Vici Properties reports $1.1bn third-quarter revenue and $342.5m profit

Vici Properties reported third-quarter 2026 revenue of $1.1bn, an increase of 5.8%, while profit fell 55.1% to $342.5m, the company announced. The real estate investment trust declared a 46-cent-per-share dividend on Wednesday, 2.2% higher year on year and its ninth consecutive increase, and authorised a $2bn share-repurchase programme.

Cash on hand at the close of the quarter came to $270.3m, while long-term debt was $17.2bn. According to chief executive Edward Pitoniak, the REIT used a $1.75bn notes sale in August to refinance every 2026 maturity it had left, and that offering carried an adjusted weighted average interest rate of 5.42%.

Vici announced on September 28 that it would help Century Casinos sell two Alberta horse tracks. Century Mile Racetrack and Century Downs would join the Vici portfolio on behalf of Highfield Investment Group, the lessor, and no purchase price was made public. Highfield's lease payments to Vici will run at CAD$10.7 million annually over an initial 20-year term, and the agreement includes a quartet of five-year extension options.

Citizen analyst Mitch Germain wrote in a research note that investment activity slowed in the third quarter after a busy start to 2026, with the company focused on addressing debt maturities in advance. Germain said the balance sheet was in a solid state with historically low leverage and ample liquidity, and that Vici raised its 2026 earnings outlook.

Germain observed that longer-duration assets are under pressure from the recent interest-rate expansion, and that Vici is still working through the consequences of weak rent coverage on its regional lease with Caesars Entertainment, a company Fertitta Entertainment is acquiring. On the brighter side, he wrote, the operator posted better EBITDA across its regional portfolio in the third quarter. Vici shares, he added, change hands at 9.3x 2027E AFFO per share, roughly two turns under the net-lease REIT sector.