REIT boardRanked among REITs, not on the main board. A REIT's earnings are dominated by depreciation on assets that typically appreciate, so net margin and return on assets understate it against an operating company.
AI-extracted from the 10-Q filed 2026-07-29 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
VICI's Q2 2026 revenue rose 5.7% YoY to $1.06B, but net income fell 39% to $535.3M as a $271.1M swing in the credit-loss allowance (vs. a $142.0M benefit a year ago) offset leasing and loan income growth.
Biggest Revenue Drivers
Income from sales-type leases$549.2M+3.6% YoY
Increase driven by the addition of the Golden Entertainment Master Lease to the portfolio in April 2026, as well as annual rent escalators
Income from lease financing receivables, loans and securities$478.4M+8.7% YoY
Leasing portion driven by rent escalators and new leases; loan portion driven by origination/funding of debt investments and higher outstanding principal balances
Biggest Revenue Drivers
Total revenue: $1.06B+5.7% YoY
Income from sales-type leases$549.2M+3.6% YoY
Increase driven by the addition of the Golden Entertainment Master Lease to the portfolio in April 2026, as well as annual rent escalators
Income from lease financing receivables, loans and securities$478.4M+8.7% YoY
Leasing portion driven by rent escalators and new leases; loan portion driven by origination/funding of debt investments and higher outstanding principal balances
Other income$18.9M-3.2% YoY
Primarily sub-lease income related to certain ground and use leases
Golf revenues$12.0M+7.2% YoY
Largest Expense Items
Change in allowance for credit losses$271.1Mswung from -$142.0M to +$271.1M YoY
Driven by initial CECL allowance on the Gamehost and Golden Portfolio acquisitions, an increase in the Long-Term Period probability-of-default estimate for one tenant after it issued lower-rated debt, and negative macroeconomic forecast changes
General and administrative$15.4M+6.0% YoY
Increase in compensation, including stock-based compensation
Golf expenses$7.4M+11.7% YoY
Margins: Total expenses swung from a $93.1M net benefit to $315.6M largely due to the credit-loss allowance reversal-to-charge swing, dragging net income down 39% YoY despite revenue growth; interest expense declined slightly on lower average debt outstanding.
Watch Items from the Filing
MGM lease revenue represented 37% of lease revenues and 34% of contractual rent for Q2 2026; Caesars represented 35% of lease revenues and 36% of contractual rent — both guarantee all lease obligations for their respective properties.
Properties on the Las Vegas Strip generated approximately 49% of lease revenues for the quarter, indicating significant geographic concentration.
The $271.1M quarterly increase in credit-loss allowance was partly driven by a Long-Term Period PD increase for one tenant after it issued new senior secured debt with a lower credit rating.
One fully funded senior secured loan collateralized by a luxury golf-resort development, with an unpaid principal balance of $80.7 million, is on non-accrual status.
VICI committed to a $1.5 billion mezzanine loan (subordinate to a $2.8B senior loan) for the One Beverly Hills development, a large single-project credit exposure with construction not completing until 2028.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Holland Elizabeth IDirectorGrant or award · Oct 1, 2026
Abrahamson James RDirectorGrant or award · Oct 1, 2026
Sullivan John MDirectorGrant or award · Oct 1, 2026
Cantor Diana FDirectorGrant or award · Oct 1, 2026
Rumbolz Michael DDirectorGrant or award · Oct 1, 2026
Macnab CraigDirectorGrant or award · Oct 1, 2026
Pitoniak Edward BaltazarChief Executive OfficerGift · Jun 1, 2026
Gallagher Samantha SacksGeneral Counsel and EVPGrant or award · Feb 24, 2026
Kieske David AndrewChief Financial OfficerGrant or award · Feb 24, 2026
Congress trading in VICI
6 transactions in VICI reported by 4 members of Congress under the STOCK Act, most recent trade Mar 13, 2026. Reported transactions, not recommendations.
About VICI PROPERTIES INC. (VICI): stock profile, AI score and financials
VICI PROPERTIES INC. (VICI) stock profile, AI quality score, and SEC EDGAR financial data, a Real Estate sector company. 13F Pro's AI-powered ranking engine scores VICI at 67.1/100 on a composite quality score built from its SEC filings, placing it at rank #22 of 148 stocks — the top 25% of the AI-ranked universe. Based on the latest XBRL financial filings (Q2 2026), VICI PROPERTIES INC. reports quarterly revenue of $1.1B, net income of $526.5M, an operating margin of 50.5%. Top institutional holders of VICI by reported 13-F value include BlackRock, VANGUARD PORTFOLIO MANAGEMENT, STATE STREET, based on the most recent SEC filings. VICI trades on the NYSE exchange and files with the SEC under CIK 1705696. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate VICI daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for VICI PROPERTIES INC. directly from SEC EDGAR.