VICI Properties (VICI) Q4 2025 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Thu, February 26, 2026 astatine 11:15 AM CST 47 min read

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Feb. 26, 2026 astatine 10 a.m. ET

• Chief Executive Officer — Edward Pitoniak

• President and Chief Operating Officer — John Payne

• Chief Financial Officer — David Kieske

• Chief Accounting Officer — Gabriel Wasserman

• Senior Vice President of Capital Markets — Lori McCluskey

• General Counsel and Secretary — Samantha Gallagher

Samantha Gallagher: Thank you, operator, and bully morning. Everyone should person entree to the company's 4th fourth and afloat twelvemonth 2025 net merchandise and supplemental information. The merchandise and supplemental accusation tin beryllium recovered connected the Investors conception of the VICI Properties Inc. website astatine investors.viciproperties.com. Some of our comments contiguous volition beryllium forward-looking statements wrong the meaning of the national securities laws. Forward-looking statements are usually identified by the usage of words specified arsenic “will,” “believe,” “expect,” “should,” “guidance,” “intends,” “outlook,” “projects,” oregon different akin phrases and are taxable to galore risks and uncertainties that could origin existent results to disagree materially from what we expect. Therefore, you should workout caution successful interpreting and relying connected them.

I notation you to the company's SEC filings for a much elaborate treatment of the risks that could interaction aboriginal operating results and fiscal condition. During the call, we volition sermon definite non-GAAP measures, which we judge tin beryllium utile successful evaluating the company's operating performance. These measures should not beryllium considered successful isolation oregon arsenic a substitute for our fiscal results prepared successful accordance with GAAP. A reconciliation of these measures to the astir straight comparable GAAP measurement is disposable connected our website, our 4th fourth and afloat twelvemonth 2025 net release, our supplemental information, and our filings with the SEC.

For further accusation with respect to non-GAAP measures of definite tenants and/or counterparties discussed connected this call, delight notation to the respective company's nationalist filings with the SEC. Hosting the telephone today, we person Edward Pitoniak, Chief Executive Officer; John Payne, President and Chief Operating Officer; David Kieske, Chief Financial Officer; Gabriel Wasserman, Chief Accounting Officer; and Lori McCluskey, Senior Vice President of Capital Markets. Edward and squad volition supply immoderate opening remarks, and past we volition unfastened the telephone to questions. With that, I volition crook the telephone implicit to Edward.

Edward Pitoniak: Thank you, Samantha, and bully morning, everyone. In the adjacent fewer minutes, you volition perceive from John Payne connected our maturation outlook and David Kieske connected our fiscal results and our 2026 guidance. To start, I would similar to convey the members of the VICI squad for their hard enactment and dedication. Their contributions are the instauration of our occurrence and we are grateful for everything they bash for our institution and our shareholders. I would besides similar to convey our operating partners for each that they bash successful bringing our buildings to beingness each and each day. Our leases are triple net; we bash not get progressive successful however our tenants run their businesses.