VICI Properties Inc. (VICI): Business Model Canvas [Dec-2025 Updated]

You're trying to map out how VICI Properties Inc. actually makes its money, and honestly, it's simpler and more robust than many think. As someone who's spent two decades analyzing these structures, I can tell you their entire engine runs on long-term, triple-net leases-meaning their tenants handle the big costs, giving VICI predictable cash flow. With a projected 2025 Adjusted Funds From Operations (AFFO) landing between $2.51 billion and $2.52 billion, this model is built for stability, not speculation. Dive below to see exactly how their key partnerships with giants like MGM Resorts International and their capital activities underpin this reliable real estate machine.

VICI Properties Inc. (VICI) - Canvas Business Model: Key Partnerships

You're looking at the core of VICI Properties Inc.'s (VICI) value creation engine: its partnerships. This isn't just about owning buildings; it's about locking in long-term, high-quality cash flow through relationships with the best operators in experiential real estate. Honestly, the sheer scale of the portfolio under these agreements is impressive.

As of late 2025, VICI Properties owns 93 experiential assets across the United States and Canada, comprising approximately 127 million square feet. These properties are 100% leased under long-term, triple-net lease agreements, with 100% rent collection since the company's formation in October 2017.

The relationships with major gaming operators form the bedrock of the revenue base. For instance, VICI's Las Vegas master leases with Caesars Entertainment generated $137.7 million in sales-type lease revenue in Q3 2025, with regional Caesars leases contributing $123.9 million that same quarter.

VICI continues to refine its master lease structures. In connection with MGM Resorts International's divestiture of Northfield Park operations, VICI agreed to amend the existing MGM Master Lease, which will reduce the annual base rent by $53.0 million (or $54.0 million if closing occurs after May 1, 2026).

The company is actively diversifying its tenant base, welcoming new partners while maintaining its core relationships. Clairvest Group, Inc. is the newest addition, becoming VICI's 14th tenant upon closing the acquisition of MGM Northfield Park operations. The new Northfield Park Lease with Clairvest sets an initial annual base rent of $53 million, with a new 25-year lease term and three 10-year renewal options.

VICI's strategy also heavily involves strategic capital relationships to fund new, high-growth experiential projects. The collaboration with Cain International and Eldridge Industries, established in February 2025, launched with VICI's $300 million investment into a mezzanine loan for the One Beverly Hills development. Cain International, as of September 30, 2024, managed $17.7 billion in assets.

Here's a look at some of the key operational and capital partners:

Partner Category	Partner Name(s)	Specific Financial/Statistical Data Point
Major Gaming Operators (Core)	Caesars Entertainment, MGM Resorts International	Q3 2025 Las Vegas Master Lease Revenue: $137.7 million from Caesars
New Gaming Tenant	Clairvest Group, Inc. (Northfield Park)	Initial Annual Base Rent: $53 million (or $54 million if closing post-May 1, 2026)
New Gaming Tenant (Sale-Leaseback)	Golden OpCo (Blake L. Sartini)	Acquisition Price: $1.16 billion; Initial Annual Rent: $87.0 million
Strategic Capital/Development	Cain International, Eldridge Industries	VICI Investment in One Beverly Hills Mezzanine Loan: $300 million
Experiential/Leisure Partners	Great Wolf Resorts, Canyon Ranch, Cabot, Chelsea Piers, Kalahari Resorts, Lucky Strike Entertainment	Repayment of Great Wolf Loan: $79.5 million mezzanine loan repaid
Financing/Tribal Gaming	Red Rock Resorts	Total VICI Commitment for Tribal Casino Development: Up to $510.0 million

VICI's portfolio includes iconic properties like Caesars Palace Las Vegas, MGM Grand, and the Venetian Resort Las Vegas. The company also holds real estate partnerships with experiential operators such as Great Wolf Resorts and Canyon Ranch.

The focus on financing new developments through partnerships is clear. Beyond the Cain/Eldridge deal, VICI committed up to $510.0 million in a Term Loan Arrangement with Red Rock Resorts for a tribal casino development, marking its first investment on tribal land. This strategy helps grow the portfolio without solely relying on large-scale acquisitions.

The company's overall portfolio size is substantial, featuring approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks across its assets.

Furthermore, VICI's capital structure supports these partnerships. In Q1 2025, the company issued $1.3 billion in investment-grade senior notes with a blended coupon of 5.34%. This liquidity helps fund these relationship-driven investment opportunities.

The addition of Golden OpCo, following a $1.16 billion sale-leaseback, will make it VICI's 5th largest tenant by annualized cash rent, further diversifying the tenant base beyond the largest gaming operators.

You can see the depth of these relationships by looking at the sheer number of partners VICI now works with across different sectors:

• Major Gaming Operators (Caesars, MGM)
• New Gaming Operators (Clairvest, Golden OpCo)
• Experiential/Leisure Operators (Great Wolf Resorts, Canyon Ranch)
• Capital Partners (Cain International, Eldridge Industries)
• Tribal Gaming Developers (Red Rock Resorts)

Finance: draft 13-week cash view by Friday.

VICI Properties Inc. (VICI) - Canvas Business Model: Key Activities

The core of VICI Properties Inc.'s business model revolves around the disciplined acquisition and management of high-value experiential real estate assets, primarily through long-term lease structures. This activity is supported by continuous, strategic capital deployment.

Acquiring high-quality experiential real estate via sale-leaseback transactions

VICI Properties Inc. actively pursues acquiring the land and real property beneath premier entertainment destinations. A recent example of this key activity is the November 6, 2025 announcement of an agreement to acquire the Golden Portfolio, consisting of seven casino properties, from Golden Entertainment, Inc. for $1.16 billion. This transaction is structured as a sale-leaseback, meaning VICI Properties immediately leases the properties back to an entity controlled by Golden's leadership.

The scale of the portfolio as of late 2025 reflects this ongoing acquisition strategy:

• Owns 93 experiential assets across the United States and Canada.
• Portfolio consists of 54 gaming properties and 39 other experiential properties.
• Features approximately 127 million square feet of space.
• Includes over 60,300 hotel rooms.

Structuring and managing long-term, triple-net master leases

The acquired real estate is immediately placed under long-term, triple-net master leases. This structure is critical because it shifts the responsibility for property operating expenses, such as taxes, insurance, and maintenance, directly to the tenant. The Golden Master Lease agreement, for instance, has an initial term of 30 years, with four 5-year tenant renewal options. The initial total annual rent for this portfolio is set at $87.0 million, representing an acquisition cap rate of 7.5%. Rent escalations are built in, with the Golden Master Lease rent escalating annually at 2.0% beginning in Lease Year 3. The weighted average lease term across the entire portfolio is 40.7 years. Furthermore, VICI Properties Inc. builds in inflation protection, with a substantial 42% of its leases in 2025 directly tied to the Consumer Price Index (CPI), a figure projected to grow to 90% by 2035.

Metric	Value/Percentage
Weighted Average Lease Term	40.7 years
CPI-Linked Leases (2025)	42%
Projected CPI-Linked Leases (2035)	90%
Golden Master Lease Initial Annual Rent	$87.0 million

Raising capital through debt and equity offerings, like the $1.3 billion senior notes in 2025

To fund acquisitions and manage its balance sheet, VICI Properties Inc. regularly accesses capital markets. In the first half of 2025, the company completed a significant debt offering. On April 7, 2025, VICI Properties L.P. issued $1.3 billion aggregate principal amount of senior unsecured notes, which were priced on March 26, 2025, at a blended yield of 5.34%. This offering was split into two tranches:

• $400.0 million in 4.750% senior notes due 2028.
• $900.0 million in 5.625% senior notes due 2035.

The net proceeds were used to repay existing indebtedness, specifically retiring approximately $1.3 billion in notes maturing in 2025. VICI Properties also announced a new $2.5 billion multicurrency unsecured revolving credit facility. To support growth without immediate debt issuance, VICI sold $254.2 million of gross value under its At-The-Market (ATM) equity program.

Providing strategic financing solutions, such as mezzanine and delayed draw term loans

Beyond direct real estate purchases, VICI Properties Inc. deploys capital through strategic financing arrangements, often providing debt to support development projects by its operators. In early 2025, VICI made a $300 million mezzanine loan investment related to the One Beverly Hills development. Additionally, VICI entered into a significant loan commitment for a tribal casino development. This involved a commitment of up to $510.0 million in a delayed draw term loan facility for the North Fork Mono Casino & Resort development, which will be managed by Red Rock Resorts. This commitment is structured across two parts: a $340.0 million Term Loan A, with VICI committing up to $125.0 million, and a $385.0 million Term Loan B, with VICI committing the full $385.0 million.

Maintaining REIT compliance and a low-cost operating model

A key activity is maintaining the operational efficiency required to meet REIT distribution requirements while keeping management costs low. VICI Properties Inc. achieves this through its triple-net lease structure and disciplined overhead management. For the first quarter of 2025, General & Administrative (G&A) expenses were reported at 1.5% of revenue, which is among the lowest figures in the S&P 500 REIT sector. For context, total G&A spending for 2024 was $69.1 million on revenues of approximately $3.85 billion, equating to 1.8% of revenue. This efficiency supports strong shareholder returns, as evidenced by the Q3 2025 results where aggregate AFFO grew 7.4% in the last twelve months while the share count grew by only 2.1%. The company maintained an LQA net leverage ratio of 5.2x as of June 30, 2025, within management's target range, and declared a regular quarterly cash dividend of $0.45 per share for the fourth quarter of 2025.

VICI Properties Inc. (VICI) - Canvas Business Model: Key Resources

You're looking at the core assets that make VICI Properties Inc. tick as of late 2025. These aren't just line items; they are the durable foundations of their entire business structure, especially given the recent acquisition activity, like the $1.16 billion sale-leaseback with Golden Entertainment announced in November 2025.

The physical real estate portfolio is the primary engine. As of June 30, 2025, VICI Properties Inc. owned a substantial collection of experiential properties, which you can see broken down here:

Asset Category	Count (As of Q2 2025)	Geographic Scope
Total Experiential Assets	93	26 States and 1 Canadian Province
Gaming Properties	54	United States and Canada
Other Experiential Properties	39	United States and Canada
Championship Golf Courses	4	United States

This portfolio covers approximately 127 million square feet and includes about 60,300 hotel rooms, plus over 500 restaurants, bars, nightclubs, and sportsbooks. Honestly, the tenant quality is a huge part of the resource strength; 79% of rent comes from publicly traded companies.

The contractual framework around these assets provides exceptional revenue predictability. The long-term nature of the leases is a defining characteristic:

• Weighted average lease term of 40.2 years as of June 30, 2025.
• Leases are structured as triple-net agreements.
• Portfolio occupancy rate stands at 100%.

Financially, VICI Properties Inc. maintains a strong standing, which is critical for securing favorable financing for future growth. As of the second quarter of 2025:

The liquidity position is solid, giving them dry powder for opportunistic deals. They reported $233.0 million in cash and cash equivalents on the balance sheet. Plus, total liquidity available was approximately $3.03 billion, which included $2.18 billion in revolving credit facility capacity.

Furthermore, the company's credit profile is top-tier, which helps keep the cost of capital low. All three major credit rating agencies assign investment-grade ratings to VICI Properties Inc., all with stable outlooks.

Finally, a key strategic resource for future development is the land bank. VICI Properties Inc. owns approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. That's prime real estate for long-term value creation in the world's leading gaming market.

Finance: draft 13-week cash view by Friday.

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.