VICI Properties Inc. | REIT Profile

Symbol: VICI
CIK: 1705696
Exchange: NYSE
Founded: 2016 (9 years)
HQ: Las Vegas, NV, United States
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Large-Cap
REIT Sector: Hotel, Specialty, Diversified

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See VICI on SEC.gov

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About VICI Properties Inc.

VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and approximately 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading non-gaming experiential operators, including Bowlero, Cabot, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, and Kalahari Resorts and Conventions. VICI Properties also owns four championship golf courses and 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators.


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Stock Chart

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REITRating™ Trend


REITRating™ is REITNotes' Real Estate Investment Trust industry-specific rating and ranking system. The overall score is out of ten points, with ten being the best score. See score breakdown. The graph below plots the overall REITRating™ score for the last trading days. See complete trend.

Overall REITRating Score: 9.0

Dividend of Trading Day 2025-09-16


Dividend Yield: 5.22%*
Annualized Dividend: $1.8*
Dividend Yield (TTM): 5.4%
Annualized Dividend (TTM): $1.748
Ex-Dividend Date: 2025-09-18
Dividend Date: 2025-10-09
Dividend Frequency: Quarterly

*The forward annualized dividend and dividend yield are based on the most recent dividend value paid by the REIT. The REIT may have already announced their next upcoming dividend value, which may be different from previously paid dividend value. It is recommended to check the REIT's website and dividend announcements for the latest information on upcoming dividends and changes. This graph does not include extraordinary dividend.

Latest REIT Press Releases


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Funds From Operations (FFO)


FFO Amount and Payout Ratio

Below are the FFO amounts, dividends, and payout ratios for the last two quarters for VICI. Compare FFO to other REITs at REITFFO.

Year Quarter Type Amount Dividend Paid Payout Ratio
2025 Q2 AFFO $0.60 $0.43 72.08%
2025 Q2 FFO $0.82 $0.43 52.74%
2025 Q1 FFO $0.51 $0.43 84.80%
2025 Q1 AFFO $0.58 $0.43 74.57%

REITNotes uses the REIT's Funds From Operation (FFO) per diluted share informed in the REIT’s Quarterly Earning Reports and its announced dividend per diluted share. For some REITs, we also display the Adjusted Funds From Operations (AFFO), Core FFO, Normalized FFO (NFFO), Modified FFO (MFFO), Operating FFO as provided by the REIT. REITNotes™ calculates the payout ratio by dividing the dividend value paid during the current quarter by the FFO declared in the previous Quarter. E.g., we divide the dividend value paid in Q3 by the FFO reported in Q2. This is because although paid in Q3, the dividend value is usually declared during the previous quarter. FFO is a non-GAAP measure recognized by the SEC and provided by the REITs as a supplemental measure of their operating performance. FFO is not meant to be an indicator of the REIT’s capacity to pay current or future dividends nor to be a substitute to the REIT's cash flow from operations. It is recommended to check the REIT's website, Earning Reports and dividend announcements for the latest and updated information. The “Payout Ratio” is calculated by dividing the “Dividends Paid” column by the “FFO Amount” column. Some REITs may have two types of FFO (eg. FFO and Modified FFO) while others may have just one type of FFO.

Dividend to FFO & AFFO Payout Ratio

REITNotes' Dividend to FFO Payout Ratio graph is based on the REIT's Funds From Operation (FFO) per diluted share informed in the REIT’s Quarterly Earning Reports and its announced dividend per diluted share. For some REITs, we also display the Adjusted Funds From Operations (AFFO), Core FFO, Normalized FFO (NFFO), Modified FFO (MFFO), Operating FFO as provided by the REIT. REITNotes™ calculates the payout ratio by dividing the dividend value paid during the current quarter by the FFO declared in the previous Quarter. E.g., we divide the dividend value paid in Q3 by the FFO reported in Q2. This is because although paid in Q3, the dividend value is usually declared during the previous quarter. FFO is a non-GAAP measure recognized by the SEC and provided by the REITs as a supplemental measure of their operating performance. FFO is not meant to be an indicator of the REIT’s capacity to pay current or future dividends nor to be a substitute to the REIT's cash flow from operations. It is recommended to check the REIT's website, Earning Reports and dividend announcements for the latest and updated information.

Stock Price to FFO & AFFO Multiples (TTM)

REITNotes' Price to FFO (P/FFO) Multiples graph is calculated by dividing the REIT’s closing stock price for the day by the Trailing Twelve Month (TTM) Funds from Operations (FFO). For some REITs we also display the Price-to-Adjusted Funds From Operations (P/AFFO), Price-to-Core FFO (P/CFFO), Price-to-Normalized FFO (P/NFFO), Price-to-Modified FFO (P/MFFO), Price-to-Operating (P/FFO), depending on the data provided in the REIT’s Quarterly Earning Reports.
As you may be familiar with, the price-to-earnings ratio (P/E ratio) is a useful tool for investors to gauge the market's valuation of a company’s stock price. The price-to-FFO ratio (or multiple) is a comparable measure used in the REIT industry that compares the REIT’s stock price to its FFO per share instead of its earnings per share (EPS).

Key Stats of Trading Day 2025-09-16


Market Capitalization: $35,360,870,000 [?]
EBITDA: $3,636,071,000 [?]
P/E (Price-to-Earnings) Ratio: 12.72 [?]
PEG (Price/Earnings to Growth) Ratio: N/A [?]
Book Value: 25.57 [?]
Dividend Per Share (DPS): $1.73 [?]
Earnings Per Share (EPS): 2.60 [?]
Revenue Per Share (TTM): $3.73 [?]
Profit Margin: 70.20% [?]
Operating Margin (TTM): 109.30% [?]
Return on Assets (TTM): 5.01% [?]
Return on Equity (TTM): 10.40% [?]
Revenue (TTM): $3,926,259,000 [?]
Gross Profit (TTM): $3,888,235,000 [?]
Diluted EPS (TTM): $2.60 [?]
Quarterly Earnings Growth YOY: 15.40% [?]
Quarterly Revenue Growth YOY: 4.60% [?]
Trailing P/E: 12.72 [?]
Forward P/E: 11.47 [?]
Beta: 0.72 [?]
Price-to-Sales Ratio (TTM): 9.01 [?]
Price-to-Book (P/B): 1.31 [?]
Enterprise Value (EV) to Revenue: 13.49 [?]
EV to EBITDA: 14.51x [?]
Shares Outstanding: 1,066,370,000 [?]
52 Week High: $34.01 [?]
52 Week Low: $27.24 [?]
50 Day Moving Average: $33.13 [?]
200 Day Moving Average: $31.72 [?]

Properties Owned by VICI


VICI Sample Property

Sample of REIT’s Properties. Image Source - REIT’s website

Occupancy Rate



Different REITs may report Occupancy levels in various forms/calculations. Some of the terms used to describe occupancy are Portfolio Occupancy, Weighted Average Occupancy, Ending Occupancy, Economic Occupancy, Leased Occupancy, Physical Occupancy, Pro Forma Occupancy, Same-Property Occupancy, Stabilized Portfolio Occupancy, Comparable Occupancy, Lease Rate, Percent Leased, among others. Some REITs interchange the words Occupancy and Leased while others use them to distinguish between data points. Some REITs also vary the use of the words over time through their earning reports. Therefore the information provided here is our best attempt at collecting data on occupancy/leased trends. However, it may not be accurate or comparable between different REITs.

REIT Simulation


Below is a simulation of how much money you would have made in dividends, and how much the shares would be worth had you purchased them 1 year ago for the amounts below.