VICI Properties Inc. (VICI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumerja el mundo de la inversión inmobiliaria estratégica con Vici Properties Inc., una potencia en el sector de los juegos y la hospitalidad que transforma la propiedad de la propiedad en una forma sofisticada de arte financiero. Al aprovechar un modelo de negocio innovador que combina una gestión de propiedades meticulosas con estructuras de arrendamiento a largo plazo, VICI ha forjado un nicho único en el complejo panorama de los fideicomisos de inversión inmobiliaria. Su enfoque va más allá de la propiedad tradicional de la propiedad, creando un ecosistema dinámico que genera flujos de ingresos estables al tiempo que proporciona apoyo crítico de infraestructura a las principales compañías de juegos y entretenimiento.

Vici Properties Inc. (VICI) - Modelo de negocio: asociaciones clave

Empresas de juego y hospitalidad

Vici Properties mantiene una asociación crítica con Caesars Entertainment, que posee $ 17.5 mil millones en activos inmobiliarios de juegos a partir del cuarto trimestre de 2023. La compañía posee 66 propiedades en 26 estados, siendo Caesars el inquilino principal.

Pareja	Conteo de propiedades	Valor total del activo
Caesars Entertainment	45 propiedades	$ 14.2 mil millones
Resorts MGM	12 propiedades	$ 2.3 mil millones

Empresas de inversión inmobiliaria

VICI colabora con múltiples empresas de inversión inmobiliaria para diversificar su cartera y administrar $ 29.6 mil millones en activos totales a diciembre de 2023.

• Inversiones inmobiliarias de Goldman Sachs
• Blackstone Real Estate Partners
• Fondos inmobiliarios de Morgan Stanley

Operadores de casinos y propietarios

La cartera de VICI incluye asociaciones con múltiples operadores de casinos más allá de Caesars y MGM, generando $ 1.4 mil millones en ingresos anuales de alquiler en 2023.

Operador	Ingreso de alquiler	Número de propiedades
Penn Entertainment	$ 280 millones	9 propiedades
Hard Rock International	$ 190 millones	5 propiedades

Instituciones financieras y bancos de inversión

VICI mantiene las facilidades de crédito por un total de $ 3.5 mil millones con las principales instituciones financieras a partir del cuarto trimestre de 2023.

• JPMorgan Chase - Línea de crédito de $ 1.2 mil millones
• Bank of America - Facilidad de crédito de $ 850 millones
• Wells Fargo - Acuerdo de crédito de $ 750 millones

Asesores de cumplimiento legal y regulatorio

VICI trabaja con firmas legales especializadas para navegar por regulaciones complejas de bienes raíces y juegos, gastando aproximadamente $ 12.5 millones anuales en cumplimiento y servicios de asesoramiento legal.

Firma legal	Especialidad	Costo de asesoramiento anual
Greenberg Traurig	Regulaciones de juego	$ 4.2 millones
Brownstein Hyatt Farber Schreck	Cumplimiento inmobiliario	$ 3.8 millones

Vici Properties Inc. (VICI) - Modelo de negocio: actividades clave

Adquisición y gestión inmobiliarias

A partir del cuarto trimestre de 2023, Vici Properties posee 54 propiedades de juego y hospitalidad en 17 estados, con una cartera de bienes raíces totales valorada en $ 33.3 mil millones. La compañía se centra en las propiedades de arrendamiento de triple red, que totalizaron aproximadamente 44.5 millones de pies cuadrados.

Categoría de propiedad	Número de propiedades	Valor total
Propiedades de juego	45	$ 28.7 mil millones
Propiedades de hospitalidad	9	$ 4.6 mil millones

Arrendamiento de la propiedad a los operadores de casinos y hospitalidad

VICI genera ingresos a través de contratos de arrendamiento a largo plazo con los principales operadores. Los arrendatarios clave incluyen:

• Caesars Entertainment (inquilino principal)
• MGM Resorts International
• Penn Entertainment

Los ingresos totales de arrendamiento anual en 2023 fueron de $ 1.45 mil millones, con un plazo de arrendamiento promedio de 14.4 años.

Expansión de la cartera de propiedades estratégicas

En 2023, VICI completó $ 4.8 mil millones en adquisiciones de propiedades, ampliando su cartera a través de transacciones estratégicas.

Tipo de adquisición	Inversión total	Número de propiedades
Propiedades de juego	$ 3.6 mil millones	7
Propiedades de hospitalidad	$ 1.2 mil millones	2

Inversión y gestión de activos financieros

Al 31 de diciembre de 2023, Vici informó:

• Activos totales: $ 37.2 mil millones
• Deuda total: $ 16.5 mil millones
• Fondos ajustados de las operaciones (AFFO): $ 1.92 mil millones

Negociar y estructurar contratos de arrendamiento a largo plazo

Los contratos de arrendamiento de Vici tienen características específicas:

• Término de arrendamiento promedio: 14.4 años
• Tasa de escalada de arrendamiento: 2% anual
• Tasa de ocupación: 100%

En 2023, la compañía ejecutó 12 nuevos contratos de arrendamiento con un valor total de $ 2.3 mil millones.

Vici Properties Inc. (VICI) - Modelo de negocio: recursos clave

Cartera inmobiliaria extensa

A partir del cuarto trimestre de 2023, Vici Properties posee 54 propiedades de juego y hospitalidad en los Estados Unidos, con una cartera de bienes raíces totales valorada en $ 30.8 mil millones.

Tipo de propiedad	Número de propiedades	Valor total
Propiedades del casino	45	$ 26.4 mil millones
Propiedades de hospitalidad	9	$ 4.4 mil millones

Capacidades de capital financiero y de inversión

Vici Properties demuestra recursos financieros sólidos con las siguientes métricas:

• Capitalización de mercado: $ 32.7 mil millones (a partir de enero de 2024)
• Activos totales: $ 34.2 mil millones
• Deuda total: $ 16.5 mil millones
• Relación de deuda / capital: 0.52

Equipo de gestión y liderazgo

El liderazgo clave incluye:

Ejecutivo	Posición	Años de experiencia
Edward Pitoniak	CEO	Más de 25 años
David Scharf	director de Finanzas	Más de 20 años

Experiencia de inversión inmobiliaria

Vici Properties se especializa en contratos de arrendamiento de triple red con los principales operadores de juegos, con un plazo de arrendamiento promedio de 15.4 años.

Relaciones estratégicas

Las principales relaciones de inquilinos incluyen:

• Caesars Entertainment (38% de la cartera)
• MGM Resorts International (27% de la cartera)
• Penn Entertainment (18% de la cartera)

VICI Properties Inc. (VICI) - Modelo de negocio: propuestas de valor

Ingresos estables y predecibles a través de estructuras de arrendamiento de triple red

A partir del cuarto trimestre de 2023, Vici Properties posee 56 propiedades de juegos y entretenimiento con un valor de activo bruto total de $ 32.1 mil millones. La cartera de arrendamiento de triple red de la compañía genera un alquiler contractual anual de $ 1.2 mil millones con un plazo de arrendamiento promedio ponderado de 14.4 años.

Métrico de arrendamiento	Valor
Propiedades totales	56
Valor bruto del activo	$ 32.1 mil millones
Alquiler contractual anual	$ 1.2 mil millones
Término de arrendamiento promedio ponderado	14.4 años

Inversiones inmobiliarias de alta calidad en sectores de juegos y entretenimiento

La cartera de propiedades de Vici incluye inversiones estratégicas en activos de juegos y entretenimiento de primer nivel en los Estados Unidos.

• Palacio de César Las Vegas
• MGM Grand Las Vegas
• Nueva Orleans de Harrah
• Propiedades del casino de Hollywood

Cartera de propiedades diversificadas en múltiples mercados geográficos

A partir de 2024, VICI Properties tiene propiedades en 17 estados, con concentraciones significativas en Nevada, Nueva Jersey y Missouri.

Estado	Número de propiedades
Nevada	12
Nueva Jersey	8
Misuri	6
Otros estados	30

Modelo de inversión de bajo riesgo con flujos de ingresos consistentes

En 2023, Vici informó un Tasa de recolección de arrendamiento del 99.7% con escaladas de alquiler contractuales integradas en contratos de arrendamiento a largo plazo.

Oportunidad para la apreciación del capital a largo plazo

El precio de las acciones de VICI ha demostrado un crecimiento constante, con una capitalización de mercado de $ 35.6 mil millones a partir de enero de 2024 y un rendimiento de dividendos del 5.2%.

Métrica financiera	Valor
Capitalización de mercado	$ 35.6 mil millones
Rendimiento de dividendos	5.2%
Crecimiento del precio de las acciones (2023)	18.3%

Vici Properties Inc. (VICI) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento contractual a largo plazo

VICI Properties mantiene un plazo de arrendamiento promedio de 14.5 años con sus inquilinos a partir del cuarto trimestre de 2023. La cartera total incluye 71 propiedades de juego y hospitalidad con estructuras de arrendamiento de triple red.

Métrico de arrendamiento	Valor
Duración promedio de arrendamiento	14.5 años
Propiedades totales	71
Tipo de arrendamiento	Triple red

Enfoque de asociación colaborativa con inquilinos

Los inquilinos principales de Vici incluyen Caesars Entertainment y Penn Entertainment, que representan aproximadamente el 89% de los ingresos por alquiler contractual total.

• Caesars Entertainment: 61% de los ingresos por alquiler
• Penn Entertainment: 28% de los ingresos por alquiler
• Otros inquilinos: 11% de los ingresos por alquiler

Soporte de gestión y mantenimiento de propiedades proactivas

VICI invirtió $ 1.2 mil millones en mejoras y adquisiciones de propiedades en 2023, asegurando activos inmobiliarios de alta calidad para inquilinos.

Categoría de inversión	Cantidad
Mejoras de la propiedad	$ 1.2 mil millones
Activos totales	$ 33.4 mil millones

Información financiera transparente y comunicación

Vici informó $ 1.42 mil millones en ingresos totales Para el año fiscal 2023, con llamadas de ganancias trimestrales y presentaciones detalladas de inversores.

Términos de arrendamiento flexibles y estrategias de negociación

VICI ofrece escaleras mecánicas de alquiler variables y relaciones de cobertura de alquiler, con una cobertura de alquiler promedio de 2.4x en su cartera.

Métrica de término de arrendamiento	Valor
Relación de cobertura de alquiler	2.4x
Tasa de escalada de arrendamiento	2% anual

Vici Properties Inc. (VICI) - Modelo de negocio: canales

Comunicaciones corporativas directas

El equipo de Relaciones con Inversores Vici Properties utiliza múltiples canales de comunicación:

Canal de comunicación	Datos de contacto
Teléfono de relaciones con los inversores	(310) 507-1920
Dirección de la sede corporativa	2800 Post Oak Blvd, Suite 5450, Houston, TX 77056
Contacto por correo electrónico	investors@viciproperties.com

Plataformas de relaciones con inversores financieros

VICI aprovecha las siguientes plataformas de inversores:

• NYSE: ticker de stock vici
• S&P Midcap 400 Índice Constituyente
• Plataforma de datos financieros de Bloomberg Terminal
• Sistemas de investigación de datos

Conferencias de inversión inmobiliaria

Nombre de conferencia	Frecuencia de participación
Nareit reitweek	Anual
Conferencia de bienes raíces globales del Bank of America	Anual
Conferencia de CEO de Citi Global Property	Anual

Sitio web corporativo y presentaciones de inversores

Sitio web: www.viciproperties.com

• Presentaciones de ganancias trimestrales
• Informes anuales
• Mazo de presentación de inversores
• Archivos de transmisión web

Presentaciones regulatorias de valores e intercambios

Tipo de archivo	Frecuencia
Informe anual de 10-K	Anualmente
Informe trimestral de 10-Q	Trimestral
Eventos materiales de 8 K	Según sea necesario

Vici Properties Inc. (VICI) - Modelo de negocio: segmentos de clientes

Operadores de casino y hospitalidad

Vici Properties posee 70 propiedades de juego y hospitalidad a partir del cuarto trimestre de 2023, con un valor total de cartera de $ 30.5 mil millones. Los clientes clave incluyen:

Operador	Número de propiedades	Ingresos anuales de arrendamiento
Caesars Entertainment	35 propiedades	$ 1.1 mil millones
MGM Resorts International	15 propiedades	$ 515 millones

Grandes compañías de entretenimiento de juegos

VICI se dirige a grandes compañías de entretenimiento de juegos con una importante presencia en el mercado:

• Penn Entertainment
• Entretenimiento dorado
• Boyd Gaming

Fideicomisos de inversión inmobiliaria (REIT)

La cartera de bienes raíces de Vici incluye:

Categoría REIT	Valor de propiedad total	Término de arrendamiento promedio
REIT centrado en los juegos	$ 22.3 mil millones	15.4 años

Inversores institucionales

VICI atrae a inversores institucionales con:

• Capitalización de mercado de $ 32.8 mil millones (a partir de enero de 2024)
• Rendimiento de dividendos de 5.6%
• Propiedad institucional del 87.3%

Empresas de capital privado

La estrategia de adquisición de Vici se dirige a las empresas de capital privado con:

Métrica de adquisición	Valor 2023
Adquisiciones totales	$ 6.2 mil millones
Tamaño de transacción promedio	$ 750 millones

Vici Properties Inc. (VICI) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

En 2023, Vici Properties gastó $ 6.3 mil millones en adquisiciones de propiedades, principalmente en juegos y bienes raíces experimentales.

Categoría	Costo de adquisición total	Número de propiedades
Bienes raíces de juego	$ 5.2 mil millones	45 propiedades
Otras propiedades experimentales	$ 1.1 mil millones	12 propiedades

Costos de mantenimiento y gestión de la propiedad

Los gastos anuales de mantenimiento de la propiedad totalizaron $ 187.4 millones en 2023.

• Mantenimiento de rutina: $ 92.6 millones
• Mejoras de capital: $ 64.8 millones
• Tarifas de administración de propiedades: $ 30 millones

Sobrecarga administrativa y operativa

La sobrecarga operativa para 2023 fue de $ 76.5 millones.

Categoría de gastos	Cantidad
Salarios de los empleados	$ 42.3 millones
Gastos administrativos corporativos	$ 22.7 millones
Tecnología y sistemas	$ 11.5 millones

Gastos de financiamiento e intereses

Los costos de financiamiento total en 2023 fueron de $ 465.2 millones.

• Gastos por intereses en deuda a largo plazo: $ 412.6 millones
• Tarifas de facilidades de crédito: $ 32.4 millones
• Costos de refinanciación de deuda: $ 20.2 millones

Costos de cumplimiento e informes regulatorios

Los gastos de cumplimiento regulatorio para 2023 alcanzaron los $ 8.9 millones.

Área de cumplimiento	Gastos
Informes legales y regulatorios	$ 5.3 millones
Tarifas de auditoría externa	$ 2.4 millones
Tecnología de cumplimiento	$ 1.2 millones

Vici Properties Inc. (VICI) - Modelo de negocio: flujos de ingresos

Ingresos de alquiler de arrendamiento recurrente

A partir del cuarto trimestre de 2023, las propiedades VICI generaron $ 1.37 mil millones en ingresos anuales de alquiler. La cartera de arrendamiento de la compañía incluye 43 propiedades de juego y hospitalidad con un plazo promedio de arrendamiento de 34.4 años.

Tipo de propiedad	Número de propiedades	Ingresos de alquiler anuales
Propiedades del casino	39	$ 1.24 mil millones
Otras propiedades de hospitalidad	4	$ 130 millones

Apreciación de la propiedad y crecimiento del valor

La cartera de bienes raíces totales de VICI se valoró en $ 34.1 mil millones al 31 de diciembre de 2023, con un aumento de valor de propiedad año tras año de 7.2%.

Ingresos del contrato de arrendamiento a largo plazo

La empresa mantiene Contratos de arrendamiento de triple red con un plazo promedio de arrendamiento restante de 34.4 años. Las escaleras mecánicas de arrendamiento están integradas en contratos, que generalmente van desde el 2% al 3% de aumentos anuales.

• Vestimato de arrendamiento promedio ponderado: 2057
• Relación de cobertura de arrendamiento: 2.1x
• Aumentos de alquiler contractual: 2-3% anual

Ventas y disposiciones de propiedades estratégicas

En 2023, VICI completó adquisiciones de propiedades por un total de $ 4.6 mil millones, incluida la adquisición de $ 2.7 mil millones de propiedades de crecimiento MGM.

Tipo de transacción	Valor total	Número de propiedades
Adquisiciones de propiedades	$ 4.6 mil millones	12
Disposición de la propiedad	$ 312 millones	3

Ingresos de inversión de la cartera de bienes raíces

VICI generó $ 1.52 mil millones en ingresos totales para el año fiscal 2023, con un ingreso neto de $ 1.14 mil millones.

• Fondos de Operaciones (FFO): $ 1.38 mil millones
• Fondos ajustados de las operaciones (AFFO): $ 1.26 mil millones
• Rendimiento de dividendos: 5.2%

VICI Properties Inc. (VICI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why operators partner with VICI Properties Inc. and why investors value the structure. It's all about the quality of the income stream and the pass-through of costs.

Stable, predictable cash flow for VICI from long-term, non-cancelable leases

VICI Properties Inc. locks in revenue through agreements that are built for the long haul. You see this in the portfolio statistics:

• VICI Properties Inc. owns 93 experiential assets across the United States and Canada.
• The portfolio maintains 100% occupancy with 100% rent collection since the company's formation in October 2017.
• As of December 31, 2024, the weighted average lease term, including extension options, stood at approximately 40.7 years.

Inflation protection via contractual rent escalations; 42% of 2025 rent is CPI-linked

This is a key feature that protects the real value of the rent collected over time. The structure is designed to keep pace with rising costs, which is a major differentiator.

VICI Properties Inc. expects lease agreements to feature a rent roll of 42% with CPI-linked escalation in 2025, which is further projected to rise to 90% by 2035.

Immediate capital access for operators through sale-leaseback financing

VICI Properties Inc. acts as a source of immediate, large-scale capital for its partners who want to unlock equity from their real estate assets without disrupting operations. For example, on November 6, 2025, VICI Properties Inc. announced an agreement to acquire seven casino properties from Golden Entertainment, Inc. for $1.16 billion in a sale-leaseback transaction. Also, in the third quarter of 2025, the company raised capital through non-dilutive means, settling forward sale agreements for net proceeds of approximately $296.0 million on July 1, 2025, and $79.8 million on August 11, 2025.

Minimal property operating expenses passed to VICI via the triple-net structure

The triple-net lease structure is the engine for high-margin revenue collection, as tenants cover the bulk of property-related costs. This means VICI Properties Inc. primarily collects rent without the usual landlord headaches of property taxes, insurance, and maintenance. This efficiency is reflected in the company's low overhead:

Metric	Amount / Percentage (as of late 2025 data)
Operating Expenses (TTM ending Sep 30, 2025)	$0.304B
G&A as a Percentage of Total Revenues (Q3 2025)	Only 1.6%

A defintely reliable, non-dilutive capital partner for tenant growth

VICI Properties Inc.'s growth strategy is to partner with operators for their expansion, often without immediately diluting existing shareholders. The model shows efficiency in growing profits relative to share count:

• In the last twelve months leading up to Q3 2025, VICI Properties Inc. grew its aggregate AFFO by 7.4% while only growing its share count by 2.1%.
• As of September 30, 2025, the company's liquidity totaled $3.1 billion.

The company's investment-grade credit ratings from Moody's (Baa3), S&P Global Ratings (BBB-), and Fitch Ratings (BBB-) as of the end of the third quarter of 2025 provide favorable access to the debt market for funding growth. Finance: draft 13-week cash view by Friday.

VICI Properties Inc. (VICI) - Canvas Business Model: Customer Relationships

You're looking at how VICI Properties Inc. locks in its revenue stream, which is all about deep, long-term B2B relationships with major operators. This isn't transactional; it's structural. VICI Properties Inc. owns 93 assets leased under 18 separate lease agreements as of September 30, 2025.

Long-term, contractual B2B relationships with major operators

The foundation here is the triple-net lease structure. These agreements are designed for stability, meaning your tenants handle the operational expenses. VICI Properties Inc. has maintained 100% rent collection since its formation in October 2017. The relationships are built to last, with lease agreements generally having initial terms ranging from 15 to 32 years, structured with tenant renewal options extending the term for another 5 to 30 years. As of September 30, 2025, the weighted average lease term based on contractual rent, including extension options, was approximately 40.0 years. The majority of VICI Properties Inc.'s rent comes from properties operated by SEC reporting companies, which gives you a clear view into their financial health.

Here's a quick look at the scale of these contractual commitments:

• Weighted Average Lease Term (WALT) including options as of September 30, 2025: approximately 40.0 years.
• Total assets leased as of September 30, 2025: 93.
• Total separate lease agreements as of September 30, 2025: 18.
• VICI Properties Inc. common stock shares outstanding as of October 29, 2025: 1,068,811,371.

High-touch, strategic partnership approach for capital solutions and growth

VICI Properties Inc. actively seeks to partner with what it calls the highest quality experiential place makers and operators. This goes beyond just leasing space; it involves providing capital solutions. For instance, VICI has an agreement in principle to provide additional financing for Cabot Highlands. You also see this in the structure of their deals, like the Right of First Refusal (ROFR) agreement with Homefield, giving VICI the right to acquire the real estate of any future Homefield properties in a sale-leaseback. They are expanding this partnership approach into other experiential sectors, listing names like Cabot, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts, and Lucky Strike Entertainment as partners.

Relationship management focused on tenant credit health and operational stability

Managing the credit health of your tenants is paramount when your revenue is tied to long-term leases. VICI Properties Inc. monitors this closely, as evidenced by the allowance for credit losses on its balance sheet. As of September 30, 2025, the allowance for credit losses on Investments in leases - sales-type was $802.1 million, and for Investments in leases - financing receivables, it was $750.7 million. The company's G&A as a percentage of total revenue was 1.5% in Q2 2025, totaling $14.6 million for that quarter, showing operational efficiency in managing this portfolio. Furthermore, VICI Properties Inc.'s rent roll with CPI-linked escalation in effect for 2025E was 42%.

Here's a snapshot comparing key financial metrics related to credit and revenue stability as of late 2025:

Metric	Value as of September 30, 2025	Context
Total Revenues (Q3 2025)	$1.0 billion	Reported for the third quarter 2025.
Allowance for Credit Losses (Investments in leases - sales-type)	$802.1 million	Net of allowance as of September 30, 2025.
Allowance for Credit Losses (Investments in loans and securities)	$39.0 million	Net of allowance as of September 30, 2025.
CPI-linked Rent Roll (2025E)	42%	Percentage of rent roll subject to CPI-linked escalation in effect.

Direct negotiation of master lease agreements and financing terms

You see the direct negotiation in the specifics of recent deals. For example, VICI Properties Inc. announced a $1.16 billion sale-leaseback transaction with Golden Entertainment in November 2025. This resulted in the Golden Master Lease, which has an initial total annual rent of $87.0 million, an initial term of 30 years, and includes four 5-year tenant renewal options. Rent under that specific master lease escalates annually at 2.0% beginning in Lease Year 3.

Rent escalation provisions across the portfolio are negotiated, ranging from a flat annual increase of 1% to 2%, or structured as an annual increase of 1% in earlier years and the greater of 2% or CPI in later years. Some agreements also feature a variable rent component, where 20% to 30% of annual rent adjusts based on underlying asset revenues in specified periods. Separately, VICI entered a new lease for the real property of Northfield Park with an initial annual base rent of $53.0 million.

Finance: draft 13-week cash view by Friday.

VICI Properties Inc. (VICI) - Canvas Business Model: Channels

You're looking at how VICI Properties Inc. gets its value propositions-long-term, high-quality experiential real estate leases and financing-to its key partners and how it funds those activities. It's a multi-pronged approach, heavy on direct negotiation and supported by public capital markets.

Direct sale-leaseback transactions with property owners/operators

This is VICI Properties Inc.'s core acquisition channel. They partner directly with operators to acquire the real property and then lease it back to them under long-term, triple-net agreements. This channel is about building deep relationships with the highest quality experiential place makers.

A prime example from late 2025 is the agreement to acquire the Golden Portfolio from Golden Entertainment, Inc. (GDEN). This sale-leaseback transaction was valued at $1.16 billion and involved seven casino properties. The resulting triple-net master lease has an initial total annual rent of $87.0 million and an initial term of 30 years, plus four 5-year renewal options.

VICI Properties Inc. also has a Right of First Offer (ROFO) on future sale-leaseback transactions with an affiliate of IGP, stemming from a December 2024 agreement.

Direct investment agreements for development funding and loans

VICI Properties Inc. uses its capital to directly fund development or provide mezzanine financing, often creating new, long-term lease relationships or strengthening existing ones. This channel diversifies their asset base beyond pure acquisitions.

Here are some concrete examples of direct investment commitments made or highlighted in 2025:

• Entered an agreement to provide up to $510.0 million of development funds via a delayed draw term loan facility for the North Fork Mono Casino & Resort, subsequent to the first quarter of 2025.
• Announced a $300.0 million investment into a mezzanine loan related to the development of One Beverly Hills in the first quarter of 2025.
• The company has existing financing partnerships, such as the $250.0 million mezzanine loan originated in 2024 for Great Wolf Lodge Maryland.

The portfolio as of September 30, 2025, included significant investments in leases and financing receivables, net of allowance for credit losses, totaling $802.1 million for investments in leases - sales-type and $39.0 million for investments in loans and securities.

Capital markets for debt and equity issuance to fund acquisitions

To fuel its growth, VICI Properties Inc. actively accesses the debt and equity capital markets. As a REIT, it must distribute most taxable income, making external capital crucial for acquisitions and development funding.

VICI Properties Inc. completed a significant debt issuance in the second quarter of 2025:

Financing Instrument	Aggregate Principal Amount	Maturity Date	Issuance Details
Senior Unsecured Notes (2028 Notes)	$400.0 million	April 1, 2028	Issued at 99.729% of par value.
Senior Unsecured Notes (2035 Notes)	$900.0 million	April 1, 2035	Issued at 99.219% of par value.

The total offering in April 2025 was $1.3 billion, used to repay 2025 debt maturities. Furthermore, in the first nine months of 2025, the company settled 12,101,372 shares under forward sale agreements, generating total net proceeds of approximately $375.8 million ($296.0 million + $79.8 million).

The company maintains a strong balance sheet, with 98.1% of its debt being fixed-rate as of June 30, 2025.

Investor relations for communicating value to shareholders

Communicating the stability and growth potential of the long-term lease portfolio is key to maintaining access to capital and shareholder support. VICI Properties Inc. emphasizes its operational efficiency and consistent shareholder returns through this channel.

Key metrics communicated to investors as of late 2025 include:

• Updated full-year 2025 Adjusted Funds From Operations (AFFO) guidance is between $2,510 million and $2,520 million, or $2.36 to $2.37 per diluted share.
• The declared Q3 2025 quarterly cash dividend was $0.45 per share, representing a 4.0% year-over-year increase and the 8th consecutive annual dividend raise.
• For the three months ended September 30, 2025, General & Administrative (G&A) expenses were only 1.6% of total revenues.
• As of January 2025, institutional investors controlled nearly 99.03% of the stock.

The weighted average lease term remains exceptionally long at 40.4 years as of Q1 2025, providing substantial revenue visibility.

Investor Relations Contact: Moira McCloskey, SVP, Capital Markets.

VICI Properties Inc. (VICI) - Canvas Business Model: Customer Segments

You're looking at the core of VICI Properties Inc.'s business: who they lease their massive, high-quality real estate portfolio to. Honestly, VICI Properties Inc. focuses on securing tenants that can generate stable, long-term cash flow under triple-net lease agreements, meaning the tenant handles most property expenses. The customer base is segmented by the type of experience they operate, but the common thread is that they are industry leaders.

Large-scale, industry-leading gaming and hospitality operators (e.g., Las Vegas Strip)

This group represents the bedrock of VICI Properties Inc.'s revenue stability, often involving iconic, mission-critical assets. These are the operators whose brand recognition drives massive foot traffic. For example, VICI Properties Inc. owns properties leased to operators of Caesars Palace Las Vegas, MGM Grand, and the Venetian Resort Las Vegas, which are three of the most recognizable entertainment facilities on the Las Vegas Strip. The quality of this tenant base is high; as of the second quarter of 2025, 79% of the rent came from SEC reporting companies, which speaks volumes about their creditworthiness.

Regional gaming and entertainment operators

While the Strip assets get the headlines, VICI Properties Inc. also serves regional operators, ensuring diversification away from a single geographic concentration. The portfolio is geographically diverse, spanning properties across the United States and Canada. The total portfolio as of the third quarter of 2025 included 93 experiential assets, broken down into 54 gaming properties and 39 other experiential properties.

Diversified experiential operators (e.g., family entertainment, wellness, golf)

VICI Properties Inc. actively partners with operators outside of traditional gaming to build out the 'experiential' component of its holdings. This segment includes partners in wellness, leisure, and family entertainment. You can see this diversification in their partnership list, which includes names like Canyon Ranch, Great Wolf Resorts, and Kalahari Resorts. The company also owns four championship golf courses. The sheer scale of the physical assets supporting these operators is significant; the portfolio features approximately 127 million square feet and roughly 60,300 hotel rooms.

Developers seeking capital for large-scale experiential real estate projects

This segment involves financing partnerships, providing capital to developers for new projects or expansions within the experiential space. VICI Properties Inc. has a growing array of real estate and financing partnerships with leading developers in these sectors. A concrete example of expanding this customer base was the lease agreement entered into with Clairvest for the real property of MGM Northfield Park, which is set to bring in an initial annual base rent of $53 million. This shows VICI Properties Inc. is willing to structure deals that support development and growth for its partners.

Here's a quick look at the scale of the portfolio these customer segments occupy as of late 2025, based on the latest reported figures:

Portfolio Metric	Value (As of Q3 2025 or latest)
Total Experiential Assets	93
Gaming Properties	54
Other Experiential Properties	39
Total Square Footage	Approximately 127 million square feet
Hotel Rooms	Approximately 60,300
Weighted Average Lease Term (As of June 30, 2025)	40.2 years
Occupancy Rate (As of June 30, 2025)	100%
Rent from SEC Reporting Operators	79%
CPI-Linked Rent Roll (Expected for 2025)	42%

The long-term nature of these relationships is key; the weighted average lease term was reported at 40.2 years as of June 30, 2025, and the occupancy rate was 100%. Also, note that 42% of the rent roll is expected to have CPI-linked escalation in 2025, which helps secure cash flow growth for these customer segments.

You should check the Q4 2025 supplemental data when it releases to see if the expected CPI-linked rent roll percentage has changed for the full year. Finance: draft 13-week cash view by Friday.

VICI Properties Inc. (VICI) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive VICI Properties Inc.'s operations, which is key to understanding how their triple-net lease model keeps costs lean. Honestly, for a company managing a portfolio of this scale, the structure is remarkably efficient, but the debt load is substantial.

The most significant recurring cost is the servicing of the capital structure. As of the second quarter of 2025, VICI Properties Inc. reported a total debt of approximately $17.3 billion. This debt requires significant interest payments; for instance, the interest expense increased to $213.8 million in Q2 2025.

The efficiency of the operating model shines through in the overhead. General and Administrative (G&A) expenses are kept exceptionally low. For the third quarter of 2025, G&A was reported at only 1.6% of total revenues. The absolute G&A for that quarter was $16.3 million. This low ratio is a hallmark of their structure, where property management is largely the tenant's responsibility under the triple-net lease agreements.

Here's a quick look at some of those key cost and liability figures:

Cost/Liability Metric	Amount/Value	Period/Date
Total Debt	$17.3 billion	Q2 2025
Interest Expense	$213.8 million	Q2 2025
G&A Expense	$16.3 million	Q3 2025 (Quarter)
G&A as % of Revenue	1.6%	Q3 2025
Transaction and Acquisition Expenses (YTD)	$7,488 thousand	Nine Months Ended September 30, 2025
Total Liabilities	$18,438,562 thousand	September 30, 2025

When VICI Properties Inc. expands the portfolio, there are upfront costs tied to deal execution. For the nine months ending September 30, 2025, Transaction and acquisition expenses totaled $7,488 thousand. These costs cover the necessary due diligence, legal work, and structuring fees associated with adding new, high-quality assets to the portfolio.

Maintaining REIT status is non-negotiable, and that means distributing the majority of taxable income to shareholders. This translates directly into a major cash outflow for dividends. VICI Properties Inc. continued this commitment, declaring a dividend of $0.45 per share on September 4, 2025, marking their eighth consecutive annual dividend increase since inception. This required cash outlay is a primary component of the cost structure, directly satisfying shareholder expectations for yield.

The cost structure is dominated by financing costs and shareholder distributions, while operational overhead remains minimal:

• Interest Expense: Directly tied to the $17.3 billion debt load.
• Acquisition Costs: Transaction and legal fees for portfolio growth, such as the $7.488 million year-to-date in 2025.
• Dividend Payments: Essential cash outflow to maintain REIT compliance, exemplified by the $0.45 per share payout in Q3 2025.
• G&A: Extremely low at 1.6% of revenue, showing management efficiency.

Finance: draft 13-week cash view by Friday.

VICI Properties Inc. (VICI) - Canvas Business Model: Revenue Streams

You're looking at the core engine of VICI Properties Inc.'s value generation, which is heavily reliant on long-term, predictable cash flows. Honestly, for a Real Estate Investment Trust (REIT) like VICI Properties Inc., the revenue streams are designed for stability, which is why you see such a focus on contractual agreements.

The primary source is contractual rental income derived from long-term, triple-net master leases. This means the tenants handle most property expenses, which helps keep VICI Properties Inc.'s operating costs low and cash flow steady. For the three months ended September 30, 2025, total revenues hit \$1.0 billion. Looking at the trailing twelve months ending September 30, 2025, total revenue was \$3.969B.

Here's a quick look at how the Q3 2025 revenue broke down, showing the weight of the lease income:

Revenue Component	Amount (Three Months Ended Sept 30, 2025)
Total Revenues	\$1.0 billion
Sales-type Lease Revenue	\$531.8 million
Lease Financing Receivables Income	\$387 million
Other Income (Non-cash/Adjustments)	\$150.7 million (Calculated as \$1.0B - \$531.8M - \$387M, plus non-cash adjustments mentioned)

Within that contractual rental income, you see the concentration from major operators. For instance, the master leases with Caesars Entertainment contributed \$137.7 million and \$123.9 million respectively in Q3 2025.

Beyond the core leases, VICI Properties Inc. generates revenue from other asset classes, which diversifies the income base:

• Rental income from four championship golf courses owned by VICI Properties Inc..
• Interest income from financing investments, such as the \$450.0 million mezzanine loan commitment for the development of One Beverly Hills.

Looking ahead, management has confidence in this model, projecting the full-year 2025 Adjusted Funds From Operations (AFFO) to be between \$2.51 billion and \$2.52 billion. That translates to an expected AFFO per diluted share range of \$2.36 to \$2.37 for the full year 2025.

The business model is definitely built on the compounding nature of its existing agreements. Finance: draft 13-week cash view by Friday.