VICI Properties: Q4 AFFO Expected To Grow But Analysts Focus On Caesars Lease Risk

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VICI Properties Inc. (NYSE:VICI) is scheduled to report fourth-quarter 2025 results on Wednesday, February 25, after the market close. The company enters the earnings release with adjusted funds from ...

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The company enters the earnings release with adjusted funds from ...</p>\n\n<a href=\"https://www.benzinga.com/Opinion/26/02/50820557/vici-properties-q4-affo-expected-to-grow-but-analysts-focus-on-caesars-lease-risk\">Source Link</a>\n\n</div>\n","source":"benzinga_recent_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>VICI Properties: Q4 AFFO Expected To Grow But Analysts Focus On Caesars Lease Risk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVICI Properties: Q4 AFFO Expected To Grow But Analysts Focus On Caesars Lease Risk\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-25 00:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/Opinion/26/02/50820557/vici-properties-q4-affo-expected-to-grow-but-analysts-focus-on-caesars-lease-risk><strong>Benzinga_recent_news</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>VICI Properties Inc. (NYSE:VICI) is scheduled to report fourth-quarter 2025 results on Wednesday, February 25, after the market close. The company enters the earnings release with adjusted funds from ...</p>\n\n<a href=\"https://www.benzinga.com/Opinion/26/02/50820557/vici-properties-q4-affo-expected-to-grow-but-analysts-focus-on-caesars-lease-risk\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4588","symbol_name":"碎股","start_time":0,"source_url":"https://www.benzinga.com/Opinion/26/02/50820557/vici-properties-q4-affo-expected-to-grow-but-analysts-focus-on-caesars-lease-risk","article_id":"2614274540","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2026/02/24/reit.jpeg?optimize=medium&dpr=2&auto=webp&width=240"],"rights":{"source":"benzinga_recent_news","url":"https://www.benzinga.com/Opinion/26/02/50820557/vici-properties-q4-affo-expected-to-grow-but-analysts-focus-on-caesars-lease-risk","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2614274540","pubTimestamp":1771949100,"columns":[],"sourceInfo":{"source_id":"benzinga_recent_news","name":"Benzinga"},"weMediaInfo":null,"summary":"VICI Properties Inc.  is scheduled to report fourth-quarter 2025 results on Wednesday, February 25, after the market close. The company enters the earnings release with adjusted funds from operations continuing to grow — even as multiple Wall Street firms have lowered ratings or price targets in recent months, citing concentration risk tied to a single tenant lease representing roughly a quarter of the company’s income.In the third quarter of 2025, VICI reported AFFO per share of $0.60, representing 5.3% year-over-year growth. Management subsequently raised full-year guidance to a range of $2.36 to $2.37 per share, implying approximately 4.6% annual growth. The company also increased its quarterly dividend to $0.45 per share, marking the eighth consecutive year of dividend increases since its 2018 public listing.Despite those operating trends, shares have traded near $28.85, within range of the 52-week low of $27.48. Since November, several research firms — including Wells Fargo, Everc","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4588":"碎股","BK4561":"索罗斯持仓","BK4234":"特殊用途房地产信托","BK4585":"ETF&股票定投概念","BK4084":"特种房地产投资信托","VICI":"Vici Properties"},"translate_title":"VICI Properties：第四季度AFFO预计将增长，但分析师关注凯撒租赁风险","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"VICI":1.5},"content_text":"VICI Properties Inc. (NYSE:VICI) is scheduled to report fourth-quarter 2025 results on Wednesday, February 25, after the market close. The company enters the earnings release with adjusted funds from operations continuing to grow — even as multiple Wall Street firms have lowered ratings or price targets in recent months, citing concentration risk tied to a single tenant lease representing roughly a quarter of the company’s income.\nIn the third quarter of 2025, VICI reported AFFO per share of $0.60, representing 5.3% year-over-year growth. Management subsequently raised full-year guidance to a range of $2.36 to $2.37 per share, implying approximately 4.6% annual growth. The company also increased its quarterly dividend to $0.45 per share, marking the eighth consecutive year of dividend increases since its 2018 public listing.\nDespite those operating trends, shares have traded near $28.85, within range of the 52-week low of $27.48. Since November, several research firms — including Wells Fargo, Evercore ISI, Barclays, and Scotiabank — have either downgraded the stock or lowered ratings or price targets, citing uncertainty related to the Caesars Entertainment Regional Master Lease.\nEarnings Expectations And Balance Sheet Position\nConsensus estimates project fourth-quarter AFFO per share of approximately $0.60, compared with $0.57 in the prior-year period, representing expected growth of approximately 5.3%. Revenue consensus stands near $1.02 billion, implying approximately 4% year-over-year growth. The AFFO estimate has remained largely unchanged in recent months, reflecting the predictable cash flow structure typical of triple-net lease real estate investment trusts.\nFor the full year, management’s guidance range implies AFFO per share growth of approximately 4.6% compared with fiscal 2024 results. The company reported approximately $3.1 billion in available liquidity as of the most recent quarter, with net leverage near 5.0 times debt-to-adjusted EBITDA, within its stated long-term target range of 5.0 to 5.5 times.\nAll three major credit rating agencies assign investment-grade ratings at the BBB- level or equivalent, with stable outlooks. Moody’s upgraded the company to investment-grade status in November 2024, aligning all agency ratings within the same category.\nLease Concentration Remains Central Question\nThe Caesars Regional Master Lease accounts for approximately 25% of VICI’s net operating income, making it the largest individual source of tenant concentration within the portfolio.\nManagement addressed the issue during the third-quarter earnings call, indicating that discussions with Caesars were ongoing and focused on maintaining long-term alignment between both parties. No specific timeline or financial terms were disclosed.\nA central question for the earnings call will be whether ongoing diversification efforts — including the Golden transaction and the Northfield Park lease restructuring — are sufficient to offset any adjustment the Caesars regional lease may ultimately require.\nValuation And Dividend Profile\nVICI’s forward price-to-AFFO multiple is approximately 11.7 times, near the lower end of its historical trading range. The average analyst price target of approximately $34.21 suggests potential upside relative to recent share prices, based on consensus estimates.\nThe company’s dividend yield is approximately 6.3%, with a payout ratio near 76% of projected AFFO. The triple-net lease structure appears to support stable cash flow visibility across reporting periods.\nFourth-quarter results are expected to reflect continued operational stability. Market attention will likely focus on management’s commentary regarding tenant concentration, lease negotiations, and growth expectations entering fiscal 2026.\nSources: \nVICI Properties Q3 2025 Earnings Release (October 2025) \nVICI Properties Q4 2024 Earnings Release (February 2025) \nVICI Properties Golden Entertainment Transaction Announcement (November 2025) \nZacks Consensus Estimates (accessed February 2026) \nScotiabank Research Note (February 2, 2026) \nWells Fargo Research Note (November 2025)\nDisclosure: This article is for informational purposes only and does not constitute investment advice. The author holds no position in VICI at the time of writing.\nBenzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2614274540","isCrawlerRequest":true}