VICI raises upper end of 2026 AFFO guidance to $2.ಗ್ರೆಸ್ per share
Key Facts
VICI Properties raised its guidance for adjusted funds from operations (AFFO) for the year ending December 31, 2026, after recording growth in revenue and adjusted funds during the third quarter, according to its earnings release dated October 28. The company said AFFO attributable to common shareholders was $685.2 million, up 7.5% from $637.6 million in the third quarter of 2025. AFFO per share rose to $0.62 from $0.60, an annual increase of 4.3%. Revenue was $1.1 billion, up 5.8% from $1.0 billion in the comparable period. This operating performance provides the backdrop to the higher guidance, while CEO Edward Pitoniak cited revenue growth and AFFO per share as the quarter's two standout results.
Third-quarter revenue included $132 million from noncash lease and financing adjustments, as well as $19 million in other revenue, according to the release. Pitoniak said the company's quarterly revenue increased 5.8% and AFFO per share rose 4.3% year over year, adding that its business model generates efficient cash flow. The metric reflects growth in adjusted funds available to shareholders alongside an increase in total revenue. The year-over-year comparison is for the quarter ended September 30, 2025, which recorded $637.6 million in AFFO attributable to shareholders and $0.60 per share. The new guidance was issued for the current year, not the next fiscal year as stated in the previous draft.
VICI had liquidity of about $2.5 billion on September 30, 2026, including $270.3 million in cash and cash equivalents and about $2.2 billion available under its revolving credit facility, according to the filing. These figures provide a picture of the company's financing resources at the end of the third quarter. The board also authorized a share repurchase program of up to $2 billion on October 27, set to expire on September 30, 2029. The program does not require the company to buy a specific number of shares, according to the release. The authorization came on a day when the stock closed at $23.70, according to EL7 data, which provides no details on the session's trading range or the market's response to the results.
The company announced an agreement to enter into a triple-net master lease with Highfield Investment Group for the Century Mile and Century Downs properties in Alberta, following Century Casinos' agreement to sell its operations at the two properties. VICI expects to complete the transaction in the fourth quarter of 2026 or the first quarter of 2027, subject to closing conditions and regulatory approvals. The filing specifies these two expected time frames without announcing completion of the sale or lease. The company is scheduled to hold its third-quarter earnings call on October 29, 2026, at 10:00 a.m. Eastern time. The call will allow management to discuss results and guidance, while the Canadian transaction remains subject to closing conditions and approvals.