- Core FFO for Q2 2025 was $0.58 per share, a 9.4% increase year-over-year, driven by strong same-center NOI growth of 5.3%.
- Liquidity totaled approximately $614 million, including cash, lines of credit, and forward equity proceeds.
- Net debt to adjusted EBITDA was 5x at quarter end, with 95% of debt at fixed rates and a weighted average interest rate of 4%.
- Occupancy increased sequentially to 96.6%, with blended leasing spreads of 12% over the trailing 12 months.
- Same-center NOI for the first half of 2025 increased 3.8%.
- Tenant sales rose 6.2% to $465 per square foot on a trailing 12-month basis, supported by increased traffic to centers.
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- FFO per share diluted as adjusted was $2.33 for 2Q 2025, up 1.3% compared to prior quarter.
- Occupancy at quarter end was 90.8%, down 90 basis points from prior quarter, with year-end 2025 guidance reiterated at 90.9% to 92.5%.
- Other income averaged about $20 million per quarter, consistent with recent history.
- Recognized impairments of real estate of $129.6 million during the quarter related to non-core assets.
- Reiterated full year 2025 FFO per share guidance at $9.26 midpoint.
- Same property NOI was down 5.4% and up 2% on a cash basis for the quarter.
- Strong balance sheet with $4.6 billion liquidity and longest average debt maturity of 12 years among S&P 500 REITs.
- Trailing 12 months G&A cost as a percentage of NOI was 6.3%, the lowest in 10 years, with expected annual savings of approximately $49 million for 2025.
- Venture investments realized $60 million gains in first half 2025, consistent with prior quarters.
- 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