$VICI · VICI PROPERTIES INC.
VICI Properties filed its Q3 2026 10-Q, reporting revenue of $1.065B (+5.8% YoY) and GAAP EPS of $0.31, down from $0.71 a year ago. The sharp decline stems from a $458.0M change in allowance for credit losses, compared to a $20.2M benefit in Q3 2025. Net income attributable to common stockholders was $342.5M versus $762.0M in the prior-year quarter. The board also authorized a $2.0B share repurchase program on October 27, 2026.
- Q3 net income attributable to common stockholders fell to $342.5M from $762.0M a year ago, a 55% drop.
- Change in allowance for credit losses swung to a $458.0M charge in Q3 2026 vs. a $20.2M benefit in Q3 2025.
- Total allowance for credit losses across all investment categories reached $2.356B as of September 30, 2026, up from $1.769B at year-end 2025.
- Revenue grew 5.8% YoY to $1.065B, driven by higher income from sales-type leases and financing receivables.
- Board authorized a $2.0B share repurchase program on October 27, 2026, expiring September 30, 2029.
Extended-hours trading shows VICI at $23.86, up 1.45% from the regular close of $23.52, suggesting the market is looking past the non-cash credit-loss charge to the $2.0B buyback authorization and steady 5.8% revenue growth.
A $458M quarterly credit-loss charge at the largest gaming-focused net-lease REIT raises serious questions about tenant health that the $2.0B buyback authorization only partially offsets.
VICI's credit-loss spike is an outlier among net-lease REITs this quarter. While peers are reporting stable tenant health, VICI's gaming-focused tenant base appears to be under measurable stress, with the allowance build concentrated in its largest lease categories.
The $458M credit-loss charge in Q3 alone — and $610.3M for the nine months — signals deteriorating tenant credit quality. Total allowance for credit losses now stands at $2.356B across the portfolio, concentrated in sales-type leases ($1.28B) and financing receivables ($884.9M). Further tenant distress could trigger additional provisions.