AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 18/10/2026
Moat69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Long initial lease terms, property-specific agreements and master leases establish contractual switching friction. Triple-net terms protect the landlord's economics. Comparative asset scarcity and relocation costs are not demonstrated.
durability · 3/4 · Initial terms of 15–32 years and annual escalation provisions support long-lived contractual protection. The 39.6-year average includes tenant options, and tenant distress can impair enforcement or collection.
customer dependency · 3/4 · Tenants have long-term obligations tied to specific operating properties, sometimes across a master lease. Continued leasing through the Northfield operator transition supports dependency indirectly; quantified relocation costs and renewal outcomes are absent.
erosion resilience · 2/4 · Rent escalations have continued, and operating fluctuations do not directly alter contractual rent. Gaming competition, concentration and increased credit-loss expense constrain resilience. Risk disclosures are possibilities; allowance changes do not establish realized defaults.
Pricing power63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 3/4 · Northfield Park's annual base rent actually increased 2% to $54.0 million. Portfolio contractual leasing revenue also increased, partly from annual escalators. Acquisition contributions prevent attributing all growth to pricing.
retention · 3/4 · Long-term leases create substantial contractual retention friction, and Northfield remained leased through an operator change with a subsequent escalation. This is indirect evidence of retained property demand, not a measured renewal or tenant-retention rate.
margin resilience · 2/4 · Triple-net cost allocation and unchanged rent obligations during tenant operating fluctuations protect property-level economics. Higher refinancing rates and increased credit-loss expense demonstrate exposures outside that protection; comprehensive comparable margin data are absent.
contractual freedom · 2/4 · Annual escalations provide enforceable pricing mechanisms, but long leases, fixed increases and CPI caps constrain discretionary repricing and inflation pass-through. The evidence supports bounded contractual power.
Predictability80
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 27.78
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 5.61
Financial strength—
Missing required inputs: currentRatioGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 18.77
- netDebtEbitGrade
- 11.53
- interestCoverageGrade
- 30.40
- Debt / FCF (x)
- 6.69
- Net debt / operating income (x)
- 4.42
Capital allocation56
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 8.47
- 3-year average dilution (%)
- 6.75
- 3-year average SBC / revenue (%)
- 0.43
- cashConversionGrade
- 88.60
Management69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · First-half operating cash generation rose to $1.36 billion and debt covenants were met. Against this, investing outflows increased, Golden required approximately 24.3 million new shares and debt repayment, diluted EPU fell, and future funding commitments remain. Acquisition returns are not yet established.
incentive alignment · 3/4 · Actual performance-based grants use three-year absolute and relative shareholder returns; short-term incentives use two-year AFFO per-share growth. Directors comply with stock ownership guidelines. Service-only awards and missing executive ownership details limit the conclusion.
execution · 3/4 · Completed acquisitions, the Northfield lease transition, realized escalations and increased operating cash flow demonstrate transaction and leasing execution. These operating outcomes do not establish the eventual returns on newly deployed capital.
governance · 3/4 · Disclosed practices include an independent chair, entirely independent committees, annual director elections, meaningful stockholder rights and opt-outs from Maryland anti-takeover statutes. These are actual governance arrangements, although their effectiveness through a severe conflict is untested here.
Evidence
Lease Provisions As of June 30, 2026, we owned 103 assets leased under 20 separate lease agreements with our tenants, certain of which are master lease agreements governing multiple properties and certain of which are for single assets.
Notes to financial statements / Lease Provisions / assets and lease agreements · Filed 29/07/2026
Our lease agreements are generally long-term in nature with initial terms ranging from 15 to 32 years and are structured with several tenant renewal options extending the term of the lease for another 5 to 30 years.
Notes to financial statements / Lease Provisions / initial terms and renewal options · Filed 29/07/2026
As of June 30, 2026, our lease agreements had a weighted average lease term based on contractual rent, including extension options, of approximately 39.6 years.
Notes to financial statements / Lease Provisions / weighted average term including options · Filed 29/07/2026
All of our lease agreements provide for annual base rent escalations, which may be fixed or variable over the life of the lease.
Notes to financial statements / Lease Provisions / annual escalations · Filed 29/07/2026
The rent escalation provisions range from providing for a flat annual increase of 1% to 2% to an annual increase of 1% in the earlier years and the greater of 2% or CPI in later years, which may be subject to a maximum CPI-based cap with respect to each annual rent increase.
Notes to financial statements / Lease Provisions / fixed and CPI-linked escalation limits · Filed 29/07/2026
We derive a substantial majority of our revenues from rental revenue from the lease agreements for our properties, each of which are “triple-net” leases, pursuant to which the tenant bears responsibility for all property costs and expenses associated with ongoing maintenance and operation, including utilities, property tax and insurance.
Business / Our Properties and Lease Agreements / triple-net cost allocation · Filed 25/02/2026
On May 1, 2026, concurrent with the escalation of the MGM Master Lease, the Northfield Park Lease escalated by 2.0%, resulting in an annual base rent of $54.0 million.
MD&A / Significant Activities / realized Northfield Park rent escalation · Filed 29/07/2026
Total contractual leasing revenue increased $30.9 million and $47.6 million during the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025, respectively.
MD&A / Leasing revenue / contractual leasing revenue growth · Filed 29/07/2026
The increases were primarily driven by the addition of the Golden Entertainment Master Lease to our portfolio in April 2026, as well as annual rent escalators from certain of our lease agreements.
MD&A / Leasing revenue / acquisition and escalation contributions · Filed 29/07/2026
•Financial difficulties experienced by any of our tenants, borrowers or guarantors, including their potential bankruptcy or insolvency, could result in defaults under, or requests to modify or terminate, their lease agreements, related guarantees or loan agreements, or otherwise have a material adverse effect on our business.
Summary of Risk Factors / tenant financial difficulties and lease modification risk · Filed 25/02/2026
•Because a concentrated portion of our revenues are generated from the Las Vegas Strip, we are subject to greater risks than a company that is more geographically diversified.
Summary of Risk Factors / Las Vegas Strip concentration · Filed 25/02/2026
Gaming competition is intense in most of the markets where our facilities are located, and may continue to increase as a result of, among other things, the expansion or improvement of facilities by existing market participants, the availability of additional licenses in a given jurisdiction, the entrance of new gaming participants into a market, increased internet gaming, sports betting, and trading on prediction markets, or legislative changes in various jurisdictions (including those relating to the foregoing).
Risk Factors / gaming competition and alternative channels · Filed 25/02/2026
51 Table of Contents Expenses For the three and six months ended June 30, 2026 and 2025, our operating expenses were comprised of the following items: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 Variance 2026 2025 Variance General and administrative $ 15,429 $ 14,561 $ 868 $ 31,405 $ 29,421 $ 1,984 Depreciation 998 741 257 1,965 1,737 228 Other expenses 18,915 19,536 (621) 37,814 39,049 (1,235) Golf expenses 7,395 6,619 776 13,864 12,971 893 Change in allowance for credit losses 271,059 (142,001) 413,060 152,284 44,956 107,328 Transaction and acquisition expenses 1,815 7,434 (5,619) 1,982 7,479 (5,497) Total expenses $ 315,611 $ (93,110) $ 408,721 $ 239,314 $ 135,613 $ 103,701 General and Administrative Expenses General and administrative expenses increased $0.9 million and $2.0 million for the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025, respectively.
MD&A / Expenses / credit-loss allowance changes and operating expenses · Filed 29/07/2026
The increase was primarily driven by an increase in the weighted average annualized interest rate of our debt, net of the impact of the forward-starting interest rate swaps and treasury locks, to 4.46% during the year ended December 31, 2025 compared to 4.34% during the year ended December 31, 2024, as a result of a higher effective interest rate on the March 2024 Notes, the December 2024 Notes and the April 2025 Notes as compared to the debt that was refinanced by such notes.
MD&A / Interest Expense / higher refinancing rates · Filed 25/02/2026
As a triple-net lessor, our tenants’ operational performance, as impacted by factors such as increased competition or operational expenses at our leased properties, does not directly impact their rent obligations (other than with respect to underlying inflation as applied to the CPI-based escalators described below) or other obligations under our lease agreements (other than compliance with financial covenants and other terms when applicable).
MD&A / Material Trends / rent obligations insulated from tenant operating fluctuations · Filed 29/07/2026
On April 21, 2026, we entered into the Northfield Park Lease, a new triple-net lease agreement with an affiliate of funds managed by Clairvest with respect to the real property of Northfield Park, located in Northfield, Ohio, in connection with MGM’s previously announced agreement to sell the operations of Northfield Park to an affiliate of Clairvest.
MD&A / Northfield Park Severance Lease / completed new tenant lease · Filed 29/07/2026
In connection with the closing, we entered into an amendment to the existing MGM Master Lease in order to account for MGM’s divestiture of the operations of Northfield Park and to reduce the annual base rent under the MGM Master Lease by the initial base rent under the Northfield Park Lease.
MD&A / Northfield Park Severance Lease / corresponding master-lease rent reduction · Filed 29/07/2026
56 Table of Contents Cash Flow Analysis The table below summarizes our cash flows for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, (In thousands) 2026 2025 Variance Cash, cash equivalents and restricted cash Provided by operating activities $ 1,360,042 $ 1,231,758 $ 128,284 Used in investing activities (1,025,837) (715,343) (310,494) Used in financing activities (609,261) (808,412) 199,151 Effect of exchange rate changes on cash, cash equivalents and restricted cash (360) 365 (725) Net decrease in cash, cash equivalents and restricted cash (275,416) (291,632) 16,216 Cash, cash equivalents and restricted cash, beginning of period 563,479 524,615 38,864 Cash, cash equivalents and restricted cash, end of period $ 288,063 $ 232,983 $ 55,080 Cash Flows from Operating Activities Net cash provided by operating activities increased $128.3 million for the six months ended June 30, 2026 compared with the six months ended June 30, 2025.
MD&A / Cash Flow Analysis / operating, investing and financing cash flows · Filed 29/07/2026
The increase was primarily driven by the receipt of payment-in-kind interest, the annual rent escalators from our lease agreements and incremental interest income from additional loan fundings.
MD&A / Cash Flows from Operating Activities / drivers of cash-flow increase · Filed 29/07/2026
We determined that the Golden Entertainment Transaction should be accounted for as an asset acquisition under ASC 805-50, with $1.15 billion of total consideration transferred comprised of the following: (In thousands) Amount Merger Consideration (1) $ 709,468 Repayment of Golden Entertainment outstanding debt (2) 426,000 Transaction costs (3) 13,230 Total purchase price $ 1,148,698 ____________________ (1) Amount represents the dollar value of approximately 24.3 million shares of VICI common stock, multiplied by the VICI stock price at the time of closing of $29.20 per share, which were issued in exchange for the outstanding shares of Golden Entertainment stock.
Notes to financial statements / Golden Entertainment Transaction / completed consideration and debt repayment · Filed 29/07/2026
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (UNAUDITED) The following tables reconcile the weighted-average units outstanding used in the calculation of basic EPU to the weighted-average units outstanding used in the calculation of diluted EPU: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 Determination of units: Weighted-average units outstanding 1,102,428 1,068,454 1,091,590 1,068,350 Assumed conversion of VICI restricted stock 40 669 84 530 Assumed settlement of VICI forward sale agreements — 379 — 204 Diluted weighted-average units outstanding 1,102,468 1,069,502 1,091,674 1,069,084 Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per unit data) 2026 2025 2026 2025 Basic: Net income attributable to partners $ 529,480 $ 871,916 $ 1,408,942 $ 1,419,743 Weighted-average units outstanding 1,102,428 1,068,454 1,091,590 1,068,350 Basic EPU $ 0.48 $ 0.82 $ 1.29 $ 1.33 Diluted: Net income attributable to partners $ 529,480 $ 871,916 $ 1,408,942 $ 1,419,743 Weighted-average units outstanding 1,102,468 1,069,502 1,091,674 1,069,084 Diluted EPU $ 0.48 $ 0.82 $ 1.29 $ 1.33 Note 13 — Stock-Based Compensation The 2017 Stock Incentive Plan (the “Plan”) is designed to provide long-term equity-based compensation to our directors and employees.
Notes to financial statements / earnings per unit / income and dilution comparisons · Filed 29/07/2026
At June 30, 2026, we were in compliance with all debt-related covenants.
MD&A / Covenants / debt covenant compliance · Filed 29/07/2026
As of June 30, 2026, we had $300.0 million of additional potential future funding commitments in connection with the Venetian Capital Investment entered into on May 1, 2024, pursuant to which the tenant has the option, but not the obligation, to draw such future funds, prior to November 1, 2026.
MD&A / Commitments / optional future Venetian funding · Filed 29/07/2026
Performance-Based Restricted Stock Units During the years ended December 31, 2025, 2024 and 2023 the Company granted approximately 341,000, 348,000, and 235,000 performance-based restricted stock units, respectively, at target level of performance under the Plan, which are subject to vesting restrictions based on specified absolute and relative total stockholder return goals measured over a three-year performance period.
Note 13 / Stock-Based Compensation / actual performance-based grants and vesting conditions · Filed 25/02/2026
AFFO Per Share Growth While the most significant portion of NEO compensation is in the form of equity and Absolute TSR and Relative TSR are the applicable performance metrics for our performance-based equity awards (for which comparable information is separately presented above), AFFO per share growth (measured over a two-year period) represents our primary earnings measure and is the sole metric utilized under our STIP.
Executive Compensation / AFFO Per Share Growth / short-term and long-term incentive metrics · Filed 16/03/2026
• All directors are in compliance with robust stock ownership guidelines, 5x annual cash retainer.
Proxy summary / director stock ownership compliance · Filed 16/03/2026
There are no performance conditions attached to the 2025 Time-Based Awards; the only requirement for vesting is continued service (except as otherwise provided in the participant’s employment agreement in specific instances, such as terminations without “cause” or for “good reason,” including following a “change in control”).
Executive Compensation / time-based awards / absence of performance conditions · Filed 16/03/2026
BOARD LEADERSHIP • Separate independent, non-executive Chair of the Board and Chief Executive Officer roles.
Corporate Governance / separate independent chair and CEO · Filed 16/03/2026
Our committees are composed entirely of independent directors as defined under the rules, regulations and listing qualifications of the NYSE.
Board and Committee Structure / independent committees · Filed 16/03/2026
• All directors elected annually since formation in 2017.
Proxy summary / annual director elections since formation · Filed 16/03/2026
• Stockholders may amend bylaws by simple majority vote and may call a special meeting without material restriction.
Corporate Governance / stockholder amendment and special-meeting rights · Filed 16/03/2026
We have elected not to be subject to the Maryland Unsolicited Takeover Act (MUTA), Maryland Business Combination Statute and the Maryland Control Share Acquisition Statute, and any change to such elections must be approved by our stockholders.
Corporate Governance / opt-out from Maryland anti-takeover statutes · Filed 16/03/2026
On June 24, 2026, we closed on the previously announced Gamehost Transaction to acquire the Gamehost Portfolio, comprised of the real estate assets of Deerfoot Inn & Casino, Great Northern Casino and two limited-service hotels that are adjacent to Great Northern Casino, located in Alberta, Canada, in connection with the PURE Gamehost Acquisition for an aggregate purchase price of C$200.6 million (approximately US$141.0 million based on the exchange rate at the time of the transaction closing).
MD&A / Significant Activities / completed Gamehost acquisition · Filed 29/07/2026
(2) The minimum lease payments include the non-cancelable lease term and any tenant renewal options that we determined were reasonably assured, consistent with our conclusions under ASC 842 and ASC 310.
Notes to financial statements / minimum lease payments / inclusion of reasonably assured renewal options · Filed 29/07/2026
