Vici Properties Inc. (VICI): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo do investimento imobiliário estratégico na Vici Properties Inc., uma potência no setor de jogos e hospitalidade que transforma a propriedade de propriedade em uma forma de arte financeira sofisticada. Ao alavancar um modelo de negócios inovador que combina gerenciamento meticuloso de propriedades com estruturas de arrendamento de longo prazo, a Vici criou um nicho único na complexa paisagem de fundos de investimento imobiliário. Sua abordagem vai além da propriedade tradicional, criando um ecossistema dinâmico que gera fluxos de renda estáveis, fornecendo suporte crítico à infraestrutura às principais empresas de jogos e entretenimento.

Vici Properties Inc. (VICI) - Modelo de negócios: Parcerias -chave

Empresas de jogos e hospitalidade

A Vici Properties mantém uma parceria crítica com a Caesars Entertainment, com US $ 17,5 bilhões em ativos imobiliários para jogos a partir do quarto trimestre de 2023. A empresa possui 66 propriedades em 26 estados, com o CAARSARS sendo o principal inquilino.

Parceiro	Contagem de propriedades	Valor total do ativo
Entretenimento de Caesars	45 propriedades	US $ 14,2 bilhões
MGM Resorts	12 propriedades	US $ 2,3 bilhões

Empresas de investimento imobiliário

A Vici colabora com várias empresas de investimento imobiliário para diversificar seu portfólio e gerenciar US $ 29,6 bilhões em ativos totais em dezembro de 2023.

• Investimentos imobiliários de Goldman Sachs
• Parceiros imobiliários de Blackstone
• Fundos imobiliários de Morgan Stanley

Operadores de cassino e proprietários de imóveis

O portfólio da Vici inclui parcerias com vários operadores de cassino além do Caesars e da MGM, gerando US $ 1,4 bilhão em receita anual de aluguel em 2023.

Operador	Renda de aluguel	Número de propriedades
Penn Entertainment	US $ 280 milhões	9 propriedades
Hard Rock International	US $ 190 milhões	5 propriedades

Instituições financeiras e bancos de investimento

A Vici mantém linhas de crédito totalizando US $ 3,5 bilhões com as principais instituições financeiras a partir do quarto trimestre de 2023.

• JPMorgan Chase - Linha de crédito de US $ 1,2 bilhão
• Bank of America - Linha de crédito de US $ 850 milhões
• Wells Fargo - Contrato de crédito de US $ 750 milhões

Consultores de conformidade jurídica e regulatória

A Vici trabalha com empresas jurídicas especializadas para navegar nos regulamentos imobiliários e de jogos complexos, gastando aproximadamente US $ 12,5 milhões anualmente em serviços de conformidade e consultoria jurídica.

Escritório jurídico	Especialidade	Custo consultivo anual
Greenberg Traurig	Regulamentos de jogos	US $ 4,2 milhões
Brownstein Hyatt Farber Schreck	Conformidade imobiliária	US $ 3,8 milhões

Vici Properties Inc. (VICI) - Modelo de negócios: Atividades -chave

Aquisição e gerenciamento imobiliários

A partir do quarto trimestre de 2023, a Vici Properties possui 54 propriedades de jogos e hospitalidade em 17 estados, com um portfólio imobiliário total avaliado em US $ 33,3 bilhões. A empresa se concentra nas propriedades de arrendamento de rede tripla, que totalizaram aproximadamente 44,5 milhões de pés quadrados.

Categoria de propriedade	Número de propriedades	Valor total
Propriedades dos jogos	45	US $ 28,7 bilhões
Propriedades de hospitalidade	9	US $ 4,6 bilhões

Leasing de propriedade para operadores de cassino e hospitalidade

A VICI gera receita por meio de acordos de arrendamento de longo prazo com os principais operadores. Os principais arrendatários incluem:

• CAESARS Entertainment (inquilino primário)
• MGM Resorts International
• Penn Entertainment

A receita total de arrendamento anual em 2023 foi de US $ 1,45 bilhão, com um prazo médio de arrendamento de 14,4 anos.

Expansão de portfólio de propriedades estratégicas

Em 2023, a Vici completou US $ 4,8 bilhões em aquisições de propriedades, expandindo seu portfólio por meio de transações estratégicas.

Tipo de aquisição	Investimento total	Número de propriedades
Propriedades dos jogos	US $ 3,6 bilhões	7
Propriedades de hospitalidade	US $ 1,2 bilhão	2

Gestão de investimentos e ativos financeiros

Em 31 de dezembro de 2023, Vici informou:

• Total de ativos: US $ 37,2 bilhões
• Dívida total: US $ 16,5 bilhões
• Fundos ajustados das operações (AFFO): US $ 1,92 bilhão

Negociação e estruturação de acordos de arrendamento de longo prazo

Os acordos de arrendamento de Vici têm características específicas:

• Termo médio de arrendamento: 14,4 anos
• Taxa de escalada de arrendamento: 2% anual
• Taxa de ocupação: 100%

Em 2023, a empresa executou 12 novos acordos de arrendamento com um valor total de US $ 2,3 bilhões.

Vici Properties Inc. (VICI) - Modelo de negócios: Recursos -chave

Extenso portfólio imobiliário

A partir do quarto trimestre de 2023, a Vici Properties possui 54 propriedades de jogos e hospitalidade nos Estados Unidos, com um portfólio imobiliário total avaliado em US $ 30,8 bilhões.

Tipo de propriedade	Número de propriedades	Valor total
Propriedades do cassino	45	US $ 26,4 bilhões
Propriedades de hospitalidade	9	US $ 4,4 bilhões

Capital financeiro e recursos de investimento

A Vici Properties demonstra recursos financeiros robustos com as seguintes métricas:

• Capitalização de mercado: US $ 32,7 bilhões (em janeiro de 2024)
• Total de ativos: US $ 34,2 bilhões
• Dívida total: US $ 16,5 bilhões
• Taxa de dívida / patrimônio: 0,52

Equipe de gestão e liderança

A liderança chave inclui:

Executivo	Posição	Anos de experiência
Edward Pitoniak	CEO	Mais de 25 anos
David Scharf	Diretor Financeiro	Mais de 20 anos

Experiência em investimentos imobiliários

A Vici Properties é especializada em acordos de arrendamento de rede tripla com os principais operadores de jogos, com um prazo médio de arrendamento de 15,4 anos.

Relacionamentos estratégicos

Os principais relacionamentos de inquilinos incluem:

• Caesars Entertainment (38% do portfólio)
• MGM Resorts International (27% do portfólio)
• Penn Entertainment (18% do portfólio)

Vici Properties Inc. (VICI) - Modelo de negócios: proposições de valor

Renda estável e previsível através de estruturas de arrendamento de rede tripla

A partir do quarto trimestre 2023, a Vici Properties possui 56 propriedades para jogos e entretenimento, com um valor total de ativos brutos de US $ 32,1 bilhões. O portfólio de arrendamento de rede tripla da empresa gera aluguel contratual anual de US $ 1,2 bilhão com um prazo médio de arrendamento ponderado de 14,4 anos.

Métrica de arrendamento	Valor
Propriedades totais	56
Valor bruto do ativo	US $ 32,1 bilhões
Aluguel contratual anual	US $ 1,2 bilhão
Termo de arrendamento médio ponderado	14,4 anos

Investimentos imobiliários de alta qualidade em setores de jogos e entretenimento

O portfólio de propriedades da Vici inclui investimentos estratégicos em ativos de jogos e entretenimento nos Estados Unidos.

• Palácio de Caesar Las Vegas
• MGM Grand Las Vegas
• Nova Orleans de Harrah
• Propriedades do cassino de Hollywood

Portfólio de propriedades diversificadas em vários mercados geográficos

A partir de 2024, a Vici Properties possui propriedades em 17 estados, com concentrações significativas em Nevada, Nova Jersey e Missouri.

Estado	Número de propriedades
Nevada	12
Nova Jersey	8
Missouri	6
Outros estados	30

Modelo de investimento de baixo risco com fluxos de receita consistentes

Em 2023, Vici relatou um 99,7% de taxa de cobrança de arrendamento com escalações contratuais de aluguel incorporadas em acordos de arrendamento de longo prazo.

Oportunidade de valorização de capital a longo prazo

O preço das ações da Vici demonstrou crescimento consistente, com uma capitalização de mercado de US $ 35,6 bilhões em janeiro de 2024 e um rendimento de dividendos de 5,2%.

Métrica financeira	Valor
Capitalização de mercado	US $ 35,6 bilhões
Rendimento de dividendos	5.2%
Crescimento do preço das ações (2023)	18.3%

Vici Properties Inc. (VICI) - Modelo de negócios: relacionamentos com o cliente

Acordos de arrendamento contratual de longo prazo

A Vici Properties mantém um prazo médio de arrendamento de 14,5 anos com seus inquilinos a partir do quarto trimestre de 2023. O portfólio total inclui 71 propriedades de jogos e hospitalidade com estruturas de arrendamento de rede tripla.

Métrica de arrendamento	Valor
Duração média do arrendamento	14,5 anos
Propriedades totais	71
Tipo de arrendamento	Triple-Net

Abordagem de parceria colaborativa com inquilinos

Os inquilinos primários de Vici incluem a Caesars Entertainment e a Penn Entertainment, representando aproximadamente 89% da receita total de aluguel contratual.

• Entretenimento de Caesars: 61% da receita de aluguel
• Penn Entertainment: 28% da receita de aluguel
• Outros inquilinos: 11% da receita de aluguel

Gerenciamento de propriedades proativas e suporte de manutenção

A Vici investiu US $ 1,2 bilhão em melhorias e aquisições de propriedades em 2023, garantindo ativos imobiliários de alta qualidade para inquilinos.

Categoria de investimento	Quantia
Melhorias da propriedade	US $ 1,2 bilhão
Total de ativos	US $ 33,4 bilhões

Relatórios financeiros transparentes e comunicação

Vici relatou US $ 1,42 bilhão em receita total Para o ano fiscal de 2023, com chamadas trimestrais de ganhos e apresentações detalhadas dos investidores.

Termos de arrendamento flexíveis e estratégias de negociação

A Vici oferece escadas rolantes variáveis ​​de aluguel e taxas de cobertura de aluguel, com uma cobertura média de aluguel de 2,4x em seu portfólio.

Métrica de termo de arrendamento	Valor
Taxa de cobertura de aluguel	2.4x
Taxa de escalada de arrendamento	2% anualmente

Vici Properties Inc. (VICI) - Modelo de negócios: canais

Comunicações corporativas diretas

A equipe de relações com investidores da Vici Properties utiliza vários canais de comunicação:

Canal de comunicação	Detalhes de contato
Telefone de relações com investidores	(310) 507-1920
Endereço da sede corporativa	2800 Post Oak Blvd, Suite 5450, Houston, TX 77056
Contato por e -mail	investors@viciproperties.com

Plataformas de relações com investidores financeiros

Vici aproveita as seguintes plataformas de investidores:

• NYSE: Ticker de estoque Vici
• S&P MIDCAP 400 INDICE CONSTRUENT
• Plataforma de dados financeiros do terminal da Bloomberg
• FACTSET PESQUISA SISTEMAS

Conferências de investimento imobiliário

Nome da conferência	Frequência de participação
NAREIT REITWEEK	Anual
Conferência Real Estate Global do Bank of America	Anual
Conferência CEO da Citi Global Property	Anual

Site corporativo e apresentações de investidores

Site: www.viciproperties.com

• Apresentações trimestrais de ganhos
• Relatórios anuais
• Deck de apresentação do investidor
• Arquivos de webcast

Valores mobiliários e registros regulatórios de câmbio

Tipo de arquivamento	Freqüência
Relatório anual de 10-K	Anualmente
Relatório trimestral de 10-Q	Trimestral
Eventos materiais de 8-K	Conforme necessário

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

Operadores de cassino e hospitalidade

A Vici Properties possui 70 propriedades de jogos e hospitalidade a partir do quarto trimestre 2023, com um valor total de portfólio de US $ 30,5 bilhões. Os principais clientes incluem:

Operador	Número de propriedades	Receita anual de arrendamento
Entretenimento de Caesars	35 propriedades	US $ 1,1 bilhão
MGM Resorts International	15 propriedades	US $ 515 milhões

Grandes empresas de entretenimento para jogos

A Vici tem como alvo grandes empresas de entretenimento para jogos com presença significativa no mercado:

• Penn Entertainment
• Entretenimento Dourado
• Jogos Boyd

Funcionários de investimento imobiliário (REITs)

O portfólio imobiliário de Vici inclui:

Categoria REIT	Valor total da propriedade	Termo de arrendamento médio
REITs focados em jogos	US $ 22,3 bilhões	15,4 anos

Investidores institucionais

Vici atrai investidores institucionais com:

• Capitalização de mercado de US $ 32,8 bilhões (em janeiro de 2024)
• Rendimento de dividendos de 5,6%
• Propriedade institucional de 87,3%

Empresas de private equity

A estratégia de aquisição da Vici tem como alvo as empresas de private equity com:

Métrica de aquisição	2023 valor
Aquisições totais	US $ 6,2 bilhões
Tamanho médio da transação	US $ 750 milhões

Vici Properties Inc. (VICI) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

Em 2023, a Vici Properties gastou US $ 6,3 bilhões em aquisições de propriedades, principalmente em jogos e imóveis experimentais.

Categoria	Custo total de aquisição	Número de propriedades
Imóveis para jogos	US $ 5,2 bilhões	45 propriedades
Outras propriedades experimentais	US $ 1,1 bilhão	12 propriedades

Custos de manutenção e gerenciamento de propriedades

As despesas anuais de manutenção de propriedades totalizaram US $ 187,4 milhões em 2023.

• Manutenção de rotina: US $ 92,6 milhões
• Melhorias de capital: US $ 64,8 milhões
• Taxas de gerenciamento de propriedades: US $ 30 milhões

Overhead administrativo e operacional

A sobrecarga operacional para 2023 foi de US $ 76,5 milhões.

Categoria de despesa	Quantia
Salários dos funcionários	US $ 42,3 milhões
Despesas administrativas corporativas	US $ 22,7 milhões
Tecnologia e sistemas	US $ 11,5 milhões

Despesas de financiamento e juros

Os custos totais de financiamento em 2023 foram de US $ 465,2 milhões.

• Despesa de juros sobre dívida de longo prazo: US $ 412,6 milhões
• Taxas da linha de crédito: US $ 32,4 milhões
• Custos de refinanciamento da dívida: US $ 20,2 milhões

Custos de conformidade e relatório regulamentar

As despesas regulatórias de conformidade em 2023 atingiram US $ 8,9 milhões.

Área de conformidade	Despesa
Relatórios legais e regulatórios	US $ 5,3 milhões
Taxas de auditoria externas	US $ 2,4 milhões
Tecnologia de conformidade	US $ 1,2 milhão

Vici Properties Inc. (VICI) - Modelo de negócios: fluxos de receita

Renda de aluguel de arrendamento recorrente

No quarto trimestre 2023, a Vici Properties gerou US $ 1,37 bilhão em receita anual de aluguel. O portfólio de arrendamento da empresa inclui 43 propriedades de jogos e hospitalidade com um prazo médio de arrendamento de 34,4 anos.

Tipo de propriedade	Número de propriedades	Renda anual de aluguel
Propriedades do cassino	39	US $ 1,24 bilhão
Outras propriedades de hospitalidade	4	US $ 130 milhões

Apreciação da propriedade e crescimento de valor

O portfólio total do setor imobiliário da Vici foi avaliado em US $ 34,1 bilhões em 31 de dezembro de 2023, com um aumento de valor da propriedade em relação ao ano anterior de 7,2%.

Receitas de contrato de arrendamento de longo prazo

A empresa mantém Acordos de arrendamento de rede tripla com um termo de arrendamento restante médio de 34,4 anos. As escadas rolantes de arrendamento são incorporadas em contratos, normalmente variando de 2% a 3% aumentos anuais.

• Expiração média ponderada do arrendamento: 2057
• Taxa de cobertura de arrendamento: 2.1x
• Aluguel contratual aumenta: 2-3% anualmente

Vendas e disposições estratégicas de propriedades

Em 2023, a Vici concluiu a aquisição de propriedades, totalizando US $ 4,6 bilhões, incluindo a aquisição de US $ 2,7 bilhões das propriedades de crescimento da MGM.

Tipo de transação	Valor total	Número de propriedades
Aquisições de propriedades	US $ 4,6 bilhões	12
Disposições de propriedade	US $ 312 milhões	3

Receita de investimento de portfólio imobiliário

A Vici gerou US $ 1,52 bilhão em receita total para o ano fiscal de 2023, com um lucro líquido de US $ 1,14 bilhão.

• Fundos das operações (FFO): US $ 1,38 bilhão
• Fundos ajustados das operações (AFFO): US $ 1,26 bilhão
• Rendimento 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.