VICI Properties Inc

2026 guidance / outlook (core forecast) - AFFO per share for 2026 raised slightly at the low end: now $2.45–$2.47 (midpoint implies ~+3.4% YoY AFFO-per-share growth). - Quarter performance: AFFO/share $0.62, +4.6% YoY vs. $0.60 in 2Q 2025. - Capital allocation stance: management reiterated that guidance excludes unannounced acquisitions and other nonrecurring items—so upside/downside from future deals is not baked into the numbers.

Balance sheet strength (liquidity + leverage) - Total debt: $17.2B; net debt / annualized 2Q adjusted EBITDA ~4.9x, below the target leverage range 5.0x–5.5x. - Cost of debt / maturity: weighted avg interest rate ~4.45% (after hedging), ~5.5 years to maturity. - Liquidity: ~$2.5B total ($288M cash + $2.2B revolver availability), supporting continued deal flow and tenant support.

Growth catalysts: new tenants + meaningful transactions (what’s “good” and surprising) - Tenant additions: with closings, VICI added 3 tenants—Clairvest (#14), Golden Entertainment (#15), and Club Med (#16). - Club Med / Caribbean firsts (surprising + strategically important): - Acquired Carambola Beach Resort for $20.3M; Club Med will fund ~ $55M redevelopment. - VICI described this as its first build-to-suit investment and first property acquisition in the Caribbean. - Targeted reopening in Q4 2027 under Club Med’s Premium Exclusive Collection brand. - Management emphasized relationship-building over “sales mode” (connection via a third party; years of courting). - Other deal progress mentioned: $1.16B Golden Entertainment sale-leaseback closed, Clairvest Northfield Park lease commenced, and Gamehost Alberta acquisition (~C$200M) completed with partners at PURE.