VICI Authorizes Up to $2.0 Billion in Share Repurchases and Raises 2026 Guidance
Key Facts
VICI Properties’ board authorized a common stock repurchase program of up to $2.0 billion on October 27, set to expire on September 30, 2029. The announcement came as the company raised its 2026 guidance range for adjusted funds from operations (AFFO), following its third-quarter results. The program sets a ceiling on the value the company may use for repurchases, but does not require it to buy back any shares. The company said purchases, if made, could take place in the open market, through privately negotiated transactions or under pre-established trading plans. The program allows the company to suspend or terminate repurchases at any time. The announcement thus combines an optional authorization to return capital to shareholders with a revision to full-year operating guidance.
VICI raised its AFFO guidance for the year ending December 31, 2026, to $2.47–$2.48 per diluted share, from a previous range of $2.45 to $2.47. The revision leaves the new low end at the previous low end, while the high end rises from $2.47 to $2.48. In the third quarter, AFFO attributable to common shareholders increased 7.5% year over year to $685.2 million. AFFO per share rose 4.3% to $0.62. These figures provide an operating basis for the higher annual range, while the forecast remains a range per diluted share rather than a single figure.
Third-quarter revenue was $1.1 billion, up 5.8% from the same period a year earlier. In the second quarter, revenue had increased 5.7% year over year to $1.1 billion, indicating a slight acceleration in revenue growth between the periods. AFFO per share in the second quarter also grew 4.6% to $0.62, compared with an increase of 4.3% to the same value in the third quarter. Total AFFO attributable to common shareholders rose to $685.2 million in the third quarter, from $679.6 million in the second quarter, when it grew 7.8% year over year. The comparison shows continued growth in revenue and AFFO per share, with limited differences in year-over-year growth rates between the two quarters.
The company ended the third quarter on September 30 with total debt of about $17.2 billion and liquidity of about $2.5 billion. Liquidity included $270.3 million in cash and cash equivalents and about $2.2 billion available under its revolving credit facility. VICI completed a $1.75 billion senior notes offering in August to refinance its remaining 2026 maturities, at an adjusted weighted-average interest rate of 5.42%. These figures put the repurchase program in the context of the company’s disclosed financing structure and liquidity, without linking the authorization to a specific leverage target. The company also declared a quarterly cash dividend of $0.46 per share, up 2.2% year over year. The dividend was paid on October 8 to shareholders of record on September 17.
Chief Executive Edward Pitoniak said the company was pleased to announce its ninth consecutive annual dividend increase since its initial public offering about 9 years ago. This reflects continued annual dividend growth alongside the AFFO growth reported in the third quarter. VICI shares closed at $23.52 on October 28, according to EL7 data. During the October 29 session, call-tracking data showed a price of $24.50, up 4.17% in trading at 3:29 p.m. Eastern Time; the market was still open at the time. The company held its third-quarter earnings call on October 29 at 10:00 a.m. Eastern Time. Operationally, VICI expects to complete the transfer of operations at Century Mile and Century Downs to Highfield in the fourth quarter of 2026 or the first quarter of 2027, subject to closing conditions and regulatory approvals.