VICI Properties Inc. reported total revenues of $984.2 million for the first quarter of 2025, marking a 3.4% increase compared to $951.5 million in Q1 2024. Adjusted Funds From Operations (AFFO) per diluted share grew by 4.3% to $0.58, up from $0.56 in the prior year period. This growth was driven by contractual annual rent escalators and incremental rent from Partner Property Growth Fund investments.
Net income attributable to common stockholders for the quarter was $543.6 million, or $0.51 per share, a decrease from $590.0 million, or $0.57 per share, in Q1 2024. This decline was primarily due to an $80.0 million aggregate change in the non-cash allowance for credit losses (CECL allowance). Despite this accounting adjustment, the underlying cash flow generation remained robust.
The company raised its full-year 2025 AFFO guidance to a range of $2.47 billion to $2.5 billion, or $2.33 to $2.36 per diluted common share, an increase from the prior guidance of $2.32 to $2.35. This upward revision reflects confidence in VICI's strategic investments, including the $300.0 million mezzanine loan for One Beverly Hills and the commitment of up to $510.0 million for the North Fork Mono Casino & Resort development.
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