Capital deployment totaled $595 million, including $250 million upfront for Revolution Medicines and $200 million milestone payment related to Adstiladrin.
Cash and equivalents stood at $632 million with investment-grade debt of $8.2 billion and leverage at approximately 3x total debt to EBITDA.
Net interest was a positive $8 million due to timing of interest payments and cash interest received.
Operating and professional costs were 12.9% of Portfolio Receipts including a $35 million one-time internalization expense; excluding this, costs were just over 8%.
Portfolio cash flow (adjusted EBITDA less net interest paid) was $641 million, representing an 88% margin.
Royalty Pharma delivered 20% growth in Portfolio Receipts to $727 million in Q2 2025, exceeding guidance of $700 million to $725 million.
Royalty Receipts grew 11% to $672 million, contributing to 11% growth in the first half of 2025.
Weighted average share count declined by 35 million shares due to share buybacks.
G&A expenses were $14.6 million for the quarter, representing only 1.5% of total revenue, among the lowest ratios in the triple net REIT sector and across all REITs.
Liquidity totaled approximately $2.9 billion, including $325.6 million from outstanding forwards, $2.4 billion available under revolving credit facility, and $233 million in cash.
Total debt stands at $17.1 billion with net debt to annualized Q2 adjusted EBITDA at approximately 5.1x, within the target leverage range of 5 to 5.5x.
VICI Properties reported FFO per share of $0.60 for Q2 2025, a 4.9% increase from $0.57 in Q2 2024, highlighting efficient triple net model with margins in the high 90% range excluding noncash items.
Weighted average interest rate is 4.47% adjusted for hedging, with a weighted average debt maturity of 6.5 years.
Dafinchi