Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing.
TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative.
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement.
Across FY2018–FY2025: $8.55B in dividends.
Debt Profile
Completed filing coverage through Aug 6, 2026
Annual debt figures are established from 10-K filings and updated by subsequent 10-Q and 8-K disclosures. Instrument balances are not summed into a company total unless the filing itself reports that total.
We have a substantial amount of indebtedness and debt service requirements. As of December 31, 2025, we had approximately $17.1 billion in long-term indebtedness, and we also had $2.4 billion of available capacity to borrow under the Revolving Credit Facility (as defined in [Note 7 - Debt](#i368d3c19aa9d44c4a3d1ba3257c0bdcf_169)).
Debt data is being processed. Please check back later.
2 filings have incomplete source or extraction coverage. Verified observations are shown; missing observations do not establish that debt was unchanged.
WHEREAS, the Issuer intends by this Fifth Supplemental Indenture to (A) create (i) a series of the Securities, in an initial aggregate principal amount equal to $900,000,000, entitled 5.400% Senior Notes due 2031 (the “**2031 Notes**”) and (ii) a series of the Securities, in an initial aggregate principal amount equal to $850,000,000, entitled 5.750% Senior Notes due 2036 (the “**2036 Notes**” and, together with the 2031 Notes, the “**Notes**”) and (B) establish the form and the terms and provisions of the Notes.
Issuer evidence: FIFTH SUPPLEMENTAL INDENTURE, dated as of August 14, 2026 (this “**Fifth Supplemental Indenture**”), between VICI PROPERTIES L.P., a Delaware limited partnership (the “**Issuer**”), having its principal executive office located at 535 Madison Avenue, New York, New York 10022, and UMB BANK, NATIONAL ASSOCIATION, as trustee, registrar, paying agent and transfer agent (the “**Trustee**,” “**Registrar**,” “**Paying Agent**” and **“Transfer Agent**,” respectively), which supplements that certain Indenture, dated as of April 29, 2022, by and between the Issuer and the Trustee (the “**Base Indenture**”).
Supporting evidence: WHEREAS, the Issuer intends by this Fifth Supplemental Indenture to (A) create (i) a series of the Securities, in an initial aggregate principal amount equal to $900,000,000, entitled 5.400% Senior Notes due 2031 (the “**2031 Notes**”) and (ii) a series of the Securities, in an initial aggregate principal amount equal to $850,000,000, entitled 5.750% Senior Notes due 2036 (the “**2036 Notes**” and, together with the 2031 Notes, the “**Notes**”) and (B) establish the form and the terms and provisions of the Notes.
Supporting evidence: WHEREAS, the Issuer intends by this Fifth Supplemental Indenture to (A) create (i) a series of the Securities, in an initial aggregate principal amount equal to $900,000,000, entitled 5.400% Senior Notes due 2031 (the “**2031 Notes**”) and (ii) a series of the Securities, in an initial aggregate principal amount equal to $850,000,000, entitled 5.750% Senior Notes due 2036 (the “**2036 Notes**” and, together with the 2031 Notes, the “**Notes**”) and (B) establish the form and the terms and provisions of the Notes.
On August 5, 2026, VICI Properties Inc., a Maryland corporation (the “Company”), and VICI Properties L.P., a Delaware limited partnership (“VICI LP”), entered into an underwriting agreement (the “Underwriting Agreement”) with Wells Fargo Securities, LLC, Barclays Capital Inc., Mizuho Securities USA LLC and Truist Securities, Inc., as representatives of the several underwriters listed on Schedule I thereto (collectively, the “Underwriters”), pursuant to which VICI LP agreed to issue and sell $900 million aggregate principal amount of 5.400% Senior Notes due 2031 (the “2031 Notes”) and $850 million aggregate principal amount of 5.750% Senior Notes due 2036 (the “2036 Notes” and, together with the 2031 Notes, the “Notes”).
Issuer evidence: On August 5, 2026, VICI Properties Inc., a Maryland corporation (the “Company”), and VICI Properties L.P., a Delaware limited partnership (“VICI LP”), entered into an underwriting agreement (the “Underwriting Agreement”) with Wells Fargo Securities, LLC, Barclays Capital Inc., Mizuho Securities USA LLC and Truist Securities, Inc., as representatives of the several underwriters listed on Schedule I thereto (collectively, the “Underwriters”), pursuant to which VICI LP agreed to issue and sell $900 million aggregate principal amount of 5.400% Senior Notes due 2031 (the “2031 Notes”) and $850 million aggregate principal amount of 5.750% Senior Notes due 2036 (the “2036 Notes” and, together with the 2031 Notes, the “Notes”).
Supporting evidence: On August 5, 2026, VICI Properties Inc., a Maryland corporation (the “Company”), and VICI Properties L.P., a Delaware limited partnership (“VICI LP”), entered into an underwriting agreement (the “Underwriting Agreement”) with Wells Fargo Securities, LLC, Barclays Capital Inc., Mizuho Securities USA LLC and Truist Securities, Inc., as representatives of the several underwriters listed on Schedule I thereto (collectively, the “Underwriters”), pursuant to which VICI LP agreed to issue and sell $900 million aggregate principal amount of 5.400% Senior Notes due 2031 (the “2031 Notes”) and $850 million aggregate principal amount of 5.750% Senior Notes due 2036 (the “2036 Notes” and, together with the 2031 Notes, the “Notes”).
Supporting evidence: On August 5, 2026, VICI Properties Inc., a Maryland corporation (the “Company”), and VICI Properties L.P., a Delaware limited partnership (“VICI LP”), entered into an underwriting agreement (the “Underwriting Agreement”) with Wells Fargo Securities, LLC, Barclays Capital Inc., Mizuho Securities USA LLC and Truist Securities, Inc., as representatives of the several underwriters listed on Schedule I thereto (collectively, the “Underwriters”), pursuant to which VICI LP agreed to issue and sell $900 million aggregate principal amount of 5.400% Senior Notes due 2031 (the “2031 Notes”) and $850 million aggregate principal amount of 5.750% Senior Notes due 2036 (the “2036 Notes” and, together with the 2031 Notes, the “Notes”).
On August 5, 2026, VICI Properties Inc., a Maryland corporation (the “Company”), and VICI Properties L.P., a Delaware limited partnership (“VICI LP”), entered into an underwriting agreement (the “Underwriting Agreement”) with Wells Fargo Securities, LLC, Barclays Capital Inc., Mizuho Securities USA LLC and Truist Securities, Inc., as representatives of the several underwriters listed on Schedule I thereto (collectively, the “Underwriters”), pursuant to which VICI LP agreed to issue and sell $900 million aggregate principal amount of 5.400% Senior Notes due 2031 (the “2031 Notes”) and $850 million aggregate principal amount of 5.750% Senior Notes due 2036 (the “2036 Notes” and, together with the 2031 Notes, the “Notes”).
Issuer evidence: On August 5, 2026, VICI Properties Inc., a Maryland corporation (the “Company”), and VICI Properties L.P., a Delaware limited partnership (“VICI LP”), entered into an underwriting agreement (the “Underwriting Agreement”) with Wells Fargo Securities, LLC, Barclays Capital Inc., Mizuho Securities USA LLC and Truist Securities, Inc., as representatives of the several underwriters listed on Schedule I thereto (collectively, the “Underwriters”), pursuant to which VICI LP agreed to issue and sell $900 million aggregate principal amount of 5.400% Senior Notes due 2031 (the “2031 Notes”) and $850 million aggregate principal amount of 5.750% Senior Notes due 2036 (the “2036 Notes” and, together with the 2031 Notes, the “Notes”).
Supporting evidence: On August 5, 2026, VICI Properties Inc., a Maryland corporation (the “Company”), and VICI Properties L.P., a Delaware limited partnership (“VICI LP”), entered into an underwriting agreement (the “Underwriting Agreement”) with Wells Fargo Securities, LLC, Barclays Capital Inc., Mizuho Securities USA LLC and Truist Securities, Inc., as representatives of the several underwriters listed on Schedule I thereto (collectively, the “Underwriters”), pursuant to which VICI LP agreed to issue and sell $900 million aggregate principal amount of 5.400% Senior Notes due 2031 (the “2031 Notes”) and $850 million aggregate principal amount of 5.750% Senior Notes due 2036 (the “2036 Notes” and, together with the 2031 Notes, the “Notes”).
Supporting evidence: On August 5, 2026, VICI Properties Inc., a Maryland corporation (the “Company”), and VICI Properties L.P., a Delaware limited partnership (“VICI LP”), entered into an underwriting agreement (the “Underwriting Agreement”) with Wells Fargo Securities, LLC, Barclays Capital Inc., Mizuho Securities USA LLC and Truist Securities, Inc., as representatives of the several underwriters listed on Schedule I thereto (collectively, the “Underwriters”), pursuant to which VICI LP agreed to issue and sell $900 million aggregate principal amount of 5.400% Senior Notes due 2031 (the “2031 Notes”) and $850 million aggregate principal amount of 5.750% Senior Notes due 2036 (the “2036 Notes” and, together with the 2031 Notes, the “Notes”).
WHEREAS, the Issuer intends by this Fifth Supplemental Indenture to (A) create (i) a series of the Securities, in an initial aggregate principal amount equal to $900,000,000, entitled 5.400% Senior Notes due 2031 (the “**2031 Notes**”) and (ii) a series of the Securities, in an initial aggregate principal amount equal to $850,000,000, entitled 5.750% Senior Notes due 2036 (the “**2036 Notes**” and, together with the 2031 Notes, the “**Notes**”) and (B) establish the form and the terms and provisions of the Notes.
Issuer evidence: FIFTH SUPPLEMENTAL INDENTURE, dated as of August 14, 2026 (this “**Fifth Supplemental Indenture**”), between VICI PROPERTIES L.P., a Delaware limited partnership (the “**Issuer**”), having its principal executive office located at 535 Madison Avenue, New York, New York 10022, and UMB BANK, NATIONAL ASSOCIATION, as trustee, registrar, paying agent and transfer agent (the “**Trustee**,” “**Registrar**,” “**Paying Agent**” and **“Transfer Agent**,” respectively), which supplements that certain Indenture, dated as of April 29, 2022, by and between the Issuer and the Trustee (the “**Base Indenture**”).
Supporting evidence: WHEREAS, the Issuer intends by this Fifth Supplemental Indenture to (A) create (i) a series of the Securities, in an initial aggregate principal amount equal to $900,000,000, entitled 5.400% Senior Notes due 2031 (the “**2031 Notes**”) and (ii) a series of the Securities, in an initial aggregate principal amount equal to $850,000,000, entitled 5.750% Senior Notes due 2036 (the “**2036 Notes**” and, together with the 2031 Notes, the “**Notes**”) and (B) establish the form and the terms and provisions of the Notes.
Supporting evidence: WHEREAS, the Issuer intends by this Fifth Supplemental Indenture to (A) create (i) a series of the Securities, in an initial aggregate principal amount equal to $900,000,000, entitled 5.400% Senior Notes due 2031 (the “**2031 Notes**”) and (ii) a series of the Securities, in an initial aggregate principal amount equal to $850,000,000, entitled 5.750% Senior Notes due 2036 (the “**2036 Notes**” and, together with the 2031 Notes, the “**Notes**”) and (B) establish the form and the terms and provisions of the Notes.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
EV/Revenue
10.84×
Peer median 9.52×
EV/EBIT
—
Peer median 33.35×
P/E (TTM)
9.77×
Peer median 50.12×
Peer medians compare against the 14 similar-size REIT - Diversified companies (of 19 listed).
Valuation over time computed as of each quarter's filing date
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
Component
FY2021
FY2020
FY2019
FY2018
Real Property Business Segment
$1,479,021,000
$1,201,782,000
$865,858,000
$870,776,000
Golf Course Business Segment
$30,547,000
$23,792,000
$28,940,000
$27,201,000
By Product & Service (USD)
Component
FY2019
FY2018
Golf
$28,940,000
$27,201,000
Segment Operating Income
Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.
