VICI Properties Q3 revenue beats estimates but profit hit by change in CECL allowance

Overview

• US experiential REIT's Q3 revenue rose 5.8% yr/yr, beating analyst expectations

• AFFO per share for Q3 rose 4.3% yr/yr to $0.62

• Company authorized $2 bln share repurchase program after quarter-end

Outlook

• VICI Properties raises 2026 AFFO guidance to $2,695 mln–$2,705 mln, or $2.47–$2.48 per share

Result Drivers

• CECL ALLOWANCE IMPACT - Co said decrease in net income and FFO was driven by $478.2 mln aggregate change in CECL allowance

• PORTFOLIO ACTIVITY - Co announced agreement to add Highfield Investment Group as tenant, diversifying tenant base in Alberta

• DEBT REFINANCING - Co completed $1.75 bln investment grade notes offering to refinance 2026 maturities

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 17 "strong buy" or "buy", 9 "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 $32.00, about 35% above its October 27 closing price of $23.70

• The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 9 three months ago

Reuters Recommended Reads

• Oct 26 - Welltower Q3 normalized FFO per share rises 25%, guidance raised

• Oct 27 - Ventas Q3 normalized FFO per share rises 10% on senior housing strength

• Oct 27 - Extra Space Storage Q3 core FFO rises; lifts 2026 outlook on stronger same-store performance

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)