Overview

• U.S. experiential REIT's Q1 revenue grew 3.5% yr/yr but missed analyst expectations

• AFFO per share rose 4.5% yr/yr to $0.61 in Q1

• Company raised full-year 2026 AFFO guidance and announced $1.5 bln mezzanine loan investment

Outlook

• VICI raises 2026 AFFO guidance to $2,665 mln-$2,695 mln, or $2.44-$2.47 per share

• Guidance excludes impact from pending acquisitions without announced closing dates or other non-recurring transactions

• Company expects continued growth as it closes pending transactions and expands partner-driven model

Result Drivers

• CECL ALLOWANCE IMPACT - Co said year-over-year increase in net income and FFO was driven by a $305.7 mln aggregate change in the CECL allowance

• INVESTMENT ACTIVITY - Co cited expansion of strategic relationships and new investments, including $1.5 bln mezzanine loan for One Beverly Hills and pending Canadian casino acquisition, as drivers of growth

• AFFO GROWTH - Co said AFFO per share rose 4.5% yr/yr, reflecting continued compounding of its business model

Company press release: ID:nBwcbHg6na

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$1 bln	$1.02 bln (11 Analysts)
Q1 AFFO Per Share		$0.61
Q1 Dividend		$0.45

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 18 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the specialized reits peer group is "buy"

• Wall Street's median 12-month price target for VICI Properties Inc is $34.00, about 18.7% above its April 28 closing price of $28.65

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

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