VICI Properties Inc. reported total revenues of $1.0 billion for the second quarter of 2025, a 4.6% increase from $957.0 million in Q2 2024. Adjusted Funds From Operations (AFFO) per diluted share grew by 4.9% to $0.60, up from $0.57 in the prior year period. This growth reflects the efficient flow-through of its business model, driven by contractual rent escalations and investment activity across new and existing partnerships.
Net income attributable to common stockholders for the quarter was $865.1 million, or $0.82 per share, an increase from $741.3 million, or $0.71 per share, in Q2 2024. This increase was primarily due to a $99.0 million aggregate change in the CECL allowance. The company's strong internal growth and accretive investments continue to support its earnings growth.
VICI raised its full-year 2025 AFFO guidance for the second time this year, now expecting between $2,500 million and $2,520 million, or $2.35 to $2.37 per diluted common share. This is an increase from the previous guidance of $2.47 billion to $2.5 billion, or $2.33 to $2.36. The company also highlighted its partnership with Red Rock Resorts for the North Fork Mono Casino & Resort and the expanded investment in One Beverly Hills, underscoring its strategic capital allocation.
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