VICI Properties Inc. (VICI): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde de l'investissement immobilier stratégique avec VICI Properties Inc., une centrale dans le secteur des jeux et de l'hôtellerie qui transforme la propriété en une forme d'art financier sophistiqué. En tirant parti d'un modèle commercial innovant qui combine une gestion méticuleuse de la propriété avec des structures de location à long terme, VICI a creusé un créneau unique dans le paysage complexe des fiducies de placement immobilier. Leur approche va au-delà de la propriété traditionnelle, créant un écosystème dynamique qui génère des flux de revenus stables tout en fournissant un soutien aux infrastructures critiques aux grandes sociétés de jeux et de divertissement.

VICI Properties Inc. (VICI) - Modèle d'entreprise: partenariats clés

Entreprises de jeux et d'accueil

VICI Properties maintient un partenariat essentiel avec Caesars Entertainment, détenant 17,5 milliards de dollars en actifs immobiliers de jeu au quatrième trimestre 2023. La société possède 66 propriétés dans 26 États, Caesars étant le principal locataire.

Partenaire	Compte de propriété	Valeur totale de l'actif
Césars Entertainment	45 propriétés	14,2 milliards de dollars
MGM Resorts	12 propriétés	2,3 milliards de dollars

Sociétés d'investissement immobilier

VICI collabore avec plusieurs sociétés d'investissement immobilier pour diversifier son portefeuille et gérer 29,6 milliards de dollars d'actifs totaux en décembre 2023.

• Goldman Sachs Investissements immobiliers
• Blackstone Real Estate Partners
• Fonds immobiliers de Morgan Stanley

Opérateurs de casino et propriétaires

Le portefeuille de VICI comprend des partenariats avec plusieurs opérateurs de casino au-delà de Caesars et MGM, générant 1,4 milliard de dollars de revenus de location annuels en 2023.

Opérateur	Revenus de location	Nombre de propriétés
Divertissement de Penn	280 millions de dollars	9 propriétés
Hard Rock International	190 millions de dollars	5 propriétés

Institutions financières et banques d'investissement

VICI maintient les facilités de crédit totalisant 3,5 milliards de dollars avec des institutions financières majeures au quatrième trimestre 2023.

• JPMorgan Chase - Ligne de crédit de 1,2 milliard de dollars
• Bank of America - facilité de crédit de 850 millions de dollars
• Wells Fargo - Contrat de crédit de 750 millions de dollars

Conseillers de conformité juridique et réglementaire

VICI travaille avec des cabinets juridiques spécialisés pour naviguer dans les réglementations complexes de biens immobiliers et de jeux, dépensant environ 12,5 millions de dollars par an sur les services de conformité et de conseil juridique.

Cabinet de justice	Spécialité	Coût consultatif annuel
Greenberg Traurig	Règlements sur les jeux	4,2 millions de dollars
Brownstein Hyatt Farber Schreck	Conformité immobilière	3,8 millions de dollars

VICI Properties Inc. (VICI) - Modèle d'entreprise: Activités clés

Acquisition et gestion immobilières

Depuis le quatrième trimestre 2023, VICI Properties possède 54 propriétés de jeu et d'accueil dans 17 États, avec un portefeuille immobilier total d'une valeur de 33,3 milliards de dollars. L'entreprise se concentre sur les propriétés de location à triple réseau, qui totalisaient environ 44,5 millions de pieds carrés.

Catégorie de propriété	Nombre de propriétés	Valeur totale
Propriétés du jeu	45	28,7 milliards de dollars
Propriétés de l'hospitalité	9	4,6 milliards de dollars

Location de biens aux opérateurs de casino et d'hospitalité

VICI génère des revenus grâce à des accords de location à long terme avec des opérateurs majeurs. Les principaux locataires comprennent:

• Césars Entertainment (locataire principal)
• MGM Resorts International
• Divertissement de Penn

Le chiffre d'affaires annuel total en 2023 était de 1,45 milliard de dollars, avec une durée de location moyenne de 14,4 ans.

Extension de portefeuille de biens stratégiques

En 2023, VICI a réalisé 4,8 milliards de dollars d'acquisitions de propriétés, élargissant son portefeuille grâce à des transactions stratégiques.

Type d'acquisition	Investissement total	Nombre de propriétés
Propriétés du jeu	3,6 milliards de dollars	7
Propriétés de l'hospitalité	1,2 milliard de dollars	2

Investissement et gestion des actifs financiers

Au 31 décembre 2023, VICI a rapporté:

• Actif total: 37,2 milliards de dollars
• Dette totale: 16,5 milliards de dollars
• Fonds ajustés des opérations (AFFO): 1,92 milliard de dollars

Négociation et structuration des accords de location à long terme

Les accords de location de VICI ont des caractéristiques spécifiques:

• Terme de location moyenne: 14,4 ans
• Taux d'escalade de location: 2% annuel
• Taux d'occupation: 100%

En 2023, la société a conclu 12 nouveaux accords de location d'une valeur totale de 2,3 milliards de dollars.

VICI Properties Inc. (VICI) - Modèle d'entreprise: Ressources clés

Portefeuille immobilier étendu

Depuis le quatrième trimestre 2023, VICI Properties possède 54 propriétés de jeu et d'accueil à travers les États-Unis, avec un portefeuille immobilier total d'une valeur de 30,8 milliards de dollars.

Type de propriété	Nombre de propriétés	Valeur totale
Propriétés du casino	45	26,4 milliards de dollars
Propriétés de l'hospitalité	9	4,4 milliards de dollars

Capacités de capital financier et d'investissement

VICI Properties démontre des ressources financières solides avec les mesures suivantes:

• Capitalisation boursière: 32,7 milliards de dollars (en janvier 2024)
• Actif total: 34,2 milliards de dollars
• Dette totale: 16,5 milliards de dollars
• Ratio dette / capital-investissement: 0,52

Équipe de gestion et de leadership

Le leadership clé comprend:

Exécutif	Position	Années d'expérience
Edward Pitoniak	PDG	25 ans et plus
David Scharf	Directeur financier	20 ans et plus

Expertise en investissement immobilier

VICI Properties est spécialisée dans les accords de location à trois réseaux avec les principaux opérateurs de jeux, avec une durée de location moyenne de 15,4 ans.

Relations stratégiques

Les relations importantes des locataires comprennent:

• Césars Entertainment (38% du portefeuille)
• MGM Resorts International (27% du portefeuille)
• Penn Entertainment (18% du portefeuille)

VICI Properties Inc. (VICI) - Modèle d'entreprise: propositions de valeur

Revenu stable et prévisible grâce à des structures de location à triple réseau

Depuis le quatrième trimestre 2023, VICI Properties possède 56 propriétés de jeu et de divertissement d'une valeur totale de l'actif brut de 32,1 milliards de dollars. Le portefeuille de location à triple réseau de la société génère un loyer contractuel annuel de 1,2 milliard de dollars avec une durée de location moyenne pondérée de 14,4 ans.

Métrique de location	Valeur
Propriétés totales	56
Valeur de l'actif brut	32,1 milliards de dollars
Loyer contractuel annuel	1,2 milliard de dollars
Terme de location moyenne pondérée	14,4 ans

Investissements immobiliers de haute qualité dans des secteurs de jeu et de divertissement

Le portefeuille immobilier de VICI comprend des investissements stratégiques dans les actifs de jeu et de divertissement de premier plan aux États-Unis.

• Palais de César Las Vegas
• MGM Grand Las Vegas
• La Nouvelle-Orléans de Harrah
• Propriétés du casino hollywoodien

Portfolio de biens diversifié sur plusieurs marchés géographiques

En 2024, VICI Properties a des propriétés dans 17 États, avec des concentrations importantes au Nevada, au New Jersey et au Missouri.

État	Nombre de propriétés
Nevada	12
New Jersey	8
Missouri	6
Autres États	30

Modèle d'investissement à faible risque avec des sources de revenus cohérentes

En 2023, VICI a rapporté un Taux de collecte de bail à 99,7% avec des escalades de loyer contractuels intégrés à des accords de location à long terme.

Opportunité pour l'appréciation du capital à long terme

Le cours de l'action de VICI a démontré une croissance cohérente, avec une capitalisation boursière de 35,6 milliards de dollars en janvier 2024 et un rendement de dividende de 5,2%.

Métrique financière	Valeur
Capitalisation boursière	35,6 milliards de dollars
Rendement des dividendes	5.2%
Croissance des cours des actions (2023)	18.3%

VICI Properties Inc. (VICI) - Modèle d'entreprise: relations avec les clients

Accords de location contractuelle à long terme

VICI Properties maintient une durée de location moyenne de 14,5 ans avec ses locataires au T4 2023. Le portefeuille total comprend 71 propriétés de jeu et d'accueil avec des structures de location à triple réseau.

Métrique de location	Valeur
Durée de location moyenne	14,5 ans
Propriétés totales	71
Type de location	Triple net

Approche de partenariat collaboratif avec les locataires

Les principaux locataires de VICI incluent Caesars Entertainment et Penn Entertainment, représentant environ 89% des revenus totaux de location contractuels.

• Césars Entertainment: 61% des revenus de location
• Penn Entertainment: 28% des revenus de location
• Autres locataires: 11% des revenus de location

Support proactif de gestion et de maintenance immobilière

VICI a investi 1,2 milliard de dollars dans les améliorations et les acquisitions de la propriété en 2023, garantissant des actifs immobiliers de haute qualité pour les locataires.

Catégorie d'investissement	Montant
Améliorations de la propriété	1,2 milliard de dollars
Actif total	33,4 milliards de dollars

Rapports financiers transparents et communication

Vici a rapporté 1,42 milliard de dollars de revenus totaux Pour l'exercice 2023, avec des appels de bénéfices trimestriels et des présentations détaillées des investisseurs.

Conditions de location flexibles et stratégies de négociation

VICI propose des escaliers mécaniques et des ratios de couverture de loyer variables, avec une couverture de loyer moyenne de 2,4x sur son portefeuille.

Métrique de la durée du bail	Valeur
Ratio de couverture de loyer	2.4x
Taux d'escalade de location	2% par an

VICI Properties Inc. (VICI) - Modèle d'entreprise: canaux

Communications d'entreprise directes

L'équipe de relations avec les investisseurs VICI Properties utilise plusieurs canaux de communication:

Canal de communication	Coordonnées
Téléphone des relations avec les investisseurs	(310) 507-1920
Adresse du siège social de l'entreprise	2800 Post Oak Blvd, Suite 5450, Houston, TX 77056
Contact par e-mail	investors@viciproperties.com

Plateformes de relations financières sur les investisseurs

VICI exploite les plateformes d'investisseurs suivantes:

• NYSE: VICI Stock Ticker
• S&P Midcap 400 Index Constituant
• Plateforme de données financières Bloomberg Terminal
• Systèmes de recherche de faits

Conférences d'investissement immobilier

Nom de conférence	Fréquence de participation
Nareit reitweek	Annuel
Conférence immobilière mondiale de Bank of America	Annuel
Conférence Citi Global Property PDG	Annuel

Présentations du site Web de l'entreprise et des investisseurs

Site Web: www.viciproperties.com

• Présentations de bénéfices trimestriels
• Rapports annuels
• Deck de présentation des investisseurs
• Archives de webcast

Titres et dépôts réglementaires d'échange

Type de classement	Fréquence
Rapport annuel de 10 K	Annuellement
Rapport trimestriel 10-Q	Trimestriel
Événements matériels 8-K	Au besoin

VICI Properties Inc. (VICI) - Modèle d'entreprise: segments de clientèle

Opérateurs de casino et d'hospitalité

VICI Properties possède 70 propriétés de jeu et d'hospitalité au T2 2023, avec une valeur de portefeuille totale de 30,5 milliards de dollars. Les clients clés comprennent:

Opérateur	Nombre de propriétés	Revenus de location annuelle
Césars Entertainment	35 propriétés	1,1 milliard de dollars
MGM Resorts International	15 propriétés	515 millions de dollars

Grandes entreprises de divertissement de jeu

VICI cible les grandes sociétés de divertissement de jeu avec une présence importante sur le marché:

• Divertissement de Penn
• Divertissement doré
• Boyd Gaming

Trusts de placement immobilier (FPI)

Le portefeuille immobilier de VICI comprend:

Catégorie de REIT	Valeur totale de la propriété	Terme de location moyenne
FPI axés sur le jeu	22,3 milliards de dollars	15,4 ans

Investisseurs institutionnels

VICI attire les investisseurs institutionnels avec:

• Capitalisation boursière de 32,8 milliards de dollars (en janvier 2024)
• Rendement de dividende de 5,6%
• Propriété institutionnelle de 87,3%

Sociétés de capital-investissement

La stratégie d'acquisition de VICI cible les sociétés de capital-investissement avec:

Métrique d'acquisition	Valeur 2023
Acquisitions totales	6,2 milliards de dollars
Taille moyenne des transactions	750 millions de dollars

VICI Properties Inc. (VICI) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

En 2023, VICI Properties a dépensé 6,3 milliards de dollars pour les acquisitions de propriétés, principalement dans les jeux et l'immobilier expérientiel.

Catégorie	Coût total d'acquisition	Nombre de propriétés
Immobilier de jeu	5,2 milliards de dollars	45 propriétés
Autres propriétés expérienties	1,1 milliard de dollars	12 propriétés

Coûts de maintenance et de gestion des biens

Les frais de maintenance des biens annuels ont totalisé 187,4 millions de dollars en 2023.

• Entretien de routine: 92,6 millions de dollars
• Améliorations en capital: 64,8 millions de dollars
• Frais de gestion immobilière: 30 millions de dollars

Surfaçon administratives et opérationnelles

Les frais généraux opérationnels pour 2023 étaient de 76,5 millions de dollars.

Catégorie de dépenses	Montant
Salaires des employés	42,3 millions de dollars
Frais administratifs d'entreprise	22,7 millions de dollars
Technologie et systèmes	11,5 millions de dollars

Financement et frais d'intérêt

Les coûts de financement total en 2023 étaient de 465,2 millions de dollars.

• Intérêts sur la dette à long terme: 412,6 millions de dollars
• Frais de facilité de crédit: 32,4 millions de dollars
• Coûts de refinancement de la dette: 20,2 millions de dollars

Coût de la conformité et des rapports réglementaires

Les frais de conformité réglementaire pour 2023 ont atteint 8,9 millions de dollars.

Zone de conformité	Frais
Représentation juridique et réglementaire	5,3 millions de dollars
Frais d'audit externe	2,4 millions de dollars
Technologie de conformité	1,2 million de dollars

VICI Properties Inc. (VICI) - Modèle d'entreprise: Strots de revenus

Revenu de location de location récurrente

Au quatrième trimestre 2023, les propriétés VICI ont généré 1,37 milliard de dollars de revenus de location annuels. Le portefeuille de location de la société comprend 43 propriétés de jeux et d'hospitalité avec une durée de location moyenne de 34,4 ans.

Type de propriété	Nombre de propriétés	Revenus de location annuels
Propriétés du casino	39	1,24 milliard de dollars
Autres propriétés hôtelières	4	130 millions de dollars

Appréciation des biens et croissance de la valeur

Le portefeuille immobilier total de VICI était évalué à 34,1 milliards de dollars au 31 décembre 2023, avec une augmentation de la valeur de la propriété d'une année sur l'autre de 7,2%.

Revenus contractuels de location à long terme

La société maintient Accords de location à trois réseaux avec une durée de location moyenne de 34,4 ans. Les escaliers mécaniques sont intégrés à des contrats, allant généralement de 2% à 3% des augmentations annuelles.

• Expiration du bail moyen pondéré: 2057
• Ratio de couverture de bail: 2,1x
• Augmentation contractuelle du loyer: 2 à 3% par an

Ventes et dispositions de propriété stratégiques

En 2023, VICI a terminé les acquisitions de biens totalisant 4,6 milliards de dollars, dont l'acquisition de 2,7 milliards de dollars de MGM Growth Properties.

Type de transaction	Valeur totale	Nombre de propriétés
Acquisitions de biens	4,6 milliards de dollars	12
Disposition des biens	312 millions de dollars	3

Revenu de placement du portefeuille immobilier

VICI a généré 1,52 milliard de dollars de revenus totaux pour l'exercice 2023, avec un bénéfice net de 1,14 milliard de dollars.

• Fonds des opérations (FFO): 1,38 milliard de dollars
• Fonds ajustés des opérations (AFFO): 1,26 milliard de dollars
• Rendement des dividendes: 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.