$VICI · VICI PROPERTIES INC.
VICI Properties reported Q3 2026 results with total revenues of $1.065B (+5.8% YoY) and GAAP EPS of $0.31, down 56.4% YoY due to a $458M CECL allowance charge. AFFO per share rose 4.3% to $0.62. The company raised full-year 2026 AFFO guidance to $2.47–$2.48 per share, announced a new triple-net master lease with Highfield Investment Group for two Alberta racetracks, and disclosed a post-quarter $2.0B share repurchase authorization.
- Total revenues rose 5.8% YoY to $1.065B, with $132M in non-cash leasing and financing adjustments.
- GAAP net income per share fell 56.4% YoY to $0.31, driven by a $458M change in CECL allowance vs. a $20M benefit in Q3 2025.
- AFFO attributable to common stockholders grew 7.5% YoY to $685.2M, or $0.62 per share (up 4.3% per share).
- Full-year 2026 AFFO guidance raised to $2.695B–$2.705B, or $2.47–$2.48 per diluted share.
- Board authorized a $2.0B share repurchase program expiring September 30, 2029, post-quarter-end.
Extended-hours trading shows shares at $23.90, up 1.62% from the $23.52 regular close, suggesting the market is rewarding the AFFO beat and raised guidance while looking through the non-cash CECL charge that crushed GAAP EPS.
The stark divergence between GAAP earnings (crushed by credit provisioning) and cash-flow metrics (AFFO +7.5%, guidance raised) forces investors to decide which signal matters more for a triple-net REIT.
VICI's AFFO growth and guidance raise contrast with broader REIT rate sensitivity, though the $1.75B August notes offering at a 5.57% weighted coupon (5.42% adjusted) reflects the higher-rate refinancing environment facing the sector.
The $458M CECL allowance charge signals deteriorating credit expectations across VICI's lease and loan portfolio. Total allowance for credit losses reached $1.28B on sales-type leases alone, up from $919M at year-end 2025.