v3.25.4

VICI PROPERTIES INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Income from sales-type leases	$ 2,125,367	$ 2,068,443	$ 1,980,178
Income from lease financing receivables, loans and securities	1,763,494	1,662,889	1,519,516
Other income	77,479	77,422	73,326
Golf revenues	39,776	40,451	38,968
Total revenues	4,006,116	3,849,205	3,611,988
Expenses
General and administrative	65,082	69,109	59,603
Depreciation	3,637	4,125	4,298
Other expenses	77,479	77,422	73,326
Golf expenses	26,730	26,895	27,089
Change in allowance for credit losses	177,887	126,720	102,824
Transaction and acquisition expenses	7,729	4,567	8,017
Total expenses	358,544	308,838	275,157
Interest expense	(843,614)	(826,097)	(818,056)
Interest income	14,363	16,095	23,970
Other gains	2,658	581	4,456
Income from unconsolidated affiliate	0	0	1,280
Income before income taxes	2,820,979	2,730,946	2,548,481
(Provision for) benefit from income taxes	(2,435)	(9,704)	6,141
Net income	2,818,544	2,721,242	2,554,622
Less: Net income attributable to non-controlling interests	(43,051)	(42,432)	(41,082)
Net income attributable to common stockholders	$ 2,775,493	$ 2,678,810	$ 2,513,540
Net income per common share
Basic (in dollars per share)	$ 2.61	$ 2.56	$ 2.48
Diluted (in dollars per share)	$ 2.61	$ 2.56	$ 2.47
Weighted average number of shares of common stock outstanding
Basic (in shares)	1,062,006,448	1,046,739,537	1,014,513,195
Diluted (in shares)	1,062,693,062	1,047,675,111	1,015,776,697
Other comprehensive income
Net income	$ 2,818,544	$ 2,721,242	$ 2,554,622
Reclassification of derivative gain to Interest expense	(25,509)	(24,662)	(24,148)
Unrealized (loss) gain on cash flow hedges	(5,949)	26,973	(9,655)
Foreign currency translation adjustments	7,649	(11,762)	1,952
Comprehensive income	2,794,735	2,711,791	2,522,771
Comprehensive income attributable to non-controlling interests	(42,785)	(42,277)	(40,714)
Comprehensive income attributable to common stockholders	$ 2,751,950	$ 2,669,514	$ 2,482,057

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(24))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(26))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-5

VICI PROPERTIES INC. 10-K