount.

Balance sheet and financing

As of Sept. 30, the company had approximately $17.2 billion in total debt and approximately $2.5 billion in liquidity, including $270.3 million in cash and cash equivalents.

In August, the company issued $1.75 billion of senior unsecured notes to refinance 2026 maturities. The notes comprised $900.0 million of 5.400% senior notes due 2031 and $850.0 million of 5.750% senior notes due 2036, with an adjusted weighted average interest rate of 5.422%.

On Sept. 28, the company announced a new triple-net master lease with a subsidiary of Highfield Investment Group, tied to Century Casinos’ agreement to sell the operations of Century Mile Racetrack and Century Downs Racetrack in Alberta, Canada. The company said the transaction is expected to be completed in the fourth quarter of 2026 or the first quarter of 2027.