VICI Raises 2026 AFFO Outlook After Refinancing

The Tip Desk · October 30, 2026 · 3 min read

The experiential REIT lifted full-year AFFO to as much as $2.705 billion and authorized a $2.0 billion buyback after a $1.75 billion notes offering.

VICI Properties Inc. (VICI) raised its adjusted funds from operations outlook for 2026 after refinancing remaining 2026 maturities with $1.75 billion of investment-grade notes and announcing a new Alberta lease, even as GAAP earnings fell on a larger non-cash credit-loss allowance.

The S&P 500 experiential real estate investment trust now estimates full-year AFFO of $2,695 million to $2,705 million, or $2.47 to $2.48 a share, up from prior guidance of $2,675 million to $2,695 million, or $2.45 to $2.47 a share.

For the quarter ended September 30, 2026, total revenues were $1.1 billion, up 5.8% from a year earlier, a slightly faster pace than the 5.7% year-over-year increase in the second quarter. Revenue included $132.0 million of non-cash leasing and financing adjustments and $19.0 million of other income.

Net income attributable to common stockholders was $342.5 million, or $0.31 a share, down 55.1% from $762.0 million, or $0.71 a share, a year earlier. The company said the year-over-year decrease was driven, on an absolute basis, by a $478.2 million aggregate change in the CECL allowance. FFO attributable to common stockholders was also $342.5 million, or $0.31 a share.

AFFO attributable to common stockholders was $685.2 million, or $0.62 a share, up 7.5% from $637.6 million a year earlier. Chief Executive Officer Edward Pitoniak said the company grew quarterly revenue 5.8% and AFFO per share 4.3% year-over-year.

On August 14, VICI issued $900.0 million of 5.400% senior notes due 2031 and $850.0 million of 5.750% senior notes due 2036. The weighted average interest rate was 5.570%; after forward-starting swaps and treasury locks, the adjusted weighted average rate was 5.422%. Net proceeds redeemed $480.5 million of 4.500% exchange notes due 2026, $1,250.0 million of 4.250% November 2019 notes due 2026, and $19.5 million of 4.500% MGP OP notes due 2026.

In connection with Century Casinos’ agreement to sell operations of Century Mile Racetrack and Century Downs Racetrack in Alberta to a Highfield Investment Group subsidiary, VICI agreed on September 28 to a new triple-net master lease with initial annual base rent of C$10.7 million, about US$7.5 million, and a 20-year term with four five-year tenant renewal options. The Century master lease will be amended to reduce base rent by the same amount, with no change to aggregate rent collected. Closing is expected in the fourth quarter of 2026 or the first quarter of 2027.

The company declared a quarterly cash dividend of $0.46 a share, a 2.2% year-over-year increase and the ninth consecutive annual dividend increase. The third-quarter dividend totaled about $506.3 million.

As of September 30, VICI had $270.3 million in cash and cash equivalents and about $2.5 billion in liquidity, including about $2.2 billion of revolving-credit availability. Total debt was about $17.2 billion.

Subsequent to quarter-end, on October 27, the board authorized a share repurchase program for up to $2.0 billion of common stock, expiring September 30, 2029. The program does not obligate VICI to repurchase a particular amount.

Guidance does not include pending acquisitions without announced closing dates, possible future deals, capital-markets activity, or other non-recurring transactions. The company said it does not provide GAAP net-income guidance because it cannot reliably predict future changes in the ASC 326 credit-loss allowance.